OL Group: EBITDA Nearly Balanced, but €126M in Impairments Weigh Down Results
The Lyon-based club shows a marked improvement in its gross operating surplus (EBITDA) for the first half of 2025/2026, nearly breaking even at -€2.2 million compared to -€46.1 million a year earlier. However, this recovery, resulting from a drastic reduction in expenses by the new management, is completely overshadowed by massive accounting impairments (€126.2 million) related to the risk of default by Eagle Bidco, its majority shareholder, which was placed under judicial administration in the UK in March 2026.
Stable Revenue, Optimized Cost Structure
Total revenue reached €121.3 million as of December 31, 2025, a slight increase of 3% compared to the comparable semester of the previous fiscal year, which was €117.6 million. This stability hides contrasting movements: player transfer revenues increased by 30% to €45.3 million, supporting the trading activity. In contrast, non-trading revenues fell by 8% to €76 million, affected by a decrease in Ligue 1 broadcasting rights (-€5.1 million) following the termination of the DAZN contract, and by reduced event activity (-€7.2 million). The reduction in expenses is bearing fruit: external expenses decreased by €11.1 million (ratio reduced to 32% of revenue from 42% in the previous year), while personnel expenses decreased by €38.8 million (50% of revenue from 84% in the previous year). This budgetary control, carried out through a voluntary departure plan and active summer trading, generated a €44 million improvement in EBITDA.
Massive Impairments and Discovery of Hidden Guarantees
The operating result stands at -€163.7 million, worsened by €73.3 million compared to the previous year, due to impairments of receivables amounting to €126.2 million. These provisions cover all receivables from Eagle Bidco (€40 million) and a significant portion of receivables from Botafogo (€86 million out of €142 million). Without these purely accounting impairments, the operating result would have been -€37.5 million, an improvement of €52.9 million. In parallel, the group discovered undeclared guarantees, granted by the Company or its subsidiary OL SASU between August 2023 and April 2025, to cover obligations of Botafogo and RWDM Molenbeek to third parties. These off-balance sheet commitments correspond to initial nominal amounts of approximately €30M, €19.9M, and about €30M; the amounts claimed or reserved amount to €1.1M, €3.9M, and €14.8M (totaling €19.8M), without any accounting provision recorded.
Business Continuity Pending a Change in Shareholder
Equity stands at -€347.9 million, worsened by the semester's results, while net debt (including net receivables and liabilities on player contracts) reaches €674.6 million as of December 31, 2025. The group received a shareholder loan of €92.4 million in July 2025, but the closure of the accounts is based on the assumption of a new shareholder arriving by June 2026 and the implementation of a financing and restructuring plan. An ad hoc committee composed of independent directors supervises the sale process of the 88% held by Eagle Bidco, initiated by Cork Gully (judicial administrator). The group obtained a waiver from its RCF/TL lenders on May 6, 2026, due to a default on ratio as of December 31, 2025. These restructuring measures must be finalized by the end of the sports season.
