Zeal Network Se · XETR:TIMA
Zeal Network — H1 2025 Earnings Presentation
27 slides from Zeal Network's earnings presentation, Aug 6, 2025
Slide 1: Earnings Call – Half-Yearly Financial Report as of 30 June 2025
EARNINGS CALL HALF-YEARLY FINANCIAL REPORT AS OF 30 JUNE 2025 6 August 2025
Slide 2: Agenda
- Summary - Financial Update - Strategic Focus & Guidance 2025 - Key Take Aways
Slide 3: Summary
yA NE SUMMARY ZEAL ZEAL GB exes €) Tipp24 freineit* Tamas 4° Dreamigy
Slide 4: Summary H1 '25
SUMMARY H1 ‘25 • Gross margin improved once again • Customer base sustainably expanded • Revenue raised further • Profitability strongly increased to more than €35m EBITDA in H1/2025 • Carola Gräfin von Schmettow elected as new Chairwoman of SvB • Dr Stefan Tweraser to become new CEO 4
Slide 5: Financial Update
yA NE FINANCIAL UPDATE VENTURES IBERIA
Slide 6: Weak Jackpot Environment – Fewer Peaks in H1 '25 vs. H1 '24
WEAK JACKPOT ENVIRONMENT – 2 PEAKS IN H1 ‘25 VS. 6 PEAKS IN H1 ‘24 In €m LOTTO 6/49 in €m Average Peak 50 max. 40 30 H1 ‘25 8 0 20 10 0 H1 ‘24 9 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 Draw Eurojackpot in €m Average Peak In €m 120 max. 100 H1 ‘25 47 2 80 60 40 20 H
Slide 7: ZEAL Income Statement H1 '25 – Condensed
ZEAL INCOME STATEMENT H1 ‘25 – CONDENSED H1 ‘25 H1 ‘24 CHANGE INCOME STATEMENT (in €k) (in €k) (in %) REVENUE REVENUE 101,526 76,765 +32.3 Revenue increased by 32%, driven by a higher gross margin and higher number of MAU’s Ø Lotteries 90,969 68,011 +33.8 COST OF OPERATIONS Personnel expenses: Ø Gam
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 € +4% +12% -7% 527.3 1,515 507.1 1,353 62.48 58.03 H1 '24 H1 '25 H1 '24 H1 '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: H1 ’24 VS. H1 ‘25 (Lotteries) 3.2% 0.1% in % 0.6% 17.2% 17.3% 13.4% H1 ‘24 Product Mix Price H1 ‘251) Big wins in social H1 ‘25 Optimization lotteries 1) Excluding effects from big wins at
Slide 10: Sustained Growth in New Customers Despite Weaker Jackpot Situation
SUSTAINED GROWTH IN NEW CUSTOMERS DESPITE WEAKER JACKPOT SITUATION NEW REGISTERED COST PER LEAD, CPL CUSTOMERS (Lotteries) (Lotteries) in € in thousands -16% 592 +41% 1) 499 46.93 33.20 H1 '24 H1 '25 H1'24 H1 '25 Increase due to weak jackpot situation, media price Decrease due to weak jackpot develo
Slide 11: Portfolio Expanded to Over 480 Games
PORTFOLIO EXPANDED TO OVER 480 GAMES: MAU ARPU REVENUE (Games) (Games) (Games) in K in € in € millions +32% +49% 6.7 26 +15% 20 42.40 37.03 4.5 H1 '24 H1 '25 H1 '24 H1 '25 More customers on the platform thanks to Developing to a good level significantly larger portfolio H1 '24 H1 '25 11
Slide 12: Traumhausverlosung – 4th Raffle Is Running
TRAUMHAUSVERLOSUNG – 4TH RAFFLE IS RUNNING Third house draw • Started 14-Feb-2025 and finished on 02-Jun-2025 • 3rd house supported charities with €1.6m (total of €5.4m generated for charity partners with first three house draws) Next draw • 4th draw started with draw on 15-Sep-2025, house located i
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 Continue to improve acquisition performance & • Increased gross margin to over 17%, supported by successful pricing measures profitability of Lotto24 business • New customer acquisition remained well, de
Slide 15: Guidance 2025 Confirmed
GUIDANCE 2025 CONFIRMED Full Year 2025: • Guidance for FY 2025 based on an average 2025 2024 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) 5
Slide 16: Key Take Aways
yA NE KEY TAKE AWAYS VENTURES IBERIA
Slide 17: Key Take-Aways
KEY TAKE-AWAYS Gross margin above 17% in H1 Customer base sustainably expanded Revenue raised further EBITDA continues to grow strongly, with an EBITDA margin of around 35% 17
Slide 18: 18
18
Slide 19: 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 20: Consolidated Income Statement and Balance Sheet in €k
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K H1 2025 H1 2024 CHANGE 30/06/25 31/12/24 CHANGE INCOME STATEMENT BALANCE SHEET (in €k) (in €k) (in %) (in €) (in €) (in %) Revenue 101,526 76,765 +32.3 Current assets 117,967 164,833 -28.4 Total costs of -66,728 -57,045 +17.0 Non-current assets 2
Slide 21: Business Unit Segment Reporting as of 30/06/25 in €k
BUSINESS UNIT SEGMENT REPORTING AS OF 30/06/25 IN €K GERMANY OTHER TOTAL Revenue 98,560 2,966 101,526 Other operating income 561 - 561 EBITDA 34,223 1,136 35,359 Depreciation/amortisation – – -4,271 EBIT – – 31,088 Financial result – – -2,457 Share of loss from associates -290 EBT – – 28,341 Income
Slide 22: Continued High Marketing Efficiency: Strong Number of New Customers
CONTINUED HIGH MARKETING EFFICIENCY: Q2 ’25 SHOWED FURTHER STRONG NUMBER OF NEW CUSTOMERS 600,000 H1 2025 Highlights Size of the bubbles reflects the number of • Acquisition of 499K new 500,000 peak jackpots in the customers in weak jackpot Q4 ‘24 quarter. situation x = no peak jackpots • Ongoing in
Slide 23: 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 24: KPIs (Lotteries) II
KPIS (LOTTERIES) II Q1 ‘25 Q2 ‘25 Pay-in 215.4 214.1 (in €m) BILLINGS 264.7 262.6 (in €m) ABPU (in €) 58.57 57.50 ARPU (in €) 10.01 10.00 MAU (in k) 1,507 1,522 CPL (in €) 48.50 45.39 24
Slide 25: KPIs (Games)
KPIS (GAMES) Q2 ‘23* Q3 ‘23 Q4 ‘24 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ’24 Q1 ‘25 Q2 ‘25 Pay-in (in €m) 0.1 3.3 5.1 6.3 6.3 7.1 8.9 10.2 10.3 Billings (in €m) 0.6 16.2 24.9 31.3 29.9 31.6 40.2 45.5 45.2 Revenue (in €m) 0.1 1.2 1.8 2.2 2.3 2.3 3.0 3.4 3.3 ABPU (in €) 58.74 306.14 449.1 480.98 535.52 525.2 519.94
Slide 26: 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 Report 2024 26 March 2025 Publication of Q1 Quarterly Statement 7 May 2025 Annual General Meeting 21 May 2025 Publication of Half-Year Report 6 August 2025
Slide 27: 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 27