FDJ United (FDJU) investor relations material

Executive summary

• H1 2026 was challenging, with GGR down 1.3% to €4,314m and revenue down 4.5% to €1,782m, mainly due to increased gaming taxes and softer lottery performance.

• Recurring EBITDA reached €404m with a 22.7% margin, aligning with annual targets, but recurring EBITDA fell 8.4%.

• Adjusted net income was €180m, down 19%, impacted by a €20m exceptional tax; net income reported at -€16m due to €135–138m in OBG asset impairment.

• Strategic focus remains on AI transformation, digital lottery innovation, responsible gaming, and turnaround in key markets.

• Performance plans and cost controls are on track, with targeted commercial initiatives to restore profitable growth.

Financial highlights

• GGR down 1.3% year-over-year to €4,314m; revenue down 4.5% to €1,782m, impacted by €52m in additional gaming taxes.

• Recurring EBITDA at €404m, margin 22.7%; adjusted net income €180m, down 19% year-over-year.

• Net income reported at -€16m due to €135–138m OBG asset impairment.

• Net financial debt at €1,964m; Moody’s Baa1 rating with stable outlook confirmed.

• Public levies on games increased to 60.6% of GGR.

Outlook and guidance

• Guidance updated: stable GGR for the year, low single-digit revenue decline, EBITDA margin maintained at 23–24%.

• Dividend policy unchanged: payout ratio of at least 75% of adjusted net income.

• Commercial initiatives and product launches planned for H2 and 2027 to drive growth.

• Calendar gaming tax increases of approximately €70m anticipated for the year.

• Ongoing investments in product innovation, digital offerings, and market portfolio optimization.