ZEAL Q1 results point to steady revenue growth in early 2026, even as profitability comes under pressure. Customer numbers continued to rise during the period. The business also faced a softer jackpot environment compared to last year.

• ZEAL reported revenue of EUR 54.3m in Q1, up 6% year-on-year. The increase was mainly driven by the lotteries segment, supported by pricing changes and product diversification. EBITDA fell 13% to EUR 15.5m as operating costs rose.
• The quarter was affected by weaker jackpot conditions, particularly for Eurojackpot. Average jackpot levels were lower than the previous year, which limited player spend. Despite this, ZEAL still recorded higher customer activity across its platforms.
• Active lottery customers increased 5% to around 1.58 million per month and new customer registrations in Germany rose 11% to 274,000. However, acquisition costs also climbed, with cost per lead up to €53.80.
• The lotteries segment generated EUR 48.7m in revenue, up 5% year-on-year. Gross margin improved to 17.8%, but EBITDA declined due to higher marketing and staffing costs. ZEAL continued investing in charity lottery products, including new raffle formats.
• The games segment posted revenue growth of 14% to EUR 3.9m, driven by a larger portfolio and higher user numbers. Monthly active users increased by 34%, although average revenue per user declined. Overall net profit fell to EUR 8.3m as ZEAL prioritised growth spending.

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