FDJ United Reports Tax Driven Pressure In 2025 Earnings

FDJ United released its 2025 earnings report, showing pressure from higher taxes across key markets and weaker performance in online betting and gaming operations following the Kindred integration.

Good to Know

• Online betting and gaming revenue fell as tax increases impacted several European markets.
• French lottery and retail betting delivered the only segment growth in 2025.
• Total levies rose sharply, driving a much heavier tax burden for the group.

Group reported restated gross gaming revenue of 8.7 billion euros, up 0.8 percent year on year when combining FDJ and Kindred data. Net gaming revenue declined 2.7 percent to 3.49 billion euros as tax changes across jurisdictions cut into margins. Levies increased 3.2 percent during the year, with total payments to public authorities reaching 5.21 billion euros.

Recurring EBITDA dropped 6.5 percent to 902 million euros, while operating profit fell 5 percent to 565.6 million euros. Net income declined 56 percent to 175.9 million euros, reflecting higher costs tied to acquisition integration and regulatory changes. Effective tax rate climbed to 42.9 percent, compared with 25.8 percent in 2024.

Online betting and gaming, reported through the Kindred business unit, saw gross gaming revenue decrease 13.5 percent, with segment revenue down 11.8 percent to 908 million euros. Performance was heavily affected by tax hikes in the Netherlands and difficult comparisons with a prior year that included the Euro 2024 tournament. Revenue in the United Kingdom fell more than 22 percent.

Outside those markets, other regions delivered a 5.6 percent increase in GGR, supported by brands such as Parions Sport en ligne, Unibet and ZEturf performing strongly in France.

French lottery and retail sports betting remained the largest contributor to group activity. Segment GGR reached 6.95 billion euros, up 2.8 percent, while revenue rose 1.4 percent to 2.54 billion euros despite higher domestic taxes. Instant ticket launches and extended Euromillions jackpot cycles supported draw game engagement. Online lottery revenue grew 8.1 percent to 316.2 million euros, accounting for 15 percent of lottery activity.

International lottery revenue declined 10.7 percent following disposal of Sporting Group and withdrawal from lower margin B2B contracts. Payments and services revenue slipped 3.9 percent to 61.9 million euros as the company continued restructuring and investment in the Nirio platform.

Active player numbers increased more than 10 percent during the year, supported by marketing initiatives and responsible gaming programs, even as financial performance reflected transition and regulatory headwinds.

Leadership changes accompanied the results. Nils Andén, former Kindred chief and head of online betting and gaming within the group, will depart to pursue new projects. Chief Financial Officer Pascal Chaffard will assume leadership of the online division.

Company continues an operational transformation aimed at improving efficiency following the 2.45 billion euro Kindred acquisition completed in October 2024, alongside broader organizational adjustments including appointment of Celia Verot as general secretary and chief regulatory officer.

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