Formula One Group Q1 FY2026 earnings call

Derek Chang mentioned 2026 priorities are sustaining Formula One momentum, positioning MotoGP for long-term growth, and being disciplined with capital. Formula One has strong global platform, made decision to not proceed with Bahrain and Saudi Arabian Grands Prix, partnership with Apple in US is promising with increased viewership, etc. MotoGP is in first full season under Liberty ownership, delivering compelling racing, broadening ecosystem, etc.

Formula One: Revenue grew 53% and adjusted OIBDA grew 102% in Q1 2026 due to an extra race held and growth across all revenue streams. Media rights and sponsorship revenue growth was driven by calendar variance. MotoGP: Revenue increased in Q1 due to race mix and increased sponsorship revenue, slightly offset by a small reduction in media rights revenue, and adjusted OIBDA also grew. Corporate and Other: Revenue was $6 million, and adjusted OIBDA was a loss of $7 million.

Expect average of roughly 200 basis points improvement in leverage in 2026, larger impact in second quarter due to not holding two races in Middle East at F1, F1 and MotoGP in compliance with debt covenants at quarter end

Middle East situation affecting race calendar, currency exchange rates impacting SG&A, rising fuel prices affecting MotoGP cost of revenue

Q: Sean Diffely asked about sponsorships and capital allocation.

A: Derek Chang talked about capital allocation focus on de-levering, strategic investments, etc. Stefano Domenicali talked about sponsorship mix of renewals and new sponsors.

Q: David Karnovsky asked about Sky agreement and team payment.

A: Derek Chang said no current economic impact, Stefano Domenicali talked about long-term impact. Brian Wendling talked about budgeting approach.

Q: Steven Lasich asked about Miami expansion and MotoGP races.

A: Derek Chang and Stefano Domenicali talked about Miami expansion and MotoGP race opportunities. Brian Wendling talked about SG&A.

Q: David Carl Joyce asked about calendar reallocation and D&A.

A: Brian Wendling talked about calendar reallocation impact and D&A increase.

Q: Matt Condon asked about Apple learnings and MotoGP calendar.

A: Derek Chang and Stefano Domenicali talked about Apple learnings. Derek Chang talked about MotoGP calendar.

Q: Steven Lee Cahall asked about fuel prices and competition.

A: Brian Wendling talked about fuel impact on F1 and MotoGP. Stefano Domenicali talked about competition.

Q: Joseph Robert Stauff asked about rescheduling.

A: Derek Chang and Stefano Domenicali talked about rescheduling.

Q: Ian Moore asked about sponsorship halo effect.

A: Derek Chang and Stefano Domenicali talked about sponsorship halo effect