(BFM Stock Exchange) – The operator of gambling and chance falls on the Paris Stock Exchange after having revealed contrasting semi -annual results, weighed down by the taxation and the financing of the Swedish Kintd. FDJ United, however, maintains its prospects for the current year.
Since the beginning of the year, FDJ United has suffered on the stock market. The action plunges 27.35% over the whole of 2025, accusing the eighth highest withdrawal of the SBF 120. The company has suffered from an increase in taxation in France and a hardening of regulations in the Netherlands.
The silver game operator is once again under pressure this Thursday, July 31. The action fell heavily on the Paris Stock Exchange, dropping more than 9%, after the group communicated half-tone half-tone results.
On the whole of the first half, FDJ United gave a turnover of 1.867 billion euros up 30.7% over one year, supported by the integration of the Swedish group Kintd, owner of Unibet. In comparable data, revenues decreased by 1.7%.
This level of income complies with the expectations of Oddo BHF which was tabling on an amount of 1.869 billion euros.
A very unfavorable comparison base
In detail, the turnover of lottery and sports betting activities in France is increasing 3.6 %, at 1.29 billion euros, benefiting from a solid progression of instant games and the attraction for important sums put into games during Euromillions prints.
Revenues from betting online and online games have followed a different trajectory, since they drop from 11.5% to 466 million euros. Taxation in the Netherlands.
A little lower in the accounts, the gross operating profit (EBITDA) current reached 441 million euros, up 19.1% over one year in published data but 9.5% drop in comparable data. The corresponding margin fell to 23.6%, a drop of 230 basic points (2.3 percentage points) over one year (25.9% in published data).
Oddo BHF notes that FDJ United has missed its expectations which were housed at 466 million euros for the gross operating profit.
Net profit signed up at 136 million euros, with 36% in data published over one year, weighed down by the financing of the acquisition of Kincred and the exceptional tax contribution on the profits of large companies in France. In adjusted data, the net profit amounts to 222 million euros, slightly with -5.4 %.
Perspectives renewed for 2025
At the end of this performance that FDJ United considers “online with the expected trajectory for the whole year”, the company reiterates its 2025 objectives which comply with the forecasts of ODDO BHF and the consensus.
The Company is still counting on a turnover of 3.8 billion euros in 2025, only stable over one year in pro form data (that is to say, assuming that the acquisition of Kincred was consolidated over twelve months), and on a margin of current Ebitda greater than 24 %, as well as a reduction in net debt of at least 150 million euros.
Management provided some additional information at the conference call. It provides for growth in lottery income between 1 and 2 % in the second half. This marks a slight increase compared to the first half due to the increase in tax rates, despite a solid pipeline (more than 10 instant games and the launch of a new game, Crescendo).
Oddo BHF also adds that management said it expected a rebound in sports betting activity in the second half after a 6% drop in the first half, thanks to the standardization of redistribution rates (PSG victory in the Champions League and qualification for the final of the Club World Cup).
The good PSG course in the Champions League led the bettors to make winning bets. This resulted in gains paid to higher players than usual for FDJ and therefore a decrease in the turnover of the company.
Sabrina Sadgui – ©2025 BFM Bourse
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