Atlanta Braves Holdings, Inc. Q1 FY2025 earnings call

• Team on field: Got off to a slow start but showed resilience with an 8-win streak in 10 games recently, optimistic about playoff run with healthy players returning. - Baseball events: The Savanna Bananas played at Truist Park in March, attracting over 140,000 visitors; preparing for All-Star game and MLB's Speedway Classic. - Fan experience: Opened outfield market in ballpark with local fare embraced by fans. - Real estate: Acquired Pennant Park, a 6-building office complex adjacent to Battery Atlanta, enhancing guest experience with parking spaces; Shake Shack to open support center and flagship restaurant at Battery Atlanta. - Financials: Total revenue $47.2 million in Q1 2025, up from $37.1 million in Q1 2024; cash and cash equivalents $244.7 million as of March 31, 2025; mixed-use borrowings increased due to construction draws.

In the first quarter of 2025, baseball revenue was $28.6 million, up from $22 million in the first quarter of 2024. Mixed-use development revenue was $18.6 million in the first quarter of 2025, up from $15.1 million in the same period last year. Adjusted OIBDA improved to a loss of $28.5 million, up from a loss of $33.8 million in the first quarter of 2024. Operating loss improved to $44.5 million in the first quarter of 2025 compared to $52.4 million in the first quarter of 2024, primarily due to an increase in revenue.

• Mixed-use acquisition: Pennant Park acquisition is accretive immediately and will contribute to future growth. - Media rights: Confident in growth of media rights, local territorial rights are strong and see optionality with expiring rights aligning with MLB national rights.

Q: Regarding quarter results, how sustainable is the trend of mixed-use revenue growing faster than expenses and baseball revenues?

A: It's hard to evaluate quarterly due to seasonality; on annual basis aim for revenues to grow faster than expenses, and baseball growth is due to real estate footprint growth. Also, Pennant Park acquisition will contribute going forward.

Q: On Pennant Park, color on impact to P&L and if cost is disclosed?

A: Not providing guidance on Pennant Park's P&L impact, but purchase price is disclosed in filings.

Q: About media outlook, local and national?

A: Local: Main Street Sports reemergence unlocked D2C rights, Atlanta Braves represent significant portion of D2C subscriptions, seeing positive trends. National: Local territorial rights are strong, with expiring rights aligning with MLB national rights providing optionality for future growth.