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2 insiders bought €87k of shares over the last 90 days, the latest filed 30 Sept 2026.
Cluster: 2 buyers in 30 daysZEAL Network SE: what insiders have been doing
Every trade that managers of ZEAL Network SE disclose to BaFin is tracked on this page. The company sits in the Media sector. Over the twelve months to 18 October 2026, 5 filings were filed, from 3 insiders.
The flow runs one way only: 2 insiders bought (3 purchases totalling €108k) and nobody sold on the market. Unlike grants, an open-market purchase is paid for by the insider, at the market price. Tweraser, Dr. Stefan filed the largest purchase, €51k, on 30 September 2026, which represents 0.0053% of the company's market value. Among those who bought: 2 senior executives.
Within a 30-day window, 1 purchase overlapped with buying by a second insider. Such overlaps are known as a cluster signal: distinct people reaching the same decision at about the same time. The last insider purchase was made public on 30 September 2026, 17 days ago. Filings reach the BaFin feed a median of 5 days after the trade. The legal deadline for notifying a trade is three business days (MAR article 19).
For context, the typical company on the same exchange (median of 287 companies) published 5 filings over the same period, against 5 filings here. The full history, which starts in 2025, counts 6 purchases against no sales.
In the same sector, recent insider purchases at Globalstar, Inc. and Liberty Latin America Ltd. also feature in our signals. These figures are compiled from regulatory filings published by BaFin. They describe what insiders did and are not a recommendation.
Insider Decl.
9
Thresholds
n/a
Buy Volume
€135,312
6 ops. · all time
Sell Volume
n/a
n/a
Who traded when
BuySaleAndrea Behrendt5 buys
Dr. Stefan Tweraser2 buys
Since the insiders bought
- -17.1%Entry €48.40 · Close 16 Oct 2026 €40.10
- -1.5%Entry €45.80 · Close at T+365 €45.10
Entry is the close on the day after publication, the first price a reader could act on. Prices in the listing currency. Past moves are not a forecast.
Analyst consensus: bullish or bearish?
Analysts rate ZEAL Network SE Strong Buy (bullish), based on 5 analysts. Average price target: €75.00.
Fundamental score
Ranked 3,339 of 24,148 companies
70.8
score / 100
Value59
Quality82
FCF yld7.2%
Earn yld4.9%
EV/EBITDA13.6x
ROE21%
Gross mgn90%
Net mgn19%
Debt/EBITDA1.3x
Pillars2/3
Transparent value + quality ranking, distinct from the insider signal.
Financial data
as of FY 2025FY ended December 2025 · cache
€40.20
Analyst consensus
5 analystsStrong buy
€70.00Target €75.00(+87%)€83.00
Income statement
Revenue€218.5M
Gross profit€197.5M90% margin
EBITDA€68.9M32% margin
Net income€41.7M18.3% margin
Valuation
PER (trailing)20.0x
PER (forward)16.2x
P/Book3.8x
Beta0.29
Balance sheet & cash
Market cap€848.2M
Total debt€88.1M
Free Cash Flow€60.6M
Debt / Equity37%
Profitability & ownership
ROE20.6%
ROA9.5%
% insiders44.8%
% institutions54.5%
Last declaration on 30 September 2026
Declarations9 total
850.093 shares@ €42.800.0038% mcap56.9% of flowShareXetraISIN DE000ZEAL241BAFIN:40003601-147289d25b25
Canonical exit: 24 Dec 2026 (T+90)
1,210.1 shares@ €42.140.0053% mcap71.5% of flowShareXetraISIN DE000ZEAL241BAFIN:40003601-6d3d5ba3368e
Canonical exit: 23 Dec 2026 (T+90)
ShareISIN DE000ZEAL241BAFIN:40003601-a316df98664b
ShareISIN DE000ZEAL241BAFIN:40003601-1280bafdb0ca
410 shares@ €49.60100.0% of flowShareMünchenISIN DE000ZEAL241BAFIN:40003601-81f091f20fda
Canonical exit: 12 Feb 2026 (T+90)
ShareISIN DE000ZEAL241BAFIN:40003601-49e7caea2a31
142.008 shares@ €45.8223.6% of flowShareXetraISIN DE000ZEAL241BAFIN:40003601
Canonical exit: 9 Sept 2025 (T+90)
435.961 shares@ €46.0572.7% of flowShareXetraISIN DE000ZEAL241BAFIN:40003601-da661774ac38
Canonical exit: 11 Sept 2025 (T+90)
22.001 shares@ €46.183.7% of flowShareXetraISIN DE000ZEAL241BAFIN:40003601-7af70f04b53d
Canonical exit: 10 Sept 2025 (T+90)
9 of 9 declarations
About ZEAL Network SE
ZEAL Network SE is a German listed company trading on Xetra/Frankfurt (DAX/MDAX/SDAX) and operating in the online lottery and regulated gaming space. The group is headquartered in Hamburg, Germany, at Strassenbahnring 11. Founded in 1999, ZEAL began as a lottery broker and has since evolved into a broader digital platform focused on customer acquisition, retention, and product innovation within a tightly regulated market. Over time, the company has re-established its operational base in Germany and is now positioned as the leading online lottery provider in the country.
ZEAL’s core business is the online distribution of lottery products through its well-known brands LOTTO24 and Tipp24. These brands allow customers to participate in state-licensed lottery draws and other approved lottery formats. In addition to traditional brokerage activity, ZEAL has built proprietary, higher-margin product lines such as social lotteries, including freiheit+, the Traumhausverlosung (Dream House Raffle), and more recently the Traumautoverlosung (Dream Car Raffle). At the same time, the company continues to expand its Games offering, broadening its portfolio and strengthening its position as a scalable technology-driven gaming platform. This diversification is strategically important because it reduces ZEAL’s dependence on jackpot cycles and supports longer-term growth resilience.
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From a competitive standpoint, ZEAL holds a leading position in German online lotteries, supported by a sizeable active customer base, strong brand recognition, and a digital marketing engine tailored to a highly regulated environment. Its competitive advantages include brand strength, customer loyalty, proprietary product development, and a technology infrastructure designed for online lottery distribution. The group’s operating footprint is mainly centered on Germany, while it also maintains historical operational presence in London and Madrid as part of its broader group setup.
Recent developments underline the company’s momentum. In 2024, ZEAL reported record levels of revenue, new customer acquisition, and EBITDA, benefiting from a favorable jackpot environment and the strong performance of the Traumhausverlosung. In March 2026, the company reported another year of double-digit growth for fiscal 2025, again highlighting the progress of its diversification strategy. In April 2026, ZEAL launched the Traumautoverlosung, its third proprietary social lottery, reinforcing its product innovation pipeline in the German regulated market. For international investors, ZEAL stands out as a specialized growth and cash-generative online gaming business with a focused geographic base, regulatory barriers to entry, and a steadily diversifying product mix.
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