FDJ United: Kindred H1 revenue dips on tough 2024 comps, wider group up 31%

Summary

FDJ United reported mixed first-half 2025 results after completing the Kindred acquisition. Kindred’s online betting and gaming revenue fell 11.5% year-on-year (restated to include 2024 comparisons) — largely a hangover from an exceptional Q2 2024 driven by Euro 2024. Excluding the UK and the Netherlands, Kindred would have shown around 5% revenue growth, helped by strong performance in France.

At group level, FDJ United delivered a 30.7% increase in revenue to €1.87bn in H1, with French lottery and retail sports betting remaining the primary revenue drivers. Lottery revenue rose 5.8% (iLottery up 15.8%), while retail sports betting fell 6.2% due to poor sports results despite a 3.6% rise in number of bets.

Recurring EBITDA was €441m (up 19.1% on reported basis but down versus restated 2024), margins remain below FDJ’s targets for 2028, and net profit was hit by Kindred-related costs — net profit fell 36.2% to €136m. FDJ reiterated full-year guidance (stable revenue vs 2024 pro forma) and plans to cut net financial debt to at least €150m.

Key Points

• Kindred online revenue fell 11.5% YoY in H1 2025 versus a very strong H1 2024 (Euro 2024 effect).
• Excluding UK and Netherlands regulatory headwinds, Kindred would have grown about 5% in H1.
• FDJ United group revenue rose 30.7% to €1.87bn, driven by French lottery and retail sports betting.
• Lottery revenue +5.8%; iLottery up 15.8%; retail sports betting revenue -6.2% but bets placed +3.6%.
• Recurring EBITDA €441m (up on reported base but down vs restated), margin under its 2028 >26% target for now.
• Net profit fell 36.2% to €136m, impacted by integration and costs from the Kindred acquisition.
• FDJ reiterates 2025 guidance and aims to reduce net financial debt to at least €150m; expects Q4 improvement.

Why should I read this?

Quick and useful: if you follow European gaming M&A, regulation or where growth is really coming from in the sector, this is worth a couple of minutes. It explains why a big-name acquisition can lift group sales while still denting short-term profits, and flags where FDJ sees upside (France, iLottery, Q4) and downside (UK/Netherlands regulation).