DGAP-Ad-hoc: ZEAL Network SE / Key word(s): Preliminary Results 
ZEAL Network SE: Adjusted EBITDA 2020 of ZEAL Network SE above the already increased guidance according to preliminary 
calculations 
26-Jan-2021 / 19:06 CET/CEST 
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a 
service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
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Adjusted EBITDA 2020 of ZEAL Network SE above the already increased guidance according to preliminary calculations 
(Hamburg, 26. January 2021) According to preliminary calculations, ZEAL Network SE (lotto24.de, tipp24.com), Germany's 
leading online provider of state-licensed and other lotteries, has exceeded in particular the guidance for adjusted 
EBITDA in fiscal year 2020, which was most recently increased in October 2020. Supported, among other things, by the 
good jackpot development of the German lottery 'LOTTO 6aus49' in the fourth quarter of 2020, continued high marketing 
investments led to higher than expected growth in billings and revenue. In addition, consistent cost management 
supported the improvement in adjusted EBITDA. 
Due to the full consolidation of LOTTO24 and the positive jackpot development, billings in fiscal year 2020 increased 
by 40 percent (preliminary) to EUR 652.8 million (2019: EUR 466,7 Mio.), thus exceeding the latest guidance of EUR 610 
million to EUR 630 million. The comparability of the prior-year figures is affected by the discontinuation of the 
secondary lottery business due to the business model change in October 2019 and the only partial consolidation of the 
LOTTO24 billings (14 May to 31 December 2019). 
Although revenue fell by 23 percent (preliminary) year-on-year to EUR 86.9 million (2019: EUR 113.5 million), largely 
due to the expected revenue dis-synergies in connection with the business model change, it was also above the guidance 
of between EUR 80 million and EUR 83 million. As with billings, the 2019 revenue still included the secondary lottery 
business but not the online lottery brokerage business of LOTTO24 up to 14 May 2019 and is therefore also only 
comparable to a limited extent. 
ZEAL took advantage of the good market and jackpot environment in order to invest into new customer acquisition. As a 
result, marketing costs increased by EUR 10.5 (preliminary) to EUR 32.2 million (2019: EUR 21.7 million). At the same 
time ZEAL further reduced the sum of other costs and in the fourth quarter of 2020 for the first time realised the 100 
percent of cost synergies originally planned to be achieved by May 2021. 
As an expected result of revenue dis-synergies caused by the business model change, ZEAL's adjusted EBITDA of EUR 12.4 
million (preliminary) was still below the prior-year figure (2019: EUR 29.4 million) but significantly above the 
already increased guidance of EUR 8 million to EUR 10 million. 
The Annual Report as of 31 December 2020 will be published on 25 March 2021. 
Explanations of the key financial figures used can be found in the Annual Report 2019 on the Company's website 
(available at https://www.zealnetwork.de/en/investors/publications/). 
Contact: 
Frank Hoffmann 
Senior Investor Relations Manager 
ZEAL 
Straßenbahnring 11 
20251 Hamburg 
T: +49 (0)40 809036042 
frank.hoffmann@zealnetwork.de 
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26-Jan-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and 
Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      ZEAL Network SE 
              Straßenbahnring 11 
              20251 Hamburg 
              Germany 
Phone:        +49 (0)40 8090360-42 
Fax:          +49 (0)40 822239-77 
E-mail:       frank.hoffmann@zealnetwork.de 
Internet:     www.zealnetwork.de 
ISIN:         DE000ZEAL241 
WKN:          ZEAL24 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1163488 
 
End of Announcement  DGAP News Service 
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1163488 26-Jan-2021 CET/CEST

(END) Dow Jones Newswires

January 26, 2021 13:07 ET (18:07 GMT)