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ZEAL Network (TIMA) investor relations material
ZEAL Network H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue increased 32% year-over-year to €101.5m in H1 2025, driven by customer growth and margin expansion despite a weak jackpot environment.
EBITDA rose 76% to €35.4m, with margin improving to 34.8% from 26.2% in H1 2024, reflecting strong profitability momentum.
Customer base reached 1.5M monthly active users, up 12% year-over-year, with record new customer acquisitions.
Net profit after tax declined 47% to €19.5m due to prior year’s deferred tax asset recognition, despite improved operating performance.
Leadership transition: Carola Gräfin von Schmettow elected Chairwoman, Dr. Stefan Tweraser to become CEO in September.
Financial highlights
Lotteries revenue grew 34% to €91.0m; games revenue up 49% to €6.7m year-over-year.
Gross margin for lotteries improved to 17.3%, aided by price increases and product mix.
Marketing spend rose 14% year-over-year, supporting record customer acquisition; cost per lead increased 41% to €46.9.
EBIT nearly doubled to €31.1m, up 92.5% year-over-year.
Cash and cash equivalents decreased by €42.1m, mainly due to €50.6m dividend payments and loan redemptions.
Outlook and guidance
Full-year 2025 revenue guidance set at €195–205m, with EBITDA expected at €55–60m, reaffirmed at the upper end of the range.
Additional marketing investments planned, especially in Germany, with spend to expand to €60–70m in 2025.
Mid-term (2026–2028) targets: double-digit annual revenue growth in the mid-teens and expanding EBITDA margin.
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