FDJ United (FDJU) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €925 million, up 30% year-on-year due to Kindred integration, but down 1% at comparable perimeter.

• Strong performance in French lottery and retail sports betting, with lottery revenue up 5% to €528 million and retail sports betting revenue down 1% to €112 million due to lower operator margin.

• Online lottery revenue rose 14% year-on-year to €79 million, now representing 15% of total lottery revenue.

• Online betting and gaming revenue declined 10% at constant currency, mainly due to regulatory and tax headwinds in the Netherlands and the UK.

Financial highlights

• Group revenue: €925 million in Q1 2025 vs €938 million pro forma Q1 2024, a 1.4% decrease on a comparable basis.

• French lottery and retail sports betting: €640 million (+3.6% vs pro forma Q1 2024).

• Online betting and gaming: €231 million (-9.8% vs pro forma Q1 2024).

• International lottery: €38 million (-21.8% vs pro forma Q1 2024), mainly due to non-recurring jackpot wins in Ireland.

• Payment & Services: €16 million (+0.6% vs pro forma Q1 2024).

Outlook and guidance

• Confirms guidance for 2025 with expected growth in French lottery and retail sports betting, and a slight decline in global online betting and gaming.

• Excluding UK and Netherlands, online betting and gaming revenue grew 8%, driven by strong performance in France and other markets.

• Online betting and gaming expected to see easier comparisons and potential improvement in H2 and Q4 as regulatory impacts are lapped.

• No new significant regulatory headwinds anticipated in 2025; focus remains on compliance and adaptation to existing measures.