Zeal Network raises 2026 sales guidance after Q3 results

Zeal Network SE reported third-quarter 2026 results today and increased its full-year revenue guidance while maintaining its EBITDA outlook.

The company’s Q3 sales reached approximately €77.0 million, marking a 26% increase year-over-year and beating analyst expectations of €72.3 million by roughly 7%.

The revenue growth stemmed from the company’s core state lottery brokerage business, with additional support from strong performance in charity lotteries and games. The quarter also included a €10.5 million contribution from the initial consolidation of SevenCanyon.

Third-quarter EBITDA came in at approximately €19.9 million, up 6% from the prior year and in line with analyst consensus of €19.8 million. The EBITDA margin for the quarter stood at 25.7%, down from 30.7% in the same period last year. The company attributed the margin decline to non-recurring expenses related to the SevenCanyon acquisition.

Following the SevenCanyon consolidation and finalization of its IFRS revenue presentation, Zeal Network raised its 2026 sales guidance to €270-280 million from the previous range of €250-260 million. The revision reflects the revenue contribution anticipated in a July 9, 2026 announcement. Analyst consensus currently stands at €260 million.

The company maintained its EBITDA guidance at €70-75 million for 2026, which assumes normal jackpot conditions in Germany and includes mid-single-digit millions in non-recurring expenses related to SevenCanyon. Analyst consensus for EBITDA is €75.3 million.