French gaming operator FDJ saw its shares surge 7.7% in Paris trading after reporting full-year 2025 results that broadly matched market expectations. The company posted EBITDA of €902 million, up 14% reported but down 6.5% pro forma, aligning with the €900 million consensus estimate. Revenue reached €3.678 billion, rising 20% reported but falling 3% pro forma.

While revenue came in about 1% below the €3.714 billion consensus, the results met profitability forecasts and supported the company's guidance for stable EBITDA margins of 24.5% in 2026. FDJ also announced plans to increase cost savings to €150 million by 2028, up from €120 million previously, while lowering its revenue growth ambition to a gradual acceleration toward about 5% by 2028. The proposed dividend of €2.10 per share was slightly above consensus expectations.

Morgan Stanley analyst Ed Young noted that the results are unlikely to trigger major changes to consensus forecasts, describing 2026 as another year of transition. The company also announced management changes, appointing current CFO and Head of Strategy Pascal Chaffard as Chief Betting and Gaming Officer as well as Group Strategy & Transformation Officer.