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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FDJ United
FDJ United (FDJU) investor relations material
FDJ United Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary21 Oct, 2026
Executive summary
9M 2026 GGR was €6,264m (-2.8% YoY) and revenue €2,576m (-5.6%), reflecting fewer high EuroMillions jackpots, elevated sports-betting payouts, weaker French retail traffic and higher gaming taxes.
Q3 revenue fell 8.1% YoY to €794m, with declines across all reported business units; priorities include lottery growth, OBG turnaround measures and tighter resource allocation.
Financial highlights
9M gaming-tax increases totalled €62m, including €28m for LSF and €34m for OBG; taxes accounted for more than 2 percentage points of the revenue decline.
9M net gaming revenue was €2,460m (-5.2%) and public levies were €3,804m (-1.3%); revenue was €2,576m versus €2,730m a year earlier.
LSF revenue fell 4.8% to €1,794m on a 3.5% GGR decline; OBG revenue fell 8.2% to €619m while GGR declined 0.8% to €1,013m.
Payment and Services revenue was €44m versus €47m; International Lottery revenue fell 4.7% to €118m after exits from unprofitable B2B contracts.
Outlook and guidance
FY 2026 targets: low-single-digit GGR decline, mid-single-digit revenue decline including more than €70m from additional gaming taxes, and recurring EBITDA margin of ~23%.
Cost control and financial discipline remain priorities; medium-term targets are expected to be updated with FY results in February 2027.
Netherlands OBG improvement is expected to continue in Q4; lottery and online betting initiatives aim to restore growth.
FY 2026 results are scheduled for publication on 18 February 2027.
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Latest events from FDJ United
- H1 2026 revenue and profit fell on tax hikes and impairments, but EBITDA margin stayed solid.FDJU
H1 2026 - Revenue fell up to 3.2% in Q1 2026 as higher gaming taxes offset modest GGR growth.FDJUQ1 2026 TU
- EBITDA margin steady at 24.5% as tax hikes offset growth; dividend up to €2.10 per share.FDJUH2 2025
- Revenue up 31% reported; 2025 guidance and margin targets reaffirmed despite headwinds.FDJUH1 2025
- Targets 5% organic revenue CAGR, >26% EBITDA margin, and strong ESG impact by 2028.FDJUCMD 2025
- Revenue up 12% to EUR 2,097m; Kindred deal and digital growth lift 2024 outlook.FDJUQ3 2024 TU
- H1 2024 revenue up 10.8%–11%, digital share at 15%, Kindred deal nearing completion.FDJUH1 2024
- Q1 2025 revenue up 30% to €925m, with strong lottery growth but online headwinds in UK/NL.FDJUQ1 2025
- 2024 revenue up 17% and Kindred integrated; 2025 outlook stable despite tax headwinds.FDJUH2 2024
Next FDJ United earnings date
H2 202618 Feb, 2027
FDJ United
Next FDJ United earnings date
H2 202618 Feb, 2027
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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.