Gross gaming revenue up 1%
Revenue down -3% to EUR895m
-- Increase in gross gaming revenue $(GGR)$1 of +1% to EUR2,175m with a slowdown in the good momentum seen at the start of the year; revenue down -3% to EUR895m taking into account a EUR24m impact in gaming taxes -- French lottery and retail sports betting business unit $(BU)$: GGR stable at EUR1,740m and revenue at EUR627m, down -2% -- This performance reflects: -- Temporary impacts at the end of the first quarter of fewer long cycles for draw games, less attractive sports fixtures and a high payout ratio for retail sports betting -- The continued good momentum of instant games in point of sale and online -- Point-of-sale revenue fell by -3% to EUR546m, while online lottery revenue rose +1% to EUR81m, representing 15.5% of total lottery revenue -- Online betting and gaming BU: GGR of EUR342m, -1%, and revenue of EUR213m, down -8% -- Excluding the Netherlands and the United Kingdom, GGR rose by +6% and revenue was virtually stable (-1%), thanks in particular to good performance in France and Sweden. The number of active players rose by +3% -- In France, Unibet has become the sole brand for online sports betting and poker following a successful migration completed on schedule in the run-up to the World Cup, the sporting highlight of the year -- The new management team is fully committed to implementing the action plans designed to gradually restore the business unit's performance, particularly in the UK and the Netherlands -- In 2026, FDJ UNITED now expects a slight increase in GGR and a slight decline in revenue 2 with: -- An annual revenue growth for the French lottery and retail sports betting BU, despite the temporary impacts observed in the first quarter -- An improvement in the annual performance of the Online betting and gaming BU compared with the first quarter, with a return to growth in GGR in the second half of the year, driven by the implementation of ongoing action plans -- A recurring EBITDA margin between 23% and 24% BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)--April 21, 2026--
Regulatory News:
FDJ UNITED (Paris:FDJU), a leader in betting and gaming in Europe, announces its revenue for the first quarter of 2026.
Stéphane Pallez, Chairwoman and CEO of FDJ UNITED, said: "In an environment still affected by the impact of tax increases and tighter regulations on gaming, the Group is stepping up its efforts in operational efficiency, synergies, and financial discipline, with the aim of returning to sustainable, value-creating growth from the second half of the year onwards, for the benefit of all its stakeholders."
% Change
Q1 2026
Revenue* (in EURm) Q1 2026 Q1 2025 vs Q1 2025
------------------------------------------ ------- ------- -----------
French lottery and retail sports betting 627 640 -2.1%
------------------------------------------ ------- ------- -----------
Online betting and gaming 213 231 -7.7%
------------------------------------------ ------- ------- -----------
International lottery 41 38 +7.0%
------------------------------------------ ------- ------- -----------
Payment and Services 14 16 -7.2%
------------------------------------------ ------- ------- -----------
Group total 895 925 -3.2%
------------------------------------------ ------- ------- -----------
* Revenue: net gaming income and income from other activities
Highlights
-- Following a successful migration completed on schedule, Unibet has
become the sole brand for online sports betting and poker activities in
France
At the end of the first quarter of 2026, the Group unified its online sports betting and poker activities in France, bringing together ParionsSport en ligne and Unibet, under the Unibet brand. This streamlining of the brand portfolio, following the acquisition of Kindred at the end of 2024, is designed to make the offering clearer, accelerate growth and improve operating efficiency.
Unibet and ParionsSport en ligne players now have access to a single proprietary platform, a new app and a new website, with a new single-player account that now brings together their gaming history, open bets, account balance, as well as the excessive gambling prevention tools made available by FDJ UNITED.
The online horse-race betting offer continues to be operated by ZEturf and is accessible via this joint account for all gaming verticals, thereby fostering synergies and cross-selling.
-- Dan Lévy has been appointed Chief Financial Officer at FDJ UNITED
with effect from 18 May
He will replace Pascal Chaffard, who has been appointed Chief Online Betting and Gaming Officer as well as Group Strategy and Operational Transformation Officer.
-- Higher taxes on betting and gaming
FDJ UNITED points out that the taxation of betting and gaming relates to GGR, which is split between public levies on games and the operator according to the tax rates applicable to each category of games. This taxation reflects different levels of player winnings and varies from one jurisdiction to another. As a result, any increase in tax automatically reduces revenue and, by the same amount, recurring EBITDA, at stable operating costs (see details of the various tax increases on betting and gaming and their impacts in Appendix).
Business
-- In the first quarter of 2026, FDJ UNITED's GGR rose by +1% to EUR2,175
million but increases in gaming taxes of EUR24 million had a negative
impact on revenue, which decreased by -3% to EUR895 million.
-- The momentum seen at the start of the year has been affected in
recent weeks by high levels of winnings from sports betting, which
have not been reflected in business volumes, and by less
attractive draw events.
-- For the French lottery and retail sports betting BU, GGR was stable at
EUR1,740 million and revenue totalled EUR627 million, down -2 % after the
impact of a EUR15 million increase in taxes.
-- Lottery GGR came to EUR1,517 million (+0.4%). After taking into
account tax increases of EUR13 million, revenue reached EUR519
million (-1.8%). These changes are mainly due to a high comparison
base for draw games, while instant games remained dynamic:
-- In draw games, GGR fell by -3.5% and revenue by -6.2% to
EUR199 million. These changes reflect:
-- The absence of a long cycle for the Super Loto
draws on Fridays 13 February and 13 March, which
were won in the very first draw. Over the quarter,
Loto had just three long cycles3, compared with 16
in Q1 2025;
-- And a very high comparison base for Euromillions,
whose jackpot reached the record level of EUR250
million for the first time at the end of March 2025.
This event, which attracted new players,
particularly online, had generated substantial
additional stakes.
-- In instant games, GGR was up by +3.4% and revenue by
+1.1%. The latter stands at EUR320 million, matching the
record for the fourth quarter of 2025. Activity was notably
supported by the launches of "Chiffre d'Or" (EUR5) in
January and "La Cible" (EUR3) in February. On the digital
front, the range of games offered exclusively online was
also dynamic. Growth of more than +40% in stakes for this
range was notably linked to the success of new games,
including "L'héritage de Merlin", launched in January,
and "Bubblecaster", launched at the end of 2025.
-- The digital lottery has seen a rise in activity, driven
by an increase in its player base to over 6 million.
Revenue stands at EUR81 million, up 1.4%, representing
15.5% of total lottery revenue.
-- Point-of-sale sports betting GGR came to EUR223 million, down
-1.8%. This change reflects both less attractive sporting events
and a high level of player payout ratio. Taking into account the
EUR2 million impact of higher taxes, revenue fell by -3.6% to
EUR108 million.
-- Point-of-sale lottery revenue for the BU totalled EUR546 million,
down -2.6%, with GGR virtually stable (-0.5%).
-- For the Online betting and gaming BU, GGR came to EUR342 million (-1%)
and revenue to EUR213 million, down (-8%) following the impact of a EUR9
million increase in taxes.
-- The BU's GGR decreased by -1.1%, to EUR342 million, and revenue
by -7.7%, to EUR213 million, owing to multiple tax increases
(France since 1 July 2025, the Netherlands since 1 January 2026
and Romania since 1 August 2025), totalling EUR9 million.
-- Excluding the Netherlands and the United Kingdom, GGR rose by
+6.3%, while revenue was virtually stable (-1.1%), thanks in
particular to good performance in France and Sweden.
-- In the United Kingdom, the situation remained difficult, with
revenue down by 24.1%. In the Netherlands, there was a marked
improvement compared with the performance in 2025 (revenue down by
42.1%), with a decline of -14.5 % for GGR and -19.9% for revenue.
-- The number of active players was up +3% in Q1 2025, recruitment
being a cornerstone of the BU's marketing and responsible gaming
strategy.
-- The new management team is fully committed to implementing the
action plans designed to gradually restore the business unit's
performance, particularly in the UK and the Netherlands.
-- Other activities
-- The International lottery BU posted revenue of EUR41 million, up
+7.0% on Q1 2025, when Premier Lotteries Ireland's business was
adversely affected by non-recurring items, including an
exceptional number of Lotto jackpot winners.
-- Revenue for the Payment and Services BU, which continued
optimising its portfolio of activities, came to EUR14 million
(-7.2%).
Outlook
For the 2026 financial year, given the Q1 performance, FDJ UNITED now expects a slight increase in GGR and a slight decline in revenue, with an additional calendar tax increases on gaming of nearly EUR90 million thanks to:
-- An annual growth in revenue at the French lottery and retail sports
betting BU, despite the temporary impacts observed in the first quarter.
-- An improvement in the annual performance of the Online betting and
gaming BU compared with the first quarter, with a return to growth in GGR
in the second half of the year, driven by the implementation of ongoing
action plans.
-- And a recurring EBITDA margin between 23% and 24%.
Given the timetable for implementing the tax increases and the high comparison base in the first half of 2025, performance will be more pronounced in the second half.
Annual General Meeting
The Annual General Meeting of FDJ UNITED will be held on Thursday 23 April 2026 at 2:30 p.m. at Palais des congrès in Issy-les-Moulineaux (25, avenue Victor Cresson - 92130 Issy-les-Moulineaux, France).
The event will also be broadcast live on its website: https://www.fdjunited.com/assemblee-generale-2026/
On this occasion, the Group will propose to shareholders a dividend of EUR2.10 per share for the 2025 financial year, to be paid on Thursday 30 April 2026.
Next financial communication
FDJ UNITED will publish its half-year results on 29 July 2026 after the market closes.
Appendix: Higher taxes on betting and gaming
- In France
The Social Security Financing Act for 2025 introduced new specific tax measures applicable to betting and gaming from 1 July 2025. These measures entail significant increases in public levy rates on gross gaming revenue and specific taxes for:
-- The lottery at the point of sale and online:
-- On Loto and Euromillions games, the rate of public levies rose
from 68.0% to 69.0% of GGR, with a social levy (CSG) rate that
rose from 6.2% to 7.2% of GGR;
-- On other draw games and instant games, the rate of public levies
rose from 55.5% to 56.5% of GGR, with a CSG rate which rose from
6.2% to 7.2% of GGR;
-- Point-of-sale sports betting: the rate of public levies rose from 41.1%
to 42.1% of GGR, with a CSG rate that rose from 6.6% to 7.6% of GGR;
-- Online sports betting: the rate of public levies rose from 54.9% to
59.3% of GGR, including a CSG rate that rose from 10.6% to 15% of GGR;
-- Online poker: the rate of public levies rose from 0.2% of stakes to
10.0% of GGR;
-- Online horse-race betting: social levies remained unchanged, but the
fee paid to the racecourse companies increased (annual change by decree
as of 1 January). As such, the rate of public levies rose from 52.3% to
52.9% of GGR.
- In the Netherlands
As of 1 January 2025, the rate of public levies on online gambling was increased from 30.5% to 34.2% of GGR.
As of 1 January 2026, the rate of public levies on online gambling was increased from 34.2% to 37.8% of GGR.
- In Romania
As of 1 August 2025, the rate of public levies on sports betting and horse-race betting was increased from 21% to 30% of GGR.
- In the United Kingdom
The tax on online casino games was increased from 21% to 40% of GGR on 1 April 2026. In online sports betting, the rate of public levies will increase from 15% to 25% of GGR from 1 April 2027.
About FDJ UNITED
FDJ UNITED is a leading betting and gaming operator in Europe, with a vast portfolio of iconic brands and a reputation for technological excellence. With over 5,000 employees and a presence in over ten regulated markets, the Group offers a diversified, responsible range of games, both under exclusive rights and open to competition: lottery games in France and Ireland via an extensive point-of-sale network and also online; sports betting at points of sale in France; and online games open to competition (sports and horse-race betting, poker and online casino games, in markets where these activities are authorised). FDJ UNITED has placed responsibility at the heart of its strategy and promotes recreational betting. The Group is listed on the regulated market Euronext Paris (FDJU) and included in the SBF 120, Euronext 100, EN EZ ESG L 80, STOXX Europe 600 and FTSE Euro indices.
For more information, visit www.fdjunited.com
@FDJ_UNITED @FDJUNITED @FDJUNITED @FDJUNITED
_________________________ (1) Gross gaming revenue (GGR) = stakes -- player winnings. (2) With an impact of nearly EUR90 million due to additional gaming taxation. (3) A long cycle occurs when the Loto jackpot reaches EUR8m (i.e. it has not been won for at least six consecutive draws) and the Euromillions jackpot reaches EUR75m (i.e. it has not been won for at least six consecutive draws).
View source version on businesswire.com: https://www.businesswire.com/news/home/20260421986920/en/
CONTACT: Media Contact
+33(0)1 41 10 33 82 | media@fdjunited.com
Investor Relations Contact
+33(0)1 41 04 19 74 | invest@fdjunited.com
(END) Dow Jones Newswires
April 21, 2026 14:47 ET (18:47 GMT)
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