Germany's ZEAL Network 9-month revenue rises on lotteries demand, lifts 2026 sales outlook

Overview

• Germany online lottery provider's nine-month revenue rose 22% to €198.8 mln

• Group EBITDA for nine months up 9% to €58.7 mln despite M&A one-offs

• Company raised 2026 revenue guidance to €270–280 mln after SevenCanyon consolidation

Outlook

• ZEAL raises 2026 revenue guidance to €270–280 mln after consolidating SevenCanyon

• Company maintains 2026 EBITDA guidance at €70–75 mln, assuming normal jackpot environment

Result Drivers

• LOTTERY BUSINESS - Revenue growth driven by core business of brokering state lotteries, supported by customer base expansion and increased activity

• CHARITY LOTTERIES - Continued expansion, including new Dream Car Raffle and ongoing Dream House Raffle, contributed to revenue growth

• SEVENCANYON CONSOLIDATION - First-time consolidation of UK prize draw business SevenCanyon added €10.5 mln to revenues and boosted segment growth

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the casinos & gaming peer group is "buy"

• Wall Street's median 12-month price target for ZEAL Network SE is €72.00, about 85.6% above its November 3 closing price of €38.80

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 20 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)