Revenue Growth MomentumSustained revenue growth indicates expanding commercial and matchday income streams and reduces reliance on one-off player trading. With diversified media, sponsorship and retail channels, recurring top-line expansion supports medium-term investment in squad and brand monetization.
Very High Gross MarginA ~90% gross margin shows the core business (media, merchandising, sponsorship) has low direct costs, providing structural capacity to cover overheads and invest in commercial initiatives. This margin profile supports long-term profitability if operating expenses are controlled.
Material Free Cash Flow ImprovementA large increase in free cash flow and a 0.72 FCF/net income ratio indicate stronger cash conversion despite accounting losses. Improved FCF provides durable flexibility to fund operations, service debt or invest in the squad and commercial growth over the next several quarters.