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ZEAL EARNINGS CALL H1 2026 RESULTS 5 August 2026 ZEAL ZEAL VENTURES IBERIA ZEAL GAMES 24 Tipp24 freiheit + Traumhaus TRAUMAUTO Dreamify VERLOSUNG VERLOSUNG
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H1 2026 HighlightsFinancial & Operational UpdateStrategic Progress & Guidance 2026Key Take Aways
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H1 2026 HIGHLIGHTS
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RECORD H1 REVENUE, PROFITABLE GROWTH AND CONTINUED DIVERSIFICATION§Strongest first half-year in the company’s history§Double-digit growth in EBITDA and profit§Record levels of new customers§Successful launch of “Traumautoverlosung”§Already more than € 241 million raised for social and community projects§Acquisition of SevenCanyonin UK 4
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H1 2026 FINANCIAL & OPERATIONAL UPDATE
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EXTENDED LOTTO 6AUS49 ROLLOVER SEQUENCE MORE THAN OFFSET SLIGHTLY LOWER AVERAGE EUROJACKPOTLEVEL 6 01020304050 16111621263136414651 LOTTO 6/49In €m Draw H1‘262710 in €mAveragePeak H1‘2580 H1‘26432 in €mAveragePeak H1‘25472 max. 020406080100120 16111621263136414651 EurojackpotIn €m Draw max. 20252026
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1 EUROJACKPOTUPLIFT FAR EXCEEDS LOTTO 6AUS49 LOTTO 6aus49 +33%€50m jackpot · 19 drawsWednesday +44.8% · Saturday +26.2% Eurojackpot+149%€120m jackpot · 2 drawsTuesday +170.9% · Friday +134.3% MAXIMUM JACKPOT EFFECTEurojackpot’srelative Billingsuplift is about 4.5×higher.Comparison with weekday-matched low/minimum-jackpot reference draws; indicative. Source: WestLotto
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INCOMESTATEMENTH1 ‘26(in €k)H1 ‘25(in €k)CHANGE(in %)REVENUE121,798101,526+20.0ØLotteries110,56891,870+20.4ØGames7,8056,690+16.7ØOthers3,4252,966+15.5TOTAL COSTS OF OPERATIONS-83,363-66,727+24.9Personnel expenses-19,145-17,350+10.3Other operating expenses-64,184-49,367+30.0Marketing expenses-39,804-29,140+36.6Direct operating expenses-11,666-9,795+19.1Indirect operating expenses-12,713-10,433+21.9EBITDA38,89335,359+10.0Amortisation and depreciation-4,588-4,271+7.4EBIT 34,30531,088+10.3NET PROFIT21,84119,520+11.9 P&L: 20% REVENUE GROWTH WITH EBITDA MARGIN OF ~30% 8 REVENUERevenueincreased by 20%, driven by higher lottery billings, a higher gross margin and more monthly active users as well as the improved jackpot situation and the successful launch of “Traumautoverlosung” EBITDA EBITDA increased by 10%. Our EBITDA margin was 31.9% COST OF OPERATIONS Personnel expenses:Personnel expenses increased by 10%, driven by a 25% rise in FTE from 247to 310, particularly in connection with the expansion of new business areasMarketing expenses:Marketing expenses increased by 37% due to the improved jackpot situation and further targeted growth initiativesDirect operating expenses:Direct operating expenses increased by 19% due to higher payment processing costs for PayPal, higher expenses for customer identification, more intensive verification measures and higher commission expenses for external developers in the games businessIndirect operating expenses:Indirect operating expenses were up by 22%, mainly driven by higher costs for consultancy, travel, training and entertainment expenses, as well as higherexpenses for the purchase and staging of houses for “Traumhausverlosung” as well as software NET PROFITNet profit increased by 12% due to the positive operating performance and the improved financial result
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LOTTERY BILLINGS GREW 13%, SUPPORTED BY A LARGER AND MORE ACTIVE CUSTOMER BASE 9 527.3595.9 H1 '25H1 '26 BILLINGS(Lotteries)in € millions+13%1,5151,653 H1 '25H1 '26 58.0360.07 H1 '25H1 '26 MONTHLY ACTIVE USERS (MAU)(Lotteries) in thousands AVERAGE BILLINGS PER USER (ABPU)(Lotteries) in € Increase due to an improved jackpot situation and strong customer acquisition Increase due to a more favourable jackpot situation +9% +4%
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SIGNIFICANT INCREASE IN GROSS MARGIN TO 18.2% 10 17.318.2 H1 '25H1 '26 91.9110.6 H1 '25H1 '26 REVENUE(Lotteries)in € millions+20% Gross margin expansion demonstrates the earnings quality of ZEAL’s increasingly diversified product portfolio +0.9pp GROSS MARGIN(Lotteries)in %
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RECORD LEVEL OF H1 CUSTOMER ACQUISITION WITH DISCIPLINED UNIT ECONOMICS 11 499659 H1 '25H1 '26 46.9350.20 H1 '25H1 '26 COST PER LEAD (CPL)(Lotteries)in € +7% NEW REGISTERED CUSTOMERS (Lotteries)in thousands Supported by a favourable jackpot environment, we achieved significant growth in newly registered customers while keeping the increase in CPL limited despite pushing our diversification strategy +32% 1) 1) H1 ‘26 CPL for the core brokerage business: €44.86 (H1 ‘25: € 41.72)
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GAMES REVENUE GREW 17% AS PORTFOLIO EXPANSION BROADENED THE USER BASE 12 6.77.8 H1 '25H1 '26 REVENUE(Games)in € millions+17%2635 H1 '25H1 '26 MAU growth, driven by the expansion and attractiveness of the gamesportfolio +34%42.4036.86 H1 '25H1 '26 -13% Expected decline in ARPU due to the rapidly growing customer base MONTHLY ACTIVE USERS (MAU)(Games) in thousands AVERAGE REVENUE PER USERS (ARPU)(Games) in €
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3 Houses drawn in 2026 TRAUMHAUSVERLOSUNG ON TRACK –9TH RAFFLE IS RUNNING 13 §House #8 completed after a draw period of only 63 days§Highest customer retention rate to date§Highest billings per day to date§D2C share of billings remained strong at 57%H 6H 7H 8Duration of draw periods83d84d63dBillings€10.5m€9.0m€9.3mMAU382k313k361kABPU€27.48€28.89€25.76 Dreamhouse #9 on Amrum
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SUCCESSFUL LAUNCH OF TRAUMAUTOVERLOSUNG 14 Traumautoverlosungexpands ZEAL’s proprietary product portfolio into premium vehicles§First draw successfully completed§More than 217k tickets sold§More than €2m in billings
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STRATEGIC PROGRESS & GUIDANCE 2026
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OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2026 16 Strategic priorityH1 progressEvidence01Strengthen acquisitioneffectivenessRecord level of H1 26 customer acquisition 02Scale proprietary lottery productsFurther scaling charity lotteries 03Continued Games growthPortfolio and user base expanded July 9, 26: Acquisition of SevenCanyonaccelerates product and geographic diversification §Threehouse draws in H1 26§Ninthhouse raffle underway§Trau mau tover lo su n glaunched§Around 790titles§MAU’s +34 %§Revenue +17 % §659knew customers 04De-risked geographical expansionNew
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£ 1.3bnUK prize-draw billings> 7mUK players> 400operators in fragmented market96.5%remaining stake acquired€ 40mlong-term term loan£33.8mEV / Purchase Price RECAP: STRATEGIC ACQUISITION OF SEVENCANYONLTD.A FAST-TRACK ACCESS TO THE ATTRACTIVE UKPRIZE DRAW MARKET STRA TEGIC RA TIONALE§Immediate access to Europe’s largest prize draw market§Meaningful UK second home market; reduced Germany jackpot dependency§Strong adjacency to ZEAL’s own house and car raffle propositions QUALITY ASSET§Established multi-brand platform: 7Days, UKCC and Redline§Scaled, profitable and cash-generative; >£10m EBITDA last FY§Known to ZEAL since 2018, reducing target and execution risk FINANCIAL DISCIPLINE§Cash purchase price of £33.8m plus earn-out of up to £4.8m§Predominantly debt-financed while preserving capital-return policy§Expected to be EBITDA accretive in the first fully consolidated year
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GUIDANCE 2026 18 Mid-Te r m t a r g e t s f o r 2 0 2 7 –2029:§Targeting annual revenue growth in the mid-teens§Sustaining an EBITDA margin above 30% In €m2026 GuidanceUpdate post acquisition of SevenCanyonLtd.2025 ActualsRevenue€250–260mUpdate post completion of the SevenCanyon IFRS revenues assessment€218.5mEBITDA€70–75mConfirmed, including M&A-related one-off expenses in the mid-single-digit €m range€68.8mMarketing in Germany~ €85–95mConfirmed €66.4m
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KEY TAKE AWAYS
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KEY TAKEAWAYS 20 Highest H1 revenue in ZEALs historyDouble-digit growth in EBITDA and profitSuccessful launch of “Traumautoverlosung”Post-period acquisition of SevenCanyondiversifies ZEALs geographic footprint+
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Q&A
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DISCLAIMER 22 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 August 2026. Neither the delivery of this presentation nor any further discussions of any of the Companies with any of the recipients, shall, under any circumstances, create any implication that there has been no change in the affairs of any of the Companies since such date.
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CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K 23 INCOMESTATEMENTH1 ‘26(in €k)H1 ‘25(in €k)CHANGE(in %)Revenue121,798101,526+20.0Total costs of operations-83,363-66,727+24.9 EBITDA38,89335,359+10.0 EBIT34,30531,088+10.3 Profit before taxes32,15928,341+13.5 Income taxes-10,318-8,821+17.0 Net Profit21,84119,520+11.9 BALANCE SHEET30/06/26(in €)31/12/25(in €)CHANGE(in %)Current assets150,632167,960-10.3 Non-current assets280,669286,298-2.0 ASSETS431,302454,259-5.1 Current liabilities103,689110,479-6.1 Non-current liabilities105,738113,273-6.7 Equity221,876230,508-3.7 EQUITY & LIABILITIES431,302454,259-5.1
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BUSINESS UNIT SEGMENT REPORTING AS OF 30/06/26 IN €K 24 LotteriesGamesAll-other segmentsTOTALRevenue110,5687,8053,425121,798Personnel expenses-16,697-1,327-1,121-19,145Other operating expenses-59,653-3,291-1,239-64,184EBITDA34,6383,1911,06538,893Amortisation and depreciation– – – -4,588EBIT – – – 34,305Financial result– – – -1,900Share of loss from associates– – – -246Net Profit before taxes– – – 32,159
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0 100,000 200,000 300,000 400,000 500,000 600,000 010203040506070 CONTINUED HIGH MARKETING EFFICIENCY AT EUROJACKPOTPEAKS 25 New registered customers per Quarter Q2 2026 Highlights•Acquisition of 384K new customers in an improved jackpot situation•Ongoing investment into LOTTO24 brand (TV)•D2C marketing activity for charity lotteries resulted in higher CPL •CPL for core brokerage businesses €43.73 in Q2/2026 CPL in € Size of the bubbles reflects the number of EJ jackpots peaks in the quarter.Q2 ‘26 CPL Average number of new customers per quarter Average CPL per quarter
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KPIS (LOTTERIES) Q1 ‘23Q2 ‘23Q3 ‘23Q4 ‘23Q1 ‘24Q2 ‘24Q3 ‘24Q4 ‘24Q1 ‘25Q2 ‘25Q3 ‘25Q4 ‘25Q1 ‘26Q2 ‘26 Pay-in (in €m)158.8167.3177.0168.7196.7211.4191.4277.3215.4214.1253.1217.7218.2268.6 Billings (in €m)201.2209.9222.1210.1246.3260.8236.0337.3264.7262.6306.9266.3268.0327.9 ABPU (in €)60.9961.4260.7362.3161.5963.3458.9565.9258.5757.5060.6858.5856.7263.11 ARPU (in €)7.557.737.677.788.008.759.8911.8710.0110.0010.8910.8310.1211.69 MAU (in k)1,1001,1421,2171,1241,3331,3721,3341,7061,5071,5221,6861,5151,5751,732 CPL (in €)German Segment36.7750.8350.4037.1133.0433.3841.9834.4848.5045.3945.9846.3253.8047.62 New customers(in k)142.5206.5168.579.9320.1271.7214.8452.1246.9252.6379.5291.8274.4384.2 26
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KPIS (GAMES)Q2 ‘23*Q3 ‘23Q4 ‘24Q1 ‘24Q2 ‘24Q3 ‘24Q4 ’24Q1 ‘25Q2 ‘25Q3 ‘25Q4 ‘25Q1 ‘26Q2 ‘26 Pay-in (in €m)0.13.35.16.36.37.18.910.210.310.712.812.212.3 Billings (in €m)0.616.224.931.329.931.640.245.545.246.252.651.351.0 Revenue(in €m)0.11.21.82.22.32.33.03.43.33.64.13.93.9 ABPU (in €)58.74306.14449.10480.98535.52525.20519.94586.70561.40495.86504.90493.96473.13 ARPU (in €)5.4922.0232.8933.5741.0438.8439.1243.8940.8738.8639,0037.4136.32 MAU (in k)9181822192026262731353536 * Games business started in June 2023. 27
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FINANCIAL CALENDAR 2026 28 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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29 Frank Hoffmann, CEFASenior Investor Relations ManagerT+49 (0)40 809 036 -042M+49 (0)175 267 3420frank.hoffmann@zealnetwork.dewww.zealnetwork.de ContactZEALStraßenbahnring1120251 Hamburg