FDJ United lowers 2026 guidance again as revenue falls 5.6%

FDJ United has lowered its 2026 guidance for the second time in three months after revenue fell 5.6% to €2.58 billion in the nine months to the end of September, the company said. Gross gaming revenue fell 2.8% to €6.26 billion over the same period.

The third quarter was weaker, with revenue down 8.1% to €794 million and GGR down 6.1% to €1.95 billion, according to the company.

Tax increases and lottery performance

Gaming tax increases cost the group €62 million and accounted for more than two percentage points of the revenue decline, FDJ United said.

The company also pointed to weaker lottery performance. By the end of September, there had been 12 EuroMillions jackpots above €130 million, compared with 27 a year earlier. Only one jackpot exceeded €200 million, compared with 12 in the same period of 2025, the group said.

In the French lottery and retail sports betting unit, GGR fell 3.5% to €4.98 billion. Revenue from draw games dropped 12.2% to €563 million, while instant games performed better, with GGR up 1.9% and revenue up 0.3% to €935 million.

Retail sports betting revenue fell 4.5% to €297 million. The share of stakes paid back to players rose by more than 400 basis points to nearly 80%, the company said.

Online unit and revised outlook

The online betting and gaming unit’s GGR was virtually flat, down 0.8% at €1.01 billion. Revenue fell 8.2% to €619 million after €34 million in additional taxes, according to FDJ United.

Excluding the Netherlands and the UK, GGR rose 5.7% and revenue rose 0.8%, with France and Scandinavia continuing to perform well, the group said. GGR fell 8.6% in the Netherlands and 24.4% in the UK.

FDJ United now expects a low-single digit decline in GGR for 2026 and a mid-single digit fall in revenue. The revenue forecast includes more than €70 million in additional gaming taxes. In July, alongside its H1 results, the group had forecast stable GGR and a low single-digit revenue decline.

The group expects cost control to keep its recurring EBITDA margin at around 23%, it said.

Strategic review

FDJ United is speeding up the rollout of a single proprietary sports betting platform, which it aims to have running in most of its markets by the end of 2027. The strategy is set to be led by new Chief Online Officer Pascal Chaffard, who replaced former Kindred CEO Nils Anden in Q1.

The company is reviewing which markets its online unit operates in, as well as its non-core assets, particularly within the Payment and Services unit. It will announce the outcome by early 2027 at the latest.

FDJ United’s shares fell as low as €19.45 before closing down 2.09% at €20.57 on 22 October after the results were released. Deutsche Bank cut its price target to €25.10 from €26.60 on 22 October and kept its hold rating.

FDJ United will publish its full-year results on 18 February 2027.