French gambling giant FDJ Group delivered a mixed report card in 2025. Although the group's overall GGR slightly increased by 0.8% to 8.7 billion euros, the shadow of a sharp increase in tax burden and a decline in core business is clearly visible. Among them, the Kindred business (online gambling) acquired last year saw a significant drop in GGR by 13.5%, with the Dutch market plummeting by 38.3%. Simply put, before they could even celebrate the acquisition of Kindred, they were caught off guard by tax increases in various countries. The group's annual tax burden reached 1.3 billion euros, with the actual tax rate soaring from 25.8% to 42.9%, cutting net profits in half to 175.9 million euros. Accompanying the performance release, Kindred's former head, Niels Anden, announced his departure. Want to know how European gambling giants are dealing with the tax storm? PASA's official website continues to track industry financial reports and strategic adjustments.
First, a sharp increase in tax burden: Net profits halved, effective tax rate rose to 42.9%
In 2025, the FDJ Group faced unprecedented tax pressure. The total taxes paid throughout the year increased by 3.2% year-on-year, amounting to 5.21 billion euros. Of this, the newly added tax burden alone reached 1.3 billion euros, causing the group's actual effective tax rate to skyrocket from 25.8% in 2024 to 42.9%.
The direct impact of the increased tax burden is:
Group net income: Down 2.7% year-on-year to 3.49 billion euros
Recurring EBITDA: Down 6.5% to 902 million euros
Net profit: Plunged 56%, only 175.9 million euros remaining
Domestic lotteries and retail gambling in France were the only sectors to achieve growth, while international lotteries and payment services declined by 10.7% and 3.9%, respectively.
Second, Kindred "dragging down": Dutch market plummeted by 38.3%, UK declined by 22.4%
In October 2024, FDJ completed the acquisition of Kindred for 2.45 billion euros, but the integration path in 2025 was not smooth. In the online gambling sector where Kindred operates:
GGR: Down 13.5%
Revenue: Down 11.8% to 908 million euros
Regionally:
Netherlands: GGR plummeted 38.3% (due to local tax increases)
UK: Revenue declined 22.4% (due to high base and market weakness)
Other markets: Grew by 5.6%, with domestic French brands like Parions Sport en ligne and Unibet performing better than the overall market
FDJ states that Kindred's business is undergoing "a comprehensive operational transformation," with active player numbers still achieving growth of over 10%.
Third, personnel changes: Former head of Kindred steps down, CFO takes over
Along with the performance release, the group announced that Kindred's former head and current group online gambling business officer, Niels Anden, will leave to "pursue new projects." Anden has been leading the integration of Kindred since the acquisition. The current CFO, Pascal Chaffard, has been appointed as Anden's successor to lead the online business sector.
In addition, the group has also appointed Celia Vero as the new Secretary General and Chief Regulatory Officer, and is currently looking for a new CFO candidate.
Fourth, 2026 Outlook: CEO claims a return to "profitable and sustainable growth trajectory"
Despite the pressure on performance in 2025, FDJ's Chairman and CEO, Stefana Paliez, remains optimistic about the future. She states that Kindred's inclusion will provide long-term support for the group, and in 2026, it will return to a "profitable and sustainable growth trajectory." "With an enhanced performance plan and a new organizational structure for online gambling business, the group will continue to improve operational efficiency."
Currently, FDJ is advancing several adjustments, including optimizing international B2B contracts and increasing investment in the Nirio payment brand.
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This article is from "PASA-Global iGaming Leader," a gambling industry news channel: https://t.me/pasa_news
Original in-depth gambling channel: https://t.me/gamblingdeep
Free data reports: @pasa_research
PASA Matrix: @pasa002_bot
PASA official website: https://www.pasa.news
