FDJ reported first-half 2026 results with revenue down 4.5% to €1.78bn and GGR falling 1.3% to €4.31bn. Chief executive Stéphane Pallez attributed the decline to tax increases in France, Romania, the UK and the Netherlands, which together cost the group around €52m.
The lottery division recorded GGR of €2.98bn (down 2.1%) and revenue of €1.02bn (down 4%). Fewer large Euromillions jackpots compared with 2025 and an unusual heatwave in the second quarter that reduced footfall at retail points drove the fall. Retail sports betting also slipped, with GGR at €450m (down 1.1%) and revenue at €218m (down 2.9%).
Online performance was described as in line with expectations. GGR held steady at €702m, but revenue dropped 7.4% to €431m. France and Scandinavia delivered growth: excluding the Netherlands and the UK, online GGR rose 6.6%. In the Netherlands, Unibet improved momentum — the GGR decline slowed from 15% in the first quarter to 4.1% in the second.
The UK remains a problem. In the spring, gaming head Pascal Chaffard said FDJ had no plans to exit the British market and expected to fix the situation within a few quarters. FDJ now hints at a review of the markets inherited from Kindred. On the investor call, Pallez clarified that this does not mean withdrawal, but a reallocation of investment toward markets with return. The company is reviewing all assets.
FDJ revised its 2026 guidance. Instead of modest GGR growth, the group now expects stability across all divisions, with revenue falling in the low single digits. Net profit for the half was €180m.
