Formula One Group (FWONA) Q1 2025 earnings summary

Executive summary

• Strong start to 2025 with priorities on Dorna acquisition, structural simplification, and Formula One momentum, including the completed split-off of Liberty Sirius XM Holdings and planned split-off of Liberty Live.

• Dorna acquisition progressing through regulatory review, with a €126 million extension payment made and approval targeted by June 30, 2025.

• Formula One and MotoGP report record attendance and engagement, with commercial and sponsorship momentum and new long-term agreements, including the 2026 Concorde Agreement signed by all teams.

• Grand Prix Plaza in Las Vegas opened, enhancing year-round fan engagement and experiential offerings.

• Liberty Live Group's Live Nation investment reached $9.1 billion fair value as of March 31, 2025.

Financial highlights

• Formula One Group Q1 2025 revenue was $447 million, down from $587 million year-over-year due to fewer races and a different event mix.

• Adjusted OIBDA declined to $69 million from $201 million, and operating loss was $71 million compared to prior year income.

• Formula One Group attributed cash and liquid investments at $2.8 billion at quarter-end; Liberty Live Group cash at $314 million.

• Long-term debt stood at $4.56 billion, with $2.98 billion attributed to Formula One Group and $1.58 billion to Liberty Live Group.

• CapEx for F1 YTD at $33 million, with nearly $20 million for Grand Prix Plaza.

Outlook and guidance

• Strong financial start to the year, tracking well against internal plan, with sufficient liquidity to fund projected uses including capex, Dorna acquisition, and potential buybacks.

• Formula 1 expects full-year team payments to increase, with quarterly results impacted by race calendar timing.

• Full-year revenue expected to rise high single digits; cost increases driven by partner servicing, commissions, and Grand Prix Plaza.

• Management believes available liquidity is sufficient to cover future needs.

• Other costs of F1 revenue expected to remain consistent as a percentage of total revenue for the full year.