FDJ United Generates €1.87 Billion in First Half Earnings for the Year 2025
FDJ UNITED Navigates Challenges Amidst Regulatory Changes and International Expansion
In a recent statement, CEO Stéphane Pallez confirmed that FDJ UNITED is progressing well with the integration of Kindred and remains on track for the year. The company's financial performance for the first half of the year reflects this optimism, with adjusted net income at €222 million.
The six-month period saw recurring EBITDA reach €441 million, equating to a margin of 23.6%. Excluding costs related to the employee share ownership plan, this margin rises to 24.4%. The strong financial performance is despite the impact of the financing of the Kindred acquisition and a special tax imposed on large French corporations.
The online division of the company recorded a 5% revenue growth, excluding the Netherlands and the UK. This growth was driven by better performance in other countries, especially France, and totaled €235 million in the second quarter, a 2% increase from the first quarter of the year.
However, FDJ UNITED is facing specific challenges in its international segments. The company operates in a fragmented European regulatory landscape, which affects profitability with regulatory changes in key markets such as the UK and the Netherlands compressing profit margins. Additionally, the strategic focus on reducing revenues from at-risk players may negatively impact short-term earnings.
In the international online segment specifically, FDJ UNITED's online revenue dropped in H1 2025 largely due to the absence of a major football tournament and the impact of these regulatory changes. Despite these challenges, the company maintains a stable revenue outlook and targets an EBITDA margin above 24%.
The employee share ownership initiative, FDJ UNITED, was well received, with more than half of its workforce participating and the plan being oversubscribed. As a result, employees now hold 4.6% of the group's capital.
In balancing these headwinds, FDJ UNITED is demonstrating operational resilience amid these regulatory and tax challenges. The company is mitigating reputational and regulatory risks while aiming for sustainable growth through geographic diversification.
FDJ UNITED's focus on responsible gaming, reducing revenues from at-risk players, while challenging in the short term, is a testament to the company's commitment to ESG principles. The company continues to navigate the complex European regulatory landscape, demonstrating a resilience that bodes well for its future growth.
[1] Source: Company press release [2] Source: Financial Times, "FDJ UNITED's online revenue drops amid regulatory changes and absence of major sports events"
In the face of regulatory changes and international expansion, FDJ UNITED is making strategic investments in its business, aiming for a sustainable growth in the long run. Despite the drop in online revenue in H1 2025 due to regulatory changes and the absence of major sports events, the company is still focusing on personal-finance management by reducing revenues from at-risk players, which aligns with their commitment to responsible investing and ESG principles.
