FDJ United (FDJU) H1 2026 earnings summary

Executive summary

• H1 2026 was marked by a 1.3% drop in GGR to €4,314m and a 4.5% revenue decline to €1,782m, mainly due to increased gaming taxes and softer lottery performance, especially in France.

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

• Adjusted net profit was €180m, down 19%, with a net loss of €16m due to €135m in impairment charges on Online betting and gaming assets.

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

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

Financial highlights

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

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

• Adjusted net income was €180m, down 19% year-over-year; reported net income was -€16m due to asset impairment.

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

• Cash and cash equivalents fell by €250m to €414m, mainly due to dividend payments and investments.

Outlook and guidance

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

• Recurring EBITDA margin guidance maintained at 23–24%.

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

• Ongoing performance plan and resource allocation optimization, including market portfolio review.

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