ZEAL has kicked off 2025 with momentum. The company posted a strong rise in revenue and earnings in the first quarter. ZEAL revenue growth was also supported by a rising customer base and strong performance in its lottery and games segments.

• ZEAL revenue growth reached 42% year-on-year in Q1 2025, climbing to €51.1 million from €36.1 million in 2024. This was mainly driven by higher lottery billings and margin improvements. The gross margin in lotteries rose to 17.1%, up from 13% the previous year.

• EBITDA almost doubled to €17.7 million, compared to €9.4 million a year ago. EBIT also more than doubled to €15.6 million from €7.5 million. These increases were achieved despite a 21% rise in operating costs.

• The number of active customers increased by 13% to 1.507 million. ZEAL gained 247,000 new customers in Q1, a record for a quarter without peak jackpots. The average acquisition cost per lead rose 47% to €48.5.

• Revenue from the core lottery business grew 41% to €45.2 million. This was achieved despite weak jackpots, with billings slightly up to €246.7 million. A strong product mix and pricing strategy supported the gross margin increase.

• ZEAL’s games business expanded by 56%, generating €3.4 million in revenue. The portfolio now includes over 400 B2C titles. This diversification helped balance the weaker jackpot environment.

• Marketing expenses rose 16% to €15.5 million, part of a broader 21% rise in other operating expenses. Direct and indirect operating costs also climbed to €4.9 million each, reflecting investment in staff, services, and software.

• Despite rising costs, the company maintained profitability due to sales growth and efficiency gains. However, net profit dropped 53% to €9.8 million. This was due to a tax-related one-off effect in the prior year.

• “We are particularly proud of the significant increase in our revenue and customer base despite the absence of peak jackpots,” said CFO Andrea Behrendt.