Formula One Group Q4 FY2025 earnings call

• Derek Chang welcomed Hooper Stevens to the team and highlighted 2025 was productive and successful with delivering on priorities like F1 growth, MotoGP acquisition, and Liberty Live split-off. • MotoGP focused on strengthening foundation, expanding global footprint (e.g., moving Australia race to Adelaide, returning to Brazil, adding Buenos Aires), elevating Grand Prix experience, and unlocking brand value for sponsorship. • F1 had exceptional year with strong growth, engagement, and commercial momentum; renewed partners, signed new ones, extended broadcast deals, successful Las Vegas Grand Prix, and finalized new Concorde Agreement. • Stefano Domenicali discussed F1's 2025 season highlights, 2026 plans with new teams and regulations, growing fan engagement, strong media rights and sponsorship renewals, and various revenue stream growth. • Carmelo Ezpeleta talked about MotoGP's 2025 season, 2026 plans, growing fan base, marketing campaign, social media growth, broadcast and promoter renewals, and race schedule changes.

For F1: Full year 2025 revenue grew 14% and adjusted OIBDA grew 20%. Sponsorship, media rights, race promotion, and other revenue all grew. Fourth quarter had 7 races vs 6 in prior year. Team payments as a percent of pre-team share adjusted OIBDA were 59.7% for full year 2025. For MotoGP: Closed acquisition in July. Pro forma results presented as if transaction occurred Jan 1, 2024. Revenue grew across all primary streams due to 2 additional races and contractual fee increases. Adjusted OIBDA grew driven by higher revenue offset by growth in operating expenses. SG&A expenses were lower. Corporate and Other: Revenue was $414 million, adjusted OIBDA was $5 million.

• For F1, expected team payment operating leverage of around 200 basis points in 2026. • MotoGP expects to continue delevering this year. • F1 sees significant upside ahead with ongoing strategy work delivering lasting benefit. • MotoGP looks to build on early progress and drive sport forward with long-term strategic vision.

Q: On margin at F1, Brian confirmed expectation of about 200 basis points of team payment operating leverage in 2026 with note not to lock it in stone.

Q: On durability of EBITDA growth, Stefano emphasized continuing to invest in future as sport has many new opportunities.

Q: On sponsorship growth in 2026, Stefano said focus on quality of partners and new projects in pipeline.

Q: On Vegas, Brian said saw revenue growth in sponsorship and hospitality, and cost savings, with Stefano expressing excitement about continuing growth.

Q: On Apple deal, Stefano and Derek explained Apple's ability to increase reach and engagement in U.S. through various platforms.

Q: On F1 changes, Stefano said new regulations attracted new manufacturers and would drive interest and engagement.

Q: On Moto commercial team, Derek said building team and it's a long-term proposition.

Q: On media rights renewals, Stefano said interest is strong and stay tuned for future developments.

Q: On mature mix of media rights, race promo, sponsorship, Derek said it's early but seen new races and good receptivity in market for Moto