Henrik Paganetty, an analyst from Jefferies, maintained the Buy rating on ZEAL Network. The associated price target was raised to €63.00.
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Henrik Paganetty has given his Buy rating due to a combination of factors, notably ZEAL’s ability to deliver strong Q4 2025 results even in a weaker jackpot environment, with sales materially surpassing market expectations and EBITDA clearly outpacing consensus margins. He also highlights that the EBITDA margin remained robust despite a sharp drop in high-jackpot draws versus the prior year, underscoring the resilience and scalability of the business model.
At the same time, ZEAL modestly increased its already high online market share, confirming its solid positioning in the German digital lottery market and supporting confidence in sustained growth. The strong outperformance of the Traumhausverlosung format and the continued expansion and profitability of the Games segment, where revenue and EBITDA both rose markedly year on year, further underpin his positive view on future earnings and justify the Buy recommendation.