FDJ United : Statutory auditors’ report on the 2025 consolidated financial statements

About this update from Fdj United

This is a translation into English of the statutory auditors' report on the consolidated financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users. This statutory auditors' report includes information required by European regulation and French law, such as information about the appointment of the statutory auditors or verification of the information concerning the Group presented in the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. STATUTORY AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2025 To the Shareholders, Opinion In compliance with the engagement entrusted to us by your General Meeting, we have audited the accompanying consolidated financial statements of La Française des Jeux ("the Group") for the year ended 31 December 2025 . In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at 31 December 2025 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. The audit opinion expressed above is consistent with our report to the Audit and Risks Committee . Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence requirements of the French Commercial Code (code de commerce) and the French Code of Ethics (code de déontologie) for statutory auditors, for the period from 1 January 2025 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014. Justification of Assessments - Key Audit Matters In accordance with the requirements of Articles L.821-53 and R.821-180 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks. Page 1 sur 6 These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements. Assessment of the recoverable amount of goodwill and intangible assets of the "Online Betting and Gaming" CGU group (Notes 6 « Goodwill » and 7.1 « Exclusive operating rights and other intangible assets » to the consolidated financial statements) Description of risk As at 31 December 2025, the Group's net non-current assets included goodwill amounting to €1,242 million, brands amounting to €865 million, and customer bases amounting to €502 million, as disclosed in notes 6 and 7.1 to the consolidated financial statements. These non-current assets are tested for impairment whenever there is an indicator of impairment. In addition, an impairment test on goodwill is required to be performed at least once a year. The recoverable amount of goodwill and these non-current assets is defined in Notes 6 and 7.1 to the consolidated financial statements. For the purpose of these impairment tests, these non-current assets are allocated to Cash-Generating Units (CGUs). The "Online Betting and Gaming" CGU group carried goodwill of €1,124 million, brands of €864 million, and customer bases of €495 million as at 31 December 2025, after recognizing a €166 million impairment loss during the period on brands and customer bases. We considered the assessment of the recoverable amount of goodwill and intangible assets of the "Online Betting and Gaming" CGU group to be a key audit matter because of their significance in the Group's consolidated financial statements and because determining their recoverable amount, generally based on discounted future cash flow forecasts, requires the use of assumptions and estimates that rely heavily on management's judgment. How our audit addressed this risk We obtained an understanding of, and performed a critical review of, the methodology applied by the Group in carrying out the impairment tests. Our audit approach consisted in: assessing the appropriate identification of the CGUs and of the "Online Betting and Gaming" CGU group; reviewing the components of the carrying amount of the CGU group to which goodwill, customer bases and brands are allocated by the Group; assessing the reasonableness of the main estimates used in the impairment tests for the assets considered most sensitive, and more specifically: assessing the consistency of revenue and margin rate projections with the economic environment in which the Group operates and with management's latest estimates presented to the Board of Directors as part of the budgeting process; validating, with the support of our valuation specialists, the methodologies used to determine the fair value of brands and customer bases; analysing, with the assistance of our valuation specialists, the discount rates applied to future cash flows by comparing the parameters used with external benchmarks, as well as the long-term growth rates; comparing the 2025 projected results with the actual results of the year; reviewing sensitivity analyses performed with respect to the key assumptions selected by management and comparing them with our own analysis; verifying the appropriateness of the disclosures provided in Notes 6 and 7.1 to the consolidated financial statements. Page 2 sur 6 Accounting recognition of Net Gaming Revenue (NGR) (Note 4.1 "Net gaming revenue and other revenue" to the consolidated financial statements) Description of risk The Group's main activity consists in developing and operating lottery games and sports betting within a highly regulated framework. This activity is characterised by a high volume of low-value individual transactions. FDJ's remuneration (net gaming revenue - NGR) is based on the players' stakes placed at points of sale and online, after deducting the prize winners' share as well as public levies at variable rates depending on the games. For the year ended 31 December 2025, the Group's NGR amounted to €3.5 billion. The processing of gaming transactions, their recognition according to the methods described in Note 4.1 to the consolidated financial statements and the determination of NGR are highly automated. They are based on a highly complex information system specific to FDJ, which covers all the steps in the processing of games from the validation of gaming transactions at points of sale and online to the recognition of the different components of NGR. Given the high volume of transactions processed, the significance of automated processing in determining and recognising the different components of NGR and the reliability of the internal controls organised by management in a regulated environment, we deemed the accounting recognition of NGR to be a key audit matter. How our audit addressed this risk With the assistance of our information systems specialists, we gained an understanding of the process for recognising the various stakes and components of NGR and assessed the design and effectiveness of the internal control system relating, in particular, to the information systems and automated processing underlying NGR recognition. Our work consisted primarily in: familiarising ourselves with the internal control procedures, identifying the most relevant manual and automated controls for our audit; performing walkthrough tests on lottery and sports betting games in order to ensure the traceability of the transaction through the various information systems; testing the effectiveness of the IT general controls of each application system used as part of the recognition of the components of NGR and which we deemed of key importance to our audit, notably including access management, change management and operations management; evaluating the effectiveness of the interfaces linked to the transactions and relevant for recognising flows from stakes to NGR; analysing material changes and unexpected trends observed, if any, in the allocation of the various components of NGR. Specific verifications We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations regarding the information relating to the Group given in the management report of the Board of Directors. We have no matters to report as to their fair presentation and their consistency with the consolidated financial statements. Report on Other Legal and Regulatory Requirements Format of presentation of the consolidated financial statements intended to be included in the annual financial report Page 3 sur 6 We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the statutory auditor relating to the annual and consolidated financial statements presented in the European single electronic format, that the presentation of the consolidated financial statements intended to be included in the annual financial report mentioned in Article L.451-1-2, I of the French Monetary and Financial Code (code monétaire et financier), prepared under the responsibility of the Chairwoman and Chief Executive Officer, complies with the single electronic format defined in the European Delegated Regulation No 2019/815 of 17 December 2018. As it relates to consolidated financial statements, our work includes verifying that the tagging of these consolidated financial statements complies with the format defined in the above delegated regulation. Based on the work we have performed, we conclude that the presentation of the consolidated financial statements intended to be included in the annual financial report complies, in all material respects, with the European single electronic format. We have no responsibility to verify that the consolidated financial statements that will ultimately be included by your company in the annual financial report filed with the AMF are in agreement with those on which we have performed our work. Appointment of the Statutory Auditors We were appointed as statutory auditors of La Française des Jeux by the General Meetings held on 25 May 2016 for PricewaterhouseCoopers Audit and on 3 June 2003 for Deloitte & Associés. As at 31 December 2025, PricewaterhouseCoopers Audit and Deloitte & Associés were in the tenth and twenty-third consecutive year of their engagement, respectively, and the seventh year since the Company's securities were admitted to trading on a regulated market. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations. The Audit and Risks Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The consolidated financial statements were approved by the Board of Directors. Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements Objectives and audit approach Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. Page 4 sur 6 As specified in Article L.821-55 of the French Commercial Code (code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company. As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgment throughout the audit and furthermore: Identifies and assesses the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence considered to be sufficient and appropriate to provide a basis for his opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtains an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluates the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management in the consolidated financial statements. Assesses the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. This assessment is based on the audit evidence obtained up to the date of his audit report. However, future events or conditions may cause the Company to cease to continue as a going concern. If the statutory auditor concludes that a material uncertainty exists, there is a requirement to draw attention in the audit report to the related disclosures in the consolidated financial statements or, if such disclosures are not provided or inadequate, to modify the opinion expressed therein. Evaluates the overall presentation of the consolidated financial statements and assesses whether these statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtains sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. The statutory auditor is responsible for the direction, supervision and performance of the audit of the consolidated financial statements and for the opinion expressed on these consolidated financial statements. Report to the Audit and Risks Committee We submit a report to the Audit and Risks Committee which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit and Risks Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters that we are required to describe in this report. We also provide the Audit and Risks Committee with the declaration provided for in Article 6 of Regulation (EU) N° 537/2014, confirming our independence within the meaning of the rules applicable in France such as they are set in particular by Articles L.821-27 to L.821-34 of the French Commercial Code (code de commerce) and in the French Code of Ethics (code de déontologie) for statutory Page 5 sur 6 auditors . Where appropriate, we discuss with the Audit and Risks Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards. Neuilly-sur-Seine and Paris-La Défense, 24 February 2026 PricewaterhouseCoopers Audit Deloitte & Associés Richard Béjot Olivier Broissand Page 6 sur 6 RESTREINT

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