Financial Analysis

(13) Commitments and Contingencies Collective Bargaining Agreement In March 2022, the Major League Baseball Players Association (MLBPA) and the Clubs entered into a new collective bargaining agreement that covers the 2022-2026 MLB seasons (CBA). The CBA contains provisions surrounding revenue sharing among the Clubs, a competitive balance tax on Club payrolls that exceed specified thresholds, minimum player salary levels, an expanded postseason schedule and other provisions impacting Braves Holdings operations and its relationships with members of the MLBPA. Braves Holdings minor league players are also parties to a collective bargaining agreement. Approximately 13% of the Companys labor force is covered by collective bargaining agreements. There are two components of the revenue sharing plan that each Club is subject to under the CBA: a straight base revenue pool (the Pool) and the Commissioner Discretionary Fund. The size of the Pool is equal to the total amount transferred if each Club contributed 48% of its prior years net defined local revenue (NDLR). The contributions per Club are based on a composite of the prior three years NDLR and funds are distributed equally to all Clubs. Certain Clubs are disqualified from revenue sharing from the Pool based on market size. Club submissions of NDLR are subject to audit by the MLB Revenue Sharing Administrator and are subject to rules issued by the MLB Revenue Sharing Definitions Committee. For the years ended December 31, 2025, 2 …

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(6) Debt Debt is summarized as follows: December 31, December 31, 2025 2024 amounts in thousands Baseball League wide credit facility $ MLB facility fund term 30,000 30,000 MLB facility fund revolver 36,800 39,100 TeamCo revolver 35,000 Term debt 151,992 158,806 Mixed-Use Development Credit facilities 143,592 126,924 Term debt 343,707 265,236 Deferred financing costs (2,460) (2,946) Total debt 738,631 617,120 Debt classified as current (215,347) (104,193) Total long-term debt $ 523,284 512,927 League Wide Credit Facility In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLBs League Wide Credit Facility (the LWCF). Braves Holdings also established a special purpose Delaware statutory trust, the Braves Club Trust (the Club Trust), and transferred, among other things, to the Club Trust its rights to receive distributions of revenue from the National Broadcasting Contracts, which secure borrowings under the LWCF. Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs. Major League Baseball Trust has granted Wells Fargo Bank, National Association, the collateral agent in respect of the LWCF, a first priority lien to secure the borrowings under the LWCF. The maximum amount available to th …

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Years ended December 31, 2025 2024 2023 amounts in thousands Baseball: Baseball event $ 357,849 347,925 339,485 Broadcasting 188,586 166,094 160,944 Retail and licensing 46,489 47,754 51,533 Other 42,136 33,657 29,709 Total Baseball 635,060 595,430 581,671 Mixed-Use Development 97,432 67,318 58,996 Total revenue $ 732,492 662,748 640,667 …

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(11) Stock-Based Compensation The Company recorded stock-based compensation expense of $ 15.6 million, $16.5 million and $ 13.2 million during the years ended December 31, 2025, 2024 and 2023, respectively. These amounts are included in selling, general and administrative expense, including stock-based compensation in the consolidated statements of operations. Incentive Plans Prior to the Split-Off and pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan, Liberty granted, to certain of its directors, employees and employees of its subsidiaries, RSAs, RSUs and stock options to purchase shares of Liberty Braves common stock. At the time of the Split-Off, the Awards were exchanged into RSAs, RSUs and stock options to purchase shares of Atlanta Braves Holdings common stock. Subsequent to the Split-Off, the Company can grant, to its directors, employees and employees of its subsidiaries, RSAs, RSUs and stock options to purchase shares of its common stock, under the Atlanta Braves Holdings 2023 Omnibus Incentive Plan (the 2023 Plan) and may grant Awards in respect of a maximum of 7.25 million shares of Atlanta Braves Holdings common stock. Awards generally vest over 1-5 years and have a term of 7-8 years. The Company issues new shares upon exercise or settlement, as applicable, of Awards. The Company measures the cost of employee services received in exchange for an equity classified Award (such as RSAs, RSUs and stock options) based on the grant-date fair value (G …

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(9) Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Prior to the Split-Off, the Company was included in the federal consolidated income tax returns of Liberty. The tax provision included in these consolidated financial statements has been prepared on a stand-alone basis, as if the Company was not part of the consolidated Liberty tax group. Income tax benefit (expense) consists of: Years ended December 31, 2025 2024 2023 amounts in thousands Current: Federal $ (1,255) (4,182) (3,689) State (42) (124) (14) Foreign (312) (309) (305) (1,609) (4,615) (4,008) Deferred: Federal 3,400 6,147 7,887 State (960) 3,141 (15) Foreign 2,440 9,288 7,872 Income tax benefit (expense) $ 831 4,673 3,864 Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal statutory rate of 21% as a result of the following: Years ended December 31, 2025 2024 2023 amounts in thousands Amount Percentage Amount Percentage Amount Percentage Computed expected U.S. federal statutory tax benefit (expense) $ 5,064 21.0 % 7,548 21.0 % 27,123 21.0 % State tax benefit (expense), net of federal benefit (expense) (1) (993) (4.1) 2,383 6.6 (23) Foreign Tax Effects (247) (1.0) (244) (0.7) (241) (0.2) Tax Credits 189 0.8 (235) (0.7) (259) (0.2) Nontaxable or Nondeductible Items Intergroup interest (17,467) (13.5) Executive compensation (6,497) (26.9) (4,610) (12.8) (1,966) (1.5) Nondeductible transaction costs (2,507) (1.9) Stock-based compensatio …

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Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 , Improvements to Income Tax Disclosures , which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The standard became effective for the December 31, 2025 consolidated financial statements. These additional disclosure requirements will be applied retrospectively to all prior periods presented in the consolidated financial statements and are located in notes 3 and 9. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires new financial statement disclosures to provide disaggregated information for certain types of expenses, including purchases of inventory, employee compensation, depreciation, and amortization in commonly presented expense captions such as selling, general, and administrative expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is in the process of evaluating the impact of the ne …

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(8) Pension and Other Benefit Plans Braves Holdings participates in the Major League Baseball Players Pension Plan (the Players Pension Plan) which is a multiemployer defined-benefit pension plan covering players as well as certain coaches, managers, trainers and assistant trainers of the Clubs. The plan provides retirement, disability and death benefits for eligible participants based on specific eligibility/participation requirements, vesting periods and benefit formulas. The Players Pension Plan is identified by Employer Identification Number 51-0185287 and three-digit pension plan number 001. The Pension Protection Act of 2006 (the PPA) implemented requirements to categorize multiemployer pension plans based on funded status and other factors and impose certain restrictions on plans placed within a particular category. The Players Pension Plan has been certified as being in green zone status for the plan years commencing April 1, 2024 and 2023 and has not been categorized as endangered or critical since the implementation of the PPA. The risks to employers participating in a multiemployer plan are different from single employer plans in the following aspects: Contributions to the plan made by one employer may be used to provide benefits to employees of other participating Clubs. Under certain conditions, if a participating Club stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If Braves Holdings cho …

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(12) Related-Party Transactions During the years ended December 31, 2025, 2024 and 2023, the Company recognized expenses of approximately $2.7 million, $2.1 million and $1.9 million, respectively, from MLBAM for the reimbursement of certain centralized services performed by MLBAM. These amounts are included in selling, general and administrative, including stock-based compensation in the consolidated statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company also recognized insignificant revenue and expenses related to transactions with other equity method affiliates.

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(15) Segment Information The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Companys chief operating decision maker (the CODM), the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. The financial measures utilized by our CODM do not consider intersegment revenue and expenses and additionally, the CODM does not utilize assets presented on a segment basis to make decisions on allocating resources. As such, neither intersegment activity nor segment assets are presented herein. The Company defines Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. However, our definition may vary from similarly titled measures used by other companies. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking …

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(2) Summary of Significant Accounting Policies Cash and Cash Equivalents Cash equivalents (Level 1) consist of highly liquid investments purchased with original maturities of three months or less. Cash equivalents aggregated $42.4 million and $39.0 million as of December 31, 2025 and 2024, respectively. Restricted Cash Restricted cash consists of cash on deposit that is restricted for the payment of certain debt and interest obligations, debt reserves, Stadium repair and maintenance reserves and Stadium lease payments. Accounts Receivable and Contract Assets, net of Allowance for Credit Losses An account receivable is recorded when there is an unconditional right to consideration based on a contract with a customer. For certain types of contracts with customers, the Company may recognize revenue in advance of the contractual right to invoice the customer, resulting in an amount recorded to contract assets as required by Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606). Once the Company has an unconditional right to consideration under these contracts, the contract assets are reclassified to accounts receivable. In late 2025 and early 2026, the parent of our local broadcasting partner, Main Street Sports Group, faced financial difficulties culminating in the failure to make contractual payments to various professional sport clubs, including the Braves. As a result, Braves Holdings terminated the Braves Broadcasting Agreement an …

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(10) Stockholders Equity Preferred Stock Atlanta Braves Holdings preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by the board of directors. As of December 31, 2025, no shares of preferred stock were issued and 50 million shares of preferred stock are authorized, which are undesignated as to series. Common Stock Series A common stock have one vote per share, Series B common stock have ten votes per share, and Series C common stock have no votes per share, except as required by law. Each share of Series B common stock is convertible at the option of the holder for one share of Series A common stock. All series of our common stock participate on an equal basis with respect to dividends and distributions. As of December 31, 2025, 2.6 million shares of Series C common stock were reserved by the Company for issuance under exercise privileges of outstanding stock options. …

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