Atlanta Braves Holdings, Inc. Q3 FY2025 earnings call

• Player highlights: Rookie Drake Baldwin had a breakout season; Chris Sale became fastest pitcher to reach 2,500 strikeouts; Matt Olson showcased consistency and durability, won Gold Glove; Hurston Waldrep showed promise. - Management changes: Brian Snitker transitioned to senior adviser role, Walt Weiss named new manager. - MLB trends: National viewership growth, high postseason viewership, over 71 million total attendance in 2025. - Ticketing: Record-breaking ticket sales, premium and full season ticket inventory sold out, sold over 2.9 million tickets, sold out 24 games. - Ballpark and partnerships: Extended food and beverage partnership with Delaware North for 10 years; master planning projects enhancing fan experience; over 195 events at Battery Atlanta. - Real estate: Mixed-use development revenue up 56%, Pennant Park acquisition boosting revenue, 90% leased by year-end, The Henry development underway.

In the third quarter of 2025, total revenue was $312 million, up over 7% from $291 million in the third quarter of 2024. The company has two reportable segments: baseball and mixed-use development. Total baseball revenue was $284 million in the third quarter of 2025, up from $273 million in the third quarter of 2024. Baseball net revenue increased to $176 million during the third quarter of 2025 compared to $173 million during the corresponding period in the prior year. Mixed-use development revenue was $27 million in the third quarter of 2025, up over 56% from $17 million in the third quarter of 2024, representing approximately 11% of the company's total revenue year-to-date.

• Offseason planning: Actively evaluating pricing and inventory strategies to optimize ticket mix. - 2026 outlook: Focus on enhancing fan experience, continuing growth around Truist Park and Battery Atlanta. - Media rights: Monitoring MLB's media rights future, preparing for 2029 media rights renewal, tailoring offerings to evolving media environment.

• Player injuries could impact on-field performance and ticket sales. - Uncertainty in media rights market could affect revenue from broadcasting. - Market competition may pressure ticket pricing and market share.

Q: Barton Crockett asked about ticket pricing, including higher season pass prices, average revenue per ticket trajectory, and the role of on-field performance and amenities.

A: Derek Schiller said there's a relationship between team performance and ticketing, revenue is stable with long-term packages, studying pricing each year with offerings at every price point; Matthew Harrigan added monitoring secondary ticketing to inform pricing.

Q: Steven Sheeckutz inquired about ESPN's appetite for local media rights deals and implications for next renewal cycle.

A: Terence McGuirk said MLB's next major media deal is in 2029, local games are attractive, will spend time tailoring offerings for the 2029 contract and evolving media environment