Zeal Network Se · XETR:TIMA
Zeal Network — Q1 2026 Earnings Presentation
29 slides from Zeal Network's earnings presentation, May 6, 2026
Slide 1: Earnings Call Quarterly Statement Q1/2026
EARNINGS CALL QUARTERLY STATEMENT Q1/2026 6 May 2026
Slide 2: Agenda
- Summary - Financial Update - Strategic Focus & Guidance 2026 - Dividend Proposal - Key Take Aways
Slide 3: Summary
yA NE SUMMARY ZEAL ZEAL @@y§cames (33) Tipp24 freiheit® @Toumhaus TRAUMAUTO (° Droamigy VENTURES” TBERIA VERLOSUNG. VERLOSUNG
Slide 4: Summary Q1 '26
SUMMARY Q1 ‘26 • Further growth in a weak jackpot market • Revenue and customer base have continued to grow • Gross margin improved once again • EBITDA impacted by increased marketing & growth initiatives • Charity lottery offer strategically expanded with “Traumautoverlosung” ZEAL is strengthening
Slide 5: Financial Update
yA NE FINANCIAL UPDATE ZEAL ZEAL @@y§cames (33) Tipp24 freiheit® @Toumhaus TRAUMAUTO (° Droamigy VENTURES” TBERIA VERLOSUNG. VERLOSUNG
Slide 6: Weak jackpot environment – no peaks in Q1 '26 vs. Q1 '25
WEAK JACKPOT ENVIRONMENT – 0 PEAKS IN Q1 ‘26 VS. 0 PEAKS IN Q1 ‘25 In €m LOTTO 6/49 in €m Average Peak 50 max. 40 30 Q1 ‘26 18 0 20 10 0 Q1 ‘25 12 0 1 6 11 16 21 26 Draw Eurojackpot in €m Average Peak In €m 120 max. 100 Q1 ‘26 34 0 80 60 40 20 Q1 ‘25 49 0 0 1 6 11 16 21 26 Draw 2025 2026 6
Slide 7: ZEAL Income Statement Q1 '26 – Condensed
ZEAL INCOME STATEMENT Q1 ‘26 – CONDENSED Q1 ‘26 Q1 ‘25 CHANGE INCOME STATEMENT (in €k) (in €k) (in %) REVENUE Revenue increased by 6%, driven by higher lottery billings, a higher gross margin and higher REVENUE 54,294 51,131 +6.2 number of MAU’s Ø Lotteries 48,740 46,257 +5.4 COST OF OPERATIONS Pers
Slide 8: Growth of lottery billings driven by growth in user base
GROWTH OF LOTTERY BILLINGS DRIVEN BY GROWTH IN USER BASE MONTHLY ACTIVE AVERAGE BILLINGS PER BILLINGS USERS (MAU) USER, ABPU (Lotteries) in € millions (Lotteries) (Lotteries) in thousands +5% in € +1% 1,575 264.7 268.0 1,507 -3% 58.57 56.72 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Increase despite a weaker jackp
Slide 9: Growth in new customers despite weaker jackpot situation
GROWTH IN NEW CUSTOMERS DESPITE WEAKER JACKPOT SITUATION NEW REGISTERED COST PER LEAD, CPL CUSTOMERS (Lotteries) (Lotteries) in € in thousands +11% +11% 1) 274 53.80 247 48.50 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Marketing activities have been stepped up in a weaker jackpot environment 1) CPL for core broker
Slide 10: Portfolio expanded to more than 740 games
PORTFOLIO EXPANDED TO MORE THAN 740 GAMES: MAU ARPU REVENUE (Games) (Games) (Games) in k in € in € millions +34% -15% +14% 35 3.9 43.89 3.4 26 37.41 Q1 '25 Q1 '26 Q1 '25 Q1 '26 Decline driven by lower share of Strong customer growth driven by an high-roller players, but is fully in line with expande
Slide 11: Traumhausverlosung on track – 8th raffle is running
TRAUMHAUSVERLOSUNG ON TRACK – 8TH RAFFLE IS RUNNING #6 Mallorca House: Raffle period 83 days (Draw: 2nd Feb ‘26): • Mallorca house showed best retention performance • Billing/Day performance was strong but not as strong as House 5, because of lower investment in acquisition #7 Föhr House: Raffle per
Slide 12: Traumautoverlosung
TRAUMAUTOVERLOSUNG • New charity lottery for premium vehicles • Core mechanics: • Limited tickets (e.g. 250,000) • Guaranteed prize draw • A clearly defined top prize (e.g. Porsche 911 GT3 RS) • Run in “seasons” (time-limited campaign cycles) • Per season: Several prize draws, each with a top prize
Slide 13: Strategic Focus & Guidance 2026
STRATEGIC FOCUS & GUIDANCE 2026
Slide 14: Overview of strategic focus areas for 2026
OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2026 Our Strategic Areas for 2026 Our Achievements in 2026 • Gross Margin after Q1 at 17.8% Strengthen acquisition effectiveness to support • 274k new registered customer despite weak jackpot environment long-term profitability at LOTTO24 • Diversification of th
Slide 15: Guidance 2026 confirmed
GUIDANCE 2026 CONFIRMED Full Year 2026: • New guidance for FY 2026 based on an 2026 2025 average jackpot environment In €m GUIDANCE Actuals • ZEAL will expand its marketing in FY 2026 (c. €85-95m) in Germany Revenue 250-260 218.5 • ZEAL will continue to invest into charity lotteries and games EBITDA
Slide 16: Dividend Proposal
yA NE DIVIDEND PROPOSAL ZEAL ZEAL @@y§cames (33) Tipp24 freiheit® @Toumhaus TRAUMAUTO (° Droamigy VENTURES” TBERIA VERLOSUNG. VERLOSUNG
Slide 17: Dividend Proposal 2026 and Dividend Policy
DIVIDEND PROPOSAL 2026 AND DIVIDEND POLICY Due to the positive result in 2025, the Management TOTAL DIVIDEND PAY-OUT P.A. Board and Supervisory Board will propose to the Annual in € million General Meeting on 20 May 2026 the payment of a dividend of € 1.40 per share. Representing a total payout to s
Slide 18: Key Take Aways
yA NE KEY TAKE AWAYS ZEAL ZEAL @@y§cames (33) Tipp24 freiheit® @Toumhaus TRAUMAUTO (° Droamigy VENTURES” TBERIA VERLOSUNG. VERLOSUNG
Slide 19: Key Take-Aways
KEY TAKE-AWAYS ZEAL is strengthening the foundations for long-term growth and continuing to invest in diversifying its business model Further growth in a weak jackpot market Charity lottery offer strategically expanded with “Traumautoverlosung” 19
Slide 20: Questions?
yA NE Questions? ZEAL ZEAL @@y§cames (33) Tipp24 freiheit® @Toumhaus TRAUMAUTO (° Droamigy VENTURES” TBERIA VERLOSUNG. VERLOSUNG
Slide 21: Disclaimer
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 busin
Slide 22: Consolidated Income Statement and Balance Sheet in €k
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K Q1 ‘26 Q1 ‘25 CHANGE 31/03/26 31/12/25 CHANGE INCOME STATEMENT BALANCE SHEET (in €k) (in €k) (in %) (in €) (in €) (in %) Revenue 54,294 51,131 +6.2 Current assets 160,335 167,960 -4.5 Total costs of -39,042 -33,726 +15.8 Non-current assets 284,28
Slide 23: Business Unit Segment Reporting as of 31/03/26 in €k
BUSINESS UNIT SEGMENT REPORTING AS OF 31/03/26 IN €K Lotteries Games All-other segments TOTAL Revenue 48,740 3,888 1,666 54,294 Personnel expenses -8,771 -791 -587 -10,149 Other operating expenses -26,749 -1,540 -582 -28,871 EBITDA 13,427 1,561 497 15,485 Amortisation and depreciation – – – -2,370 E
Slide 24: Continued high marketing efficiency
CONTINUED HIGH MARKETING EFFICIENCY 600,000 FY 2025 Highlights Size of the bubbles reflects the number of • Acquisition of 1,171K new 500,000 peak jackpots in the customers in a subdued quarter. jackpot situation x = no peak jackpots • Ongoing investment into customers per Quarter 400,000 LOTTO24 br
Slide 25: KPIs (Lotteries) I
KPIS (LOTTERIES) I Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ’22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Pay-in 110.1 138.0 120.6 140.8 121.4 128.4 125.9 128.0 142.5 140.2 147.7 171.3 158.8 167.3 177.0 168.7 196.7 211.4 191.4 277.3 (in €m) BILLIN
Slide 26: KPIs (Lotteries) II
KPIS (LOTTERIES) II Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Pay-in 215.4 214.1 253.1 217.7 218.2 (in €m) BILLINGS 264.7 262.6 306.9 266.3 268.0 (in €m) ABPU (in €) 58.57 57.50 60.68 58.58 56.72 ARPU (in €) 10.01 10.00 10.89 10.83 10.12 MAU (in k) 1,507 1,522 1,686 1,515 1,575 CPL (in €) 48.50 45.39 45.98
Slide 27: KPIs (Games)
KPIS (GAMES) Q2 ‘23* Q3 ‘23 Q4 ‘24 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ’24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘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 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 Revenue (in €m) 0.1 1.2 1.8 2.2 2.3 2.3 3.0 3.4 3.3 3.6 4.
Slide 28: Financial Calendar 2026
FINANCIAL CALENDAR 2026 2026 2027 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Publication of Annual Report 2025 25 March 2026 Publication of Q1 Quarterly Statement 6 May 2026 Annual General Meeting 20 May 2026 Publication of Half-Year Report 5 August 2026
Slide 29: Contact
Contact Frank Hoffmann, CEFA ZEAL Senior Investor Relations Manager Straßenbahnring 11 20251 Hamburg T +49 (0)40 809 036 - 042 M +49 (0)175 267 3420 frank.hoffmann@zealnetwork.de www.zealnetwork.de 29