Eagle Football Group (EFG) H1 25/26 earnings summary

Executive summary

• EBITDA improved to -€2.2 million as of 31 December 2025 from -€46.1 million a year earlier, reflecting successful cost-cutting measures.

• Net loss widened to €186.5 million, mainly due to €126 million in write-downs on receivables from related parties.

• Operating performance improved, but the financial situation remains critical due to legacy exposures and urgent need for financing and restructuring.

• The company faces significant uncertainty regarding its ability to continue as a going concern, pending new shareholder investment and restructuring.

Financial highlights

• Total revenue from operations rose 3% year-over-year to €121.3 million, driven by strong player transfer activity (+30%).

• EBITDA nearly broke even at -€2.2 million, a €44 million improvement year-over-year.

• Operating loss was -€163.7 million, impacted by €126.2 million in impairment losses on receivables from related parties.

• Net financial expense remained stable at -€21.8 million.

• Net result was -€186.5 million, compared to -€117.0 million the previous year.

Outlook and guidance

• Ongoing negotiations with creditors and counterparties aim to strengthen the financial structure.

• A new majority shareholder and restructuring plan are critical for continued operations.

• The club targets qualification for European competition in the 2026/2027 season.