FDJ UNITED has announced senior leadership changes alongside a set of financial results shaped by higher taxes and softer performance in its online betting arm. The group confirmed that Nils Andén, who previously led Kindred Group and most recently headed FDJ’s online betting and gaming division, will leave the company after overseeing the integration of Kindred into the business.

Pascal Chaffard, currently serving as chief financial officer and leading strategy and performance, will assume responsibility for the online betting and gaming unit. He will also oversee group strategy and operational transformation. The company said a new CFO will be appointed once the ongoing recruitment process concludes.

Andén’s departure follows just under a year in his role as chief online betting and gaming officer. He took up the position in March 2025, managing sports betting, iGaming, horse race betting and poker operations across the group. FDJ stated that he “is leaving the company to pursue new projects.”

Executive Team Adjustments at FDJ UNITED

Chaffard brings more than two decades of experience within the organization. He joined the business in 2001 in a junior management capacity and advanced through senior finance and strategy roles. Under the new structure, he will lead the online betting and gaming division while guiding broader transformation efforts across the group.

The online division forms one of four core business units within FDJ’s structure. The others comprise French lottery and retail sports betting, international lottery operations, and payments and services. The company has emphasized expansion in digital wagering as part of its ambition to build what it has described as a “European champion,” though the operating environment has presented challenges.

In addition to Chaffard’s expanded remit, the group confirmed further changes within its executive committee. Celia Verot, who joined in 2024 as chief regulatory officer, assumed the roles of general secretary and general counsel on 1 January while retaining responsibility for regulatory affairs.

Tax Pressure Weighs on 2025 Performance

Financial results for 2025 reflected the impact of tax increases across multiple jurisdictions. FDJ reported (pdf) that levies rose 3.2% during the year, bringing total fees paid to €5.21 billion. The group’s total tax bill reached €130 million, representing an effective rate of 42.9%, compared with 25.8% in 2024.

On a restated basis combining FDJ and Kindred data for the full year, gross gaming revenue (GGR) edged up 0.8% year-on-year to €8.7 billion. Net gaming revenue (NGR), however, declined 2.7% to €3.49 billion.

Recurring EBITDA fell 6.5% to €902 million, producing a margin of 24.5% for the year. Recurring operating profit decreased 5% to €565.6 million. Higher costs across the business, partly linked to the Kindred acquisition completed in October 2024 for €2.45 billion, affected results. Net income dropped 56% to €175.9 million compared with the prior year.

Excluding Kindred’s contribution, the group estimated that GGR would have risen 14% year-on-year and NGR would have been 20% higher.

Online Betting Arm Reports Revenue Decline

The online betting and gaming segment recorded a 13.5% fall in GGR during 2025. Revenue for the unit declined 11.8% to €908 million. The downturn reflected increased taxes in the Netherlands, where GGR fell 38.3%, along with difficult comparisons to the previous year that had included the Euro 2024 tournament. In the UK, revenue dropped 22.4%.

Across other markets, GGR increased 5.6%, supported by brands including Parions Sport en ligne, Unibet and ZEturf, which outperformed the broader market in certain areas, particularly in France. FDJ also reported that active player numbers grew by more than 10% during the year, attributing the rise in part to marketing initiatives and its responsible gaming approach. The company stated that a “complete operational transformation under way” is reshaping the business.

The French lottery and retail sports betting division remained FDJ’s largest revenue source. GGR reached €6.95 billion, up 2.8% from 2024, while revenue increased 1.4% to €2.54 billion despite higher taxes in France. Lottery GGR climbed 3.4%, with revenue rising 2.2% to €2.10 billion. FDJ credited new instant game titles and extended Euromillions cycles, which featured more than 50 draws with jackpots exceeding €75 million.

Online lottery revenue grew 8.1% to €316.2 million and accounted for 15% of total lottery activity. Point-of-sale sports betting revenue declined 2.3% to €442 million due to challenging comparisons, although overall point-of-sale revenue increased 0.5% to €2.22 billion.

International lottery revenue fell 10.7% to €169.9 million, influenced by the disposal of Sporting Group at the end of 2024 and the gradual end of certain low-margin B2B contracts. The payments and services segment reported a 3.9% decline in revenue to €61.9 million as the group continued to adjust its portfolio and invest in developing the Nirio brand.

Chairwoman and CEO Stéphane Pallez expressed confidence in the company’s direction despite the year’s pressures. “In 2025, we demonstrated the strength of our model and continued its transformation, in an environment affected by tax increases and tighter regulations on gaming,” Pallez said. “With a strengthened performance plan and a new organisation of its online betting and gaming business unit, the group will continue to improve its operational efficiency to return to its profitable and sustainable growth path by 2026.”