(BFM Stock Exchange) – The game operator said count on a gross margin of raw operating operating this year due to the increase in the taxation of gambling and a regulatory screw in the Netherlands. The action falls.

FDJ is still suffering on the stock market this Thursday, March 6. The action of the money game operator cedes 11% this Thursday, March 6, after the group communicated its annual results and delivered its prospects for 2025.

There was no great mystery on the 2024 results, which had been pre-announced by the company last month.

Over the whole of 2024, FDJ gave a turnover of 3.065 billion euros up 17% over a year and 10% by excluding the acquisition of the Swedish group Kintd, owner of Unibet.

The gross operating profit (EBITDA) current has reached 792 million euros, up 21% over one year, for a corresponding margin of 25.8% against 25.1% in 2023. In pro-forma data, that is to say by integrating Kincred’s activities over twelve months, the margin falls to 25.5%.

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Net profit signed up at 399 million euros against 425 million euros in 2023.

Market attention focuses more on prospects. FDJ had already warned, in February, that the increase in taxation in France on the games of money from July 1 would result in a negative impact of 45 million euros on its current Ebitda (and therefore 90 million euros in full year).

This Thursday, FDJ also indicated that an increase in taxation in the Netherlands would weigh up to 10 million euros in 2025. The Netherlands decided to raise, this year, a tax on betting and the lottery at 34.2% against 30.5% before. This rate will then increase to 37.8% in 2026.

Regulatory hardening

In addition, the company added that its results would suffer this year from “hardening in the implementation of regulation, mainly in the Netherlands”. Last October, the Netherlands forced operators to more control over players’ deposits according to their age and according to their financial capacity.

A financial intermediary stresses that this last element constitutes “the unpleasant surprise of the publication” with an impact which he estimates around “a few tens of millions of euros” in 2025.

“This is probably the first point which explains the fall in the FDJ action. The second, in my opinion, is that some investors are perhaps throwing in the towel on the file, cooled by six months of uncertainty on regulation. With, in addition, this Thursday, a new impact in the Netherlands,” he said.

FDJ is absent from the Netherlands. But with the redemption of Kincred, the group finds itself strongly exposed to this country. Kindred is a market leader in the Netherlands, its first country, which is more than 20% of its gross game income and where market growth is 11% per year over the period 2023-2027.

Due to all of these elements, FDJ tables a turnover of 3.8 billion euros in 2025, only stable over one year in pro form data, and on a very clear ebitda margin, more than 1 percentage point, at 24%.

The group also specifies that the increase in corporate tax giving off more than 1 billion euros in revenues in France, will penalize its net profit up to 25 million euros.

Note that the company decided, this Thursday, to change its name and rename itself “FDJ United” to mark its European anchoring following its recent acquisitions.