Zeal Network Se · XETR:TIMA
Zeal Network — Q1 2025 Earnings Presentation
28 slides from Zeal Network's earnings presentation, May 7, 2025
Slide 1: Earnings Call Quarterly Statement Q1
EARNINGS CALL QUARTERLY STATEMENT Q1 AS OF 31 MARCH 2025 7 May 2025
Slide 2: Summary
- Summary - Financial Update - Strategic Focus & Guidance 2025 - Dividend Proposal - Key Take Aways
Slide 3: Summary
yA NE SUMMARY ZEAL ZEAL GB exes €) Tipp24 freineit* Tamas 4° Dreamigy
Slide 4: Summary Q1 '25
SUMMARY Q1 ‘25 • Gross margin increased • Customer base significantly expanded • Strong revenue growth continued • EBITDA almost doubled 4
Slide 5: Financial Update
yA NE FINANCIAL UPDATE VENTURES IBERIA
Slide 6: Weak jackpot environment – peaks in Q1 '25 vs. Q1 '24
WEAK JACKPOT ENVIRONMENT – 0 PEAKS IN Q1 ‘25 VS. 4 PEAKS IN Q1 ‘24 In €m LOTTO 6/49 in €m Average Peak 50 max. 40 30 Q1 ‘25 12 0 20 10 0 Q1 ‘24 11 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Draw Eurojackpot in €m Average Peak In €m 120 max. 100 Q1 ‘25 49 0 80 60 40 20 Q1
Slide 7: ZEAL Income Statement Q1 '25 – Condensed
ZEAL INCOME STATEMENT Q1 ‘25 – CONDENSED Q1 ‘25 Q1 ‘24 CHANGE INCOME STATEMENT (in €k) (in €k) (in %) REVENUE REVENUE 51,131 36,100 +41.6 Revenue increased by 42% driven by billings growth of 7% and an increased billings margin Ø Lotteries 45,238 31,974 +41.5 COST OF OPERATIONS Personnel expenses: Ø
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 in € +7% +13% -5% 264.7 1,507 1,333 61.59 246.3 58.57 Q1 '24 Q1 '25 Q1 '24 Q1 '25 Strong increase in the custome
Slide 9: 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 BILLINGS MARGIN: Q1 ’24 VS. Q1 ‘25 (Lotteries) 3.4% 0.2% in % 0.5% 16.9% 17.1% 13.0% Q1 ‘24 Product Mix Price Q1 ‘251) Big wins in social Q1 ‘25 Optimization lotteries 1) Excluding effects from big wins at
Slide 10: Q1 '25 showed highest number of new customers for a quarter with no jackpots
Q1 ’25 SHOWED HIGHEST NUMBER OF NEW CUSTOMERS FOR A QUARTER WITH NO JACKPOTS NEW REGISTERED COST PER LEAD, CPL CUSTOMERS (Lotteries) (Lotteries) in € in thousands -23% +47% 320 48.501) 247 33.04 Q1 '24 Q1 '25 Q1'24 Q1 '25 Increase due to weak jackpot situation and special Decrease due to weak jackpo
Slide 11: Games business making positive progress
GAMES BUSINESS MAKING POSITIVE PROGRESS BILLINGS ABPU MAU in € millions in € in k 45.5 25.8 25.8 40.2 586.7 21.7 31.3 29.9 31.6 449.1 481.0 535.5 525.2 519.9 17.6 18.5 18.7 20.0 24.9 16.2 306.2 9.4 0.6 58.7 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 '23 '23 '23 '24 '24 '
Slide 12: Traumhausverlosung – 3rd raffle is running
TRAUMHAUSVERLOSUNG – 3RD RAFFLE IS RUNNING • Raffle of the 2nd house supported charities with €2.0m (1st house €1.8m) • Houses are staged by “Schöner Wohnen Kollektion” Second house draw • Started 1 Nov. and finished on 28-Feb-2025 • KPIs: House 1 House 2 Billings €8.6m €9.6m - Billings from D2C 40%
Slide 13: Strategic Focus & Guidance 2025
STRATEGIC FOCUS & GUIDANCE 2025
Slide 14: Overview of strategic focus areas for 2025
OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2025 Our Strategic Areas for 2025 Our Achievements in 2025 • Despite the weak jackpot development in Q1, we were able to show a gross Continue to improve acquisition performance & margin of > 16% with a modified product mix profitability of Lotto24 business • Ne
Slide 15: Guidance 2025
GUIDANCE 2025 Full Year 2025: • New guidance for FY 2025 based on an 2025 2024 average jackpot environment In €m GUIDANCE Actuals • ZEAL will expand its marketing in FY 2025 (c. €60-70m) in Germany Revenue 195-205 188.2 • ZEAL will continue to invest into charity lotteries and games EBITDA1) 55-60 6
Slide 16: Dividend Proposal
yA NE DIVIDEND PROPOSAL VENTURES IBERIA
Slide 17: Dividend proposal 2025 and dividend policy
DIVIDEND PROPOSAL 2025 AND DIVIDEND POLICY Next AGM: 21 May 2025 TOTAL DIVIDEND PAY-OUT P.A. Dividend Proposal of €2.40 per share in € million • Base Dividend: €1.30 Base Dividend Special Dividend • Special Dividend: €1.10 Dividend Timetable (expected) • Ex-dividend Date: 22 May 2025 56 • Record Dat
Slide 18: Key Take Aways
yA NE KEY TAKE AWAYS VENTURES IBERIA
Slide 19: Key Take-Aways
KEY TAKE-AWAYS Gross margin increased extensively to more than 17% Customer base expanded despite weak jackpots Strong revenue growth continued EBITDA nearly doubled, with an EBITDA margin of over 34% 19
Slide 20: Question Answer
Question _ Answer
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 2025 Q1 2024 CHANGE 31/03/25 31/12/24 CHANGE INCOME STATEMENT BALANCE SHEET (in €k) (in €k) (in %) (in €) (in €) (in %) Revenue 51,131 36,100 +41.6 Current assets 160,625 164,833 -2.6 Total costs of -33,726 -27,137 +24.3 Non-current assets 290
Slide 23: Business unit segment reporting as of 31/03/25 in €k
BUSINESS UNIT SEGMENT REPORTING AS OF 31/03/25 IN €K GERMANY OTHER TOTAL Revenue 49,659 1,472 51,131 Other operating income 327 - 327 EBITDA 17,118 613 17,732 Depreciation/amortisation – – -2,131 EBIT – – 15,601 Financial result – – -1,345 Share of loss from associates -272 EBT – – 13,984 Income tax
Slide 24: Continued high marketing efficiency: highest number of new customers
CONTINUED HIGH MARKETING EFFICIENCY: Q1 ’25 SHOWED HIGHEST NUMBER OF NEW CUSTOMERS FOR A QUARTER WITH NO JACKPOTS 600,000 Q1 2025 Highlights Size of the bubbles reflects the number of • Acquisition of 247K new 500,000 peak jackpots in the customers in weak jackpot Q4 ‘24 quarter. situation x = no pe
Slide 25: KPIs (Lotteries)
KPIS (LOTTERIES) 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 Q1 ‘25 Pay-in 110.1 138.0 120.6 140.8 121.4 128.4 125.9 128.0 142.5 140.2 147.7 171.3 158.8 167.3 177.0 168.7 196.7 211.4 191.4 277.3 215.4 (in
Slide 26: KPIs (Games)
KPIS (GAMES) Q2 ‘23* Q3 ‘23 Q4 ‘24 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ’24 Q1 ‘25 Pay-in (in €m) 0.1 3.3 5.1 6.3 6.3 7.1 8.9 10.2 BILLINGS (in €m) 0.6 16.2 24.9 31.3 29.9 31.6 40.2 45.5 ABPU (in €) 58.74 306.14 449.1 480.98 535.52 525.2 519.94 586.70 ARPU (in €) 5.49 22.02 32.89 33.57 41.04 38.84 39.12 43.90 MA
Slide 27: Financial Calendar 2025
FINANCIAL CALENDAR 2025 2025 2026 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Publication of Annual 26 March 2025 Report 2024 Publication of Q1 7 May 2025 Quarterly Statement Annual General Meeting 21 May 2025 Publication of Half-Year 6 August 2025 Report
Slide 28: 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 28