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FDJ United (FDJU) investor relations material

FDJ United Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary15 Oct, 2025

Executive summary

  • Nine-month revenue reached €2.73 billion, down 2% year-over-year on a restated basis, with Q3 revenue at €864 million, up 29% reported but down 3% restated, mainly due to higher gaming taxes and regulatory tightening in France, UK, and The Netherlands.

  • Online Betting and Gaming (OBG) faced double-digit declines, driven by stricter regulation and higher taxes, while the French Lottery and Retail Sports Betting BU showed resilience.

  • Transformation and performance plans are being deepened for 2025, with proprietary platform rollouts, cost reduction initiatives, and alignment with Play Forward 2028 objectives.

Financial highlights

  • Q3 revenue was nearly flat at constant gaming taxes, with tax increases reducing growth by over €21 million in the quarter.

  • French Lottery and Retail Sports Betting revenue rose 3% to €1.88 billion for nine months, while OBG revenue fell 12.9% to €675 million.

  • International Lottery BU revenue dropped 11.5% due to divestitures; Payments and Services BU revenue declined 1.7% due to lower prepaid card sales.

  • Online lottery revenue grew 14.1%, now over 15% of total lottery revenue.

  • Retail sports betting revenue fell 4.6% due to unfavorable sporting results and a less attractive calendar.

Outlook and guidance

  • Full-year 2025 revenue expected above €3.7 billion, with recurring EBITDA around €900 million and margin above 24%.

  • Q4 revenue anticipated to be slightly down versus Q4 2024, but stable at constant gaming taxes; French Lottery and Sports Betting expected to remain high but below last year's exceptional Q4.

  • OBG business expected to stabilize in Q4, with improvements as regulatory impacts are lapped and new initiatives roll out.

  • Cost savings for 2025 projected to exceed €30 million, well above the initial €20 million target.

  • Medium-term guidance remains for high single-digit annual OBG growth through 2028.

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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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