FEBRUARY 2026 FORWARD LOOKING STATEMENTS AND MARKET DATA Madison Square Garden Entertainment Corp. (the "Company" or "MSG Entertainment") has filed with the Securities and Exchange Commission an Annual Report on Form 10-K for the year ended June 30, 2025 (the "Annual Report") and Quarterly Reports (the "Quarterly Reports") on Form 10-Q for the quarters ended September 30, 2025 and December 31, 2025. The Annual Report and the Quarterly Reports contain extensive disclosure about the Company and its business, ...

Core Viewpoint - Madison Square Garden Entertainment Corp. reported strong financial results for the fiscal second quarter of 2026, driven by record attendance at the Christmas Spectacular production [1] Financial Performance - The fiscal second quarter ended December 31, 2025, saw over 1.2 million tickets sold for the Christmas Spectacular, marking the highest attendance level in 25 years [1] - The production featured 215 paid performances during its 92nd holiday season, indicating robust demand and successful execution of events [1]

Core Insights - Infosys has extended its partnership with Madison Square Garden Entertainment Corp., Madison Square Garden Sports Corp., and Sphere Entertainment Co., reinforcing its role as the Official Digital Innovation Partner for key properties including the New York Knicks and New York Rangers [1][2] - The Theater at Madison Square Garden has been renamed the Infosys Theater at Madison Square Garden, enhancing brand visibility and engagement for Infosys [1][2] Partnership Details - The partnership includes two branded locations: the Infosys Theater and the Infosys Suite Level, with brand integration across 18 suites [2] - Infosys will enhance fan engagement through digital innovations, utilizing its AI-first offering, Infosys Topaz, to improve the fan experience for the Knicks and Rangers [2] Venue Information - The Infosys Theater at Madison Square Garden is a 5,600-seat venue recognized for hosting a variety of events, including concerts and sporting events, for nearly 60 years [3] - The venue has featured performances from notable artists and has been the site for significant sporting events, including the NBA and NFL Drafts [3] Company Background - Madison Square Garden Entertainment Corp. is a leader in live entertainment, operating renowned venues and delivering diverse experiences to millions of guests annually [4] - Madison Square Garden Sports Corp. manages professional sports teams, including the New York Knicks and New York Rangers, and operates a training center [6] - Sphere Entertainment Co. focuses on immersive experiences and technology, including the MSG Networks that provide live sports content [7] Infosys Overview - Infosys is a global leader in digital services and consulting, with over 330,000 employees and operations in 63 countries, focusing on digital transformation powered by cloud and AI [8]

Core Insights - Principal Financial Group Inc. increased its stake in Live Nation Entertainment by 22.1% in Q3, owning 9,725,776 shares valued at approximately $1.59 billion, making it the 21st largest holding for the firm [2] - Several hedge funds have significantly altered their positions in Live Nation, with Clearstead Trust LLC raising its stake by 469% in Q2, and multiple firms acquiring new positions in Q3, indicating strong institutional interest [3] - Live Nation's stock opened at $145.32, with a market cap of $34.11 billion, a P/E ratio of 105.30, and a 12-month price range between $112.88 and $175.25, reflecting volatility in its stock performance [4] Financial Performance - Live Nation reported Q3 earnings of $0.73 EPS, missing analysts' expectations of $1.54 by $0.81, with revenue of $8.50 billion, which was below the consensus estimate of $8.87 billion, but up 11.1% year-over-year [5] - The company has a return on equity of 97.90% and a net margin of 3.66%, indicating strong profitability metrics despite the earnings miss [5] Analyst Ratings - Analysts have mixed views on Live Nation, with Zacks Research downgrading the stock to "strong sell," while Guggenheim and UBS Group maintain "buy" ratings with price targets of $168.00 and $164.00 respectively, reflecting a consensus target price of $172.55 [6] - The stock has received 17 "Buy" ratings, 4 "Hold" ratings, and 2 "Sell" ratings from analysts, suggesting a generally positive outlook among the majority [6] Company Overview - Live Nation Entertainment is a global leader in live entertainment, involved in concert promotion, venue operations, ticketing through Ticketmaster, and artist management, connecting artists, fans, and commercial partners [7] - The company was formed from the merger of Live Nation and Ticketmaster in 2010, combining a promoter and venue operator with a major ticketing platform [8]

Core Insights - Venu Holding Corporation has announced the addition of three major touring artists for its 2026 performance lineup at the Ford Amphitheater in Colorado Springs, CO, including Lindsey Stirling and The Black Crowes & Whiskey Myers [1][2] Company Overview - Venu Holding Corporation is a premier owner, developer, and operator of luxury, experience-driven entertainment destinations, founded by J.W. Roth [3] - The company operates a portfolio of premium brands, including Ford Amphitheater, Sunset Amphitheaters, Phil Long Music Hall, and others, with venues across Colorado, Georgia, Oklahoma, and Texas, and is undergoing nationwide expansion [3] Industry Recognition - Venu has received national recognition from major publications such as The Wall Street Journal, The New York Times, and Billboard for its innovative approach to live entertainment [4] - The company has formed strategic partnerships with industry leaders, including AEG Presents and NFL Hall of Famer Troy Aikman, to shape the future of the entertainment landscape [4] Upcoming Performances - The initial lineup for 2026 includes performances by Yo-Yo Ma with the Colorado Symphony, O.A.R. with Gavin DeGraw, The Black Crowes & Whiskey Myers, Lindsey Stirling, Alison Krauss & Union Station, and Brantley Gilbert [6]

Gold Industry - The Gabelli Gold Fund (GLDIX) has achieved impressive returns of 194% over the past year, indicating strong fundamentals behind the gold rally [1] - Central banks are increasingly investing in gold, which is expected to sustain the current rally, with gold recently experiencing its largest advance in six years [5] - Countries like China are shifting away from holding US dollars and are opting for gold as a store of value [3] Mining Sector - Analysts from the Gabelli Gold Fund recently visited seven mines in Western Australia to assess the mining industry [4] - The fund operates without leverage, but the profitability of gold miners increases significantly when gold prices rise, as their costs do not increase at the same rate as revenues per ounce [5] Automotive Parts Industry - The automotive parts sector is experiencing increased demand due to an aging vehicle fleet, with a focus on the need for parts for approximately 300 million cars in the United States [10] - Advanced Auto Parts has seen a decline of about 15% over the past six months, attributed to supply chain issues and competition from other companies like O'Reilly and AutoZone [11][12] - The new CEO of Advanced Auto Parts is working to improve parts availability, which is expected to enhance the company's performance in the coming years [12] Live Entertainment and Sports - The live entertainment sector is anticipated to grow significantly, with a focus on corporate financial engineering, including spin-offs and acquisitions [13] - Companies like Madison Square Garden Sports and the Atlanta Braves are highlighted as potential investment opportunities, especially with upcoming events like the World Cup [15] - Manchester United is also mentioned as a company undergoing financial changes, which could present investment opportunities [16] Media and Entertainment - Warner Brothers is in discussions with Netflix, with the stock price of Warner Brothers having increased from a low of $12 to $28 over the past year [18] - Paramount is seen as a competitor in the media space, with ongoing negotiations that could impact its stock performance [21][22]

Group 1 - Venu's estimated Q4 revenue is up from year-ago levels, indicating growth in ticket sales at its live-concert venues [1] - CEO JW Roth expressed confidence that the company will achieve operational profitability by the end of 2026 [1] - Despite positive revenue news, Venu's stock is down 33% as of 12:15 p.m. ET on the day of the announcement [1] Group 2 - Venu plans to issue an additional $75 million worth of its own shares, leading to shareholder dilution [2] - The company's market cap was approximately $370 million before the stock decline, suggesting a potential 20% increase in total share count [3] - This dilution could result in a 20% decrease in the stock's mathematical value based on previous valuations [3] Group 3 - The company has made recent investments in new live-concert facilities, which are showing promise for future growth [4] - There is speculation that Venu may need to raise additional funds in the near future, potentially leading to further dilution [5] - The stock is considered suitable only for investors who can tolerate above-average volatility and risk [5]

Core Insights - Venu Holding Corporation is experiencing a significant shift towards ticketing revenue, which is becoming a larger portion of overall revenue [2] - The company reported an 8.6% increase in restaurant revenue in Q4 2025, attributed to the successful opening of Roth's Sea & Steak [2] - Venu's total assets have grown to over $354 million, reflecting a 100% annual growth rate, supported by a 62% increase in Luxe FireSuite and Aikman Club sales [2] - The company recognized its first development profit of $6.2 million in Q4 2025 and anticipates operational profitability by the end of 2026 [2] Financial Performance - Estimated total revenues for Q4 2025 are between $4.4 million and $4.8 million, compared to $4.3 million in Q4 2024 [5] - Total assets are estimated to be between $352.8 million and $355.4 million as of December 31, 2025, marking an increase of approximately $174.4 million to $176.4 million or 98%-100% year-over-year [5] - Total cash and cash equivalents are estimated to be between $41.1 million and $42.3 million, reflecting an increase of $3.1 million to $4.3 million or 8%-11% year-over-year [5] - The company's debt is estimated to be between $58.2 million and $59.0 million, an increase of $32.6 million to $33.4 million or 127%-130% year-over-year [5] - Luxe FireSuite and Aikman Club sales for Q4 2025 are estimated to be between $34.2 million and $35.9 million, compared to $20.7 million in Q4 2024 [5] - For the year ended December 31, 2025, total revenues are estimated to be between $17.8 million and $18.7 million, consistent with 2024 [5] - Luxe FireSuite and Aikman Club sales for the year are estimated to be between $125.3 million and $126.8 million, compared to $77.7 million in 2024 [5] - Net revenue from naming rights agreements for the year is estimated to be between $3.0 million and $3.4 million, up from $1.7 million in 2024 [5] Concert Performance - For the 2025 concert season, 28 shows were held at Ford Amphitheater, generating gross receipts estimated between $14.8 million and $15.6 million, compared to 20 shows and $15.2 million in 2024 [6] - The 2026 schedule for Ford Amphitheater is expected to exceed 35 shows [6] Company Overview - Venu Holding Corporation is a premier owner, developer, and operator of luxury entertainment destinations, with a portfolio that includes various venues across multiple states [9] - The company has been recognized nationally for its innovative approach to live entertainment and has established strategic partnerships with industry leaders [10]

Core Insights - Live Nation Entertainment, Inc. (LYV) is a leading live entertainment company with a market cap of $33.9 billion, involved in producing live concerts and providing ticketing services globally [1] Financial Performance - Analysts anticipate LYV will report a loss of $1 per share for the fiscal fourth quarter of 2025, a decline of 278.6% from a profit of $0.56 per share in the same quarter last year [2] - For the full fiscal year, a loss of $0.18 per share is expected, down 106.6% from an EPS of $2.74 in fiscal 2024, but a significant recovery is projected with an EPS of $2.12 in fiscal 2026 [3] Stock Performance - LYV stock has underperformed the S&P 500 Index, which gained 16.9% over the past 52 weeks, with LYV shares only increasing by 8.1% during the same period [4] - Following the Q3 results reported on November 4, 2025, LYV shares fell more than 10% in the subsequent trading session, with an EPS of $0.73 falling short of Wall Street's expectation of $1.21 and revenue of $8.5 billion missing forecasts of $8.6 billion [5] Analyst Ratings - The consensus opinion among analysts on LYV stock is bullish, with a "Strong Buy" rating from 18 out of 23 analysts, one suggesting a "Moderate Buy," and four giving a "Hold" rating; the average price target is $173.45, indicating a potential upside of 20.1% from current levels [6]

Core Viewpoint - Venu Holding Corporation is undergoing transformative developments that enhance its business model, accelerate national expansion, and provide long-term value for shareholders [1] Group 1: Partnership and Expansion - Venu has expanded its partnership with Aramark Sports + Entertainment, which now supports five of Venu's premium venues, enhancing operational execution and validating Venu's premium venue strategy [2][3] - The partnership includes Aramark's equity investment in Venu, reinforcing confidence in the company's vision and operational model as it enters a significant expansion phase [4] Group 2: Financial and Asset Growth - As of September 30, 2025, Venu reported total assets of $314.8 million, reflecting rapid asset accumulation, with property and equipment increasing over 80% year-over-year [4] - Venu has over $1.1 billion in active construction, which is expected to transition into operational assets, adding significant value to the company [5][6] Group 3: Strategic Agreements - Venu signed a transformative operator agreement with Live Nation, naming it the exclusive operator for the flagship Sunset Amphitheater at McKinney, which is expected to accelerate profitability and serve as a scalable template for future developments [9] - The agreement includes guaranteed access to top-tier artists, profit participation, and full retention of sponsorship rights by Venu [15] Group 4: Market Positioning - With partnerships from industry leaders like Aramark and Live Nation, Venu is positioned for a major re-rating as venues become operational and accounting values shift to appraised, income-producing assets [10]