Fdj United · EURONEXT:FDJU
Fdj United — Investor Day (June 2025)
134 slides from Fdj United's investor day presentation, Jun 24, 2025
Slide 1: FDJ UNITED Capital Markets Day
FDJ UNITED CAPITAL MARKETS DAY 24 JUNE 2025
Slide 2: Disclaimer
1 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 important risks and uncertainties and factors beyond our control or ability to predict, in particular those describ
Slide 3: Stéphane Pallez, Chairwoman & CEO
STEPHANE PALLEZ CHAIRWOMAN & CEO
Slide 4: Speakers
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 4 SPEAKERS Stéphane Pallez Patrick Buffard Nils Andén Giovanna D’Esposito Chairwoman & CEO Chief French Lottery & Chief Online Betting & Chief International Lottery Officer Retail Sports B
Slide 5: Summary
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 5 SUMMARY AGENDA 01. 02. 03. 04. 10-min Strategic French lottery Online betting International break ambitions & retail sports & gaming (OBG) lottery (IL) betting (LSF) c. 4:20 CEST 05. 06.
Slide 6: Our ambition
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 6 OUR AMBITION Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator Top market Sustainable and High cash Attractive returns to positions profitable
Slide 7: 01. Strategic ambitions
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 7 01. STRATEGIC AMBITIONS
Slide 8: Since 2019, a prosperous journey of sustainable and profitable growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 8 SINCE 2019, A PROSPEROUS JOURNEY OF SUSTAINABLE AND PROFITABLE GROWTH Very strong financial performance ESG benchmark position 2024pf 2019r‒2024pf Best-in-class ratings, above industry >
Slide 9: Constant delivery of attractive dividends to shareholders
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 9 CONSTANT DELIVERY OF ATTRACTIVE DIVIDENDS TO SHAREHOLDERS Continuous dividend growth Stable shareholder structure 3% 2,50 €2.50€ 18% 26% 2,00 € €2.00 1,50 €1.50€ €1.00€ 1,00 16% 16% 0,50
Slide 10: Successful transformation to a unique champion in Europe
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 10 SUCCESSFUL TRANSFORMATION TO A UNIQUE CHAMPION IN EUROPE 2019 2024 Leading lottery and A lottery, betting and sports betting operator in France Organic growth + External growth gaming c
Slide 11: Kindred: a transformative acquisition
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 11 KINDRED: A TRANSFORMATIVE ACQUISITION TO SIGNIFICANTLY ENHANCE GROUP ASSETS AND CAPABILITIES Betting & High Extended Strong gaming digital performing European cash flow native multi-cul
Slide 12: Kindred integration on track
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 12 KINDRED INTEGRATION ON TRACK TO DELIVER ITS FULL POTENTIAL OCTOBER 2024 + Value creation levers in place with full benefits expected by end 2026 Proprietary platform roll-out on track C
Slide 13: FDJ UNITED: a top-3 lottery, betting and gaming operator in Europe
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 13 FDJ UNITED: A TOP-3 LOTTERY, BETTING AND GAMING OPERATOR IN EUROPE* Finland: clear path to regulation 33m 9m+ 34k 5 2 Annual active o/w online Points of sale players channel (France and
Slide 14: FDJ UNITED: a unique profile in the industry
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 14 FDJ UNITED: A UNIQUE PROFILE IN THE INDUSTRY 2019r 2024pf 3% €2bn €3.8bn International revenue International revenue A truly international 26% Group… 74% France 97% France 97% Open to 4
Slide 15: FDJ UNITED has opened a new chapter in its history
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 15 FDJ UNITED HAS OPENED A NEW CHAPTER IN ITS HISTORY Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator
Slide 16: Operating in an attractive European market
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 16 FDJ UNITED OPERATING IN AN ATTRACTIVE EUROPEAN MARKET Solid growth opportunities Low cyclicality CAGR 2025e‒2028e of the CAGR 2019‒2024 of the c.6.5% European locally regulated 9% Europ
Slide 17: Unique assets and capability portfolio to capture evolving trends
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 17 UNIQUE ASSETS AND CAPABILITY PORTFOLIO TO CAPTURE EVOLVING TRENDS MARKET TRENDS CUSTOMER TRENDS ◆ Intensified competition and race for Customised gaming experience expansion Entertainme
Slide 18: Compelling financial model optimised by a performance-led culture
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 18 COMPELLING FINANCIAL MODEL OPTIMISED BY A PERFORMANCE-LED CULTURE Invest to fuel sustainable and profitable growth Cost Asset efficiencies light Cost efficiencies Optimised High Organic
Slide 19: 4 business units fully committed to deliver the ambition
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 19 4 BUSINESS UNITS FULLY COMMITTED TO DELIVER THE AMBITION FRENCH LOTTERY & ONLINE BETTING RETAIL SPORTS BETTING & GAMING (OBG) (LSF) INTERNATIONAL PAYMENT & LOTTERY SERVICES
Slide 20: LSF: grow the player base profitably and responsibly
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 20 LSF: GROW THE PLAYER BASE AND THE BUSINESSES IN A PROFITABLE AND RESPONSIBLE WAY, WHILE UNLOCKING THE OMNICHANNEL POTENTIAL Low to mid single digit 2025e‒2028e revenue CAGR Deliver resp
Slide 21: OBG: excel at profitable scaling
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 21 OBG: EXCEL AT PROFITABLE SCALING AND GENERATE REVENUE GROWTH AND FASTER MARGIN GROWTH Significantly Top 3 7 outgrow our markets Top 5 1 High single digit 2025e‒2028e Top 10 revenue CAGR
Slide 22: Developing activities to generate future growth and value
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 22 DEVELOPING ACTIVITIES TO GENERATE FUTURE GROWTH AND VALUE International lottery Payment & Services Establish ourselves as Build a truly differentiating and scalable a multi-jurisdiction
Slide 23: Business activities empowered by data and AI
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 23 BUSINESS ACTIVITIES EMPOWERED BY DATA AND AI Elevate gaming experiences Improve efficiency to reach new and CX to drive responsible standards for operational growth excellence Responsib
Slide 24: A unique balanced profile to generate sustainable and profitable growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 24 A UNIQUE BALANCED PROFILE TO GENERATE SUSTAINABLE AND PROFITABLE GROWTH Active in all gaming activities and in both channels Strong footprint in most significant European markets Combin
Slide 25: Sustainable attractive medium-term performance
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 25 FDJ UNITED TO DELIVER SUSTAINABLE ATTRACTIVE MEDIUM-TERM PERFORMANCE c.+5% 2025E‒2028E ORGANIC REVENUE CAGR > 26% 2028E RECURRING EBITDA MARGIN Y-O-Y DIVIDEND INCREASE WITH A MINIMUM PA
Slide 26: 02. French lottery and retail sports betting (LSF)
02. FRENCH LOTTERY AND RETAIL SPORTS BETTING (LSF)
Slide 27: Patrick Buffard
27 PATRICK BUFFARD CHIEF FRENCH LOTTERY AND RETAIL SPORTS BETTING OFFICER
Slide 28: Growing our player base and businesses profitably and responsibly
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 28 Growing our player base and our businesses in a profitable and responsible way, while unlocking the omnichannel potential Low to mid single digit c.20% iLottery > 35% 2028e recurring 20
Slide 29: French lottery and retail sports betting in 2024
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 29 FRENCH LOTTERY AND RETAIL SPORTS BETTING IN 2024 Exclusive rights Strong brand portfolio 97% prompted c.50% ~50% of awareness* €2.5bn French in revenue gaming 35.4% market 66% of FDJ UN
Slide 30: A unique lottery model in Europe driving dual-channel growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 30 A UNIQUE LOTTERY MODEL IN EUROPE DRIVING DUAL-CHANNEL GROWTH Best-in-class app +27% CAGR 472k Revenue iLottery France Ratings (*) 2019–2024 4.7 +5% 1st PoS network in CAGR +3% CAGR Fran
Slide 31: Our 2028 ambition: growing player base and customer value
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 31 OUR 2028 AMBITION GROWING OUR PLAYER BASE AND CUSTOMER VALUE RESPONSIBLY… Combining 2 growth drivers > 1m new active players +3% overall ARPU(*) 2024 player by 2028e in 2028e vs 2024 ba
Slide 32: Our 2028 ambition: sustainable and profitable growth on both channels
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 32 OUR 2028 AMBITION …TO KEEP DRIVING SUSTAINABLE AND PROFITABLE GROWTH ON BOTH CHANNELS 2025e‒2028e revenue growth Low to mid-teens CAGR iLottery France Low to mid single digit CAGR Low s
Slide 33: A three-pillar growth strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 33 A three-pillar growth strategy supported by enhanced performance Increasing digital Transforming the PoS Implementing a bold penetration network omnichannel strategy Enhancing the perfo
Slide 34: Increasing digital penetration: key driver of growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 34 INCREASING DIGITAL PENETRATION A KEY DRIVER OF FUTURE SUSTAINABLE GROWTH AND PROFITABILITY Revenue 2025e–2028e Low to mid teens CAGR iLottery share % in total lottery revenue 5% 14% c.2
Slide 35: Increasing digital penetration: active players
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 35 INCREASING DIGITAL PENETRATION +50% ACTIVE PLAYERS DRIVING 2/3 OF DIGITAL GROWTH BY 2028 Iconic draw games Launch of new innovative draw games relaunch November 2025 Naturally suited fo
Slide 36: Increasing digital penetration: boosting ARPU with games and AI
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 36 INCREASING DIGITAL PENETRATION BOOSTING ARPU WITH INNOVATIVE GAMES & AI, FUELING 1/3 OF DIGITAL GROWTH BY 2028 Enhanced online Multiplayer games Customer experience game immersion & new
Slide 37: Proven track record to responsibly engage customers digitally
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 37 INCREASING DIGITAL PENETRATION PROVEN TRACK RECORD TO RESPONSIBLY ENGAGE CUSTOMERS ON THE DIGITAL CHANNEL Strong growth Reduced digital Reduced GGR from in the digital acquisition costs
Slide 38: Transforming the PoS network with a value-centric strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 38 TRANSFORMING THE POS NETWORK WITH A VALUE-CENTRIC STRATEGY DRAMATICALLY INCREASING POS NETWORK REACH PoS revenue 2025e–2028e Low single digit CAGR Banners’ share 2x to 20% of the PoS ne
Slide 39: Shifting the commercial model to high-potential PoS
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 39 TRANSFORMING THE POS NETWORK WITH A VALUE-CENTRIC STRATEGY SHIFTING THE COMMERCIAL MODEL TO PRIORITISE HIGH-POTENTIAL POS …2025 2026+ Restructuring commercial Building a high-performanc
Slide 40: Implementing a bold omnichannel strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 40 IMPLEMENTING A BOLD OMNICHANNEL STRATEGY: OPPORTUNITIES FOR SUSTAINABLE GROWTH Meeting our customer Creating added value Engaging retailers in our expectations digital transformation Co
Slide 41: Seamless and personalised omnichannel customer experience
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 41 IMPLEMENTING A BOLD OMNICHANNEL STRATEGY: SEAMLESS & PERSONALISED OMNICHANNEL CUSTOMER EXPERIENCE PoS player identification > 25% Strengthened player protection identified players by 20
Slide 42: Starting 2026: a crucial first step
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 42 IMPLEMENTING A BOLD OMNICHANNEL STRATEGY: STARTING 2026: A CRUCIAL FIRST STEP IN OUR GROWTH STRATEGY Triggering + PoS player identification New player account New omnichannel & accessib
Slide 43: Three key customer experience levers
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 43 IMPLEMENTING A BOLD OMNICHANNEL STRATEGY: ENHANCING OUR STRATEGY THROUGH THE IMPLEMENTATION OF 3 KEY CUSTOMER EXPERIENCE LEVERS Exclusive player Seamless customer Personalised benefits
Slide 44: Profitable and responsible growth fuelled by both channels
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 44 PROFITABLE AND RESPONSIBLE GROWTH FUELLED BY BOTH CHANNELS’ PERFORMANCE Low to mid single digit 2025e‒2028e revenue CAGR Deliver responsible & profitable growth c.40% of the €120m 2025e
Slide 45: 03. Online betting & gaming (OBG)
03. ONLINE BETTING & GAMING (OBG)
Slide 46: Nils Andén
46 NILS ANDÉN CHIEF ONLINE BETTING AND GAMING OFFICER Appointed Chief Online betting 2024 and gaming officer CEO Kindred 2023-2024 18 years experience in CCO Kindred 2020-2023 gaming market CMO Kindred 2012-2016
Slide 47: OBG has a clear ambition with two identified levers
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 47 OBG HAS A CLEAR AMBITION WITH TWO IDENTIFIED LEVERS Excel at profitable scaling and generate revenue growth and faster margin growth SIGNIFICANTLY ENHANCE OPERATIONAL OUTGROW OUR MARKET
Slide 48: Multi-product, multi-brand, multi-market OBG business
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 48 A MULTI-PRODUCT, MULTI-BRAND & MULTI-MARKET ONLINE BETTING AND GAMING BUSINESS SERVING 3.8M CUSTOMERS Key highlights Australia Denmark Sweden Finland 3.8m annual active customers 100% r
Slide 49: 4 product verticals and 11 markets generating €1bn revenue
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 49 4 PRODUCT VERTICALS AND 11 MARKETS GENERATING €1BN IN 2024PF REVENUE pf revenue pf B2C revenue split by product split by market Poker & Bingo €1,030m B2B Other in revenue Denmark France
Slide 50: Attractive fundamentals of our markets
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 50 ATTRACTIVE FUNDAMENTALS OF OUR MARKETS Resilient markets that outperform Growing markets with positive economic trends long-term growth projections c.3x c.+6% OBG market growth vs. nomi
Slide 51: The right strategy to navigate market dynamics
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 51 THE RIGHT STRATEGY TO NAVIGATE MARKET DYNAMICS AND UNLOCK THEIR FULL POTENTIAL Market dynamics Strong assets A robust Full and core strategy that market Customer protection Marketing re
Slide 52: A unique winning formula to thrive and outpace
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 52 A UNIQUE WINNING FORMULA TO THRIVE AND OUTPACE Outgrow the market Single proprietary platform and product control Enhance Expand operational footprint leverage
Slide 53: Loyal, sustainable and profitable core customers
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 53 LOYAL, SUSTAINABLE AND PROFITABLE CORE CUSTOMERS DELIVERING 70% OF OUR REVENUE, AND KEY DRIVERS OF FUTURE GROWTH Core customer share of revenue(*) vs. share of actives(**) 100% 30% 90%
Slide 54: An already loyal player base
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 54 AN ALREADY LOYAL PLAYER BASE 2020 cohort 2021 cohort 2022 cohort 2023 cohort 23% of players 2024 cohort acquired in 2024 Single proprietary platform and product control 40% of players a
Slide 55: Strong commitment and track record on responsible gaming
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 55 ….A STRONG COMMITMENT AND TRACK RECORD ON RESPONSIBLE GAMING % of revenue from high-risk players 5% Single proprietary platform 4% and product control 3% Outgrow the market by focusing
Slide 56: Differentiated CX driven by proprietary offerings
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 56 DIFFERENTIATED CX DRIVEN BY A HIGH DEGREE OF PROPRIETARY OFFERINGS Single proprietary platform and Exclusive casino games Poker product control powered by Relax powered by Relax Outgrow
Slide 57: Differentiated CX driven by our own sportsbook
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 57 DIFFERENTIATED CX DRIVEN BY OUR OWN SPORTSBOOK Q4 24 Q1 25 End 26 Single proprietary platform and Unibet 32Red All brands product control Estonia UK and markets Outgrow the market by KS
Slide 58: Differentiated CX thanks to innovating casino games
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 58 DIFFERENTIATED CX THANKS TO CONTINUOUS INNOVATING CASINO GAMES 4,500 games available to players via NextGen personalisation Single capabilities… proprietary platform and product control
Slide 59: Differentiating CX well recognised
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 59 DIFFERENTIATING CX WELL RECOGNISED 62% Standing out vs. of our players who also play with other our competitors operators claim OBG offers Single proprietary the best online gaming expe
Slide 60: Enhance operational leverage with automation, AI and synergies
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 60 ENHANCE OPERATIONAL LEVERAGE WITH AUTOMATION, AI AND SYNERGIES > 50% of the €120m Higher share of fixed 2025e‒2028e efficiency costs => very plan, driven by: profitable scaling Single p
Slide 61: Enhance operational leverage by harnessing latest technology
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 61 ENHANCE OPERATIONNAL LEVERAGE BY HARNESSING THE LATEST TECHNOLOGY Rewards AAMP Kreate Automation Single proprietary platform and product control Enhance operational leverage
Slide 62: A single proprietary and scalable platform
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 62 A SINGLE PROPRIETARY AND SCALABLE PLATFORM FOR DIFFERENTIATED CX AND OPERATIONAL EFFECTIVENESS Automation & Insights Sportsbook & PAM Poker Racing Single proprietary platform and produc
Slide 63: A single platform to drive cross market growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 63 A SINGLE PLATFORM TO DRIVE CROSS MARKET GROWTH AND EXPAND OUR FOOTPRINT... B2C revenue split by market Single proprietary platform Top 3 Other New (illustrative) and product control Sin
Slide 64: Ensuring growth across our brand portfolio
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 64 … ENSURING GROWTH ACROSS OUR BRAND PORTFOLIO TO TAP OUR ADDRESSABLE MARKETS International Option for 32Red Single proprietary to become platform and International product control Single
Slide 65: 2025-2026: from build-up and transformation to growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 65 2025‒2026: FROM BUILD-UP AND TRANSFORMATION TO GROWTH AND EXPANSION Build-up and transformation Growth and expansion KSP live in all brands and markets by Growth in existing markets org
Slide 66: To consolidate our leadership in the gaming market
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 66 TO CONSOLIDATE OUR LEADERSHIP IN THE GAMING MARKET Significantly Top 3 7 outgrow our markets Top 5 1 High single digit 2025e‒2028e Top 10 revenue CAGR 2024 2028e‒2030e Enhance operation
Slide 67: 04. International lottery (IL)
04. INTERNATIONAL LOTTERY (IL)
Slide 68: Giovanna D'Esposito
68 GIOVANNA D’ESPOSITO CHIEF INTERNATIONAL LOTTERY OFFICER 2024 Appointed Chief International lottery officer Former MD Paddy 10 years experience Power and SkyBet (Italy) in Gaming and SIS board member
Slide 69: Our international strategy: where we are and where we are going
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 69 OUR INTERNATIONAL STRATEGY: WHERE WE ARE AND WHERE WE ARE GOING Current international lottery business Vision and strategy going forward Proprietary assets and Group synergies
Slide 70: IL: a growing platform with strong operational reach
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 70 IL: A GROWING PLATFORM WITH STRONG OPERATIONAL REACH GGR realised through our Interactive Factory1) in 9 iLotteries €88m 3) 3) LEIA2) PLI GGR Tickets printed In 2024 > 9bn €367m standar
Slide 71: PLI: a high-performing national lottery
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 71 PLI: A HIGH-PERFORMING NATIONAL LOTTERY WITH STRONG FUNDAMENTALS Brand GGR to awareness good causes 98% 65% Until €367m 26% 2034 License GGR Recurring years 2024 EBITDA margin
Slide 72: Scaling PLI through retail, digital, product innovation
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 72 SCALING PLI THROUGH RETAIL, DIGITAL, PRODUCT INNOVATION – UNLOCKED THROUGH FDJ UNITED SYNERGIES 2025e‒2028e mid-to-high Product Digital Retail Operational single digit redesign migratio
Slide 73: Our vision: a multi-jurisdiction lottery leader
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 73 OUR VISION: A MULTI-JURISDICTION LOTTERY LEADER GLOBAL focus, LOCAL fit Leveraging operational expertise, digital innovation and strong credentials
Slide 74: A scalable strategy grounded in 4 principles
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 74 A SCALABLE STRATEGY GROUNDED IN 4 PRINCIPLES Expand our Build strategic European partnerships advantage Develop an adaptable Invest in and scalable iLottery model
Slide 75: Focused expansion: disciplined screening of opportunities
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 75 FOCUSED EXPANSION: DISCIPLINED SCREENING OF VALUE CREATION OPPORTUNITIES Opportunity types Prioritisation ATTRACTIVENESS LOTTERY Size Organic Growth JURISDICTIONS (licenses) GLOBALLY Pr
Slide 76: Three go-to-market models to capture international growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 76 THREE GO-TO-MARKET MODELS TO CAPTURE INTERNATIONAL GROWTH Operator Delegated lottery operator “B2C” “B2B2C” or “B2G” Geography Geography Europe Outside Europe Details Details Full B2C o
Slide 77: A strong base for growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 77 A STRONG BASE FOR GROWTH: TECH, CLIENTS, DELIVERY CAPABILITIES AND POSITIVE IMPACT Players Lottery: 27m+ actives players 33m 10 countries in Europe iLottery: c.7m digital players(*) Man
Slide 78: Proven, modular tech infrastructure
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 78 PROVEN, MODULAR TECH INFRASTRUCTURE WITH END-TO-END CONTROL Proprietary FDJ UNITED tech assets Distribution Player Account Game engine Game content platform Management(*) Diverse routes
Slide 79: Relax & OBG strengthen our digital scale and global reach
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 79 RELAX & OBG STRENGTHEN OUR DIGITAL SCALE AND GLOBAL REACH OBG …reinforced by Relax …complemented by iGaming studio and Kindred best-in- aggregation class digital technology… operations
Slide 80: PLI reinforces FDJ UNITED's societal value positioning
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 80 PLI REINFORCES AND EXPANDS FDJ UNITED’S STRONG SOCIETAL VALUE POSITIONING to good causes €239m in 2024…. European champion of responsible gaming and positive societal impact €2.5bn … si
Slide 81: 05. Finance
+ G3S.LINN fda 05. FINANCE
Slide 82: Pascal Chaffard
82 PASCAL CHAFFARD GROUP CFO, STRATEGY & PERFORMANCE LEADER
Slide 83: 2025 guidance reiterated
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 83 2025 GUIDANCE REITERATED STABLE REVENUE VS. 2024 PRO FORMA > 24% RECURRING EBITDA MARGIN
Slide 84: Attractive medium-term objectives
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 84 ATTRACTIVE MEDIUM-TERM OBJECTIVES c.+5% 2025e‒2028e ORGANIC REVENUE CAGR > 26% 2028e RECURRING EBITDA MARGIN CapEx / revenue Recurring EBITDA / Net financial debt / Dividend FCF convers
Slide 85: Compelling financial model optimised by a performance-led culture
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 85 COMPELLING FINANCIAL MODEL OPTIMISED BY A PERFORMANCE-LED CULTURE Invest to fuel sustainable and profitable growth Cost Asset efficiencies light Cost efficiencies Optimised High Organic
Slide 86: Historical growth trajectory to resume
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 86 HISTORICAL GROWTH TRAJECTORY TO RESUME, UNDERPINNED BY SUPERIOR ONLINE MOMENTUM Organic revenue CAGR 2019r(*)‒2024 2025e‒2028e = + Low‒mid Low Low- single single mid digit digit teens F
Slide 87: Recurring EBITDA margin expansion expected to resume
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 87 RECURRING EBITDA MARGIN EXPANSION EXPECTED TO RESUME AS WELL Recurring EBITDA margin 2019r 2024pf 2025e 2028e Group 20.6% 25.5% > 24% > 26% French lottery and retail sports betting 35.4
Slide 88: €120m of cost efficiencies by 2028
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 88 PROVEN AGILITY AND BUSINESS TRANSFORMATION TO GENERATE €120M OF COST EFFICIENCIES BY 2028 Run-rate cost efficiencies (in €m) 2028e cost efficiencies split 120 Operating 100 20 model Com
Slide 89: Revenue growth compounded by operating leverage
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 89 REVENUE GROWTH COMPOUNDED BY GROUP-WIDE OPERATING LEVERAGE, AMPLIFIED ONLINE c.60% incremental 2024pf Group total operating costs recurring EBITDA margin (*) (excl. D&A) Variable 52% €2
Slide 90: Asset-light model requiring moderate CapEx
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 90 ASSET‒LIGHT MODEL REQUIRING MODERATE CAPEX STRUCTURALLY NEGATIVE WORKING CAPITAL PROVIDING EXTRA RESOURCE CapEx ð OpEx 4%‒5% CapEx/revenue ratio 4.7% c.4.2% 2020‒2024pf(*) 2025e‒2028e I
Slide 91: Strong financial position: investment grade
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 91 STRONG FINANCIAL POSITION: INVESTMENT GRADE SOUND DEBT MATURITY SCHEDULE AND PROFILE Debt maturity schedule (in €m) Debt profile 527 519 519 Baa1/stable rating by Moody’s(*) Bank debt 3
Slide 92: >80% EBITDA to FCF conversion leading to rapid deleveraging
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 92 >80% RECURRING EBITDA TO FREE CASH FLOW CONVERSION LEADING TO RAPID DELEVERAGING AND EXTERNAL GROWTH OPPORTUNITY Net debt to recurring EBITDA ratio External growth strategy Online betti
Slide 93: Compelling financial model with room for external growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 93 COMPELLING FINANCIAL MODEL FUELLED ORGANICALLY, WITH ROOM FOR EXTERNAL GROWTH, AND OFFERING ATTRACTIVE VALUE TO ALL STAKEHOLDERS Invest to fuel sustainable and profitable growth Cumulat
Slide 94: FDJ UNITED represents a unique value proposition
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 94 FDJ UNITED REPRESENTS A UNIQUE VALUE PROPOSITION SOLID ORGANIC GROWTH PROSPECTS EXTERNAL GROWTH OPTIONALITY HIGH DIVIDEND PAYOUT
Slide 95: 06. Data & AI
+ G3S.LINN fda 06. DATA & Al
Slide 96: Sébastien Rozanes
96 SEBASTIEN ROZANES CHIEF DIGITAL, DATA & AI OFFICER Appointed Chief Digital, Data and 2024 AI Officer of FDJ UNITED Global Chief Data & 2022-2024 Analytics Officer of CARREFOUR
Slide 97: Strong foundations to be ready to accelerate on AI
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 97 WE HAVE BUILT STRONG FOUNDATIONS TO BE READY TO ACCELERATE ON AI Generative and agentic AI is our new frontier for digital transformation AI Leverage digital assets and reliable data 30
Slide 98: Our digital transformation leverages AI
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 98 ” At FDJ UNITED, our digital transformation leverages AI to elevate gaming experiences and processes to drive responsible growth, reach new standards of operational excellence to improv
Slide 99: Two transformative opportunities with data & AI
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 99 WE WILL HARNESS TWO TRANSFORMATIVE OPPORTUNITIES WITH DATA & AI Elevate gaming experiences Improve efficiency to reach new and CX to drive responsible standards for operational growth e
Slide 100: Elevate gaming experiences and CX to drive responsible growth
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 100 ELEVATE GAMING EXPERIENCES AND CX TO DRIVE RESPONSIBLE GROWTH Responsible Marketing Personalised gaming excellence gaming experiences Advanced detection of AI hyper-segmentation & AI S
Slide 101: Improve efficiency for operational excellence
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 101 IMPROVE EFFICIENCY TO REACH NEW STANDARDS FOR OPERATIONAL EXCELLENCE Anti-fraud & Customer Sales Money Laundering service operations AI-powered investigations AI-first customer interac
Slide 102: Transforming together
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 102 TRANSFORMING… TOGETHER People 100% of staff trained to use AI and data by end of 2026 Tech 100% of corporate function Ecosystem using specialised AI Agents (from our “FDJ UNITED Agent
Slide 103: ull) i" ier . ==
sf Ay <— ull) i" ier . == an i) i ir ‘A ; a FDJ UNITED's top 100 global leaders, May 2025 - ms EEIEAS
Slide 104: 07. Sustainability
07. SUSTAINABILITY FD) UNITED” °
Slide 105: Charles Lantieri, Vincent Perrotin
105 CHARLES LANTIERI VINCENT PERROTIN DEPUTY CHIEF EXECUTIVE OFFICER AND CHIEF SUSTAINABILITY OFFICER CHAIRMAN OF THE FDJ UNITED CORPORATE FOUNDATION
Slide 106: Creating long-lasting value for all stakeholders
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 106 CREATING LONG-LASTING VALUE FOR ALL STAKEHOLDERS Dedicated to solidarity Rooted in our history Part of brand value and player protection 97% prompted awareness* * Among adults in Franc
Slide 107: Sustainability is a competitive asset
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 107 SUSTAINABILITY IS A COMPETITIVE ASSET Securing license to operate lottery activities (exclusive rights) Achieving competitive differentiation on online betting and gaming markets by pr
Slide 108: Sustainability is at the core of our new purpose
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 108 SUSTAINABILITY IS AT THE CORE OF OUR NEW PURPOSE INSPIRE THE FUTURE OF SAFE AND ENTERTAINING LOTTERY, GAMING AND BETTING WITH POSITIVE IMPACTS ON SOCIETY
Slide 109: Sustainability strategy based on 2 pillars
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 109 FDJ UNITED'S SUSTAINABILITY STRATEGY IS BASED ON 2 PILLARS Address risks and externalities Amplify positive impacts Responsible gaming Redistribution to all stakeholders Additional pos
Slide 110: Address risks and externalities / Amplify positive impacts
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 110 Address risks and externalities Amplify positive impacts Responsible gaming Redistribution to all stakeholders 10% of media budget dedicated to RG communication Additional positive imp
Slide 111: Address risks and externalities / Amplify positive impacts
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 8 111 Address risks and externalities Amplify positive impacts Responsible gaming Redistribution to all stakeholders Additional positive impact for society Decarbonisation and the environm
Slide 112: Address risks and externalities
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 9 112 Address risks and externalities Amplify positive impacts Responsible gaming Redistribution to all stakeholders Decarbonisation Additional positive impact for society and the environm
Slide 113: Business model redistributes value to all stakeholders
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 113 OUR BUSINESS MODEL REDISTRIBUTES THE VALUE CREATED TO ALL STAKEHOLDERS Shareholders Good causes General interest Retailers €380m €239m €4.5bn €1bn dividends public levies on games remu
Slide 114: Address risks and externalities / Amplify positive impacts
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 114 Address risks and externalities Amplify positive impacts Responsible gaming Redistribution to all stakeholders Additional positive impact for society Decarbonisation and the environmen
Slide 115: Address risks and externalities
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 115 Address risks and externalities Amplify positive impacts Responsible gaming Redistribution to all stakeholders Additional positive impact for society Decarbonisation and the environmen
Slide 116: Responsible gaming (RG)
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 116 RESPONSIBLE GAMING (RG)
Slide 117: Proactive player protection strategy based on 3 priorities
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 117 A PROACTIVE PLAYER PROTECTION STRATEGY BASED ON 3 PRIORITIES Prevention of underage Prevention of excessive Detection and support of gaming gaming vulnerable players A global strategy
Slide 118: A holistic approach of player protection
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 118 A HOLISTIC APPROACH OF PLAYER PROTECTION PREVENTION DETECTION PLAYER SUPPORT Prevention of Prevention of underage gaming excessive gaming Responsible gaming communication to raise awar
Slide 119: A holistic approach of player protection
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 119 A HOLISTIC APPROACH OF PLAYER PROTECTION PREVENTION DETECTION PLAYER SUPPORT Detection and Prevention of support of excessive gaming vulnerable players Data, innovation, AI to enhance
Slide 120: A holistic approach of player protection
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 120 A HOLISTIC APPROACH OF PLAYER PROTECTION PREVENTION DETECTION PLAYER SUPPORT Detection and support of vulnerable players Care calls to support vulnerable players Objective: 80% of cont
Slide 121: 4 differentiation levers to be leaders on RG
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 121 4 DIFFERENTIATION LEVERS TO BE LEADERS ON RG Holistic Proactive KPIs at approach policy Group level From prevention to Early detection and Transparency and player support intervention
Slide 122: Positive impact
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 122 POSITIVE IMPACT
Slide 123: Voluntary contribution strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 123 OUR VOLUNTARY CONTRIBUTION STRATEGY AIMS AT STRENGTHENING OUR POSITIVE CONTRIBUTION TO SOCIETY AND THE ENVIRONMENT Gradual increase from 2.7% of reported net income in 2024 to 5% in 20
Slide 124: Voluntary contribution strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 124 OUR VOLUNTARY CONTRIBUTION STRATEGY AIMS AT STRENGTHENING OUR POSITIVE CONTRIBUTION TO SOCIETY AND THE ENVIRONMENT Gradual increase from 2.7% of reported net income in 2024 to 5% in 20
Slide 125: Voluntary contribution strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 125 OUR VOLUNTARY CONTRIBUTION STRATEGY AIMS AT STRENGTHENING OUR POSITIVE CONTRIBUTION TO SOCIETY AND THE ENVIRONMENT Gradual increase from 2.7% of reported net income in 2024 to 5% in 20
Slide 126: Voluntary contribution strategy
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 126 OUR VOLUNTARY CONTRIBUTION STRATEGY AIMS AT STRENGTHENING OUR POSITIVE CONTRIBUTION TO SOCIETY AND THE ENVIRONMENT Gradual increase from 2.7% of reported net income in 2024 to 5% in 20
Slide 127: Long-term value creation underpinned by sustainability commitments
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 127 LONG-TERM VALUE CREATION UNDERPINNED BY UNIQUE SUSTAINABILITY COMMITMENTS Dedicate 5% of reported net income Reduce share of revenue from to societal and environmental high-risk player
Slide 128: 08. Closing remarks
08. CLOSING REMARKS FD) UNITED” °
Slide 129: Our ambition
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 129 OUR AMBITION Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator
Slide 130: FDJ UNITED
FD) UNITED *
Slide 131: Q&A
+ G3S.LINN fda Q&A
Slide 132: Appendix
+ G3S.LINN fda APPENDIX
Slide 133: Glossary
01. Strategic ambitions 02. LSF 03. OBG 04. IL 05. Finance 06. Data & AI 07. Sustainability 08. Closing remarks 133 GLOSSARY In this document, some terms defined here below, are used: ◊ LSF: French lottery and retail sports betting BU ◊ OBG: Online betting and gaming BU ◊ IL: International lottery B
Slide 134: FDJ UNITED
FD) UNITED *