FDJ United (FDJU) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 GGR increased by up to 1% to €2,175m, but revenue declined by up to 3.2% to €895m due to €24m in gaming tax increases and regulatory changes.

• Activity weakened after February, mainly from low sports betting margins, fewer jackpots, and less attractive sports fixtures.

• Management transition: Dan Lévy to become CFO and Pascal Chaffard to Chief Online Betting and Gaming Business Officer.

• Integration of Unibet as the sole online sports betting and poker brand in France was completed, streamlining the digital offering.

Financial highlights

• French lottery and retail sports betting GGR stable at €1,740m; revenue down about 2% to €627m, reflecting tax hikes.

• Online betting and gaming GGR down up to 1.1% to €342m; revenue fell 7.7% to €213m, mainly due to tax increases in France, Netherlands, and Romania.

• Instant games GGR up 3.4% to €880m, with revenue up 1.1%.

• International lottery revenue up 7% to €41m, driven by non-recurring jackpot events.

• Payments and services revenue down about 7%, as forecasted, with no EBITDA impact.

Outlook and guidance

• Full-year 2026 guidance: slight GGR increase, slight revenue decrease, recurring EBITDA margin targeted at 23%-24%.

• Online betting and gaming expected to return to GGR growth in H2 2026, driven by ongoing action plans.

• Temporary Q1 headwinds in LSF expected to normalize; no structural issues identified.

• Annual revenue growth anticipated for French lottery and retail sports betting BU.