FDJ United soars 30.7% in H1 2025 amid Kindred integration

FDJ United reported a robust 30.7% jump in first-half revenue to €1.87 billion, boosted by the integration of Kindred Group.

However, when viewed on a pro-forma basis — treating Kindred as part of the group since January 2024 — revenue was down slightly by 1.7%, reflecting tough comparisons and regulatory pressures in core markets.

CEO Stéphane Pallez acknowledged the dual narrative.

“Q2 2024 was Kindred’s best quarter ever, thanks to the Euro tournament,” Pallez told analysts.

“That set a very high bar, but we’re encouraged by the 2% sequential improvement from Q1 to Q2 this year.”

FDJ’s core lottery business remained a bright spot, with lottery sales climbing 5.8% to €1.07 billion. Retail sports betting, however, dipped 6.2% despite a 3.6% rise in stakes placed.

Online betting and gaming revenues fell 12%, driven largely by regulatory headwinds in the UK and Netherlands. Pallez noted that “excluding these two markets, we saw 5% growth — particularly strong in France.”

Adjusted net income came in at €222 million, down 5.4%, while net profit fell sharply by 36.2% due to acquisition-related costs and higher taxes.

Still, the company reiterated its full-year guidance, targeting flat revenue and a recurring EBITDA margin above 24%.

“2025 is a transition year,” Pallez said. “But we’re confident the integration of Kindred is on track, and our Play Forward 2028 strategy remains fully in motion.”

The next financial update is due October 15.