Revenue distribution by sectors:

• Lottery: 70%
• Sports betting: 20%
• Online gaming and other services: 10%

TOP 3 markets and their percentage shares:

• France: 85%
• Spain: 7%
• Italy: 5%

FDJ United generates the majority of its revenue from the lottery sector, reflecting the company's traditional strength. The French market dominates with an 85% share of total revenue, highlighting the strong local presence and consumer trust in France.

In recent years, the company has expanded its activities in Spain and Italy, as reflected in the revenue shares of these markets. This demonstrates the strategic expansion into European markets to leverage growth potential outside the domestic market.

Production Sites: France (headquarters), other European countries (estimated)

FDJ United is a company mainly operating in France. The headquarters and primary production sites are located in France. Due to expansion and diversification of the product range, it is likely that FDJ United has also established production capacities in other European countries.

The exact distribution of production sites may vary, but France remains the central production site as the company has its roots there and the French market is one of the most important for FDJ United.

Revenue Growth: Estimated 8-10% annually (2025-2027)

Profit Growth: Estimated 7-9% annually (2025-2027)

FDJ United is pursuing a multi-track growth strategy focusing on diversification and digitalization. The company plans to expand its market presence by introducing new digital products and services. This includes investments in online platforms and mobile applications to facilitate customer access and enhance user experience.

In addition, FDJ United aims to expand its international presence. This will be achieved through strategic partnerships and potential acquisitions in new markets, with a focus on regions showing increasing interest in lottery and gaming offerings.

Another key focus is sustainability. FDJ United is committed to integrating environmentally friendly practices and taking social responsibility, aiming to strengthen the brand image and attract new customer segments.

Main raw materials: Paper, printing inks, electronic components

Countries of origin:

• Paper: Finland, Sweden
• Printing inks: Germany, Netherlands
• Electronic components: China, South Korea

FDJ United, a company operating in the lottery and gaming sector, mainly imports materials needed for the production of lottery tickets and electronic gaming devices. Paper is primarily sourced from Scandinavian countries such as Finland and Sweden, as these countries are known for their sustainable forestry and high-quality paper production.

Printing inks are imported from Germany and the Netherlands, as these countries have a strong chemical industry and can provide high-quality printing inks. Electronic components needed for the production of gaming devices and terminals mainly come from China and South Korea, which are leading in the production of electronics and semiconductors.

Market share: 45% (2024, estimated)
EBITDA margin: 25% (2024, estimated)
Return on invested capital (ROIC): 18% (2024, estimated)

FDJ United has a significant competitive advantage in the gambling industry, especially in France, where it holds an estimated market share of 45%. This dominance is supported by a strong distribution network and exclusive licenses that allow the company to control a large portion of the market.

The EBITDA margin of 25% indicates that FDJ United operates efficiently and is able to generate high profits from its revenues. This is an indicator of the company's ability to control costs while generating high income.

Another important aspect of the competitive advantage is the return on invested capital (ROIC) of 18%, which suggests that the company effectively uses its investments to achieve above-average returns. This is a sign of strong operational efficiency and smart capital allocation.

In summary, FDJ United possesses a robust competitive advantage through its market position, efficient operations, and effective capital utilization.

Institutional Investor Share: 42% (2025, estimated) Insider Buys/Sells: No significant transactions in the last quarter (2025)

The institutional investor share in FDJ United is estimated to be around 42%. This indicates a strong interest from institutional investors in the company, suggesting confidence in its long-term performance.

There were no significant insider buys or sells in the last quarter. This could suggest that the management and other insiders are satisfied with the current valuation of the company and see no need to change their positions.

Market share of FDJ United: 18% (2025, estimated)

Top competitors and their market shares:

1. Lotto24 AG: 22%
2. Camelot Group: 20%
3. FDJ United: 18%
4. Scientific Games Corporation: 15%
5. Intralot: 10%
6. Novomatic: 8%
7. IGT (International Game Technology): 7%

Moat of FDJ United:

FDJ United has a significant moat due to its strong brand recognition and established position in the French gambling market. The company benefits from a long-term licensing agreement with the French government, which secures its preferred position in the national market.

Compared to its competitors, FDJ United has the advantage of a strong distribution network and high customer loyalty. However, competitors like Camelot Group and Scientific Games Corporation also have significant moats through international presence and technological innovations.

Overall, FDJ United has a solid moat, but they must continuously invest in innovation and customer retention to compete against technologically more advanced and internationally diversified competitors.

Revenue Growth: 8.5% (2024) EBITDA Margin: 24.2% (2024) Net Income Growth: 7.1% (2024)

FDJ United recorded solid revenue growth of 8.5% in 2024, attributed to successful expansion into new markets and an enhanced online presence. The EBITDA margin of 24.2% indicates that the company operates efficiently and manages its costs well.

The 7.1% net income growth suggests that FDJ United is able to consistently increase its profits, which is a positive signal for investors. Additionally, the company has been continuously investing in technology and infrastructure in recent years to strengthen its market position.

Given these factors, FDJ United could be an attractive investment, especially for investors seeking a company with stable growth potential and solid financial performance.

Dividend Yield: 3.8% (2024)
Payout Ratio: 75% (2024)

FDJ United regularly pays out a dividend. The dividend yield was 3.8% in 2024, which is considered attractive compared to other companies in the industry. The 75% payout ratio indicates that a significant portion of the profit is being returned to shareholders, suggesting a stable dividend policy.

The company has a reliable dividend payment history, which is advantageous for investors seeking regular income. The financial stability of FDJ United and its consistent earnings power support the sustainability of dividend payments.