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ZEAL Network (TIMA) investor relations material
ZEAL Network Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Revenue increased by 34% year-over-year to €162.6m for the first nine months of 2025, driven by strong growth in the Germany segment and a significant rise in active lottery customers, despite a weak jackpot environment with only four peaks.
EBITDA rose 55% to €54.1m, reflecting improved operating efficiency and higher gross margins.
Customer base expanded rapidly, with 1,572k monthly active users (up 17%) and 879k new customers acquired.
FY 2025 guidance was raised, reflecting improved profitability and business momentum.
Financial highlights
Revenue rose 34.5% year-over-year to €162.6m, with lotteries up 35.7% and games up 51.1%.
EBITDA margin improved to 33.3% from 28.9% year-over-year.
Gross margin increased to 17.5%, attributed to price optimization and product mix improvements.
Marketing spend increased by 35% year-over-year, supporting customer acquisition and future growth.
Net profit after tax declined 23.5% to €33.9m due to a one-off deferred tax asset in the prior year.
Outlook and guidance
FY 2025 revenue guidance raised to €205–215m (from €195–205m), and EBITDA to €63–68m (from €55–60m), assuming an average jackpot environment.
Management expects to end the year at the upper end of guidance, with flexibility to invest further in marketing if opportunities arise.
Marketing investment in Germany to expand to €60–70m in 2025.
Mid-term (2026–2028) targets include double-digit annual revenue growth and expanding EBITDA margin.
Plans to increase the frequency of Traumhausverlosung house raffles in the coming year due to strong demand.
Omaze's impact on Dream House raffle growth
Sustainability of core lottery gross margin
Marketing investment strategy for future growth
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Next ZEAL Network earnings date
H2 202525 Mar, 2026
Next ZEAL Network earnings date
H2 202525 Mar, 2026
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Frequently asked questions
ZEAL Network SE is a Germany-based online lottery company specializing in digital lottery brokerage and lottery-related services. The company offers customers access to various lottery games and products through its online platforms, including traditional lotteries, instant win games, and secondary lottery betting. ZEAL Network operates mainly in Germany, where it provides secure and convenient digital solutions for lottery participation, often partnering with state-licensed lotteries. The company is headquartered in Hamburg, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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