FDJ UNITED: A Strong 2024 Performance Despite Tax Headwinds

FDJ UNITED, a leader in betting and gaming in Europe, has announced its 2024 results, showcasing a strong performance despite the looming impact of increased taxes on betting and gaming. The Group's revenue and recurring EBITDA margins have remained resilient, thanks to strategic initiatives and cost-saving measures.

In 2024, FDJ UNITED generated revenue of €3,065 million, up 17% compared to the previous year. Excluding Kindred, the increase was 10%, and for gaming activities in France alone, it was 6%. The Group posted recurring EBITDA of €792 million, up 21%, with a margin of 25.8%. On a pro forma basis, assuming Kindred had been acquired on 1 January 2024, Group revenue would have been nearly €3.8 billion, with a recurring EBITDA margin of around 25.5%.

For 2025, FDJ UNITED is aiming for revenue of around €3.8 billion, with a recurring EBITDA margin of over 24%. The stability of revenue and the level of recurring EBITDA margin are due to a significant increase in taxes on betting and gaming, particularly in France from July 2025, totalling nearly €45 million, and in the Netherlands from January, totalling over €10 million. The financial impact of tougher regulation implementation, mainly in the Netherlands, also contributes to this outlook. However, these impacts will be partially offset by measures introduced by the Group, with the gradual effect reaching at least €100 million in the 2027 financial year, over half of which will concern the Online Betting and Gaming BU.

FDJ UNITED's multi-year action plan aims to offset the impact of tax increases on betting and gaming by implementing measures that will have a phased effect and reach at least €100m in the 2027 financial year. The plan is designed to fully offset the impact of these tax increases by 2027. The Group has begun taking steps to achieve this goal, and the gradual effect of these measures is expected to reach at least €100m by 2027. Over half of this amount will concern the Online Betting and Gaming BU.

In conclusion, FDJ UNITED's strong 2024 performance demonstrates the Group's ability to navigate challenging market conditions and maintain its position as a leader in the betting and gaming industry. Despite the expected impact of increased taxes on betting and gaming in 2025, FDJ UNITED's multi-year action plan and strategic initiatives will help offset these challenges and ensure the Group's continued success.