ZEAL Network (TIMA) Q2 2026 earnings summary

Executive summary

• Achieved the strongest first half in company history with record revenue of €121.8 million, up 20% year-over-year, and double-digit growth in EBITDA (+10%) and net profit (+12%).

• Customer acquisition reached a record 659,000 new customers, a 32% increase year-over-year, driven by intensified marketing and successful product launches.

• Strategic diversification advanced with the launch of new lottery products, including Traumautoverlosung (Dream Car Raffle), and the acquisition of SevenCanyon in the UK.

• Social and charity lotteries contributed significantly to public welfare, with €241 million donated in 2026.

• Acquisition of SevenCanyon accelerates geographic and product diversification and is expected to be EBITDA accretive.

Financial highlights

• Revenue grew by 20% year-over-year to €121.8 million in H1 2026, driven by higher lottery billings and improved jackpot environment.

• EBITDA increased by 10% to €38.9 million, with a margin of 31.9%.

• Net profit rose by 12% to €21.8 million compared to the same period last year.

• Lottery billings increased by 13% to €595.9 million, with monthly active users up 9% to 1.65 million.

• Gross margin in lotteries improved from 17.3% to 18.2% due to favorable product mix and diversification.

Outlook and guidance

• EBITDA guidance for 2026 confirmed at €70–75 million, including SevenCanyon's expected positive contribution and M&A-related one-off expenses.

• Revenue guidance for 2026 raised to €250–260 million, to be updated after SevenCanyon's IFRS revenue contribution is finalized.

• Mid-term guidance targets mid-teens annual revenue growth and EBITDA margin above 30%.