FDJ United (FDJU) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue reached EUR 864 million, up 29% year-over-year (reported), but down 3% on a restated basis and nearly flat at constant gaming taxes due to higher gaming taxes and regulatory impacts in key markets.

• Nine-month 2025 revenue totaled EUR 2.73 billion, down 2% on a restated basis, mainly due to tax increases and regulatory headwinds, despite a reported increase of 30%.

• The group is intensifying its transformation and performance plan, focusing on cost reduction and operational improvements to support its Play Forward 2028 strategy.

• Higher gaming taxes, especially in France, and regulatory tightening in the UK and Netherlands impacted online revenue.

• The French Lottery and Retail Sports Betting BU showed resilience, while Online Betting & Gaming BU saw double-digit declines.

Financial highlights

• Q3 revenue was nearly flat at constant gaming taxes, with taxation reducing revenue by EUR 21 million in the quarter, including EUR 18 million in France.

• Full-year 2025 revenue is expected to exceed EUR 3.7 billion, with recurring EBITDA around EUR 900 million and a margin above 24%.

• Online Betting & Gaming BU Q3 revenue dropped 15.6% to EUR 209 million, mainly due to tax/regulatory changes and tough comps.

• French Lottery revenue rose 2.5% in Q3 to EUR 508 million, with instant and draw games both contributing.

• Online lottery revenue grew 14.1% to EUR 238 million, now over 15% of total lottery revenue.

Outlook and guidance

• Q4 revenue is expected to show a slight decline, consistent with the nine-month trend, but stable at constant gaming taxes, with French Lottery and Sports Betting BU maintaining high levels.

• Online Betting & Gaming BU is expected to stabilize in Q4, with improvements anticipated as regulatory impacts in the Netherlands and the UK lapse.

• Cost savings for 2025 are projected to exceed EUR 30 million, well above the initial EUR 20 million target, with cost reduction efforts being accelerated.

• Medium-term guidance remains unchanged, targeting high single-digit annual growth in OBG from 2025 to 2028.

• Launch of new draw game Crescendo in November 2025.