Liberty Live Group Q2 FY2025 earnings call

• Split-off of Liberty Live: Filed initial S-4 in end-July, expected to complete in Q4, Chad Hollingsworth to be CEO of Liberty Live Holdings. • F1: Strong financial results, new sponsors, promoter partners extended, media rights agreements signed. TV viewership growing, social media followers up, new sponsorships like MSC Cruises, Pepsi. • MotoGP: Acquired on July 3, near-term priorities include accelerating commercial function build-out, brand positioning, collaborating with F1. Medium-term priorities: Enhance Grand Prix experience, expand global presence, scale sponsorship partners. • Financials: Formula One Group attributed cash and debt details, MotoGP acquisition details, refinancing at MotoGP expected to close in August.

Formula One Group: At quarter end, Formula One Group had attributed cash and liquid investments of $3.1 billion, with $1.8 billion of cash at Formula One and $70 million at Quint. Total debt was $2.9 billion. MotoGP: Acquired on July 3, Liberty has 84% ownership with management retaining 16%. Pro forma for the transaction, F1 OpCo had ~$380 million cash and $3.4 billion debt. Spanish GAAP revenue for MotoGP in 6 months ended 6/30/25 was EUR 220 million with EBITDA EUR 75 million. Corporate and Other: Revenue was $198 million, adjusted OIBDA loss was $4 million. Liberty Live Group: Attributed cash of $308 million and $400 million undrawn margin loan capacity, Live Nation stock value $10.4 billion, $1.15 billion principal debt.

• Expect to delever both at Formula One and MotoGP, goal to delever MotoGP business to 3 to 4x by end of 2026. • F1 TV continuing to outperform expectations with strong growth in certain markets. • MotoGP to provide U.S. dollar and euro-denominated growth rates going forward. • Liberty Live Group to continue with its current capital structure and operations.

Q: Update on U.S. media rights process for F1 A: Stefano Domenicali said negotiations are progressing, looking for mid-term agreements, balance between reach and awareness is important, progress seen with over 1 million followers in U.S. races this year Q: Vegas Grand Prix on sale process and contribution A: Stefano Domenicali said Vegas is progressing well, price strategy clear, contribution to financials expected to be more important than previous years, Derek Chang added praise for the team's progress Q: Contribution of F1 movie to primary revenue and MotoGP management ownership accounting A: Brian J. Wendling said F1 movie contribution is mid-teens one-time in Q2 revenue, MotoGP's 16% ownership will be accounted for as non-controlling interest, Stefano Domenicali commented on movie's impact on awareness and circular economy Q: MotoGP growth framework and F1 hospitality growth A: Carlos Ezpeleta said growth divided into monetizing current fan base and increasing global fan base, Stefano Domenicali talked about hospitality as pure entertainment with unique offers, Budapest's new Paddock Club as example Q: MotoGP top line performance and F1 sponsorship pipeline A: Brian J. Wendling referred to info deck on MotoGP's Spanish GAAP numbers, Stefano Domenicali said sponsorship pipeline strong, momentum to continue, focus on quality and different categories, consumer area as new opportunity Q: F1 race promotion outlook, especially Melbourne A: Stefano Domenicali said positive trend with more demand, opportunities in markets where countries believe in F1, deals extended with significant terms benefiting growth Q: Profit recovery potential in Las Vegas PP&E A: Brian J. Wendling said goal is to earn return on investment, benefits to overall ecosystem, not just stand-alone economics Q: MotoGP race promoter contracts expiration and F1 new race contracts growth delta A: Carlos Ezpeleta said race promoter contracts have regular renewals, new races announced, Stefano Domenicali said new contracts have positive delta, considering each promoter's specific reality but overall beneficial Q: MotoGP capital allocation plans and F1 OpCo leverage target A: Derek Chang said delevering ongoing, looking at opportunities in marketplace, high bar for M&A Q: F1 TV cannibalization risk and competitive balance in F1 A: Derek Chang said focus on providing content where fans can access, Stefano Domenicali said competitive balance improving with budget cap and regulations, gaps between teams small Q: MotoGP media rights contracts and sponsorship contract renewals A: Dan Rossomondo said media rights deals have different cycles, looking for next distribution methods, sponsorship as growth area with investment in brand and marketing to attract new brands