Zeal Network Se · XETR:TIMA
Zeal Network — Q3 2026 Earnings Presentation
29 slides from Zeal Network's earnings presentation, Nov 4, 2026
Slide 1: Earnings Call 9M 2026 Results
EARNINGS CALL 9M 2026 RESULTS 4 November 2026
Slide 2: Agenda
AGENDA 9M 2026 Highlights Financial & Operational Update Strategic Progress & Guidance 2026 Key Take Aways 2
Slide 3: 9M 2026 Highlights
ZEAL 9M 2026 HIGHLIGHTS ZEAL ZEAL @Moancs €Q Tipp24 freineit* @ Tamas TRAUMA (romani Gi, A UNC =?
Slide 4: 9M 2026: Double-digit revenue growth and successful diversification into new markets
9M 2026: DOUBLE-DIGIT REVENUE GROWTH AND SUCCESSFUL DIVERSIFICATION INTO NEW MARKETS Core lottery business grows despite weak Eurojackpotperformance New customer numbers exceeded one -million mark for the first time in a 9M period Successful strategic diversification through acquisition ofSeve
Slide 5: 9M 2026 Financial & Operational Update
9M 2026 FINANCIAL & OPERATIONAL UPDATE
Slide 6: Extended LOTTO 6/49 rollover sequence alongside weaker Eurojackpot environment
EXTENDED LOTTO 6/49 ROLLOVER SEQUENCE ALONGSIDE WEAKER EUROJACKPOT ENVIRONMENT In €m LOTTO 6/49 in €m Average Peak 50 25x max. 40 30 9M ‘26 32 26 20 10 9M ‘25 9 0 0 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 Draw Eurojackpot in €m Average Peak In €m 120 max. 100 9M ‘26 41 2 80 60 40 20 9M ‘25 50
Slide 7: P&L: Strong revenue (+22%) and EBITDA (+9%) growth
P&L: STRONG REVENUE (+22%) AND EBITDA (+9%) GROWTH 9M ‘26 9M ‘25 CHANGE REVENUE INCOMESTATEMENT (in €k) (in €k) (in %) Growth mainly driven by lottery business and proprietary charity lottery products, higher gross margin and monthly activeusers as well as a positive development of the games busines
Slide 8: Adjusted EBITDA excl. SevenCanyon and one-off effects is €62.7m
ADJUSTED EBITDA EXCL. SEVENCANYON AND ONE-OFF EFFECTS IS €62.7M Reported EBITDA to adjusted EBITDA excl. SevenCanyon, in €m, 9M 2026 +4.9 +0.5 €62.7m €58.7m −10.5 +9.1 Reported EBITDA SevenCanyon revenue SevenCanyon total costs One-time transaction FX EBITDA excl. of operations related expenses Seve
Slide 9: Lotteries: Billings grew 10%, supported by larger customer base and higher ABPU
LOTTERIES: BILLINGS GREW 10%, SUPPORTED BY A LARGER CUSTOMER BASE AND HIGHER ABPU MONTHLY ACTIVE AVERAGE BILLINGS PER BILLINGS USERS (MAU) USER (ABPU) (Lotteries) in € millions ( Lotteries ) ( Lotteries ) in thousands in € +7% +10% 1,678 915.1 1,572 +3% 834.3 58.98 60.59 9M '25 9M '26 9M '25 9M '26
Slide 10: Lotteries: Significant increase in gross margin to 18.3%
LOTTERIES: SIGNIFICANT INCREASE IN GROSS MARGIN TO 18.3% GROSS MARGIN REVENUE (Lotteries) (Lotteries) in % in € millions +0.8pp +16% 18.3 170.8 17.5 147.7 9M '25 9M '26 9M '25 9M '26 Gross margin expansion demonstrates the earnings quality of ZEAL’s increasingly diversified product portfolio 10
Slide 11: Lotteries: Record customer acquisition with disciplined unit economics
LOTTERIES: RECORD LEVEL OF CUSTOMER ACQUISITION WITH DISCIPLINED UNIT ECONOMICS 1) NEW REGISTERED CUSTOMERS COST PER LEAD (CPL) ( Lotteries ) (Lotteries) in thousands in € +15% +11% 1,007 51.83 879 46.52 9M '25 9M '26 9M '25 9M '26 1) 9M ‘26 CPL for the core brokerage business: €47.09 (9M ‘25: € 42.
Slide 12: Games: Revenue grew by 18% on back of portfolio expansion and larger user base
GAMES: REVENUE GREW BY 18% ON BACK OF PORTFOLIO EXPANSION AND LARGER USER BASE MONTHLY ACTIVE AVERAGE REVENUE PER REVENUE USERS (MAU) USERS (ARPU) (Games) in € millions ( Games ) ( Games ) in thousands in € +27% +18% 12.1 35 -7% 28 41.06 38.21 10.3 9M '25 9M '26 9M '25 9M '26 MAU growth, driven by t
Slide 13: SevenCanyon: €10.5 million revenue and €1.4 million EBITDA
SEVENCANYON : €10.5 MILLION REVENUE AND €1.4 MILLION EBITDA OPERATING CONTRIBUTION TO THE P&L (Q3 2026) ACQUISITION-RELATED EFFECTS € 10.5m € 1.4m € 4.8m ~€ 4.9m € 1.4m One-off consultancy costs PPA amortisation Revenue EBITDA Marketing expenses (Group level) (Group level, prelim.) Incl. one-time ex
Slide 14: Traumhausverlosung on track – 11th raffle is running
TRAUMHAUSVERLOSUNG ON TRACK – 11TH RAFFLE IS RUNNING 4 Houses drawn until end of Q3 2026 House #9 completed after a draw period of 63 days Continue to see high billings/day for House #9 D2C share of billings remained strong at 58% (+1ppt) H7 H8 H9 Duration of draw periods 84d 63d 63d Billings
Slide 15: Second draw period built on the first one's success
SECOND DRAW PERIOD BUILT ON THE FIRST ONE'S SUCCESS AND POINTS TO FURTHER POTENTIAL Traumautoverlosung broadens ZEAL's in -house product offering with premium cars First Season done More than 258k tickets sold More than €2m in Billings Second Season running 15
Slide 16: Strategic Progress & Guidance 2026
STRATEGIC PROGRESS & GUIDANCE 2026
Slide 17: Overview of strategic focus areas for 2026
OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2026 Strategic priority 9M progress Evidence Strengthen customer 01 acquisition effectiveness Record customer acquisition 1,007k new customers Germany Four house draws in 9M ‘26 Scale proprietary 02 lottery products Further scaling charity lotteries 11th h
Slide 18: Guidance 2026
GUIDANCE 2026 Previous guidance SevenCanyon effect Updated guidance 2026 2025 In €m 2026 (July – December) Revenue €250–260m +~€20m €270–280m €218.5m EBITDA €70–75m unchanged €70–75m €68.8m Marketing in ~ €85–95m unchanged ~ €85–95m €66.4m Germany Guidance update driven by SevenCanyon acquisition (~
Slide 19: Key Takeaways
ZEAL KEY TAKEAWAYS ZEAL ZEAL @Moancs €Q Tipp24 freineit* @ Tamas TRAUMA (romani Gi, A UNC =?
Slide 20: Key Takeaways
KEY TAKEAWAYS Core lottery business grows despite weak Eurojackpotperformance New customer numbers exceeded one -million mark for the first time in a 9M period Successful strategic diversification through acquisition ofSevenCanyon Revenue guidance updated following the consolidation ofSevenCanyon 20
Slide 21: Q&A
ZEAL Q&A ZEAL ZEAL @Mowcs €Q) Tipp24 freineit* @Taunfaus TRAUMAYT 4 Onaniey GD isin DO
Slide 22: Disclaimer
DISCLAIMER The information contained herein must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose. This document contains certain forward -looking statements relating to the busi
Slide 23: Consolidated income statement and balance sheet in €k
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K 9M ‘26 9M ‘25 CHANGE 30/09/26 31/12/25 CHANGE INCOME STATEMENT BALANCE SHEET (in €k) (in €k) (in %) (in €k) (in €k) (in %) Revenue 198,805 162,634 +22.2 Current assets 168,217 167,960 +0.2 Total costs of Non-current assets 342,967 286,298 +19.8 -
Slide 24: Business unit segment reporting as of 30/09/26 in €k
BUSINESS UNIT SEGMENT REPORTING AS OF 30/09/26 IN €K Lotteries Games All other segments TOTAL Revenue 170,835 12,142 15,828 198,805 Personnel expenses -25,706 -1,799 -3,523 -31,028 Other operating expenses -96,808 -4,843 -9,664 -111,315 EBITDA 50,609 5,506 2,628 58,743 Amortisation and depreciation
Slide 25: Continued high marketing efficiency at Eurojackpot peaks
CONTINUED HIGH MARKETING EFFICIENCY AT EUROJACKPOT PEAKS 600,000 Q3 2026 Highlights Size of the bubbles reflects the number of • Acquisition of 349K new 500,000 EJ jackpot peaks in the customers in a weak jackpot quarter. situation • Increased marketing customers per Quarter 400,000 activities to st
Slide 26: KPIs (Lotteries)
KPIS ( LOTTERIES ) Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Pay -in 158.8 167.3 177.0 168.7 196.7 211.4 191.4 277.3 215.4 214.1 253.1 217.7 218.2 268.6 259.3 (in €m) Billings 201.2 209.9 222.1 210.1 246.3 260.8 236.0 337.3 264.7 262.6 3
Slide 27: KPIs (Games)
KPIS (GAMES) Q2 ‘23* Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ’24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Pay -in (in €m) 0.1 3.3 5.1 6.3 6.3 7.1 8.9 10.2 10.3 10.7 12.8 12.2 12.3 14,4 Billings (in €m) 0.6 16.2 24.9 31.3 29.9 31.6 40.2 45.5 45.2 46.2 52.6 51.3 51.0 58.0 Revenue (in €m) 0.1 1.2
Slide 28: Financial Calendar 2026
FINANCIAL CALENDAR 2026 2026 2027 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Publication of Annual Report 2025 25 March 2026 Publication of Q1 Quarterly Statement 6 May 2026 Annual General Meeting 20 May 2026 Publication of Half-Year Report 5 August 2026
Slide 29: Contact
Contact Frank Hoffmann, CEFA ZEAL Senior Investor Relations Manager Straßenbahnring11 20251 Hamburg T +49 (0)40 809 036 - 042 M +49 (0)175 267 3420 [email protected] www.zealnetwork.de 29