Presented by Andrea Behrendt, CFO
In this latest financial results presentation on seat11a, Andrea Behrendt of ZEAL Network SE presents the company’s Q1 2026 financial results and provides an update on customer growth, lottery billings, games performance, and ZEAL’s strategic expansion initiatives.
Continued Growth Despite Weak Jackpot Environment
ZEAL delivered continued growth in the first quarter despite what management described as a particularly weak jackpot environment. Neither Lotto 6aus49 nor Eurojackpot reached peak jackpot levels during Q1 2026, creating difficult conditions for customer acquisition and reactivation. Nevertheless, the company managed to increase revenue, expand its customer base, and further improve its gross margin, highlighting the resilience of ZEAL’s platform and marketing execution.
Revenue Growth and Targeted Investments
Revenue increased by 6.2% to €54.3 million, supported by higher lottery billings, stronger gross margins, and growth in monthly active users. At the same time, EBITDA declined to €15.5 million, reflecting deliberate investments into marketing, personnel expansion, games, and broader diversification initiatives. Management emphasized that these higher expenses are targeted growth investments intended to strengthen ZEAL’s long-term positioning and support future scalability.
Customer Growth and Lottery Platform Expansion
Customer acquisition remained strong despite the weak jackpot backdrop. Monthly active users in the lottery business increased by 5% to nearly 1.6 million, while ZEAL added 274 thousand new registered customers during the quarter. These developments underline the continued relevance of ZEAL’s digital lottery platform and the company’s ability to attract and retain users even in less supportive external conditions.
Games Segment Continues to Scale
The company also continued to expand its Games segment, where revenue grew by 14% and the games portfolio increased to more than 740 games. This reflects ZEAL’s broader strategy of diversifying beyond its traditional lottery business and building a broader digital entertainment ecosystem with stronger recurring customer engagement and monetisation opportunities.
Strategic Expansion Through Social Lottery Products
A strategic highlight of the quarter was the launch of the new charity lottery “Traumautoverlosung,” which expands ZEAL’s social lottery offering beyond “Traumhausverlosung.” Management sees this as another important step in broadening the company’s product portfolio and strengthening the foundations for long-term growth.
FY 2026 Outlook Confirmed
Looking ahead, ZEAL confirmed its FY 2026 guidance, expecting revenue of €250–260 million and EBITDA of €70–75 million, while continuing to target double-digit annual revenue growth and EBITDA margins above 30% over the medium term.
Conclusion
Overall, ZEAL Network SE’s Q1 2026 financial results highlight a business that continues to execute well despite an unusually weak jackpot environment. The combination of customer growth, improving monetisation, expanding games activities, and ongoing diversification initiatives reinforces ZEAL’s positioning as one of Germany’s leading digital lottery and online gaming platforms with a scalable and increasingly diversified business model.
May 6, 2026
09:39 
