FDJ United: The Curious Case Of Rising GGR And Falling Revenue

FDJ United faces significant tax headwinds across France, the UK, and the Netherlands, pressuring revenue despite modest GGR growth. Q3 FY25 saw GGR rise 1% to €2.1B, but revenue fell over 3% to €895M, highlighting the impact of rising taxes on the take rate. FY26 guidance points to a slight revenue decline and EBITDA margin of 23–24%, with management expecting €786–820M EBITDA and a resilient +7% dividend yield.