Slides
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EARNINGSCALLQUARTERLY STATEMENT Q3AS OF 30 SEPTEMBER 20255 November 2025
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-Strategic Focus & Guidance 2025-Key Take Aways -Summary-Financial Update -Stefan Tweraser
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SUMMARY
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SUMMARY Q3‘25•Accelerated growth of customer base•Gross margin continues to increase significantly•Profitable growth continues•Guidance for FY ‘25 raised following strong business performance 4
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FINANCIAL UPDATE
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WEAK JACKPOT ENVIRONMENT –4 PEAKS IN 9M ‘25 VS. 6 PEAKS IN 9M ‘24 6 01020304050 161116212631364146515661667176 LOTTO 6/49In €m Draw 9M‘2590 in €mAveragePeak 9M ‘24100 9M ‘25504 in €mAveragePeak 9M ‘24496 max. 020406080100120 161116212631364146515661667176 EurojackpotIn €m Draw max. 20242025
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INCOMESTATEMENT9M ‘25(in €k)9M ‘24(in €k)CHANGE(in %)REVENUE162,634120,952+34,5ØLotteries146,030107,591+35.7ØGames10,3146,826+51.1TOTAL COSTS OF OPERATIONS-109,317-86,423+26.5Personnel expenses-28,079-23,341+20.3Other operating expenses-81,205-63,166+28.6Marketing expenses-49,955-36,923+35.3Direct operating expenses-15,160-12,428+22.0Indirect operating expenses-16,090-13,815+16.5EBITDA54,09434,959+54.7Amortisation and depreciation-6,428-6,069+5.9EBIT 47,66628,890+65.0NET PROFIT AFTER TAX33,86344,284-23.5 ZEAL INCOME STATEMENT 9M ‘25 –CONDENSED 7 REVENUERevenueincreased by 34%, driven by a higher gross margin, changed product mix and higher number of MAU’s EBITDA EBITDA increased by 55% due to the strong increase in revenue as well as increased operational efficiency. The EBITDA margin improved to 33.3% (‘24: 28.9%) COST OF OPERATIONS Personnel expenses:Personnel expenses increased by 20% driven by an 27% increase in FTE from 202to 257, one-off expenses due to the departure of management personnel and additional provisions for potential payroll and VAT liabilitiesMarketing expenses:Marketing expenses increased by 35% due to intensified acquisition and brand marketing measures, media price increases and further initiatives to tap into new target groups and channelsDirect operating expenses:Direct operating expenses increased by 22% driven by 15% higher pay-ins as well as higher commission costs incurred for external developers to expand our games portfolioIndirect operating expenses:Indirect operating expenses were up by 16%, mainly driven by increased costs for consulting servicesand external staff NET PROFIT AFTER TAX Net profit decreased by 24% to €34mdue to the recognition of deferred tax assets of €27m in the previous year
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GROWTH OF LOTTERY BILLINGS DRIVEN BY GROWTH IN USER BASE 8 743.1834.3 9M '249M '25 BILLINGS(Lotteries)in € millions+12%1,3471,572 9M '249M '25 61.3158.98 9M '249M '25 MONTHLY ACTIVE USERS (MAU)(Lotteries) in thousands AVERAGE BILLINGS PER USER, ABPU(Lotteries) in € Strong increase in the customer base and increased level of customer activity Decrease due to weaker jackpot development +17% -4%
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14.5% 17.5% 0.8%2.2% HIGHER LOTTERY GROSS MARGIN DRIVEN BY IMPROVED PRODUCT MIX AND ROLL-OUT OF PRICE OPTIMISATION 9 BILLINGS MARGIN: 9M’24 VS. 9M‘25(Lotteries) in % Product MixPrice Optimization9M ‘24 9M ‘25
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ACCELERATED GROWTH IN NEW CUSTOMERS DESPITE WEAKER JACKPOT SITUATION 10 807879 9M '249M '25 35.5446.52 9M '249M '25 COST PER LEAD, CPL(Lotteries)in € Increase due to weak jackpot situation, media price increase and special marketing tests +31% NEW REGISTERED CUSTOMERS (Lotteries) in thousands Increase despite weaker jackpot development +9% 1) 1) CPL for core brokerage businesses€42.53
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PORTFOLIO EXPANDED TO ALMOST 600 GAMES: 11 6.8 10.3 9M '249M '25 REVENUE(Games)in € millions+51%2028 9M '249M '25 More customers on the platform thanks to significantly larger portfolio +38% MAU(Games)in k 37.6341.06 9M '249M '25 Developingto a good level +9% ARPU(Games)in €
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TRAUMHAUSVERLOSUNG ON TRACK –5TH RAFFLE IS RUNNING 12 Fourth house draw•The fourth house was raffled off on 15 September•Best performance of all houses raffled off so far•Total of €7.9m generated for charity partners with first four house draws)Next: Fifth house draw•Sales started 2ndSeptember•Campaign: 16thSeptember –10thNovember 2025 (draw)•House located in “Bavarian Forest”H 1H 2H 3H 4Duration of draw periods105d116d94d105dBillings€8.6m€9.6m€7.7m€11.8m-Billings from D2C40%44%49%49%MAU417k466k350k469kABPU€20.52€20.67€22.09€25.18
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STRATEGIC FOCUS & GUIDANCE 2025
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OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2025 14 Continue to improve acquisition performance & profitability of Lotto24 business Successfully scale “Traumhausverlosung” Accelerate growth of Games business Our Strategic Areas for 2025Our Achievements in 2025•Increased gross margin to 17.5%, supported by successful pricing measures and product mix•New customer acquisition remained well, despite a weaker jackpot environment •Fourth draw in 2025 ends in November, fifth house in the draw in 2025 in Mallorca already on sale•Business performance in 2025 significantly better than originally expected (more than € 30m in Billings for 2025e)•Fourth house (St. Peter-Ording) with best performance so far•Games portfolio is growing to almost 600 Games and paying off•In the third quarter, Games achieved an average of more than 30k MAU for the first time.•Revenue growth of 51% compared to the previous year and fully on track (≈ € 14m in revenues for 2025e)
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GUIDANCE 2025 RAISED 15 Full Year 2025:•Guidance for FY 2025 based on an average jackpot environment•ZEAL will expand its marketing in FY 2025 (c. €60-70m) in Germany•ZEAL will continue to invest into charity lotteries and gamesMid-Term 2026 –2028:•Continuously targeting a double-digit annual revenue growth rate in mid teens•Continuously expanding EBITDA margin In €m2025GUIDANCE(new)2025GUIDANCE(old)2024 ACTUALS Revenue205-215195-205188.2 EBITDA1)63-6855-6061.9 1)Excluding exceptional costs
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KEY TAKE AWAYS
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KEY TAKE-AWAYS 17 Profitable growth continuesGross margin continues to increase significantlyAccelerated growth of customer base
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Questions?
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DISCLAIMER 19 The information contained herein must not be relied upon for any purpose and may not be redistributed, reproduced, published,orpassed on to any other person or used in whole or in part for any other purpose.This document contains certain forward-looking statements relating to the businesses, financial performance and results of the Companies and/or the industry in which the Companies operate. Such forward-looking statements, including assumptions, opinions and views of the Companies and statements from third parties, are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. The Companies do not guarantee that the assumptions underlying such forward-looking statements are free from errors, nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments.No representation or warranty (express or implied) is made as to, and no reliance should be placed upon, any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Companies or any of their subsidiary undertakings or any of such person's officers, employees or advisors acceptsany liability whatsoever arising directly or indirectly from the use of this document.By accepting this presentation, you acknowledge that you will be solely responsible for your own assessment of the market andthe market position of each of the Companies and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of each of the Companies' businesses.This presentation is for information only and shall not constitute investment advice. It is not intended for solicitation purposes but only for use as general information.. This presentation is dated November 2025. Neither the delivery of this presentation nor any further discussions of any of theCompanies with any of the recipients, shall, under any circumstances, create any implication that there has been no change in the affairs of any of theCompanies since such date.
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CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K 20 INCOMESTATEMENT9M 2025(in €k)9M 2024(in €k)CHANGE(in %)Revenue162,634120,952+34.5Total costs of operations-109,317-86,422+26.5 EBITDA54,09434,959+54.7 EBIT47,66628,890+65.0 Profit before taxes44,00126,619+65.3 Income taxes-10,13917,665n.a. Net Profit33,86344,284-23.5 BALANCE SHEET30/09/25(in €)31/12/24(in €)CHANGE(in %)Current assets147,023164,833-10.8 Non-current assets285,554292,700-2.4 ASSETS432,576457,533-5.5 Current liabilities96,29891,288-5.5 Non-current liabilities115,886127,738-9,3 Equity220,392238,508-7.6 EQUITY & LIABILITIES432,576457,533-5.5
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BUSINESS UNIT SEGMENT REPORTING AS OF 30/09/25 IN €K 21 GERMANYOTHERTOTALRevenue157,9904,644162,634Other operating income777 - 777EBITDA52,4441,65054,094Depreciation/amortisation– – -6,428EBIT – – 47,666Financial result– – -3,613Share of loss from associates-52EBT – – 44,001Income tax– – -10,139NET PROFIT/LOSS– – 33,863
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CONTINUED HIGH MARKETING EFFICIENCY: Q3 ’25 SHOWED FURTHER STRONG NUMBER OF NEW CUSTOMERS 22 New registered customers per Quarter 9M 2025 Highlights•Acquisition of 879K new customers in weak jackpot situation•Ongoing investment into LOTTO24 brand (TV)•Media prices increased•New D2C marketing activity tests for social lotteries resulted in higher CPL in 9M‘25•CPL for core brokerage businesses €42.53 CPL in €0 100,000 200,000 300,000 400,000 500,000 600,000 0 102030405060 Q1 ‘22Q2 ‘22Q2 ‘21 Q4 ‘22 Q4 ‘23Q4 ‘21 Q3 ‘20 Q1 ‘23 Q3 ‘24Q2 ‘24 Q1 ‘21 Q1 ’25Q2 ’25 Q3 ’25Q2 ‘20Q1 ‘24 Q3 ‘23Q2 ‘23Q3 ‘21Q4 ‘20Q3 ‘22x xxx Average CPL since Q1 ’20: €35.50 x Q4 ‘24 Q1 ‘20 x Size of the bubbles reflects the number of peak jackpots in the quarter. x = no peak jackpots Average quarterly # ofnew customers since Q1 ’20: 213.1k
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KPIS (LOTTERIES) IQ1 ‘20Q2 ‘20Q3 ‘20Q4 ‘20Q1 ‘21Q2 ‘21Q3 ‘21Q4 ‘21Q1 ‘22Q2 ‘22Q3 ‘22Q4 ’22Q1 ‘23Q2 ‘23Q3 ‘23Q4 ‘23Q1 ‘24Q2 ‘24Q3 ‘24Q4 ‘24 Pay-in (in €m)110.1138.0120.6140.8121.4128.4125.9128.0142.5140.2147.7171.3158.8167.3177.0168.7196.7211.4191.4277.3 BILLINGS (in €m)140.0174.4157.3181.0163.3169.5160.3163.4181.2177.1186.1214.1201.2209.9222.1210.1246.3260.8236.0337.3 ABPU (in €)49.4654.4854.9061.3056.3658.4054.4058.0058.3158.1858.9060.7360.9961.4260.7362.3161.5963.3458.9565.92 ARPU (in €)6.006.896.607.517.167.006.556.997.577.417.398.077.557.737.677.788.008.759.8911.87 MAU (in k)9421,0659549849669689829381,0361,0151,0531,1751,1001,1421,2171,1241,3331,3721,3341,706 CPL (in €)German Segment26.0027.7728.9628.7933.4832.1217.6529.6138.0937.0734.7634.8636.7750.8350.4037.1133.0433.3841.9834.48 23
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KPIS (LOTTERIES) IIQ1 ‘25Q2 ‘25Q3 ‘25 Pay-in (in €m)215.4214.1253.1 BILLINGS (in €m)264.7262.6306.9 ABPU (in €)58.5757.5060.68 ARPU (in €)10.0110.0010.89 MAU (in k)1,5071,5221,686 CPL (in €)German Segment48.5045.3945.98 24
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KPIS (GAMES)Q2 ‘23*Q3 ‘23Q4 ‘24Q1 ‘24Q2 ‘24Q3 ‘24Q4 ’24Q1 ‘25Q2 ‘25Q3 ‘25 Pay-in (in €m)0.13.35.16.36.37.18.910.210.310.7 Billings (in €m)0.616.224.931.329.931.640.245.545.246.2 Revenue(in €m)0.11.21.82.22.32.33.03.43.33.6 ABPU (in €)58.74306.14449.10480.98535.52525.20519.94586.70561.40495.86 ARPU (in €)5.4922.0232.8933.5741.0438.8439.1243.9040.8738.86 MAU (in k)9181822192026262731 * Games business started in June 2023. 25
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FINANCIAL CALENDAR 2026 26 Annual General Meeting Publication of Annual Report 2025Publication of Q1 Quarterly Statement Publication of Half-Year ReportPublication of Q3 Quarterly Statement 2026 2027Jan.Feb.Mar.Apr.MayJun.Jul.Aug.Sep.Oct.Nov.Dec.Jan.Feb.Mar.Apr.MayJun. 25 March 2026 20 May 20266May 2026 5August 20264 November 2026
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27 Frank Hoffmann, CEFASenior Investor Relations ManagerT+49 (0)40 809 036 -042M+49 (0)175 267 3420frank.hoffmann@zealnetwork.dewww.zealnetwork.de ContactZEALStraßenbahnring1120251 Hamburg