ZEAL Keeps 2026 Forecast As Q1 Revenue Hits €54.3 Million

ZEAL Network SE kept its 2026 outlook in place after a quarter where revenue grew, profit narrowed, and spending increased across games and charity lotteries.

Good to Know

• ZEAL reported Q1 2026 revenue of €54.3 million, up 6% from €51.1 million a year earlier.
• EBITDA fell to €15.5 million as the group spent more on marketing, staff, games, and charity lottery growth.
• Full year guidance still points to €250 million to €260 million in revenue and €70 million to €75 million in EBITDA.

ZEAL Keeps Guidance As Games And Charity Lotteries Grow

ZEAL still sees plenty of room in the German online lottery market. The group estimates online penetration at about 29%, below levels seen in other European markets. That leaves space for Lotto24 and other ZEAL brands to attract more players, even when jackpot activity stays quiet.

In Q1, average monthly active users rose 5% to 1.575 million. New registrations climbed 11% to 274,000, even though neither Lotto 6aus49 nor Eurojackpot had a peak jackpot draw during the quarter.

Lottery remained the main engine. Revenue from the segment rose 5% to €48.7 million, while billings increased 1% to €268 million. A higher gross margin of 17.8%, compared with 17.1% in Q1 2025, helped offset weaker jackpot conditions.

Games also added more revenue. The segment generated €3.9 million, up 14% from €3.4 million a year earlier. The B2C games portfolio now has more than 740 titles, after ZEAL added about 90 titles since the end of 2025.

Profit took a hit, but ZEAL framed the decline as planned spending. Marketing costs rose 13%, while personnel expenses increased 21%. Net profit after tax fell to €8.3 million, down about 15.5%. The group also compared against a strong Q1 2025, when EBITDA had nearly doubled.

Andrea Behrendt, chief financial officer of ZEAL, said:

“The first quarter of 2026 shows that we are consistently executing our strategy even in a weak jackpot environment: our core business is growing, and we have continued to invest in diversifying our business model.

“The slightly lower EBITDA compared to the previous year is primarily a reflection of these measures.”

ZEAL also added another charity lottery after the quarter closed. Traumautoverlosung, or Dream Car Raffle, launched on 14 April 2026 as the third proprietary charity lottery from the group in Germany. Dreamify gGmbH, a wholly owned non profit subsidiary of ZEAL Group, operates the product, while Lotto24 AG handles marketing and distribution.

The first draw offers a Porsche 911 GT3 RS as the headline prize. ZEAL made 250,000 tickets available, and the draw will take place even without a full ticket sell out. At least 20% of ticket revenue goes to charity, with Johanniter named as the charity partner for 2026.

ZEAL already runs Traumhausverlosung, or Dream House Raffle, which launched in 2024 and produced €38.9 million in billings during the first full year. The group also operates freiheit+.

For 2026, ZEAL still targets revenue of €250 million to €260 million and EBITDA of €70 million to €75 million. The forecast assumes average jackpot conditions for the rest of the year and already includes higher spending on charity lotteries and games. For 2027 to 2029, ZEAL aims for double digit annual revenue growth and an EBITDA margin above 30%.

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