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Investing.com -- ZEAL Network SE reported strong second-quarter 2025 results on Wednesday, with sales reaching €50.4 million, representing a 24% year-over-year increase, though slightly below consensus expectations of €50.7 million.
The company’s Q2 EBITDA showed significant growth, reaching €17.7 million, up 66% compared to the same period last year and exceeding analyst consensus by 9%.
ZEAL achieved an EBITDA margin of approximately 35.1% during the quarter.
Key performance improvements came from optimization of the billings margin and a more favorable product mix.
The gross margin from lotteries improved to 17.3% in the first half of 2025, compared to 13.4% in the same period of 2024, driven by price increases and changes in product mix.
Despite facing challenging jackpot conditions in the first half of 2025, which negatively impacted new customer acquisition, ZEAL added 499,000 new customers, down from 592,000 in the first half of 2024.
The average monthly number of active customers increased by 12% to 1,515,000, up from 1,353,000 in 2024.
The company expanded its games portfolio to more than 480 titles and increased revenue in its Games segment by 49% to €6.7 million in the first half of 2025, compared to €4.5 million in the same period last year.
ZEAL confirmed its 2025 guidance, projecting revenues between €195-205 million, assuming average jackpot development, which is below the current consensus of €208 million.
The company expects EBITDA to range between €55-60 million, compared to the consensus estimate of €62 million.
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