Eagle Football Group (EFG) H1 25/26 earnings summary

Executive summary

• Operating revenue rose 3% year-over-year to €121.3M, driven by strong player transfer activity (+30%), but offset by declines in non-player trading revenue, especially from Ligue 1 TV rights due to the DAZN/LFP contract termination.

• EBITDA improved sharply to -€2.2M from -€46.1M, reflecting significant cost reductions in purchases, external expenses, and personnel costs.

• Operating loss widened to -€163.7M (vs. -€90.5M), mainly due to €126M in impairments on receivables from related parties (Botafogo SAF and Eagle Bidco). Excluding these, operating loss would be -€37.5M, a €52.9M improvement.

• Net loss attributable to shareholders was -€186.5M, compared to -€117.0M a year earlier, mainly due to major write-downs on related-party receivables.

• The financial situation remains critical due to legacy exposures and urgent need for financing and restructuring.

Financial highlights

• Revenue from player registrations reached €45.3M (+30% YoY), with major sales including Mikautadze (€22.2M) and Perri (€12.9M).

• Non-player trading revenue fell by €6.9M (-8%), mainly due to a €5.1M drop in Ligue 1 TV rights and fewer major events.

• Personnel costs decreased by €38.8M (-39%) to €60.4M, reflecting active player trading and a voluntary separation plan.

• Financial debt increased to €616.3M (from €517.9M at June 30), with a new €92.4M shareholder loan in July 2025.

• Cash and cash equivalents dropped to €14.1M (from €61.6M at June 30).

Outlook and guidance

• The club's ability to continue as a going concern depends on securing a new shareholder, implementing a restructuring plan, and maintaining support from key stakeholders.

• Advanced discussions are ongoing with stakeholders and a competitive process for a new controlling shareholder is underway.

• Restructuring measures are expected to be finalized by season-end, with deadlines from football authorities (DNCG/UEFA) looming.

• The club targets qualification for European competition in the 2026/2027 season.