BATRA

• Baseball Operations On-Field Performance

  • As of Q2 2026, the Atlanta Braves hold first place in the National League East, with an 89% projected chance of winning the division per Fangraphs, with five players selected for the National League All-Star Game (tied for the most among NL teams).
  • The team added valuable pitching and outfield talent at the mid-season trade deadline without sacrificing the organization's top minor league prospect pipeline, and is moving into the second half of the season near full strength after multiple key star players returned from injury.
  • Braves legend Andrew Jones was inducted into the National Baseball Hall of Fame in July 2026, becoming the 12th Hall of Fame player inducted as a Brave.
  • Fan attendance and engagement remained strong through July 2026, with 17 sellouts recorded so far this season, and average attendance per home game increased year-over-year through the first half.

• New Media Platform (Braves Vision)

  • The organization launched its owned-and-operated local multimedia platform, Braves Vision, as the official local television home of the Braves, allowing direct fan relationship management and full in-house control over content, distribution, and advertising sales.
  • Early reception has been positive, with high praise for content quality, and the direct-to-consumer business is outperforming initial projections. Additional content, including live home game batting practice, is being added to expand the platform's offering.
  • Management expects to match or exceed the annualized revenue produced by the prior third-party local broadcast partner despite broader industry declines in legacy cable subscriptions.

• Truist Park Non-Baseball Events

  • The organization continues to diversify revenue by hosting non-baseball events at Truist Park, including three Savannah Bananas games, multiple concerts, and the first ever Braves Country Music Fest which drew over 100,000 attendees across the stadium and Battery Atlanta campus. These events drove strong growth in other baseball revenue.
  • The Braves fan experience team won three Golden Matrix Awards, including Best Overall Production across all sports, for game presentation and content at Truist Park.

• Mixed Use Development (Battery Atlanta and Pennant Park)

  • A full year after acquiring Pennant Park, overall occupancy for the entire mixed-use portfolio remains above 93%, and monthly tenant sales hit a new record high in May 2026. Through the first half of 2026, Battery Atlanta drew 4.7 million visitors, a 6.5% increase year-over-year.
  • The quarter saw three new tenant grand openings, with 64,000 square feet of leasable space currently under redevelopment for new tenants. Replacement tenant activity is up 130% year-to-date, and non-baseball events like World Cup viewing parties (which drew over 35,000 fans) continue to drive consistent campus utilization outside of the baseball season.

Management did not issue explicit full-year financial guidance, but provided the following forward-looking statements: * Management confirms it expects to match or exceed annualized revenue from the prior third-party local broadcast partner with Braves Vision, despite the Q2 2026 year-over-year revenue decline driven by timing differences in revenue recognition for new distribution agreements. * Braves Vision operating expenses are expected to remain at a permanently elevated level compared to the prior broadcast model, with higher expenses during the baseball season and some ongoing expenses in off-season quarters. * Management expects extended deep playoff run will generate material upside to baseball segment revenue that will be recognized in Q4 2026. * Management expects sustained long-term growth in national MLB media rights when the current long-term agreement expires in 2029, and expects meaningful progress on international expansion of MLB in coming years. * Management remains confident that a legislative or regulatory solution will be reached to address unintended negative consequences of the current $162M salary tax deduction limitation.

Atlanta Braves Holdings operates two reportable segments: Baseball and Mixed Use Development. 1. Baseball Segment: Q2 2026 revenue was $276 million, compared to $287 million in Q2 2025. This accounts for 90.5% of total Q2 2026 revenue. Breakdown of sub-line items: - Baseball event revenue: $161 million, down $19 million year-over-year primarily due to 6 fewer regular season home games in the quarter; however, cumulative baseball event revenue through the first six months of 2026 increased $4 million despite 1 fewer total home game, driven by higher average attendance, season ticket rate increases, and stronger single-game ticket sales. - Media-related revenue (rebranded from former broadcasting revenue): $73 million in Q2 2026, down from $81 million in Q2 2025. The decrease stems from different revenue recognition timing for new Braves Vision distribution agreements compared to the prior third-party local broadcast contract. - Retail and licensing revenue: $22 million, up $3 million year-over-year, driven by strong demand for newly launched City Connect apparel. - Other baseball revenue: $21 million, up $13 million year-over-year, driven by a higher volume of non-baseball special events hosted at Truist Park. 2. Mixed Use Development Segment: Q2 2026 revenue was $29 million, up from $25 million in Q2 2025. This accounts for 9.5% of total Q2 2026 revenue. The year-over-year increase is driven by higher rental income, parking revenue, increased tenant recoveries, and new lease agreements, marking the first full year-over-year comparison with the acquired Pennant Park included in both periods. Total company Q2 2026 revenue was $305 million, compared to $312 million in Q2 2025. Adjusted EBITDA was $12 million in Q2 2026, down from $66 million in Q2 2025, while operating loss hit $19 million in Q2 2026 compared to $42 million operating income in Q2 2025.

• Broad industry-wide decline in legacy cable TV subscriptions is progressing faster than previously forecast, creating revenue pressure for sports media rights that impacts most MLB clubs, though Atlanta Braves Holdings is more insulated from this impact due to its direct-to-consumer Braves Vision platform. * Launching Braves Vision has added new ongoing operating expenses for content production, distribution, and administration that were not present under the prior third-party broadcast model, contributing to lower Q2 2026 profitability alongside higher player salaries. * Most of Braves Vision's 2026 full-year distribution revenue will not be recognized in fiscal 2026 due to the April 1 launch date and different payment cadence under new distribution agreements, creating a near-term timing impact on cash flow. * The current $162M salary tax deduction limitation creates potential incremental financial obligations for the team that have not yet been resolved, though management expects a policy fix. * All forward-looking results are subject to inherent uncertainties that could cause actual performance to differ materially from management expectations, as detailed in SEC filings.

Q: Will the elevated Q2 2026 baseball expenses driven by Braves Vision launch remain at this level going forward, and what is the outlook for player salary trends? / A: Typical seasonal expense spikes occur in Q2 and Q3 each year during the active baseball season, consistent with historical trends, and player salaries will continue to rise gradually over time. Braves Vision adds a new permanent base of expenses that will not go away; expenses will be slightly higher during the baseball season with some ongoing expenses in off-season quarters, so the current elevated level represents the expected go-forward trend.

Q: How does Atlanta Braves Holdings view upcoming league-wide MLB media rights negotiations, and what is the team's position on potential aggregation of local media rights, given the successful launch of its own Braves Vision platform? / A: Management remains bullish on the value of both local and national MLB media rights, and is open to any league-led changes to local rights aggregation if the change is accretive to the entire business. For national media rights, the current deal expires in 2029, and management expects significant untapped growth that will be reflected in the next long-term agreement. Any future changes to the local media structure would require buy-in from all 30 MLB teams, and management remains confident in the value of its existing local Braves Vision platform for the foreseeable future.

Q: How much financial upside would an extended deep playoff run provide to the 2026 full-year results? / A: An extended playoff run would generate definite tangible upside that would flow entirely to the baseball segment revenue in Q4 2026. Management declined to provide a specific numerical projection to avoid jinxing the team's on-field performance, but analysts can use historical Q4 results from prior deep playoff runs as a baseline. Management expects current operations would deliver even better performance from an extended run than in past years.

Q: How is the organization preparing for the expected salary tax deduction limitation regulatory change, and is the mixed-use segment's cash flow critical to offsetting incremental obligations from this change? / A: Management confirms it is holding active, positive conversations with policymakers about the $162M salary tax deduction limitation, which is widely viewed as an unintended policy consequence. Management is confident a legislative or regulatory solution will be reached to address the issue, and will update stakeholders once a resolution is finalized.