FDJ United (FDJU) investor relations material

Executive summary

• H1 2026 was marked by a challenging environment, with GGR down 1.3% to €4,314m and revenue down 4.5% to €1,782m, mainly due to increased gaming taxes and softer lottery performance, especially in France.

• Recurring EBITDA reached €404m (22.7% margin), reflecting strong cost discipline and performance plan execution.

• Adjusted net income was €180m, down 19% year-over-year; reported net income was -€16m due to impairment charges.

• The group is focused on restoring profitable growth through targeted commercial actions, AI transformation, and digital lottery innovation.

• Performance plans and cost controls are on track, with dedicated initiatives to revitalize lottery and online betting growth.

Financial highlights

• GGR fell 1.3% to €4,314m; revenue down 4.5% year-over-year to €1,782m.

• Public levies on games rose to 60.6% of GGR, increasing tax by €52m in H1.

• Adjusted net income was €180m, down 19% year-over-year; reported net income was -€16m due to asset impairment.

• Cost base reduced by 3.3%, with variable costs down 3.8% and fixed costs down 2.8%.

• Net financial debt: €1,964m at June 2026; Moody’s Baa1 investment grade rating with stable outlook.

Outlook and guidance

• Guidance updated to stable GGR for the year and low single-digit revenue decline.

• Recurring EBITDA margin guidance maintained at 23–24%.

• Dividend policy unchanged, with payout ratio of at least 75% of adjusted net income.

• Ongoing investments in product innovation, digital offerings, and market portfolio optimization.

• Calendar gaming tax increases of approximately €70m anticipated for the year.