Slides
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FY 2025 RESULTS PRESENTATION FEBRUARY 19TH, 2026
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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. Some terms used in this document are defined in the glossary slide 40. DISCLAIMER
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3 TODAY’S SPEAKERS Pascal Chaffard CFO and Strategy & Performance Leader Stéphane Pallez Chairwoman & CEO
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4 KEY HIGHLIGHTS
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5 A UNIQUE PROFILE WITH SOLID ASSETS AND A STRONG BUSINESS MODEL International 22% France 78% Online 34% Offline 66% €8,706m GGR - €3,678m revenue €902m recurring EBITDA - 24.5% margin Active in all gaming activities and in both channels Strong footprint in most significant European markets Combining mature activities with online growth Solid financial model to fund investment and return for shareholders
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6 TRANSFORMATION INTO A CHAMPION IN EUROPE Leading lottery and sports betting operator in France A lottery, betting and gaming champion in Europe Lottery Organic growth External growth + Online and retail sports betting French lottery and retail s ports b etting International lottery Online betting and gaming Payment & Services 2019 2025
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7 TRANSFORMATION INTO A CHAMPION IN EUROPE 2019-2025: KEY FIGURES OF THE GROUP’S TRANSFORMATION 1.8x 2.1x +390 bps Recurring EBITDA margin 2.6x 4.6x (in €m)
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8 ◆ LSF: ◊ Sales force internalization completed ◊ PoS under banners openings ramp-up 2025: KEY HIGHLIGHTS ◆ OBG: ◊ Kindred integration completed ◊ 1st milestones in the migration and deployment of proprietary tech stack ◊ AI fueled marketing automation and customer operations
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9 ◆ Significant headwinds mitigated by a solid performance plan ◊ >€50m impact of gaming tax increases (France – Netherlands - Romania) ◊ Regulatory decisions implemented (Netherlands) ◊ Operational efficiency plan 1 year ahead of schedule – 2028 target upped 2025: KEY HIGHLIGHTS ◆ Financial commitments fulfilled ◊ 24.5% recurring EBITDA margin ◊ €782m record operating free cash-flow ◊ Dividend increased to €2.10 – 80% pay-out *Subject to approval at the AGM on 23 April 2026 * 0.45 0.90 1.24 1.37 1.78 2.05 2.10 2019 2020 2021 2022 2023 2024 2025
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LSF: GOOD MOMENTUM MAINTAINED ◆ 500 new PoS under banners ◆ Sales force internalization completed ◆ Lottery revenue up +2.2% to €2,096m ◊ Growth equally driven by draw and instant games ◊ Growth driven by both channels: • +8.1% iLottery growth driven by active players increase (>6m at FY 25-end) • Retail network stable at ~29,000 PoS ◆ Retail sports betting revenue down -2.3% to €442m ◊ Demanding 2024 comparable basis (UEFA European Football Championship) ◆ €913m recurring EBITDA - Margin +60bps to 36.0% ◊ Very good performance plan implementation ◊ €28.4m gaming tax increases impact * vs. 2024 restated Revenue€2,538m +1%* Recurring EBITDA€913m +3%* Recurring EBITDA margin 36.0% +60bp* GGR€6,950m +3%* 10
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11 OBG: TRANSFORMATION UNDERWAY Revenue€908m -12%* Recurring EBITDA€182m -38%* Recurring EBITDA margin 20.0% -850bp* * vs. 2024 restated ◆ Kindred integration completed ◆ 1st milestones in the migration and deployment of proprietary tech stack ◆ IA fueled marketing automation ramp-up and automated customer operations development ◆ Commercial and marketing initiatives ◊ 32Red casino brand internationalization started (Romania) ◊ Product innovation (casino cross-market jackpot) ◆ Record level of active players (>+10%) ◆ GGR +5.6% and revenue +1.3% excluding UK and NL ◊ Strong market share gain in France ◆ €182m recurring EBITDA – 20.0% margin ◊ €23.2m gaming tax increases impact GGR€1,388m -8%*
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12 Source: BDO - Bipe 57,200 Jobs created or maintained o/w 20,400 in the retail network €5.1bn Contribution to public finances o/w €4.8bn gaming levies €7.5bn Contribution to national wealth 0.29% of French GDP €1,008m to retailers €558m to suppliers €394m to employees IN FRANCE: A PERFORMANCE BENEFITING ALL STAKEHOLDERS 2025: EXTRA-FINANCIAL HIGHLIGHTS
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13 2025: 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 Deployed within iLottery Highest “A” score for the 4th consecutive year FDJU included the Vérité 40 index (SBF 120) €5m investment in Averrhoa Nature-Based Solutions An Ardian fund in partnership with aDryada Tool to monitor at-risk gaming practices Deployment on track within online betting and gaming
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14 FINANCIAL RESULTS
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15 KEY FY 2025 FIGURES Revenue €3,678m +20% -3% vs. 2024 reported vs. 2024 restated Recurring EBITDA margin 24.5% -130bps -90bps Recurring EBITDA €902m +14% -6% Reported net income €176m -56% Adjusted net income €487m -1% GGR €8,706m +14% +1% Net financial debt €1,721m -€96m Free cash-flow €782m +16%
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1616 €8,706M GGR: +14% REPORTED; +1% RESTATED % OF PUBLIC LEVIES ON GAMES UP 140BPS TO 59.9% 5,050 5,212 3,589 3,494 2024 restated 2025 NGR Public levies on games 8,639 8,706 +1% +3% -3% (58.5%) (59.9%)+140bps
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1717 €902M RECURRING EBITDA 24.5% RECURRING EBITDA MARGIN -306 -173 -583 -166 902 Revenue 2025 Cost of sales Marketing IT services Personnel G&A Recurring EBITDA 2025 (in €m) vs. 2024 restated -3% -1% -11% +4% 0% -5% -6% 24.5% margin 3,678 -1,547 2,776 -1.7%
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1818 LSF: 36.0% RECURRING EBITDA MARGIN +60BPS VS. 2024 THANKS TO COST OPTIMIZATION AND CHANNEL MIX -114 -78 -208 -36 Revenue 2025 Cost of sales Marketing IT services Personnel G&A Recurring EBITDA 2025 Restated recurring EBITDA 2024 (in €m) vs. 2024 restated +1% 0% 0% +4% +4% -10% +3% 36.0% margin 2,538 35.4% margin 913 887 -1,189 1,625 +0.5%
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1919 OBG: 20.0% RECURRING EBITDA MARGIN NEGATIVE LEVERAGE OF REVENUE DECLINE -261 -174 -59 -186 -46 182 Revenue 2025 Cost of sales Marketing IT services Personnel G&A Recurring EBITDA 2025 (in €m) vs. 2024 restated -12% -2% -11% +17% +1% +10% -38% 20.0% margin 908 726 -1.4%
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2020 €3,678M REVENUE: +20% REPORTED ; -3% RESTATED 35 -122 -21 -3 Reported revenue 2024 Restated revenue 2024 LSF OBG IL P&S Revenue 2025 (in €m) 62 170 908 2,538 3,788 3,678 -3% 3,065
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2121 €902M RECURRING EBITDA 24.5% RECURRING EBITDA MARGIN 27 -112 13 -4 13 Restated recurring EBITDA 2024 LSF OBG IL P&S Holding Recurring EBITDA 2025 (in €m) -5 38 182 913 -226 964 902 -6% n.m. 22.5% 20.0% 36.0% Recurring EBITDA margin 24.5% n.a. 25.5%
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2222 -110 9 39 -7 -1 8 Reported recurring EBITDA 2024 Restated recurring EBITDA 2024 Revenue Cost of sales Marketing IT services Personnel G&A Recurring EBITDA 2025 (in €m) 964 €902M RECURRING EBITDA 24.5% RECURRING EBITDA MARGIN 902 792
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2323 COST BASE ~50% FIXED / 50% VARIABLE €2.8bn 2025 operating costs (excl. D&A) Personnel G&A Fixed costs 47% 53% Marketing LSF 64% 36% OBG 69% 31% Variable Fixed
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2424 PERFORMANCE PLAN EXCEEDED IN 2025 TARGET UPPED TO >€150M BY END-2028 (VS. >€120M) 20 30 50 20 30 2025 2026e 2027e 2028e Run - rate cost efficiencies (in €m) 50 100 120 >150 Initial savings Additional savings
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2525 €487M ADJUSTED NET INCOME IMPACT OF KINDRED ACQUISITION ON FINANCIAL RESULT €27M EXCEPTIONAL TAX ON LARGE FRENCH COMPANIES (in €m) -336 -199 -63 3 -130 176 311 902 487 Recurring EBITDA 2025 D&A Non-recurring items Financial result Non-controlling interests Taxes Net income 2025 Adjustements Adjusted net income 2025o/w €27m exceptional tax on large french companies
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26 FROM RECURRING EBITDA TO FREE CASH-FLOW RECORD FREE CASH-FLOW; 87% CONVERSION RATE Recurring EBITDA Net change in working capital * CAPEX ** Free cash-flow *Adjusted for calendar impact on working capital and unclaimed prizes ** Intangible and tangible assets, excluding additional equalization payment of €97m 902 -17252 792 782 (in €m)
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2727 NET FINANCIAL DEBT OF €1,721M REDUCE BY €97M VS. 2024-END (in €m) Financial liabilities 31/12/2025 Cash & cash equivalents Euromillions & EuroDreams funds Financial assets Net debt 31/12/2025 2,274 665 124 11 1,721 Net financial debt reduction vs. 31/12/2024 -€96m x1,9 net financial debt to recurring EBITDA
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28 HOW TO MODEL 2026 Performance plan upped from €50m to €100m ~€27m exceptional corporate tax ~€200m gross - ~€170m net PPA amortisation ~€160m capex – Low-end of the 4-5% revenue range ~€100m further financial net debt reduction Similar fixed / variable operating costs split ~€90m calendar gaming tax increases
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29 OUTLOOK
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30 LSF: 2026 DRIVERS ◆ Banner PoS roll-out acceleration (c.700 new PoS) ◆ Integrated salesforce model operationalized ◆ Lottery ◊ Numerous draw games events: • Euromillions, Loto 50th anniversary, Friday 13th Super Loto ◊ Monthly instant games portfolio animation • 1 PoS and online animation • Cash, Numéro fétiche… relaunches ◊ Online dedicated offering and services • 1 exclusive game / month • Innovative games: Bubble caster, Lagoon Cash (online multiplayer) ◆ Retail sports betting ◊ c. 20 new soccer betting options total bets to 400+ per game
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31 OBG: 2026 DRIVERS ◆ Streamlined organization to drive execution excellence ◆ France: Parions Sport en ligne becomes Unibet ◆ Expanded IA fuelled marketing automation and automated customer operations ◆ Finland: preparation for the mid-2027 regulation ◆ Commercial and marketing initiatives ◊ 32Red internationalization pursued ◊ Multi licensing in Sweden finalized ◆ Sporting events attractive calendar ◊ FIFA World Cup
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32 ◆ Establish ourselves as a multi-jurisdiction lottery leader ◊ A dedicated team in place to seize opportunities (call for tenders…) ◊ PLI to further implement synergies LOOKING FORWARD ◆ Business activities empowered by Data & AI ◊ Elevate gaming experiences and CX drive responsible growth ◊ Improve efficiency to reach new standards for operational excellence ◊ Partnership with H Company to develop agentic AI within FDJ UNITED ◆ Build a truly differentiating and scalable asset International lottery Payment & Services Data & AI
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33 FDJ UNITED: 2026 OUTLOOK LSF stable OBG stable LSF = OBG Stable 24.5% OBG > LSF Up Slight increase Dividends YoY increase Recurring EBITDA margin RevenueGGR ~€90m calendar tax increases €30m LSF €60m OBG
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34 MEDIUM-TERM GUIDANCE ADJUSTED ◆ Throughout 2026-2028, assuming a stable fiscal environment, FDJ UNITED now expects a gradual acceleration in revenue growth, which is expected to reach ~+5% in 2028 ◆ Other medium-term projections unchanged: ◊ Recurring EBITDA margin of over 26% in 2028 ◊ >80% yearly recurring EBITDA to free cash-flow conversion ◊ Dividend YoY increase with minimum 75% payout of adjusted net income ◆ Milestones: ◊ In-house tech-stack to be complemented by proprietary sports betting platform rolled-out by end- 2027 ◊ Performance plan target >€150m by-end 2028 LOOKING FORWARD TO PURSUE OPERATING EFFICIENCY THROUGH CONVERGENCE OF ASSETS AND PROCESS WITHIN FDJ UNITED LOOKING BEYOND
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35 Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator
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36 Q&A
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37 APPENDIX
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38 2025 CALENDAR GAMING TAX INCREASES LSF €28m OBG €23m * Non including the new 15% tax on the advertising and promotional expenses of gaming operators (excluding horse racing) effective from July 1st 2025 Country Offer Tax as % of GGR Effective date FY25 (€m) Before After France* Lottery Loto & Euromillions 68.0% 69.0% July 1st 2025 Other games 55.5% 56.6% Sports betting Offline 41.1% 42.1% Online 54.9% 59.3% Poker Online 0.2% of stakes 10.0% Horce racing Online 52.3% 52.9% Netherlands Online games 30.5% 34.2% January 1st 2025 Romania Online games 21.0% 30.0% August 1st 2025 Sweden Online games 18.0% 22.0% July 1st 2024 TOTAL €52m
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39 2026 CALENDAR GAMING TAX INCREASES LSF c.€30m OBG c.€60m * Non including the new 15% tax on the advertising and promotional expenses of gaming operators (excluding horse racing) effective from July 1st 2025 Country Offer Tax as % of GGR Effective date FY26e (€m) Before After France* Lottery Loto & Euromillions 68.0% 69.0% July 1st 2025 Other games 55.5% 56.6% Sports betting Offline 41.1% 42.1% Online 54.9% 59.3% Poker Online 0.2% of stakes 10.0% Horce racing Online 52.3% 52.9% Netherlands Online games 30.5% 34.2% January 1st 2025 Romania Online games 21.0% 30.0% August 1st 2025 UK Online casino 21.0% 40.0% April 1st 2026 TOTAL c.€90m
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40 GLOSSARY ◆ 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) amortisation of intangible and tangible assets recognised or revalued when allocating the purchase price of business combinations; (2) depreciation of intangible assets recognised or revalued when allocating the purchase price of business combinations; (3) in 2024, the non-cash effects of currency hedging of acquisitions, recognised in other non- recurring operating expenses, and the amortization the additional equalisation payment recognised to adjust the initial amount related to the obtention of exclusive rights in France; and (4) changes in deferred tax resulting from these items. ◆ 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 1st January 2024 and based on the scope of business retained by FDJ UNITED
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