Formula One Group (FWONA) Investor Day 2025 summary

Strategic and organizational developments

• Liberty Live is being spun off, effective December 15, 2025, to highlight the value of Live Nation and make Formula One Group a standalone asset-backed security, enhancing transparency and investor appeal.

• Closed MotoGP acquisition on July 3, 2025, expanding the sports portfolio and global reach.

• Completed spin-off of GCI Liberty and accelerated the Liberty Broadband and Charter transaction.

• Leadership transitions: Derek Chang is now CEO, John Malone will become chairman emeritus in 2026, and Dobb Bennett will become chairman.

• Chase Carey joined the board, bringing deep experience from running Formula One.

Financial performance and guidance

• Formula One achieved record financial results in 2024, with revenue and adjusted OIBDA both up 60% versus 2021; 2025 YTD revenue up 9% and adjusted OIBDA up 15% over prior year.

• Formula One has nearly $16 billion in future revenue under contract, representing a 14% CAGR since 2022 and a diversified, growing revenue base.

• Adjusted EBITDA margins for F1 are stable and expanding, finishing at 24.3% for the trailing 12 months.

• Both F1 and MotoGP maintain high free cash flow conversion rates, with F1 at 58% and MotoGP at 72% of adjusted OIBDA over the past five years.

• Net leverage at F1 is 3x and at MotoGP 5.6x, with both expected to delever quickly; consolidated net leverage is 3.8x.

Business growth and new initiatives

• F1 signed a new 2026-30 Concorde commercial agreement, providing a simpler payout structure and supporting future growth.

• Major new partnerships include a landmark 10-year deal with LVMH and expanded licensing with Disney and LEGO to engage younger fans.

• F1 The Movie became the highest-grossing sports film ever, boosting global brand exposure and strengthening ties with Apple.

• F1's fan base has grown to over 830 million, up 60% since 2018, with social media followers up 8x since 2017.

• MotoGP is expanding into Brazil (2026) and Buenos Aires (2027), with multiple race renewals through 2031 and a brand refresh to close the monetization gap with F1.