France's FDJ United Q1 revenue falls on higher gaming taxes; company appoints new CFO

FDJ United

21/04/2026 20:01

Overview

France betting and gaming operator's Q1 revenue fell 3% to €895 mln on higher gaming taxes

Q1 gross gaming revenue rose 1%, but momentum slowed versus start of year

Dan Lévy has been appointed Chief Financial Officer at FDJ UNITED with effect from 18 May

Outlook

FDJ UNITED expects a slight increase in 2026 GGR and a slight decline in revenue

Company sees annual revenue growth for French lottery and retail sports betting BU

Company targets recurring EBITDA margin between 23% and 24% for 2026

Result Drivers

HIGHER GAMING TAXES - Revenue declined due to €24 mln in increased gaming taxes across several markets

DRAW GAMES AND SPORTS BETTING - Fewer long cycles for draw games, less attractive sports fixtures, and a high payout ratio for retail sports betting weighed on results

INSTANT AND DIGITAL GAMES - Instant games and digital lottery activities remained resilient, supported by new game launches and increased online player base

Company press release: ID:nBw3STGmka

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
EUR 895 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the casinos & gaming peer group is "buy"

Wall Street's median 12-month price target for FDJ United is €29.13, about 10.3% above its April 21 closing price of €26.41

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)