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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.Q3 2025 TU earnings summary15 Oct, 2025
Executive summary
Q3 2025 revenue reached EUR 864 million, up 29% year-over-year (reported), but down 3% on a restated basis and nearly flat at constant gaming taxes due to higher gaming taxes and regulatory impacts in key markets.
Nine-month 2025 revenue totaled EUR 2.73 billion, down 2% on a restated basis, mainly due to tax increases and regulatory headwinds, despite a reported increase of 30%.
The group is intensifying its transformation and performance plan, focusing on cost reduction and operational improvements to support its Play Forward 2028 strategy.
Higher gaming taxes, especially in France, and regulatory tightening in the UK and Netherlands impacted online revenue.
The French Lottery and Retail Sports Betting BU showed resilience, while Online Betting & Gaming BU saw double-digit declines.
Financial highlights
Q3 revenue was nearly flat at constant gaming taxes, with taxation reducing revenue by EUR 21 million in the quarter, including EUR 18 million in France.
Full-year 2025 revenue is expected to exceed EUR 3.7 billion, with recurring EBITDA around EUR 900 million and a margin above 24%.
Online Betting & Gaming BU Q3 revenue dropped 15.6% to EUR 209 million, mainly due to tax/regulatory changes and tough comps.
French Lottery revenue rose 2.5% in Q3 to EUR 508 million, with instant and draw games both contributing.
Online lottery revenue grew 14.1% to EUR 238 million, now over 15% of total lottery revenue.
Outlook and guidance
Q4 revenue is expected to show a slight decline, consistent with the nine-month trend, but stable at constant gaming taxes, with French Lottery and Sports Betting BU maintaining high levels.
Online Betting & Gaming BU is expected to stabilize in Q4, with improvements anticipated as regulatory impacts in the Netherlands and the UK lapse.
Cost savings for 2025 are projected to exceed EUR 30 million, well above the initial EUR 20 million target, with cost reduction efforts being accelerated.
Medium-term guidance remains unchanged, targeting high single-digit annual growth in OBG from 2025 to 2028.
Launch of new draw game Crescendo in November 2025.
Online BU: Drivers for Q4 stability and growth?
Cost reduction plan to offset tax impact?
Online lottery growth: sustainable and strategic?
OBG: Confidence in Q4 flat revenue?
Cost savings: What drives the >€30M in 2025?
Lottery: Is 2025 jackpot level sustainable?
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Next FDJ United earnings date
H2 202519 Feb, 2026
Next FDJ United earnings date
H2 202519 Feb, 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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