Eagle Football Group (EFG) H2 23/24 earnings summary

Executive summary

• Total revenues rose 25% year-over-year to €361.4M, driven by strong growth in brand-related and events revenue.

• EBITDA improved to €44.2M from a loss of €1.8M, supported by one-off revenues and a robust events business.

• Net income improved significantly to -€25.7M from -€99.0M, reflecting capital gains on asset disposals and improved operating performance.

Financial highlights

• Revenue excluding player trading increased 33% to €264.1M; total revenue including player trading reached €361.4M.

• Brand-related revenue surged 165% to €54.3M; events revenue up 161% to €43.4M year-over-year.

• Operating income turned positive at €26.5M versus a loss of €76.3M in the prior year.

• Net financial expense increased to -€35.0M, mainly due to refinancing and property leasing costs.

Outlook and guidance

• Cost rationalization plan underway, including potential voluntary departure plan.

• Operating and capitalization plan assumes €75M in contributions by December 2024, up to €40M from a planned sale of Crystal Palace stake, and €100M from a planned IPO in early 2025.

• Completion of player sales during January 2025 mercato is expected.

• Statutory auditors may issue a qualified opinion due to uncertainties around going concern assumptions.