FDJ United reported declines in both revenue and GGR as tax increases and lottery underperformance took their toll across H1.
FDJ released its H1 results on Wednesday, revealing a 4.5% drop in revenue to €1.78 billion, while GGR also dipped 1.3% to €4.31 billion.
Stéphane Pallez, CEO and chairwoman of FDJ, attributed the financial falls to increased taxation in some of the company’s key markets, namely France, Romania, the UK and the Netherlands.
Pallez said H1 revenue was hit with an impact of approximately €52 million in gaming tax increases.
Further explaining the declines was an underwhelming performance from FDJ’s lottery sector, which reported a 2.1% GGR drop in H1 to €2.98 billion, while its revenue also fell 4% to €1.02 billion.
“This underperformance is due to the significantly lower number and amounts of major Euromillions jackpots compared to 2025 and, in the second quarter, lower traffic at points of sale, largely due to exceptional heatwaves,” FDJ’s earning’s release stated.
Retail sports betting also underperformed across the first half of 2026, with GGR edging down 1.1% to €450 million and revenue falling 2.9% to €218 million.
Despite FDJ’s H1 issues, Pallez retained a positive outlook, explaining: “Backed by solid fundamentals and a robust financial structure, FDJ United continues to invest in innovation, the attractiveness of its product portfolio and the acceleration of its transformation in order to return to a path of sustainable, profitable and value-creating growth.”
Online performance in line with FDJ expectations
Despite FDJ’s tax, lottery and retail sports betting struggles, the company described its online betting and gaming unit as performing “in line with expectations”.
The unit’s H1 GGR was stable at €702 million, although its revenue declined 7.4% to €431 million.
France and Scandinavia led the online betting and gaming unit’s performance.
Excluding the Netherlands and the UK, the unit’s GGR surged 6.6% with revenue also edging up by 0.6%.
FDJ said its online business in the Netherlands was continuing to improve despite the challenging environment. Its Unibet brand’s 4.1% GGR decline in Q2 was a marked improvement on the 15% plummet posted in Q1.
The outlook was less optimistic in the UK, however, with FDJ stating the “situation remains difficult”.
In April, after FDJ released its Q1 results, gaming and betting chief Pascal Chaffard said FDJ had no intention of withdrawing its online betting business from the UK.
“For me, there is absolutely no question of getting out of the UK,” he declared. “The top priority is to fix this problem, and it’s more a question of some quarters, maybe not one quarter, [but] some quarters [more than] than years to get there, frankly.”
The company has initiated plans to implement “targeted task forces” to enhance collaboration and improve performance in the UK and Netherlands.
FY2026 guidance tweaked
In its results FDJ hinted at a review of its Kindred business’ market portfolio , raising the question of whether its situation in the UK could change despite Chaffard’s previous comments on the company’s intentions to remain in the market.
On the post-results call, Pallez was asked for more detail on what the market portfolio review could entail.
“It’s really aimed at investing our money where we think we can get a good return in terms of profitable growth,” she outlined. “There is not any potential decision on exit.
“It’s really investing where we believe there is a good return. We are, however, of course, looking at all our assets.”
The H1 performance has also led to FDJ adjusting its full-year guidance.
Following its Q1 results, FDJ stated it expects a slight increase in GGR and a slight decline in revenue for its FY2026, with annual revenue growth for its French lottery and retail sports betting unit.
Additionally, the company said it expected an improvement in the annual performance of its online betting and gaming unit compared to Q1, with a return to GGR growth in H2.
However, the company now anticipates stable GGR for the full year for its lottery and retail sports betting unit, as well as its online betting and gaming unit. It expects the revenue decline to be in the low single-digits.
FDJ posted an adjusted net profit of €180 million in H1, with the company vowing to optimise its resource allocation moving forward.
FDJ United报告称，由于税收增加和彩票业务表现不佳，上半年营收和GGR均出现下滑。
FDJ于周三发布了上半年业绩，显示营收下降4.5%至17.8亿欧元，GGR也下滑1.3%至43.1亿欧元。
FDJ首席执行官兼董事长Stéphane Pallez将财务下滑归因于公司部分关键市场税收增加，即法国、罗马尼亚、英国和荷兰。
Pallez表示，上半年营收受到约5200万欧元博彩税增加的冲击。
进一步解释下滑原因的是FDJ彩票业务的表现不佳，该业务上半年GGR下降2.1%至29.8亿欧元，营收也下降4%至10.2亿欧元。
FDJ的业绩报告指出：“这一表现不佳是由于与2025年相比，Euromillions大奖的数量和金额大幅减少，以及第二季度销售点客流量下降，主要原因是异常热浪。”
零售体育博彩在2026年上半年同样表现不佳，GGR微降1.1%至4.5亿欧元，营收下降2.9%至2.18亿欧元。
尽管FDJ上半年面临诸多问题，Pallez仍保持积极展望，她解释道：“凭借稳健的基本面和强劲的财务结构，FDJ United继续投资于创新、产品组合的吸引力以及加速转型，以重回可持续、盈利且创造价值的增长轨道。”
线上业务表现符合FDJ预期
尽管FDJ在税收、彩票和零售体育博彩方面面临困境，但公司将线上博彩和游戏部门的表现描述为“符合预期”。
该部门上半年GGR稳定在7.02亿欧元，但营收下降7.4%至4.31亿欧元。
法国和斯堪的纳维亚引领了线上博彩和游戏部门的表现。
剔除荷兰和英国，该部门GGR飙升6.6%，营收也微增0.6%。
FDJ表示，尽管环境充满挑战，其在荷兰的线上业务持续改善。其Unibet品牌第二季度GGR下降4.1%，较第一季度15%的暴跌有明显改善。
然而，英国的前景则不那么乐观，FDJ表示“形势依然严峻”。
今年4月，在FDJ发布第一季度业绩后，博彩和投注主管Pascal Chaffard表示，FDJ无意将其线上博彩业务撤出英国。
他宣称：“对我来说，退出英国绝对不在考虑范围内。首要任务是解决这个问题，坦率地说，这更多是几个季度的问题，可能不是一个季度，[而是]几个季度[而非]数年才能实现。”
公司已启动计划，组建“专项工作组”以加强协作并改善在英国和荷兰的业绩。
2026财年指引微调
在业绩报告中，FDJ暗示将对其Kindred业务的市场组合进行审查，这引发了外界对其英国业务状况是否可能改变的疑问，尽管Chaffard此前曾表示公司有意留在该市场。
在业绩发布后的电话会议上，Pallez被问及市场组合审查可能涉及哪些具体内容。
她概述道：“这实际上是为了将资金投入到我们认为能够获得良好盈利增长回报的地方。并不存在任何潜在的退出决定。
“这实际上是在我们认为有良好回报的地方进行投资。当然，我们也在审视所有的资产。”
上半年的表现也促使FDJ调整了全年指引。
在第一季度业绩发布后，FDJ曾表示预计2026财年GGR将略有增长，营收将略有下降，其法国彩票和零售体育博彩业务将实现年度营收增长。
此外，公司还表示预计其线上博彩和游戏业务的年度表现将较第一季度有所改善，并在下半年恢复GGR增长。
然而，公司目前预计其彩票和零售体育博彩业务以及线上博彩和游戏业务的全年GGR将保持稳定。预计营收将出现低个位数下降。
FDJ上半年调整后净利润为1.8亿欧元，公司承诺未来将优化资源配置。