Zeal Network has increased revenue and EBITDA guidance for its 2025 financial year after reporting an improved lottery gross margin and positive development in its social lottery business.
Detailing the increase, Zeal said lottery gross margin had strengthened throughout 2025. It also noted how its Traumhausverlosung social lottery had posted growth, with the operator on track for a better-than-expected performance.
As such, Zeal has forecast posting between €205 million ($241 million) and €215 million in full-year revenue. This is higher than the existing guidance of €195 million to €205 million, published alongside its FY24 results in March.
The midpoint of the updated guidance, €210 million, would represent an 11.6% increase on revenue reported in the previous year. FY24 represented a record year for Zeal, with both revenue and EBITDA reaching all-time highs.
As for EBITDA, this is now set to range between €63 million and €68 million. Previously, Zeal said EBITDA would be in the range of €55 million to €65 million. Should it reach the midpoint of €65 million, this would surpass the previous year by 5.0%.
Zeal said the new guidance depends on general conditions in the market, particularly further jackpot development. The group added that it intends to publish its Q3 financial results on 5 November.
Weak jackpot cycle fails to derail Zeal in H1
Improved guidance comes on the back of a successful H1 for Zeal. The operator said group revenue increased by 32% to €101.5 million, while EBITDA climbed by a significant 76% to €35.4 million.
This was despite subdued jackpot conditions, with lower average jackpot levels for LOTTO 6aus49 and Eurojackpot. In addition, successful marketing initiatives saw average active customers per month rise by 12% to 1.51 million.
Speaking at the time, CFO Andrea Behrendt said: “Our half-year results are a true team success – especially given that the jackpot situation was rather weak compared to the previous year.
“Challenging market conditions particularly underscore our operational excellence. The significant increases in revenue and EBITDA were driven by further expansion of our customer base and profitability.”
Change at the top for Zeal
Shortly after the conclusion of H1, Zeal announced Stefan Tweraser would become its new CEO. He replaced Helmut Becker, who led the operator for 10 years, on 15 September.
Becker, whose departure was first confirmed in January, will remain available as a consultant until early next year. Becker is expected to move into investing and starting new projects away from gaming once his tenure at Zeal ends.
Tweraser is a newcomer to the gambling sector. He most recently served as CEO of German NewSpace start-up Rocket Factory Augsburg. He was also chief marketing officer of music streaming service Deezer and CEO of hospitality data business SnapShot.
Another recent senior change at Zeal saw Carola Gräfin von Schmettow, former CEO of HSBC Germany, become its new chairwoman. She replaced the outgoing Peter Steiner.
Gräfin von Schmettow was elected to the position at the Zeal annual general meeting. She has been a member of the company’s supervisory board since November 2024.
Zeal said revenue could be as high as €215 million for the full year ended 31 December 2025.