Zeal Network Se · XETR:TIMA
Zeal Network — FY2025 Earnings Presentation
31 slides from Zeal Network's earnings presentation, Mar 25, 2026
Slide 1: Earnings Call Full Year Results 2025
EARNINGS CALL FULL YEAR RESULTS 2025 25 March 2026
Slide 2: Content
CONTENT CONTENT − Summary CONTENT − Financial Update CONTENT − Strategic Focus & Guidance2026 CONTENT − Dividend Proposal − Key Take Aways
Slide 3: Summary
ZEAL ZEAL VENTURES — IBERIA ZEAL SUMMARY EZ ED Tipp24 freineit* @ Tamra
Slide 4: Summary FY '25
SUMMARY FY ‘25 • Continued expansion of customer base • Gross margin improved significantly • Another year of double - digit growth and to drive diversification of the business model • €375 million raised for charitable causes 4
Slide 5: All strategic areas for 2025 were overachieved
ALL STRATEGIC AREAS FOR 2025 WERE OVERACHIEVED Our Strategic Areas for 2025 Our Achievements in 2025 • Increased gross margin to17.7%, supported by successful pricing measures and Continue to improve acquisition performance & product mix profitability of Lotto24 business • Despite a less supportive
Slide 6: Guidance 2025: original guidance raised despite subdued jackpot situation
GUIDANCE 2025: ORIGINAL GUIDANCE RAISED DESPITE SUBDUED JACKPOT SITUATION 2025 2025 2025 • Revenue and EBITDA above original guidance Actual GUIDANCE GUIDANCE due to: In €m 31/12/25 (September) (March) ➢ Increasedgross margin and operational strength Revenue 218.5 205-215 195-205 ➢ Successful develo
Slide 7: Financial Update
ZEAL FINANCIAL UPDATE ZEAL ZEAL gxyg esas €2) Tipp24 freineit* @Taumhes 4% Dreamigy
Slide 8: Weak jackpot environment – peaks in FY '25 vs. peaks in FY '24
WEAK JACKPOT ENVIRONMENT – 4 PEAKS IN FY ‘25 VS. 13 PEAKS IN FY ‘24 In €m LOTTO 6/49 in €m Average Peak 50 max. 40 30 FY ‘25 10.3 0 20 10 FY ‘24 10.3 0 0 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96 101 Draw In €m Eurojackpot in €m Average Peak 120 max. 100 FY ‘25 45.0 4 80 60 40 20 FY
Slide 9: ZEAL income statement FY '25 – condensed
ZEAL INCOME STATEMENT FY ‘25 – CONDENSED FY ‘25 FY ‘24 CHANGE INCOMESTATEMENT (in €k) (in €k) (in %) REVENUE 218,451 188,198 +16.1 REVENUE Revenue increased by16%, driven by a higher gross margin and a changed product mix and ➢ Lotteries 195,328 168,332 +16.0 an increase in monthly active users (MAU
Slide 10: 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 +8% in € +2% 1,558 -6% 1,080 1,101 1,436 62.68 58.88 FY '24 FY '25 FY '24 FY '25 Further increase in the cus
Slide 11: Higher lottery gross margin driven by improved product mix and price optimisation
HIGHER LOTTERY GROSS MARGIN DRIVEN BY IMPROVED PRODUCT MIX AND ROLL -OUT OF PRICE OPTIMISATION IN 2024 BILLINGS MARGIN: FY ’24 VS. FY ‘25 ( Lotteries ) 1.6% in % 0.5% 17.7% 15.6% FY ‘24 Product Mix Price FY ‘25 Optimization 11
Slide 12: Resilient new customer growth in a weaker jackpot environment
RESILIENT NEW CUSTOMER GROWTH IN A WEAKER JACKPOT ENVIRONMENT NEW REGISTERED COST PER LEAD, CPL CUSTOMERS Compared to FY‘23 with (Lotteries) ( Lotteries ) similar jackpot situation new in € in thousands registered customers96%+ -7% 1,259 1,171 +32% 1) 46.47 35.16 FY '24 FY '25 FY '24 FY '25 Increase
Slide 13: Portfolio expanded to more than 650 games
PORTFOLIO EXPANDED TO MORE THAN 650 GAMES: MAU ARPU REVENUE (Games) (Games) (Games) in k in € in € millions +36% +6% +46% 14.4 30 38.08 40.45 22 9.9 FY '24 FY '25 FY '24 FY '25 More customers on the platform thanks to Advancing steadily significantly larger portfolio FY '24 FY '25 13
Slide 14: Traumhausverlosung on track – 7th raffle is running
TRAUMHAUSVERLOSUNG ON TRACK – 7TH RAFFLE IS RUNNING #5 Bayerischer Wald House (Draw Date: 10th Nov ‘25) • We reduced raffle periods and achieved best Billing/Day performance with house 5 • Billings exceeds our expectations driven by strong CRM performance (high retention rate) #6 Mallorca House:Raff
Slide 15: Strategic Focus & Guidance 2026
STRATEGIC FOCUS & GUIDANCE 2026
Slide 16: Overview of strategic focus areas for 2026
OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2026 Strengthen acquisition effectiveness to • Strong operational margin with potential upside in high jackpot phases support long-term profitability at • Marketing efforts will be further stepped up at a high level LOTTO24 • Drive forward the diversification of
Slide 17: Guidance 2026
GUIDANCE 2026 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 2025 (c. €85-95m) in Germany Revenue 250-260 218.5 • ZEAL will continue to invest into charity lotteries and games EBITDA 70-75 68.
Slide 18: Dividend Proposal
ZEAL DIVIDEND PROPOSAL ZEAL ZEAL gxyg esas €2) Tipp24 freineit* @Taumhes 4% Dreamigy
Slide 19: Dividend proposal 2026 and dividend policy
DIVIDEND PROPOSAL 2026 AND DIVIDEND POLICY Due to the positive result in 2025, the Management Boardand SupervisoryBoardwillproposeto the Annual TOTAL DIVIDEND PAY -OUT P.A. in € million General Meeting on 20 May 2026 the payment of a dividend of € 1.40 per share. Representing a total payout to share
Slide 20: Key Take Aways
ZEAL KEY TAKE AWAYS ZEAL ZEAL gxyg esas €2) Tipp24 freineit* @Taumhes 4% Dreamigy
Slide 21: Key take-aways
KEY TAKE -AWAYS Continued expansion of customer base Gross margin improved Profitable growth continues 21
Slide 22: Questions?
ZEAL Questions? VENTURES — IBERIA
Slide 23: 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 busi
Slide 24: Consolidated income statement and balance sheet in €k
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K FY 2025 FY 2024 CHANGE 31/12/25 31/12/24 CHANGE INCOME STATEMENT BALANCE SHEET (in €k) (in €k) (in %) (in €) (in €) (in %) Revenue 218,451 188,198 +16.1 Current assets 167,960 164,833 +1.9 Total costs of Non-current assets 286,298 292,700 -2.2 -1
Slide 25: Business unit segment reporting as of 31/12/25 in €k
BUSINESS UNIT SEGMENT REPORTING AS OF 31/12/25 IN €K Lotteries Games All-other segments TOTAL Revenue 197,677 14,375 6,399 218,451 Personnel expenses -35,024 -1,851 -1,654 -38,529 Other operating expenses -103,683 -6,486 -2,593 -112,762 EBITDA 60,589 6,080 2,153 68,822 Amortisation and depreciation
Slide 26: New registered customers per quarter
CONTINUED HIGH MARKETING EFFICIENCY: FY ’25 SHOWED FURTHER STRONG NUMBER OF NEW CUSTOMERS 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. Q4 ‘24 jackpot situation x = no peak jackpots • Ong
Slide 27: 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) BILLI
Slide 28: KPIs (Lotteries) II
KPIS (LOTTERIES) II Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Pay -in 215.4 214.1 253.1 217.7 (in €m) BILLINGS 264.7 262.6 306.9 266.3 (in €m) ABPU (in €) 58.57 57.50 60.68 58.58 ARPU (in €) 10.01 10.00 10.89 10.83 MAU (in k) 1,507 1,522 1,686 1,515 CPL (in €) 48.50 45.39 45.98 46.32 German Segment 28
Slide 29: 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 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 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 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 ABPU (in €) 58.7
Slide 30: 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 31: 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 31