
Financial Performance Summary Q2 2025 Key Financial Results Atlanta Braves Holdings reported strong Q2 2025 results, with total revenue up 10% to $312.4 million, operating income up 68%, and Adjusted OIBDA up 44% Q2 2025 Key Financial Results (in thousands) | | Three months ended June 30, | % Change | Six months ended June 30, | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | | 2025 | 2024 | | | Total revenue | $312,440 | $282,876 | 10% | $359,651 | $319,956 | 12% | | Adjusted OIBDA | $65,704 | $45,750 | 44% | $37,155 | $11,996 | 210% | | Operating income (loss) | $41,787 | $24,936 | 68% | $(2,665) | $(27,419) | 90% | - Total revenue for Q2 2025 grew 10% to $312 million, with Baseball revenue up 8% and Mixed-use development revenue up 49%3 - Total Adjusted OIBDA for Q2 2025 increased by 44% to $66 million, with Baseball Adjusted OIBDA growing 39% and Mixed-Use Development Adjusted OIBDA growing 53%3 Revenue Analysis Q2 2025 revenue growth was broad-based, with Baseball revenue up 8% and Mixed-use development revenue up 49% driven by new leases and acquisitions Q2 2025 Revenue by Source (in thousands) | Revenue Source (Q2 2025) | Amount (in thousands) | % Change YoY | | :--- | :--- | :--- | | Baseball Revenue | $287,319 | 8% | | - Baseball event | $180,349 | 5% | | - Broadcasting | $81,068 | 14% | | - Retail and licensing | $18,566 | (5)% | | Mixed-use development | $25,121 | 49% | | Total revenue | $312,440 | 10% | - The increase in Baseball revenue was primarily driven by growth in broadcasting due to additional streaming rights and contractual rate increases. Baseball event revenue also increased from higher ticket and sponsorship prices, though this was partially offset by lower concession revenue due to reduced attendance7 - Mixed-use development revenue grew 49% mainly due to increased rental income from new leases and an April 2025 real estate acquisition, as well as higher sponsorship revenue8 Operating Performance Analysis Operating income and Adjusted OIBDA improved in Q2 2025 as revenue growth outpaced expense increases, despite higher MLB revenue sharing and property costs - The growth in operating income and Adjusted OIBDA was a result of revenue growth outpacing increases in operating and SG&A expenses9 - Baseball operating costs increased due to higher MLB revenue sharing, event expenses, and minor league costs, partially offset by a decrease in major league player salaries9 - Mixed-use development costs rose due to operating costs from the April 2025 acquisition, while SG&A expenses increased from higher property taxes, insurance, professional fees, and personnel costs9 Financial Statements Condensed Consolidated Balance Sheet As of June 30, 2025, total assets increased to $1.68 billion, driven by property and equipment, while total liabilities rose to $1.15 billion Condensed Consolidated Balance Sheet (in thousands) | Balance Sheet Item | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | Total current assets | $236,533 | $179,146 | | Total assets | $1,683,861 | $1,523,846 | | Total current liabilities | $371,162 | $286,660 | | Total liabilities | $1,148,988 | $987,622 | | Total equity | $534,873 | $536,224 | Condensed Consolidated Statement of Operations For Q2 2025, net earnings were $29.5 million ($0.46 diluted EPS), and the six-month net loss significantly narrowed to $11.9 million Condensed Consolidated Statement of Operations (in thousands) | Statement of Operations | Three months ended June 30, 2025 (in thousands) | Six months ended June 30, 2025 (in thousands) | | :--- | :--- | :--- | | Total revenue | $312,440 | $359,651 | | Operating income (loss) | $41,787 | $(2,665) | | Net earnings (loss) | $29,494 | $(11,897) | | Diluted EPS | $0.46 | $(0.19) | Condensed Consolidated Statement of Cash Flows For H1 2025, operating activities provided $87.6 million, while investing activities used $130.1 million, primarily for real estate acquisition Condensed Consolidated Statement of Cash Flows (in thousands) | Cash Flow Activity (Six months ended June 30, 2025) | Amount (in thousands) | | :--- | :--- | | Net cash provided by operating activities | $87,640 | | Net cash used in investing activities | $(130,105) | | Net cash provided by financing activities | $83,487 | | Net increase in cash | $41,022 | | Cash at end of period | $153,621 | - A significant use of cash in the first half of 2025 was the $93.7 million acquisition of real estate assets27 Supplemental Disclosures Non-GAAP Financial Measures (Adjusted OIBDA) Adjusted OIBDA, a non-GAAP measure, was $65.7 million for Q2 2025, reconciled from GAAP operating income, reflecting operational strength - Adjusted OIBDA is defined as operating income (loss) plus stock-based compensation, depreciation and amortization, and other specified charges, used by management to assess operational strength1617 Adjusted OIBDA Reconciliation (Q2 2025, in thousands) | Reconciliation Item | Amount (in thousands) | | :--- | :--- | | Operating income | $41,787 | | Stock-based compensation | $2,646 | | Depreciation and amortization | $21,271 | | Adjusted OIBDA | $65,704 | Cash and Debt Position As of June 30, 2025, cash decreased to $96.2 million due to a real estate acquisition, while total debt increased to $706.0 million - Cash decreased by $148 million during the second quarter, primarily as a result of the real estate acquisition, capital expenditures, and seasonal working capital changes21 Cash and Debt Position (in thousands) | Item | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | | :--- | :--- | :--- | | Cash (GAAP) | $96,196 | $244,679 | | Total Debt | $706,032 | $702,539 | | - Baseball Debt | $223,381 | $223,956 | | - Mixed-Use Development Debt | $482,651 | $478,583 | Other Information Company Overview Atlanta Braves Holdings comprises the Atlanta Braves MLB franchise and The Battery Atlanta mixed-use real estate development - The company's primary holdings are the Atlanta Braves MLB team and The Battery Atlanta mixed-use real estate development11 Forward-Looking Statements This report contains forward-looking statements subject to risks and uncertainties, and investors should consult SEC filings for comprehensive risk information - The report includes forward-looking statements that involve risks and uncertainties, and actual results could differ materially from those expressed13 - Investors are directed to the company's publicly filed documents, such as the Form 10-K, for additional information on risks and uncertainties related to the business14