ZEAL Network SE is on course for another record year. The German lottery operator has posted strong results for the first nine months of 2025, with growth coming from both its traditional lottery products and its expanding online games portfolio. The ZEAL 2025 financial results show enough momentum for the company to raise its full-year forecast.

  • Revenue for the period reached EUR 162.6 million, up 34% compared to last year’s EUR 121 million. EBITDA rose even faster, climbing 55% to EUR 54.1 million. CFO Andrea Behrendt said ZEAL had “turned our strengths into excellent results,” highlighting efficiency improvements and a stronger EBITDA margin across all divisions.

  • The company’s lottery business remained the key growth driver. Billings increased by 12% to EUR 834.3 million as more customers played regularly – monthly active users rose 17% to 1.57 million. A higher gross margin of 17.5%, up from 14.5% a year earlier, boosted profitability, lifting total lottery revenue by 36% to EUR 146 million.

  • The games division also saw strong momentum. Revenue rose 51% year-on-year to EUR 10.3 million after ZEAL expanded its games library to nearly 600 titles. New partnerships with content providers such as Greentube and GGames helped the company reach new audiences and strengthen its presence in online entertainment.

  • ZEAL continued to invest heavily in customer acquisition, spending EUR 50 million on marketing – 35% more than last year. The company registered 879,000 new customers, up 9% from 2024, while the average cost per lead increased to EUR 46.52. Despite higher marketing spend, EBIT jumped 65% to EUR 47.7 million, showing improved operational efficiency.

  • With results tracking ahead of plan, ZEAL upgraded its full-year guidance. The company now expects 2025 revenue between EUR 205 million and EUR 215 million, compared to its previous range of EUR 195 million to EUR 205 million. EBITDA is now forecast between EUR 63 million and EUR 68 million, up from the earlier EUR 55 million to EUR 60 million estimate.

Please find more news here.