FDJ United Posts Record €1.87 Billion in First Half Earnings for 2025
FDJ UNITED, a leading gaming and betting company, has reported solid financial results for the first half of 2025, aligning with its full-year targets despite a transitional phase due to the integration of Kindred.
The company's employee share ownership initiative was warmly received, with more than half of the workforce participating and the plan being oversubscribed. As a result, employees now hold 4.6% of the group's capital, reflecting FDJ UNITED's commitment to sharing value creation with all stakeholders. CEO Stéphane Pallez expressed his pleasure about the success of the employee share ownership plan.
FDJ UNITED's financial performance showed resilience, with reported revenue reaching €1,867 million, up 30.7% year-on-year on a reported basis but down about 1.7-2% on a restated comparable scope reflecting Kindred’s consolidation. Net gaming revenue declined slightly by 1.3%, while gross gaming revenue grew modestly by 1.6%.
The company experienced strong growth in the French lottery segment, with lottery revenue increasing about 6%, driven by all distribution channels including a 16% rise in digital sales. Retail sports betting in France also grew by 3-4% to fuel exclusive operations revenue growth. However, online betting and gaming revenues declined approximately 11.5% mainly due to tougher regulations and taxation in the UK and the Netherlands, though other international markets saw a modest 4-5% increase excluding those two countries.
Recurring EBITDA for the six-month period reached €441 million, delivering a margin of 23.6%. Excluding costs related to the employee share ownership plan, the margin rises to 24.4%. Adjusted net income came in at €222 million, partly due to the financing of the Kindred acquisition and a special tax imposed on large French corporations. Net financial debt increased slightly from €1,818 million at end-2024 to €1,964 million at mid-2025, tracking Kindred acquisition financing.
The integration of Kindred is progressing well and viewed as a key strategic move supporting FDJ UNITED’s European expansion ambitions. The group also launched a successful employee share ownership plan with participation from over half of eligible staff across 13 countries.
In summary, FDJ UNITED is navigating the Kindred integration phase, with robust domestic lottery and retail betting growth offsetting regulatory challenges in some online international markets, maintaining a broadly stable financial trajectory and reaffirming 2025 full-year guidance. CEO Stéphane Pallez stated that the year remains on track, with the Kindred integration progressing well.
[1] FDJ UNITED Press Release, H1 2025 Results [3] FDJ UNITED Financial Report, H1 2025 [5] FDJ UNITED Presentation, H1 2025 Results
Business growth has been evident in FDJ UNITED, as the company's financial results indicate a 30.7% increase in revenue year-on-year, with many improvements in specific segments. This includes a 6% rise in the French lottery sector, a 3-4% growth in retail sports betting, and a commitment to employee participation in the company's financial success through the launch of the employee share ownership plan, which saw over half of the workforce investing in FDJ UNITED.
