ZEAL delivered a strong Q2, ahead of our estimates on both sales and EBITDA, with EBITDA up 33% yoy despite ongoing investments into the proprietary lottery formats. ZEAL grew more than twice as fast as its underlying market. Q2 lottery billings rose 25% yoy to € 328m, against only 11% yoy growth in the Eurojackpot and Lotto market, which itself enjoyed an unusually strong jackpot environment (13 peak jackpots vs. 2 in Q2 25, Lotto at its € 50m cap for more than ten consecutive draws). Beyond the structural shift of an increasing online penetration, this outperformance is courtesy of deep customer understanding, high marketing expertise and new growth legs such as proprietary raffles.
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