The increase in gambling taxes hits FDJ UNITED (Unibet), which goes from earning 136 million to losing 16 million in one year

FDJ UNITED, one of the largest betting and gaming operators in Europe and owner of brands such as Unibet, presented its results for the first half of 2026 on July 29, marked by the impact of gambling tax increases. The group recorded a negative consolidated net result of €16 million, compared to a profit of €136 million in the same period of 2025.

The GGR (gross gaming revenue) for the first half of the year reached €4,314 million, down 1.3%. After €2,613 million in public fees (+0.7%), net gaming income (NGR) stood at €1,701 million (-4.1%). Including income from other activities, the group's turnover was €1,782 million, down 4.5%. The group estimates the negative impact of the gambling tax hikes in France, the United Kingdom, the Netherlands and Romania at €52 million, which subtracted 3 points of growth from revenues.

In terms of profitability, recurring EBITDA was €404 million (-8.4%), with a margin of 22.7% – compared to 23.6% a year earlier – which the group puts in line with its annual target. Recurring operating profit fell by 15.1% to €229 million. The performance plan allowed fixed costs to be reduced by 2.8%. Basic earnings per share were -€0.09, compared to €0.73 in 2025.

Net profit was also weighed down by €142 million in other non-recurring operating expenses (compared to €10 million a year earlier), mainly due to an impairment of €135 million in intangible assets of the online betting and gaming unit. The exceptional tax contribution on the profits of large companies also weighed, with an impact of €20 million. Adjusted net profit fell by 19.0% to €180 million.

Stéphane Pallez, President and CEO of FDJ UNITED, said: "The group's performance in the first half of the year continues to be affected by higher taxation, together with factors specific to the lottery business and the impact of exceptional heatwaves that have weighed on point-of-sale traffic in France. Backed by solid fundamentals and a robust financial structure, FDJ UNITED continues to invest in innovation, in the attractiveness of its product portfolio and in accelerating its transformation to return to a path of sustainable, profitable and value-generating growth."

By business units, the lottery and face-to-face sports betting in France recorded a GGR of 3,429 million (-2.0%) and revenues of 1,240 million (-3.9%), affected by the increase in taxes in France since July 1, 2025, which amounted to more than 28 million. Within this unit, the lottery reduced its GGR by 2.1% (2,979 million) and its revenue by 4.0% (1,022 million), due to the lower number and amount of large Euromillions jackpots compared to 2025 and, in the second quarter, due to the lower influx to points of sale due to heat waves.

The GGR of draw games fell by 7.6%, while that of the instant lottery grew by 2.3%; the online lottery fell slightly (-1.3%). Excluding the long EuroMillions cycles, the GGR of the lottery would have grown by 1.0% and that of the online lottery, by 6.0%. Meanwhile, point-of-sale sports betting improved in the second quarter thanks to a more attractive offer, although in the first half its GGR fell by 1.1% (450 million) and its revenue by 2.9% (218 million). The unit's recurring EBITDA was €423 million, with a margin of 34.1% (compared to 36.0% in 2025).

The online betting and gaming unit kept its GGR stable at €702 million (-0.2%), with major events in the second quarter such as the Champions League finals and the FIFA World Cup, while its revenues fell by 7.4% to €431 million, due to the cumulative effect of tax increases (around €24 million). Excluding the Netherlands and the United Kingdom, GGR grew by 6.6% and revenue by 0.6%, driven by the good performance of France and Scandinavia. In the Netherlands, the fall in GGR moderated from 15.0% in the first quarter to 4.1% in the second; in the United Kingdom, the situation remains difficult and the action plan will start to deliver results by the end of 2026. The new management team prioritizes investment in marketing and the optimization of the player experience. The unit's recurring EBITDA was €67 million, with a margin of 15.5% (compared to 20.3% in 2025).

The rest of the businesses showed a mixed performance. The international lottery raised its revenues to €81 million (vs. €80 million) and its recurring EBITDA to €17 million (vs. €15 million), boosted by Premier Lotteries Ireland, while its B2B business fell sharply after terminating unprofitable contracts. The Payments and Services unit earned €30 million (vs. €31 million), with recurring EBITDA of -€3 million. The holding's core costs fell to €100 million, compared to €130 million a year earlier.

On the sporting front, the group highlighted its performance during the FIFA World Cup (from June 11 to July 19), with bets of more than 700 million euros and a high return to player ratio, in line with forecasts.

The group underlines the strength of its balance sheet, with a net financial debt of €1,964 million, stable compared to June 2025. In July 2026, Moody's confirmed its Baa1 (investment grade) rating with a stable outlook. As part of its resource optimisation strategy, FDJ UNITED has initiated a review of its portfolio of markets in the betting and online gaming unit, as well as non-strategic assets, especially in the Payments and Services unit.

Looking ahead to 2026 as a whole, and following the performance of the first half of the year, FDJ UNITED revises its forecasts: it now forecasts a stable GGR in both the French lottery and land-based betting and online betting and gaming units, and a low-single-digit drop in revenues. The group confirms its recurring EBITDA margin target of between 23% and 24%, supported by the performance plan launched in 2025, as well as an annual dividend increase, with a payout of at least 75% of adjusted net profit. Its medium-term initiatives include the relaunch of EuroMillions and Loto and the launch of a new €10 instant lottery in 2027.

The group also details the tax increases that have marked the semester. In France, from July 1, 2025, public fees on Loto and Euromillions went from 68.0% to 69.0% of the GGR (with a CSG of 6.2% to 7.2%); those of other draws and instants, from 55.5% to 56.5%; those of face-to-face sports betting, from 41.1% to 42.1%; those of online sports betting, from 54.9% to 59.3% (with a CSG of 10.6% to 15%); online poker went from being taxed on 0.2% of bets to 10.0% of the GGR, and online equestrianism, from 52.3% to 52.9%. In the Netherlands, the tax on online gambling rose from 30.5% to 34.2% in January 2025 and from 34.2% to 37.8% in January 2026. In Romania, the tax on sports and horse racing betting rose from 21% to 30% in August 2025. And in the UK, the tax on online casino was raised from 21% to 40% of the GGR on April 1, 2026, while the tax on online sports betting will rise from 15% to 25% from April 1, 2027.

In terms of social commitment, the group reinforced its responsible gambling actions – with support for Arpej's "Opéra" programme, which has raised awareness among more than 50,000 young people, and campaigns by Unibet and Parions Sport against excessive and underage gambling – and was included in S&P Global's "Sustainability Yearbook 2025", in addition to obtaining the highest carbon rating ("A") in the Vérité40 index for the fifth year.

FDJ UNITED will publish its September-end revenue figure on Wednesday, October 21st, 2026, after the market closes.