Revenue Drops, Strategy Doesn’t: Stéphane Pallez Leads FDJ UNITED to €2.175B GGR in Q1 2026
FDJ UNITED reported Q1 2026 results with gross gaming revenue (GGR) up 1% to €2.175 billion, while revenue fell 3% to €895 million, taking into account a €24 million impact from gaming taxes.
As one of the top iGaming companies by market cap and revenue in 2026, FDJ UNITED continues to operate at scale in a highly competitive global market. The momentum seen at the start of the year has been affected in recent weeks by high levels of winnings from sports betting, which have not been reflected in business volumes, and by less attractive draw events.
Stéphane Pallez said 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.
Lottery and Retail: Stable GGR with Short-Term Factors
The French lottery and retail sports betting business unit generated €1,740 million in GGR, remaining broadly stable year-on-year, while revenue declined 2% to €627 million.
This performance reflects temporary impacts at the end of the first quarter, including fewer long cycles for draw games, less attractive sports fixtures, and a high payout ratio for retail sports betting.
Instant games continued to show good momentum across point of sale and online channels.
Digital lottery revenue stood at €81 million, representing 15.5% of total lottery revenue.
Online Betting: Impact from Tax Increases and Market Performance
The online betting and gaming business unit reported:
- GGR: €342 million (-1%)
- Revenue: €213 million (-8%)
Performance was affected by multiple tax increases and weaker results in the UK and the Netherlands.
Excluding the UK and the Netherlands:
- GGR increased by 6%
- Revenue was nearly stable (-1%)
The number of active players rose by 3%, supported by good performance in France and Sweden.
The company is implementing action plans to gradually restore performance, particularly in the UK and the Netherlands.
Strategic Update: Unibet Consolidation in France
At the end of the first quarter of 2026, the Group unified its online sports betting and poker activities in France under the Unibet brand.
Players now have access to a single proprietary platform, a new app and a new website, with a new single-player account that brings together their gaming history, open bets, account balance, and the excessive gambling prevention tools made available by FDJ UNITED.
Other Business Segments
- International lottery revenue increased 7% to €41 million
- Revenue for the Payment and Services BU came to €14 million, down 7.2%
Outlook: Slight Growth Expected with Continued Tax Impact
For full-year 2026, FDJ UNITED expects:
- A slight increase in GGR
- A slight decline in revenue
- A recurring EBITDA margin between 23% and 24%
This outlook includes an additional calendar tax impact on gaming of nearly €90 million, with performance expected to be more pronounced in the second half.
Source: FDJ UNITED
