Revenue Growth - Formula 1 revenue increased 14% to $3.9 billion for the year, with operating income growing 28% to $632 million and Adjusted OIBDA rising 20% to $946 million[1]. - MotoGP revenue also increased 14% to $573 million, with operating income growing 86% to $54 million and Adjusted OIBDA increasing 15% to $201 million on a pro forma basis[1]. - Liberty Media's consolidated revenue for 2025 was $4.48 billion, up from $3.65 billion in 2024, representing a 23% increase[7]. - Total revenue for 2025 reached $4,482 million, a 22.7% increase from $3,653 million in 2024[48]. - Motorsport revenue increased to $4,105 million in 2025, up 23.7% from $3,318 million in 2024[48]. Attendance and Viewership - F1 fan attendance reached 6.75 million, up 4% compared to 2024, while live viewership increased by 21%[1]. - MotoGP fan attendance exceeded 3.66 million, marking a 21% increase compared to 2024, with cumulative TV viewership up 9%[1]. - The Las Vegas Grand Prix sold out, attracting over 300,000 attendees and generating 1.8 billion social impressions[1]. Financial Performance - Operating income for 2025 was $577 million, compared to $287 million in 2024, reflecting a 101.0% increase[48]. - Net earnings attributable to Liberty stockholders for 2025 were $555 million, a significant recovery from a loss of $2,063 million in 2024[48]. - Adjusted OIBDA for 2025 was $1,068 million, up from $774 million in 2024, indicating a 37.9% increase[54]. - Cash flows from operating activities improved to $908 million in 2025, compared to $567 million in 2024[50]. Debt and Cash Management - Total cash and cash equivalents decreased to $1,055 million as of December 31, 2025, down from $2,631 million in 2024[1]. - Total debt as of December 31, 2025, was $5,100 million, slightly down from $5,164 million in the previous quarter[1]. - Interest expense increased to $249 million in 2025 from $208 million in 2024, reflecting higher borrowing costs[48]. - The company reported a net cash used by investing activities of $3,202 million in 2025, compared to $292 million in 2024[50]. Race and Revenue Streams - Primary Formula 1 revenue streams for 2025 comprised 26.7% from race promotion, 31.3% from media rights fees, and 21.7% from sponsorship fees[11]. - The number of races in 2025 included 24 for the full year and 7 in the fourth quarter, compared to 24 and 6 in 2024 respectively[12]. - The number of races held in 2025 was 22, compared to 20 in 2024, contributing to increased race promotion revenue[1]. - Primary MotoGP revenue for the year ended December 31, 2025, was $502 million, a 15% increase compared to $435 million in 2024[1]. - Total motorsport revenue increased to $573 million in 2025, reflecting a 14% growth from $503 million in 2024[1]. Corporate Actions - Liberty Media completed the split-off of Liberty Live Holdings on December 15, 2025, resulting in separate trading of the two companies[3]. - Liberty Media's remaining repurchase authorization for common stock is $1.1 billion as of February 1, 2026[1]. - The company incurred $3,267 million in cash for acquisitions in 2025, a substantial increase from $205 million in 2024[50]. - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 61.5% in 2024 to 59.7% in 2025[16]. - MotoGP leverage improved to 4.7x as of December 31, 2025, compared to 5.6x in the previous quarter[1].

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 "2025 was an exceptional and productive year for Liberty, and we are excited about the opportunities ahead," said Derek Chang, Liberty Media President & CEO. "We delivered on our key strategic obje ...

LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): Exhibit 99.1 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 million, up 4% compared to 2024 and live viewership up 21% compared to 2024 o Announced the return of the Portugal Grand Prix in 2027 and 2028 and extended the Barcelona-Catalunya Grand Prix through 2032 on rotation with the Belgium Grand Prix o Entered into new multi-year sponsorship agreement with ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Investment and Financial Overview - Over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from the DOE[38]. - The company has incurred significant losses since inception and expects to continue incurring losses, making profitability uncertain[150]. - NuScale has not generated any material revenue to date and expects to require additional funding to support operations and commercialization[174]. - The company plans to reduce its workforce by 28% to align resources with core priorities, focusing on revenue-generating projects and technology commercialization[104]. - The company expects to retain future earnings to fund business development and growth, with capital appreciation being the sole source of gain for stockholders in the foreseeable future[207]. - The company does not expect to pay any cash dividends in the foreseeable future, which may affect investor interest[206]. - Payments under the Tax Receivable Agreement may exceed the actual tax benefits realized by NuScale Corp, potentially impairing its financial condition[137]. - The company is required to pay 85% of certain tax benefits realized from increases in tax basis due to exchanges of NuScale LLC Class B units for shares of Class A common stock[131]. - Following a Tax Receivable Agreement Amendment on November 6, 2025, NuScale will only be required to pay 42.5% of net cash tax savings from the exchange of Fluor Class B units[133]. Technology and Design - The NuScale Power Module™ (NPM) can generate 77 MWe and is designed for scalability from one to twelve modules, with configurations of 12-module (924 MWe), six-module (462 MWe), and four-module (308 MWe)[37][40]. - NuScale's NPM technology leverages existing light water nuclear reactor technology, which has been operating globally for over 60 years, ensuring a proven performance record[56]. - NuScale's innovative safety design allows for an unlimited coping period without the need for operator actions or external power, a significant improvement over traditional reactors[80]. - The modular design of SMRs allows for reduced construction times and greater cost predictability compared to traditional large-scale nuclear facilities[54]. - Each NPM can operate continuously for approximately 20 months before requiring refueling, with only a 77 MWe reduction in total plant output for about 10 days during staggered refueling[66]. - The expected capacity factor for a 12-module power plant producing 924 MWe is approximately 98%, significantly higher than other non-nuclear power generation methods[62]. - NuScale's design allows for operation without a grid connection, enabling off-grid capabilities and making it a first responder to grid restoration[62]. - NuScale's innovative technology has increased power output to 77 MWe per module without raising construction costs, indicating ongoing R&D efforts to enhance efficiency and reduce costs[94]. Regulatory Approvals and Compliance - The NRC approved NuScale's 12-module design for 160 million watts of thermal power (50 MWe per NPM) and the second SDA application for the 6-unit 77 MWe NPM design in May 2025[38]. - The NRC approved NuScale's design in 41 months, the fastest approval ever, allowing for a 50 MWe NPM and 12-module plant design[108]. - In May 2025, the NRC approved the company's second SDA application for a 6-module, 77 MWe NPM design, streamlining the regulatory process for customers[109]. - Customers must secure additional regulatory approvals to construct power plants using the company's NPMs, which could lead to significant delays and costs[188]. - The company is subject to potential claims regarding ownership of patents and intellectual property, which could adversely affect its business if not successfully defended[185]. - Regulatory approvals for the company's SMR design are currently only granted in the United States, with potential delays or denials in foreign markets impacting sales[187]. Market Demand and Competition - The global demand for electric power is projected to rise by 75% by 2050, driven by factors such as electric vehicles and data centers[47]. - Nuclear power plants produced 18% of the U.S. electricity in 2023, despite having only an 8% share of the total energy generation capacity[50]. - The U.S. aims to expand nuclear energy capacity from approximately 100 GW in 2024 to 400 GW by 2050, as per an executive order signed in May 2025[52]. - NuScale aims to grow by replacing carbon-intensive coal-fired power plants and providing alternatives to new gas-fired generation, focusing on sectors like direct air capture and hydrogen production[92]. - NuScale faces competition from other nuclear reactor technologies and companies operating commercial SMRs in China and Russia[143]. Intellectual Property and Technology Protection - The company has received 513 patents issued and 268 patents pending, protecting key aspects of its technology and maintaining a competitive advantage[78]. - NuScale's intellectual property protection may be challenged, exposing the company to potential loss of competitive advantage[178]. - The company may not be able to protect its intellectual property rights globally due to differing patent laws in various jurisdictions[180]. Operational Risks and Challenges - Manufacturing and construction issues could arise during production, potentially impacting deployment costs and schedules[164]. - The company faces risks related to the execution of binding agreements with ENTRA1, which may not guarantee revenue-generating contracts[160]. - Changes in U.S. trade policy, including tariffs, may adversely affect costs and delivery schedules for components manufactured overseas[170]. - The company relies on a senior management team with extensive experience, and losing key personnel could impair business strategy execution[173]. - Adverse public perception of nuclear energy could impact customer demand and regulatory requirements, affecting business operations[165]. - The company anticipates that costs associated with operating as a public company will increase, complicating financial projections[174]. Cybersecurity and Litigation - Cybersecurity risks are a major concern, with increasing sophistication of cyberattacks that could compromise information technology systems and data[209]. - The company has not experienced a material cybersecurity breach to date, but acknowledges the potential for significant adverse effects if such an incident were to occur[210]. - The company is involved in ongoing litigation that could materially affect its operations and financial condition, including a class action lawsuit related to federal securities laws[213]. - The company has a robust enterprise risk management process that includes assessing and managing cybersecurity risks, with oversight from the Board of Directors[216]. - The corporate information security organization is responsible for the overall cybersecurity strategy and has implemented a managed detection and response platform for continuous monitoring[219]. - The company relies on third-party services for cybersecurity monitoring and has contractual requirements for subcontractors to implement security controls[224].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ 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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO | State or other | | | I.R.S. Employer | | --- | --- | --- | --- | | Commission | | jurisdiction of | Identification | | Name of Registrant, A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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 ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________ Commission File Number: 001-39095 The Baldwin Insurance Group, Inc. (Exact name of registrant as specified in its charter) incorporation or o ...