Fdj United · EURONEXT:FDJU
Fdj United — H1 2026 Earnings Presentation
31 slides from Fdj United's earnings presentation, Jul 29, 2026
Slide 1: H1 2026 Results Presentation
H1 2026 RESULTS PRESENTATION JULY 29TH, 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 H1 2026 R
Slide 3: Key Highlights
KEY HIGHLIGHTS 3
Slide 4: H1 2026: Key Highlights (1/2)
H1 2026: KEY HIGHLIGHTS (1/2) ◆ GGR down 1.3% at €4,314m; Revenue down 4.5% at €1,782m ◊ ~300bps (€52m) impact of calendar gaming tax increases (France, UK, NL and Romania) H1 2026 RESULTS - ◆ LSF: headwinds affecting Lottery ◆ OBG: Q2 in line with expectations performance, particularly in Q2 ◊ Fran
Slide 5: H1 2026: Key Highlights (2/2)
H1 2026: KEY HIGHLIGHTS (2/2) ◆ €404m recurring EBITDA; 22.7% margin in line with annual target ◊ Variable costs down 3.8% in line with revenue H1 2026 RESULTS - ◊ Fixed costs down 2.8% ◊ Performance plan delivery on track ◆ Dedicated initiatives to return to profitable growth ◊ LSF: ◊ Short-term co
Slide 6: LSF: Headwinds Affecting Lottery Performance, Particularly in Q2
LSF: HEADWINDS AFFECTING LOTTERY PERFORMANCE, PARTICULARLY IN Q2 (in €m) ◆ Inherent gaming risks (long cycles) ◆ Exceptional heatwaves impacting PoS traffic 3498 3429 H1 2026 RESULTS - ◆ GGR -2.0%; Revenue -3.9% (€1,240m) 1290 36.0% 1240 34.1% 464 423 ◊ €28m calendar gaming tax increases H1 2025 H1
Slide 7: LSF: Games Portfolio Management & Innovation
LSF: GAMES PORTFOLIO MANAGEMENT & INNOVATION ◆ H2 2026 H1 2026 RESULTS - ◊ Cash 5€ instant relaunch (July) ◊ Additional Euromillions €130m jackpot (November) Adverstising and promotion support ◊ Additional Super Loto €13m jackpot (November) ◆ 2027 ◊ Euromillions (new €300m jackpot cap) relaunch (Mar
Slide 8: LSF: Accelerate iLottery Growth
LSF: ACCELERATE ILOTTERY GROWTH H1 2026 RESULTS - ◆ Focus on CX, capabilities and investments to grow player volume and value ◊ More premium, immersive and interactive offering ◊ AI-driven personalization and automation ◊ Automated customer operations ◊ Data & technology capabilities at scale 8
Slide 9: OBG: Q2 in Line with Expectations
OBG: Q2 IN LINE WITH EXPECTATIONS ◆ Turnaround measures to return to profitable growth underway H1 2026 RESULTS - (in €m) ◆ GGR -0.2%; Revenue -7.4% (€431m) 703 702 ◊ €24m calendar gaming tax increases 466 431 20.3% 15.5% ◆ Excluding UK and NL GGR +6.6%; Revenue +0.6% 95 67 H1 2025 H1 2026 GGR Reven
Slide 10: OBG: Contrasted Performance Across Markets
OBG: CONTRASTED PERFORMANCE ACROSS MARKETS ◆ France migration successfully completed ◊ All verticals up; very good cross-sell H1 2026 RESULTS - GGR (% yoy) 20% ◆ Netherlands recovering 10% 0% -10% ◊ Still a complex market -20% -30% -40% ◊ GGR 2026: Q2 +10% vs Q1 -50% -60% Q1 25 Q2 25 Q3 25 Q4 25 Q1
Slide 11: OBG: Turnaround Measures to Return to Profitable Growth Underway
OBG: TURNAROUND MEASURES TO RETURN TO PROFITABLE GROWTH UNDERWAY ◆ Streamline the organization H1 2026 RESULTS - ◆ Shift to ROI-led marketing & generosity ◆ Turnaround UK and NL ◆ Unlock player value through better player experience ◆ Secure proprietary platform roll-out ◆ Cost optimization 11
Slide 12: Good FIFA 2026 World Cup: June 11th - July 19th
GOOD FIFA 2026 WORLD CUP: JUNE 11TH - JULY 19TH H1 2026 RESULTS - ◆ A large offering: 104 matches vs 64 in 2022 ◆ Strong performance, in line with expectations ◊ >€700m stakes ✓ o/w ¾ in France: slight decline in PoS and ~x2 online vs 2022 ◊ >€100m GGR 12
Slide 13: AI-Enhanced Player Experience as Growth and Performance Accelerator
AI-ENHANCED PLAYER EXPERIENCE AS GROWTH AND PERFORMANCE ACCELERATOR ELEVATE GAMING EXPERIENCE AND CX H1 2026 RESULTS - DRIVE RESPONSIBLE GROWTH 80% Automated marketing campaigns by 2028 Know, understand and engage our players through AI-powered personalized journey and product innovation IMPROVE EFF
Slide 14: H1 2026 - Key Extra-Financial Highlights
H1 2026 - KEY EXTRA-FINANCIAL HIGHLIGHTS ESG commitment Contribution Responsible gaming recognized to society H1 2026 RESULTS - Successful 4th edition 50,000 young people Highest “A” score for the dedicated to biodiversity trained 5th consecutive year FDJU part of the Vérité 40 index by the ARPEJ as
Slide 15: Financial Results
FINANCIAL RESULTS 15
Slide 16: Key H1 2026 Figures
KEY H1 2026 FIGURES vs H1 2025 -1.3% -4.5% -8.4% -90bps H1 2026 RESULTS - €4,314m €1,782m €404m 22.7% GGR Revenue Recurring Recurring EBITDA EBITDA margin -19.0% -€16m €180m €1,964m Reported Adjusted Net financial net income net income debt 16
Slide 17: €4,314m GGR: -1.3%
€4,314M GGR: -1.3% RATE OF PUBLIC LEVIES ON GAMES UP 120BPS TO 60.6% -1.3% (in €m) 4,370 4,314 H1 2026 RESULTS - +0.7% o/w €52m 2,595 2,613 additional gaming +120bps taxes Public levies on games (59.4%) (60.6%) NGR -4.1% 1,775 1,701 H1 2025 H1 2026 17
Slide 18: €1,782m Revenue, -4.5% YoY
€1,782M REVENUE, -4.5% YOY (in €m) H1 2026 RESULTS - -4.5% 1,867 1,782 1,782 1 -50 -34 -2 30 81 431 1,240 Revenue LSF OBG IL P&S Revenue H1 2025 H1 2026 18
Slide 19: 22.7% Recurring EBITDA Margin
22.7% RECURRING EBITDA MARGIN (in €m) H1 2026 RESULTS - 1,782 1,378 22.7% margin -760 -166 -91 404 -288 -74 Revenue Cost of sales Marketing IT services Personnel G&A Recurring H1 2026 EBITDA H1 2026 vs H1 2025 -4.5% -3.8% +3.6% +2.6% -4.8% -13.2% -8.4% -3.3% 19
Slide 20: Performance Plan Delivery on Track
PERFORMANCE PLAN DELIVERY ON TRACK ◆ Variable costs (€718m) broadly in line with revenue: -3.8% ◆ Fixed costs (€660m): -2.8% H1 2026 RESULTS - H 2026 operating costs (excl. D&A) Run -rate cost efficiencies (in €m) >150 67% 35% 30 120 LSF OBG 20 100 33% 65% 50 50 52% Variable 30 €1,378m Fixed 20 48%
Slide 21: €180m Adjusted Net Income
€180M ADJUSTED NET INCOME (in €m) 404 H1 2026 RESULTS - -175 196 180 -142 -34 -69 -16 Recurring D&A Non-recurring Financial Taxes Net income Adjustments Adjusted EBITDA items result H1 2026 net income H1 2026 o/w €20m H1 2026 exceptional tax on large French companies 21
Slide 22: Strong Balance Sheet
STRONG BALANCE SHEET Debt maturity schedule (in €m) H1 2026 RESULTS - 527 519 519 ◆ Net financial debt: €1,964m ◆ Sound debt maturity schedule and profile ◆ Moody’s: Baa1 rating confirmed; stable outlook 107 107 107 107 27 19 19 19 19 19 19 5 2031 2037 2027 2035 2034 2033 2032 2038 2028 2036 2039 20
Slide 23: Outlook
OUTLOOK 23
Slide 24: FDJ United: FY Guidance
FDJ UNITED: FY 26 GUIDANCE H1 2026 RESULTS - GGR Revenue Recurring Dividends EBITDA margin ~€70M calendar Low single YoY Stable gaming tax 23% to 24% increase increases digit decline ~€30m LSF ~€40m OBG 24
Slide 25: Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator
H1 2026 RESULTS - Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator 25
Slide 26: Q&A
Q&A 26
Slide 27: Appendix
APPENDIX mi =
Slide 28: 2025 Calendar Gaming Tax Increases
2025 CALENDAR GAMING TAX INCREASES H1 2026 RESULTS - 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
Slide 29: H1 2026 Calendar Gaming Tax Increases
H1 2026 CALENDAR GAMING TAX INCREASES H1 2026 RESULTS - Country Offer Tax as % of GGR Effective date H1 2026 (€m) Before After France* Lottery Loto & Euromillions 68.0% 69.0% LSF Other games 55.5% 56.6% c.€28m Offline 41.1% 42.1% July 1st 2025 Sports betting Online 54.9% 59.3% Poker Online 0.2% of s
Slide 30: Glossary
GLOSSARY ◆ LSF: French lottery and retail sports betting BU ◆ OBG: Online betting and gaming BU ◆ IL: International lottery BU H1 2026 RESULTS - ◆ P&S: Payment & Services BU ◆ RSB: Retail sports betting ◆ PPO: Player payout ratio ◆ GGR: gross gaming revenue = stakes – player winnings ◆ NGR: net gami
Slide 31: invest@fdjunited.com
FD) UNITED® invest@fdjunited.com