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H1 2025 RESULTS PRESENTATION 30 JULY 2025
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2 This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward-looking statements are subject to risks, uncertainties and factors beyond our control or ability to predict, in particular those described in FDJ UNITED registration document which is available on the website (https://www.fdjunited.com/publications-and-results/). These forward-looking statements should not be considered as a guarantee of future performance; the actual results could differ materially from those expressed or implied by them. The forward-looking statements only reflect Group’s views as of the date of this document, and FDJ UNITED does not undertake to revise or update these forward-looking statements. The forward-looking statements should be used with caution and circumspection and in no event can FDJ UNITED and its management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in FDJ UNITED or an invitation or inducement to engage in any other investment activities. DISCLAIMER
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3 KEY HIGHLIGHTS
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4 “PLAY FORWARD 2028” STRATEGY UNVEILED… Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator
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5 … AND SET TO DELIVER ATTRACTIVE PERFORMANCE Y-O-Y DIVIDEND INCREASE WITH A MINIMUM ADJUSTED NET INCOME PAYOUT RATIO OF 75% UNIQUE SUSTAINABILITY COMMITMENTS VOLUNTARY CONTRIBUTIONS TO SOCIETY AND THE ENVIRONMENT TO BE RAISED FROM 2.7% OF REPORTED NET INCOME IN 2024 TO 5% BY 2030 2025E‒2028E ORGANIC REVENUE CAGR 2028E RECURRING EBITDA MARGIN c.+5% > 26%
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+19% yoy reported; -10% restated 23.6% margin or 24.4% excl. €14m ESOP H1 cost efficiencies confirming €20m FY target -5% reported Impact of Kindred acquisition on financial result One-off additional income tax on large French companies +31% yoy reported; -2% restated €942m Q2 revenue +2% qoq Tough comps with record quarter for Kindred in Q2 2024 6 KEY H1 FINANCIAL HIGHLIGHTS €1,867m €441m €222m Revenue Recurring EBITDA Adjusted net income
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7 FY25 GUIDANCE REITERATED; POSITIVE H2 OUTLOOK > €150M NET DEBT REDUCTION > 24% RECURRING EBITDA MARGIN STABLE REVENUE VS. 2024 PRO FORMA
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8 KEY H1 EXTRA-FINANCIAL HIGHLIGHTS New statutory corporate purpose approved by shareholders at the AGM “Inspire the future of safe and entertaining lottery, gaming and betting with positive impacts on society” Proprietary tool to monitor at-risk gaming practices Deployment on track within iLottery Highest “A” score for the 4th consecutive year FDJU included of the Vérité 40 index (SBF 120 universe) €5m investment in Averrhoa Nature-Based Solutions an Ardian fund in partnership with aDryada
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9 KEY H1 HIGHLIGHTS: SUCCESSFUL ESOP 13 > 5k > 50% 4.6% Countries Eligible employees Take-up rate Employee shareholding
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10 LSF: SOLID H1 PERFORMANCE Revenue€1,290m +4%* Recurring EBITDA €464m +5%* Recurring EBITDA margin 36.0% +60bp* ◆ Lottery revenue up +6% to €1,065m ◊ Driven by both draw and instant games as well as both channels ◊ Strong iLottery growth: revenue up +16% to €160m • > 6m online players (LTM) vs. 5.6m at FY 24-end ◆ Retail sports betting revenue down -6% to €225m ◊ Stakes up +4% but operator margin down due to unfavourable sports results * vs. H1 2024 restated
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11 OBG: TOUGH H1 COMPARABLE BASE Revenue€466m -12%* Recurring EBITDA €95m -37%* Recurring EBITDA margin 20.3% -810bp* * vs. H1 2024 restated ◆ Revenue up +2% in Q2 2025 vs. Q1 2025 ◊ Record Q2 2024 for Kindred with sports betting actives up +21% vs. Q2 2023 thanks to the Euro 2024 tournament ◆ Revenue up +5% in H1 excl. UK & NL ◊ Stricter regulation implementation (UK & NL) and increased gaming taxation (NL) ◊ Strong performance in France
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12 KINDRED INTEGRATION WELL ON TRACK Q1 25 End-26 32Red UK Migration Q2 25 PSEL/ZEturf France Merger of customer bases All brands & markets
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13 FINANCIAL RESULTS
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14 KEY H1 2025 FIGURES Net financial debt €1,964m Revenue €1,867m +31% -2% vs. H1 2024 reported vs. H1 2024 restated Recurring EBITDA margin 23.6% -230bp -210bp Recurring EBITDA €441m +19% -10% Reported net income €136m -36% Adjusted net income €222m -5%
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1515 €1,867M REVENUE, DOWN -2% YOY RESTATED 44 -61 -16 -1 Restated revenue H1 2024 LSF OBG IL P&S Revenue H1 2025 (in €m) 1,867 31 80 466 1,290 1,900 1,867 -2%
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1616 €441M RECURRING EBITDA, DOWN 10% YOY RESTATED 23 -55 6 -4 -17 Restated recurring EBITDA H1 2024 LSF OBG IL P&S Holding Recurring EBITDA H1 2025 (in €m) 441 -2 15 95 464 -130 488 441 -10% n.m. 18.2% 20.3% 36.0% Margin 23.6% n.a.
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1717 23.6% RECURRING EBITDA MARGIN -790 -160 -88 -302 -85 441 Revenue H1 2025 Cost of sales Marketing IT services Personnel G&A Recurring EBITDA H1 2025 (in €m) vs. H1 2024 restated -2% +2% -8% +6% 0% +5% -10% 23.6% margin 1,867 24.4% Excl. ESOP (€14m)
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1818 €222M ADJUSTED NET INCOME (in €m) -171 -10 -37 3 -90 136 86 441 222 Recurring EBITDA H1 2025 D&A Non-recurring items Financial result Non-controlling interests Taxes Net income H1 2025 PPA amortisation Adjusted net income H1 2025
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1919 €1,964M NET DEBT REFLECTING SEASONALITY (in €m) Financial liabilities 30/06/2025 Cash & cash equivalents Euromillions & EuroDreams funds Financial assets Net debt 30/06/2025 2,354 500 123 13 1,964 Net debt 31/12/2024 Free cash-flow Dividends ESOP share buy-back Net debt 30/06/2025 1,818 379430 Tax Other 1,964 6081 56 Seasonality Net debt reduction 31/12/25e vs. 31/12/24 > €150m
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20 OUTLOOK
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21 OBG: TOUGH YOY COMPARABLE BASE IN H1… Total OBG – OBG excl. UK and NL (base =100 in Q1 2023) Q1-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Total OBG revenue (in €) Revenue excl. UK & NL (in €) …
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22 UK focus (base =100 in Q1 2023) NL focus (base =100 in Q1 2023) …. EASING IN H2 WITH REGULATORY RESTRICTIONS LAPPING, SUPPORTED BY STRONG ACTIVES MOMENTUM Q1-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 NGR (in £) Active players Q1-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 NGR (in €) GGR (in €) Active players … …
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23 POSITIVE H2 OUTLOOK ➔ FY25 GUIDANCE REITERATED ◆ Lottery: strong H2 pipeline: > 10 instant game launches; new draw game Crescendo; special Loto and Euromillions draws ◆ Retail sports betting: expected operator margin normalisation LSF ◆ Lapping of regulatory restrictions (UK throughout H2 and NL in Q4) ◆ Various marketing and commercial initiatives OBG ◆ Ongoing margin uplift (sports B2B exit and PLI’s expected PPO normalisation)IL ◆ Further efficiencies ◆ Easier H2 vs. H1 comparison (ESOP)HOLDING FY25E RECURRING EBITDA MARGIN FY25E REVENUE VS. FY24 PRO FORMA > 24% STABLE
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24 Q&A
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25 APPENDIX
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26 GLOSSARY In this document, some terms defined here below, are used: ◆ LSF: French lottery and retail sports betting BU ◆ OBG: Online betting and gaming BU ◆ IL: International lottery BU ◆ P&S: Payment & Services BU ◆ PPO: Player payout ratio ◆ GGR: gross gaming revenue = stakes – player winnings ◆ NGR: net gaming revenue = GGR – public levies on games ◆ Revenue: NGR and revenue from other activities ◆ Recurring EBITDA: recurring operating profit adjusted for depreciation and amortisation ◆ Adjusted net income: The Group adjusts its consolidated net income by adding back: (1) depreciation and amortisation of intangible and tangible assets recognised or revalued when allocating the purchase price of business combinations; (2) the non-cash effects of currency hedging of acquisitions; (3) changes in deferred tax resulting from these items; (4) the amortisation in 2024 of the additional equalisation payment recognised to adjust the initial amount related to the obtention of exclusive rights in France. ◆ Free cash-flow: recurring EBITDA + net change in working capital - capital expenditure; adjusted for calendar impacts on working capital and unclaimed winnings ◆ 2024 restated: As if Kindred had been acquired on 1 January 2024 and based on the scope of business retained by FDJ UNITED ◆ ESOP: employee share ownership plan
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