FDJ United (FDJU) Trading Update summary

2024 performance highlights

• Revenue reached €3,065 million in 2024, up 17% overall and 10% excluding Kindred integration.

• Recurring EBITDA rose 21% to €792 million, with a margin of 25.8%.

• Pro forma revenue, assuming full-year Kindred integration, would be nearly €3.8 billion with a 25.5% EBITDA margin.

• French gaming revenue exceeded €2.6 billion after public levies of over €4.4 billion.

2025 tax changes and impact

• New legislation will increase public levies on various gaming categories, including lottery, sports betting, and online poker.

• The Social Security Financing Act introduces a 15% tax on advertising and promotional spend by gaming operators.

• Tax increases will reduce 2025 revenue and recurring EBITDA by nearly €45 million, with a full-year impact of €90 million.

• A 1-point tax increase on lottery games reduces lottery revenue by about 2%.

Strategic response and outlook

• A multi-year action plan is being implemented to fully offset the tax impact by 2027.

• Steps to mitigate the effect of higher levies will be phased in over time.

• 2024 results and future outlook will be presented on 6 March 2025.