Atlanta Braves Holdings, Inc. Q3 FY2025 earnings call

• Rookie Drake Baldwin had a breakout season, becoming a top contender for Rookie of the Year. Chris Sale reached 2,500 strikeouts, a major career milestone. Matt Olson was consistent, led the team in WAR, and won a Gold Glove. New manager Walt Weiss was named, with a strong background. - MLB viewership trends are positive, with national viewership growth, high postseason viewership, and record World Series ratings. - Strong ticket sales: sold 2.9 million tickets, 24 games sold out, premium and full season ticket inventory sold out for third straight year. - Extended partnership with Delaware North for food and beverage for 10 more years. - Master planning projects enhanced fan experience at Truist Park. - Mixed-use development revenue grew 56% in Q3 2025, with Pennant Park acquisition expanding office footprint and driving leasing activity.

The company has two reportable segments: Baseball and Mixed-Use Development. Total revenue in the third quarter of 2025 was $312 million, up over 7% from $291 million in Q3 2024. Total baseball revenue was $284 million in Q3 2025, up from $273 million in Q3 2024. Baseball net revenue increased to $176 million in Q3 2025 compared to $173 million in the prior year period, driven by contractual rate increases on seasoned tickets and existing sponsorship contracts, offset by attendance-related reductions in concessions revenue. Broadcasting revenue was $79 million in Q3 2025, up from $71 million in the corresponding period of 2024 due to the impact of the renegotiated local rights agreement. Mixed-use development revenue was $27 million in Q3 2025, up over 56% from $17 million in Q3 2024, representing approximately 11% of the company's total revenue year-to-date. Adjusted OIBDA was $67 million in Q3 2025, an increase of over 113% from $31 million in the same period last year. Operating income was $39 million in Q3 2025, up from $6 million in Q3 2024, primarily due to increased revenue.

• Evaluating ticket pricing and inventory strategies to optimize ticket mix for 2026. - Aiming to be a top 5 salary team in MLB. - Preparing for the 2029 MLB media rights deal, monitoring media environment to tailor offerings.

Q: Barton Crockett asked about ticket pricing, 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 commitments, and they study pricing each year with offerings at every price point.

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

A: Terry McGuirk said the next major MLB media deal is in 2029, local games are attractive to media, and they'll tailor offerings for the 2029 contract.