FDJ United has reported its latest financial results for the full year 2025 period, with revenue reaching €3.69bn ($4.35bn), down 3% in comparison to its restated FY 2024 revenue figure, but up 20% from its original reported FY 2024 results.
Indeed, the operator’s results contain nuanced complexities relating to its Kindred acquisition, which closed in early Q4 2024. As such, the operator’s FY 2024 results contained reported figures, excluding Kindred’s finances, and restated figures – outlining FDJ and Kindred’s finances combined.
FDJ’s 2025 at a glance
Taking the above into account, FDJ’s latest revenue figure in comparison to 2024’s reported results has risen 20% but have fallen 3% in comparison to its 2024 restated figure. This theme is also observable in the operator's recurring EBITDA, which settled at €902m, rising by 14% year-on-year in comparison to FDJ’s reported 2024 results but falling 6% when compared to 2024’s restated figure.
Perhaps more notably, reported net income fell by some 56% during 2025 compared to 2024’s reported figure, reaching just €176m, with adjusted net income also down 1%, settling at €487m during 2025. Despite also falling short of its target 2025 revenue figure of €3.8bn by €110m, FDJ did manage to mark a €96m net financial debt reduction during 2025, with its current net debt now resting at €1.72bn.
FDJ has also included a GGR figure of €8.7bn, up 14% from 2024 reported and up 1% from 2024 restated. Observing the operator’s 2024 full year report, GGR is briefly defined as ‘stakes - player winnings’, or, in other words – turnover.
Lottery and sports betting lead the way
By company segment, FDJ’s lottery and sports betting (LSF) departments were the operator’s combined revenue driver during 2025, generating €2.54bn in revenue, up 1% year-on-year compared to 2024’s restated results – with recurring EBITDA also rising 3% to €913m. Indeed, the dominance of this sector remains consistent with results from the third quarter of 2025.
Elsewhere, amid the finalisation of the company’s Kindred integration and rising gaming duty in France during 2025, FDJ’s online betting and gaming (OBG) department reported losses across the board for the full year – with revenue falling by 12% compared to 2024 restated, reaching €908m. OBG recurring EBITDA also dropped by 38% year-on-year, settling at €182m and paired with a margin of 20%, down 850 basis points.
An optimistic three-year outlook?
Looking ahead, FDJ has outlined its expectation to secure gradual acceleration in revenue growth to +5% annually by 2028, with recurring EBITDA margin outlined at a goal of 26% within the same timeframe. The operator has also guided “slight” revenue growth for 2026.
However, as highlighted in these latest results, 78% of the operator’s overall revenue was unsurprisingly generated from the French market, which has faced notable economic and regulatory shifts in recent times, and is still seemingly no closer to progressing its previously approved online casino regulatory overhaul, outlined in 2024. Considering the fact that Kindred was assumingly acquired to bolster FDJ’s online casino department, this now leaves the operator with plenty of food for thought going forward.
This latest update follows the recent approval of FDJ’s “Ticket d’Argent” lottery software last week from the nation’s regulator, ANJ. Elsewhere today, it has been announced that former Kindred CEO Nils Andén is set to depart FDJ’s Executive Committee to pursue new projects elsewhere, with Pascal Chaffard set to succeed him in his position.
Despite these mixed full year financial results, FDJ United’s share price has risen in the past 24 hours
