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H1 2026 RESULTS PRESENTATION JULY 29TH, 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 30. DISCLAIMER H1 2026 RESULTS -
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3 KEY HIGHLIGHTS
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4 ◆ LSF: headwinds affecting Lottery performance, particularly in Q2 ◊ Inherent gaming risks (long cycles) ◊ Exceptional heatwaves impacting PoS traffic H1 2026: KEY HIGHLIGHTS (1/2) ◆ OBG: Q2 in line with expectations ◊ France migration successfully completed ◊ Dutch market recovery ◊ UK situation remains challenging ◆ GGR down 1.3% at €4,314m; Revenue down 4.5% at €1,782m ◊ ~300bps (€52m) impact of calendar gaming tax increases (France, UK, NL and Romania) H1 2026 RESULTS -
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5 H1 2026: KEY HIGHLIGHTS (2/2) ◆ €404m recurring EBITDA; 22.7% margin in line with annual target ◊ Variable costs down 3.8% in line with revenue ◊ Fixed costs down 2.8% ◊ Performance plan delivery on track ◆ Dedicated initiatives to return to profitable growth ◊ LSF: ◊ Short-term commercial action plan implemented to revitalize Lottery growth in H2 ◊ Major Lottery offering refresh in 2027 ◊ Strong focus on innovation, particularly for iLottery ◊ OBG: turnaround measures to return to profitable growth underway ◆ Implementation of AI as growth and performance accelerator ◆ Resource allocation optimization pursued: review of OBG markets and Group non-core assets, particularly within the Payment and Services BU H1 2026 RESULTS -
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LSF: HEADWINDS AFFECTING LOTTERY PERFORMANCE, PARTICULARLY IN Q2 ◆ Inherent gaming risks (long cycles) ◆ Exceptional heatwaves impacting PoS traffic 6 H1 2026 RESULTS - ◆ GGR -2.0%; Revenue -3.9% (€1,240m) ◊ €28m calendar gaming tax increases ◆ Lottery: GGR -2.1%; Revenue -4.0% (€1,022m) ◊ Draw games: GGR -7.6%: yoy jackpots comparison (long cycle numbers and levels) worsened in Q2 ◊ Instant games: GGR +2.3%: reduced €5 game offering vs H1 25 ◊ Excluding Euromillions long cycles: Lottery GGR +1%; iLottery GGR +6% ◆ Retail sports betting: GGR -1.1%; Revenue -2.9% (€218m) ◊ High-profile events (Champions League, FIFA World Cup) in Q2 ◊ Player payout slightly below both H1 25 and regulatory threshold ◆ €423m recurring EBITDA; 34.1% margin 3498 3429 1290 1240 464 423 H1 2025 H1 2026 GGR Revenue Recurring EBITDA 36.0% 34.1% (in €m)
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7 LSF: GAMES PORTFOLIO MANAGEMENT & INNOVATION ◆ H2 2026 ◊ Cash 5€ instant relaunch (July) ◊ Additional Euromillions €130m jackpot (November) ◊ Additional Super Loto €13m jackpot (November) ◆ 2027 ◊ Euromillions (new €300m jackpot cap) relaunch (March) ◊ New 10€ instant game (June) ◊ Loto relaunch (October) H1 2026 RESULTS - Adverstising and promotion support
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8 LSF: ACCELERATE ILOTTERY GROWTH ◆ Focus on CX, capabilities and investments to grow player volume and value ◊ More premium, immersive and interactive offering ◊ AI-driven personalization and automation ◊ Automated customer operations ◊ Data & technology capabilities at scale H1 2026 RESULTS -
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9 20.3% 15.5% OBG: Q2 IN LINE WITH EXPECTATIONS H1 2026 RESULTS - (in €m) 703 702 466 431 95 67 H1 2025 H1 2026 GGR Revenue Recurring EBITDA ◆ Turnaround measures to return to profitable growth underway ◆ GGR -0.2%; Revenue -7.4% (€431m) ◊ €24m calendar gaming tax increases ◆ Excluding UK and NL GGR +6.6%; Revenue +0.6% ◆ €67m recurring EBITDA; 15.5% margin
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10 -60% -50% -40% -30% -20% -10% 0% 10% 20% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 GGR (% yoy) Excluding UK+NL UK NL ◆ France migration successfully completed ◊ All verticals up; very good cross-sell ◆ Netherlands recovering ◊ Still a complex market ◊ GGR 2026: Q2 +10% vs Q1 ◊ GGR vs 2025: -4.1% in Q2 after -15.0% in Q1 ◆ UK situation remains challenging ◊ Ongoing action plan to start yielding results by 2026- end OBG: CONTRASTED PERFORMANCE ACROSS MARKETS H1 2026 RESULTS -
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11 OBG: TURNAROUND MEASURES TO RETURN TO PROFITABLE GROWTH UNDERWAY H1 2026 RESULTS - ◆ Streamline the organization ◆ Shift to ROI-led marketing & generosity ◆ Turnaround UK and NL ◆ Unlock player value through better player experience ◆ Secure proprietary platform roll-out ◆ Cost optimization
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12 GOOD FIFA 2026 WORLD CUP: JUNE 11TH - JULY 19TH ◆ A large offering: 104 matches vs 64 in 2022 ◆ Strong performance, in line with expectations ◊ >€700m stakes ✓ o/w ¾ in France: slight decline in PoS and ~x2 online vs 2022 ◊ >€100m GGR H1 2026 RESULTS -
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13 AI-ENHANCED PLAYER EXPERIENCE AS GROWTH AND PERFORMANCE ACCELERATOR H1 2026 RESULTS - Drive operational excellence with AI by enhancing productivity and service quality Know, understand and engage our players through AI-powered personalized journey and product innovation Training - SUPPORT OUR PEOPLE Develop AI capabilities to accelerate adoption 2025-2028 Tech performance plan delivery ELEVATE GAMING EXPERIENCE AND CX DRIVE RESPONSIBLE GROWTH IMPROVE EFFICIENCY BUILDING THE FOUNDATIONS TO SCALE 60%100% Employees upskilled by 2027 30% OBG customer communications automated by 2027 80% Automated marketing campaigns by 2028 Platforms - ENABLE AI WITH TECHNOLOGY Build secure, scalable AI platforms to accelerate and unlock value across the Group
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14 H1 2026 - KEY EXTRA-FINANCIAL HIGHLIGHTS 50,000 young people trained by the ARPEJ association* Highest “A” score for the 5th consecutive year FDJU part of the Vérité 40 index (SBF 120) Sustainability Yearbook inclusion S&P Global Enhanced measures during the FIFA World Cup *Support is given to endowment fund for research and the prevention of excessive gaming Responsible gaming ESG commitment recognized H1 2026 RESULTS - Contribution to society Successful 4th edition dedicated to biodiversity OFB** sponsorship renewed Support for French forests through Mission Nature in 2027 and dedicated events in autumn 2026 ** French Office for Biodiversity
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15 FINANCIAL RESULTS
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16 KEY H1 2026 FIGURES Net financial debt €1,964m Reported net income -€16m Adjusted net income €180m -19.0% Revenue €1,782m -4.5% vs H1 2025 Recurring EBITDA margin 22.7% -90bps Recurring EBITDA €404m -8.4% GGR €4,314m -1.3% H1 2026 RESULTS -
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1717 €4,314M GGR: -1.3% RATE OF PUBLIC LEVIES ON GAMES UP 120BPS TO 60.6% 1,775 1,701 2,595 2,613 H1 2025 H1 2026 Public levies on games NGR 4,370 4,314 -1.3% -4.1% +0.7% (59.4%) (60.6%) +120bps o/w €52m additional gaming taxes H1 2026 RESULTS -(in €m)
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1818 €1,782M REVENUE, -4.5% YOY -50 -34 1 -2 Revenue H1 2025 LSF OBG IL P&S Revenue H1 2026 (in €m) 1,782 30 81 431 1,240 1,867 1,782 -4.5% H1 2026 RESULTS -
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1919 22.7% RECURRING EBITDA MARGIN -760 -166 -91 -288 -74 404 Revenue H1 2026 Cost of sales Marketing IT services Personnel G&A Recurring EBITDA H1 2026 (in €m) vs H1 2025 -4.5% -3.8% +3.6% +2.6% -4.8% -13.2% -8.4% 22.7% margin 1,782 1,378 -3.3% H1 2026 RESULTS -
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20 PERFORMANCE PLAN DELIVERY ON TRACK H1 2026 RESULTS - ◆ Variable costs (€718m) broadly in line with revenue: -3.8% ◆ Fixed costs (€660m): -2.8% €1,378m H 2026 operating costs (excl. D&A) 48% 52% LSF 65% 35% OBG 67% 33% Variable Fixed 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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2121 €180M ADJUSTED NET INCOME (in €m) -175 -142 -34 -69 -16 196 404 180 Recurring EBITDA H1 2026 D&A Non-recurring items Financial result Taxes Net income H1 2026 Adjustments Adjusted net income H1 2026o/w €20m exceptional tax on large French companies H1 2026 RESULTS -
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2222 STRONG BALANCE SHEET ◆ Net financial debt: €1,964m ◆ Sound debt maturity schedule and profile ◆ Moody’s: Baa1 rating confirmed; stable outlook Debt maturity schedule (in €m) 107 107 107 107 527 27 19 519 19 19 519 19 19 19 5 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 H1 2026 RESULTS -
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23 OUTLOOK
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24 FDJ UNITED: FY 26 GUIDANCE 23% to 24%Stable Low single digit decline Recurring EBITDA margin RevenueGGR ~€70M calendar gaming tax increases ~€30m LSF ~€40m OBG H1 2026 RESULTS - Dividends YoY increase
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25 Assert our leadership in Europe as a unique sustainable lottery, gaming and betting operator H1 2026 RESULTS -
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26 Q&A
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27 APPENDIX
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28 2025 CALENDAR GAMING TAX INCREASES LSF €28m OBG €23m * Not including the new 15% tax on advertising and promotional expenses (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% Horse 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 H1 2026 RESULTS -
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29 H1 2026 CALENDAR GAMING TAX INCREASES LSF c.€28m OBG c.€24m Country Offer Tax as % of GGR Effective date H1 2026 (€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% Horse racing Online 52.3% 52.9% Netherlands Online games 34.2% 37.8% January 1st 2026 Romania Online games 21.0% 30.0% August 1st 2025 UK Online casino 21.0% 40.0% April 1st 2026 TOTAL c.€52m H1 2026 RESULTS - * Not including the new 15% tax on advertising and promotional expenses (excluding horse racing) effective from July 1st 2025
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30 GLOSSARY ◆ LSF: French lottery and retail sports betting BU ◆ OBG: Online betting and gaming BU ◆ IL: International lottery BU ◆ P&S: Payment & Services BU ◆ RSB: Retail sports betting ◆ 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: amortisation of intangible and tangible assets recognised or revalued when allocating the purchase price of business combinations; depreciation of intangible assets recognised when allocating the purchase price of business combinations or subsequently; and 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 H1 2026 RESULTS -
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