France · Delayed Price · Currency is EUR FDJ United Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw a 1% GGR increase but a 3% revenue decline due to tax hikes, with lottery and sports betting facing temporary headwinds and OBG impacted by UK and Netherlands challenges. Full-year guidance targets slight GGR growth, stable margins, and a return to OBG growth in H2.
Fiscal Year 2025
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Gross gaming revenue rose to EUR 8.7B and EBITDA margin reached 24.5%, despite significant tax headwinds and regulatory challenges. Cost savings exceeded targets, digital and retail channels expanded, and the dividend will increase to EUR 2.10 per share.
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Q3 revenue grew 29% year-over-year on a reported basis but was flat at constant gaming taxes, with nine-month revenue down 2% due to tax and regulatory impacts. Full-year 2025 revenue is expected above EUR 3.7 billion, recurring EBITDA at EUR 900 million, and cost savings to exceed EUR 30 million.
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H1 2025 saw revenue of nearly EUR 1.9 billion, with strong lottery and iLottery growth offset by regulatory headwinds in online betting. Integration of Kindred and cost initiatives are on track, and full-year guidance is reiterated with confidence in H2 recovery.
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The group targets 5% organic revenue CAGR and recurring EBITDA margin above 26% by 2028, driven by digital transformation, international expansion, and cost efficiencies. Strategic focus includes omnichannel growth, AI-driven innovation, and strong sustainability commitments.
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Q1 2025 revenue rose 30% year-on-year, driven by strong French lottery and retail sports betting, while online betting and gaming declined due to regulatory headwinds in the Netherlands and UK. Dividend per share is up 15%, and guidance remains on track for the year.
Fiscal Year 2024
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2024 saw strong growth and transformation with the Kindred acquisition, boosting international and digital presence. Despite tax and regulatory headwinds expected in 2025, mitigation plans and synergies are set to offset impacts, supporting stable revenue and robust cash flow.
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Revenue grew 12% to EUR 2,097 million, with online up 39% and guidance raised to 9% growth and 25% EBITDA margin. Kindred acquisition boosts combined growth prospects, while regulatory and tax risks are being managed.
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H1 2024 saw double-digit revenue growth, strong digital expansion, and a 28% rise in adjusted net income. The Kindred acquisition is on track, and full-year guidance is reiterated, with margins expected to normalize in H2 as sports betting returns to average levels.