FDJ United Navigates Tax Hikes and Soft Gaming Conditions

FDJ United experienced a challenging nine-month period ending September 30, 2026, with revenue declining by 5.6% and group gross gaming revenue (GGR) falling by 2.8%. This downturn was largely attributed to increased gaming taxes, an unfavorable EuroMillions jackpot cycle, and a more competitive sports betting market. The company reported that €62 million in additional gaming taxes impacted results through September, with the full-year impact expected to exceed €70 million.

Despite these pressures, FDJ United is strategically focused on recovery and profitability. Management is implementing initiatives to boost lottery business growth and executing a turnaround plan for online betting and gaming. The company has reiterated its financial targets, aiming for a recurring EBITDA margin of approximately 23% and maintaining a dividend payout ratio of at least 75% of adjusted net income, signaling confidence in its core business resilience and future growth prospects through upcoming product relaunches and digital investments.

Looking ahead, FDJ United plans significant relaunches for EuroMillions in March 2027 and Loto in October 2027, introducing enhanced jackpot potential and new prize structures. These initiatives, coupled with continued investment in digital lottery products and a proprietary sports betting platform rollout across most OBG markets by the end of 2027, are expected to drive future growth. The company also anticipates achieving €150 million in savings by 2028 under its performance plan.