La Francaise des Jeux SA
FDJ
ISIN FR0013451333 / Valor 50779779
La Francaise des Jeux SA
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About company
La Francaise des Jeux SA (FDJ) stands as France's premier betting and gaming operator, with a significant presence on the global stage. The company has built a diverse portfolio that includes lottery games, sports betting, and poker, catering to a wide audience seeking recreational gaming experiences. Beyond its core offerings, FDJ is actively expanding its business model through the international marketing of technological solutions, the development of retailer payment processing services, and engagement in various entertainment activities. Founded with a commitment to ethics and responsibility, FDJ has integrated these values deeply into its operations, a commitment that was further solidified in 2020 when the company formally adopted a purpose-driven approach to its business, encapsulated in six core commitments. This approach underscores FDJ's dedication not only to providing responsible gaming options but also to innovating and diversifying its services to meet the evolving demands of the market.
Summarized from source with an LLMView SourceSector: Consumer ServicesLatest Results (15.02.2026):
La Francaise des Jeux SA (reporting as FDJ UNITED) — covering Q2 / first half (H1) 2025 to 30 June 2025 — posted H1 2025 consolidated revenue of €1,866.7m (H1 2024 restated: €1,899.8m), gross gaming revenue €4,369.6m, recurring EBITDA €441.1m (down ~9.5% vs restated), consolidated net profit €135.7m (‑36% vs reported H1 2024) and adjusted net profit €221.9m; the Group reiterated 2025 guidance of stable revenue vs 2024 restated, recurring EBITDA margin >24% and at least €150m reduction in net financial debt.
Key headline numbers
GGR €4,369.6m; revenue €1,866.7m (‑1.7% vs 2024 restated); recurring EBITDA €441.1m; recurring operating profit ~€270m; consolidated net profit €135.7m; adjusted net profit €221.9m.
Segment performance
French Lottery & Retail Sports Betting BU up (revenue €1,290m, +3.6%) driven by lottery (draws and instant games, iLottery +15.8%). Online Betting & Gaming down (revenue €466m, ‑11.5%) due to a strong 2024 comparator (Euro football), tougher regulation and higher taxation in the Netherlands and UK.
Costs and profitability drivers
Recurring EBITDA margin compressed (down vs restated period) as marketing, IT and personnel costs increased in parts of the Group and amortisation rose sharply (+€86m) following Kindred acquisition PPA items; recurring operating profit fell ~13% vs restated H1 2024.
Tax, financing and one-offs
Net financial expense swung to a €36.6m cost (vs +€23.5m in H1 2024) reflecting debt taken to finance Kindred and lower investment income. Effective tax rate rose to 40.4% (H1 2024: 26.9%), including a €20.9m exceptional contribution on large companies, pressuring net profit.
Balance sheet and liquidity
Total assets €6.19bn; cash and cash equivalents €500.6m at 30.06.2025 (down from €683.6m at 31.12.2024). Reported “net financial debt” is ‑€1,964.4m (i.e., a net cash surplus of €1,964m when applying the Group’s presentation), with planned reduction in net financial debt of at least €150m for 2025.
Regulatory & fiscal headwinds
French Social Security Financing Act (effective 1 July 2025) raised public levies/CSG rates across lottery, retail and online betting and introduced a 15% tax on gaming advertising/promotion — a material negative for margins. Netherlands and UK player‑protection rules and levy increases also hit Online Betting & Gaming revenue.
Outlook and guidance
Group reiterates 2025 objectives: stable revenue vs 2024 restated, recurring EBITDA margin above 24% (including ~€20m related to the performance plan) and at least €150m reduction in net financial debt. Management expects improved H2 comparables (UK/Netherlands) and product launches in France late 2025.
Strategic / ESG & corporate items
FDJ UNITED presented the “Play Forward 2028” plan and medium‑term targets (avg. ~5% organic revenue growth to 2028, recurring EBITDA margin >26% by 2028, payout ≥75% of adjusted net income). Notable non‑financial items: rebrand to FDJ UNITED, employee share plan (>4.6% employee ownership), A carbon rating (Vérité40) and a €5m investment in nature‑based solutions.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
5458 M
Market cap (USD)
1,228,925
Daily traded volume (Shares)
36.74 / 36.34
1 day high/low (USD)
52 weeks high/low (USD)
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EPS (USD)
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Ratings & reviews
Hubert Joo
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