FDJ has released its H1 2025 figures, showing €1.87bn in revenue. The FDJ H1 2025 results also put recurring EBITDA at 23.6%. Management is sticking with its full-year guidance and sees a stronger second half ahead.

  • FDJ’s H1 2025 revenue came in at €1.87bn, down 2% on a restated basis after a tough comparison with 2024. On a reported basis, revenue jumped 31% thanks to the Kindred acquisition. Recurring EBITDA landed at €441m, with a 23.6% margin.

  • The lottery and retail sports betting arm (LSF) pulled in €1.29bn in revenue, up 4% restated. Lottery sales grew in both draw and instant games, with iLottery surging 16% to €160m. Retail sports betting slipped 6% as operator margins were squeezed despite higher stakes.

  • Online betting and gaming (OBG) brought in €466m, down 12% on a restated basis. The drop reflected tough Euro 2024 comparables and tighter rules in the UK and Netherlands. Stripping out these markets, OBG revenue was up 5% year-on-year.

  • Adjusted net income stood at €222m, down 5% restated. Reported net income came in at €136m, down 36%, hit by acquisition costs and an extra corporate tax charge in France. FDJ kept its dividend policy with a minimum payout of 75%.

  • Net debt was €1.96bn at the end of June, reflecting seasonal cash use. The group expects to cut debt by more than €150m by year-end. Free cash flow was impacted by dividends, the ESOP share buyback, and tax payments.

  • FDJ rolled out its “Play Forward 2028” strategy, aiming for around 5% organic revenue CAGR from 2025 to 2028. The plan targets a recurring EBITDA margin above 26% by 2028. Contributions to society and the environment are set to rise from 2.7% of net income in 2024 to 5% by 2030.

  • Integration of Kindred is progressing, with the 32Red migration in the UK and PSEL/ZEturf customer merger in France now complete. All brands and markets are set to be integrated by the end of 2026. Cost and revenue synergies are coming through as planned20250730Investorpresent….

  • Management reaffirmed its FY25 guidance, expecting revenue to stay in line with 2024 pro forma and recurring EBITDA margin above 24%. “Our H2 pipeline gives us confidence in delivering our 2025 targets,” the company said.

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