FDJ UNITED: In-Depth Corporate Profile

Source: FDJ UNITED Integrated Report 2025.

Quick Facts / Company Snapshot

Metric / Indicator	Disclosed Value / Fact
Official Corporate Name	FDJ UNITED
Legal Corporate Form	Public limited company (Société Anonyme)
Corporate Headquarters	3-7, quai du Point-du-Jour, 92100 Boulogne-Billancourt, France
Commercial Registration	Nanterre Trade and Companies Register No. 315 065 292
Share Capital	€74,108,000
Chairwoman & Chief Executive Officer	Stéphane Pallez
Fiscal Year 2025 Group Revenue	€3,678 million (+20% vs. 2024)
Fiscal Year 2025 Recurring EBITDA	€902 million (+13.9% vs. 2024)
2025 Recurring EBITDA Margin	24.5%
Fiscal Year 2025 Consolidated Net Income	€176 million (-55.4% vs. 2024)
Total Shareholders’ Equity (as of 31 Dec 2025)	€978 million
Net Financial Debt-to-Recurring EBITDA Ratio	1.9x
Net Cash Position (as of 31 Dec 2025)	-€1,721 million
Recurring EBITDA-to-Cash Conversion Rate	87%
2025 Proposed Dividend Per Share	€2.10
Adjusted Net Income Dividend Payout Ratio	80% (representing €389 million for 2025)
Total Global Workforce	5,700 employees representing 70+ nationalities
Total Active Player Base	33 million players, including 10 million online
Physical Retail Distribution Footprint	34,000 points of sale (~29,000 in France, 5,200 in Ireland)
Digital Gaming Share of Total Revenue	34% in 2025

Source: FDJ UNITED Integrated Report 2025.

Company Overview

FDJ UNITED stands as a premier European gaming operator, running a balanced portfolio of exclusive-rights lottery games, retail sports betting, competitive online sports betting, horse-race wagering, online poker, and digital casino entertainment across regulated jurisdictions. With corporate roots dating back to the establishment of the French National Lottery in 1933, the Group underwent major transformations following its 2019 initial public offering (IPO) and rebranded from FDJ to FDJ UNITED in 2025 to reflect its international scale and expanded European leadership.

The Group’s operational reach spans a diversified omnichannel infrastructure that serves 33 million total players, of whom 10 million engage through digital platforms. This consumer ecosystem is anchored by 34,000 dedicated physical points of sale across Europe—including nearly 29,000 locations in France and 5,200 points of sale in Ireland—complemented by high-performance proprietary digital and sports wagering software.

• Total Group Revenue: €3,678 million in 2025, expanding 20% year-on-year from €3,065 million in 2024.
• Operational Scale: 5,700 employees across more than 70 nationalities, including an elite technical bench of 1,700 tech specialists.
• Transaction Engine: High-security server infrastructure supporting more than 100,000 connected point-of-sale devices and handling up to 25 billion transactions per year.
• Shareholder Alignment: Strong capitalization and broad ownership distribution, with 4% of share capital held by Group employees and 18% held by nearly 400,000 individual shareholders.

The Group is guided by a formal corporate purpose (raison d’être) adopted at the General Meeting on 22 May 2025: “Inspire the future of safe and entertaining lottery, gaming and betting with positive impacts on society.”. This institutional identity bridges commercial gaming with public interest mandates, channeling substantial funding toward national treasuries, community heritage, biodiversity, and veteran welfare organizations.

Under its current operational framework, FDJ UNITED operates under two distinct regulatory environments. First, it maintains long-term protected monopolies, holding exclusive statutory rights to operate point-of-sale lottery, online lottery, and point-of-sale sports betting across France secured until 2044 under the French PACTE Law, alongside an exclusive statutory licence to operate the Irish National Lottery through 2034. Second, the Group competes in open, locally regulated digital verticals covering online sports betting, horse-race wagering, poker, and online casino games across a dozen European and international territories.

• Exclusive Distribution Rights: Secured French lottery and retail sports betting franchise running through 2044.
• International Concession: Exclusive operating licence for the National Lottery in Ireland extending to 2034.
• Regulated Market Focus: 100% of commercial operations are located within markets that are fully regulated or in the process of becoming locally regulated.
• Financial Discipline: Net debt-to-recurring EBITDA ratio contained at 1.9x following major cross-border acquisitions.

Business Segments

FDJ UNITED structures its commercial activities into four focused business units, combining defensive monopoly-based operations with high-growth competitive digital entertainment and financial transaction services.

Business Segment Revenue Distribution (FY 2025)

Business Segment	FY 2025 Revenue (€ millions)	Share of Total Group Revenue (%)	Operational Framework & Regulatory Basis
French Lottery and Retail Sports Betting	€2,537.82 (Calculated by FirmsWorld)	69%	Exclusive statutory rights (monopoly) until 2044 under the PACTE Law
Online Betting and Gaming	€919.50 (Calculated by FirmsWorld)	25%	Open competition in locally regulated European and international markets
International Lottery	€147.12 (Calculated by FirmsWorld)	4%	Exclusive licence in Ireland through 2034, plus B2B worldwide lottery services
Payment and Services	€73.56 (Calculated by FirmsWorld)	2%	Commercial merchant and non-gaming consumer payment services (Nirio)
Total Group Consolidated	€3,678.00	100.0% (Calculated by FirmsWorld)	Group-wide consolidated reporting scope

Source: FDJ UNITED Integrated Report 2025.

FDJ UNITED FY 2025 Revenue Contribution by Business Segment
┌────────────────────────────────────────────────────────────┐
│ French Lottery & Retail Sports Betting (69%)               │
├─────────────────────────────────────┬───────────┬──────────┤
│ Online Betting & Gaming (25%)       │ Int. (4%) │ P&S (2%) │
└─────────────────────────────────────┴───────────┴──────────┘

French Lottery and Retail Sports Betting

The French Lottery and Retail Sports Betting business unit represents the core operational anchor of FDJ UNITED, generating 69% of consolidated Group revenue in 2025, which corresponds to €2,537.82 million (Calculated by FirmsWorld). This segment operates under protected, statutory exclusive rights within France that are legally locked through 2044 under the provisions of the PACTE Law.

The operational scope encompasses the nationwide design, marketing, and distribution of draw-based lottery games, instant scratch tickets, and retail sports wagering. Distribution is executed through an extensive physical network comprising nearly 29,000 licensed local points of sale—primarily bars, tobacconists, and newsagents—spread across more than 11,000 urban and rural municipalities throughout France.

• Household Market Reach: More than 50% of the adult population in France participates in FDJ UNITED gaming activities.
• Network Compensation: Over €1 billion in commissions paid out to physical retail distribution partners in France and Ireland during 2025.
• Digital Acceleration: Digital penetration within French lottery activities expanded toward a management target of 20% of lottery revenue under the Play Forward 2028 framework.
• Organic Growth Targets: The segment is targeted to achieve a compound annual organic growth rate in “low to mid single digits” (Management target).

Online Betting and Gaming

The Online Betting and Gaming business unit contributed 25% of Group revenue in 2025, amounting to €919.50 million (Calculated by FirmsWorld). Operating within open, competitive digital environments across Europe, this division provides sports wagering, online horse-race betting, digital poker, and online casino games in countries where regulations permit such activities.

The operational scale of this unit was transformed by the late 2024 acquisition of Kindred Group, which integrated leading consumer brands such as Unibet and 32Red into the Group alongside ZEturf, acquired in 2023. Central to this division is the proprietary Kindred Sportsbook Platform (KSP), a state-of-the-art technological betting engine that the Group is actively rolling out across all of its online sports wagering brands and geographic markets to eliminate reliance on third-party software.

• Strategic Market Expansion: Operates competitive digital gaming and betting services in more than 10 countries, primarily located within Europe.
• Target Growth Trajectory: Management targets compound annual revenue growth in “high single digits” and double-digit recurring EBITDA growth for this division (Management target).
• Proprietary Technology Advantage: Complete deployment of the proprietary KSP platform designed to optimize sportsbook trading margins, customize odds in real time, and elevate player retention.
• Cost Efficiency Mandate: Responsible for delivering half of the Group’s €150 million+ multi-year performance plan cost reductions by 2028 (Management target).

International Lottery

Generating 4% of consolidated Group revenue in 2025, which corresponds to €147.12 million (Calculated by FirmsWorld), the International Lottery business unit drives FDJ UNITED’s footprint in state-sanctioned lotteries outside its home territory. The foundational asset of this unit is Premier Lotteries Ireland (PLI), acquired in 2023, which holds the exclusive concession to operate the Irish National Lottery until 2034.

With an Irish workforce exceeding 200 professionals, the business unit oversees a portfolio of approximately 30 draw and scratch lottery titles distributed via nearly 5,200 local Irish retailers and direct-to-consumer digital channels. In addition to direct concession management in Ireland, the unit develops, licenses, and distributes proprietary digital lottery content and services to institutional lottery operators globally.

• Digital Penetration in Ireland: Nearly 20% of all Irish lottery stakes are wagered via online and mobile interfaces.
• Good Causes Funding: Generated €239 million in 2025 for distribution to more than 4,500 charitable projects and community initiatives across Ireland.
• Strategic Concession Vision: Management’s Play Forward 2028 objective is to establish the Group as a multi-jurisdictional leader across international regulated lottery concessions (Management target).

Payment and Services

The Payment and Services division accounted for 2% of consolidated revenue in 2025, equivalent to €73.56 million (Calculated by FirmsWorld), while generating total non-gaming activity revenue in France of €184 million. This business unit leverages the Group’s physical distribution density to provide critical transactional infrastructure for public administrative bodies, utility providers, commercial enterprises, and end consumers under the commercial brand Nirio.

The operational scope is divided into consumer payment facilities and advanced merchant services. Through software subsidiaries Aleda and L’Addition, Nirio Business delivers complete point-of-sale management systems, digital payment terminals, electronic billing software, and tailored financing solutions directly to hospitality businesses, cafés, bars, tobacconists, and newsagents.

• High Transaction Volume: Executed nearly 4 million point-of-sale non-gaming transactions in 2025, covering tax bill settlements, cash deposits, cash withdrawals, utility payments, and highway toll collections.
• Merchant Adoption: 15,000 partner retailers currently utilize Nirio Business point-of-sale software and electronic payment terminal solutions.
• Consumer Banking Extension: Introduced Nirio Compte in 2025, providing consumers with a free virtual payment card for local cash deposits and withdrawals, with premium Nirio Compte Plus services launching in 2026.
• Hospitality Financing: Introduced dedicated merchant financing solutions in April 2025 to support equipment upgrades and capital needs for café, hotel, and restaurant operators.

History and Evolution

The origins of FDJ UNITED trace back nearly a century to the establishment of the French National Lottery (Loterie Nationale) in 1933. The institution was created by the French State to generate dedicated funds for French soldiers who sustained traumatic facial injuries and severe disabilities during the First World War, known as the Gueules Cassées.

This historic social pact established a foundational business model where gaming profits were systematically redistributed to support injured veterans, wounded soldiers, and broad societal welfare initiatives.

• 1933: Founding of the French National Lottery to provide financial relief and medical care to wounded and disabled World War I veterans.
• 1991: Inception of the FDJ Factory elite athletic sponsorship initiative, supporting French Olympic and Paralympic hopefuls with performance funding.
• 2010: Enactment of the French online gaming law opening sports wagering, horse racing, and poker to regulated private competition, leading to FDJ securing its initial online sports betting licence.
• 2019: Historical privatization and Initial Public Offering (IPO) on Euronext Paris; enactment of the French PACTE Law granting the Group exclusive operating rights for French lottery and retail sports betting for 25 years until 2044.
• 2020: Formal corporate adoption of the Group’s initial corporate purpose (raison d’être) to anchor stakeholder value creation following privatization.
• 2023: Initiation of international expansion through the full acquisition of Premier Lotteries Ireland (exclusive operator of the Irish National Lottery through 2034) and online horse-race betting operator ZEturf.
• Late 2024: Landmark closing of the Kindred Group acquisition, integrating over 2,000 international employees, leading consumer betting brands like Unibet and 32Red, and proprietary sportsbook engine KSP.
• 2025: Official rebranding of the Group to FDJ UNITED, approval of an updated international corporate purpose, introduction of the Play Forward 2028 strategic roadmap, and nationwide commercial launch of the Crescendo draw lottery.

Products and Services

FDJ UNITED designs and delivers a comprehensive lineup of regulated gaming, betting, and payment services engineered for recreation, high consumer protection, and seamless omnichannel engagement.

Overview of Products and Services

Product / Service Category	Key Offerings & Disclosed Mechanics	Distribution Channels	Operational & Revenue Scope
Draw-Based Lottery Games	LOTO, EuroMillions – My Million, EuroDreams, Amigo, Keno, Joker+, Crescendo	Point-of-sale retail network and online web/mobile platforms	Included in French Lottery & Retail Sports Betting (69% of Group Revenue)
Instant Scratch Games	Illiko instant scratch games and interactive online instant titles	Retail distribution counters and digital mobile applications	Included in French Lottery segment; 96% printed on FSC®-certified paper
Retail Sports Betting	ParionsSport point-of-sale retail wagering, offering odds-based and pool betting	Exclusive physical point-of-sale network across ~29,000 French retailers	Exclusive French retail monopoly rights secured until 2044
Online Sports Betting	Competitive online sportsbook wagering across European markets (Unibet)	Web portals, iOS and Android mobile wagering applications	Football (51% of stakes), Tennis (24%), Basketball (10%) in France
Online Horse-Race Betting	Competitive digital pari-mutuel and turf wagering services (ZEturf)	Dedicated online horse wagering platforms and mobile apps	Core competitive online segment in France and international markets
Online Poker & Casino	Online poker rooms, digital casino slots, and real-time live dealer table games	Online gaming platforms in authorized European jurisdictions	Open-competition verticals in regulated European markets outside France
International Lottery Games	~30 Irish draw/scratch games and the annual Christmas Millionaire Raffle	5,200 Irish retail partners and digital platforms (PLI)	Concession in Ireland generating 4% of total Group revenue
Payment & Merchant Services	Nirio payment processing, Nirio Compte virtual card, Nirio Business POS systems	15,000 partner retail stores across France	4 million annual non-gaming retail transactions; €184m French non-gaming revenue

Source: FDJ UNITED Integrated Report 2025.

Draw-Based Lottery Games

The draw game portfolio constitutes the historical foundation of FDJ UNITED’s consumer offering. Classic national titles such as LOTO and collaborative multi-jurisdictional games like EuroMillions – My Million and EuroDreams generate massive consumer engagement through substantial, recurring jackpots.

In November 2025, FDJ UNITED launched Crescendo, a proprietary weekly draw game engineered after two years of collaborative product development. Crescendo is held every Saturday, offering seven consecutive hourly draws between 1:00 p.m. and 7:00 p.m. at an accessible entry price of €1 per line. The jackpot begins at €100,000 and rolls over by €100,000 each hour if not won, reaching up to €700,000 for the final evening draw, where it is either won in full or divided among lower prize tiers.

The product development cycle of Crescendo illustrates the Group’s eight-stage creation process for new draw titles:

FDJ UNITED 8-Stage Draw Game Creation Framework
[1. Co-Creation & Design] ────────► [2. Player Panel & User Research]
                                               │
[4. Technical Engineering] ◄─────── [3. Regulatory Review & Approval (ANJ)]
           │
[5. Brand Universe Creation] ──────► [6. Commercial & Retailer Training]
                                               │
[8. Real-Time KPI Tracking] ◄─────── [7. Multi-Channel Media Launch]

1. Design: Cross-functional co-creation workshops analyzing international game mechanics to devise simple, accessible gameplay concepts.
2. User Research: Rigorous qualitative and quantitative player panel evaluations to verify player enjoyment and ensure strict compliance with responsible gaming safety standards.
3. Regulatory Approval: Formal independent review and mandatory licensing authorization granted by the French national gaming regulatory authority (Autorité Nationale des Jeux – ANJ).
4. Technical Development: End-to-end IT architecture engineering executed across technical facilities in Boulogne-Billancourt and Vitrolles to guarantee bulletproof transactional integrity from bet slip entry to draw results.
5. Creating the Brand Universe: Development of brand logos, graphic style guides, and marketing materials in partnership with creative design agencies.
6. Commercial and Operational Preparations: Deployment of e-learning training modules for the retail network and distribution of physical game slips across global French territories as far as French Polynesia.
7. Launch: Synchronized commercial roll-out backed by nationwide television advertising, digital messaging, and high-visibility point-of-sale displays.
8. Performance Tracking: Real-time KPI analysis, retailer monitoring, and software optimization to ensure sustained player retention.

Instant Scratch Games (Illiko)

Marketed under the umbrella brand Illiko, FDJ UNITED distributes a vast portfolio of instant scratch games through both physical counters and digital apps. Physical instant tickets are subject to rigorous environmental controls, with 96% of all Group gaming materials and 100% of FDJ tickets printed exclusively on FSC®-certified sustainably sourced paper.

• Mission Patrimoine Scratch Game: Premium scratch game featuring a top prize of €1.5 million, where the French State directly reallocates €1.83 per ticket sold to the French Heritage Foundation.
• Mission Nature Scratch Game: Dedicated biodiversity scratch title that has raised over €22 million across three editions to finance approximately 60 French ecological restoration initiatives.

Sports Betting and Digital Gaming

Operating both in physical retail locations under exclusive monopoly rights and online under open-market competition, FDJ UNITED provides a complete sportsbook covering major global athletic competitions. Retail sports betting provides both odds-based wagers—where returns are fixed at the time of the bet—and pool-based wagering, where player stakes are pooled and divided among winning tickets after deducting duties and fees.

Online, the Group’s sports wagering platform captures massive traffic, with French online betting activity heavily concentrated around three primary sports disciplines:

• Football: Generates 51% of online sports betting stakes in France.
• Tennis: Accounts for 24% of online sports betting stakes in France.
• Basketball: Represents 10% of online sports betting stakes in France.

Beyond sports, the Group operates competitive horse-race betting via ZEturf, online poker tables, and digital casino titles (including interactive live dealer roulette and blackjack tables featuring real-time human dealers) across approved European jurisdictions.

Brand Portfolio

FDJ UNITED maintains a diversified brand portfolio comprising established state lottery titles, digital betting brands, retail payment networks, and high-impact social initiatives.

FDJ UNITED Brand Architecture
├── Lottery Brands
│   ├── FDJ, LOTO, EuroMillions - My Million, EuroDreams
│   └── Crescendo, Illiko, Amigo, Keno, Joker+
├── Online Betting & Competitive Gaming Brands
│   ├── Unibet (Sportsbook, Poker & Casino)
│   ├── 32Red (Online Casino & Gaming)
│   └── ZEturf (Online Horse-Race Wagering)
├── Commercial Services & Technology
│   ├── Nirio (Nirio Compte, Nirio Business)
│   ├── Aleda & L'Addition (Merchant POS Software)
│   └── Premier Lotteries Ireland (PLI)
└── Heritage & Environmental Causes
    ├── Mission Patrimoine (French Heritage Restoration)
    └── Mission Nature (Biodiversity Preservation)

Core Lottery Brands

• FDJ: The foundational consumer gaming masterbrand in France, recognized for trust, nationwide accessibility, and recreational entertainment across 29,000 retail outlets.
• LOTO: France’s iconic national draw lottery, operating three weekly draws and celebrated for creating regular multi-millionaire jackpots across the French population.
• EuroMillions – My Million: The multi-national European lottery franchise delivering major rolling jackpots, including historical jackpots of up to €200 million won by players in France.
• EuroDreams: European annuity-style draw lottery providing winners with regular monthly installment payouts spread over decades.
• Crescendo: Weekly Saturday afternoon draw lottery introduced in late 2025, offering hourly rolling jackpots scaling from €100,000 up to €700,000.
• Illiko: The Group’s comprehensive brand umbrella for physical scratch cards and interactive online instant-win games.
• Amigo, Keno, and Joker+: High-frequency and daily draw games catering to recreational players seeking rapid results throughout the day.

Competitive Online Gaming and Betting Brands

• Unibet: Flagship international online sportsbook, digital poker, and casino brand acquired via Kindred Group, operating across more than 10 European and international regulated jurisdictions.
• 32Red: Established online gaming and casino brand operating in competitive European markets, specializing in premium table games and digital slots.
• ZEturf: Online horse-race betting platform acquired in 2023, providing competitive turf wagering options to racing enthusiasts in France and internationally.

Payment, Business, and Concession Brands

• Nirio: Dedicated payment and transactional brand operating across French retail counters, encompassing Nirio Compte (consumer accounts and virtual debit cards) and Nirio Business (retailer software and payment infrastructure).
• Aleda and L’Addition: Specialized software publishing subsidiaries providing integrated point-of-sale management, payment systems, and merchant tools to over 15,000 hospitality and retail businesses.
• Premier Lotteries Ireland (PLI): The operator of the Irish National Lottery, managing 30 localized draw and scratch titles and distributing hundreds of millions of euros annually to community causes.

Public Welfare and Heritage Brands

• Mission Patrimoine: Nationwide heritage preservation lottery initiative fronted by Stéphane Bern and implemented alongside the French Heritage Foundation, raising over €210 million since 2018 to save and restore more than 760 historic French monuments.
• Mission Nature: Dedicated environmental lottery franchise financing biodiversity preservation and carbon-sink ecosystem restoration across mainland France and French overseas territories.

Geographical Presence

FDJ UNITED has transformed from a purely domestic French operator into a multi-jurisdictional European champion, with direct consumer-facing operations (B2C) across a dozen locally regulated markets and server infrastructure spanning Europe, North America, and Australia.

Geographic Footprint of FDJ UNITED Operations & Infrastructure
├── Core Regulated B2C Consumer Markets
│   ├── Western Europe: France (HQ), Ireland, United Kingdom, Netherlands, Belgium
│   ├── Northern Europe: Denmark, Sweden, Estonia
│   ├── Southern & Eastern Europe: Spain, Malta, Romania
│   └── Asia-Pacific: Australia
└── Strategic Corporate & Operational Sites
    ├── Boulogne-Billancourt, France (Global Headquarters)
    ├── Vitrolles, France (Technical Engineering Hub)
    ├── Saint-Witz, France (National Logistics & Distribution Center)
    ├── Dublin, Ireland (Premier Lotteries Ireland HQ)
    ├── London, United Kingdom (International Tech & Trading Hub)
    ├── Valletta, Malta (Gaming Regulatory & Compliance Hub)
    ├── Sydney, Australia (Asia-Pacific Sports Trading Desk)
    └── United States (Core Server Infrastructure)

Geographical Revenue Breakdown (FY 2025)

Geographic Market Scope	Disclosed FY 2025 Revenue (€ millions)	Share of Consolidated Group Revenue (%)	Regulatory Status & Operational Scope
France (Metropolitan & Overseas Territories)	€2,900.00	78.85% (Calculated by FirmsWorld)	Statutory monopolies (lottery/retail sports) + open online betting/turf/poker
International Regulated Markets	€778.00 (Calculated by FirmsWorld)	21.15% (Disclosed as nearly 22%)	Monopoly in Ireland (PLI) + open online betting/casino across 10+ countries
Total Consolidated Group	€3,678.00	100.0% (Calculated by FirmsWorld)	Global operational perimeter

Source: FDJ UNITED Integrated Report 2025.

• France: Represents the Group’s foundational base, generating €2.9 billion in total revenue. Physical distribution is managed through nearly 29,000 points of sale in 11,000+ municipalities, sustaining 57,200 French jobs and contributing €7.5 billion in economic value creation to French GDP (0.3% of national GDP).
• Ireland: Hub for international lottery activities operated via Premier Lotteries Ireland, running 5,200 retail points of sale and generating €239 million for domestic charitable causes in 2025.
• United Kingdom & Gibraltar: Critical online sports betting and gaming market following the Kindred integration, supported by trading operations and technology teams based in London.
• The Netherlands, Belgium, Denmark, Sweden, and Estonia: Established, locally licensed digital gaming markets operating under rigorous consumer protection frameworks, high digital penetration, and proprietary sportsbook platforms.
• Romania, Spain, and Malta: Expanding regulated online gaming hubs, with Malta serving as a central Mediterranean regulatory, licensing, and compliance base.
• Australia and the United States: Australian operations house specialized sports trading desks in Sydney to monitor rugby, cricket, and global sports odds around the clock, while server infrastructure in the United States reinforces Group-wide transaction routing.

Profit and Loss

FDJ UNITED’s financial performance in 2025 reflects double-digit revenue expansion driven by strategic acquisitions, offset by higher gaming taxes across key European jurisdictions and non-recurring accounting charges associated with business combinations.

Consolidated Financial Performance Summary

Metric (in € millions unless noted)	FY 2023	FY 2024	FY 2025	Year-on-Year Change (2024–2025)	Accounting Definition / Notes
Consolidated Revenue	€2,621	€3,065	€3,678	+20.0%	Driven by organic expansion and full integration of Kindred
Recurring EBITDA	€657	€792	€902	+13.9%	Group operating profitability before non-recurring items
Recurring EBITDA Margin (%)	25.1% (Calculated by FirmsWorld)	25.8% (Calculated by FirmsWorld)	24.5%	-130 bps (Calculated by FirmsWorld)	Impacted by increased European gaming levies
Consolidated Net Income	€425	€399	€176	-55.4%	Impacted by acquisition purchase price amortisation charges
Dividend Per Share (€)	€1.78	€2.05	€2.10	+2.4% (Calculated by FirmsWorld)	Proposed for shareholder approval
Adjusted Net Income Payout Ratio (%)	80%	77%	80%	+300 bps (Calculated by FirmsWorld)	Represents €389 million returned to shareholders in 2025

Source: FDJ UNITED Integrated Report 2025.

Financial Flow Analysis in France (Scope: France FY 2025)

The Group’s unique redistributive economic architecture is demonstrated by its financial flows within the French market in 2025:

Financial Flow Stage (France Scope)	Amount (€ billions)	Distribution Mechanics & Beneficiaries
Gross Stakes Wagered by Players	€24.60	Total wagers placed across point-of-sale and online channels
Less: Player Winnings Paid Out	-€17.10	Returned directly to winning players (~70% redistribution rate)
Gross Gaming Revenue (GGR)	€7.50	Difference between stakes wagered and winnings paid out
Less: Public Gaming Levies & Taxes	-€4.80	Channelled to the French State budget and public agencies
Net Gaming Revenue	€2.70	Net operational gaming revenue retained by FDJ UNITED
Add: Non-Gaming Commercial Revenue	+€0.18	Derived from Payment and Services (Nirio commercial activities)
Total Disclosed French Revenue	€2.90	Consolidated operating revenue generated within France

Source: FDJ UNITED Integrated Report 2025.

French Gaming Redistribution Flow (€24.6bn Stakes Wagered)
┌────────────────────────────────────────────────────────────┐
│ Player Winnings: €17.1bn (~70% Returned to Players)        │
├────────────────────────────────────────────────────────────┤
│ Gross Gaming Revenue: €7.5bn                               │
│ ├── French State Gaming Levies & Taxes: €4.8bn             │
│ └── Net Gaming Revenue: €2.7bn                             │
│     └── Combined with €184m Non-Gaming = €2.9bn Revenue    │
└────────────────────────────────────────────────────────────┘

The €2.9 billion in total revenue generated in France was distributed directly to economic stakeholders:

• Retail Distribution Network: €1.0 billion paid in commercial commissions to bar, tobacconist, and newsagent partners.
• French Suppliers & Partners: €558 million allocated to goods and services purchased.
• Personnel & Talent: €394 million disbursed in employee salaries, social charges, and profit-sharing schemes.
• Shareholders: €389 million allocated in corporate dividends.
• Dedicated Public Causes: €89 million allocated to the National Sports Agency (ANS), €29 million to Mission Patrimoine for historic monuments, and €8.7 million to Mission Nature for biodiversity restoration.

Balance Sheet

FDJ UNITED maintains a well-capitalized balance sheet characterized by strong cash-flow generation that supports responsible debt management following large-scale cross-border acquisitions.

Disclosed Balance Sheet & Capital Structure Indicators

Balance Sheet / Capital Metric	FY 2023	FY 2024	FY 2025	Accounting Context & Disclosed Commentary
Total Shareholders’ Equity	Not Disclosed	Not Disclosed	€978 million	Group consolidated net equity base as of 31 Dec 2025
Net Financial Debt-to-Recurring EBITDA	Not Disclosed	Not Disclosed	1.9x	Management target to maintain leverage below 2.0x
Net Cash Position	+€670 million	-€1,818 million	-€1,721 million	Reflects debt deleveraging following Kindred acquisition
Share Capital	Not Disclosed	Not Disclosed	€74,108,000	Divided into registered and bearer voting shares

Source: FDJ UNITED Integrated Report 2025.

The Group’s net financial debt position was successfully reduced from -€1,818 million in 2024 to -€1,721 million at year-end 2025, improving its leverage ratio to 1.9x recurring EBITDA. Management has confirmed that this cash generation profile enables the Group to rapidly restore its borrowing capacity, providing financial flexibility to evaluate future growth initiatives that match its operating model and values.

Cash Flow

Cash-flow generation remains one of FDJ UNITED’s primary operational strengths, driven by structurally low working capital requirements across its monopoly lottery operations and high digital cash collections.

Cash Flow and Conversion Efficiency

Cash Flow Indicator	FY 2023	FY 2024	FY 2025	Performance Trend & Management Target
Recurring EBITDA-to-Cash Conversion Rate	80%	77%	87%	Exceeded annual conversion threshold of 80%
Play Forward 2028 Free Cash Flow Target	—	—	>80% yearly	Targeted recurring EBITDA to free cash-flow conversion (Management target)

Source: FDJ UNITED Integrated Report 2025.

The Group’s cash conversion rate reached 87% in 2025, rebounding from 77% in 2024 and exceeding the 80% historical benchmark recorded in 2023. This conversion profile underpins the Group’s progressive dividend policy while supporting ongoing capital expenditure in software development, lottery terminals, and responsible gaming platforms.

Board of Directors and Leadership Team

FDJ UNITED operates under a two-tier governance structure comprising a 15-member Board of Directors and a 16-member Executive Committee (ExCom), balancing commercial leadership with broad stakeholder representation.

FDJ UNITED Governance Structure
┌─────────────────────────────────────────────────────────────┐
│ Board of Directors (15 Members)                             │
│ Chairwoman & CEO: Stéphane Pallez                           │
│ ├── 50% Independent Directors                               │
│ ├── 50% Women / 50% Men (Excl. Employee Reps)               │
│ └── Specialized Board Committees:                           │
│     ├── Governance, Nominations & Remuneration Committee    │
│     ├── Audit and Risk Committee                            │
│     └── CSR & Responsible Gaming Committee                  │
└──────────────────────────────┬──────────────────────────────┘
                               │ Strategic Guidance & Oversight
┌──────────────────────────────▼──────────────────────────────┐
│ Executive Committee (16 Members)                            │
│ Operational Implementation & Cross-Border Execution         │
└─────────────────────────────────────────────────────────────┘

Board of Directors (as of 1 January 2026)

The Board of Directors met 10 times in 2025 (including one dedicated full-day strategy seminar). Independent directors hold 50% of seats, average director age is 60.5 years, and gender parity is balanced at 50% female and 50% male representation (excluding employee and employee-shareholder representatives, fully complying with the European Women on Boards Directive).

Director Name	Board Role & Committee Responsibilities	Professional Profile & Disclosed Institutional Affiliation
Stéphane Pallez	Chairwoman and Chief Executive Officer	Led the Group’s transformation, 2019 IPO, Kindred acquisition, and Play Forward 2028 strategy.
Philippe Lazare	Independent Director; Lead Director; Chairman of Governance, Nominations & Remuneration	Oversees governance evaluations, executive director remuneration frameworks, and Board independence.
Xavier Girre	Independent Director; Chairman of the Audit and Risk Committee	Supervises financial reporting integrity, treasury policies, risk management, and acquisition integrations.
Françoise Gri	Independent Director; Chairwoman of CSR & Responsible Gaming Committee	Directs Board oversight of responsible gaming standards, CSRD compliance, and carbon transition plans.
Fabienne Dulac	Independent Director	Contributes senior executive corporate expertise to Group commercial and digital transformation policies.
Corinne Lejbowicz	Independent Director	Brings executive technology, digital media, and consumer e-commerce leadership to Board deliberations.
Alix Boulnois	Independent Director	Specializes in customer experience, digital transformation, and international omnichannel strategy.
Victor Richon	Director Representing the French State	Represents the French Republic’s sovereign shareholding interests and state regulatory alignment.
Ghislaine Doukhan	Director Appointed by Shareholders on Proposal of French State	Independent industrial and administrative perspective nominated by the French State.
Didier Trutt	Director Appointed by Shareholders on Proposal of French State	Executive leadership in digital secure transactions nominated by the French State.
Jacques Sonnet	Director Representing FNAM	Represents Fédération Nationale André Maginot (veterans’ association holding shares since 1933).
Olivier Roussel	Director Representing UBFT	Represents Union des Blessés de la Face et de la Tête (Gueules Cassées veterans’ welfare association).
David Chianese	Director Representing Employee Shareholders	Represents the voting rights and perspectives of the Group’s 4% employee shareholder base.
Didier Pitisi	Director Representing Employees	Elected employee representative contributing internal operational and workforce perspectives.
Agnès Lyon-Caen	Director Representing Employees	Elected employee representative providing operational and social workplace insight.

Source: FDJ UNITED Integrated Report 2025.

Additionally, three institutional observers attend Board meetings in an advisory capacity:

• Pascal Chèvremont: General Economic and Financial Controller.
• Sébastien Devillepoix: Representative of the Central Economic and Labour Relations Council.
• François Mialon: French Government Commissioner.

Specialized Board Committees

• Governance, Nominations and Remuneration Committee: Met 5 times in 2025 with a 95% attendance rate. Key work covered executive remuneration structures, independent third-party board assessments, and annual director independence reviews.
• Audit and Risk Committee: Met 9 times with a 90% attendance rate. Evaluated financial and treasury policies, corporate risk mapping, cross-border M&A strategy, and post-acquisition integration milestones for Kindred.
• CSR & Responsible Gaming Committee: Met 6 times with an 85% attendance rate. Reviewed responsible gaming safeguards, ESG-indexed compensation criteria, environmental transition plans, CSRD double materiality assessments, and the updated corporate purpose.

Executive Corporate Directors’ Remuneration Policy (2026 Structure)

Executive remuneration ties executive leadership incentives directly to operational, financial, and sustainability benchmarks, approved by 93.6% of shareholders at the May 2025 General Meeting:

• Fixed Remuneration (31%): Designed to reflect the scope and complexity of executive responsibilities, individual executive experience, and market benchmarks.
• Annual Cash Incentives (31%): Performance criteria weighted toward Volume of Group Recurring EBITDA (30%), Group Revenue (20%), Recurring EBITDA-to-Cash Conversion Ratio (10%), CSR & Responsible Gaming (30%), and Managerial Performance (10%).
• Long-Term Incentives (38%): Paid in FDJ UNITED shares evaluated over a three-year vesting horizon; criteria weighted toward Shareholder Return (30%), Financial Delivery (30%), CSR & Responsible Gaming (20%), and Strategic Execution (20%).

Executive Committee (ExCom)

The Executive Committee comprises 16 members meeting weekly to direct business operations and strategic roadmaps. Women hold 44% of Executive Committee seats. Each leader has defined a core keyword encapsulating their operational mission:

• Stéphane Pallez (Chairwoman & CEO): Keyword VALEUR (Value).
• Charles Lantieri (Deputy CEO; Chairman of FDJ UNITED Foundation): Keyword ENGAGEMENT (Commitment).
• Patrick Buffard (Chief French Lottery and Retail Sports Betting Officer): Keyword ATTRACTIVITÉ (Attractiveness).
• Pascal Chaffard (Chief Online Betting and Gaming Officer; Group Strategy & Operational Transformation Officer; Interim CFO): Keyword DÉVELOPPEMENT (Development).
• Giovanna d’Esposito (Chief International Lottery Officer): Drives expansion across international state lottery concessions.
• Raphaël Botbol (Chief Payment and Services Officer; Innovation Leader): Keyword INNOVATION.
• Sébastien Rozanes (Chief Digital, Data & AI Officer): Keyword INTELLIGENCE.
• Xavier Étienne (Chief Technology Officer): Keyword TECHNOLOGY.
• Celia Verot (General Secretary; General Counsel & Chief Regulatory Officer): Keyword EXEMPLARITÉ (Exemplarity).
• Dominique Cavalié (Chief Human Resources and Transformation Officer): Keyword COLLECTIF (Collective).
• Vincent Perrotin (Chief Sustainability Officer): Keyword CONTRIBUTION.
• Valérie Berche (Chief Audit and Risks Officer): Oversees comprehensive audit and risk mitigation controls.
• Nathalie Lelorieux (Chief Communications Officer): Keyword SINCÉRITÉ (Sincerity).
• Cécile Lagé (Chief Executive Advisor): Keyword IMPACT.
• Grégoire de Warren: Secretary to the Executive Committee; Chief of Staff of the CEO.
• Jonathan Gindt: Permanent Guest to ExCom; Group Strategy Director.

Subsidiaries, Associates, and Corporate Entities

FDJ UNITED operates several consolidated operating subsidiaries driving specific regional concessions, digital gaming brands, and software businesses.

Disclosed Operating Entities

Entity / Subsidiary Name	Operational Role & Business Scope	Contribution to Group Operations
Premier Lotteries Ireland (PLI)	Exclusive operator of the Irish National Lottery under statutory licence running through 2034.	Accounts for 4% of consolidated Group revenue; operates 5,200 Irish retail locations.
Kindred Group	Major international online betting and gaming group integrated in late 2024.	Brought brands Unibet and 32Red, 2,000+ staff, and proprietary KSP sportsbook.
ZEturf	Dedicated online horse-race betting operator acquired in 2023.	Strengthened Group competitive wagering footprint across digital turf markets.
Aleda	Specialized retail point-of-sale and terminal software provider.	Forms technological backbone for Nirio Business retail payment terminals.
L’Addition	Commercial software publishing house catering to hospitality and restaurant management.	Provides merchant POS systems, digital payment terminals, and café/restaurant software.
FDJ UNITED VENTURES	Corporate venture capital investment arm targeting tech and diversity funds.	Invests in funds such as SISTAFUND and Spark Fund for women entrepreneurs.
FDJ UNITED Foundation	Corporate charitable foundation focused on equal opportunity and education.	Generates €3.7 in social return per €1 invested; runs Lycées Pro’Solidaires.

Source: FDJ UNITED Integrated Report 2025.

Other Investments (Including Minority / Portfolio Holdings)

FDJ UNITED deploys capital into strategic impact funds, early-stage technology partnerships, and biodiversity programs aligned with its sustainability roadmap.

• Averrhoa Nature-Based Solutions Fund: FDJ UNITED invested €5 million in this nature restoration vehicle created by private investment house Ardian and biodiversity developer aDryada. The fund finances large-scale restoration across woodlands, wetlands, and coastal mangroves in emerging and developing markets, with an objective to sequester 85 million tonnes of carbon over a 40-year horizon.
• Spark Fund: Venture funding commitment deployed through FDJ UNITED VENTURES into this investment vehicle founded by Bpifrance and JPMorgan Chase, designed to finance impact-oriented funds predominantly managed by female entrepreneurs.
• SISTAFUND: Portfolio investment initiated through FDJ UNITED VENTURES into the investment fund established by the SISTA collective, designed to bridge the structural venture capital funding gap for female-led tech startups.
• H Company Strategic Partnership: Strategic operational and technical collaboration with French artificial intelligence pioneer H Company to test, co-develop, and deploy agentic AI tools across Group workflows.

Physical Properties and Facilities Footprint

FDJ UNITED maintains a specialized network of corporate offices, technology engineering sites, sports trading desks, and logistics centers.

• Global Corporate Headquarters (Boulogne-Billancourt, France): Located at 3-7, quai du Point-du-Jour, 92100 Boulogne-Billancourt, housing executive leadership, corporate strategy, administrative functions, and digital game design labs.
• Vitrolles Technical Engineering Center (Vitrolles, France): A primary engineering hub that completed a three-year modernization project to deliver collaborative tech spaces for lottery systems, IT testing, and game design.
• Saint-Witz National Logistics Hub (Saint-Witz, France): Central warehousing and supply-chain logistics center managing automated packing, bar-code tracking, and secure dispatch of physical tickets and marketing displays to 29,000 retailers.
• Dublin Concession Headquarters (Dublin, Ireland): Operational headquarters of Premier Lotteries Ireland, coordinating commercial services for 5,200 Irish points of sale.
• London Technology & Trading Hub (London, United Kingdom): Major technology and trading facility housing sports trading teams, digital developers, and corporate participants in the “Data, AI & Business” graduate program.
• Valletta Regulatory Office (Valletta, Malta): Mediterranean regulatory, legal compliance, and international responsible gaming operations center.
• Sydney International Sports Trading Center (Sydney, Australia): Real-time 24/7 sports trading operations hub managing sports book liability, bet placements, and dynamic odds calculation across global rugby, cricket, and soccer fixtures.

Founders

The historical foundations of FDJ UNITED originate directly with the establishment of the French National Lottery (Loterie Nationale) in 1933. The institution was created by the French State to provide a permanent source of solidarity funding for French soldiers who suffered traumatic facial disfigurement and debilitating physical wounds during World War I, known historically as the Gueules Cassées.

• Founding Mission: Providing medical treatment, disability pensions, and housing support for wounded and disfigured soldiers.
• Enduring Shareholder Equity: Two historic veterans’ associations—the Union des Blessés de la Face et de la Tête (UBFT – Gueules Cassées) and the Fédération Nationale André Maginot (FNAM)—remain among the Group’s core shareholders, collectively holding 16% of total equity.
• Board Representation: The veterans’ associations maintain dedicated seats on the Board of Directors, ensuring that dividend streams continue to finance veteran welfare, specialized medical facilities, and national commemorative foundations.

Investments and Capital Expenditure Plans

FDJ UNITED’s forward-looking investment strategy focuses on digital transformation, technology independence, operational efficiency, and environmental contributions.

• Multi-Year Performance Plan: Implementation of a €150 million+ cumulative cost reduction program running through 2028, engineered to offset upwards of €150 million in cumulative European gaming tax and levy increases implemented across 2025 and 2026.
• Division Cost-Cutting Allocation: 50% of targeted cost reductions will be delivered by the Online Betting and Gaming division, with the remaining 50% achieved across French lottery/retail sports betting operations and corporate overheads (Management target).
• Proprietary Technology Investment (KSP): Capital investment focused on scaling the proprietary Kindred Sportsbook Platform (KSP) to fully migrate all Group betting operations off external software stacks.
• Game Changer AI Strategy: Deployment of agentic artificial intelligence solutions across fraud prevention, marketing logistics, and responsible gaming, supplemented by the “Data, AI & Business” graduate program across Boulogne-Billancourt and London.
• Targeted Environmental Allocation: Gradual increase in voluntary social and environmental contributions to reach 5% of reported net income by 2030 (up from 2.7% in 2024) (Management target).

Shareholding Pattern

As of February 2026, FDJ UNITED maintains a balanced shareholder structure combining state ownership, historic foundations, institutional investors, and individual retail investors.

Share Capital Distribution (as of February 2026)

Shareholder Category	Percentage Ownership of Share Capital (%)	Disclosed Profile & Governance Characteristics
International Institutional Investors	25%	Global institutional asset managers, pension funds, and investment funds
French State	21%	Direct sovereign holding with appointed Board representatives
Individual (Retail) Shareholders	18%	~400,000 individual investors holding over 32 million shares
Veterans’ Associations (UBFT & FNAM)	16%	Historic founders retaining equity to fund social and medical initiatives
French Institutional Investors	16%	Domestic investment funds, banks, and French mutual asset managers
FDJ UNITED Employee Funds	4%	Employee shareholding schemes holding dedicated Board representation
Total Share Capital	100%	€74,108,000 total share capital

Source: FDJ UNITED Integrated Report 2025.

FDJ UNITED Ownership Breakdown (February 2026)
┌────────────────────────────────────────────────────────────┐
│ International Institutional Investors (25%)                │
├────────────────────────────────┬───────────────────────────┤
│ French State (21%)             │ Individual Investors (18%)│
├────────────────────────────────┼───────────────────────────┤
│ Veterans' Associations (16%)   │ French Institutionals (16%)│
├────────────────────────────────┴───────────────────────────┤
│ Employee Funds (4%)                                        │
└────────────────────────────────────────────────────────────┘

• Strong Individual Shareholder Loyalty: 90% of registered retail shareholders have maintained their shareholdings continuously since the November 2019 IPO.
• Demographic Composition: Nearly 98% of individual shareholders reside in France, heavily concentrated in major metropolitan centers including Paris, Lyon, Lille, and Marseille, with average holdings of 88 shares per investor.
• Surging Investor Demand: 613,000 individual investors acquired Group shares in the first quarter of 2025 alone, representing the highest quarterly purchase volume in three years.
• Shareholders’ Club Engagement: More than 18,000 members participate in the FDJ UNITED Shareholders’ Club, which organizes over 70 exclusive cultural, athletic, and financial educational events across France each year.

Future Strategy: Play Forward 2028

In 2025, FDJ UNITED launched its strategic roadmap, Play Forward 2028, designed to cement the Group’s market standing as a premier European gaming operator combining sustainable, profitable growth with social and environmental commitments.

Play Forward 2028 Strategic Pillars
├── Pillar 1: Sustainable & Profitable Growth
│   ├── Gradual revenue growth acceleration reaching +5% in 2028
│   ├── Recurring EBITDA margin scaling to >26% by 2028
│   └── Yearly free cash flow conversion maintained at >80%
├── Pillar 2: Core Vertical Expansion
│   ├── Recruit 1m+ new players in France across retail & online
│   ├── Achieve compound annual organic growth in low to mid single digits
│   └── Expand lottery digital penetration to ~20% of revenue
├── Pillar 3: Competitive Digital Scale
│   ├── Market share gains with high single-digit compound revenue growth
│   ├── Double-digit recurring EBITDA growth in online betting & gaming
│   └── Group-wide rollout of proprietary KSP sportsbook engine
└── Pillar 4: Value Sharing & ESG Delivery
    ├── Progressive year-on-year dividend with minimum 75% payout ratio
    ├── Scale social & environmental contributions to 5% of net income by 2030
    └── Cut Scopes 1 & 2 emissions by 42% and Scope 3 by 25% by 2030

Strategic Financial Targets (2028 Horizon)

• Revenue Acceleration: Gradual operational acceleration targeting +5% annual revenue growth in 2028 (Management target).
• Margin Expansion: Expanding recurring EBITDA margin to exceed 26% by 2028 (up from 24.5% in 2025) (Management target).
• Cash Conversion: Maintaining recurring EBITDA-to-free-cash-flow conversion above 80% every year (Management target).
• Progressive Dividends: Commitment to deliver year-on-year dividend growth with a minimum payout threshold of 75% of adjusted net income (Management target).
• Operational Performance Plan: Achieving €150 million+ in cumulative cost savings across 2025–2028 to offset regulatory fiscal pressure (Management target).

Business Unit Priorities

• French Lottery and Retail Sports Betting: Recruit over 1 million net new players by 2028 across digital and physical points of sale; deliver low-to-mid single-digit compound annual organic growth; and expand digital penetration to ~20% of lottery revenue (Management target).
• Online Betting and Gaming: Deliver market share gains across core European jurisdictions; target compound annual revenue growth in high single digits alongside double-digit recurring EBITDA growth; and execute the full rollout of the proprietary KSP sportsbook platform (Management target).
• International Lottery: Establish the Group as a premier multi-jurisdictional lottery operator, leveraging the Irish concession to secure group-wide technological and content synergies (Management target).
• Payment and Services: Build scalable transaction infrastructure; expand Nirio consumer banking facilities; and widen adoption of Nirio Business point-of-sale solutions among French merchants (Management target).

Responsible Gaming and Decarbonisation Roadmaps

• Safe Play Programme: Roll out the Safe Play responsible gaming initiative across all European markets to lower the proportion of revenue generated from high-risk players.
• Advertising Allocation: Dedicate at least 10% of annual advertising spend to player protection, addiction prevention, and underage gaming awareness campaigns (reaching 10.8% in France in 2025).
• Emissions Reductions (2022–2030 Horizons): Achieve a 42% absolute reduction across Scopes 1 and 2 greenhouse gas emissions, alongside a 25% reduction across Scope 3 emissions (total market-based emissions were 127,075 tCO2e in 2025) (Management target).
• Voluntary Social Contribution: Expand the Group’s voluntary social, charitable, and environmental contribution to 5% of reported net income by 2030 (vs. 2.7% in 2024) (Management target).

Key Strengths

• Long-Term Protected Concessions: Statutory exclusive rights to operate French lottery games and physical retail sports betting until 2044 under the PACTE Law, complemented by the Irish National Lottery concession running through 2034.
• Extensive Omnichannel Retail Footprint: Dense, non-replicable physical network of 34,000 points of sale (nearly 29,000 in France and 5,200 in Ireland) covering more than 11,000 French municipalities, providing high consumer proximity and deep local commercial relationships.
• Strong Cash Conversion & Disciplined Leverage: Superior cash generation with an 87% recurring EBITDA-to-cash conversion rate in 2025 and a net debt-to-EBITDA ratio contained at 1.9x, providing borrowing capacity for reinvestment.
• High Digital Penetration & Proprietary Tech: 34% of revenue generated via digital channels in 2025 (up from 12% in 2023), backed by the proprietary KSP sportsbook engine and an IT infrastructure handling 25 billion transactions per year.
• Recognised ESG Leadership & Player Safety: Responsible gaming standards meeting 100% compliance with The European Lotteries framework; strong non-financial performance ratings from global agencies (AA by MSCI, 15.6 Low Risk by Sustainalytics, and 55/100 by S&P).
• High Socio-Economic Impact: Contributed €5.1 billion to French public finances in 2025, sustained 57,200 domestic jobs, distributed over €1 billion in retailer commissions, and funded nationwide heritage and biodiversity preservation.

Key Challenges and Risks

• Rising European Gaming Levies & Fiscal Pressures: Gaming duties increased in France on 1 July 2025 across lottery, sports betting, and advertising expenditures. In addition, tax rate hikes on online gaming across the Netherlands, Romania, and the United Kingdom (Remote Gaming Duty in 2026 and General Betting Duty in 2027) will exert a cumulative financial drag exceeding €150 million across 2025 and 2026.
• Significant Contraction in Reported Net Income: Consolidated net income dropped 55.4% year-on-year to €176 million in 2025 (down from €399 million in 2024), impacted by non-recurring purchase price accounting amortization and integration costs associated with acquisitions.
• High Proliferation of Unregulated Gaming Platforms: Illegal gambling operations remain a systemic threat across European jurisdictions, exceeding 50% of the total gaming market in the Netherlands, though kept below 10% in France.
• Cross-Border Post-Merger Integration Complexity: Assimilating the Kindred Group entails integrating more than 2,000 international employees across disparate corporate cultures while completing the technical migration to the KSP sportsbook platform.
• High-Risk and Vulnerable Player Management: Managing gaming risks among vulnerable demographics (such as individuals aged 12 to 21 or players undergoing financial stress), requiring ongoing investments in tools like FDJ Protect and Crucial Compliance. In 2025, the Group made 33,000 direct outreach phone calls to high-risk players.

Conclusion and Strategic Outlook

FDJ UNITED’s transformation in 2025 establishes the Group as an omnichannel European gaming operator, balancing regulated statutory monopolies with competitive international digital betting. By generating €3,678 million in consolidated revenue and €902 million in recurring EBITDA, the Group demonstrated operating resilience against substantial tax headwinds across France, the Netherlands, Romania, and the United Kingdom.

Looking ahead toward 2028, the execution of the Play Forward 2028 strategic plan serves as the Group’s operational roadmap. Backed by its proprietary KSP sports wagering technology, an expanding international footprint, a €150 million+ cost efficiency program, and a commitment to return at least 75% of adjusted net income to shareholders, FDJ UNITED is positioned to deliver sustainable growth while reinforcing its historic social contract.

Official Site: https://www.fdjunited.com