Slides
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EARNINGS CALL 9M 2026 RESULTS 4 November 2026
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AGENDA 9M 2026 Highlights Financial & Operational Update Strategic Progress & Guidance 2026 Key Take Aways 2
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9M 2026 HIGHLIGHTS
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9M 2026: DOUBLE - DIGIT REVENUE GROWTH AND SUCCESSFUL DIVERSIFICATION INTO NEW MARKETS Core lottery business grows despite weak Eurojackpot performance New customer numbers exceeded one - million mark for the first time in a 9M period Successful strategic diversification through acquisition of SevenCanyon More than € 300 million raised for public funding and charitable causes Revenue guidance updated (+€20 million) following the consolidation of SevenCanyon 4
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9M 2026 FINANCIAL & OPERATIONAL UPDATE
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EXTENDED LOTTO 6/49 ROLLOVER SEQUENCE ALONGSIDE WEAKER EUROJACKPOT ENVIRONMENT 0 10 20 30 40 50 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 LOTTO 6/49 In €m Draw 9M ‘26 32 26 in €m Average Peak 9M ‘25 9 0 9M ‘26 41 2 in €m Average Peak 9M ‘25 50 4 max. 0 20 40 60 80 100 120 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 Eurojackpot In €m Draw max. 2025 2026 6 25x
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INCOME STATEMENT 9M ‘26 (in €k) 9M ‘25 (in €k) CHANGE (in %) REVENUE 198,805 162,634 +22.2 Lotteries 170,835 147,677 +15.7 Games 12,142 10,314 +17.7 Others 15,828 4,644 +240.8 TOTAL COSTS OF OPERATIONS - 142,981 - 109,317 +30.8 Personnel expenses - 31,028 - 28,079 +10.5 Other operating expenses - 111,315 - 81,205 +37.1 Marketing expenses - 67,426 - 49,955 +35.0 Direct operating expenses - 18,027 - 15,160 +18.9 Indirect operating expenses - 25,862 - 16,090 +60.7 EBITDA 58,743 54,094 +8.6 Depreciation and amortisation - 8,368 - 6,428 +30.2 Financial result - 2,800 - 3,613 - 22.5 Income taxes - 15,254 - 10,139 +50.4 NET PROFIT 32,196 33,863 - 4.9 P&L: STRONG REVENUE (+22%) AND EBITDA (+9%) GROWTH REVENUE Growth mainly driven by lottery business and proprietary charity lottery products, higher gross margin and monthly active users as well as a positive development of the games business. Consolidation of SevenCanyon adds €10.5 million in revenues within “Others” segment. EBITDA EBITDA increased by 9%. EBITDA margin of 30%. SevenCanyon contributed €1.4 million. COST OF OPERATIONS Personnel expenses: Personnel expenses increased by 11%, driven by a 30 % rise in FTE from 257 to 334, particularly in connection with the acquisition of the SevenCanyon and the product diversification. Marketing expenses: Marketing expenses increased by 35% of which €4.8 million were attributable to SevenCanyon . Additional marketing was invested into the newly launched charity lottery ‘ Traumautoverlosung ’ . More than 1 million new customers have been acquired in 9M ’26. Direct 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 business. Indirect operating expenses: Indirect operating expenses up by 61%. The increase primarily driven by one - time consultancy expenses of €4.9 million attributable to the acquisition of SevenCanyon . €1.8 million is attributable to SevenCanyon . NET PROFIT Decrease by 5% mainly driven by a positive one - time deferred tax effect of €4.1 million in Q3’25. Like for like, net profit grew by 8% despite mid - single - digit million euro M&A related one - time expenses . 7 Amortisation and depreciation Increase mainly driven by preliminary PPA of € 1.4 million for SevenCanyon .
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ADJUSTED EBITDA EXCL. SEVENCANYON AND ONE - OFF EFFECTS IS €62.7M 8 €58.7m −10.5 +9.1 +4.9 +0.5 €62.7m Reported EBITDA SevenCanyon revenue SevenCanyon total costs of operations One-time transaction related expenses FX EBITDA excl. SevenCanyon Reported EBITDA to adjusted EBITDA excl. SevenCanyon, in €m, 9M 2026
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LOTTERIES: BILLINGS GREW 10%, SUPPORTED BY A LARGER CUSTOMER BASE AND HIGHER ABPU 834.3 915.1 9M '25 9M '26 BILLINGS (Lotteries) in € millions +10% 1,572 1,678 9M '25 9M '26 58.98 60.59 9M '25 9M '26 MONTHLY ACTIVE USERS (MAU) ( Lotteries ) in thousands AVERAGE BILLINGS PER USER (ABPU) ( Lotteries ) in € Primarily driven by a period of high LOTTO 6/49 jackpots and strong customer acquisition. Prolonged high LOTTO 6/49 jackpots drove higher playing frequency, ticket sales and spend per user +7% +3 % 9
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LOTTERIES: SIGNIFICANT INCREASE IN GROSS MARGIN TO 18.3% 17.5 18.3 9M '25 9M '26 147.7 170.8 9M '25 9M '26 REVENUE (Lotteries) in € millions +16 % Gross margin expansion demonstrates the earnings quality of ZEAL’s increasingly diversified product portfolio +0.8pp GROSS MARGIN (Lotteries) in % 10
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LOTTERIES: RECORD LEVEL OF CUSTOMER ACQUISITION WITH DISCIPLINED UNIT ECONOMICS 879 1,007 9M '25 9M '26 46.52 51.83 9M '25 9M '26 COST PER LEAD (CPL) (Lotteries) in € +11 % NEW REGISTERED CUSTOMERS ( Lotteries ) in thousands Despite a weaker jackpot environment, we stepped up our marketing and achieved significant growth in newly registered customers, while remaining disciplined on CPL as we advanced our diversification strategy +15% 1) 1) 9M ‘26 CPL for the core brokerage business: €47.09 (9M ‘25: € 42.53) 11
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GAMES: REVENUE GREW BY 18% ON BACK OF PORTFOLIO EXPANSION AND LARGER USER BASE 10.3 12.1 9M '25 9M '26 REVENUE (Games) in € millions +18% 28 35 9M '25 9M '26 MAU growth, driven by the expansion and attractiveness of the games portfolio + 27 % 41.06 38.21 9M '25 9M '26 - 7 % ARPU declined as rapid customer growth shifted the mix towards lower-spending customers MONTHLY ACTIVE USERS (MAU) ( Games ) in thousands AVERAGE REVENUE PER USERS (ARPU) ( Games ) in € 12
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Contribution to the ZEAL Group, 9 July – 30 September 2026, included in the ‘Other’ segment € 10.5m Revenue € 1.4m EBITDA € 4.8m Marketing expenses ~€ 4.9m One - off consultancy costs (Group level) € 1.4m PPA amortisation (Group level, prelim.) SEVENCANYON : €10.5 MILLION REVENUE AND €1.4 MILLION EBITDA OPERATING CONTRIBUTION TO THE P&L (Q3 2026) ACQUISITION - RELATED EFFECTS 13 Incl. one - time expenses of €0.8m
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4 Houses drawn until end of Q3 2026 TRAUMHAUSVERLOSUNG ON TRACK – 11TH RAFFLE IS RUNNING House #9 completed after a draw period of 63 days C ontinue to see high billings/day for House #9 D2C share of billings remained strong at 58% (+1ppt) H 7 H 8 H 9 Duration of draw periods 84d 63d 63d Billings €9.0m €9.3m €8.8m MAU 314k 362k 347k ABPU €28.89 €25.76 €25.28 Dreamhouse #11 at Lake Tegernsee (Bavaria) 14
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SECOND DRAW PERIOD BUILT ON THE FIRST ONE'S SUCCESS AND POINTS TO FURTHER POTENTIAL First Season done More than 258k tickets sold More than €2m in Billings Second Season running 15 Traumautoverlosung broadens ZEAL's in - house product offering with premium cars
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STRATEGIC PROGRESS & GUIDANCE 2026
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UK OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2026 Strategic priority 9M progress Evidence 01 Strengthen customer acquisition effectiveness Record customer acquisition 02 Scale proprietary lottery products Further scaling charity lotteries 03 Continued Games growth Portfolio and user base expanded Acquisition of SevenCanyon accelerates product and geographic diversification Four house draws in 9M ‘26 11th house raffle underway Traumautoverlosung developing well Around 840 titles MAUs +27 % Revenue +18 % 1,007k new customers 04 De - risked geographical expansion New 17 Germany
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GUIDANCE 2026 Mid-Term targets for 2027 – 2029: Targeting annual revenue growth in the mid - teens Sustaining an EBITDA margin above 30% In €m Previous guidance 2026 SevenCanyon effect (July – December) Updated guidance 2026 2025 Revenue €250 – 260m +~€20m €270 – 280m €218.5m EBITDA €70 – 75m unchanged €70 – 75m €68.8m Marketing in Germany ~ €85 – 95m unchanged ~ €85 – 95m €66.4m Guidance update driven by SevenCanyonacquisition (~€20m revenue); all other targets remain unchanged. EBITDA guidance includes M&A - related one - off expenses in the mid - single - digit €m range. 18
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KEY TAKEAWAYS
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KEY TAKEAWAYS Core lottery business grows despite weak Eurojackpot performance New customer numbers exceeded one - million mark for the first time in a 9M period Successful strategic diversification through acquisition of SevenCanyon Revenue guidance updated following the consolidation of SevenCanyon 20
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Q&A
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DISCLAIMER The information contained herein must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed 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 C ompanies and/or the industry in which the Companies operate. Such forward - looking statements, including assumptions, opinions and views of the Companies and sta tements from third parties, are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipat ed development. The Companies do not guarantee that the assumptions underlying such forward - looking statements are free from errors, nor do they accept any responsib ility 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, inc lud ing projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained he rein, and, accordingly, none of the Companies or any of their subsidiary undertakings or any of such person's officers, employees or advisors accepts any liabili ty 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 and th e 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 fu tur e 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 pur pos es but only for use as general information. This presentation is dated November 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 Co mpanies since such date. 22
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CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K INCOME STATEMENT 9M ‘26 (in €k) 9M ‘25 (in €k) CHANGE (in %) Revenue 198,805 162,634 +22.2 Total costs of operations - 142,981 - 109,317 +30.8 EBITDA 58,743 54,094 +8.6 EBIT 50,375 47,666 +5.7 Profit before taxes 47,450 44,001 +7.8 Income taxes - 15,254 - 10,139 +50.4 Net Profit 32,196 33,863 - 4.9 BALANCE SHEET 30/09/26 (in €k) 31/12/25 (in €k) CHANGE (in %) Current assets 168,217 167,960 +0.2 Non - current assets 342,967 286,298 +19.8 ASSETS 511,184 454,259 +12.5 Current liabilities 118,776 110,479 +7.5 Non - current liabilities 160,016 113,273 +41.3 Equity 232,392 230,508 +0.8 EQUITY & LIABILITIES 511,184 454,259 +12.5 23
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BUSINESS UNIT SEGMENT REPORTING AS OF 30/09/26 IN €K Lotteries Games All other segments TOTAL Revenue 170,835 12,142 15,828 198,805 Personnel expenses - 25,706 - 1,799 - 3,523 - 31,028 Other operating expenses - 96,808 - 4,843 - 9,664 - 111,315 EBITDA 50,609 5,506 2,628 58,743 Amortisation and depreciation – – – - 8,368 EBIT – – – 50,375 Financial result – – – - 2,800 Share of loss from associates – – – - 126 Net Profit before taxes – – – 47,450 24
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0 100,000 200,000 300,000 400,000 500,000 600,000 0 10 20 30 40 50 60 70 CONTINUED HIGH MARKETING EFFICIENCY AT EUROJACKPOT PEAKS New registered customers per Quarter Q3 2026 Highlights • Acquisition of 349K new customers in a weak jackpot situation • Increased marketing activities to strengthen the LOTTO24 brand, particularly through TV advertising • D2C marketing activity for charity lotteries resulted in higher CPL • CPL fo r core brokerage businesses € 51.23 in Q3/2026 CPL in € Size of the bubbles reflects the number of EJ jackpot peaks in the quarter. Q3 ‘26 Average number of new customers per quarter Average CPL per quarter 25
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KPIS ( LOTTERIES ) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Pay - in (in €m) 158.8 167.3 177.0 168.7 196.7 211.4 191.4 277.3 215.4 214.1 253.1 217.7 218.2 268.6 259.3 Billings (in €m) 201.2 209.9 222.1 210.1 246.3 260.8 236.0 337.3 264.7 262.6 306.9 266.3 268.0 327.9 319.2 ABPU (in €) 60.99 61.42 60.73 62.31 61.59 63.34 58.95 65.92 58.57 57.50 60.68 58.58 56.72 63.11 61.59 ARPU (in €) 7.55 7.73 7.67 7.78 8.00 8.75 9.89 11.87 10.01 10.00 10.89 10.83 10.12 11.69 11.40 MAU (in k) 1,100 1,142 1,217 1,124 1,333 1,372 1,334 1,706 1,507 1,522 1,686 1,515 1,575 1,732 1,727 CPL (in €) Germany 36.77 50.83 50.40 37.11 33.04 33.38 41.98 34.48 48.50 45.39 45.98 46.32 53.80 47.62 54.92 New customers (in k) 142.5 206.5 168.5 79.9 320.1 271.7 214.8 452.1 246.9 252.6 379.5 291.8 274.4 384.2 348.8 26
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KPIS (GAMES) Q2 ‘23* Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ’24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Pay - in (in €m) 0.1 3.3 5.1 6.3 6.3 7.1 8.9 10.2 10.3 10.7 12.8 12.2 12.3 14,4 Billings (in €m) 0.6 16.2 24.9 31.3 29.9 31.6 40.2 45.5 45.2 46.2 52.6 51.3 51.0 58.0 Revenue (in €m) 0.1 1.2 1.8 2.2 2.3 2.3 3.0 3.4 3.3 3.6 4.1 3.9 3.9 4.3 ABPU (in €) 58.74 306.14 449.10 480.98 535.52 525.20 519.94 586.70 561.40 495.86 504.90 493.96 473.13 546,92 ARPU (in €) 5.49 22.02 32.89 33.57 41.04 38.84 39.12 43.89 40.87 38.86 39,00 37.41 36.32 40,93 MAU (in k) 9 18 18 22 19 20 26 26 27 31 35 35 36 35 * Games business started in June 2023. 27
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FINANCIAL CALENDAR 2026 Annual General Meeting Publication of Annual Report 2025 Publication of Q1 Quarterly Statement Publication of Half - Year Report Publication of Q3 Quarterly Statement 2026 2027 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. 25 March 2026 20 May 2026 6 May 2026 5 August 2026 4 November 2026 Publication of Annual Report 2026 24 March 2027 28
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Frank Hoffmann, CEFA Senior Investor Relations Manager T +49 (0)40 809 036 - 042 M +49 (0)175 267 3420 frank.hoffmann@zealnetwork.de www.zealnetwork.de Contact ZEAL Straßenbahnring 11 20251 Hamburg 29