FDJ United Sets Out Growth and Sustainability Targets for 2028
FDJ UNITED has announced its “Play Forward 2028” strategy. The four‑year roadmap aims to expand the company’s presence across Europe, boost its margins, and deepen its commitment to responsible gaming. The Group is focusing on long‑term growth while reshaping its role as a operator in the betting and gaming sector.
New Four‑Year Roadmap Announced
FDJ UNITED presented its “Play Forward 2028” strategic plan at its Capital Markets Day in Boulogne‑Billancourt, France. The initiative aims to position the company as Europe’s leading responsible betting and gaming operator. Between 2025 and 2028, FDJ UNITED aims for average annual organic revenue growth of about five percent and a recurring EBITDA margin of over 26 percent by the end of the period.
Stéphane Pallez, Chairwoman and CEO of FDJ UNITED, stated:
“FDJ UNITED has undergone a considerable transformation since its IPO. Our financial and non‑financial performance shows that our approach delivers sustainable, profitable growth. 2025 is a pivotal year for the Group, with the consolidation of Kindred, the benefits of which are reflected in our ‘Play Forward 2028’ strategic plan. This plan marks a new chapter in our transformation, with the ambition of asserting our position as Europe’s leading responsible betting and gaming operator. We will build this on a more diversified, more digital, and more international business portfolio. ‘Play Forward 2028’ aims to continue creating value for our shareholders and all stakeholders.”
Strong Performance Between 2019 and 2024
Since 2019, FDJ UNITED has expanded its digital and international footprint. Its revenue increased by a factor of 1.8, reaching €3.8 billion in 2024. Meanwhile, digital revenues rose from five percent in 2019 to 35 percent in 2024. The Group’s recurring EBITDA grew by a factor of 2.3, reaching €964 million. This resulted in a recurring EBITDA margin of over 25 percent. According to FDJ UNITED, this strong performance is due to both its operating leverage and a results‑driven culture across its business units.
Targets Confirmed for 2025 and 2028
For 2025, FDJ UNITED expects stable revenues compared to 2024, despite rising taxes in France and the Netherlands and tighter regulations across key markets. Its recurring EBITDA margin should remain above 24 percent.
From 2025 to 2028, the Group aims for annual organic revenue growth of roughly five percent. By 2028, it targets a recurring EBITDA margin above 26 percent. This improvement will be driven by efficiency measures worth over €120 million. These gains will come primarily from online betting and gaming, with nearly 40 percent from the French lottery and retail sports betting units. The Group will continue to invest in data and artificial intelligence to broaden its offerings and optimize the customer experience.
Moreover, FDJ UNITED aims for recurring EBITDA to free cash flow conversion rates of over 80 percent. It will allocate €650–€700 million in capital expenditures between 2025 and 2028, roughly four to five percent of revenues. The Group also aims to maintain a net debt to EBITDA ratio of two times or lower, ensuring an investment‑grade debt rating.
Sustainability and Social Responsibility
In addition, FDJ UNITED reaffirmed its focus on responsible gaming. The Group aims to reduce the proportion of revenue earned from high‑risk players and will set new targets for this metric by early 2026. At the same time, it plans to raise its contribution to social and environmental causes to five percent of net profit by 2030, up from 2.7 percent in 2024.
As part of this initiative, the Group announced a €5 million investment in Averrhoa Nature‑Based Solutions. This fund, led by Ardian and aDryada, focuses on restoring forests, wetlands, and mangroves and capturing atmospheric carbon.
Targets Across Core Divisions
The French lottery and retail sports betting unit aims for low to mid‑single‑digit average annual revenue growth between 2025 and 2028. The Group expects low single‑digit growth from point‑of‑sale activity and low to mid‑teens growth from online lottery sales. Its recurring EBITDA margin should surpass 35 percent by 2028. FDJ UNITED also aims to expand its retail network, making large food retailers account for roughly 20 percent of its outlets by 2028. Meanwhile, online lottery sales should rise to about 20 percent of total lottery revenues.
The online betting and gaming unit aims for high‑single‑digit average annual revenue growth and a recurring EBITDA margin of more than 30 percent by 2028. The Group expects to secure top‑three positions across seven of its eight main European markets.