Atlanta Braves Holdings, Inc.

Previous wording

The above list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. For additional risk factors, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent required by law.

Current wording

The above list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. For additional risk factors, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 as supplemented by Part II, Item 1A of this Quarterly Report. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent required by law.

Previous wording

The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”) and the Braves’ ballpark (“Truist Park” or the “Stadium”) and includes revenue generated from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources. Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers.

Current wording

The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”) and the Braves’ ballpark (“Truist Park” or the “Stadium”) and includes revenue generated from ticket sales, concessions, broadcasting and other media revenue, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources. Ticket sales, concessions, broadcasting and other media revenue and advertising sponsorship sales are the Baseball segment’s primary revenue drivers. Following the termination of the existing long-term local broadcasting agreement, the Braves announced in February 2026 the creation of BravesVision, a multimedia platform owned and operated by the Company that is the official local television home of the Braves.

Previous wording

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the “Mixed-Use Development”). In April 2025, the Company, through a wholly-owned subsidiary, completed the acquisition of certain real estate assets (the “Acquisition”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

Current wording

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the “Mixed-Use Development”). In April 2025, the Company, through a wholly-owned subsidiary, completed the acquisition of certain real estate assets adjacent to The Battery Atlanta (the “Acquisition”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

Previous wording

Baseball revenue. Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting revenue. The following table disaggregates baseball revenue by source:

Current wording

Baseball revenue. Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting and other media revenue. The following table disaggregates Baseball revenue by source:

Previous wording

Baseball event revenue increased $3.5 million and $12.2 million for the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to contractual rate increases on season tickets and existing sponsorship contracts as well as new premium seating and sponsorship agreements, partially offset by reduced attendance at regular season home games. Broadcasting revenue increased $8.2 million and $20.5 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to additional streaming rights granted to our regional broadcast partner and contractual rate increases to comparable broadcast obligations. Retail and licensing revenue decreased $0.9 million and $1.6 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to reduced attendance at regular season home games, partially offset by higher league-wide revenue. Other revenue, a component of baseball revenue, increased $0.3 million and $7.8 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year. The increase for the nine-month period, as compared to the corresponding period in the prior year, is primarily due to an increase in events held at Truist Park, including concerts and other special events such as hosting two games for the Savannah Bananas.

Current wording

as well as contractual rate increases on season tickets and existing sponsorship contracts and new premium seating and sponsorship agreements. Broadcasting and other media revenue decreased $1.8 million during the three months ended March 31, 2026 as compared to the corresponding period in the prior year, primarily due to the timing of the commencement of the BravesVision media contracts as we transitioned away from our previous long-term local broadcasting arrangement. Retail and licensing revenue increased $1.2 million during the three months ended March 31, 2026 as compared to the corresponding period in the prior year, primarily due to the increase in the number of regular season home games. Other revenue, a component of baseball revenue, decreased $5.2 million during the three months ended March 31, 2026 as compared to the corresponding period in the prior year primarily due to a decrease in special events held at Truist Park, including hosting two games for the Savannah Bananas in the prior year period.

Previous wording

Mixed-Use Development revenue.* *Mixed-Use Development revenue is derived from the mixed-use facilities and primarily includes rental incomeand to a lesser extent, parking revenue and sponsorships. For the three and nine months ended September 30, 2025, Mixed-Use Development revenue increased $9.8 million and $21.5 million, respectively, as compared to the corresponding periods in the prior year, primarily due to a $8.5 million and a $19.2 million increase in rental income, respectively, and a $0.9 million and a $1.4 million increase in sponsorship revenue, respectively. Increases in rental income for the three and nine months ended September 30, 2025, were primarily driven by new lease commencements and the in-place leases associated with the Acquisition, partially offset by various lease terminations.

Current wording

Mixed-Use Development revenue.* *Mixed-Use Development revenue is derived from the mixed-use facilities and primarily includes rental incomeand to a lesser extent, parking revenue and sponsorships. For the three months ended March 31, 2026, Mixed-Use Development revenue increased $7.7 million as compared to the corresponding period in the prior year, primarily due to a $5.0 million increase in rental income and a $2.5 million increase in tenant recoveries. Increases in rental income and tenant recoveries for the three months ended March 31, 2026, are primarily a result of the in-place leases associated with the Acquisition.

Previous wording

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three and nine months ended September 30, 2025, baseball operating expenses decreased $15.5 million and $6.2 million, respectively, as compared to the corresponding periods in the prior year, primarily due to a $17.6 million and $20.7 million decrease in major league player salaries, respectively, and a $1.5 million and $2.1 million decrease in variable concession and retail operating expenses, respectively, due to reduced attendance at regular season homes games during 2025. These decreases were partially offset by a $1.1 million and $6.4 million increase in MLB’s revenue sharing plan and other shared expenses for the three and nine months ended September 30, 2025, respectively, a $1.5 million and $4.5 million increase in expenses for special events held at Truist Park, and a $1.0 million and $2.6 million increase in minor league related expenses, respectively.

Current wording

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three months ended March 31, 2026, baseball operating expenses increased $7.9 million as compared to the corresponding period in the prior year, primarily due to a $3.8 million increase in major league player salaries, a $3.0 million increase in variable concession and retail operating expenses and a $0.6 million increase in other stadium operating costs due to the increase in the number of regular season home games during the current year period as compared to the prior year period, and a $0.7 million increase in broadcasting expenses associated with the production of BravesVision. These increases were partially offset by a $1.5 million decrease in expenses for special events held at Truist Park.

Previous wording

Mixed-Use Development costs.* Mixed-Use Development costs *primarily include costs associated with maintaining and operating the mixed-use facilities. During the three and nine months ended September 30, 2025, Mixed-Use Development costs increased $1.4 million and $2.8 million, respectively, as compared to the corresponding periods in the prior year primarily as a result of increases in operating costs associated with the assets within the Acquisition.

Current wording

Mixed-Use Development costs.* Mixed-Use Development costs *primarily include costs associated with maintaining and operating the mixed-use facilities. During the three months ended March 31, 2026, Mixed-Use Development costs increased $1.9 million as compared to the corresponding period in the prior year primarily as a result of increases in operating costs associated with the assets within the Acquisition.

Previous wording

Selling, general and administrative, excluding stock-based compensation.* *Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative

Current wording

Selling, general and administrative, excluding stock-based compensation.* *Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $4.1 million for the three months ended March 31, 2026 as compared to the corresponding period in the prior year. The increase is primarily due to a $1.1 million increase of sales and marketing costs associated with the increase in the number of regular season home games played this year, a $1.0 million increase of property taxes, insurance and other professional fees, and a $1.0 million increase in personnel costs.

Previous wording

Stock-based compensation. Stock-based compensation decreased $1.6 million and $3.7 million for the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to a reduction in average outstanding awards.

Current wording

Stock-based compensation. Stock-based compensation increased $3.9 million for the three months ended March 31, 2026 as compared to the corresponding period in the prior year, primarily due to an increase in average outstanding awards.

Previous wording

Depreciation and amortization. Depreciation and amortization increased $4.8 million and $7.3 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to certain real estate assets purchased as part of the Acquisition and various assets being placed into service, partially offset by certain Baseball related assets becoming fully depreciated.

Current wording

Depreciation and amortization. Depreciation and amortization increased $3.9 million during the three months ended March 31, 2026 as compared to the corresponding period in the prior year, primarily due to certain real estate assets purchased as part of the Acquisition and various assets being placed into service in the prior year.

Previous wording

Operating income (loss).* *Operating income (loss) increased $32.5 million and $57.3 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, due to the above explanations.

Current wording

Operating income (loss).* *Operating income (loss) improved $3.2 million during the three months ended March 31, 2026 as compared to the corresponding period in the prior year, due to the above explanations.

Previous wording

Non-GAAP Adjusted OIBDA. To provide investors with additional information regarding the Company’s financial results, we also disclose Adjusted OIBDA, which is a non-GAAP financial measure. We define Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. However, our definition may vary from similarly titled measures used by other companies. Our chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. We believe this is an important indicator of the operational strength and performance of our 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 allows us to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by (used in) operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:

Current wording

performance in conjunction with other measures to evaluate our businesses and make decisions about allocating resources among our businesses. We believe this is an important indicator of the operational strength and performance of our 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 allows us to view operating results, perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income (loss), net earnings (loss), cash flow provided by (used in) operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The following table provides a reconciliation of Operating income (loss) to Adjusted OIBDA:

Previous wording

Baseball Adjusted OIBDA increased $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.

Current wording

Baseball Adjusted OIBDA improved $7.3 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.

Previous wording

Mixed-Use Development Adjusted OIBDA increased $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to the fluctuations in Mixed-Use Development revenue and costs, as described above.

Current wording

Mixed-Use Development Adjusted OIBDA improved $4.7 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to the fluctuations in Mixed-Use Development revenue and costs, as described above.

Previous wording

Corporate and Other Adjusted OIBDA loss decreased $2.5 million and $1.8 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to decreased personnel costs and other professional fees.

Current wording

Corporate and Other Adjusted OIBDA loss increased $1.0 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to increased personnel costs and other professional fees.

Previous wording

Interest Expense. Interest expense increased $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to new borrowings related to the Acquisition and on construction loans partially offset by a reduction in interest rates on the Company’s variable rate debt.

Current wording

Interest Expense. Interest expense increased $0.8 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to new borrowings related to the Acquisition and on the Company’s variable rate debt partially offset by a reduction in interest rates on the variable rate debt.

Previous wording

Realized and unrealized gains (losses) on financial instruments, net. Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the Company’s interest rate swaps driven by changes in interest rates.

Current wording

Realized and unrealized gains (losses) on financial instruments, net. Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the Company’s interest rate swaps driven by changes in the interest rate market.

Previous wording

Other, net. Other, net income decreased $0.2 million and $1.3 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding period in the prior year, primarily due to decreases in dividend and interest income.

Current wording

Other, net. Other, net was relatively flat during the three months ended March 31, 2026, as compared to the corresponding period in the prior year.

Previous wording

Income taxes. The Company’s tax provision from income taxes increased $11.8 millionand $14.9 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily as a result of the increase to pretax book income as well as the Company utilizing a discrete effective tax rate during the three and nine months ended September 30, 2025 compared to an estimated annual effective tax rate during the three and nine months ended September 30, 2024.

Current wording

Income taxes. The Company’s tax provision benefit from income taxes decreased $2.3 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily as a result of the improvement in pretax book income as compared to the three months ended March 31, 2025.

Previous wording

For the three and nine months ended September 30, 2025 and 2024, our effective tax rate was affected by the unfavorable impact of certain non-deductible expenses, such as executive compensation.

Current wording

For the three months ended March 31, 2026 and 2025, our effective tax rate was affected by the unfavorable impact of certain non-deductible expenses, such as executive compensation.

Previous wording

Net earnings (loss). The Company had net earnings of $30.1 million and $10.0 million during the three months ended September 30, 2025 and 2024, respectively. The Company had net earnings of $18.2 million and net losses of $12.1 million during the nine months ended September 30, 2025 and 2024, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Current wording

Net earnings (loss). The Company had net losses of $40.4 million and $41.4 million during the three months ended March 31, 2026 and 2025, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Previous wording

As of September 30, 2025, the Company had $82.2 million of cash and cash equivalents. Substantially all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

Current wording

As of March 31, 2026, the Company had $135.2 million of cash and cash equivalents. Substantially all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

Previous wording

During the nine months ended September 30, 2025 and 2024, the Company’s primary uses of cash were payments to certain players and other employees pursuant to long-term employment agreements, capital expenditures including acquisitions, and debt service and working capital requirements, funded primarily by cash from operations, distributions from equity method affiliates, and new borrowings.

Current wording

During the three months ended March 31, 2026 and 2025, the Company’s primary uses of cash were capital expenditures and debt service, funded primarily by cash from operations.

Previous wording

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. In May 2021, Braves Facility Fund LLC established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund — revolver, is July 10, 2030. The maximum amount available to Braves Facility Fund LLC under the MLB facility fund — revolver was $37.4 million as of September 30, 2025 and was fully drawn as of September 30, 2025.

Current wording

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. In May 2021, Braves Facility Fund LLC established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund — revolver, is July 10, 2030. The maximum amount available to Braves Facility Fund LLC under the MLB facility fund — revolver was $36.2 million as of March 31, 2026 and was fully drawn as of March 31, 2026.

Previous wording

A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029. The availability under the TeamCo Revolver as of September 30, 2025 was $90.0 million, net of $60.0 million drawn as of September 30, 2025.

Current wording

A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029. The availability under the TeamCo Revolver as of March 31, 2026 was $140.0 million, net of $10.0 million drawn as of March 31, 2026.

Previous wording

Our critical accounting estimates are discussed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our fiscal year 2024 Form 10-K under “Critical Accounting Estimates.” There have been no significant changes in our critical accounting estimates during the nine months ended September 30, 2025.

Current wording

Our critical accounting estimates are discussed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025 under “Critical Accounting Estimates.” There have been no significant changes in our critical accounting estimates during the three months ended March 31, 2026.