Eagle Football Group (EFG) Q4 24/25 TU earnings summary

Executive summary

• Total operating income reached €273.8 million for the 2024/2025 financial year, down 24% year-over-year due to non-recurring items and changes in scope.

• Excluding non-recurring items and scope changes, revenue increased by €11.5 million (+4%) compared to the previous year.

• Significant management changes occurred, with Michele Kang appointed Chairwoman and CEO, and Michael Gerlinger as club CEO.

Financial highlights

• Ticketing revenue rose 26% to €42.8 million, driven by European competition participation.

• Media and marketing rights fell 52% to €45.7 million, mainly due to the absence of prior year non-recurring income and lower domestic TV rights.

• Player trading revenue increased 15% to €111.6 million, with major transfers including Rayan Cherki and Jake O'Brien.

• Brand-related revenue dropped 55% to €24.6 million, impacted by the absence of prior year lump sum licensing payments.

• Events revenue declined 57% to €18.7 million, reflecting fewer major events and changes in scope.

Outlook and guidance

• A very significant loss is anticipated for the 2024/2025 financial year due to high operating expenses, scope changes, and absence of non-recurring revenues.

• New liquidity and guarantees totaling €117 million were secured, ensuring coverage of operating and financial commitments.

• Strict financial discipline and payroll reduction are priorities for long-term stability.

• LFP TV rights revenue is expected to decline significantly in 2025/2026.