FDJ United (FDJU) H1 2026 earnings summary

Executive summary

• H1 2026 saw GGR decrease by 1.3% to €4,314 million and revenue fall 4.5% to €1,782 million, mainly due to increased gaming taxes and softer lottery performance, especially in France.

• EBITDA reached €404 million (22.7% margin), reflecting strong cost discipline and performance plan execution, though down 8.4% year-over-year.

• Adjusted net income was €180 million, down 19% year-over-year; reported net income was -€16 million due to €135–138 million in online gaming asset impairments.

• The group is focused on restoring profitable growth through targeted commercial actions, AI transformation, and digital lottery innovation.

Financial highlights

• GGR fell 1.3% to €4,314 million; revenue down 4.5% to €1,782 million.

• Public levies on games rose to 60.6% of GGR, increasing tax by €52 million in H1.

• Adjusted net income was €180 million; reported net income was -€16 million due to asset impairments.

• Cost base reduced by 3.3%, with variable costs down 3.8% and fixed costs down 2.8%.

• Dividend of €2.10 per share paid for 2025, totaling €389 million.

Outlook and guidance

• Guidance updated to stable GGR for the year and low single-digit revenue decline.

• EBITDA margin guidance maintained at 23–24%.

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

• Commercial and digital initiatives planned for H2 2026 and 2027 to support growth.