Financial Analysis

(3) Acquisitions MotoGP On July 3, 2025 (the Closing Date), in alignment with our motorsport strategy, the Company acquired approximately 84% of the equity interests in MotoGP for a preliminary purchase price of approximately $3,659 million (approximately 3,122 million), funded with cash on hand and borrowings of $1.0 billion under the Incremental Term Loans, as defined in note 8. Following the acquisition of MotoGP, approximately 16% of the equity interests in MotoGP continue to be owned by certain of the sellers (the Rollover Sellers). The total acquisition consideration for the MotoGP acquisition was denominated in Euros as required by the purchase agreement. Prior to the acquisition, the Company entered into foreign currency forward contracts for close to the full purchase price. A portion of the foreign currency forward contracts settled on June 30, 2025 and the remainder settled in July 2025. In January 2025, the Company paid a portion of the acquisition consideration of approximately $131 million (approximately 126 million) in cash to the sellers to accommodate the European Commissions extended regulatory review of the acquisition. On the Closing Date, the Company paid additional closing consideration of approximately $3,511 million (approximately 2,996 million) in cash. The 126 million was considered prepaid purchase consideration and was translated from Euros to U.S. dollars as of the Closing Date and was included in other assets as of December 31, 2024. The final tr …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

(15) Commitments and Contingencies Concorde Agreement The 2021 Concorde Agreement provided, among other things, for the participation of the teams in the F1 Championship and provided for Formula 1 to make certain prize fund payments to the teams. The 2021 Concorde Agreement expired on December 31, 2025 and was made up of two separate documents: (a) the 2021 Concorde Commercial Agreement between Formula 1 and each of the teams; and (b) the 2021 Concorde Governance Agreement between Formula 1, the FIA and each of the Formula 1 Teams. In March 2025, Formula 1 paid a total of $50 million to the 10 teams currently competing in the F1 Championship as an incentive for signing the 2026 Concorde Commercial Agreement. The $50 million one-time payment to the teams is excluded from Adjusted OIBDA (as defined below) for the year ended December 31, 2025. The 2026 Concorde Commercial Agreement addresses arrangements between Formula 1 and the teams for the F1 Championship seasons covering the period 2026 to 2030, and expires on December 31, 2030. In December 2025, Formula 1, the FIA and the Formula 1 Teams entered into the 2026 Concorde Governance Agreement for the same period. Guarantees In connection with agreements for the sale of assets by the Company or its subsidiaries, the Company may retain liabilities that relate to events occurring prior to its sale, such as tax, environmental, litigation and employment matters. The Company generally indemnifies the purchaser in the event that a th …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

(8) Debt Debt is summarized as follows: Outstanding Carrying value Principal December 31, December 31, December 31, 2025 2025 2024 amounts in millions Corporate level notes and loans: 2.25% Convertible Senior Notes due 2027 (1) $ 475 597 588 Other 24 24 53 Subsidiary notes and loans: Formula 1 Senior Loan Facilities 3,350 3,331 2,357 MotoGP Credit Facilities 1,173 1,173 Deferred financing costs (25) (6) Total debt $ 5,022 5,100 2,992 Debt classified as current (52) (26) Total long-term debt $ 5,048 2,966 (1) Measured at fair value 2.25% Convertible Senior Notes due 2027 On August 12, 2022, Liberty issued $475 million convertible notes at an interest rate of 2.25% per annum, which, at Libertys election, are convertible into cash, shares of Series C Liberty Formula One common stock or a combination of cash and shares of Series C Liberty Formula One common stock and mature on August 15, 2027 (the 2.25% Convertible Senior Notes due 2027). As of December 31, 2025, the conversion rate for the notes is approximately 12.0505 shares of Series C Liberty Formula One common stock per $1,000 principal amount of notes, equivalent to a conversion price of approximately $82.98 per share of Series C Liberty Formula One common stock. Liberty has elected to account for the notes using the fair value option. See note 6 for information related to unrealized gains (losses) on debt measured at fair value. Formula 1 Senior Loan Facilities On November 23, 2022, Formula 1 refinanced its previous Term …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

(12) Stock-Based Compensation Liberty grants Awards to certain of its directors, employees and employees of its subsidiaries. The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the GDFV of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Pursuant to the Liberty Media Corporation 2022 Omnibus Incentive Plan (the 2022 Plan), the Company may grant Awards in respect of approximately 12.3 million shares of Series A, Series B and Series C Liberty Media Corporation common stock plus the shares remaining available for Awards under the prior Liberty Media Corporation 2017 Omnibus Incentive Plan (the 2017 Plan), as of close of business on May 24, 2022, the effective date of the 2022 Plan. Any forfeited shares from the 2017 Plan shall also be available again under the 2022 Plan. Awards generally vest over 1-5 years and have a term of 7-8 years. Liberty issues new shares upon exercise of equity awards. Grants of Awards Options granted in 2025, 2024 and 2023 are summarized as follows: Years ended December 31, 2025 2024 2023 Options Weighted Options Weighted Options Weig …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(6) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3. Libertys assets and liabilities measured at fair value are as follows: December 31, 2025 December 31, 2024 Quoted prices Significant other Quoted prices Significant other in active markets observable in active markets observable for identical assets inputs for identical assets inputs Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 783 783 2,142 2,142 Financial instrument assets $ 122 109 13 167 84 83 Debt $ 597 597 588 588 Financial instrument liabilities $ 138 138 The majority of Libertys Level 2 financial instruments are debt related instruments and derivative instruments, which include foreign currency forward contracts and interest rate swaps. These assets and liabilities are not al …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(7) Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Formula 1 MotoGP Other Total amounts in millions Balance at January 1, 2024 $ 3,956 NA 3,956 Acquisition of QuintEvents NA 252 252 Impairments NA (73) (73) Other NA (1) (1) Balance at December 31, 2024 $ 3,956 NA 178 4,134 Acquisition of MotoGP 3,061 3,061 Liberty Live Split-Off (179) (179) Other 8 1 9 Balance at December 31, 2025 $ 3,956 3,069 7,025 Intangible Assets Subject to Amortization Intangible assets subject to amortization are comprised of the following: December 31, 2025 December 31, 2024 Gross Net Gross Net carrying Accumulated carrying carrying Accumulated carrying Useful life amount amortization amount amount amortization amount years amounts in millions FIA Agreement 35 $ 3,630 (1,632) 1,998 3,630 (1,473) 2,157 FIM Agreement 36 1,657 (23) 1,634 Customer relationships 5 - 36 2,988 (1,549) 1,439 1,854 (1,441) 413 Other various 264 (233) 31 381 (262) 119 Total $ 8,539 (3,437) 5,102 5,865 (3,176) 2,689 Amortization expense was $322 million, $290 million and $327 million for the years ended December 31, 2025, 2024 and 2023, respectively. Based on its amortizable intangible assets as of December 31, 2025, Liberty expects that amortization expense will be as follows for the next five years (amounts in millions): 2026 $ 363 2027 $ 354 2028 $ 337 2029 $ 321 2030 $ 270 Impairments The Company performed a quantitative analysis of QuintEvents during the fourth quart …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

(9) Income Taxes Income tax expense (benefit) consists of: Years ended December 31, 2025 2024 2023 amounts in millions Current: Federal $ (37) (31) State and local (6) (1) Foreign 119 58 41 119 15 9 Deferred: Federal (8) 1 36 State and local 7 (1) 1 Foreign 19 29 (22) 18 29 15 Total: Federal (8) (36) 5 State and local 7 (7) Foreign 138 87 19 Income tax expense (benefit) $ 137 44 24 The following table presents a summary of our domestic and foreign earnings (loss) from continuing operations before income taxes: Years ended December 31, 2025 2024 2023 amounts in millions Domestic $ 288 (444) (177) Foreign 445 444 274 Total $ 733 97 Expected income tax expense (benefit) differs from the amounts computed by applying the U.S. federal income tax rate of 21% as a result of the following: Years ended December 31, 2025 2024 2023 dollar amounts in millions U.S. Federal statutory tax rate $ 154 21 % 21 % 20 21 % Domestic federal reconciling items Tax credits (1) % n/m % Nontaxable or nondeductible items (Nontaxable gain) / nondeductible loss (69) (9) % 49 n/m 17 18 % Nondeductible executive compensation 6 1 % 10 n/m 4 4 % Capitalized transaction costs 4 1 % 7 n/m 3 3 % Other (12) (2) % (2) n/m (3) (3) % Cross-border tax laws Global intangible low-taxed income (6) (1) % 1 n/m 10 10 % Subpart F % (9) n/m 11 11 % Other Change in valuation allowance 17 2 % 2 n/m 4 4 % Domestic state and local income taxes, net of federal effect 6 1 % (6) n/m % Foreign reconciling items United Kingdom Rate d …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

(13) Employee Benefit Plans Liberty is the sponsor of the Liberty Media 401(k) Savings Plan (the Liberty 401(k) Plan), which provides its employees and the employees of certain of its subsidiaries an opportunity for ownership in the Company and creates a retirement fund. The Liberty 401(k) Plan provides for employees to make contributions to a trust for investment in Liberty common stock, as well as several mutual funds. The Company and its subsidiaries make matching contributions to the Liberty 401(k) Plan based on a percentage of the amount contributed by employees. In addition, certain of the Companys subsidiaries have similar employee benefit plans. Employer cash contributions to all plans aggregated $12 million, $11 million and $10 million for each of the years ended December 31, 2025, 2024 and 2023, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

(11) Related Party Transactions with Officers and Directors Chief Executive Officer Compensation Arrangements In December 2019, the Compensation Committee (the Committee) of Liberty approved a compensation arrangement (the former CEO Arrangement) for our former CEO. Also in December 2019, each of the Service Companies executed an amendment to each Service Companys services agreement with Liberty, pursuant to which components of the former CEOs compensation described below were either paid directly to the former CEO by each Service Company or reimbursed to Liberty, in each case based on allocations among Liberty and each of the Service Companies set forth in the service agreement amendments. This allocation percentage was determined based on a combination of (1) relative market capitalizations, weighted 50%, and (2) a blended average of historical time allocation on a Liberty-wide and former CEO basis, weighted 50%, in each case, absent agreement to the contrary by Liberty and the Service Companies in consultation with the former CEO. The allocation percentage was adjusted annually and following certain events. As of December 31, 2024 and 2023, the allocation percentage for Liberty was 54% and 54%, respectively. The former CEO Arrangement provided for a five year employment term which began on January 1, 2020 and ended December 31, 2024, with the following compensation components: (1) annual base salary of $3 million (with no contracted increase), (2) one-time cash commitment …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

(16) Information About Libertys Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the motorsport and live entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings (losses) represent 10% or more of the Companys annual pre-tax earnings (loss). Libertys chief operating decision maker, the chief executive officer, evaluates performance and makes decisions about allocating resources to the Companys reportable segments based on financial measures such as revenue, operating expenses (including team payments and other cost of revenue), selling, general and administrative expenses, and Adjusted OIBDA. For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges. 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 allow …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(10) Stockholders Equity Preferred Stock Libertys 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. Common Stock Series A Liberty Formula One common stock has one vote per share, Series B Liberty Formula One common stock has ten votes per share and Series C Liberty Formula One common stock has no votes per share except as otherwise required by Delaware law. Each share of Series B common stock is exchangeable at the option of the holder for one share of Series A common stock of the same group. All series of our common stock participate on an equal basis with respect to dividends and distributions. Issuance of Common Stock On August 22, 2024, the Company issued approximately 12.2 million shares of Series C Liberty Formula One common stock at an offering price of $77.50 per share, resulting in gross proceeds of approximately $949 million. The Company used the net proceeds of the offering to partially fund the acquisition of MotoGP and for general corporate purposes. Purchases of Common Stock There were no repurchases of the Companys common stock during the years ended December 31, 2025, 2024 and 2023. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing