FDJ United (FDJU) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 GGR was €6,264m (-2.8% YoY) and revenue €2,576m (-5.6%), reflecting fewer high EuroMillions jackpots, elevated sports-betting payouts, weaker French retail traffic and higher gaming taxes.

• Q3 revenue fell 8.1% YoY to €794m, with declines across all reported business units; priorities include lottery growth, OBG turnaround measures and tighter resource allocation.

Financial highlights

• 9M gaming-tax increases totalled €62m, including €28m for LSF and €34m for OBG; taxes accounted for more than 2 percentage points of the revenue decline.

• 9M net gaming revenue was €2,460m (-5.2%) and public levies were €3,804m (-1.3%); revenue was €2,576m versus €2,730m a year earlier.

• LSF revenue fell 4.8% to €1,794m on a 3.5% GGR decline; OBG revenue fell 8.2% to €619m while GGR declined 0.8% to €1,013m.

• Payment and Services revenue was €44m versus €47m; International Lottery revenue fell 4.7% to €118m after exits from unprofitable B2B contracts.

Outlook and guidance

• FY 2026 targets: low-single-digit GGR decline, mid-single-digit revenue decline including more than €70m from additional gaming taxes, and recurring EBITDA margin of ~23%.

• Cost control and financial discipline remain priorities; medium-term targets are expected to be updated with FY results in February 2027.

• Netherlands OBG improvement is expected to continue in Q4; lottery and online betting initiatives aim to restore growth.

• FY 2026 results are scheduled for publication on 18 February 2027.