Eagle Football Group (EFG) H2 25/26 earnings summary

Executive summary

• FY2025/26 revenue fell 19% YoY to €222.3m; EBITDA improved to -€4.7m from -€47.7m, while the net loss attributable to equity holders narrowed to €87.3m from €201.2m.

• Cost reductions drove EBITDA close to breakeven, but substantial receivables impairments weighed on results despite debt extinguishments.

• The club finished 4th in Ligue 1, up from 6th, and reached the Europa League round of 16.

Financial highlights

• Total revenue was €222.3m, down €51.4m YoY; revenue excluding player trading declined 12% to €143.3m, and player-registration sales fell 29% to €79.0m.

• Operating loss improved to €37.2m from €150.7m; net financial expense was broadly stable at €45.4m versus €45.2m.

• Net loss attributable to equity holders was €87.3m versus €201.2m; other ordinary income of €237.3m mainly reflected €242.2m of extinguished debt.

Outlook and guidance

• Turnaround plans target restored financial health, regular European qualification and, over the medium term, regular Champions League qualification.

• The tender offer for remaining shares is expected to be filed after publication of FY2025/26 financial statements; transfer of listing to Euronext Growth is planned no earlier than 16 December 2026 and after the offer closes.

• Groupama Stadium is scheduled to host the 2027 European rugby cup finals, concerts in July 2027 and the 2028 UEFA Women’s Champions League final.