Atlanta Braves Holdings, Inc. Q4 FY2025 earnings call

• Terry McGuirk discussed the team's spring training progress, new manager Walt Weiss, key free agent additions like Robert Suarez, Jorge Mateo, Mauricio Dubon, Tyler Kinley, Joel Payamps, and the return of Ha-Seong Kim. Also mentioned local media broadcasts with the launch of Brave Vision. • Derek Schiller talked about the launch of Brave Vision, local media rights, record-breaking regular season ticket sales and sponsorship revenue in 2025, strong ticket demand for 2026, and The Battery Atlanta's performance with over 380 events in 2025. • Mike provided updates on The Battery real estate strategy, including nearly 9,000,000 visitors in 2025, record tenant sales, new tenant openings, and capital investments. • Jill Robinson walked through financials, mentioning total revenue, baseball and mixed-use development revenue, adjusted OIBDA, and operating loss.

Total revenue in 2025 was $732,000,000, an increase from $663,000,000 in 2024. Baseball revenue was $635,000,000 in 2025, up from $595,000,000 in 2024, driven by increased event, broadcasting, and other revenue. Mixed-use development revenue was $97,000,000 in 2025, a $30,000,000 increase from $67,000,000 in 2024. Adjusted OIBDA was $108,000,000 in 2025, an increase from $40,000,000 in 2024. Operating loss was $14,000,000 in 2025 compared to a loss of $40,000,000 in 2024.

• Look forward to more detail on Bravevision's financial results starting in Q2. • Confident in delivering to fans across Atlanta and Southeast with the launch of Brave Vision. • Focus on improving on-field competitiveness and The Battery as a multiuse destination.

• Forward-looking statements subject to risks and uncertainties that may cause actual results to differ from discussed. • Potential impact of CBA and national media rights negotiations. • Tax law changes affecting deductibility of high-salary employees and its impact on cash flow.

Q: What sort of OpEx or CapEx was reflected in financials for getting Brave’s vision up and running and on blackout rules for local TV.

A: Jill said historically they haven't shared OpEx/CapEx at that level, but will see more detail in Q2. Derek said blackout rules pertain to streaming platform, with details on braves.tv and MLB.tv subscriptions.

Q: Thoughts on CBA and MLB possibly negotiating back local media rights.

A: Terry said next national media opportunity is 2029, Commissioner Rob Manfred leading negotiation strategy.

Q: Cash flow profile and free cash flow trending, tax impacts.

A: Jill said on baseball side focus on reinvesting profit into team, will see difference in cash flow with running media business now; Derek said aware of 162(m) issue but not appropriate to comment further at this time.