Financial reports
ZEAL continues its path of success in the first half of 2025 and records growth in customer base and profitability
- Revenue increases by 32 percent to € 101.5 million
- EBITDA rises by 76 percent to € 35.4 million
- Number of monthly active customers for lotteries grows by 12 percent to 1.515 thousand
- Gross margin from lotteries improves to 17.3 percent
ZEAL Network SE, Germany’s leading online provider of lottery products, recorded substantial and sustainable growth in key performance indicators in the first half of 2025. Group revenue increased by 32 percent to € 101.5 million in the first six months of the year (2024: € 76.8 million). EBITDA rose by 76 percent to € 35.4 million (2024: € 20.1 million).
“We once again achieved strong results in the first half of 2025. ZEAL’s continued growth path proves that our business model is highly robust and scalable over the long term,” commented Helmut Becker, CEO of ZEAL. “We are in an excellent position to further expand our market leadership in a growing industry.”
Andrea Behrendt, CFO of ZEAL, added: “Our half-year results are a true team success – especially given that the jackpot situation was rather weak compared to the previous year. Challenging market conditions particularly underscore our operational excellence. The significant increases in revenue and EBITDA were driven by further expansion of our customer base and profitability.”
Lottery Business Revenue Grows by 34 Percent
The strong performance of the lottery business was the key driver of ZEAL’s significant revenue growth in the first half of the year. Despite lower average jackpot levels for LOTTO 6aus49 and Eurojackpot compared to the prior-year period, lottery billings increased by 4 percent to € 527.3 million (2024: € 507.1 million).
Thanks to continued successful marketing initiatives, the average number of active customers per month (MAU) rose by 12 percent to 1,515 thousand (2024: 1,353 thousand).
Additionally, ZEAL was able to improve the gross margin by 3.8 percentage points to 17.3 percent (2024: 13.4 percent), driven by a price increase implemented in the previous year and a changed product mix.
The simultaneous increase in billings and gross margin resulted in a significant 34 percent rise in lottery business revenue to € 91.0 million (2024: € 68.0 million).
Games Segment Grows by 49 Percent
The Games segment also continued its strong development in the first half of the year. ZEAL expanded its B2C games portfolio to more than 480 titles and increased revenue in the Games segment by 49 percent to € 6.7 million (2024: € 4.5 million).
Significant Increases in EBITDA and EBIT
Challenging jackpot conditions in the first half of 2025 made new customer acquisition more difficult. Nonetheless, ZEAL continued to invest heavily in sustained growth, acquiring 499 thousand new customers (2024: 592 thousand).
Intensive marketing efforts led to an increase in acquisition costs per new customer (Cost per Lead, CPL) by 41 percent to € 46.93 (2024: € 33.20).
Other operating expenses rose by 15 percent to € 49.4 million (2024: € 42.8 million).
In addition to strategic marketing spend—which increased by 14 percent to € 29.1 million (2024: € 25.5 million)—this was primarily due to higher direct and indirect operating costs. The ongoing development of the product mix led to an increase in direct operating costs by 14 percent to € 9.8 million (2024: € 8.6 million). Indirect operating costs increased by 20 percent to € 10.4 million (2024: € 8.7 million), driven in particular by external consulting services, freelance personnel, and software expenses.
Through efficiency gains and the scalability of its business model, ZEAL was able to increase EBITDA disproportionately to revenue—by 76 percent to € 35.4 million (2024: € 20.1 million). EBIT nearly doubled year-on-year, reaching € 31.1 million (2024: € 16.1 million).
Based on the strong results of the first half of 2025, ZEAL confirms the forecast published on March 26, 2025.
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