(BFM Stock Exchange) – The silver game operator has pre -published its annual results, which stand out above expectations. The company above all specified the impacts of the increase in samples from the argent games contained in the SAP 2025 budget. But the market had already joined this screw.

It is a warning that is well digested by the market. Friday, February 14, after the closure of the Paris market, FDJ prepublished its annual results and specified the expected impacts of several measures contained in the Social Security Financing Law (PLFSS).

This bill is currently discussed secondly reading in the Senate. The text has an increase in levies from different types of gambling and intends to create a contribution sitting on advertising and promotional expenses relating to these games.

The CSG rate on Lotos, Euromillions games, as well as other print games and instant games will drop from 6.2% to 7.2% of the gross games of games (PBJ). As a reminder, this product simply corresponds to the decreased players of the gains which are redistributed to them.

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Tax increase

For sports betting, the rate will drop from 6.6% to 7.6% of the PBJ for shops in shops and from 10.6% to 15% on the Internet. For online poker, the rate of public samples will reach 10% against 0.2% before.

The tax on advertising expenses of games of money will reach 15%.

These measures must come into force on July 1, 2025. As it stands, FDJ estimates that all the levies increases will strike its gross operating profit (EBITDA) running up to 45 million over financial year 2025 and 90 million euros over a full year.

FDJ indicates that it “started to put in place measures whose gradual effect aims to fully compensate for the impact of this fiscal increase in 2027”.

However, the market is not surprised. On the Paris Stock Exchange, the FDJ share wins 3% to 36.86 euros this Monday afternoon, signing one of the strongest increases in the SBF 120.

“The impact of the new taxation in France is certainly significant for FDJ, but should be absorbed in the coming years and already seems to us to be integrated at least partially in the stock market course,” commented Oddo BHF in a note.

Results above expectations

Investors had actually had in mind for several months this sword of Damocles.

Since the beginning of October, press information indicated that the executive had increased the samples from the Argents Games in the Budget text. Ultimately, the increase in the CSG on lottery games is a little less important than these articles suggested.

Ultimately, the scholarship seems to focus more on partial results 2024 delivered by the company. FDJ announced that, throughout last year, its turnover had reached 3.065 billion euros, up 17% over one year.

This progression incorporates a significant perimeter impact linked to the redemption of the Swedish Kintd, the owner of Unibet. This transforming operation was finalized in mid-October. By excluding this effect, FDJ’s revenues increased by 10% in 2024 and 6% on only game activities in France.

Apart from income, the company’s current Ebitda increased by 21% in 2024 to 792 million euros and a corresponding margin of 25.8%. In 2023, this margin was made at 25.1%.

Oddo BHF awaited weaker income, whether with or without the integration of Kindred. As for the current Ebitda, the figure announced by the company stands 4% above the expectations of the broker. Oddo BHF thus describes the results pre-published by FDJ as “good”.

The company will deliver its full results as well as its 2025 perspectives on March 6.