FDJ United reported strong Q3 2025 results with €864 million in revenue, up 29% from last year. However, after adjusting for the Kindred acquisition, revenue was down 3%.

The company said the change was caused due to restated figures assuming it owned Kindred since early 2024. Overall, year-to-date revenue reached €2.73 billion, up 30.2% year-on-year but down 2.1% on a restated basis.

FDJ noted that without higher gaming taxes in France and weaker international markets, revenue would have dropped only 0.7%. Despite these challenges, the company remains confident in its growth plans.

Lottery and Retail Betting Lead the Way

FDJ’s main income in Q3 came from its lottery and retail sports betting business, which earned €595 million. This was a 2.5% increase compared to last year’s restated results and shows the continued strength of its retail network in France, showing stable customer demand and strong engagement across its nationwide retail outlets.

However, its online betting and gaming division saw a 15.6% drop, bringing in €209 million for the quarter. FDJ said this was mainly because of weaker performance in some markets and higher gaming taxes introduced in France earlier this year.

The company’s international lottery revenue rose slightly by 0.3% to €44 million, while payments and services fell by 1.8% to €16 million. Even with these mixed results, FDJ said it remains in a strong financial position overall.

Full-Year Outlook Remains Positive

Looking ahead, FDJ has confirmed its full-year goal of earning €3.7 billion in revenue and expects a recurring EBITDA of €900 million with a 24% margin by the end of 2025. The company’s current results show it is on track, but it will need to bring in about €1 billion more in the final quarter to meet its target.

FDJ also plans to grow its revenue by 5% each year by 2028 as part of its Play Forward 2028 strategy. This plan focuses on steady growth while adjusting to new rules and changing market conditions.

CEO Comments on Market Challenges

Stéphane Pallez, Chairwoman and CEO of FDJ United, said the company’s results show the challenges it faces and its efforts to keep improving. She explained that the drop in online betting and gaming revenue was due to weaker markets and higher gaming taxes in France since July 1.

Pallez said FDJ will continue working on its transformation and performance plan for 2025, staying focused on its long-term goals under the Play Forward 2028 strategy.

She added that with a strong retail network and a focus on steady growth, FDJ remains confident it can stay one of Europe’s top gaming companies despite market changes and higher taxes.