Zeal Network SE

Investor Presentation • Jun 12, 2025

June 2025

|ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials ESG Management

AMBITION: DEFNETHE FUTURE OF LOTTERY

ZEAL IS A LOTTERY TECHNOLOGY COMPANY.

We combine user insights, lottery expertise and eCommerce excellence to define the future of lottery.

ZEAL ZEAL ZEAL ZES Tipp24 freiheit* (3 Treucoses 1 Dreamily

PURPOSE: WE LET PEOPLE DREAM, WE CONTRIBUTE TO SOCIETY

ZEAL ZEAL ZEAL ZE TIpp24 freiheit* � Treasity of Dreamity

And with every lottery-ticket sold we contribute to society. Either directly by supporting social causes through social lotteries or indirectly through state lotteries.

ZEAL ZEAL ZEAL ZE Tipp24 freiheit* A Treamstons & Dreamity

COMPANY STRUCTURE

Business lines

• Consumer lottery brands ત્વ
• B2B & Government X
• Partnerships & Ventures 6

German Lottery broker

Leading German online provider of state licensed lottery products

The Freineit BE Tipp24 freiheit* � Treasity

Lottery partnerships/ventures

State lotteries/charities External investments/Internal incubation

Tipp24 ZEAL ぱ松

freiheit Traumka

VERY STABLE LOTTERY MARKET IN GERMANY (IN € K)

VENTURES FEAL ZEAL ED Tipp24 freiheit* A Treasones A Dreamily

According to DLTB 2023 and the providers of charity lotteries 2022/2023

ZEAL CONTINUES TO INCREASE ITS MARKET SHARE IN THE GROWING GERMAN ONLINE LOTTERIES MARKET

ZEAL ZEN SIM ED TIpp24 freiheit+ Commons & Dreamily

FAVOURABLE COMPETITIVE LANDSCAPE

74 = A L

Competitive insights

State-lottery providers slightly bigger but

8 deeply fragmented into 16 individual organizations

Other competitors either small or without 6 necessary permit

• North-Rhine Westfalia 2 Bavaria
• Baden-Wuerttemberg n
• 4 Lower Saxony

Hesse u

ZEAL ZEN SIMS ED Tipp24 freiheit* O Traumous Dreamily

THE ALL

ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials ESG Management

UNIQUE BUSINESS MODEL: ONLINE LOTTERY BROKERAGE

Business model benefits

• No jackpot risks ಹಿ
• Highly predictable X
• Established products C

ZEAL ZEAL ZEAL ZES Tipp24 freiheit* (3 Treunes 1 Dreamily

STRONG CUSTOMER VALUE PROPOSITION

Best product portfolio

Trusted brands

Servicing all of Germany

로드

Superior user experience

• 9 Available anywhere anytime (24/7)
• হ Secure - no risk of losing the ticket
• � Automatic price notification & price collections
• ಕಿ Strong web, mobile and apps experiences
• Data driven recommendations and CRM ರ

HIGH CUSTOMER RETENTION RATE

Billings Retention rate per registered customer cohort in month after registration

ZEA FEAD CHAN ED TIpp24 freiheit+ @ Traines Jay Dreamily

Source: Historical Lotto24 customer data since 2013

ZEAL

25%

High billings retention

rate after 6 months

LOYAL CUSTOMERS DRIVE LONG-TERM VALUE -CUSTOMERS SIGNED UP IN 2005, STILL USING OUR SERVICES

ZEAL ZEAL ZEAL ZEAL ED Tipp24 freiheit* ������������

Billings per customer cohort in € (quarterly)

						av
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

verage payback period

ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials ESG Management

PROMISING LONG-TERM MARKET POTENTIAL

50% Online Market share

50-70% expected online penetration

ZEAL ZEAL ZEAL ZES Tipp24 freiheit* (3 Treucshies (4) Dreamily

Source: Figures of DLTB 2024 and the providers of charity lotteries 2022/2023

ONLINE MARKET PENETRATION IS STILL COMPARABLY LOW

BEA ZEA WE ED Tipp24 freiheit+ 9 Transville Dreamily

29% Additional growth potential 60% 41% 1 45% 7 N

Online lottery penetration by countries

Online penetration in selected online industries

Source: statista, VIR Daten und Fakten 2024, BVMI Musikindustrie in Zahlen 2023, German Association of State-Lottery Companies (»Deutscher Lotto- und Totoblock, DLTB«), German Lottery Association (»Deutscher Lottoverband, DLV«)

Source:

(Based on 2024 European Lottery Abstract (Lottery), Jumbo Interactive Limited, Annual Report 2024, own estimates

ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials ESG Management

CURRENT REGULATION - LICENSING PROCEDURE

ZEAL ZEAL ZEAL ZES TIpp24 freiheit* On Treuches 1 Dreamily

New GlüStV 2021

• 8 No expiry date (can't be terminated before 2028)
• x Opportunities: Games, Sports Betting

Broker Licence

Lotto24 broker permit valid until 30 June 2029

Games Licence

• � Licence granted by the GGL on 05/04/2023
• Licence valid until 31 March 2028 ಕಿ

NEW PRODUCTS LEAD TO GREATER INDEPENDENCE FROM JACK POTS

Social Lotteries

Games

ZEAL ZEAL ZEN 220 Sipp24 freiheit* 9 Trensity President

freiheit+ (started in 2020) P

heit* | @

74 - AL

ర్రా Traumhausverlosung (started in 2024) g Virtual Games (started in 2023)

ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials ESG

Management

WE SUCCESSFULLY ACHIEVED OUR STRATEGIC GOALS FOR 2024

ZEAL ZEZO SINE ED TIpp24 freiheit* � Traumhaus

Our Strategic Goals for 2024

Improve billings
margin in lottery
brokerage
business

Increase brand awareness, marketing efficiency. customer retention

Grow Games business

Launch new charity lottery

• · Optimization of billings margin by increased share of high-margin products and expansion of service fees
• · Measures are expected to increase billings margin for lotteries to more than 15% in H2 2024
• · Continue successful brand campaigns for LOTTO24
• · Increase marketing efficiency in brand and performance marketing
• · Further improve customer retention through early engagement, higher subscription rates and expanded lottery club offerings
• Increase number of available games on our platform
• · Broaden type of games to include instant-win-games
• More proactive offering of games on platform
• · Charity lotteries enable product innovation
• Attractive product margins, improved independence from high jackpots
• Launch will require investment in H2 2024 (marketing, product development, prizes, etc.)

Our Achievements in 2024

• · Billings margin for lotteries improved to more than 15% in H2 on the back of a successfully implemented of the price increase in June 2024
• · Mix of "campaign bursts" and "always on" for brand marketing continues to work well
• · Highly successful customer acquisition during peak jackpots
• Increased billings share from lottery clubs and "play with friends" to 7.5% in 2024 (5.9% in 2023)
• · As of 31 December 2024, 293 games were online, thereof 19 "instant-wingames" with lower RTP and higher appeal to our user base
• · · More proactive offering still hampered by relatively low number of available games with high appeal for lottery players and license restrictions on cross-selling
• · Highly successful launch of Traumhausverlosung ("THV")

Dreamily

• · THV generated €12.7m in billings and €5.3m in revenue in 2024
• · Highly complementary demographic profile (younger customer base, higher share of female players)

OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2025

Continue to improve acquisition performance & profitability of Lotto24 business	• Operational margin > 16% with potential upside in high jackpot phases · Beat historic acquisition performance relative to jackpot situation • Further improvement of customer acquisition in low jackpot phases
Successfully scale "Traumhausverlosung"	• At least 4 draws planned · More than € 30m in Billings (~250% YoY-growth) • Investment in product & customer acquisition
Accelerate growth of Games business	· More than doubling our game portfolio and optimising website experience for our players ·

ZEAL ZEAL ZEAL ZEAL ED TIpp24 freiheit* A Treiheit* A Dreamiles

GUIDANCE 2025

In Em	2075 GUIDANCE	2094 Actuals
Revenue	195-205	188.2
EBITDA 1)	55-60	61.9

Full Year 2025:

• average jackpot environment
• ZEAL will expand its marketing in FY 2025 (c. €60-70m) in Germany
• ZEAL will continue to invest into charity lotteries and games

Mid-Term 2026 - 2028:

ZEAL ZEAL ZESO MAN CO Tipp24 freiheit* A Treasones A Dreamily

• revenue growth rate in mid teens
• •

1) Excluding exceptional costs

ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials esg Management

FAIR PLAY, RESPONSIBLE GOVERNANCE

OUR COALS

We significantly strengthen our governance structures. Our measures include

• the establishment of an ESG task group that meets B every two weeks
• the creation and expansion of binding guidelines X and policies
• the allocation of clear roles and responsibilities er within the company regarding ESG topics, and

the definition and collection of relevant ESG data in a central database in order to be able to report on

the success of our structures and ESG measures

ZEAL ZEAL ZEAL ZES Tipp24 freiheit* A Treuchus 1 Dreamily

ಕಿ

ZEAL at glance Market Overview Business Model Upside Strategy Regulations & New Products Financials ESG Management

MANAGEMENT BOARD

ZEAL ZEAL ZEAL ZEAL ED Tipp24 freiheit* (3 Treiheit* (1) Treamifer

SIX REASONS TO INVEST IN ZEAL

TERURE ZEAL ZESO MAN ED Tipp24 freiheit* A Treamity

capital return ::::::::::::::::::

Question >Answer

DISCLAIMER

The information contained herein must not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose.

This document contains certain forvard-looking to the businesses, financial performance and results of the industry in which the Companies operate. Such forward-looking assumptions, opinions and views of the Companies and statements from third parties, are uncertain and subject to risks. A multitude of factors to differ significantly from any anticipated development. The Companies do not guarantee that the assumptions underlying statements are from errors, nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments.

No representation or warranty (express or ino reliance should be placed upon, any information, including projections, estimates, targets and opinions contained herein, and no liability whatsons or missions or misstatements contained herein, and, accordingly, none of the Companies or any of their subsidiary undertakings or any of such person's any libility whatsoever arising directly or indirectly from the use of this document.

By accepting this presentation, you acknowledge that your own assessment of the market and the market position of each of the Companies and that you will conduct your own analysis and be forming your own view of the potential future performance of each of the Companies' businesses.

This presentation is for information only and shall not constitute in the new of resolicition purposes but only for use as genera information..

This presentation is dated June 2025. Neither of this presentation nor any further discussions of any of the recipients, shall, under any circumstances, create any implication that there has been no change in the Companies since such date.

ZEAD SE CE TIpp24 freiheit+ @ Treiheit+ Oreamily

APPENDIX

HISTORICAL DEVELOPMENT OF ZEAL

4000						240724
1999 Founded	2008 Regulatory change in DE GlüStV(1)	2009 Change to secondary lottery business	2014 Renamed to ZEAL & move of HQ to London	31-Jan-2019 Publication of the offer to Lotto24 shareholders	October 2019 Change of business model and relocation	October 2024 Squeeze-out Lotto24
	2002 Open Madrid office	2005 IPO	2012 Spin-off Lotto24	19-Nov-2018 Announcement of takeover offer for Lotto24 by ZEAL	14-May-2019 Settlement of the Lotto24 acquisition	21-Jul-2021 Delisting purchase offer to share- holders of

ZEAL ZEAL ZEAL ZEA TIpp24 freiheit* ATEMENTAS A Dreamily

Lotto24 AG

SHAREHOLDER STRUCTURE

No. of shares:	21,681,785
Market cap:	~ € 1.000m
Dec. 31. 2024:	€ 50.00

Security Identification Number/Ticker Symbol
IS N:	DE000ZEAL241
WKN:	ZEAL24
LEI Code:	391200EIRBXU4TUMMQ46
Deutsche Börse:	TIMA
Reuters:	TIMAn.DE
Bloomberg:	TIMA GR

Source: Information from notification of voting rights and company information

ZEAL ZEAL ZEAL ZESO WE ED Tipp24 freiheit* �� Treamily

DIVIDEND PROPOSAL 2025 AND DIVIDEND POLICY

ZEA ZEA WINE ED Tipp24 freiheit+ & Transmans & Dreamily

Due to the positive result in 2024, the Management Board and Supervisory Board will propose to the Annual General Meeting on 21 May 2025 the payment of a dividend of € 2.40 per share. Representing a total payout to shareholders of around €50.6 million (2024: €23.8 million). The dividend will consist of a basic dividend of €1.30 and a special dividend of €1.10.

ZEAL intends to distribute a steadily increasing basic dividend to our shareholders in the coming years and, depending on the ZEAL Group's performance, further capital in the form of special dividends and/or as part of share repurchase programs.

FINANCIAL UPDATE

EXCEPTIONAL JACKPOT ENVIRONMENT - 13 PEAKS IN FY 2024 VS. 5 PEAKS IN FY 2025

ZEAL ZEAL ZEAL ZEAL ED TIpp24 freiheit* A Treasity & Dreamily

TEAL

38

2

ZEAL INCOME STATEMENT FY '24 - CONDENSED

INCOME STATEMENT	FY '24 (in €k)	FY 973 (in €k)	CHANGE (in %)
REVENUE	188.198	116,050	+622
- Lotteries	168,332	105,652	+593
- Games	9,853	3,040	+2241
TOTAL COSTS OF OPERATIONS	-129,437	-84,419	+53,3
Personnel expenses	-31,475	-22.555	+39.5
Other operating expenses	-98,041	-61,979	+58,2
Marketing expenses	-56,912	-36.016	+58.0
Direct operating expenses	-18,509	-12,011	+54.1
Indirect operating expenses	-22,620	-13,952	+621
EBITDA	61,858	32,905	+88.0
Amortisation and depreciation	-8,194	-9,256	-115
EBIT	53,664	23,649	+126.9
NET PROFIT AFTER TAX	59,441	13,721	+333,2

74 = A =

19 REVENUE

Revenue increased by 62% driven by billings growth of 28% and an increased billings margin

COST OF OPERATIONS X

Personnel expenses:

Personnel expenses increased by 40% or €8.9m driven by increased provisions for shortterm and long-term variable remuneration due to strong operating performance and share price appreciation (€2.6m), additional provisions for potential wage and sales tax liabilities from previous years (€1.6m) as well as by an 21% increase in FTE from 172 to 208, and salary increases

Marketing expenses:

Marketing expenses increased by 58% as the exceptionally good jackpot situation and high marketing efficiency was used to win new customers

Direct operating expenses:

Direct operating expenses increased by 54% driven by an increase in lottery billings, introduction of Games, a large number of KYC checks for new customers, an increased share ofPaypal as payment method and bad debt charges

Indirect operating expenses:

Indirect operating expenses were up by 62%, mainly driven by increased costs for legal and consulting services, costs for external service providers and recruiting costs. We have also recognized a provision for expected legal costs of €2.2m in connection with the squeezeout of the former minority shareholders of LOTTO24 AG. In addition, transaction costs were incurred for the first three house purchases made by our new social lottery "Traumhausverlosung"

6 EBITDA

EBITDA increased by 88% due to the strong increase in revenue

× ) NET PROFIT AFTER TAX

Net profit rose by 333% to €59.4 million due to strong increase of EBITDA and the initial recognition of deferred tax assets of ZEAL Network SE

GROWTH OF LOTTERY BILLINGS DRIVEN BY GROWTH IN USER BASE AND Higher Billings Per User

GROSS MARGIN INCREASED SUBSTANTIALLY

ZEAL ZEN MAN ED Tipp24 freiheit* @ Transions & Dreamily

74 EAL

HIGHER LOTTERY BILLINGS MARGIN DRIVEN BY IMPROVED PRODUCT MIX AND ROLL-OUT OF PRICE OPTIMISATION

BILLINGS MARGIN: FY '23 VS. FY '24

VENTURE ZEAL ZES Tipp24 freiheit* �� Treussions & Dreamily

1) Excluding effects from big win at "Die Deutsche Traumhauslotterie"

GAMES BUSINESS MAKEING POSITIVE PROGRESS

ABPU

BILLINGS

in € millions

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24

Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24

Q2 '23 Q3 '23 Q4 '23 Q4 '24 Q2 '24 Q3 '24 Q4 '24

REVENUE

7541

in € millions

ARPU

in €

ZEAL ZEAL ZESO MAN CO Tipp24 freiheit* A Treasones A Dreamily

• As of 31 December 2024, 293 games were online, thereof 19 "instant win games" with lower RTP
• We generated ~€10m in revenue with EBITDA margin of >40% for Games for 2025.

CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K

INCOME STATEMENT	FY 2024 (in €k)	FY 2025 (in €k)	CHANGE (in %)	BALANCE SHEET		31/12/24 (in €)	31/12/23 (in €)	CHANGE (in %)
Revenue	188,198	116,050	+62.2		Current assets	164,833	92,637	+77.9
Total costs of operations	-129,437	-84,419	+53.3		Non-current assets	292,700	302,016	-3.1
EBITDA	61,858	32,905	+88.0		ASSETS	457,533	394,653	+15.9
EBIT	53,664	23,649	+126.9		Current liabilities	91,288	57,997	+57.4
Profit before taxes	50,287	22,322	+125.3		Non-current liabilities	127,738	71,897	+77.7
Income taxes	9,153	-8,601	n.a.		Equity	238,508	264,758	-99
Net Profit	59,441	13,721	+333.2	J	EQUITY & LIABILITIES		394,653	+15.9

TEAL ZEAL ZEAL ZEAD MAN ED TIpp24 freiheit* A Treamiles

BUSINESS UNIT SEGMENT REPORTING AS OF 31/12/24 IN €K

	GERMANY	OTHER	TOTAL
Revenue	182,284	5,914	188,198
Other operating income	3,097		3,097
EBITDA	59,868	1,990	61,858
Depreciation/amortisation			-8,194
EBIT			53,664
Financial result			-3,185
Share of loss from associates			-192
EBT			50,287
Income tax			9,153
NET PROFIT/LOSS			59,441

TEAL ZEAL ZEAL ZEAD MAN ED TIpp24 freiheit* A Treamiles

KPIS (LOTTERIES)

	01 20		Q2 '20 Q3'20 Q4'20		Q121		Q2 21 Q3 221 Q4 Q4 21 Q4 22 22				Q3.22	Q4 '22	01 23	02 23	Q3 '23	Q4 '23	Q1 '24	02. 24	Q3 '24	Q4 '24
Pay-in (in €m)	110.1	138.0	120.6	140.8	121.4	128.4	125.9	128.0		142.5 140.2	147.7	171.3	158.8	167.3	177.0	168.7	196.7	211.4	191.4	2773
BILLINGS (in €m)	140.0	174.4	157.3	181.0	163.3	1695	160.3	163.4	181.2	177.1	186.1	214.1	201.2	209.9	222.1	210.1	246.3	260.8	236.0	337.3
ABPU (in €)	49.46	54.48	54.90	61.30	56.36	58.40	54.40	58.00	58.31	58.18	58.90	60.73	60.99	61.42	60.73	62.31	61.59	63.34	58.95	65.92
ARPU (in €)	6.00	6.89	6.60	7.51	7.16	7.00	6.55	6.99	7.57	7.41	7.39	8.07	7.55	7.73	7.67	7,78	8.00	8.75	9.89	11.87
MAU (in k)	942	1,065	954	984	966	968	982	938	1,036	1,015	1,053	1,175	1,100	1,142	1,217	1,124	1,333	1,372	1,334	1,706
CPL (in €)	26.00	27.77		28.96 28.79	33.48	32.12	17.65	29.61		38.09 37.07 34.76 34.86			36.77		50.83 50.40		37.11 33.04	33.38		41.98 34.48

ZEAL ZEAL ZEAL ZEAL ED TIpp24 freiheit* ���������������

KPIS (GAMES)

	Q2 '23*	03 23	Q4 '24	Q1 '24	Q2 '24	Q3 '24	Q4 '24
Pay-in (in €m)	0.1	3.3	5.1	63	6.3	7.1	8.9
BILLINGS (in €m)	0.6	16.2	24.9	31.3	29.9	31.6	40.2
ABPU (in €)	58.74	306.14	449.1	480.98	535.52	525.2	519.94
ARPU (in €)	5.49	22.02	32.89	33.57	41.04	38.84	39.12
MAU (in k)	9	18	18	22	19	20	26

ZEAL ZEAL ZEAL ZEAL ED TIpp24 freiheit* ���������������

* Games business started in June 2023.

FINANCIAL CALENDAR 2025

	20745									20926
																	Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun.
Publication of Annual Report 2024						> 26 March 2025
Publication of Q1 Quarterly Statement						7 May 2025
Annual General Meeting						C	21 May 2025
Publication of Half-Year Report										6 August 2025
Publication of Q3 Quarterly Statement												5 November 2025

TEAL ZEAL ZEAL ZEAD MAN ED TIpp24 freiheit* A Treamiles

Contact

Frank Hoffmann, CEFA

Senior Investor Relations Manager

T +49 (0)40 809 036 - 042 M +49 (0)175 267 3420 frank.hoffmann@zealnetwork.de www.zealnetwork.de

ZEAL ZEAL ZEAL ZES Tipp24 freiheit* �� Treasings & Dreamity

ZEAL Straßenbahnring 11 20251 Hamburg