<span item_type="fundamental" item_id="92d5db26d5acd2a052677349aaabf926" counter_id="ST/US/BATRK" env="prod"></span><span item_type="announcement" item_id="620505832234686593" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 4.482 B.</p><p></p><h4>Consolidated Financial Performance</h4><h5>Revenue</h5><ul><li>Total Revenue increased to $4,482 million for the full year 2025, up from $3,653 million in 2024. For the fourth quarter 2025, total revenue was $1,609 million, compared to $1,167 million in the fourth quarter 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Motorsport Revenue totaled $4,105 million in 2025, up from $3,318 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Other Revenue totaled $377 million in 2025, up from $335 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Operating Income</h5><ul><li>Consolidated Operating Income increased to $577 million for the full year 2025, compared to $287 million in 2024. For the fourth quarter 2025, operating income was $206 million, up from $23 million in the fourth quarter 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Adjusted OIBDA</h5><ul><li>Consolidated Adjusted OIBDA increased to $1,068 million for the full year 2025, up from $774 million in 2024. For the fourth quarter 2025, Adjusted OIBDA was $329 million, compared to $200 million in the fourth quarter 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Net Earnings</h5><ul><li>Net Earnings from Continuing Operations were $596 million for the full year 2025, compared to - $44 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Net Earnings (Loss) from Discontinued Operations were - $41 million for the full year 2025, a significant improvement from - $2,431 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Net Earnings Attributable to Stockholders were $555 million for the full year 2025, compared to - $2,063 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Operating Costs and Expenses</h5><ul><li>Total Operating Costs and Expenses were $3,905 million in 2025, up from $3,366 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Cost of Motorsport Revenue was $2,758 million in 2025, up from $2,294 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Selling, General and Administrative (SG&amp;A) Expenses were $514 million in 2025, up from $421 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Impairment and Acquisition Costs were $27 million in 2025, down from $105 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Depreciation and Amortization was $393 million in 2025, up from $352 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Other Income (Expense)</h5><ul><li>Interest Expense was - $249 million in 2025, compared to - $208 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Realized and Unrealized Gains (Losses) on Financial Instruments, net, were $288 million in 2025, a significant improvement from - $139 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Cash Flow</h5><ul><li>Net Cash Provided by Operating Activities was $908 million for the full year 2025, up from $567 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Capital Expended for Property and Equipment was - $119 million in 2025, compared to - $75 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Net Cash Used by Investing Activities was - $3,202 million in 2025, compared to - $292 million in 2024, primarily due to cash paid for acquisitions <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Net Cash Provided by Financing Activities was $694 million in 2025, compared to $965 million in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Cash and Debt</h5><ul><li>Total Consolidated Cash and Cash Equivalents were $1,055 million as of December 31, 2025, down from $1,291 million as of September 30, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Total Debt (GAAP) was $5,100 million as of December 31, 2025, slightly down from $5,164 million as of September 30, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Consolidated Leverage was 3.6x as of December 31, 2025, down from 3.8x as of September 30, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h4>Segment Performance</h4><h5>Formula 1 (F1)</h5><ul><li>Revenue increased 14% to $3.9 billion for the year 2025. Fourth quarter revenue was $1,375 million, up from $1,126 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.<ul><li>Primary F1 Revenue increased 12% to $3,086 million for the year 2025. Fourth quarter primary F1 revenue increased 25% to $997 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Other F1 Revenue increased 20% to $787 million for the year 2025. Fourth quarter other F1 revenue increased 15% to $378 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul></li><li>Operating Income grew 28% to $632 million for the year 2025. Fourth quarter operating income was $199 million, up 58% from $126 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Adjusted OIBDA increased 20% to $946 million for the year 2025. Fourth quarter Adjusted OIBDA was $266 million, up 32% from $202 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>2025 F1 fan attendance was 6.75 million, up 4% compared to 2024, and live viewership was up 21% compared to 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>MotoGP</h5><ul><li>Revenue increased 14% to $573 million for the year 2025 on a pro-forma basis. Fourth quarter revenue was $156 million, up 18% from $132 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Operating Income grew 86% to $54 million for the year 2025 on a pro-forma basis. Fourth quarter operating income was $13 million, up 187% from - $15 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Adjusted OIBDA increased 15% to $201 million for the year 2025 on a pro-forma basis. Fourth quarter Adjusted OIBDA was $51 million, up 143% from $21 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>2025 MotoGP fan attendance was over 3.66 million, up 21% compared to 2024, and cumulative TV viewership was up 9% compared to 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>MotoGP Leverage was 4.7x as of December 31, 2025, down from 5.6x as of September 30, 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h5>Corporate and Other</h5><ul><li>Revenue increased to $414 million for the full year 2025, up from $373 million in 2024. Fourth quarter revenue was $148 million, up from $118 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Operating Income (Loss) was - $93 million for the full year 2025, an improvement from - $205 million in 2024. Fourth quarter operating income was - $5 million, an improvement from - $103 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li><li>Adjusted OIBDA (Loss) was $5 million for the full year 2025, an improvement from - $17 million in 2024. Fourth quarter Adjusted OIBDA was $12 million, an improvement from - $2 million in Q4 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</li></ul><h4>Outlook / Guidance</h4><p>Atlanta Braves Holdings, Inc. aims to sustain F1’s momentum, position MotoGP for future growth, and maintain a disciplined approach to capital allocation for shareholder value <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>. The company anticipates opportunities in 2026, including new F1 races, manufacturers, and next-generation cars and regulations <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>. For MotoGP, the focus is on geographic expansion, investment in commercial and marketing functions, enhancing the race experience, and diversifying the race calendar <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1560385/000156038526000006/lmca-20260226xex99d1.htm"></span>.</p>

Atlanta Braves Holdings - C | 8-K: FY2025 Revenue: USD 4.482 B