Formula 1 calendar shift blamed for $28-million quarterly loss

Race Promotions and Sponsorships:

• Renewed agreements for the Mexico Grand Prix through 2028 and Miami Grand Prix through 2041.

• Secured new sponsorship deals with Barilla Pasta and PWC as Official Partners.

Concorde Agreement:

• Formula 1 and all ten teams signed the 2026 Concorde Commercial Agreement, ensuring financial stability and long-term governance.

Las Vegas Grand Prix Plaza:

• Opened to the public on May 2, offering immersive, year-round F1-themed attractions.

Revenue:

• Total F1 revenue: $403-Million, down from $553-Million in Q1 2024 due to one less race held (2 vs. 3).

• Primary F1 revenue (race promotion, media rights, sponsorship): $319-Million (↓31%).

• Other F1 revenue (hospitality, experiences, licensing): $84-Million (↓7%).

Adjusted OIBDA:

• Declined to $85-Million, down 59% year-on-year.

Operating Income:

• Fell from $136-Million profit in Q1 2024 to a $28-Million loss in Q1 2025.

Expenses:

• Team payments decreased to $114-Million (from $163-Million), reflecting one fewer race.

• Introduced $50-Million in Concorde incentive payments (none in Q1 2024).

• Selling, general and admin costs rose to $76-Million due to F1’s 75th season marketing at The O2 and higher personnel costs.

Grand Prix Plaza Impact:

• Generated $6-Million in rental income (vs. $7-Million in Q1 2024).

• Incurred higher costs due to increased event activity.

Cash:

• Increased to $2.833-Billion, including $1.547-Billion at F1.

Debt:

• Total attributed debt: $2.902-Billion.

• Formula 1 leverage ratio reduced to 1.2x, from 1.3x.

CapEx and Acquisitions:

• F1 spent $33-Million on capital projects.

• Paid $131-Million as an extension towards the MotoGP acquisition (not directly F1-related but tied to Liberty’s motorsport expansion).