BATRK

On-Field Baseball Performance

• As of Q2 2026, the Atlanta Braves hold first place in the National League East, with an 89% chance of winning the division and a 99% chance of making the playoffs per FanGraphs. Most injured star players have returned to the roster, leaving the team near full strength for the second half of the season.
• The franchise added talented outfielder Lane Thomas and multiple pitching depth prospects at the trade deadline, without sacrificing the organization's top-tier minor league development pipeline. Five Braves players were selected for the National League All-Star team, tied for the most of any NL club. Braves legend Andruw Jones was inducted into the National Baseball Hall of Fame in July 2026.

BravesVision and Media Operations

• The team launched BravesVision, its owned-and-operated local multimedia platform that serves as the official local television home of the Braves, giving the organization direct control over distribution, advertising sales, content production, and fan relationships.
• Early feedback from fans and media has been positive, with direct-to-consumer business outpacing initial projections. Management is confident BravesVision will match or exceed annualized revenue from the prior third-party local broadcasting partner.
• New content is being rolled out, including live batting practice coverage and expanded pre- and post-game shows. The segment is insulated from broader industry declines in legacy cable subscriptions relative to other teams.

Ballpark and Fan Experience

• Fan attendance and engagement remain strong, with 17 sellouts through July 2026. Average attendance per home game increased year-to-date despite one fewer total home game. The Truist Park fan experience team won three Golden Matrix Awards, including Best Overall Production across all sports.
• Truist Park and The Battery Atlanta host increasing numbers of non-baseball events to drive incremental revenue and new audience growth. Q2 2026 hosted three Savannah Bananas games, an additional concert, and the first ever Braves Country music fest which drew over 100,000 attendees. Additional major concerts are scheduled for the second half of the year.

Mixed-Use Development (The Battery Atlanta and Pennant Park)

• One year after acquiring Pennant Park, overall mixed-use portfolio occupancy remains above 93%, with a new record high for monthly tenant sales hit in May 2026. Year-to-date, replacement tenant leasing activity increased 130% year-over-year, with 64,000 square feet of leasable space currently under redevelopment.
• Battery Atlanta drew 4.7 million visitors in the first half of 2026, a 6.5% year-over-year increase. Non-baseball events like 2026 World Cup viewing parties drew over 35,000 attendees, demonstrating the campus's ability to drive visitor activity year-round. The mixed-use segment builds a more balanced, resilient revenue base that complements core baseball operations.

Management did not issue formal full-year numerical guidance, but provided the following forward-looking statements:

• Management confirmed confidence that BravesVision will match or exceed annualized revenue from the organization's prior third-party local broadcasting agreement.
• Management expects ongoing BravesVision operating expenses will remain at the current elevated level relative to the prior third-party model, with higher expenses during baseball season and lower expenses during the offseason.
• Management expects an extended deep playoff run will generate measurable upside to baseball event revenue in Q4 2026.
• MLB expects significant growth in upcoming national media rights negotiations set to conclude ahead of the 2029 season, and management is bullish on the untapped growth potential of national media rights.
• Management is confident in significant future growth for MLB's international monetization, with ongoing focus on expansion through events like the World Baseball Classic and Olympic participation.

Atlanta Braves Holdings operates two reportable segments: baseball and mixed-use development. For Q2 2026, total company revenue was $305 million, down from $312 million in Q2 2025. This decrease was driven by 6 fewer regular season home games in the quarter compared to the prior year.

1. Baseball segment: Total revenue was $276 million in Q2 2026 (90.5% of total company revenue), down from $287 million (92.0% of total revenue) in Q2 2025. Breakdown of baseball revenue:

• Baseball event revenue: $161 million, down $19 million year-over-year, driven by 6 fewer home games. Year-to-date through June 2026, baseball event revenue increased ~$4 million despite 1 fewer home game overall, reflecting higher average attendance, season ticket contractual increases, and strong single-game ticket sales.
• Media-related revenue (rebranded from broadcasting to include BravesVision, national media, and radio): $73 million, down $8 million year-over-year, due to different revenue recognition timing for new BravesVision distribution agreements relative to the prior third-party local broadcasting contract.
• Retail and licensing revenue: $22 million, up $3 million year-over-year, driven by strong demand for new City Connect apparel.
• Other baseball revenue: $21 million, up $13 million year-over-year, driven by more special events hosted at Truist Park including 3 Savannah Bananas games and an additional concert.

1. Mixed-use development segment: Total revenue was $29 million in Q2 2026 (9.5% of total company revenue), up from $25 million (8.0% of total revenue) in Q2 2025. The increase is primarily attributed to higher rental income, parking revenue, increased tenant recoveries, and new lease agreements, with the quarter marking the first full year-over-year comparison including the acquired Pennant Park property.

• The broader legacy cable industry continues to experience faster-than-forecast subscriber declines, putting pressure on traditional sports media business models industry-wide.
• Revenue recognition timing for BravesVision distribution agreements shifted cash inflow to a slower cadence compared to the prior traditional rights fee model, creating near-term timing impacts to cash flow.
• New federal salary tax deduction limitations for MLB teams are expected to create incremental $162 million financial obligations, though management expects a legislative or regulatory fix to address the unintended consequence.
• Forward-looking statements (including projections for BravesVision performance and future growth) are inherently uncertain, and actual results may differ materially from expectations due to unforeseen risks, as outlined in the company's SEC filings.

Q: An analyst asked if elevated Q2 2026 expenses related to the BravesVision launch are a temporary spike, or if elevated expenses are expected to continue going forward, and also requested an update on player salary trends. / A: Management confirmed that Q2 and Q3 typically see seasonal expense spikes due to active season operations and player pay, and this general trend holds with rising salaries year-over-year. BravesVision adds a new ongoing base of expenses that will remain on the company's books going forward, with higher expenses during the baseball season and lower off-season expenses, so the current elevated level is the expected new normal, not a one-time launch spike.

Q: An analyst asked for an update on expected salary tax deduction limitations and if Battery Atlanta cash flow will be critical to covering the incremental expected obligation, and what other financing avenues the company has. / A: Management stated that the issue represents an unintended consequence of the new rule, and that ongoing active and positive conversations with regulators and legislators are occurring. Management expressed confidence that a legislative or regulatory solution will be reached to address the issue, and will share further details once a resolution is finalized.

Q: An analyst asked for the team's position on the upcoming league-wide national media rights reset, whether the Braves would support aggregating local rights (including BravesVision) in a league deal, and how the league can accommodate varying club business models. / A: Management stated that the Braves are bullish on both local and national media prospects, and are open to any league-led changes to local rights aggregation as long as the change is accretive to the overall business. For the upcoming 2029 national media deal, management expects significant untapped growth potential, similar to the recent large increase in the NBA's media deal.

Q: An analyst asked what financial upside an extended deep playoff run would provide to the company's full-year results, and for the team's view on MLB's underpenetrated international monetization relative to other major North American sports leagues. / A: Management confirmed that MLB is prioritizing international growth, with the World Baseball Classic and upcoming Olympic participation marking early steps toward tapping this potential. For playoff upside, management confirmed that a deep run would add measurable upside to Q4 2026 baseball segment revenue, and analysts can use historical playoff performance as a baseline for potential gains.