FDJ United has reported revenue of €3.7bn (£3.2bn) for full-year 2025, as bosses outlined a €50m financial hit due to tax hikes around Europe.
The majority of the revenue was derived from the company’s French monopoly lottery and retail sports betting operations, to the tune of €2.5bn.
The operator’s online betting and gaming arm generated gross gaming revenue (GGR) of almost €1.4bn, a decrease of 8.1% year on year (YoY).
This was the first full year where FDJ United’s report accounted for the integration of Kindred Group, following the €2.5bn acquisition of the latter in October 2024.
Revenue from international lottery operations amounted to €170m, while payments and services added a further €62m.
FDJ United noted the significant impact on revenue of tax increases across its core markets over the last year.
The operator said it paid more than €50m in tax due to hikes across France, the Netherlands and Romania.
The figure is expected to reach close to €90m by the end of 2026 when accounting for impending tax increases in both the UK and Netherlands.
In France, online sports betting taxes for operators rose from 54.9% to 59.3% of GGR in 2025, while online poker levies increased from 0.2% of stakes to 10% of GGR.
The 2025 French Finance Act also introduced a levy on the profits of companies that generate more than €1bn in the country, which impacted FDJ United to the tune of €26.7m.
Taxes in the Netherlands increased from 30.5% to 34.2% of GGR last year, and has subsequently risen again to 37.8% in 2026.
Romania’s tax rate went from 21% of GGR to 30% in August 2025, while Rachel Reeves announced during the Autumn Budget that remote gaming duty in the UK will spike to 40% of GGR in April 2026.
FDJ United noted that in the UK and the Netherlands, GGR fell sharply by 22.4% and 38.3%, respectively.
As a result of the tax increase, revenue in the Netherlands tumbled 42.1%, but by 6.3% in the 4th quarter on a more favourable comparison base.
The operator stated it was a year ahead of schedule with its plans to offset tax increases with additional savings.
The company forecast a target of saving €120m by 2028, although this guidance has now been raised to €150m following an additional €30m in savings (€50m total) made in 2025.
FDJ United said this was “attributable to the online betting and gaming business unit and nearly 40% to the French lottery and retail sports betting business unit”.
Recurring EBITDA for 2025 increased 13.9% YoY to €902m, with a recurring EBITDA margin of 24.5%.
At the time of writing, FDJ United’s share price is up by around 4% to €23.78 in early trading.
Stéphane Pallez, FDJ United chair and CEO, said: “In 2025, FDJ United demonstrated the strength of its model and continued its transformation, in an environment affected by tax increases and tighter regulations on gaming.
“With a strengthened performance plan and a new organisation of its online betting and gaming business unit, the group will continue to improve its operational efficiency to return to its profitable and sustain-able growth path by 2026.”
Reshuffle at the top
The company also announced a reshuffle amongst its executive team in addition to the financial results.
Chief online betting and gaming officer Nils Andén is stepping down from his role to “pursue other projects”.
Andén first stepped into the role in October 2024 after the Kindred takeover, and had overseen the operator’s integration into FDJ United.
Andén had previously served as Kindred Group CEO, initially taking on the role in an interim capacity in May 2023 before permanently assuming the post in February 2024.
He will be replaced by current FDJ United CFO Pascal Chaffard, who will also serve as group strategy and operational transformation officer.
Chaffard is entering his 25th year with the operator, having been in his current role since January 2019.
FDJ United noted that Chaffard’s replacement will be announced once the company has concluded its recruitment process, which is currently underway.
Furthermore, the company announced chief regulatory officer Celia Verot will also serve as general counsel and general secretary, having taken up both positions since 1 January.
Earlier this week, FDJ United revealed it will merge its ParionsSport en Ligne sports betting brand with its France-facing Unibet sportsbook.
The move will come into effect by the end of March 2026 following a ruling handed down by France’s Competition Authority.
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The post Former Kindred CEO departs FDJ United while profits fall 56% in 2025 amid major tax hikes first appeared on EGR Intel.
Operator reports 8.1% slump in online betting and gaming GGR, as it is announced unit head Nils Andén is set to leave group to “pursue new projects”
The post Former Kindred CEO departs FDJ United while profits fall 56% in 2025 amid major tax hikes first appeared on EGR Intel.