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% and retail sports betting stakes up high single digits.

• 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 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 contributed €640 million (+4%), with lottery revenue up 5% to €528 million and retail sports betting revenue down 1% to €112 million.

• Online betting and gaming revenue was €231 million, down 10% at constant currency, with a 41% drop in the Netherlands and 27% in the UK.

• International lottery revenue fell 22% to €38 million, mainly due to non-recurring high jackpot payouts in Ireland.

• Payment and services revenue grew 1% to €16 million.

Outlook and guidance

• Performance aligns with 2025 trajectory, expecting lottery and retail sports betting growth in France and a slight decline in global online betting and gaming.

• Excluding the 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 major regulatory headwinds anticipated in 2025; focus remains on compliance and adaptation to existing measures.

• Focus remains on international and digital strategy transformation.