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FDJ United opened 2026 with limited growth in gross gaming revenue and weaker revenue, as higher gambling taxes kept pressing on online betting and gaming in the UK and Netherlands.
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The toughest drag came from the UK and Netherlands, where tax hikes kept hurting results. Revenue from the Kindred led online betting and gaming unit fell 8% to €213m, while GGR slipped 1% to €342m. Strip out those two markets, though, and the picture looks less weak. GGR for the unit rose 6%, while revenue slipped only 1%.
In the UK, revenue for the Kindred business dropped 24.1%. In the Netherlands, revenue fell 19.9%. FDJ United still called that a clear improvement from the 42.1% drop recorded across full year 2025.
Management is now trying to steady the business with platform changes and a leadership reset. Pascal Chaffard left the CFO role in February to run the online betting and gaming unit, replacing former Kindred CEO Nils Andén, who left to pursue new projects. On Tuesday, FDJ United said Dan Lévy, previously with Ipsos, will take over the CFO post.
The group said the new leadership team is fully focused on lifting performance, with the UK and Netherlands at the center of that work.
Across the full business, group GGR edged up 1% year on year to €2.175bn. Revenue, however, fell 3% to €895m, with gaming taxes cutting €24m from the quarter. FDJ United also lowered its 2026 view. The group now expects slight GGR growth for the year, a narrow revenue decline, and nearly €90m in extra calendar year gaming taxes. Recurring EBITDA margin is now expected at 23% to 24%, below the earlier 24.5% target.
France gave the group a mixed quarter. GGR from French lottery and retail sports betting held flat at €1.74bn, while revenue slipped 2% to €627m after a €15m tax hit. FDJ United linked part of that softness to temporary late quarter factors, including weaker sports fixtures and a high payout ratio in retail sports betting. Point of sale revenue in France fell 3% to €546m, while online lottery revenue added 1% to €81m. Even so, FDJ United still expects annual revenue growth from that segment once those temporary effects fade.
Chairwoman and CEO Stéphane Pallez said:
“In an environment still affected by the impact of tax increases and tighter regulations on gaming, the group is stepping up its efforts in operational efficiency, synergies and financial discipline, with the aim of returning to sustainable, value creating growth from the second half of the year onwards, for the benefit of all its stakeholders.”