Formula One Group Q3 FY2025 earnings call

• Expected completion of Liberty Live split-off on December 15, with shareholder vote on December 5.
• Formula One renewed with Heineken, signed a 5-year deal with Apple for U.S. broadcasting, strong media rights negotiations, and robust sponsorships.
• MotoGP closed acquisition on July 3, working on strategic plan, with race renewals and growth in engagement.
• John Malone stepping down from Liberty Media Board, with Dob Bennett named Chairman.

Formula One: Year-to-date revenue up 9% and adjusted OIBDA up 15%. Attributed cash and liquid investments at Formula One Group were $1.3 billion, with $571 million cash at F1. Debt at F1 was $3.4 billion, net leverage at F1 OpCo was 3.0x. MotoGP: Closed acquisition on July 3. Year-to-date revenue grew in race promotion and media rights, but adjusted OIBDA declined due to higher costs. Corporate and Other: Revenue was $266 million, with adjusted OIBDA loss of $7 million. Liberty Live Group: Attributed cash was $297 million, and the margin loan was amended to extend maturity and reduce spread.

• Anticipated completion of Liberty Live split-off on December 15.
• Formula One expects continued growth with new partnerships and deals.
• MotoGP anticipates deleveraging and continued investment in commercial functions.

• Forward-looking statements subject to risks in SEC filings.
• Currency fluctuations impacting MotoGP's results.
• Dependence on key partnerships and renewals for growth.

Q: On global media rights opportunity for F1?

A: Stefano discussed ongoing media rights negotiations and focus on global market expansion.

Q: On MotoGP hospitality and future growth?

A: Dan Rossomondo talked about improvements in MotoGP's hospitality offering and plans for fan engagement.

Q: On competitive balance and MotoGP engine regs?

A: Stefano and Derek discussed competitive racing and the impact of new engine regulations on teams.