Liberty Media Corp

Previous wording

For additional risk factors, please see Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q and Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025. Any 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.

Current wording

For additional risk factors, please see Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q, Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025. Any 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.

Previous wording

The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole.

Current wording

The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. Following the Liberty Live Split-Off (as defined below) and the Reincorporation (as defined further below), the Company’s only remaining outstanding common stock is no longer a tracking stock.

Previous wording

On December 15, 2025, the Company completed the split-off (the “Liberty Live Split-Off”) of its wholly owned subsidiary, Liberty Live Holdings. Liberty Live Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Live Group, a tracking stock group. Immediately prior to the Liberty Live Split-Off, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from Liberty’s other tracking stock group, the Liberty Formula One Group (the “Formula One Group”), to the Liberty Live Group in exchange for certain private assets. The Liberty Live Split-Off was intended to be tax-free to stockholders of the Company.

Current wording

to the Liberty Live Group, a tracking stock group. Immediately prior to the Liberty Live Split-Off, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from Liberty’s other tracking stock group, the Liberty Formula One Group (the “Formula One Group”), to the Liberty Live Group in exchange for certain private assets. The Liberty Live Split-Off was intended to be tax-free to stockholders of the Company.

Previous wording

Prior to the Liberty Live Split-Off, the Formula One Group was primarily comprised of Liberty’s interests in Formula 1, MotoGP and QuintEvents, cash and Liberty’s 2.25% Convertible Senior Notes due 2027 (as defined in note 7 to the accompanying condensed consolidated financial statements). As previously disclosed, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain other private assets immediately prior to the Liberty Live Split-Off. Following the Liberty Live Split-Off, the Company’s only remaining outstanding common stock, the Liberty Formula One common stock, is no longer a tracking stock.

Current wording

Prior to the Liberty Live Split-Off, the Formula One Group was primarily comprised of Liberty’s interests in Formula 1, MotoGP and QuintEvents, cash and Liberty’s 2.25% Convertible Senior Notes due 2027 (as defined in note 7 to the accompanying condensed consolidated financial statements). As previously disclosed, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain other private assets immediately prior to the Liberty Live Split-Off.

Previous wording

Revenue. Our consolidated revenue increased $264 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, driven by increases in Formula 1 revenue and revenue from MotoGP, which was acquired in July 2025. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.

Current wording

Revenue. Our consolidated revenue decreased $407 million and $143 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, driven by decreases in Formula 1 revenue, partially offset by revenue from MotoGP, which was acquired in July 2025. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.

Previous wording

Operating income (loss). Our consolidated operating results increased $131 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily driven by improvements in Formula 1’s

Current wording

Operating income (loss). Our consolidated operating results decreased $192 million and $61 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily driven by decreases in Formula 1’s operating results, partially offset by operating income from MotoGP, which was acquired in July 2025. Corporate and other operating results decreased for the three months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily driven by operating income from QuintEvents in the prior year period and corporate legal expenses in the current year period, partially offset by corporate acquisition costs incurred in the prior year period. Corporate and other operating results improved for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily driven by corporate acquisition costs incurred during the prior year period and operating losses from QuintEvents in the prior year period, partially offset by corporate legal expenses in the current year period. See “Results of Operations—Businesses” below for a more complete discussion of the results of operations of Formula 1 and MotoGP.

Previous wording

Stock-based compensation. Stock-based compensation includes compensation related to options, stock appreciation rights, restricted stock units, performance-based restricted stock units and other stock-based awards granted to officers, employees, nonemployee directors and employees of our subsidiaries. We recorded $5 million and $2 million of stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $54 million. Such amount will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 2.5 years.

Current wording

Stock-based compensation. Stock-based compensation includes compensation related to options, stock appreciation rights, restricted stock units, performance-based restricted stock units and other stock-based awards granted to officers, employees, nonemployee directors and employees of our subsidiaries. We recorded $11 million and $8 million of stock-based compensation expense for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the total unrecognized compensation cost related to unvested Liberty equity awards was approximately $51 million. Such amount will be recognized in our condensed consolidated statements of operations over a weighted average period of approximately 2.7 years.

Previous wording

Acquisition costs.* *The Company recorded $11 million of costs related to the acquisition of MotoGP during the three months ended March 31, 2025.

Current wording

Acquisition costs.* *The Company recorded $3 million and $14 million of costs related to the acquisition of MotoGP during the three and six months ended June 30, 2025, respectively.

Previous wording

Interest expense. Consolidated interest expense increased $20 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 the average amount of debt outstanding, partially offset by a decrease in the interest rate on Formula 1’s Senior Loan Facilities (as defined in note 7 to the accompanying condensed consolidated financial statements).

Current wording

Interest expense. Consolidated interest expense increased $19 million and $39 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to an increase in the average amount of debt outstanding, partially offset by a decrease in the interest rate on Formula 1’s Senior Loan Facilities (as defined in note 7 to the accompanying condensed consolidated financial statements).

Previous wording

Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. Changes in unrealized gains (losses) on foreign currency forward contracts are driven by changes in foreign currency exchange rates. Changes in realized and unrealized gains (losses) on interest rate swaps are driven by changes in the fair value of Formula 1’s interest rate swaps and the realized gains (losses) on Formula 1’s interest rate swaps.

Current wording

Changes in unrealized gains (losses) on debt measured at fair value are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is convertible. Changes in unrealized gains (losses) on foreign currency forward contracts are driven by changes in foreign currency exchange rates. Changes in realized and unrealized gains (losses) on interest rate swaps are driven by changes in the fair value of Formula 1’s interest rate swaps and the realized gains (losses) on Formula 1’s interest rate swaps.

Previous wording

Other, net. Other, net income decreased $26 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to a decrease in interest income and foreign currency exchange losses in the current period compared to foreign currency gains in the prior period.

Current wording

Other, net. Other, net income decreased $54 million and $80 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to decreases in interest income, gains on the disposition of assets recognized during the prior year periods and decreases in foreign currency gains.

Previous wording

Company recognized a tax benefit greater than the expected federal tax rate of 21% primarily due to certain unrealized gains that are not taxable and losses in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate.

Current wording

For the three months ended June 30, 2026, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to settlements with tax authorities, certain unrealized losses and interest that are not deductible andearnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate. For the six months ended June 30, 2026, the Company recognized tax expense greater than the expected federal tax rate of 21% primarily due to settlements with tax authorities, earnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate and interest that is not deductible. For the three and six months ended June 30, 2025, the Company recognized tax expense less than the expected federal tax rate of 21% primarily due to certain unrealized gains that are not taxable, partially offset by earnings in foreign jurisdictions taxed at rates higher than the 21% U.S. federal tax rate.

Previous wording

Net earnings (loss) from continuing operations. We had net earnings from continuing operations of $53 million and $17 million for the three months ended March 31, 2026 and 2025, respectively. The changes were the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Current wording

Net earnings (loss) from continuing operations. We had net earnings from continuing operations of $8 million and $61 million for the three and six months ended June 30, 2026, respectively, and net earnings from continuing operations of $386 million and $403 million for the three and six months ended June 30, 2025, respectively. The changes were the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Previous wording

Cash held by each of Formula 1 and MotoGP is accessible by Liberty, except when restricted payment (“RP”) tests imposed by Formula 1 and MotoGP’s respective debt agreements are not met. Pursuant to the RP tests, Liberty does not have unlimited access to Formula 1 or MotoGP’s cash when Formula 1 or MotoGP’s respective leverage ratio exceeds a certain threshold. During the three months ended March 31, 2026, neither Formula 1 nor MotoGP made any distributions to Liberty. If distributions are made in the future, the RP test, pro forma for such distributions, would have to be met. Liberty believes that it currently has appropriate legal structures in place to repatriate foreign cash as tax efficiently as possible and meet the business needs of the Company.

Current wording

Cash held by each of Formula 1 and MotoGP is accessible by Liberty, except when restricted payment (“RP”) tests imposed by Formula 1 and MotoGP’s respective debt agreements are not met. Pursuant to the RP tests, Liberty does not have unlimited access to Formula 1 or MotoGP’s cash when Formula 1 or MotoGP’s respective leverage ratio exceeds a certain threshold. During the six months ended June 30, 2026, neither Formula 1 nor MotoGP made any distributions to Liberty. If distributions are made in the future, the RP test, pro forma for such distributions, would have to be met. Liberty believes that it currently has appropriate legal structures in place to repatriate foreign cash as tax efficiently as possible and meet the business needs of the Company.

Previous wording

Liberty’s uses of cash (excluding cash used by Formula 1 and MotoGP) were not significant during the three months ended March 31, 2026.

Current wording

Liberty’s uses of cash (excluding cash used by Formula 1 and MotoGP) were not significant during the six months ended June 30, 2026.

Previous wording

During the three months ended March 31, 2026, Formula 1’s primary uses of cash were $30 million of contingent consideration paid to the former owners of Formula 1, $19 million of capital expenditures and $10 million of debt repayments, funded by cash from operations.

Current wording

During the six months ended June 30, 2026, Formula 1’s primary uses of cash were $30 million of contingent consideration paid to the former owners of Formula 1, $63 million of capital expenditures and $21 million of debt repayments, funded by cash from operations.

Previous wording

Formula 1. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the F1 Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The F1 Championship takes place on various circuits throughout the world. Formula 1 derives its primary revenue from the commercial exploitation and development of the F1 Championship through a combination of race promotion, media rights and sponsorship arrangements. A significant majority of the race promotion, media rights and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts. The 2026 F1 Championship calendar was originally scheduled to consist of 24 Formula 1 Events. However, as a result of the ongoing conflict in the Middle East, the Formula 1 Events in Bahrain and Saudi Arabia, both scheduled for April 2026, did not take place and the calendar for 2026 now consists of 22 Formula 1 Events. The 2025 F1 Championship calendar consisted of 24 Formula 1 Events.

Current wording

Formula 1. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the F1 Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The F1 Championship takes place on various circuits throughout the world. Formula 1 derives its primary revenue from the commercial exploitation and development of the F1 Championship through a combination of race promotion, media rights and sponsorship arrangements. A significant majority of the race promotion, media rights and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts. The 2025 F1 Championship calendar consisted of 24 Formula 1 Events. The 2026 F1 Championship calendar was originally scheduled to consist of 24 Formula 1 Events. However, as a result of the ongoing conflict in the Middle East, the Formula 1 Events in Bahrain and Saudi Arabia, both scheduled for April 2026, did not take place. As of June 30, 2026, the calendar for 2026 was expected to consist of 22 Formula 1 Events and Formula 1’s operating results, and the application of its revenue and cost recognition policy, for the three and six months ended June 30, 2026 are based on such expectation. Subsequent to June 30, 2026, Formula 1 announced that Malaysia will host the Bahrain Grand Prix in October and the calendar for 2026 is now expected to consist of 23 Formula 1 Events. If the conflict in the Middle East persists, additional calendar changes may be necessary.

Previous wording

Primary Formula 1 revenue increased $177 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, due to the recognition of event-specific revenue from one additional Formula 1 Event in the current period and from contractual increases in fees. Media rights and sponsorship revenue both increased during the three months ended March 31, 2026 due to the impact of the calendar variance on revenue recognition (with 3/22nds of season-based fees recognized in the current period compared to 2/24ths in the prior year period). Sponsorship revenue also increased during the three months ended March 31, 2026 due to revenue from new sponsors.

Current wording

Primary Formula 1 revenue decreased $410 million and $233 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, due to the recognition of event-specific revenue from four and three fewer Formula 1 Events in the current year periods, respectively. Media rights and sponsorship revenue decreased during both the three and six months ended June 30, 2026 due to the impact of the calendar variance on revenue recognition (with 5/22nds of season-based fees recognized during the three months ended June 30, 2026 compared to 9/24ths during the three months ended June 30, 2025 and 8/22nds of season-based fees recognized during the six months ended June 30, 2026 compared to 11/24ths during the six months ended June 30, 2025). Media rights revenue also decreased during the three and six months ended June 30, 2026 as compared to the corresponding periods in the prior year due to the recognition of one-time revenue associated with the release of the F1 movie during the three months ended June 30, 2025. The various decreases in primary revenue during both the three and six months ended June 30, 2026 were partially offset by contractual increases in fees across all primary revenue streams and revenue from new sponsors.

Previous wording

Other Formula 1 revenue increased $37 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily driven by one additional Formula 1 Event, leading to increases in hospitality, freight and travel revenue. Other Formula 1 revenue also increased due to higher hospitality revenue from growing attendance at Paddock Clubs and other new premium product offerings, growth in licensing income and growth from activities at Grand Prix Plaza in Las Vegas. These increases were partially offset by lower Formula 3 revenue driven by the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period.

Current wording

Other Formula 1 revenue decreased $52 million and $15 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, driven by four and three fewer Formula 1 Events in the current year periods, respectively, leading to decreases in hospitality and freight revenue. The decrease in other Formula 1 revenue during the six months ended June 30, 2026 was also driven by lower Formula 3 revenue due to the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period. The decreases in other Formula 1 revenue during the three and six months ended June 30, 2026, as compared to the corresponding periods in the prior year, were partially offset by higher hospitality revenue at recurring Formula 1 Events, growth in licensing income and growth from activities at Grand Prix Plaza in Las Vegas.

Previous wording

Team payments are recognized on a pro-rata basis across the Formula 1 Events of the F1 Championship calendar. Team payments increased during the three months ended March 31, 2026 due to the pro rata recognition of expected team

Current wording

Team payments are recognized on a pro-rata basis across the Formula 1 Events of the F1 Championship calendar. Team payments decreased during the three and six months ended June 30, 2026 due to the pro rata recognition of expected team payments (i.e., 5/22nds of expected team payments recognized during the three months ended June 30, 2026 compared to 9/24ths during the three months ended June 30, 2025 and 8/22nds of expected team payments recognized during the six months ended June 30, 2026 compared to 11/24ths during the six months ended June 30, 2025).

Previous wording

Other costs of motorsport revenue increased $48 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, primarily due to higher hospitality costs, driven by an additional Paddock Club during the current year period and new premium product offerings and higher freight, travel, commissions and partner servicing costs due to the calendar variance, partially offset by lower Formula 3 costs from the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period.

Current wording

Other costs of motorsport revenue decreased $54 million during the three months ended June 30, 2026, as compared to the corresponding period in the prior year, driven by the calendar variance leading to lower costs related to the delivery of hospitality offerings, travel, freight and various other costs. Other costs of motorsport revenue decreased $6 million during the six months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily due to lower Formula 3 costs from the sale of new Formula 3 cars and associated parts at the beginning of the new Formula 3 vehicle cycle during the prior year period and the calendar variance impact of three fewer Formula 1 Events on technical, hospitality and travel costs, partially offset by the impact of the earlier opening of activities at Grand Prix Plaza and higher Paddock Club costs at recurring Formula 1 Events due to increased attendance.

Previous wording

Selling, general and administrative expenses increased $9 million during the three months ended March 31, 2026, as compared to the corresponding period in the prior year, due to zero foreign exchange impact in the current period compared to foreign exchange gains in the prior year period and higher personnel and information technology costs, partially offset by higher marketing costs in the prior year period driven by the 75 th season launch event.

Current wording

Selling, general and administrative expenses increased $11 million and $20 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year, due to higher personnel and information technology costs. Cost increases during the six months ended June 30, 2026 were partially offset by higher marketing costs during the six months ended June 30, 2025 driven by the 75 th season launch event.

Previous wording

Concorde incentive payments represent one-time fees paid to the teams upon signing the 2026 Concorde Commercial Agreement. Such payments are excluded from Adjusted OIBDA for the three months ended March 31, 2025.

Current wording

Concorde incentive payments represent one-time fees paid to the teams upon signing the 2026 Concorde Commercial Agreement. Such payments are excluded from Adjusted OIBDA for the six months ended June 30, 2025.

Previous wording

Stock-based compensationwas relatively flat during the three months ended March 31, 2026 when compared to the corresponding period in the prior year.

Current wording

Stock-based compensationwas relatively flat during the three and six months ended June 30, 2026 when compared to the corresponding periods in the prior year.

Previous wording

Depreciation and amortization includes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization was relatively flat during the three months ended March 31, 2026, as compared to the corresponding period in the prior year.

Current wording

Depreciation and amortization includes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization was relatively flat during the three and six months ended June 30, 2026, as compared to the corresponding periods in the prior year.

Previous wording

which primarily impact amortization expense. The pro forma financial information was prepared based on the historical financial information of MotoGP and assuming the acquisition of MotoGP took place on January 1, 2024. The acquisition price allocation related to the MotoGP acquisition is preliminary. Accordingly, the pro forma adjustments are based on this preliminary allocation and have been made solely for the purpose of providing comparative pro forma financial information. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of Liberty for any future periods. The pro forma adjustments are based on available information and certain assumptions that Liberty management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of Liberty.

Current wording

Liberty acquired approximately 84% of the equity interests of MotoGP on July 3, 2025 and applied acquisition accounting and consolidated the results of MotoGP from that date. Although MotoGP’s results are only included in Liberty’s results beginning on July 3, 2025, we believe a discussion of MotoGP’s results for all periods presented promotes a better understanding of the overall results of its business. For comparison and discussion purposes, we are presenting the pro forma results of MotoGP for the three and six months ended June 30, 2025, inclusive of acquisition accounting adjustments, which primarily impact amortization expense. The pro forma financial information was prepared based on the historical financial information of MotoGP and assuming the acquisition of MotoGP took place on January 1, 2024. The pro forma adjustments are based on the acquisition price allocation and have been made solely for the purpose of providing comparative pro forma financial information. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of Liberty for any future periods. The pro forma adjustments are based on available information and certain assumptions that Liberty management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of Liberty.

Previous wording

MotoGP’s operating results as included in Liberty’s consolidated operating results for the three months ended March 31, 2026 and pro forma operating results for the three months ended March 31, 2025 were as follows:

Current wording

MotoGP’s operating results as included in Liberty’s consolidated operating results for the three and six months ended June 30, 2026 and pro forma operating results for the three and six months ended June 30, 2025 were as follows:

Previous wording

Primary MotoGP revenue increased $19 million during the three months ended March 31, 2026, as compared to pro forma primary MotoGP revenue in the corresponding period in the prior year, primarily due to increased race promotion fees related to a different mix of MotoGP Events, increased sponsorship fees related to trackside advertising and new sponsors and a favorable change in currency exchange rates, partially offset by a reduction in contractual media rights fees.

Current wording

Primary MotoGP revenue decreased $4 million during the three months ended June 30, 2026, as compared to pro forma primary MotoGP revenue in the corresponding period in the prior year, primarily due to decreased contractual media rights fees and decreased title sponsor fees related to a different mix of MotoGP events, partially offset by a favorable change in currency exchange rates and increased race promotion fees related to a different mix of MotoGP Events. Primary MotoGP revenue increased $15 million during the six months ended June 30, 2026, as compared to pro forma primary MotoGP revenue in the corresponding period in the prior year, primarily due to a favorable change in currency exchange rates, increased race promotion fees related to a different mix of MotoGP Events and increased sponsorship fees associated with both new sponsors and contractual uplifts, partially offset by decreased contractual media rights fees and decreased title sponsor fees related to a different mix of MotoGP Events.

Previous wording

Other MotoGP revenue was flat during the three months ended March 31, 2026, as compared to pro forma other MotoGP revenue in the corresponding period in the prior year.

Current wording

Other MotoGP revenue was relatively flat during both the three and six months ended June 30, 2026, as compared to pro forma other MotoGP revenue in the corresponding periods in the prior year.

Previous wording

MotoGP calculates the effect of changes in currency exchange rates as the difference between current period activity translated using the prior period's currency exchange rates. MotoGP refers to the results of this calculation as the impact of currency exchange rate fluctuations. Constant currency operating results, a non-GAAP measure, refers to operating results without the impact of currency exchange rate fluctuations. The disclosure of results in constant currency permits investors to better understand MotoGP’s underlying performance without the effects of currency exchange rate fluctuations.

Current wording

In describing MotoGP’s operating results, the term “currency exchange rates” refers to the foreign currency exchange rates MotoGP uses to convert the operating results for countries where the functional currency is not the U.S. dollar. MotoGP calculates the effect of changes in currency exchange rates as the difference between current period activity translated using the prior period's currency exchange rates. MotoGP refers to the results of this calculation as the impact of currency exchange rate fluctuations. Constant currency operating results, a non-GAAP measure, refers to operating results without the impact of currency exchange rate fluctuations. The disclosure of results in constant currency permits investors to better understand MotoGP’s underlying performance without the effects of currency exchange rate fluctuations.

Previous wording

For the three months ended March 31, 2026, motorsport revenue had a constant currency growth rate of 12.5% versus a U.S. dollar growth rate of 25.3%, the difference of which is attributable to the weakening of the U.S. dollar to the Euro.

Current wording

For the three months ended June 30, 2026, motorsport revenue decreased 4.6% on a constant currency basis versus a 1.7% decrease in U.S. dollars, the difference of which is attributable to the weakening of the U.S. dollar to the Euro. For the six months ended June 30, 2026, motorsport revenue had a constant currency growth rate of 0.9% versus a U.S. dollar growth rate of 6.5%, the difference of which is attributable to the weakening of the U.S. dollar to the Euro.

Previous wording

Cost of motorsport revenue increased $9 million during the three months ended March 31, 2026, as compared to pro forma costs of motorsport revenue in the corresponding period in the prior year, primarily due to higher freight costs associated with freight movements required as a result of the different order of MotoGP Events in addition to increased fuel costs and an unfavorable change in currency exchange rates.

Current wording

Cost of motorsport revenue decreased $5 million during the three months ended June 30, 2026, as compared to pro forma costs of motorsport revenue in the corresponding period in the prior year, primarily due to decreased freight costs associated with freight movements required as a result of the different mix of MotoGP Events and decreased hospitality costs associated with MotoGP’s new hospitality agreement entered into for 2026 whereby MotoGP now acts as an agent for hospitality arrangements and thus recognizes associated revenue and costs on a net basis, partially offset by an unfavorable change in currency exchange rates. Cost of motorsport revenue increased $4 million during the six months ended June 30, 2026, as compared to pro forma costs of motorsport revenue in the corresponding period in the prior year, primarily due to an unfavorable change in currency exchange rates, partially offset by decreased freight costs associated with freight movements required as a result of the different mix of MotoGP Events and decreased hospitality costs associated with MotoGP’s new hospitality agreement entered into for 2026 whereby MotoGP now acts as an agent for hospitality arrangements and thus recognizes associated revenue and costs on a net basis.

Previous wording

Selling, general and administrative expensesinclude personnel costs, legal, professional and other advisory fees, bad debt expense, rental expense, information technology costs, insurance premiums, maintenance and utility costs and other general office administration costs. Selling, general and administrative expenses increased $4 million during the three months ended March 31, 2026, as compared to pro forma selling, general and administrative expenses in the corresponding period in the prior year, primarily due to an unfavorable change in currency exchange rates.

Current wording

Selling, general and administrative expensesinclude personnel costs, legal, professional and other advisory fees, bad debt expense, rental expense, information technology costs, insurance premiums, maintenance and utility costs and other general office administration costs. Selling, general and administrative expenses were flat and increased $4 million during the three and six months ended June 30, 2026, respectively, as compared to pro forma selling, general and administrative expenses in the corresponding periods in the prior year. The increase for the six months ended June 30, 2026 was primarily due to an unfavorable change in currency exchange rates.

Previous wording

Depreciation and amortizationincludes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization increased $6 million during the three months ended March 31, 2026, as compared to pro forma depreciation and amortization in the corresponding period in the prior year, primarily due to an unfavorable change in currency exchange rates.

Current wording

Depreciation and amortizationincludes depreciation of property and equipment and amortization of intangible assets. Depreciation and amortization increased $2 million and $8 million during the three and six months ended June 30, 2026, respectively, as compared to pro forma depreciation and amortization in the corresponding periods in the prior year, primarily due to an unfavorable change in currency exchange rates.