The following is a summary of the Formula One Group (FWONK) Q4 2024 Earnings Conference Call Transcript:

Financial Performance:

• F1 revenue growth of 6% in 2024 was primarily driven by two additional races and increases in all primary revenue streams, including a 10% increase in sponsorship revenue year-over-year.

• Team payments as a percent of pre-team adjusted OIBDA was 61.5% in 2024, down from 62.6% in 2023.

• Adjusted OIBDA margin improved nearly 70 basis points year-over-year, driven by sponsorship growth and contractual increases.

Business Progress:

• Formula One plans to focus on race promotion and expand its relationships, particularly targeting US markets and potentially collaborating with large global streamers for media rights.

• New partnerships and regional deals are expected to drive forward, particularly from the introduction of the premium F1 TV product.

Opportunities:

• Expansion and new revenue streams are anticipated from the setup of premium F1 TV, targeting global expansions which will allow partnerships with broadcasting giants, possibly including widespread regional deals.

• New race venues and extended agreements show growth and heritage markets reflecting a potentially increased revenue stream from promotions.

• Entry of Cadillac as a new team, broadening the brand's engagement and potentially leveraging global marketing opportunities.

Risks:

• Challenges and initial financial underperformance associated with the Las Vegas Grand Prix, although steps are ongoing for economic and organizational improvements in 2025.

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