French betting group FDJ United's 9M revenue falls on fewer jackpots and tax hikes; cuts FY outlook
Overview
France betting and gaming operator's 9M 2026 revenue fell 5.6% yr/yr to €2.58 bln
Company cites fewer high jackpots, higher player winnings, weak retail traffic, and tax hikes
2026 outlook cut to low-single digit GGR decline, mid-single digit revenue drop, EBITDA margin ~23%
Outlook
FDJ UNITED now expects a low-single digit decline in 2026 GGR
Company sees a mid-single digit decline in 2026 revenue
Company targets a recurring EBITDA margin of around 23% for 2026
Result Drivers
FEWER HIGH JACKPOTS - Co said significantly lower number and amounts of high jackpots, especially for Euromillions, weighed on revenue
HIGHER PLAYER WINNINGS - Co said high player winnings in sports betting, especially at points of sale, reduced revenue
WEAK RETAIL TRAFFIC - Co said challenging economic conditions in France led to lower traffic at points of sale
TAX INCREASES - Co said gaming tax increases of €62 mln contributed to revenue decline
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
9M Revenue | EUR 2.58 bln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 6 "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 €24.00, about 12.6% above its October 20 closing price of €21.32
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago
Reuters Recommended Reads
Oct 20 - Betting giant Flutter to axe up to 1,400 jobs in UK and Ireland as tax hike bites
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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.)