Eagle Football Group (EFG) H1 24/25 earnings summary

Executive summary

• First-half 2024/25 saw a strategic refocus on men's football, asset disposals (OL Féminin, OL Vallée Arena, OL Reign), and reduced player trading activity, with total revenue at €117.6M, down 32% year-over-year.

• Participation in the Europa League boosted media and ticketing revenues, but overall revenue declined due to lower player sales.

• The club ranked 5th in Ligue 1 at December 31, 2024, up from 15th a year earlier.

• Cost rationalization and voluntary redundancy programs were implemented, with external purchases and expenses down €10.4M year-over-year.

• Significant uncertainty remains regarding going concern, with future funding dependent on planned capital injections and an IPO.

Financial highlights

• Total revenue for H1 2024/25 was €117.6M, down 32% year-over-year, mainly due to a 63% drop in player trading revenue to €34.7M.

• Revenue excluding player trading rose 7% to €82.9M, driven by higher ticketing (+12%), media/marketing rights (+55%), and brand-related revenue (+13%).

• EBITDA fell to -€46.1M (from +€7.6M), and operating income dropped to -€90.5M (from -€32.6M).

• Net income attributable to shareholders was -€117.0M, compared to -€60.6M a year earlier.

• Personnel costs increased 17% to €99.2M, reflecting squad strengthening.

Outlook and guidance

• The club targets recurring European Cup participation and aims to leverage synergies within Eagle Football Holdings.

• Management expects strong EBITDA in 2025/26, supported by cost reductions and the end of high-value legacy player contracts.

• Lower revenue outlook anticipated due to reduced Ligue 1 TV contract, but club aims for Champions League qualification and improved competitiveness.

• Eagle Football Holdings to provide up to €150M liquidity in H1 2025, supporting pre-IPO and IPO plans.

• Groupama Stadium will host major events in H2, including TOP 14 rugby semi-finals and a major concert.