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FDJ United
FDJ United (FDJU) investor relations material
FDJ United H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary19 Feb, 2026
Executive summary
Gross gaming revenue for 2025 reached €8.7 billion, with revenue at €3.7 billion and recurring EBITDA at €902 million (24.5% margin), supported by the completed Kindred integration and a raised 2028 cost savings target of over €150 million.
Free cash flow hit a record €782 million (87% conversion rate), and net financial debt was reduced by nearly €100 million to €1.7 billion (1.9x EBITDA).
The group expanded its retail network, advanced digital transformation, and now generates a third of revenue online, with over 6 million iLottery players.
Major headwinds included significant tax increases in France, Netherlands, Romania, and the UK, impacting revenue and EBITDA by over €50 million in 2025 and with further increases expected in 2026.
Dividend increased to €2.10 per share (80% payout of adjusted net income), subject to AGM approval.
Financial highlights
Recurring EBITDA margin was 24.5% (down 90–100bps year-over-year), with free cash flow conversion at 87%.
Net income was €176 million (down from €399 million in 2024), with adjusted net income stable at €487 million.
Net financial debt/EBITDA was 1.9x, with a further €100 million reduction targeted in 2026.
Public levies on games rose to 59.9% of GGR (+140bps), and cost of sales and marketing costs declined.
Capital expenditure increased to €272 million, mainly for IT and retail infrastructure.
Outlook and guidance
2026 guidance expects slight revenue growth and a stable recurring EBITDA margin of 24.5%, with nearly €90 million in additional gaming taxes anticipated.
Medium-term ambition: 5% annual revenue growth by 2028, recurring EBITDA margin above 26%, and CapEx at 4–5% of revenue.
Dividend policy aims for annual increases with a payout ratio of at least 75% of adjusted net income.
Performance plan's tax hike mitigation?
Online BU's tech and market expansion plans?
How will FDJ UNITED achieve 2028 EBITDA margin?
Strategy to offset recurring tax increases
Key milestones for OBG return to growth
What is the timeline for proprietary sports betting platform
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Next FDJ United earnings date
Q1 2026 TU21 Apr, 2026
FDJ United
Next FDJ United earnings date
Q1 2026 TU21 Apr, 2026
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Frequently asked questions
La Française des Jeux Société anonyme operates lottery games and sports betting services in France. It provides a range of lottery, instant games, and digital gaming options through retail outlets and online platforms. The company is headquartered in Boulogne-Billancourt, France, and its shares are listed on the Euronext Paris.
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