FDJ UNITED has released its full-year figures, pointing to a year shaped by tax increases and regulatory change. The FDJ UNITED 2025 results underline the growing weight of digital in the group’s overall mix. While margins held steady, online performance played a central role in the story.
Gross gaming revenue (GGR) reached EUR 8.7bn in 2025, up 1% on a restated basis, while revenue* fell 3% to EUR 3.68bn after higher gaming taxes. Recurring EBITDA came in at EUR 902m, with a 24.5% margin. Free cash flow hit EUR 782m, equal to 87% of recurring EBITDA.
Digital continues to gain ground within the French lottery business with online lottery revenue rose 8.1% to EUR 316m and now represents more than 15% of total lottery revenue. The number of online players exceeded 6 million by year end, driven by strong recruitment.
The online betting and gaming unit generated EUR 907.7m in revenue, down 11.8% year on year, reflecting regulation and tax pressure. GGR declined 8.1%, with sharp drops in the Netherlands and UK, partly offset by growth in France and other markets. The division still increased active players by more than 10% over the year.
Across the group, digital channels are becoming more embedded in operations and technology. The rollout of proprietary platforms in sports betting and poker continued in several markets. Marketing automation and customer service optimisation were stepped up within the online unit.
Net income fell to EUR 176m, while adjusted net income was broadly stable at EUR 487m. The board will propose a dividend of EUR 2.10 per share. For 2026, FDJ UNITED expects slight revenue growth and a stable 24.5% EBITDA margin, despite further tax increases.
* Revenue: net gaming revenue and income from other activities
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