{"success":true,"data":{"pressRelease":{"id":"102401","rtpr_id":"nBwKpbHYa","ticker":"FDJU","exchange":"Euronext Paris","all_tickers":["FDJU"],"title":"FDJ UNITED - H1 2026","author":"Business Wire","published_at":"2026-07-29T16:20:00.114Z","article_body":"FDJ UNITED - H1 2026\n\nGross gaming revenue of €4,314m, down 1.3%\n\nRevenue of €1,782m, down 4.5%, impacted by gaming taxes increases\n\nRecurring EBITDA margin of 22.7% in line with annual target\n\nRegulatory News:\n\nFDJ UNITED (Paris:FDJU):\n\n\n * French lottery and retail sports betting BU: gross gaming revenue (GGR) of\n€3,429m (-2.0%) and revenue of €1,240m (-3.9%)\n\n\n * The lottery reported a 2.1% decline in GGR in the first half of the year, to\n€2,979m, and a 4.0% decline in revenue, to €1,022m. This underperformance\nis due to the significantly lower number and amounts of major Euromillions\njackpots compared to 2025 and, in the second quarter, lower traffic at points\nof sale, largely due to exceptional heatwaves\n\n * Excluding long Euromillions cycles(1) in the first half of the year, GGR for\nthe lottery rose by 1.0% and for the online lottery by 6.0%\n\n * In the second half, the Group is rolling out a sales action plan to support\nthe lottery business. Furthermore, as part of its medium-term strategy, it\ncontinues to invest in refreshing its game offering and driving innovation,\nincluding in 2027 the relaunch of Euromillions and Loto and the launch of a\nnew €10 instant game, efforts to enhance the appeal of its digital offering\nand the continued expansion of under banners points of sale\n\n * The performance of point-of-sale sports betting improved in the second\nquarter, driven by a more attractive offering than in the first quarter. In\nthe first half of the year, GGR and revenue declined by 1.1% to €450m and\n2.9% to €218m, respectively\n\n\n * Online betting and gaming BU – performance in line with expectations: GGR\nstable at €702m, while revenue declined by 7.4% to €431m\n\n\n * Excluding the Netherlands and the United Kingdom, GGR rose 6.6% and revenue\nincreased 0.6%, driven in particular by a strong performance in France and\nScandinavia\n\n * In the Netherlands, business continued to improve despite a persistently\nchallenging environment. Compared with 2025, the 15.0% decline in GGR in the\nfirst quarter was significantly\n\nreduced to 4.1% in the second quarter. In the United Kingdom, as expected, the\nsituation remains difficult, and the ongoing actions plan will begin to yield\nresults by the end of 2026\n\n * The new management team is committed to implementing the action plans designed\nto gradually restore performance, in particular by prioritising marketing\ninvestments and optimising player experience.\n\n\n * Strong performance for the FIFA World Cup (June 11 – July 19): stakes over\n€700m for the Group and high payout ratio to players, in line with forecasts\n\n * Recurring EBITDA of €404m, a 22.7% margin\n\n\n * In addition to the decline in variable costs in line with business activity,\nthe implementation of the performance plan helped reduce the Group’s fixed\ncosts by 2.8%\n\n\n * Adjusted net profit of €180m, impacted by the exceptional tax contribution\non the profits of large companies for €20m.\n\n * A very solid balance sheet, with net financial debt of €1,964m; Moody’s\nBaa1 rating confirmed\n\n * The Group continues to optimize its resource allocation. In this context, it\nhas launched a review of its market portfolio within Online betting and gaming\nBU, as well as non-core assets, notably within the Payment and Services BU\n\n * For the 2026 financial, FDJ UNITED:\n\n\n * is now targeting a stable GGR, both in the French lottery and retail sports\nbetting BU and the Online betting and gaming BU, and a low single-digit\ndecline in revenue\n\n * and confirms\n\n\n* a recurring EBITDA margin that remains between 23% and 24%, thanks to\ncontinued\n\nimplementation of the performance plan launched in 2025 – in line with its\nmulti-year objectives – and enhanced financial discipline that safeguards\ngrowth investments\n\n * an annual increase in the dividend, based on a payout ratio of at least 75% of\nadjusted net profit\n\n\n\n\nFDJ UNITED, a leader in betting and gaming in Europe, announces its results\nfor the first half of 2026.\n\nStéphane Pallez, Chairwoman and Chief Executive Officer of FDJ UNITED, said:\n\"The Group’s performance in the first half is still affected by higher\ntaxation, alongside factors inherent to the lottery business and the impact of\nexceptional heatwaves which have weighed on traffic at points of sale in\nFrance. Backed by solid fundamentals and a robust financial structure, FDJ\nUNITED continues to invest in innovation, the attractiveness of its product\nportfolio and the acceleration of its transformation in order to return to a\npath of sustainable, profitable and value-creating growth.”\n\nKey figures (in millions of euros)\n                             H1 2026  H1 2025  % Change              \n                                               \nH1 2026 vs. H1 2025  \n Revenue*                    1,782    1,867    -4.5%                 \n Recurring operating income  229      270      -15.1%                \n Net income                  -16      136      N/A                   \n Adjusted net profit**       180      222      -19.0%                \n                                                                     \n Recurring EBITDA***         404      441      -8.4%                 \n Recurring EBITDA margin     22.7%    23.6%    -90 bp                \n\n\n* Revenue: net gaming income and income from other activities\n\n** Adjusted net profit: consolidated net income restated to exclude\namortisation of intangible and tangible assets recognised or revalued during\nthe allocation of the purchase price of business combinations; impairment\nlosses on intangible assets recognised at the time of business combinations or\nsubsequently; and changes in deferred taxes resulting from these adjustments\n\n*** Recurring EBITDA: recurring operating income adjusted for depreciation and\namortisation expense\n\nStrengthened social commitments\n\n\n * Player protection and prevention of underage gaming\n\nFDJ UNITED continues its commitment to responsible gaming through:\n\n\n * Its support for Arpej’s “Opéra” program(2), which has already raised\nawareness among more than 50,000 young people about the risks associated with\ngaming;\n\n * In conjunction with the World Cup, it is also stepping up its prevention\nefforts by supporting the extended hours of the SOS Joueurs chat service and\nby launching, through Unibet and Parions Sport, campaigns dedicated to\ncombating excessive gaming and underage gaming.\n\n\n * Recognition of CSR excellence and climate performance\n\nThe Group has been recognised for its commitment to sustainable development:\n\n\n * By being included in S&P Global’s “Sustainability Yearbook 2025”,\nwhich recognises the world’s top-performing companies in ESG;\n\n * And by earning, for the fifth consecutive year, the highest carbon rating of\n“A” from the Vérité40 Index, which highlights the company’s consistent\nefforts to promote climate transparency and the ecological transition.\n\n\n * Renewed commitment to preserving biodiversity\n\n\n * Mission Nature raised nearly €10 million for the French Office for\nBiodiversity (OFB) in 2026. Over the past four years, over €32 million has\nhelped support more than 90 biodiversity conservation projects. As a “major\nsponsor” of the OFB, FDJ UNITED has also renewed its commitment with a\nfurther €700,000 for two years, bringing its total contribution to more than\n€2.5 million since 2023.\n\n * Against a backdrop of increasing frequency and severity of forest fires in\nFrance, the 2027\n\nedition of Mission Nature will be dedicated to forests. In addition, dedicated\nevents will be\n\norganised in the autumn to raise funds for the restoration of French forests.\n\nActivity and results for H1\n\nGross gaming revenue (GGR) for the first half of 2026 totalled €4,314m, down\n1.3%. After €2,613m in public levies (+0.7%), net gaming revenue (NGR(3))\ncame to €1,701m, down 4.1%.\n\nIncluding income from other activities, the Group's half-yearly revenue\namounted to €1,782 million, down 4.5%.\n\nRevenue growth was negatively impacted by €52 million in tax increases on\ngaming (in France, the United Kingdom, the Netherlands and Romania), reducing\ngrowth by 3 points.\n Revenue (in €m)                           H1 2026  H1 2025  % Change H1 2026  \n                                                             \nvs H1 2025       \n French lottery and retail sports betting  1,240    1,290    -3.9%             \n Online betting and gaming                 431      466      -7.4%             \n International lottery                     81       80       +1.4%             \n Payment and Services                      30       31       -4.9%             \n Group total                               1,782    1,867    -4.5%             \n\n\nBy BU:\n\n\n * French lottery and retail sports betting\n\nIn the first half of 2026, GGR and revenue from the French lottery and retail\nsports betting BU’s operations declined by 2.0% to €3,429 million and by\n3.9% to €1,240 million, respectively. Revenue was affected by the increase\nin gaming taxes in France from 1 July 2025, amounting to more than €28\nmillion.\n\n\n * Lottery GGR fell by 2.1% to €2,979 million, and revenue declined by 4.0% to\n€1,022 million. This underperformance is due to the significantly lower\nnumber and amounts of major Euromillions jackpots compared to 2025 and, in the\nsecond quarter, lower traffic at point-of-sale, largely due to exceptional\nheatwaves. GGR from draw games was down 7.6%, while it rose 2.3% for instant\ngames. The lack of momentum in draw games also weighed on the online lottery,\nwhere GGR during the first half was down slightly (-1.3%).\n\n * Excluding Euromillions long cycles in the first half of the year, GGR for the\nlottery rose by 1.0% and for the online lottery by 6.0%\n\n\n * The trend in point-of-sale sports betting improved in the second quarter,\ndriven by a more\n\nattractive offering. In the first half, GGR fell by 1.1% to €450 million,\nwhile revenue declined by 2.9% to €218 million.\n\n * Across the entire BU, point-of-sale revenue was down 4.0%.\n\nVariable expenses account for more than two-thirds of the BU's expenses. In\nthe first half, these costs amounted to €549 million, of which €501\nmillion were for retailers’ remuneration, and declined by 3.3% notably due\nto the decrease in business activity.\n\nFixed expenses of €267 million rose 3.7%, and 2.3% excluding the additional\nadvertising tax that came into effect on 1 July 2025, for nearly €4 million.\nThis increase is attributable to IT services (+8.4% to €42 million), while\npersonnel expenses (€109 million) and administrative and general costs\n(€19 million) remained virtually unchanged.\n\nThe BU's recurring EBITDA came to €423 million, representing a margin of\n34.1%, compared with 36.0% in H1 2025.\n\n\n * Online betting and gaming\n\nIn the first half of 2026, GGR for the Online betting and gaming BU remained\nstable at €702 million (-0.2%), with larger events in the second quarter,\nincluding the final stages of the Champions League and the FIFA World Cup. The\ncumulative effect of tax increases on gaming (France, the United Kingdom, the\nNetherlands, and Romania) – totalling nearly €24 million – impacted\nrevenue, which fell by 7.4% to €431 million. Second-quarter revenue came to\n€218m, up 2.4% on the first quarter.\n\n\n * Excluding the Netherlands and the United Kingdom, GGR rose 6.6% and revenue\nincreased 0.6%, driven in particular by a strong performance in France and\nScandinavia.\n\n * In the Netherlands, the situation improved significantly despite the continued\nchallenging\n\nenvironment. Second-quarter GGR rose by more than 10% compared with the first\nquarter. Compared with 2025, the 15.0% decline in GGR in the first quarter was\nsignificantly reduced to 4.1% in the second quarter. In the United Kingdom, as\nexpected, the situation remains difficult, and the ongoing action plan will\nbegin to yield results by the end of 2026.\n\nVariable expenses of €126 million – which account for more than one-third\nof the BU’s expenses – decreased by 6.3% due to the decline in business\nactivity.\n\nFixed costs of €238 million remained virtually unchanged (+0.8%) and in fact\ndecreased by 1.0% excluding the impact of the additional tax on advertising in\nFrance, which amounted to over €4 million. IT services (€30 million) and\npersonnel expenses (€91 million) remained virtually unchanged, while\nadministrative and general expenses (€19 million) fell by 8.5%.\n\nRecurring EBITDA came to €67 million, representing a margin of 15.5%,\ncompared with 20.3% in the first half of 2025.\n\n\n * International lottery\n\nThe International Lottery BU posted revenue of €81 million (vs €80 million\nin H1 2025), with recurring EBITDA of €17 million (compared with €15\nmillion in H1 2025). The improvement in performance was driven by Premier\nLotteries Ireland, with growth across all product lines and channels –\nparticularly digital – while the B2B business declined sharply following the\ndecision to terminate certain unprofitable contracts.\n\n\n * Payment and Services\n\nThe Payment and Services BU reported revenue of €30 million (vs. 31 million\nin H1 2025), as the BU gradually optimised its business portfolio, with\nrecurring EBITDA of -€3 million (compared with -€2 million in H1 2025).\n\n\n * Holding company\n\nCentral costs amounted to €100 million, compared with €130 million in H1\n2025. Last year, these included €14 million in costs related to the employee\nshareholding plan. In addition, administrative and general expenses were\nreduced, primarily through lower consulting and property-related costs.\n\nRecurring EBITDA of €404 million, representing a recurring EBITDA margin of\n22.7%, and recurring operating profit of €229 million\n\nCost of sales amounted to €760 million, down 3.8%. This trend is linked to\nthe level of activity, which has led to a decrease in remuneration of\nretailers in the French lottery and retail sports betting BU and of service\nproviders in the Online betting and gaming BU, as well as the benefits of the\ncommercial reorganisation through the in-house integration of sales\nintermediaries in France.\n\nMarketing costs of €166 million include advertising and promotional design\ncosts, as well as €8 million in additional advertising tax in France, which\ntook effect on 1 July 2025. Excluding the latter, marketing costs decline by\n1.4%.\n\nIT services amounted to €91 million (+2.6%). They cover the costs of\noutsourcing the development and IT operation of games and services.\n\nStaff costs came to €288 million. In 2025, these costs included those\nrelated to the employee shareholding scheme; excluding those costs, they\nremained stable. General and administrative costs mainly comprise consulting\nfees, central functions and real estate costs. They were reduced by 13.2%.\n\nRecurring EBITDA came to €404 million, down 8.4% compared with €441\nmillion in H1 2025.\n\nAs a result, the recurring EBITDA margin stood at 22.7% in H1 2026, compared\nwith 23.6% in H1 2025.\n\nNet depreciation and amortisation charges on tangible and intangible assets\namounted to €175 million (+2.1%).\n\nThe Group's current operating income was thus €229 million, down 15.1%.\n\nOther non-recurring operating profit and expenses amounted to -€142 million,\ncompared to -€10 million in H1 2025. This increase is primarily due to\n€135 million in impairment charges on intangible assets in the Online\nbetting and gaming BU.\n\nThe financial result was -€34 million, compared with -€37 million in H1\n2025.\n\nThe Group’s tax expense amounted to €69 million, compared with €90\nmillion in H1 2025. Excluding the impact of impairment losses on intangible\nassets, the effective tax rate was 46.1% in H1 2026, compared with 40.4% in H1\n2025. The effective tax rate is affected, in particular, by the exceptional\ntax on the profits of large companies.\n\nConsolidated net income for H1 2026 thus amounted to -€16 million, compared\nwith €136 million in H1 2025.\n\nAdjusted net profit of €180 million\n\nAfter adjusting consolidated net income for:\n\n- depreciation and amortisation of intangible and tangible assets, recognised\nor revalued when allocating the purchase price of business combinations;\n\n- impairment losses on intangible assets recognised at the time of business\ncombinations or subsequently;\n\n- changes in deferred tax resulting from these adjustments;\n\nadjusted net profit reached €180 million, down 19.0% versus the €222\nmillion in H1 2025.\n\nA solid balance sheet structure\n\nNet financial debt, an indicator of the Group’s net financial position,\nstood at €1,964 million at the end of June 2026, unchanged from the end of\nJune 2025.\n\nIn July 2026, Moody’s confirmed the Group’s investment-grade Baa1 rating\nwith a stable outlook, reflecting the Group’s financial strength.\n\nOutlook\n\n\n * As part of its medium-term strategy, the Group continues to invest in numerous\ninitiatives to return to profitable growth\n\n\n * The French lottery and retail sports betting BU is rolling out a sales action\nplan to support lottery operations in the second half of 2026, featuring\nadditional events for Euromillions, Loto and\n\nEurodreams. Furthermore, as part of its medium-term strategy, it continues to\ninvest in refreshing its game offering and driving innovation, including in\n2027 the relaunch of Euromillions and Loto and the launch of a new €10\ninstant game, efforts to enhance the appeal of its digital offering and the\ncontinued expansion of under banners points of sale.\n\n * Within the Online betting and gaming BU, the new management team is committed\nto\n\nimplementing action plans designed to gradually restore performance, notably\nby turning around operations in the United Kingdom and the Netherlands,\nprioritising marketing investments and optimising the player experience.\n\n * At the same time, the Group is continuing to implement its performance plan\nand is strengthening its financial discipline.\n\n\n * The Group continues to optimize its resource allocation. In this context, it\nhas launched a review of the markets within its Online betting and gaming BU,\nas well as of its non-core assets, notably within the Payment and services BU.\n\n\n * Considering its first-half performance and a comparison base that remains high\nin the third quarter, for the 2026 financial year, FDJ UNITED:\n\n\n * is now targeting a stable GGR in both the French lottery and retail sports\nbetting BU and the Online betting and gaming BU, and a low single-digit\ndecline in revenue.\n\n * and confirms\n\n\n* a recurring EBITDA margin target between 23% and 24%, thanks to continued\nimplementation of the performance plan launched in 2025 – in line with its\nmulti-year objectives – and strengthened financial discipline that\nsafeguards growth investments.\n\n * And an annual increase in the dividend, based on a payout ratio of at least\n75% of adjusted net profit.\n\n\n\n\nFDJ UNITED's Board of Directors met on 29 July 2026 and examined the\nconsolidated financial statements for the six months ended 30 June 2026, which\nwere prepared under its responsibility.\n\nThe limited review procedures on the half-yearly financial statements have\nbeen performed. The auditors' limited review report is in the process of being\nissued.\n\nThe summarised half-year consolidated financial statements and a financial\npresentation are available on the FDJ UNITED website:\nhttps://www.fdjunited.com/publications-et-resultats/\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.fdjunited.com%2Fpublications-et-resultats%2F&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=https%3A%2F%2Fwww.fdjunited.com%2Fpublications-et-resultats%2F&index=1&md5=722c5f565e217244596364557138fa7d)\n\nNext financial communication\n\nFDJ UNITED will publish its revenue for the end of September on Wednesday 21\nOctober 2026, after market close.\n\nAbout FDJ UNITED\n\nFDJ UNITED is a leading betting and gaming operator in Europe, with a vast\nportfolio of iconic brands and a reputation for technological excellence. With\nover 5,000 employees and a presence in over ten regulated markets, the Group\noffers a diversified, responsible range of games, both under exclusive rights\nand open to competition: lottery games in France and Ireland via an extensive\npoint-of-sale network and also online; sports betting at points of sale in\nFrance; and online games open to competition (sports and horse-race betting,\npoker and online casino games, in markets where these activities are\nauthorised). FDJ UNITED has placed responsibility at the heart of its strategy\nand promotes recreational betting. The Group is listed on the regulated market\nEuronext Paris (FDJU) and included in the SBF 120, Euronext 100, EN EZ ESG L\n80, STOXX Europe 600 and FTSE Euro indices.\n\nFor more information, visit www.fdjunited.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fdjunited.com&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=www.fdjunited.com&index=2&md5=8ebfa3dd32ea9b21e4f410f130b05f35)\n\n@FDJ_UNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fx.com%2Ffdj_united&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJ_UNITED&index=3&md5=2cf3ad8795fa9cf2fbde9bc654f1866c)\n@FDJUNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.instagram.com%2Ffdjunited&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJUNITED&index=4&md5=445de4c156d1b743e4f055e355297892)\n@FDJUNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2FFDJUNITED&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJUNITED&index=5&md5=5aefbb4f82011ed5b40f5bd83471f29b)\n@FDJUNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.youtube.com%2F%40FDJUNITED&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJUNITED&index=6&md5=c04ee8d97b53c94b258469ad7c140b69)\n\nAppendix\n\nHigher taxes on betting and gaming\n\nFDJ UNITED points out that the taxation of betting and gaming relates to GGR,\nwhich is split between public levies and the operator according to the tax\nrates applicable to each category of games. This taxation reflects different\nlevels of player winnings and varies from one jurisdiction to another. As a\nresult, any increase in tax automatically reduces revenue and, by the same\namount, recurring EBITDA, at stable operating costs.\n\n- In France\n\nThe Social Security Financing Act for 2025 introduced new specific tax\nmeasures applicable to betting and gaming from 1 July 2025. These measures\nentail significant increases in public levy rates on gross gaming revenue and\nspecific taxes for:\n\n\n * The lottery at the point of sale and online:\n\n\n * On Loto and Euromillions games, the rate of public levies rose from 68.0% to\n69.0% of GGR, with a social levy (CSG) rate that rose from 6.2% to 7.2% of\nGGR;\n\n * On other draw games and instant games, the rate of public levies rose from\n55.5% to 56.5% of GGR, with a CSG rate which rose from 6.2% to 7.2% of GGR;\n\n\n * Point-of-sale sports betting: the rate of public levies rose from 41.1% to\n42.1% of GGR, with a CSG rate that rose from 6.6% to 7.6% of GGR;\n\n * Online sports betting: the rate of public levies rose from 54.9% to 59.3% of\nGGR, including a CSG rate that rose from 10.6% to 15% of GGR;\n\n\n * Online poker: the rate of public levies rose from 0.2% of bets to 10.0% of\nGGR;\n\n * Online horse-race betting: social levies remained unchanged, but the fee paid\nto the racecourse companies increased (annual change by decree as of 1\nJanuary). As such, the rate of public levies rose from 52.3% to 52.9% of GGR.\n\n- In the Netherlands\n\nAs of 1 January 2025, the rate of public levies on online gambling was\nincreased from 30.5% to 34.2% of GGR.\n\nAs of 1 January 2026, the rate of public levies on online gambling was\nincreased from 34.2% to 37.8% of GGR.\n\n- In Romania\n\nAs of 1 August 2025, the rate of public levies on sports betting and\nhorse-race betting was increased from 21% to 30% of GGR.\n\n- In the United Kingdom\n\nThe tax on online casino games was increased from 21% to 40% of GGR on 1 April\n2026. In online sports betting, the rate of public levies will increase from\n15% to 25% of GGR from 1 April 2027.\n\n(1) As soon as the jackpot exceeds €75m\n\n(2) This program has been funded since 2023, with a total of €10 million\nover 5 years\n\n(3) NGR = GGR – public levies.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260729733657/en/\n(https://www.businesswire.com/news/home/20260729733657/en/)\n\nMedia Contact \n\n01 41 10 33 82 | media@fdjunited.com (mailto:media@fdjunited.com)\n\nInvestor Relations Contact \n\n01 41 04 19 74 | invest@fdjunited.com (mailto:invest@fdjunited.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwKpbHYa","title":"FDJ UNITED - H1 2026","author":"Business Wire","ticker":"FDJU","created":"2026-07-29T16:20:00.114Z","tickers":["FDJU"],"exchange":"Euronext Paris","article_body":"FDJ UNITED - H1 2026\n\nGross gaming revenue of €4,314m, down 1.3%\n\nRevenue of €1,782m, down 4.5%, impacted by gaming taxes increases\n\nRecurring EBITDA margin of 22.7% in line with annual target\n\nRegulatory News:\n\nFDJ UNITED (Paris:FDJU):\n\n\n * French lottery and retail sports betting BU: gross gaming revenue (GGR) of\n€3,429m (-2.0%) and revenue of €1,240m (-3.9%)\n\n\n * The lottery reported a 2.1% decline in GGR in the first half of the year, to\n€2,979m, and a 4.0% decline in revenue, to €1,022m. This underperformance\nis due to the significantly lower number and amounts of major Euromillions\njackpots compared to 2025 and, in the second quarter, lower traffic at points\nof sale, largely due to exceptional heatwaves\n\n * Excluding long Euromillions cycles(1) in the first half of the year, GGR for\nthe lottery rose by 1.0% and for the online lottery by 6.0%\n\n * In the second half, the Group is rolling out a sales action plan to support\nthe lottery business. Furthermore, as part of its medium-term strategy, it\ncontinues to invest in refreshing its game offering and driving innovation,\nincluding in 2027 the relaunch of Euromillions and Loto and the launch of a\nnew €10 instant game, efforts to enhance the appeal of its digital offering\nand the continued expansion of under banners points of sale\n\n * The performance of point-of-sale sports betting improved in the second\nquarter, driven by a more attractive offering than in the first quarter. In\nthe first half of the year, GGR and revenue declined by 1.1% to €450m and\n2.9% to €218m, respectively\n\n\n * Online betting and gaming BU – performance in line with expectations: GGR\nstable at €702m, while revenue declined by 7.4% to €431m\n\n\n * Excluding the Netherlands and the United Kingdom, GGR rose 6.6% and revenue\nincreased 0.6%, driven in particular by a strong performance in France and\nScandinavia\n\n * In the Netherlands, business continued to improve despite a persistently\nchallenging environment. Compared with 2025, the 15.0% decline in GGR in the\nfirst quarter was significantly\n\nreduced to 4.1% in the second quarter. In the United Kingdom, as expected, the\nsituation remains difficult, and the ongoing actions plan will begin to yield\nresults by the end of 2026\n\n * The new management team is committed to implementing the action plans designed\nto gradually restore performance, in particular by prioritising marketing\ninvestments and optimising player experience.\n\n\n * Strong performance for the FIFA World Cup (June 11 – July 19): stakes over\n€700m for the Group and high payout ratio to players, in line with forecasts\n\n * Recurring EBITDA of €404m, a 22.7% margin\n\n\n * In addition to the decline in variable costs in line with business activity,\nthe implementation of the performance plan helped reduce the Group’s fixed\ncosts by 2.8%\n\n\n * Adjusted net profit of €180m, impacted by the exceptional tax contribution\non the profits of large companies for €20m.\n\n * A very solid balance sheet, with net financial debt of €1,964m; Moody’s\nBaa1 rating confirmed\n\n * The Group continues to optimize its resource allocation. In this context, it\nhas launched a review of its market portfolio within Online betting and gaming\nBU, as well as non-core assets, notably within the Payment and Services BU\n\n * For the 2026 financial, FDJ UNITED:\n\n\n * is now targeting a stable GGR, both in the French lottery and retail sports\nbetting BU and the Online betting and gaming BU, and a low single-digit\ndecline in revenue\n\n * and confirms\n\n\n* a recurring EBITDA margin that remains between 23% and 24%, thanks to\ncontinued\n\nimplementation of the performance plan launched in 2025 – in line with its\nmulti-year objectives – and enhanced financial discipline that safeguards\ngrowth investments\n\n * an annual increase in the dividend, based on a payout ratio of at least 75% of\nadjusted net profit\n\n\n\n\nFDJ UNITED, a leader in betting and gaming in Europe, announces its results\nfor the first half of 2026.\n\nStéphane Pallez, Chairwoman and Chief Executive Officer of FDJ UNITED, said:\n\"The Group’s performance in the first half is still affected by higher\ntaxation, alongside factors inherent to the lottery business and the impact of\nexceptional heatwaves which have weighed on traffic at points of sale in\nFrance. Backed by solid fundamentals and a robust financial structure, FDJ\nUNITED continues to invest in innovation, the attractiveness of its product\nportfolio and the acceleration of its transformation in order to return to a\npath of sustainable, profitable and value-creating growth.”\n\nKey figures (in millions of euros)\n                             H1 2026  H1 2025  % Change              \n                                               \nH1 2026 vs. H1 2025  \n Revenue*                    1,782    1,867    -4.5%                 \n Recurring operating income  229      270      -15.1%                \n Net income                  -16      136      N/A                   \n Adjusted net profit**       180      222      -19.0%                \n                                                                     \n Recurring EBITDA***         404      441      -8.4%                 \n Recurring EBITDA margin     22.7%    23.6%    -90 bp                \n\n\n* Revenue: net gaming income and income from other activities\n\n** Adjusted net profit: consolidated net income restated to exclude\namortisation of intangible and tangible assets recognised or revalued during\nthe allocation of the purchase price of business combinations; impairment\nlosses on intangible assets recognised at the time of business combinations or\nsubsequently; and changes in deferred taxes resulting from these adjustments\n\n*** Recurring EBITDA: recurring operating income adjusted for depreciation and\namortisation expense\n\nStrengthened social commitments\n\n\n * Player protection and prevention of underage gaming\n\nFDJ UNITED continues its commitment to responsible gaming through:\n\n\n * Its support for Arpej’s “Opéra” program(2), which has already raised\nawareness among more than 50,000 young people about the risks associated with\ngaming;\n\n * In conjunction with the World Cup, it is also stepping up its prevention\nefforts by supporting the extended hours of the SOS Joueurs chat service and\nby launching, through Unibet and Parions Sport, campaigns dedicated to\ncombating excessive gaming and underage gaming.\n\n\n * Recognition of CSR excellence and climate performance\n\nThe Group has been recognised for its commitment to sustainable development:\n\n\n * By being included in S&P Global’s “Sustainability Yearbook 2025”,\nwhich recognises the world’s top-performing companies in ESG;\n\n * And by earning, for the fifth consecutive year, the highest carbon rating of\n“A” from the Vérité40 Index, which highlights the company’s consistent\nefforts to promote climate transparency and the ecological transition.\n\n\n * Renewed commitment to preserving biodiversity\n\n\n * Mission Nature raised nearly €10 million for the French Office for\nBiodiversity (OFB) in 2026. Over the past four years, over €32 million has\nhelped support more than 90 biodiversity conservation projects. As a “major\nsponsor” of the OFB, FDJ UNITED has also renewed its commitment with a\nfurther €700,000 for two years, bringing its total contribution to more than\n€2.5 million since 2023.\n\n * Against a backdrop of increasing frequency and severity of forest fires in\nFrance, the 2027\n\nedition of Mission Nature will be dedicated to forests. In addition, dedicated\nevents will be\n\norganised in the autumn to raise funds for the restoration of French forests.\n\nActivity and results for H1\n\nGross gaming revenue (GGR) for the first half of 2026 totalled €4,314m, down\n1.3%. After €2,613m in public levies (+0.7%), net gaming revenue (NGR(3))\ncame to €1,701m, down 4.1%.\n\nIncluding income from other activities, the Group's half-yearly revenue\namounted to €1,782 million, down 4.5%.\n\nRevenue growth was negatively impacted by €52 million in tax increases on\ngaming (in France, the United Kingdom, the Netherlands and Romania), reducing\ngrowth by 3 points.\n Revenue (in €m)                           H1 2026  H1 2025  % Change H1 2026  \n                                                             \nvs H1 2025       \n French lottery and retail sports betting  1,240    1,290    -3.9%             \n Online betting and gaming                 431      466      -7.4%             \n International lottery                     81       80       +1.4%             \n Payment and Services                      30       31       -4.9%             \n Group total                               1,782    1,867    -4.5%             \n\n\nBy BU:\n\n\n * French lottery and retail sports betting\n\nIn the first half of 2026, GGR and revenue from the French lottery and retail\nsports betting BU’s operations declined by 2.0% to €3,429 million and by\n3.9% to €1,240 million, respectively. Revenue was affected by the increase\nin gaming taxes in France from 1 July 2025, amounting to more than €28\nmillion.\n\n\n * Lottery GGR fell by 2.1% to €2,979 million, and revenue declined by 4.0% to\n€1,022 million. This underperformance is due to the significantly lower\nnumber and amounts of major Euromillions jackpots compared to 2025 and, in the\nsecond quarter, lower traffic at point-of-sale, largely due to exceptional\nheatwaves. GGR from draw games was down 7.6%, while it rose 2.3% for instant\ngames. The lack of momentum in draw games also weighed on the online lottery,\nwhere GGR during the first half was down slightly (-1.3%).\n\n * Excluding Euromillions long cycles in the first half of the year, GGR for the\nlottery rose by 1.0% and for the online lottery by 6.0%\n\n\n * The trend in point-of-sale sports betting improved in the second quarter,\ndriven by a more\n\nattractive offering. In the first half, GGR fell by 1.1% to €450 million,\nwhile revenue declined by 2.9% to €218 million.\n\n * Across the entire BU, point-of-sale revenue was down 4.0%.\n\nVariable expenses account for more than two-thirds of the BU's expenses. In\nthe first half, these costs amounted to €549 million, of which €501\nmillion were for retailers’ remuneration, and declined by 3.3% notably due\nto the decrease in business activity.\n\nFixed expenses of €267 million rose 3.7%, and 2.3% excluding the additional\nadvertising tax that came into effect on 1 July 2025, for nearly €4 million.\nThis increase is attributable to IT services (+8.4% to €42 million), while\npersonnel expenses (€109 million) and administrative and general costs\n(€19 million) remained virtually unchanged.\n\nThe BU's recurring EBITDA came to €423 million, representing a margin of\n34.1%, compared with 36.0% in H1 2025.\n\n\n * Online betting and gaming\n\nIn the first half of 2026, GGR for the Online betting and gaming BU remained\nstable at €702 million (-0.2%), with larger events in the second quarter,\nincluding the final stages of the Champions League and the FIFA World Cup. The\ncumulative effect of tax increases on gaming (France, the United Kingdom, the\nNetherlands, and Romania) – totalling nearly €24 million – impacted\nrevenue, which fell by 7.4% to €431 million. Second-quarter revenue came to\n€218m, up 2.4% on the first quarter.\n\n\n * Excluding the Netherlands and the United Kingdom, GGR rose 6.6% and revenue\nincreased 0.6%, driven in particular by a strong performance in France and\nScandinavia.\n\n * In the Netherlands, the situation improved significantly despite the continued\nchallenging\n\nenvironment. Second-quarter GGR rose by more than 10% compared with the first\nquarter. Compared with 2025, the 15.0% decline in GGR in the first quarter was\nsignificantly reduced to 4.1% in the second quarter. In the United Kingdom, as\nexpected, the situation remains difficult, and the ongoing action plan will\nbegin to yield results by the end of 2026.\n\nVariable expenses of €126 million – which account for more than one-third\nof the BU’s expenses – decreased by 6.3% due to the decline in business\nactivity.\n\nFixed costs of €238 million remained virtually unchanged (+0.8%) and in fact\ndecreased by 1.0% excluding the impact of the additional tax on advertising in\nFrance, which amounted to over €4 million. IT services (€30 million) and\npersonnel expenses (€91 million) remained virtually unchanged, while\nadministrative and general expenses (€19 million) fell by 8.5%.\n\nRecurring EBITDA came to €67 million, representing a margin of 15.5%,\ncompared with 20.3% in the first half of 2025.\n\n\n * International lottery\n\nThe International Lottery BU posted revenue of €81 million (vs €80 million\nin H1 2025), with recurring EBITDA of €17 million (compared with €15\nmillion in H1 2025). The improvement in performance was driven by Premier\nLotteries Ireland, with growth across all product lines and channels –\nparticularly digital – while the B2B business declined sharply following the\ndecision to terminate certain unprofitable contracts.\n\n\n * Payment and Services\n\nThe Payment and Services BU reported revenue of €30 million (vs. 31 million\nin H1 2025), as the BU gradually optimised its business portfolio, with\nrecurring EBITDA of -€3 million (compared with -€2 million in H1 2025).\n\n\n * Holding company\n\nCentral costs amounted to €100 million, compared with €130 million in H1\n2025. Last year, these included €14 million in costs related to the employee\nshareholding plan. In addition, administrative and general expenses were\nreduced, primarily through lower consulting and property-related costs.\n\nRecurring EBITDA of €404 million, representing a recurring EBITDA margin of\n22.7%, and recurring operating profit of €229 million\n\nCost of sales amounted to €760 million, down 3.8%. This trend is linked to\nthe level of activity, which has led to a decrease in remuneration of\nretailers in the French lottery and retail sports betting BU and of service\nproviders in the Online betting and gaming BU, as well as the benefits of the\ncommercial reorganisation through the in-house integration of sales\nintermediaries in France.\n\nMarketing costs of €166 million include advertising and promotional design\ncosts, as well as €8 million in additional advertising tax in France, which\ntook effect on 1 July 2025. Excluding the latter, marketing costs decline by\n1.4%.\n\nIT services amounted to €91 million (+2.6%). They cover the costs of\noutsourcing the development and IT operation of games and services.\n\nStaff costs came to €288 million. In 2025, these costs included those\nrelated to the employee shareholding scheme; excluding those costs, they\nremained stable. General and administrative costs mainly comprise consulting\nfees, central functions and real estate costs. They were reduced by 13.2%.\n\nRecurring EBITDA came to €404 million, down 8.4% compared with €441\nmillion in H1 2025.\n\nAs a result, the recurring EBITDA margin stood at 22.7% in H1 2026, compared\nwith 23.6% in H1 2025.\n\nNet depreciation and amortisation charges on tangible and intangible assets\namounted to €175 million (+2.1%).\n\nThe Group's current operating income was thus €229 million, down 15.1%.\n\nOther non-recurring operating profit and expenses amounted to -€142 million,\ncompared to -€10 million in H1 2025. This increase is primarily due to\n€135 million in impairment charges on intangible assets in the Online\nbetting and gaming BU.\n\nThe financial result was -€34 million, compared with -€37 million in H1\n2025.\n\nThe Group’s tax expense amounted to €69 million, compared with €90\nmillion in H1 2025. Excluding the impact of impairment losses on intangible\nassets, the effective tax rate was 46.1% in H1 2026, compared with 40.4% in H1\n2025. The effective tax rate is affected, in particular, by the exceptional\ntax on the profits of large companies.\n\nConsolidated net income for H1 2026 thus amounted to -€16 million, compared\nwith €136 million in H1 2025.\n\nAdjusted net profit of €180 million\n\nAfter adjusting consolidated net income for:\n\n- depreciation and amortisation of intangible and tangible assets, recognised\nor revalued when allocating the purchase price of business combinations;\n\n- impairment losses on intangible assets recognised at the time of business\ncombinations or subsequently;\n\n- changes in deferred tax resulting from these adjustments;\n\nadjusted net profit reached €180 million, down 19.0% versus the €222\nmillion in H1 2025.\n\nA solid balance sheet structure\n\nNet financial debt, an indicator of the Group’s net financial position,\nstood at €1,964 million at the end of June 2026, unchanged from the end of\nJune 2025.\n\nIn July 2026, Moody’s confirmed the Group’s investment-grade Baa1 rating\nwith a stable outlook, reflecting the Group’s financial strength.\n\nOutlook\n\n\n * As part of its medium-term strategy, the Group continues to invest in numerous\ninitiatives to return to profitable growth\n\n\n * The French lottery and retail sports betting BU is rolling out a sales action\nplan to support lottery operations in the second half of 2026, featuring\nadditional events for Euromillions, Loto and\n\nEurodreams. Furthermore, as part of its medium-term strategy, it continues to\ninvest in refreshing its game offering and driving innovation, including in\n2027 the relaunch of Euromillions and Loto and the launch of a new €10\ninstant game, efforts to enhance the appeal of its digital offering and the\ncontinued expansion of under banners points of sale.\n\n * Within the Online betting and gaming BU, the new management team is committed\nto\n\nimplementing action plans designed to gradually restore performance, notably\nby turning around operations in the United Kingdom and the Netherlands,\nprioritising marketing investments and optimising the player experience.\n\n * At the same time, the Group is continuing to implement its performance plan\nand is strengthening its financial discipline.\n\n\n * The Group continues to optimize its resource allocation. In this context, it\nhas launched a review of the markets within its Online betting and gaming BU,\nas well as of its non-core assets, notably within the Payment and services BU.\n\n\n * Considering its first-half performance and a comparison base that remains high\nin the third quarter, for the 2026 financial year, FDJ UNITED:\n\n\n * is now targeting a stable GGR in both the French lottery and retail sports\nbetting BU and the Online betting and gaming BU, and a low single-digit\ndecline in revenue.\n\n * and confirms\n\n\n* a recurring EBITDA margin target between 23% and 24%, thanks to continued\nimplementation of the performance plan launched in 2025 – in line with its\nmulti-year objectives – and strengthened financial discipline that\nsafeguards growth investments.\n\n * And an annual increase in the dividend, based on a payout ratio of at least\n75% of adjusted net profit.\n\n\n\n\nFDJ UNITED's Board of Directors met on 29 July 2026 and examined the\nconsolidated financial statements for the six months ended 30 June 2026, which\nwere prepared under its responsibility.\n\nThe limited review procedures on the half-yearly financial statements have\nbeen performed. The auditors' limited review report is in the process of being\nissued.\n\nThe summarised half-year consolidated financial statements and a financial\npresentation are available on the FDJ UNITED website:\nhttps://www.fdjunited.com/publications-et-resultats/\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.fdjunited.com%2Fpublications-et-resultats%2F&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=https%3A%2F%2Fwww.fdjunited.com%2Fpublications-et-resultats%2F&index=1&md5=722c5f565e217244596364557138fa7d)\n\nNext financial communication\n\nFDJ UNITED will publish its revenue for the end of September on Wednesday 21\nOctober 2026, after market close.\n\nAbout FDJ UNITED\n\nFDJ UNITED is a leading betting and gaming operator in Europe, with a vast\nportfolio of iconic brands and a reputation for technological excellence. With\nover 5,000 employees and a presence in over ten regulated markets, the Group\noffers a diversified, responsible range of games, both under exclusive rights\nand open to competition: lottery games in France and Ireland via an extensive\npoint-of-sale network and also online; sports betting at points of sale in\nFrance; and online games open to competition (sports and horse-race betting,\npoker and online casino games, in markets where these activities are\nauthorised). FDJ UNITED has placed responsibility at the heart of its strategy\nand promotes recreational betting. The Group is listed on the regulated market\nEuronext Paris (FDJU) and included in the SBF 120, Euronext 100, EN EZ ESG L\n80, STOXX Europe 600 and FTSE Euro indices.\n\nFor more information, visit www.fdjunited.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fdjunited.com&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=www.fdjunited.com&index=2&md5=8ebfa3dd32ea9b21e4f410f130b05f35)\n\n@FDJ_UNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fx.com%2Ffdj_united&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJ_UNITED&index=3&md5=2cf3ad8795fa9cf2fbde9bc654f1866c)\n@FDJUNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.instagram.com%2Ffdjunited&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJUNITED&index=4&md5=445de4c156d1b743e4f055e355297892)\n@FDJUNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2FFDJUNITED&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJUNITED&index=5&md5=5aefbb4f82011ed5b40f5bd83471f29b)\n@FDJUNITED\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.youtube.com%2F%40FDJUNITED&esheet=54579236&newsitemid=20260729733657&lan=en-US&anchor=%40FDJUNITED&index=6&md5=c04ee8d97b53c94b258469ad7c140b69)\n\nAppendix\n\nHigher taxes on betting and gaming\n\nFDJ UNITED points out that the taxation of betting and gaming relates to GGR,\nwhich is split between public levies and the operator according to the tax\nrates applicable to each category of games. This taxation reflects different\nlevels of player winnings and varies from one jurisdiction to another. As a\nresult, any increase in tax automatically reduces revenue and, by the same\namount, recurring EBITDA, at stable operating costs.\n\n- In France\n\nThe Social Security Financing Act for 2025 introduced new specific tax\nmeasures applicable to betting and gaming from 1 July 2025. These measures\nentail significant increases in public levy rates on gross gaming revenue and\nspecific taxes for:\n\n\n * The lottery at the point of sale and online:\n\n\n * On Loto and Euromillions games, the rate of public levies rose from 68.0% to\n69.0% of GGR, with a social levy (CSG) rate that rose from 6.2% to 7.2% of\nGGR;\n\n * On other draw games and instant games, the rate of public levies rose from\n55.5% to 56.5% of GGR, with a CSG rate which rose from 6.2% to 7.2% of GGR;\n\n\n * Point-of-sale sports betting: the rate of public levies rose from 41.1% to\n42.1% of GGR, with a CSG rate that rose from 6.6% to 7.6% of GGR;\n\n * Online sports betting: the rate of public levies rose from 54.9% to 59.3% of\nGGR, including a CSG rate that rose from 10.6% to 15% of GGR;\n\n\n * Online poker: the rate of public levies rose from 0.2% of bets to 10.0% of\nGGR;\n\n * Online horse-race betting: social levies remained unchanged, but the fee paid\nto the racecourse companies increased (annual change by decree as of 1\nJanuary). As such, the rate of public levies rose from 52.3% to 52.9% of GGR.\n\n- In the Netherlands\n\nAs of 1 January 2025, the rate of public levies on online gambling was\nincreased from 30.5% to 34.2% of GGR.\n\nAs of 1 January 2026, the rate of public levies on online gambling was\nincreased from 34.2% to 37.8% of GGR.\n\n- In Romania\n\nAs of 1 August 2025, the rate of public levies on sports betting and\nhorse-race betting was increased from 21% to 30% of GGR.\n\n- In the United Kingdom\n\nThe tax on online casino games was increased from 21% to 40% of GGR on 1 April\n2026. In online sports betting, the rate of public levies will increase from\n15% to 25% of GGR from 1 April 2027.\n\n(1) As soon as the jackpot exceeds €75m\n\n(2) This program has been funded since 2023, with a total of €10 million\nover 5 years\n\n(3) NGR = GGR – public levies.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260729733657/en/\n(https://www.businesswire.com/news/home/20260729733657/en/)\n\nMedia Contact \n\n01 41 10 33 82 | media@fdjunited.com (mailto:media@fdjunited.com)\n\nInvestor Relations Contact \n\n01 41 04 19 74 | invest@fdjunited.com (mailto:invest@fdjunited.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-07-29T16:20:00.197788097Z","server_sent_at_ms":1785342000197},"received_at":"2026-07-29T16:20:00.348Z","source_url":"https://www.businesswire.com/news/home/20260729733657/en/"},"analysis":{"id":"91416","press_release_id":"102401","analysis_json":{"industry":{"label":"Hotels, Restaurants & Leisure","sector":"Consumer Discretionary"},"redFlags":["Consolidated net income swung to a loss of -€16 million from a profit of €136 million in the prior year, driven by €135 million in impairment charges.","Revenue declined 4.5% year-over-year, negatively impacted by €52 million in tax increases across France, UK, Netherlands, and Romania."],"eventType":"earnings","narrative":"FDJ UNITED reported H1 2026 revenue of €1.78 billion, down 4.5% year-over-year, with adjusted net profit falling 19% to €180 million due to increased gaming taxes and lower jackpots.\n\nDespite the top-line pressure, recurring EBITDA margin held steady at 22.7%, and the company generated over €700 million in stakes during the FIFA World Cup.\n\nManagement confirmed its 2026 outlook for a stable GGR and a recurring EBITDA margin between 23% and 24%, while committing to an annual dividend increase with a payout ratio of at least 75%.","sentiment":"mixed","agentHooks":{"shouldPost":false,"suggestedAngle":"Tax headwinds and impairments obscure resilient margin performance and confirmed dividend growth."},"keyFigures":{"revenue":"€1,782m","guidance":"2026 GGR stable; revenue low single-digit decline; recurring EBITDA margin 23-24%; dividend increase with payout ratio >= 75% of adjusted net profit.","revenueYoy":"-4.5%","customDimensions":{"ggr":"€4,314m","net_debt":"€1,964m","recurring_ebitda":"€404m","adjusted_net_profit":"€180m","recurring_ebitda_margin":"22.7%"}},"quotedText":"Backed by solid fundamentals and a robust financial structure, FDJ UNITED continues to invest in innovation, the attractiveness of its product portfolio and the acceleration of its transformation in order to return to a path of sustainable, profitable and value-creating growth.","namedEntities":{"people":[{"name":"Stéphane Pallez","role":"Chairwoman and Chief Executive Officer"}],"products":["Euromillions","Loto","Unibet","Parions Sport","Eurodreams","Mission Nature"],"companies":[{"name":"FDJ UNITED","ticker":"FDJU"},{"name":"Moody's","relationship":"credit rating agency"}],"dollarAmounts":[{"amount":"€4,314m","context":"H1 2026 Gross Gaming Revenue"},{"amount":"€1,782m","context":"H1 2026 Revenue"},{"amount":"€404m","context":"H1 2026 Recurring EBITDA"},{"amount":"€180m","context":"H1 2026 Adjusted Net Profit"},{"amount":"€1,964m","context":"Net Financial Debt"},{"amount":"€700m","context":"FIFA World Cup stakes"}]},"materialImpact":{"score":3,"reasoning":"Revenue and adjusted net profit declined year-over-year due to significant gaming tax increases and unfavorable jackpot comparisons, but recurring EBITDA margin remained resilient and within target range. The confirmation of 2026 margin targets and a dividend increase offsets the headline declines."},"tickerRelevance":{"others":[],"primary":"FDJU"},"globalImportance":30,"audienceRelevance":35,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"mid-large-cap","eventGravity":"earnings-in-line-misses","sectorWeight":"gaming"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"mixed","material_impact_score":3,"narrative":"FDJ UNITED reported H1 2026 revenue of €1.78 billion, down 4.5% year-over-year, with adjusted net profit falling 19% to €180 million due to increased gaming taxes and lower jackpots.\n\nDespite the top-line pressure, recurring EBITDA margin held steady at 22.7%, and the company generated over €700 million in stakes during the FIFA World Cup.\n\nManagement confirmed its 2026 outlook for a stable GGR and a recurring EBITDA margin between 23% and 24%, while committing to an annual dividend increase with a payout ratio of at least 75%.","key_figures":{"revenue":"€1,782m","guidance":"2026 GGR stable; revenue low single-digit decline; recurring EBITDA margin 23-24%; dividend increase with payout ratio >= 75% of adjusted net profit.","revenueYoy":"-4.5%","customDimensions":{"ggr":"€4,314m","net_debt":"€1,964m","recurring_ebitda":"€404m","adjusted_net_profit":"€180m","recurring_ebitda_margin":"22.7%"}},"named_entities":{"people":[{"name":"Stéphane Pallez","role":"Chairwoman and Chief Executive Officer"}],"products":["Euromillions","Loto","Unibet","Parions Sport","Eurodreams","Mission Nature"],"companies":[{"name":"FDJ UNITED","ticker":"FDJU"},{"name":"Moody's","relationship":"credit rating agency"}],"dollarAmounts":[{"amount":"€4,314m","context":"H1 2026 Gross Gaming Revenue"},{"amount":"€1,782m","context":"H1 2026 Revenue"},{"amount":"€404m","context":"H1 2026 Recurring EBITDA"},{"amount":"€180m","context":"H1 2026 Adjusted Net Profit"},{"amount":"€1,964m","context":"Net Financial Debt"},{"amount":"€700m","context":"FIFA World Cup stakes"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-29T21:06:59.787Z","global_importance":30,"audience_relevance":35,"importance_components":{"tickerTier":"mid-large-cap","eventGravity":"earnings-in-line-misses","sectorWeight":"gaming"}},"durationMs":370311,"modelName":"glm-4.7"}}