BATRA — Atlanta Braves Holdings, Inc.

Summary of Atlanta Braves Holdings, Inc. Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Total Revenue: $732 million, up from $663 million in 2024.
• Baseball Revenue: $635 million, an increase from $595 million in 2024, driven by higher event and broadcasting revenues.
• Event Revenue: $358 million, up from $348 million, attributed to increased ticket prices and new sponsorships.
• Broadcasting Revenue: $189 million, up from $166 million.
• Mixed-Use Development Revenue: $97 million, a significant increase from $67 million, driven by new leases and rental income.
• Adjusted OIBDA: $108 million, a substantial rise from $40 million in 2024.
• Operating Loss: $14 million, improved from a loss of $40 million in 2024, despite a $30 million noncash impairment expense.
• Cash Position: $100 million in cash and cash equivalents, primarily invested in safe securities.

2. Strategic Updates and Business Highlights

• Team Performance: The organization is optimistic about the upcoming season, with significant player acquisitions and a strong roster.
• Local Media Rights: The Braves regained control of their local TV rights, launching a new streaming platform, Brave Vision, which aims to enhance fan engagement and revenue.
• Event Hosting: The Battery Atlanta hosted 380 events in 2025, reinforcing its status as a premier multiuse destination.
• Ticket Sales: Record-breaking ticket sales with over 1.9 million tickets sold for the upcoming season, indicating strong demand.
• Real Estate Development: Continued success in mixed-use developments, with significant revenue contributions and high tenant engagement.

3. Forward Guidance and Outlook

• The Braves expect to leverage their new media rights and Brave Vision to optimize revenue and fan engagement in 2026.
• Continued focus on improving team competitiveness and enhancing the fan experience at Truist Park and The Battery.
• Anticipation of strong ticket demand and ongoing investment in operational improvements.

4. Bad News, Challenges, or Points of Concern

• Free Cash Flow: Reported negative free cash flow of approximately $25 million, raising concerns about financial sustainability.
• Tax Law Changes: Potential impacts from new tax laws affecting deductibility of salaries for high-paid employees, which could pose financial challenges.
• Operational Transition Risks: Transitioning to in-house media rights management may lead to initial revenue fluctuations and operational challenges.

5. Notable Q&A Insights

• Management acknowledged the complexities of launching Brave Vision, with more financial details expected in Q2.
• Discussions around the implications of local media rights and potential future negotiations with Major League Baseball were highlighted.
• Concerns about the impact of tax law changes on the Braves' financials were addressed, with management indicating ongoing discussions about the issue.

Overall, the Braves demonstrated strong financial growth and strategic initiatives while facing challenges related to cash flow and regulatory changes. The management remains optimistic about the upcoming season and the potential of their new media strategy.