FDJ UNITED is pursuing its transformation in an environment marked by adverse factors

FDJ UNITED is pursuing its transformation in an environment marked by adverse factors

• Gross gaming revenue for 2025 up 1%, turnover down 3% due to tax increases and regulatory changes
• Recurring EBITDA of €902m and a margin of 24.5%, in line with targets
• Kindred integration completed
• One year ahead of schedule in implementing the multi-year performance plan with end 2028 target raised from over €120 m to over €150m
• Proposed dividend increase to €2.10

Business expected to grow in 2026

• In 2025, compared with 2024 reported figures¹, gross gaming revenue (GGR)² and revenue increased by 14% and 20% respectively. Compared with the restated 2024 figures, GGR was up +1% to €8,706m, but revenue³ fell -3% to €3,678m, taking into account increases in gaming taxes⁴ of more than €50m⁵
  • Recurring EBITDA⁶ came to €902m, giving a margin of 24.5%
  • Free cash flow⁷ was a record €782m, representing a conversion rate of recurring EBITDA into cash of 87%, and net financial debt⁸ decreased by nearly €100m to €1,721m
  • In line with the Group’s commitment, an increased dividend of €2.10, compared with €2.05 in 2024, will be proposed at the Annual General Meeting on 23 April, representing a payout ratio of 80% of adjusted net income⁹
• One year ahead of schedule in implementing the multi-year performance plan, with a enhanced cumulative target of more than €150m by the end of 2028 compared to the €120m initially planned
• A performance that benefits all stakeholders, including in France: €5.1bn contribution to public finances; over 57,000 jobs maintained or created; €1bn in remuneration paid to retailers
• In 2026, FDJ UNITED is aiming for slight growth in revenue, with a stable recurring EBITDA margin of 24.5%, based on an increase in GGR and affected by additional gaming taxes¹⁰ of nearly €90m
• The Group is reorganising its Online betting and gaming business unit in order to complete the operational transformation under way
• Over the 2026-2028 period and on a constant tax basis, FDJ UNITED now expects a gradual acceleration in the growth of its revenue, which would be around +5% in 2028. The other medium-term projections, including a recurring EBITDA margin of over 26% in 2028, are unchanged

Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ UNITED, said: “In 2025, FDJ UNITED demonstrated the strength of its model and continued its transformation, in an environment affected by tax increases and tighter regulations on gaming. With a strengthened performance plan and a new organization of its online betting and gaming business unit, the Group will continue to improve its operational efficiency to return to its profitable and sustainable growth path by 2026.”

Notes and references

^{1 Reported data: including Kindred from 1 October 11 – Restated data: on a like-for-like basis, as if Kindred had been acquired on 1 January 2024 and reflecting the scope actually retained by FDJ UNITED.}

^{2 Gross gaming revenue (GGR) = stakes – player winnings / Net gaming revenue (NGR) = GGR – public levies on games.}

^{3 Revenue: net gaming revenue and income from other activities.}

^{4 FDJ UNITED recalls that taxation on betting and gaming relates to the gross gaming revenue, which is divided between public levies and the operator.}

^{5 Notably in the Netherlands from 1 January, in France from 1 July and in Romania from 1 August.}

^{6 Recurring EBITDA: recurring operating income adjusted for depreciation and amortisation expense.}

^{7 Free cash flow: cash flow generated by operations after investments related to operations.}

^{8 Net financial debt corresponds to non-current financial assets, current financial assets and cash and cash equivalents, net of non-current financial liabilities and current financial liabilities, less: current and non-current deposits and guarantees given; cash subject to restrictions; and sums allocated exclusively to the winners of the Euromillions and EuroDreams games.}

^{9 Adjusted net profit: consolidated net profit restated for amortisation of intangible and tangible assets recognised or revalued during the allocation of the purchase price of business combinations; impairments of intangible assets recognised during the allocation of the purchase price of business combinations; in 2024, cash-neutral effects related to foreign exchange hedging of acquisitions, recorded under other non-recurring operating expenses, and the 2024 catch-up amortisation of the additional balance recognised to adjust the initial amount related to securing exclusive operating rights; and changes in deferred taxes resulting from these items.}

^{10 In addition to the full-year impact of the 2025 increases in France and Romania, further inc}