Fdj United · EURONEXT:FDJU
Fdj United — La Francaise Des Jeux — FY 2025 Earnings Presentation
41 slides from Fdj United's earnings presentation, Feb 19, 2026
Slide 1: FY 2025 Results Presentation
FY 2025 RESULTS PRESENTATION FEBRUARY 19TH, 2026
Slide 2: Disclaimer
DISCLAIMER This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to risks, uncertainties and factors beyond our control or ability to predict, in particular those described in FDJ UNITE
Slide 3: Today's Speakers
TODAY’S SPEAKERS Stéphane Pallez Pascal Chaffard CFO and Chairwoman & CEO Strategy & Performance Leader 3
Slide 4: Key Highlights
KEY HIGHLIGHTS 4
Slide 5: A unique profile with solid assets and a strong business model
A UNIQUE PROFILE WITH SOLID ASSETS AND A STRONG BUSINESS MODEL International 22% €8,706m GGR - €3,678m revenue €902m recurring EBITDA - 24.5% margin Active in all gaming activities and in both channels France 78% Strong footprint in most significant European markets Online 34% Combining mature activ
Slide 6: Transformation into a champion in Europe
TRANSFORMATION INTO A CHAMPION IN EUROPE 2019 2025 Leading lottery and A lottery, betting and sports betting operator in France Organic growth + External growth gaming champion in Europe French lottery and retail s ports b etting Lottery Online betting and gaming Online and retail sports betting Int
Slide 7: Transformation into a champion in Europe: key figures 2019-2025
TRANSFORMATION INTO A CHAMPION IN EUROPE 2019-2025: KEY FIGURES OF THE GROUP’S TRANSFORMATION (in €m) 1.8x 2.1x 2.6x 4.6x +390 bps Recurring EBITDA margin 7
Slide 8: 2025: Key Highlights
2025: KEY HIGHLIGHTS ◆ LSF: ◆ OBG: ◊ Kindred integration completed ◊ Sales force internalization completed ◊ 1st milestones in the migration and ◊ PoS under banners openings ramp-up deployment of proprietary tech stack ◊ AI fueled marketing automation and customer operations 8
Slide 9: 2025: Key Highlights
2025: KEY HIGHLIGHTS ◆ Significant headwinds mitigated by a ◆ Financial commitments fulfilled solid performance plan ◊ 24.5% recurring EBITDA margin ◊ >€50m impact of gaming tax increases (France – Netherlands - Romania) ◊ €782m record operating free cash-flow ◊ Regulatory decisions implemented (Net
Slide 10: LSF: Good momentum maintained
LSF: GOOD MOMENTUM MAINTAINED €6,950m GGR ◆ 500 new PoS under banners +3%* ◆ Sales force internalization completed ◆ Lottery revenue up +2.2% to €2,096m ◊ Growth equally driven by draw and instant games €2,538m Revenue +1%* ◊ Growth driven by both channels: • +8.1% iLottery growth driven by active p
Slide 11: OBG: Transformation underway
OBG: TRANSFORMATION UNDERWAY €1,388m GGR ◆ Kindred integration completed -8%* ◆ 1st milestones in the migration and deployment of proprietary tech stack ◆ IA fueled marketing automation ramp-up and automated €908m Revenue customer operations development -12%* ◆ Commercial and marketing initiatives ◊
Slide 12: 2025: Extra-financial highlights
2025: EXTRA-FINANCIAL HIGHLIGHTS IN FRANCE: A PERFORMANCE BENEFITING ALL STAKEHOLDERS €1,008m €7.5bn €5.1bn 57,200 to retailers Contribution to Contribution to Jobs created or €558m national wealth public finances maintained to suppliers 0.29% of French GDP o/w €4.8bn gaming levies o/w 20,400 in the
Slide 13: 2025: Extra-financial highlights
2025: EXTRA-FINANCIAL HIGHLIGHTS New statutory corporate purpose approved by shareholders at the AGM “Inspire the future of safe and entertaining lottery, gaming and betting with positive impacts on society” Proprietary tool to monitor at- Highest “A” score for the 4th risk gaming practices consecut
Slide 14: Financial Results
FINANCIAL RESULTS 14
Slide 15: Key FY 2025 Figures
KEY FY 2025 FIGURES vs. 2024 +14% +20% +14% -130bps reported €8,706m €3,678m €902m 24.5% vs. 2024 +1% -3% -6% -90bps restated GGR Revenue Recurring Recurring EBITDA EBITDA margin -56% -1% -€96m +16% €176m €487m €1,721m €782m Reported Adjusted Net financial Free net income net income debt cash-flow 1
Slide 16: €8,706m GGR: +14% reported; +1% restated
€8,706M GGR: +14% REPORTED; +1% RESTATED % OF PUBLIC LEVIES ON GAMES UP 140BPS TO 59.9% +1% 8,639 8,706 -3% 3,494 3,589 NGR Public levies on games +3% 5,050 5,212 (58.5%) +140bps (59.9%) 2024 restated 2025 16
Slide 17: €902m Recurring EBITDA
€902M RECURRING EBITDA 24.5% RECURRING EBITDA MARGIN (in €m) 2,776 3,678 24.5% margin -1,547 -306 -173 -583 902 -166 Revenue Cost of sales Marketing IT services Personnel G&A Recurring 2025 EBITDA 2025 vs. 2024 -3% -1% -11% +4% 0% -5% -6% restated -1.7% 17
Slide 18: LSF: 36.0% Recurring EBITDA margin
LSF: 36.0% RECURRING EBITDA MARGIN +60BPS VS. 2024 THANKS TO COST OPTIMIZATION AND CHANNEL MIX (in €m) 1,625 2,538 36.0% margin -1,189 -114 -78 913 887 -208 -36 35.4% margin Revenue Cost of sales Marketing IT services Personnel G&A Recurring Restated 2025 EBITDA recurring 2025 EBITDA 2024 vs. 2024 +
Slide 19: OBG: 20.0% Recurring EBITDA margin
OBG: 20.0% RECURRING EBITDA MARGIN NEGATIVE LEVERAGE OF REVENUE DECLINE (in €m) 908 726 20.0% margin -261 -174 -59 -186 182 -46 Revenue Cost of sales Marketing IT services Personnel G&A Recurring 2025 EBITDA 2025 vs. 2024 -12% -2% -11% +17% +1% +10% -38% restated -1.4% 19
Slide 20: €3,678m Revenue: +20% reported; -3% restated
€3,678M REVENUE: +20% REPORTED ; -3% RESTATED (in €m) -3% 3,788 3,678 35 -122 -21 -3 62 3,065 170 908 2,538 Reported Restated LSF OBG IL P&S Revenue revenue revenue 2025 2024 2024 20
Slide 21: €902m Recurring EBITDA
€902M RECURRING EBITDA 24.5% RECURRING EBITDA MARGIN (in €m) Recurring -6% EBITDA margin 964 902 25.5% 24.5% 38 22.5% 27 182 20.0% 13 13 -112 -4 913 36.0% Restated LSF OBG IL P&S Holding Recurring -5 n.m. recurring EBITDA EBITDA 2025 -226 n.a. 2024 21
Slide 22: €902m Recurring EBITDA
€902M RECURRING EBITDA 24.5% RECURRING EBITDA MARGIN (in €m) 964 39 8 902 9 792 -7 -1 -110 Reported Restated Revenue Cost of sales Marketing IT services Personnel G&A Recurring recurring recurring EBITDA EBITDA 2024 EBITDA 2024 2025 22
Slide 23: Cost base ~50% fixed / 50% variable
COST BASE ~50% FIXED / 50% VARIABLE 2025 operating costs (excl. D&A) 69% 36% LSF OBG 31% 64% 53% Variable €2.8bn Personnel G&A Fixed 47% Fixed costs Marketing 23
Slide 24: Performance plan exceeded in 2025
PERFORMANCE PLAN EXCEEDED IN 2025 TARGET UPPED TO >€150M BY END-2028 (VS. >€120M) Run -rate cost efficiencies (in €m) >150 30 120 100 20 50 50 30 20 2025 2026e 2027e 2028e Initial savings Additional savings 24
Slide 25: €487m Adjusted net income
€487M ADJUSTED NET INCOME IMPACT OF KINDRED ACQUISITION ON FINANCIAL RESULT €27M EXCEPTIONAL TAX ON LARGE FRENCH COMPANIES (in €m) 902 -336 311 487 -199 3 -63 176 -130 Recurring D&A Non-recurring Financial Non-controlling Taxes Net income Adjustements Adjusted EBITDA items result interests 2025 net
Slide 26: From recurring EBITDA to free cash-flow
FROM RECURRING EBITDA TO FREE CASH-FLOW RECORD FREE CASH-FLOW; 87% CONVERSION RATE (in €m) 52 -172 902 782 792 Recurring Net change CAPEX ** Free EBITDA in working cash-flow capital * *Adjusted for calendar impact on working capital and unclaimed prizes ** Intangible and tangible assets, excluding a
Slide 27: Net financial debt of €1,721m
NET FINANCIAL DEBT OF €1,721M REDUCE BY €97M VS. 2024-END (in €m) 665 124 11 Cash Euromillions & Financial & cash EuroDreams assets equivalents funds 1,721 x1,9 net financial debt 2,274 to recurring EBITDA Net debt 31/12/2025 Financial liabilities 31/12/2025 -€96m Net financial debt reduction vs. 31
Slide 28: How to model 2026
HOW TO MODEL 2026 Similar fixed / variable operating costs split Performance plan upped from €50m to €100m ~€90m calendar gaming tax increases ~€27m exceptional corporate tax ~€200m gross - ~€170m net PPA amortisation ~€160m capex – Low-end of the 4-5% revenue range ~€100m further financial net debt
Slide 29: Outlook
OUTLOOK 29
Slide 30: LSF: 2026 Drivers
LSF: 2026 DRIVERS ◆ Banner PoS roll-out acceleration (c.700 new PoS) ◆ Integrated salesforce model operationalized ◆ Lottery ◊ Numerous draw games events: • Euromillions, Loto 50th anniversary, Friday 13th Super Loto ◊ Monthly instant games portfolio animation • 1 PoS and online animation • Cash, Nu
Slide 31: OBG: 2026 Drivers
OBG: 2026 DRIVERS ◆ Streamlined organization to drive execution excellence ◆ France: Parions Sport en ligne becomes Unibet ◆ Expanded IA fuelled marketing automation and automated customer operations ◆ Finland: preparation for the mid-2027 regulation ◆ Commercial and marketing initiatives ◊ 32Red in
Slide 32: Looking Forward
LOOKING FORWARD International lottery Payment & Services Data & AI ◆ Establish ourselves as a ◆ Build a truly ◆ Business activities multi-jurisdiction lottery differentiating and empowered by Data & AI leader scalable asset ◊ Elevate gaming experiences ◊ A dedicated team in place to and CX drive res
Slide 33: FDJ UNITED: 2026 Outlook
FDJ UNITED: 2026 OUTLOOK GGR Revenue Recurring Dividends EBITDA margin ~€90m calendar tax Slight Stable YoY Up increases increase 24.5% increase €30m LSF €60m OBG OBG > LSF LSF = OBG LSF stable OBG stable 33
Slide 34: Looking Beyond
LOOKING BEYOND MEDIUM-TERM GUIDANCE ADJUSTED ◆ Throughout 2026-2028, assuming a stable fiscal environment, FDJ UNITED now expects a gradual acceleration in revenue growth, which is expected to reach ~+5% in 2028 ◆ Other medium-term projections unchanged: ◊ Recurring EBITDA margin of over 26% in 2028
Slide 35: Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator
Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator 35
Slide 36: Q&A
Q&A 36
Slide 37: Appendix
APPENDIX mi =
Slide 38: 2025 Calendar Gaming Tax Increases
2025 CALENDAR GAMING TAX INCREASES Country Offer Tax as % of GGR Effective date FY25 (€m) Before After France* Lottery Loto & Euromillions 68.0% 69.0% LSF Other games 55.5% 56.6% €28m Offline 41.1% 42.1% July 1st 2025 Sports betting Online 54.9% 59.3% Poker Online 0.2% of stakes 10.0% OBG Horce raci
Slide 39: 2026 Calendar Gaming Tax Increases
2026 CALENDAR GAMING TAX INCREASES Country Offer Tax as % of GGR Effective date FY26e (€m) Before After France* Lottery Loto & Euromillions 68.0% 69.0% LSF Other games 55.5% 56.6% c.€30m Offline 41.1% 42.1% July 1st 2025 Sports betting Online 54.9% 59.3% Poker Online 0.2% of stakes 10.0% Horce racin
Slide 40: Glossary
GLOSSARY ◆ LSF: French lottery and retail sports betting BU ◆ OBG: Online betting and gaming BU ◆ IL: International lottery BU ◆ P&S: Payment & Services BU ◆ PPO: Player payout ratio ◆ GGR: gross gaming revenue = stakes – player winnings ◆ NGR: net gaming revenue = GGR – public levies on games ◆ Rev
Slide 41: invest@fdjunited.com
FD) UNITED® invest@fdjunited.com
La Francaise Des Jeux — FY 2025 Earnings Presentation on 6ix