FDJ UNITED Publishes Strong H1 Results, Reiterates 2025 Guidance

FDJ UNITED (formerly La Française des Jeux), a leader in lottery, betting and gaming in Europe, has published its financial results for the first half of 2025, reporting a surge in revenue in the wake of its acquisition of Kindred.

FDJ’s Business Was Strong Despite Headwinds in UK and Netherlands

In its official report, FDJ UNITED reported EUR 1.87 billion ($2.13 billion) in revenue for the first half of 2025. This figure represented a growth of 31% compared to H1 2024. The figure, however, represented a decrease of 2% on a restated basis, FDJ noted.

The company’s lottery and sports betting businesses in France saw their revenue reach EUR 1.29 billion ($1.47 billion), up 4% on a restated basis. Lottery revenue, in particular, reached EUR 1.07 billion ($1.22 billion), up 6% YOY. The company attributed this result to a variety of factors, including a 16% growth in its digital distribution channel (EUR 160 million/$182.6 million).

Point-of-sale sports betting revenue, meanwhile, experienced a 6% decline to EUR 225 million ($256.8 million). FDJ UNITED said that this change reflected unfavorable sports betting results for the operator.

In the meantime, the company reported online betting and gaming BU2 revenue of EUR 466 million ($531.8 million), down 12% on a restated basis. FDJ attributed this to a “very unfavorable” comparison to 2024 due to the Euro soccer tournament and new tax and regulatory pressures in 2025. Excluding the UK and the Netherlands, revenue would have actually been up 5%, FDJ UNITED added.

FDJ Posts Q2 Highlights, Reiterates Guidance

FDJ also highlighted its Q2 results, saying that its revenue for the period increased by 2% YOY to EUR 235 million ($268.2 million). Recurring EBITDA for the period reached EUR 441 million, representing a margin of 23.6%.

The company’s adjusted net income for the period was EUR 222 million ($253.7 million), bolstered by the acquisition of Kindred.

In addition to that, FDJ UNITED reiterated its 2025 targets, saying that it expects revenue to be consistent with the 2024 pro forma, with a recurring EBITDA margin of more than 24%.

CEO Pallez Says the Results Are in Line with FDJ’s Forecasts

Stéphane Pallez, FDJ UNITED’s chair and chief executive officer, called 2025 a “transition year” for the company due to the ongoing integration of Kindred into the broader business. With this in mind, the company’s H1 performance was in line with the company’s projections, Pallez said.

Besides, we are pleased by the success of the employee share ownership plan launched by the Group, reflecting our long tradition of sharing FDJ UNITED’s value creation with all stakeholders.

Stéphane Pallez, chair & CEO, FDJ UNITED

For context, the employee share ownership plan brought the share of capital held by employees to 4.6%.