Core Viewpoint - Atlanta Braves Holdings, Inc. (BATRA) shows potential for upside with a mean price target of $59.67, indicating a 25.7% increase from the current price of $47.46 [1] Price Targets and Estimates - The mean estimate consists of three short-term price targets with a standard deviation of $9.45, suggesting variability among analysts; the lowest estimate is $49.00 (3.2% increase), while the highest is $67.00 (41.2% increase) [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price movement direction, which can serve as a starting point for further research [9] Analyst Sentiment and Earnings Estimates - Analysts have shown growing optimism about BATRA's earnings prospects, as evidenced by a significant increase in earnings estimate revisions, with a 205.9% rise in the Zacks Consensus Estimate for the current year [12][11] - BATRA holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for near-term upside [13] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as empirical research suggests that they often mislead investors [7][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) has shown strong year-to-date performance, gaining approximately 13.9% compared to the Consumer Discretionary sector's average return of -1.5% [4] - The Zacks Consensus Estimate for BATRA's full-year earnings has increased by 205.9% over the past three months, indicating improved analyst sentiment and a positive earnings outlook [4] - Atlanta Braves Holdings, Inc. holds a Zacks Rank of 1 (Strong Buy), suggesting it is poised to outperform the broader market in the near term [3][5] Group 2 - Atlanta Braves Holdings (BATRK) has also outperformed the Consumer Discretionary sector, returning 10.8% since the beginning of the year [5] - The consensus EPS estimate for Atlanta Braves Holdings has risen by 129.3% over the past three months, further supporting its strong performance [5] - The Media Conglomerates industry, which includes Atlanta Braves Holdings, has seen a decline of about 6.2% this year, highlighting BATRA's relative strength within this group [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR For the transition period from to Commission File Number 001-41746 ATLANTA BRAVES HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Nevada (State or other jurisdiction of incorporation or organization) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

分组1 - Atlanta Braves Holdings, Inc. reported a quarterly loss of $0.28 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.74, and an improvement from a loss of $0.31 per share a year ago, resulting in an earnings surprise of +62.16% [1] - The company achieved revenues of $61.3 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 53.26%, and showing an increase from $52.12 million in the same quarter last year [2] - Atlanta Braves Holdings, Inc. has surpassed consensus EPS estimates in all four of the last quarters, indicating a strong performance trend [2] 分组2 - The stock has gained approximately 11.7% since the beginning of the year, outperforming the S&P 500, which has only gained 0.7% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.89 on revenues of $55 million, and for the current fiscal year, it is -$0.34 on revenues of $762 million [7] 分组3 - The Zacks Industry Rank indicates that the Media Conglomerates sector is currently in the bottom 43% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8] - The estimate revisions trend for Atlanta Braves Holdings, Inc. was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Revenue Growth - Total revenue for 2025 reached $732 million, an 11% increase from the previous year[3] - Baseball revenue increased by 7% year-over-year to $635 million, driven by growth in broadcasting revenue and contractual rate increases[3][7] - Mixed-Use Development revenue grew 45% year-over-year to $97 million, primarily due to increased rental income from new leases[3][8] - Total revenue for 2025 was $732,492 thousand, a 10.5% increase from $662,748 thousand in 2024[27] - Baseball revenue for Q4 2025 was $34,758 thousand, up from $34,197 thousand in Q4 2024, while Mixed-Use Development revenue increased to $26,545 thousand from $17,921 thousand[27] Financial Performance - Adjusted OIBDA for 2025 was $108 million, a significant increase of 172% compared to the prior year[3] - Operating loss improved by $26 million to $(14) million, down from $(40) million in the previous year[3] - Operating income (loss) for 2025 was $(13,527) thousand, an improvement from $(39,665) thousand in 2024[27] - Net earnings (loss) attributable to Atlanta Braves Holdings' shareholders for 2025 was $(23,368) thousand, compared to $(31,268) thousand in 2024[27] Cash Flow and Debt - ABH cash increased by $18 million in Q4 2025, reaching $99,884 thousand, primarily due to seasonal working capital changes and equity method affiliate distributions[21] - Total ABH debt decreased by $22 million in Q4 2025, totaling $738,631 thousand, mainly from repayments on the TeamCo revolver[21] - Cash flows from operating activities for 2025 were $25,236 thousand, an increase from $16,631 thousand in 2024[28] - Borrowings of debt in 2025 amounted to $158,162 thousand, compared to $144,890 thousand in 2024[28] Asset Management - The total assets of ABH as of December 31, 2025, were $1,614,957 thousand, an increase from $1,523,846 thousand in 2024[25] Cost Management - Baseball operating costs decreased by 1% year-over-year, primarily due to lower major league player salaries[9] - Mixed-Use Development costs increased due to operating expenses associated with newly acquired assets[9] Future Outlook - The company anticipates continued growth in both baseball and mixed-use development segments, supported by strategic initiatives and market expansion[14] - The company hosted 81 regular season home games in 2025, consistent with the prior year[6] Capital Expenditures - Capital expenditures for property and equipment in 2025 were $(51,333) thousand, down from $(86,013) thousand in 2024[28]

Core Viewpoint - The article updates previous analyses on Atlanta Braves Holdings (BATRA, BATRK, BATRB) and emphasizes the belief in the efficiency of financial markets, suggesting that the best investment opportunities arise from stocks that are less followed or mispriced in their markets [1]. Group 1 - Atlanta Braves Holdings has been consistently rated positively in prior articles, indicating a favorable outlook on the stock [1]. - The author has over 20 years of experience in the financial sector, which adds credibility to the analysis presented [1]. - The article suggests that financial markets generally reflect the true value of stocks, but there are exceptions where certain stocks may not accurately represent their market opportunities [1].

Core Insights - Atlanta Braves Holdings, Inc. (BATRK, BATRA, OTCQB:BATRB) is presented as a unique investment opportunity that may offer more enjoyment compared to traditional stocks [1] Company Overview - The company is not classified as a traditional stock investment, suggesting a different approach to ownership and potential returns [1] Investment Strategy - The investment strategy highlighted focuses on strategic buying opportunities, particularly in dividend and value stocks, which has led to a high rating on Tipranks.com and a significant following on Seeking Alpha [1]

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Profitability - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, primarily due to higher operating costs associated with newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, primarily due to new real estate assets acquired[156]. Year-over-Year Comparisons - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, respectively, reflecting increases of $35.7 million and $60.9 million year-over-year[158]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163]. - Net earnings were $30.1 million for the three months ended September 30, 2025, compared to $10.0 million in the prior year, and net earnings were $18.2 million for the nine months ended September 30, 2025, compared to a net loss of $12.1 million in the prior year[167]. - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170].

Core Insights - Atlanta Braves Holdings, Inc. reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, and showing a significant increase from $0.16 per share a year ago, resulting in an earnings surprise of +95.83% [1] - The company posted revenues of $311.54 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.47%, but up from $290.67 million year-over-year [2] - The stock has underperformed the market with a gain of about 5.2% since the beginning of the year, compared to the S&P 500's gain of 15.1% [3] Earnings Performance - Over the last four quarters, Atlanta Braves Holdings has surpassed consensus EPS estimates four times [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.30 on $57 million in revenues, and -$0.27 on $730 million in revenues for the current fiscal year [7] Market Outlook - The company's earnings outlook will be influenced by management's commentary during the earnings call [3][4] - The estimate revisions trend for Atlanta Braves Holdings was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The Media Conglomerates industry, to which the company belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, which may impact stock performance [8]

Revenue Performance - Total revenue for Q3 2025 reached $311.5 million, a 7% increase compared to Q3 2024[3]. - Baseball revenue increased by 4% to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, increased to $311,538,000, up 7.4% from $290,674,000 in the same period of 2024[26]. - Baseball revenue for the nine months ended September 30, 2025, reached $600,302,000, a 6.9% increase compared to $561,233,000 in 2024[26]. Operating Income and Earnings - Adjusted OIBDA for Q3 2025 was $67.2 million, reflecting a 114% increase from the prior year[3][19]. - Operating income rose significantly to $38.9 million, compared to $6.4 million in Q3 2024, marking a 508% increase[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, significantly up from $6,402,000 in the prior year[26]. - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in 2024[26]. Costs and Expenses - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[3][9]. - Mixed-Use Development costs increased by 58% to $3.9 million, linked to operating costs from recent acquisitions[3][9]. Cash Flow and Debt - Cash decreased by $14 million during Q3 2025, while debt increased by $57 million due to borrowings for working capital[21]. - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27]. - Long-term debt rose to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $1,671,466,000, an increase from $1,523,846,000 at the end of 2024[25]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. Future Outlook - The company anticipates continued growth in both baseball and mixed-use development segments, supported by strategic initiatives and market expansion[13].