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Investing.com -- ZEAL Network SE on nWednesday reported strong third-quarter results on Wednesday, confirming its recently upgraded 2025 guidance as the lottery operator saw significant growth across key metrics.
The company posted Q3 sales of €61.1 million, representing approximately 39% year-over-year growth and exceeding consensus estimates of €53.2 million by about 15%.
ZEAL’s performance was driven by a 17% year-over-year increase in its average monthly active customer base, which reached 1.6 thousand in the first nine months of 2025. The company also benefited from an enhanced billing margin in its lottery vertical.
The fourth house raffle under the "Traumhausverlosung" charity lottery achieved record billings, while the games business posted revenue of €3.6 million in Q3 2025, up from €2.3 million in Q3 2024.
Q3 EBITDA came in at €18.7 million, growing approximately 26% year-over-year and beating consensus expectations of €15.6 million by about 20%.
The EBITDA margin stood at 31.0% in Q3 2025, down from 33.6% in Q3 2024, reflecting increased marketing investments of approximately €21 million compared to €11 million in the same quarter last year.
In September, ZEAL Network raised its 2025 earnings guidance, which it reaffirmed today. The company now expects revenue between €205-215 million and EBITDA between €63-68 million, up from previous forecasts of €195-205 million and €55-60 million, respectively.
The company cited stronger lottery billing margins and continued success of the "Traumhausverlosung" social lottery initiative as reasons for the guidance upgrade. Current market consensus aligns with the midpoint of the updated guidance, projecting sales of €209 million and EBITDA of €64 million.
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