FDJ United reports H1 2026 net loss of €16m amid revenue declines

FDJ United has posted a net loss of €16m for the first half of 2026, swinging from a €136m profit in the same period of 2025, as gross gaming revenue (GGR) and net revenue both slid. The operator’s total GGR came in at just over €4.3bn, a 1.3% drop year-on-year, while net revenue fell 4.5% to €1.8bn. Recurring EBITDA decreased 8.4% to €404m, and recurring operating income was down 15.1% at €229m.

The French lottery and retail sports betting segment saw GGR slip 2% to €3.4bn, with net revenue declining 3.9% to €1.2bn. FDJ attributed this underperformance to a “significantly lower number and amounts of major Euromillions jackpots” compared with 2025, alongside reduced footfall at points of sale due to exceptional heatwaves.

Chairwoman and CEO Stéphane Pallez commented: “The Group’s performance in the first half is still affected by higher taxation, alongside factors inherent to the lottery business and the impact of exceptional heatwaves.” She added that FDJ continues to invest in innovation and product portfolio attractiveness to return to sustainable growth.

Online betting and gaming generated €702m in GGR, flat year-on-year, though net revenue for the segment fell 7.4% to €431m. Excluding operations in the UK and Netherlands, GGR rose 6.6% and net revenue edged up 0.6%. Strong results were reported during the 2026 FIFA World Cup, with stakes exceeding €700m, in line with forecasts.

Adjusted net profit for H1 2026 stood at €180m, a 19% decline from the prior year. Payment and services revenue slipped 4.9% to approximately €30m. The only sector to post a net revenue increase was FDJ’s international lottery operations, which grew 1.4% to €81m, and its recurring EBITDA improved from €15m to €17m. Cost of sales decreased 3.8% to €760m, but operating income still fell 15.1%.