OL Group: net loss reduced to €87.3M, EBITDA nearly balanced at -€4.7M
The board of directors of Olympique Lyonnais Group, chaired by Michele Kang, approved on October 21, 2026 the accounts for the fiscal year ended June 30, 2026. The publication reveals two distinct movements: a reduction in operating expenses bringing current activity closer to equilibrium, and entries related to former related parties that determined the level of net income.
These entries stem from the restructuring conducted in June 2026, when Olympe Bidco, a vehicle of Michele Kang, acquired 87.78% of the capital from Eagle Bidco for 30 million dollars. This operation, completed on June 26, 2026, was accompanied by the extinction of approximately €242.2M in debt to Eagle Bidco and its affiliates. The group's net income came to -€87.3M, compared to -€201.2M one year earlier.
Personnel costs down 36%, EBITDA up by €43M
Total revenue from activities reached €222.3M, compared to €273.7M in the previous fiscal year, a decline of €51.4M (-19%). This amount was slightly adjusted from the €223.3M announced on July 28, 2026, particularly following the finalized work of the statutory auditors. Gains on disposals of player contracts were also lower than those of the previous fiscal year, due to a lower volume of disposals.
Despite this revenue decline, earnings before interest, taxes, depreciation and amortization (EBITDA) came to -€4.7M, compared to -€47.7M one year earlier, an improvement of €43.0M. Personnel costs, which include player payroll, fell by €63.1M (-36%) and returned to their lowest level since the 2017/18 fiscal year. Purchases and external charges declined by €19.2M (-20%).
Other expenses, at €84.0M, reached their lowest level since the 2016/17 fiscal year, the first full operating season of the Groupama Stadium (excluding the 2020/2021 fiscal year affected by Covid), according to the company. They represent €50.0M in savings compared to two fiscal years earlier.
€205.1M in impairments offset by €242.2M in debt extinction
Between EBITDA and operating income, two items of similar amounts but opposite signs were recorded. Net depreciation and provisions reached €269.8M, compared to €91.1M one year earlier. They include the impairment of receivables held on Botafogo SAF, Eagle Bidco and Eagle Football Holdings LLC totaling €205.1M, of which €109.6M for the Brazilian club.
Depreciation on player contracts returned to €47.7M, compared to €70.8M, due to player departures and limited recruitment. Conversely, other current operating income and expenses totaled +€237.3M (compared to -€11.9M), mainly reflecting the extinction of debt to Eagle Bidco and its affiliates for €242.2M.
Operating income thus came to -€37.2M, compared to -€150.7M, an improvement of €113.5M. Financial income remained nearly stable at -€45.4M (-€45.2M one year earlier). Audit procedures for the accounts are being finalized by the statutory auditors.
Financial debt at €409.8M, takeover bid and listing transfer forthcoming
On the balance sheet, financial debt fell to €409.8M, compared to €517.9M on June 30, 2025. The change mainly reflects the extinction of debt to Eagle Bidco and its affiliates (€128.2M) and the new loan from Olympe Bidco, drawn at €31M out of a maximum amount of €71M. Cash stands at €45.4M (€62.1M one year earlier) and equity, including minority interests, totals -€248.3M.
Several procedures remain pending, notably two disputes brought by Botafogo factoring institutions, claiming $43 million and €28.5M, as well as a summons from John Textor and Eagle Football Holdings LLC for €20.9M. Olympique Lyonnais also disputes owing the sums targeted by the new action brought by John Textor in New York. In June 2026, the company and its subsidiary OL SASU filed a complaint against unidentified persons relating to facts that occurred under the previous management.
On the sporting side, the club finished the 2025/2026 season in fourth place in Ligue 1. The DNCG maintained it in the top division for 2026/2027, subject to measures limiting player payroll. Olympe Bidco must file a public takeover bid for the balance of the capital after the publication of the accounts, and the transfer of listing to Euronext Growth will take place no earlier than December 16, 2026.
The general meeting is called for December 14, 2026. At the end of the fiscal year, net debt including cash, receivables and payables on player contracts, totals -€442.8M, compared to -€576.6M on June 30, 2025.
