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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Formula One Group (FWONA) investor relations material
Formula One Group Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary20 Nov, 2025
Strategic direction and business developments
Liberty Live is being spun off after market on December 15, 2025, to highlight Live Nation's value and create a standalone Formula One Group asset-backed security, simplifying the corporate structure and enhancing liquidity.
Closed MotoGP acquisition on July 3, 2025, expanding the sports portfolio and global reach.
Completed spin-off of GCI Liberty, Liberty Trip merger, and Liberty Broadband Charter merger, with further acceleration via the Cox transaction.
Management transition includes John Malone as Chairman Emeritus in 2026, Dobb Bennett as chairman, and Derek Chang as CEO, ensuring leadership continuity.
Formula One and MotoGP are expanding their brands with new sponsors like Disney, Pepsi, PwC, Pottery Barn, and a major U.S. media rights deal with Apple.
Financial performance and guidance
Formula One achieved record financial results in 2024, with revenue and adjusted OIBDA both up 60% versus 2021; 2025 YTD revenue up 9% and adjusted OIBDA up 15% over prior year.
F1 revenue for the trailing 12 months grew 6% compared to 2024, with adjusted EBITDA margins at 24.3%.
MotoGP saw record season attendance (+21% vs. 2024), 17% growth in TV viewership, and 30% growth in video views.
Both F1 and MotoGP maintain high free cash flow conversion rates, with F1 at 58% and MotoGP at 72% of adjusted OIBDA over the past five years.
Focus on de-levering balance sheets, with F1 net leverage reduced to 3.0x and MotoGP at 5.6x as of Q3 2025.
Growth initiatives and market expansion
F1 signed a new 2026-30 Concorde commercial agreement, providing a simpler payout structure and supporting future growth.
Major new partnerships include a 10-year deal with LVMH and expanded licensing with Disney and LEGO to engage younger fans.
F1's fan base has grown to over 830 million, up 60% since 2018, with social media followers increasing eightfold since 2017.
MotoGP hosted a record 22 Grand Prix in 2025, with over 3.6 million fans attending and a global fan base of 632 million, up significantly year-on-year.
MotoGP is expanding into Brazil (2026) and Buenos Aires (2027), with multiple race renewals through 2031.
MotoGP margin expansion cadence
F1 top-line growth and cash deployment
GCI Liberty's growth vehicle vision
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Next Formula One Group earnings date
Q4 20252 Mar, 2026
Next Formula One Group earnings date
Q4 20252 Mar, 2026
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Frequently asked questions
Formula One Group is a subsidiary of Liberty Media Corporation. Liberty Media Corporation is a mass media company controlled by chairman John C. Malone. It operates as an interest entity with three divisions: Liberty SiriusXM Group, a subscription radio service; Braves Holdings, which indirectly holds an interest in the Atlanta Braves baseball club; and Formula One Group, an investment holding company. The company owns interests in Charter Communications and Live Nation Entertainment. Liberty Media also has a significant minority investment in Lions Gate Entertainment, the film and television entertainment company, and Barnes & Noble Education (formerly known as B&N Education), a leading operator of bookstores for college campuses and the education sector.
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