FDJ eyes 5% growth and podium position in key markets by 2028
The targets are part of FDJ’s newly unveiled “Play Forward 2028” strategy, which outlines financial and ESG goals following the group’s acquisition of Kindred Group in late 2024.
The online betting and gaming business unit — now central to FDJ’s strategy — is targeting high single-digit annual revenue growth and aims to become a top-three operator in seven of its eight main European markets.
Growth is expected to be driven by Kindred’s proprietary scalable platform, improved operational efficiency, and a differentiated marketing strategy.
The unit is expected to achieve a recurring EBITDA margin of over 30% by 2028.
The French lottery and retail sports betting division is also aiming to grow its player base by more than 1 million by 2028, up from 27 million in 2024.
In this business segment, growth is expected to come from an expanded point-of-sale network, particularly through large food retailers, and from the online channel, which is projected to account for 20% of lottery revenue by 2028. The unit’s EBITDA margin is expected to surpass 35%.
The company also reaffirmed its dividend policy of paying out at least 75% of adjusted net profit and said it would maintain a net debt to EBITDA ratio below 2x, keeping its investment-grade credit profile.
The company plans to invest €650m-€700m in capital expenditure between 2025 and 2028, and expects EBITDA to free-cash-flow conversion to remain above 80%.
A transformed business
“FDJ United has undergone a considerable transformation since its IPO, with financial and non-financial performance underscoring the success of our strategy for sustainable, profitable growth,” said FDJ chair Stéphane Pallez.
“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 opens a new chapter in our transformation, with the ambition of asserting our position as Europe’s leading responsible betting and gaming operator, based on a more diversified, more digital and more international business portfolio.”
Between 2019 and 2024, FDJ’s revenue has nearly doubled to €3.8bn, driven by both organic growth and acquisitions.
Digital revenue rose from 5% to 35% of its total revenue mix, while international markets now represent 26% of the business, up from just 3% in 2019.
Over the same period, recurring EBITDA increased by a factor of 2.3x to €964m, with the EBITDA margin rising nearly 500 basis points to over 25%.
FDJ said it expects revenue to remain stable in 2025 compared to 2024 on a pro forma basis, reflecting strong prior-year performance alongside new tax and regulatory pressures in key markets such as France and the Netherlands.
The EBITDA margin in 2025 is forecast to remain above 24%.
An unmatched ESG commitment
Going forward, FDJ is also making a dual ESG commitment that it says is unmatched among betting and gaming operators: reducing the share of revenue from at-risk players, and increasing its voluntary contribution to social and environmental causes to 5% of reported net profit by 2030, up from 2.7% in 2024.
This includes a €5m investment in the Averrhoa Nature-Based Solutions fund, which supports projects in forest, wetland and mangrove restoration.
“In addition to the highly promising results already achieved by both FDJ and Kindred before their tie-up, the Group is working on setting new targets, which will be shared in early 2026,” the company said of its efforts to limit high-risk play.
Kindred had long pursued its “Journey towards Zero” initiative, aimed at eliminating revenue from harmful gambling.
Since 2021, Kindred has disclosed quarterly updates on revenue from harmful gambling and intervention effectiveness to promote transparency, while acknowledging the complexity of fully reaching the zero target.
https://next.io/news/results/fdj-eyes-podium-position-key-markets-2028/