BUSINESS ACTIVITY FOR FISCAL YEAR 2025/2026
Total revenue was €223.3 M, compared to €273.7 M in the previous year, representing a decrease of 18%
Despite strong ticketing revenue and an all-time record in derivative product sale, the overall decline in revenue is primarily due to:
a decrease in Ligue 1 TV rights (-28%) following the early termination of the DAZN/LFP contract at the national level,
a less extensive events schedule than in the previous year (-58%),
lower revenues from player trading, though still significant (-29%)
Tuesday, July 28, 2026 - 7:30 p.m.
| in €M (from July 1st to June 30) | 06/30/26* 12 months | 06/30/25 12 months | Change | Change % |
| Ticketing championship & other matches | 40.8 | 35.1 | +5.7 | +16% |
| Ticketing European matches | 4.2 | 7.7 | -3.5 | -46% |
| Ticketing | 45.0 | 42.8 | +2.1 | +5% |
| LFP-FFF TV rights | 16.4 | 22.8 | -6.3 | -28% |
| UEFA TV rights | 21.9 | 22.9 | -1.0 | -5% |
| Media and marketing rights | 38.4 | 45.7 | -7.4 | -16% |
| Sponsoring-Advertising | 29.2 | 30.9 | -1.7 | -5% |
| Derivative products | 13.1 | 12.5 | +0.6 | +5% |
| Other brand-related revenue | 10.5 | 11.9 | -1.4 | -12% |
| Brand-related revenue | 23.6 | 24.4 | -0.9 | -4% |
| Seminars & visits | 3.7 | 5.7 | -2.0 | -35% |
| Major events | 4.2 | 13.0 | -8.8 | -67% |
| Events | 7.9 | 18.7 | -10.8 | -58% |
| Revenue (excluding player trading) | 144.0 | 162.6 | -18.6 | -11% |
| Revenue from sale of player registrations | 79.2 | 111.1 | -31.9 | -29% |
| Total revenue (1) | 223.3 | 273.7 | -50.5 | -18% |
- API (Alternative Performance Indicator), which includes revenue from non-trading activities as well as revenue from the sale of player registrations.
*Estimated figures-currently under audit
1/ REVENUE
Ticketing: €45.0 M (+€2.1 M, +5%)
As of June 30, 2026, ticketing revenue increased by €2.1 M compared to the previous year, representing a +5% increase. This increase was driven by a change in the accounting method for hospitality revenue[1], which is now fully recognized under the "Ticketing" line.
Revenue from championship match ticketing rose (+€5.7 M compared to the previous year), while revenue from European competition ticketing declined by €3.5 M (round of 16 of the Europa League in 2025/2026 compared to the quarterfinals in the previous year against Manchester United).
TV and marketing rights: €38.4 M (-€7.4, -16%)
The Club's run to the Round of 16 of the 2025/2026 Europa League generated UEFA TV rights revenue of €21.9 M as of June 30, 2026 (€22.9 M in the previous year, with a run to the quarterfinals).
At the national level, LFP/FFF TV rights were impacted by the sharp decline in domestic TV rights following the early termination of the DAZN/LFP contract in June 2025, and totaled €16.4 M, with the Club finishing in 4th place in Ligue 1 (compared to €22.8 M in the previous year for a 6th place in Ligue 1).
Sponsoring-advertising: €29.2 M (-€1.7 M, -5%)
Using a comparable accounting method, revenue from sponsoring and advertising would have increased by +€3.4 M, or +11%. Totaling €29.2 M as of June 30, 2026, revenue from sponsoring-advertising was negatively impacted by the change in the accounting method for Hospitality revenue described above (approximately
-€5.1 M compared to the previous year) and was also affected by the failure to collect payments from certain major partners.
Brand-related revenue: €23.6 M (-€0.9 M, -4%)
Derivative products rose by +5% to €13.1 M (an all-time high), with strong performance from e-commerce revenue (+7%) and retail stores (+2%). Other brand-related revenue totaled €10.5 M (compared to €11.9 M in the previous year).
Events: €7.9 M (-€10.8 M, -58%)
Revenue from Major Events reached €4.2 M, driven by concerts of Imagine Dragons on July 3, 2025, Linkin Park on June 16, 2026, and Iron Maiden on June 26, 2026. It is recalled that in the previous year, the Major Events segment had a particularly busy schedule, featuring 11 football matches during the Paris 2024 Olympic Games, the France vs. Belgium UEFA Nations League match, and two TOP 14 rugby semifinals.
The Seminars and Visits segment is suffering from the impact of the overall unfavorable economic climate in France, as well as competition from new event venues in Lyon. Revenue totaled €3.7 M (compared to €5.7 M in the previous year).
Revenue from sale of player registrations: €79.2 M (- €31.9 M, -29%)
Revenue from sale of player registrations totaled 79.2 M€, including the transfers of Afonso MOREIRA to Bayer Leverkusen (€23.4 M), Georges MIKAUTADZE to Villarreal (€22.2 M), Lucas PERRI to Leeds (€12.9 M), Martin SATRIANO to Getafe (€5.3 M), Saël KUMBEDI to Wolfsburg (€4.6 M), ADRYELSON to Al Wasl (€1.1 M), Téo BARISIC to Rijeka (€0.4 M), Mathieu PATOUILLET to Al-Hilal (€0.3 M), and Jordan VERETOUT to Al-Arabi (€0.0 M), as well as various incentives and loan fees totaling €9.1 M.
In the previous fiscal year, these figures totaled €111.1 M, including the sales of Rayan CHERKI to Manchester City (€31.4 M), Jake O'BRIEN to Everton (€14.2 M), Maxence CAQUERET to Como (€12.7 M), Saïd BENRAHMA to Neom SC (€11.1 M), Gift ORBAN to Hoffenheim (€9.3 M), Mamadou SARR to Strasbourg (€8.9 M), Jeffinho to Botafogo (€4.8 M), Mama BALDE to Brest (€4.2 M), Amin SARR to Hellas Verona (€3.2 M), Johann LEPENANT to Nantes (€2.3 M), as well as incentives totaling €9 M.
2/ RECENT EVENTS AND OUTLOOK
- Acquisition of a controlling stake in the Company by Michele Kang (via Olympe Bidco) and restructuring of the Group's debt on June 26, 2026[2]
On June 26, 2026, Olympe Bidco (a vehicle ultimately owned by Michele Kang, CEO of the OL group since late June 2025) acquired 154,382,133 shares representing 87.78% of the Company's share capital from Eagle Football Holdings Bidco Limited (in "administration" in the UK) ("Eagle Bidco"), for a total price of $30 M (converted to 26,451,000 €, i.e. 0.1713 € per share), following an independent and competitive sale process managed by the administrator of Eagle Bidco, Cork Gully.
Concurrent with the aforementioned acquisition of the controlling stake, an initial tranche of a shareholder loan totaling €31 M was made available to the Company by Olympe Bidco-with a total commitment of up to €71 M over the next two seasons, secured by a €40 M letter of credit granted by JP Morgan to OL SASU.
The transaction was accompanied by the release of the OL group's debts towards John Textor, Eagle Bidco, and their affiliates for a total amount of €232.6 M on a consolidated basis.
At the same time, the terms of OL SASU's senior debt (RCF/TL and FCT) were renegotiated, demonstrating the support of the Group's lenders. The new agreements notably provide for the capitalization of interest and principal for a period of eighteen months in exchange for an adjustment to certain of the Group's covenants. Specifically, to ensure the proper performance of OL SASU's obligations under the FCT financing, the FCT would have the right to require OL SASU, at its own expense, to establish a security trust ("fiducie") over the Groupama Stadium (in lieu of the existing first-ranking mortgage granted in favor of the FCT), in the event of certain underperformance events. The lenders under the RCF and FCT financing arrangements will be entitled to propose the appointment of non-voting observers to the Board of Directors for the next 24 months.
The change in control did not result in any changes in the management team: Michele Kang remains Chair and CEO of EFG and Chair of OL SASU, and Michael Gerlinger remains CEO of OL SASU.
As a result of this transaction, the OL group is no longer part of the group comprising all Eagle Bidco affiliates.
- Sports
On June 26, 2026, the DNCG announced that the Club would remain in Ligue 1 for the 2026-2027 season, with payroll caps set in the takeover budget following the change in control of the club.
Having finished in 4th place in the Ligue 1 standings at the end of the 2025/2026 season, the club will compete in the 3rd preliminary qualifying round for the 2026/2027 Champions League against Sparta Prague (first leg on August 4, second leg on August 11). The club is guaranteed, at a minimum, a spot in the Europa League for the 2026/2027 season.
- Player Transfers
In June 2026, the club exercised its purchase option for Noham KAMARA, who had been on loan from PSG since February 2026 (€4 M + up to €2 M in bonuses + 20% of any future capital gain).
Since the end of the 2025/2026 fiscal year, the club has acquired the player contracts of Mads BIDSTRUP from RB Salzburg (€10.5 M + up to €3 M in bonuses + 10% of future capital gains, 5-year contract), Julien DURANVILLE from Borussia Dortmund (€5 M + up to €3.5 M in bonuses + 20% of future capital gains, 5-year contract), and Mohamed OUEDRAOGO from SCR Altach (€2.2 M + up to €0.6 M in bonuses + 10% of future capital gains, 5-year contract). In addition, player Loïs OPENDA is on loan from Juventus (loan for 3.5 M€ without purchase option, until the end of the season). Player Matt TURNER has been loaned to the MLS's New England Revolution through December 31, 2026, with the possibility of a one-year extension under certain conditions, accompanied by a €1.3 M buyout option. Finally, Corentin TOLISSO's contract has been extended by two years through June 30, 2029.
- Litigation
The Company or its subsidiary OL SASU are parties to a number of legal proceedings related to transactions carried out between May 2023 and June 2025. In particular:
Litigation is ongoing with PRPF (High Court of Justice in London; amount sought by the opposing party: $43 M + late payment interest and penalties) and EMSO (Court of Arbitration for Sport; amount claimed by the opposing party: €28.5 M + late payment interest and penalties), both of which are factors of Botafogo, in connection with contracts entered into with Botafogo in 2024/25 regarding the players Igor Jesus, Savarino, and Jair Paula.
Furthermore, Botafogo is reported to have initiated proceedings against OL before the Rio de Janeiro Court, but the Group has not received any notification regarding this matter to date. Separately, OL has filed a complaint against Botafogo before FIFA regarding unpaid transfer fees for the player Jeffinho.
Furthermore, the Group is disputing the validity of certain guarantees allegedly granted by the Company or its subsidiary OL SASU under former management to cover alleged obligations of the Botafogo and Molenbeek clubs, that were not previously disclosed in the Group's financial statements and have now been reported in the financial statements as of December 31, 2025[3].
It is also recalled that, based on the findings of an internal investigation report commissioned by the Group's management in December 2025 from an external law firm, regarding transactions carried out between May 2023 and June 2025, Eagle Football Group and OL SASU filed a criminal complaint "against X" with the Public Prosecutor of Lyon on June 4, 2026, regarding acts that may constitute the offenses of misuse of corporate assets, aggravated misuse of corporate assets and complicity in these two offenses, the presentation and publication of false financial statements, as well as the dissemination of misleading information to the market[4].
- Outlook
The buyout by Michele Kang, described above, along with the new financing provided in this context and the debt restructuring, aim at ensuring the Group' financial stability over the next seasons. The efforts to restructure the financial structure undertaken by the current management will continue, as will the implementation of a revenue growth strategy.
In accordance with applicable laws and regulations, Olympe Bidco will shortly file with the French Autorité des marchés financiers (AMF) a mandatory tender offer for the EFG shares it does not yet hold, at the price paid for the block (i.e., €0.1713 per share) (the "Offer"). A pre-offer period was opened by the AMF on June 24, 2026[5] . Eight Advisory, appointed by the Company's Board of Directors on June 23, 2026[6], will act as the independent expert in connection with the Offer. The Board of Directors will issue its reasoned opinion on the Offer in due course, based on the report to be prepared by the independent expert. The Offer remains subject to approval by the AMF.
The financial statements for the 2025/2026 fiscal year will be finalized and published in October, and the annual general meeting will be convened for December 2026.
It is planned that the Company will be renamed "Olympique Lyonnais Groupe S.A." at the next general meeting.
On the sports side, OL will start the preliminary qualifying rounds for the 2026/2027 Champions League on August 4.
| Phone: +33 4 81 07 55 00 Fax: +33 4 81 07 45 65 Email: finance@ol.fr www.finance.ol.fr | Eagle Football Group SA Euronext Paris - Segment B Indices: CAC All-Shares - CAC Consumer Discretionary ISIN Code: FR0010428771 Reuters: EFG.PA (formerly OLG.PA) Bloomberg: EFG FP (formerly OLG FP) ICB: 40501030 Leisure Services |
[1] A portion of the Hospitality revenue was previously recognized under the Sponsoring and Advertising line item in prior fiscal years. This change in accounting policy results in a €5.1 M increase in the Ticketing revenue line item. Excluding the impact of this change in accounting policy, Ticketing revenue would have decreased by 6% compared to the previous year.
[2] For more information on the administration proceedings involving Eagle Bidco, the process for selling its assets, and the measures implemented by the Company in this context: see the Company's press releases dated March 27, 2026, and April 14, 2026, as well as the disclosures regarding the conclusion of regulated agreements dated April 14, 2026, and April 24, 2026.
For more information on the terms of the takeover by Olympe Bidco and the Group's debt restructuring: see the Company's press releases dated June 23 and 26, 2026, as well as the disclosures regarding the conclusion of regulated agreements dated June 23, 2026.
[3] See the Company's press release dated May 12, 2026.
[4] See the Company's press release dated June 8, 2026.
[5] See D&I 226C0896 published on the AMF website.
[6] See the Company's press release dated June 23, 2026.
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