German online lottery ZEAL Network SE has updated its FY 2025 guidance that now exceeds previous estimates from March.
Subject to general conditions like further jackpot development, ZEAL is now expecting FY25 revenue between €205m-€215m – surpassing the previous target of between €195m-€205m.
EBITDA estimates now sit comfortably between €63m-€68m, up from the March guidance of between €55m-€60m. The segment represents earnings from operating activities before depreciation, amortisation, financial result, share of result from associates, and taxes.
For comparison, ZEAL ended FY24 with an EBITDA of €61.9m, up 88% YoY (2023: €32.9m).
The company cited improved lottery gross margin and significant contribution to its performance from its social lottery “Traumhausverlosung”, which also helped the company’s 62% revenue increase in FY24 – going up from €116.1m to €188.2m.
ZEAL’s updated guidance also suggests that the Hamburg-based lottery group will try to outdo its active customer number milestone from last year, which saw the average percentage grow by 25% to reach a total of 1.4 million players.
This would naturally require an increased investment into promotion campaigns, with ZEAL’s FY24 marketing spend going up 58% YoY to €56.9m (2023: €45.5m).
Going over to this year’s first half results, ZEAL has maintained an upwards performance trajectory, with revenues increasing to €101.5m – up 32% from the same period last year. This built up on the quarterly YoY revenue increase of 42% to €51.1m.
The previous point of a potential increase in marketing expenditure was also reflected in H1, when ZEAL revealed that that marketing spend was up 14% to €29.1m.
Commenting on the H1 results, Helmut Becker, ZEAL CEO, then said: “We once again achieved strong results in the first half of 2025. ZEAL’s continued growth path proves that our business model is highly robust and scalable over the long term.
“We are in an excellent position to further expand our market leadership in a growing industry.”
On 5 November. ZEAL will publish its statement for the quarter ending 30 September.