ZEAL Network SE Anticipates Solid Q2 Growth Amid Price-Sensitive Market

Analyst Henry Wendisch of NuWays AG has reiterated a "BUY" recommendation for ZEAL Network SE, setting a target price of €64.00, following an expectation of solid Q2 growth results to be announced on August 6th, 2025. Despite a normalization in user spending, ZEAL's lottery sales are projected to grow by 25% year-on-year to €45 million, owing to price increases implemented in July 2024.

The games division is also anticipated to show significant progress, with sales rising by 62% year-on-year to €3.7 million, driven by an expanded games portfolio that has increased the number of active users. Overall, group sales for Q2 are expected to grow by 24% year-on-year to €50.6 million.

With this growth trajectory, group EBITDA is predicted to reach €17.6 million, marking a 66% increase from the previous year. NuWays AG's assessment suggests that ZEAL's fiscal year guidance of €214 million in sales and €67 million EBITDA could be exceeded, assuming continued momentum in H2.