FDJ United (FDJU) H1 2025 earnings summary

Executive summary

• Launched new corporate identity and "Play Forward 2028" strategy, targeting European leadership in sustainable lottery, gaming, and betting, with a focus on organic growth, digital innovation, and increased societal contributions.

• Integration of Kindred progressing, with key migrations, customer base mergers, and rebranding as FDJ UNITED; reorganization into four business units and a holding structure.

• H1 2025 revenue reached €1,867m, recurring EBITDA €441m (23.6% margin), and adjusted net income €222m; net income €136m, impacted by higher taxes and acquisition financing.

• Employee shareholding plan oversubscribed, raising staff participation to 4.6% of capital.

• Major regulatory and fiscal changes in France and the Netherlands, impacting tax rates and player protection.

Financial highlights

• H1 2025 revenue: €1,867m, up 31% year-over-year reported, down 1.7% restated for Kindred integration.

• Recurring EBITDA: €441m, down 9.5% year-over-year restated, margin 23.6% (24.4% excluding €14m share plan cost).

• Adjusted net income: €222m; consolidated net income: €136m, down 36.2% year-over-year.

• Net financial debt: €1,964m at June 2025, up from €1,818m at end-2024, mainly due to dividend and acquisition payments.

• Dividend of €2.05/share paid in June 2025, totaling €380m.

Outlook and guidance

• 2025 guidance reiterated: stable revenue vs 2024 pro forma, recurring EBITDA margin above 24%, net debt reduction of at least €150m.

• Medium-term plan (2025-2028): ~5% average annual organic revenue growth, recurring EBITDA margin above 26% by 2028, and annual dividend increases with payout ratio ≥75% of adjusted net income.

• H2 2025 expected to benefit from new game launches, normalization of sports results, and improved online comparison base.