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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

9M EBITDA

EUR 58.70 mln


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


Reuters Recommended Reads

  • Nov 3 - Lottomatica's core profit rises 3%, aided by online and sports betting growth

  • Nov 4 - Prediction markets price Democratic sweep as US midterm betting soars

  • Nov 3 - Betting on US midterms brings rush, stress as serious money goes on the line


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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