Liberty Live Holdings, Inc.

Previous wording

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

Current wording

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

Previous wording

A portion of Liberty Media’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was previously allocated to the Liberty Live Group, and are currently allocated to Liberty Live each reporting period based on an estimate of time spent. Under these various agreements $2.5 million and $3.2 million was reimbursable to Liberty Media during the three months ended June 30, 2026 and 2025, respectively, and $5.8 million and $6.6 million was reimbursable to Liberty Media during the six months ended June 30, 2026 and 2025, respectively.

Current wording

A portion of Liberty Media’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was previously allocated to the Liberty Live Group, and are currently allocated to Liberty Live each reporting period based on an estimate of time spent. Under these various agreements $2.6 million and $6.9 million was reimbursable to Liberty Media during the three months ended September 30, 2026 and 2025, respectively, and $8.4 million and $13.5 million was reimbursable to Liberty Media during the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

In addition, recent hostilities involving the U.S., Israel and Iran and others have significantly disrupted the normal flow of oil, refined petroleum products and related commodities, resulting in higher commodity prices and associated economic volatility. The length and impact of these ongoing conflicts and geopolitical turmoil is highly unpredictable and could lead to further market disruptions, including significant volatility in commodity prices, currency exchange rates, credit and capital markets, supply chain interruptions, changes in consumer purchasing behavior and increased cyber-attacks against U.S. companies. Due to the conflict in Iran, Formula 1 announced that the 2026 Bahrain and Saudi Arabian Grands Prix would not take place in April 2026 as originally scheduled, and MotoGP postponed the 2026 Qatar Grand Prix to November 2026, which will have an adverse impact on Quint’s results of operations in 2026. Subsequent to June 30, 2026, Formula 1 announced that Malaysia will host the Bahrain Grand Prix in October. If the conflict in the Middle East persists, additional calendar changes may be necessary.

Current wording

In addition, recent hostilities involving the U.S., Israel and Iran and others have significantly disrupted the normal flow of oil, refined petroleum products and related commodities, resulting in higher commodity prices and associated economic volatility. The length and impact of these ongoing conflicts and geopolitical turmoil are highly unpredictable and could lead to further market disruptions, including significant volatility in commodity prices, currency exchange rates, credit and capital markets, supply chain interruptions, changes in consumer purchasing behavior and increased cyber-attacks against U.S. companies. Due to the conflict in Iran, Formula 1 announced that the 2026 Bahrain and Saudi Arabian Grands Prix would not take place in April 2026 as originally scheduled, and MotoGP postponed the 2026 Qatar Grand Prix to November 2026, which will have an adverse impact on Quint’s results of operations in 2026. In July 2026, Formula 1 announced that Malaysia would host the Bahrain Grand Prix, which took place in October 2026. If the conflict in the Middle East persists, additional calendar changes may be necessary.

Previous wording

Additionally, any resulting sanctions could adversely affect the global economy and financial markets. A weakened economic and business climate, as well as consumer uncertainty created by such a climate, could harm Live Nations’ and/or Quint’s revenues and profitability. Accordingly, the ability of Live Nation and/or Quint to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments remain weak or decline further. In addition, inflationary pressures, which have been significant and remain significant, may increase operational

Current wording

Additionally, any resulting sanctions could adversely affect the global economy and financial markets. A weakened economic and business climate, as well as consumer uncertainty created by such a climate, could harm Live Nation’s and/or Quint’s revenues and profitability. Accordingly, the ability of Live Nation and/or Quint to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments remain weak or decline

Previous wording

costs, including labor costs, and elevated interest rates or any further increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty and heightening these risks. Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels, can also significantly impact Live Nation’s and Quint’s operating results. These factors can affect attendance at Live Nation’s and Quint’s events, premium seat sales, sponsorship, advertising and hospitality spending, concession and merchandise sales, as well as the financial results of sponsors of Live Nation’s and Quint’s venues, events and the industry. There can be no assurance that consumer and corporate spending will not be adversely impacted by ongoing uncertainty in the macroeconomic and political environments, or by any future deterioration in such environments, thereby possibly impacting Live Nation’s and Quint’s operating results and growth.

Current wording

further. In addition, inflationary pressures, which have been significant and remain significant, may increase operational costs, including labor costs, and elevated interest rates or any further increases in interest rates in response to concerns about inflation may have the effect of further increasing economic uncertainty and heightening these risks. Business conditions, as well as various industry conditions, including corporate marketing and promotional spending and interest levels, can also significantly impact Live Nation’s and Quint’s operating results. These factors can affect attendance at Live Nation’s and Quint’s events, premium seat sales, sponsorship, advertising and hospitality spending, concession and merchandise sales, as well as the financial results of sponsors of Live Nation’s and Quint’s venues, events and the industry. There can be no assurance that consumer and corporate spending will not be adversely impacted by ongoing uncertainty in the macroeconomic and political environments, or by any future deterioration in such environments, thereby possibly impacting Live Nation’s and Quint’s operating results and growth.

Previous wording

Revenue. The Company designs and develops ticket-inclusive experiential hospitality packages (including on or off-site experiences, transportation, and hotel accommodations) to major sporting and lifestyle events held globally. Revenue increased $8,456 thousand during the three months ended June 30, 2026, as compared to the same period in the prior year, primarily due to an increase related to MotoGP of $6,746 thousand due to the hospitality agreement announced during the current year with MotoGP and incremental hospitality and experiential package sales, as well as an increase of $5,623 thousand in other event revenue, primarily related to new events, including USGA events and World Cup transportation, and hospitality growth year over year at existing events. These increases were partially offset by a decrease of $3,816 thousand related to hotel room packages for events that occurred in 2025 but not in 2026.

Current wording

Revenue. The Company designs and develops ticket-inclusive experiential hospitality packages (including on or off-site experiences, transportation, and hotel accommodations) to major sporting and lifestyle events held globally. Revenue increased $44,194 thousand during the three months ended September 30, 2026, as compared to the same period in the prior year, primarily due to an increase related to Formula 1 of $34,377 thousand due to year over year organic growth and one incremental race due to changes in the F1 race calendar, an increase of $8,249 thousand in other event revenue, primarily related to new events, including the World Cup, NFL Australia game, and hospitality growth year over year at existing events, as well as an increase related to MotoGP of $2,456 thousand due to the hospitality agreement announced during the current year with MotoGP and incremental hospitality and experiential package sales. These increases were partially offset by a decrease of $1,511 thousand related to hotel room packages for events that occurred in 2025 but not in 2026.

Previous wording

Revenue increased $25,017 thousand during the six months ended June 30, 2026, as compared to the same period in the prior year, primarily due to an increase related to Formula 1 of $25,741 thousand due to year over year growth at the events executed despite three fewer events in 2026 compared to 2025, an increase related to MotoGP of $9,957 thousand due to the hospitality agreement announced during the current year with MotoGP and incremental hospitality and experiential package sales, and an increase of $5,411 thousand inother event revenue, primarily relatedto new events, including USGA events and World Cup transportation, and hospitality growth year over year at existing events. These

Current wording

Revenue increased $69,211 thousand during the nine months ended September 30, 2026, as compared to the same period in the prior year, primarily due to an increase related to Formula 1 of $60,117 thousand due to year over year growth at the events executed despite two fewer events in 2026 compared to 2025, an increase of $13,660 thousand inother event

Previous wording

increases were partially offset by a decrease related to the NBA of $12,021 thousand due to changes in venues and participating teams impacting demand, and a decrease of $3,998 thousand related to hotel room packages for events that occurred in 2025 but not in 2026.

Current wording

revenue, primarily relatedto new events, including USGA events, the World Cup, NFL Australia and hospitality growth year over year at existing events, andan increase related to MotoGP of $12,414 thousand due to the hospitality agreement announced during the current year with MotoGP and incremental hospitality and experiential package sales. These increases were partially offset by a decrease related to the NBA of $11,324 thousand due to changes in venues and participating teams impacting demand, and a decrease of $5,509 thousand related to hotel room packages for events that occurred in 2025 but not in 2026.

Previous wording

Cost of revenue. Cost of revenue primarily includes the direct costs to execute and fulfill experiential packages including ticket, hospitality, hotel and transportation costs. Cost of revenue increased $6,385 thousand for the three months ended June 30, 2026, as compared to the same period in the prior year. The increase in cost of revenue was due to increases of $5,904 thousand related to MotoGP associated with the increased revenue as discussed above, and an increase of $3,810 thousand related to new events, as discussed above, partially offset by a decrease of $3,800 thousand related to hotel room packages for events that occurred in 2025 but not in 2026.

Current wording

Cost of revenue. Cost of revenue primarily includes the direct costs to execute and fulfill experiential packages including ticket, hospitality, hotel and transportation costs. Cost of revenue increased $36,772 thousand for the three months ended September 30, 2026, as compared to the same period in the prior year. The increase in cost of revenue was due to an increase of $27,629 thousand related to Formula 1 associated with the increased revenue as discussed above, an increase of $5,871 thousand related to new events, as discussed above, and an increase of $2,724 thousand related to MotoGP associated with the increased revenue as discussed above.

Previous wording

Cost of revenue increased $16,502 thousand for the six months ended June 30, 2026, as compared to the same period in the prior year. The increase in cost of revenue was due to increases of $19,405 thousand and $8,332 thousand related to Formula 1 and MotoGP, respectively, associated with the increased revenue as discussed above, and an increase of $3,532 thousand related to new events, as discussed above. These increases were partially offset by a decrease of $10,197 thousand related to the NBA as a result of the decrease in revenue, as discussed above, a decrease of $3,970 thousand related to hotel room packages, and a decrease of $1,695 thousand related to tax compliance expense.

Current wording

Cost of revenue increased $53,274 thousand for the nine months ended September 30, 2026, as compared to the same period in the prior year. The increase in cost of revenue was due to increases of $47,034 thousand and $11,056 thousand related to Formula 1 and MotoGP, respectively, associated with the increased revenue as discussed above, and an increase of $9,403 thousand related to new events, as discussed above. These increases were partially offset by a decrease of $9,643 thousand related to the NBA as a result of the decrease in revenue, as discussed above, and a decrease of $4,984 thousand related to hotel room packages.

Previous wording

SG&A increased $3,266 thousand for the six months ended June 30, 2026, as compared to the same period in the prior year, primarily due to increases at Quint of $3,021 thousand for personnel costs and $403 thousand for commissions expenses, as well as higher corporate expenses of $1,457 thousand related to the allocation of services from Liberty Media, payroll taxes and insurance expense. These increases were partially offset by a decrease of $2,571 thousand at the corporate level related to professional services fees.

Current wording

SG&A increased $4,748 thousand for the nine months ended September 30, 2026, as compared to the same period in the prior year, primarily due to increases at Quint of $7,879 thousand for personnel costs, bad debt expenses, commissions expense and credit card fees, and higher corporate expenses of $967 thousand related to payroll taxes and insurance expense. These increases were partially offset by decreased corporate expenses of $5,060 thousand related to professional services fees which were higher in the prior year due to the Split-Off.

Previous wording

Stock-based compensation. Stock-based compensation increased $963 thousand and $3,008 thousand for the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year, primarily due to expense from grants issued in the fourth quarter of 2025 combined with a prior period grant that completed its vesting cycle.

Current wording

Stock-based compensation. Stock-based compensation increased $720 thousand and $3,728 thousand for the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year, primarily due to expense from grants issued in the fourth quarter of 2025 combined with a prior period grant that completed its vesting cycle.

Previous wording

Depreciation and amortization. Depreciation and amortization remained relatively flat for the three and six months ended June 30, 2026, as compared to the same periods in the prior year.

Current wording

Depreciation and amortization. Depreciation and amortization remained relatively flat for the three and nine months ended September 30, 2026, as compared to the same periods in the prior year.

Previous wording

Adjusted OIBDA. To provide investors with additional information regarding the Company’s financial results, it also discloses Adjusted OIBDA, which is a non-GAAP financial measure. Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring, acquisition costs and impairment charges. Liberty Live’s chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate Liberty Live’s businesses and make decisions about allocating resources among Liberty Live’s businesses. Liberty Live believes this is an important indicator of the operational strength and performance of Liberty Live’s 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 Liberty Live 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 operating activities and other measures of financial performance prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

Current wording

Adjusted OIBDA. To provide investors with additional information regarding the Company’s financial results, it also discloses Adjusted OIBDA, which is a non-GAAP financial measure. Adjusted OIBDA is defined as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring, acquisition costs and impairment charges. Liberty Live’s chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate Liberty Live’s businesses and make decisions about allocating resources among Liberty Live’s businesses. Liberty Live believes this measure is an important indicator of the operational strength and performance of Liberty Live’s 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 Liberty Live 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

Previous wording

Quint Adjusted OIBDA increased $200 thousand and $4,258 thousand during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year. Adjusted OIBDA was impacted by the above discussed fluctuations in revenue and expenses.

Current wording

Quint Adjusted OIBDA increased $2,858 thousand and $7,116 thousand during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year. Adjusted OIBDA was impacted by the above discussed fluctuations in revenue and expenses.

Previous wording

Corporate and Other Adjusted OIBDA loss decreased $2,419 thousand and $991 thousand during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year. The decreases in losses were impacted by the above discussed fluctuations in SG&A expenses.

Current wording

Corporate and Other Adjusted OIBDA loss decreased $3,082 thousand and $4,073 thousand during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year. The decreases in losses were impacted by the above discussed fluctuations in SG&A expenses.

Previous wording

Interest Expense. Interest expense remained relatively flat during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year.

Current wording

Interest Expense. Interest expense remained relatively flat during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year.

Previous wording

Dividend and interest income. Dividend and interest income increased $905 thousand and $1,435 thousand during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year, primarily due to higher invested cash balances due to cash transferred from Liberty Media in connection with the Split-Off.

Current wording

Dividend and interest income. Dividend and interest income increased $393 thousand and $1,828 thousand during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year, primarily due to higher invested cash balances.

Previous wording

Share of earnings (loss) of affiliates, net. The Company’s share of earnings of affiliates, net increased $11,084 thousand and decreased $114,693 thousand during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year. Share of earnings (losses) from affiliates, net is primarily attributable to the Company’s ownership interest in Live Nation. Upon the Company’s initial investment in Live Nation, the Company allocated the excess basis, between the book basis of Live Nation and fair value of the shares acquired and ascribed remaining useful lives to amortizable intangible assets and deferred taxes. As of June 30, 2026, amortizable intangible assets had a remaining weighted average useful life of approximately 5.8 years. Amortization related to intangible assets with identifiable useful lives is included in the Company’s share of earnings (loss) of affiliates, net line item in the accompanying condensed consolidated statements of operations and aggregated $5,717 thousand and $4,902 thousand, net of related taxes, for the three months ended June 30, 2026 and 2025, respectively, and $11,820 thousand and $9,191 thousand, net of related taxes, for the six months ended June 30, 2026 and 2025, respectively. The increase in amortization was due to our share of Live Nation’s equity activity that increased our excess basis as well as a cumulative change in the applicable tax rate, partially offset by the full amortization of certain historical excess cost amounts.

Current wording

Share of earnings (loss) of affiliates, net. The Company’s share of earnings (loss) of affiliates, net increased $5,032 thousand and decreased $109,661 thousand during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year. Share of earnings (loss) from affiliates, net is primarily attributable to the Company’s ownership interest in Live Nation. Upon the Company’s initial investment in Live Nation, the Company allocated the excess basis, between the book basis of Live Nation and fair value of the shares acquired and ascribed remaining useful lives to amortizable intangible assets and deferred taxes. As of September 30, 2026, amortizable intangible assets had a remaining weighted average useful life of approximately 5.6 years. Amortization related to intangible assets with identifiable useful lives is included in the Company’s share of earnings (loss) of affiliates, net line item in the accompanying condensed consolidated statements of operations and aggregated $5,152 thousand and $5,327 thousand, net of related taxes, for the three months ended September 30, 2026 and 2025, respectively, and $16,972 thousand and $14,517 thousand, net of related taxes, for the nine months ended September 30, 2026 and 2025, respectively. For the three months ended September 30, 2026, the decrease in amortization was due to the full amortization of certain

Previous wording

Revenue. Live Nation’s revenue increased $660 million and $1,071 million during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year. The increase for the three months ended June 30, 2026 was driven by increased revenue in the Concerts segment of $498 million, Ticketing segment of $110 million and Sponsorship & Advertising segment of $42 million. Concerts revenue increased primarily due to fan count growth from more shows driven by Live Nation’s International markets, particularly mainland Europe and South America, as well as revenue of $30 million from newly opened venues. Ticketing revenue increased primarily due tohigher primary ticket sales driven by more concerts events in North America and international markets. Sponsorship & Advertising revenue increased primarily due to increased festival sponsorships as well as venue sponsorship deals across multiple markets in Europe and Latin America.

Current wording

Revenue. Live Nation’s revenue increased $1,606 million and $2,677 million during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year. The increase for the three months ended September 30, 2026 was driven by increased revenue in the Concerts segment of $1.5 billion, Ticketing segment of $73 million and Sponsorship & Advertising segment of $63 million. Concerts revenue increased primarily due to fan count growth from more shows driven by Live Nation’s United States and International markets, particularly in Europe, as well as revenue of $103 million from newly opened venues. Ticketing revenue increased primarily due to higher primary ticket sales driven by more concert events across all major markets. Sponsorship & Advertising revenue increased primarily due to the Rock in Rio Festival in Brazil that runs every two years, as well as venue sponsorship deals across Europe, South America and North America.

Previous wording

The increase for the six months ended June 30, 2026 was driven by increased revenue in the Concerts segment of $789 million, Ticketing segment of $180 million and Sponsorship & Advertising segment of $85 million. Concerts revenue increased primarily due to approximately 1,000 more shows driven by International fan count growth, particularly Arena fan count growth in almost every one of Live Nation’s global markets, as well as revenue of $37 million from newly opened venues. Concerts had incremental revenue of $289 million from acquisitions.Ticketing revenue increased primarily due tohigher primary ticket sales driven by more concert events in North America and international markets. Sponsorship & Advertising revenue increased primarily due to increased festival sponsorships as well as venue sponsorship deals across multiple markets in Canada, Europe and Latin America.

Current wording

The increase for the nine months ended September 30, 2026 was driven by increased revenue in the Concerts segment of $2.3 billion, Ticketing segment of $253 million and Sponsorship & Advertising segment of $148 million. Concerts revenue increased primarily due to approximately 1,900 more shows, increased stadium fan count growth in Europe and arena fan count growth in the United States, as well as revenue of $141 million from newly opened venues. Concerts also had incremental revenue of $471 million from acquisitions. Ticketing revenue increased primarily due to higher primary ticket sales driven by more concert events across all major markets. Sponsorship & Advertising revenue increased primarily due to increased festival sponsorships as well as venue sponsorship deals across Live Nation’s international markets.

Previous wording

*Operating Income.*Operating income increased $35 million and decreased $450 million during the three and six months ended June 30, 2026, respectively, as compared to the same periods of the prior year. The increase for the three months ended June 30, 2026 was primarily driven by increased operating income in the Ticketing segment of $35 million and the Sponsorship & Advertising segment of $26 million as well as lower corporate expenses due to certain acquisition expense in the prior year. These were partially offset by decreased operating income in the Concerts segment of $70 million. The increased operating income in the Ticketing and Sponsorship & Advertising segments was driven by higher revenue, as discussed above. The decreased operating income in the Concerts segment was due to the geographic mix of stadium shows as stadium activity for North America shifted from the second quarter to the third quarter of 2026 as a

Current wording

*Operating Income.*Operating income increased $100 million and decreased $351 million during the three and nine months ended September 30, 2026, respectively, as compared to the same periods of the prior year. The increase for the three months ended September 30, 2026 was primarily driven by increased operating income in the Concerts segment of

Previous wording

The decrease for the six months ended June 30, 2026 was primarily driven by the $450 million accrued expense associated with the litigation (as discussed in note 8 to the accompanying condensed consolidated financial statements), decreased operating income in the Concerts segment of $100 million, partially offset by increased operating income in the Sponsorship & Advertising segment of $52 million and the Ticketing segment of $28 million. The decrease in operating income in the Concerts segment was driven by geographic show mix, quarterly phasing, and higher selling, general and administrative expenses attributable to pre-opening costs for venues opening in 2026 and beyond as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in the Sponsorship & Advertising segment. The increased operating income in the Sponsorship & Advertising segment was due to increased revenue from sponsorship activity, as discussed above. The increased operating income in the Ticketing segment was due to increased revenue as discussed above, partially offset by an increase in direct operating expenses due to greater ticket sales.

Current wording

The decrease for the nine months ended September 30, 2026 was primarily driven by the $450 million accrued expense associated with the litigation (as discussed in note 8 to the accompanying condensed consolidated financial statements), decreased operating income in the Concerts segment of $60 million, partially offset by increased operating income in the Sponsorship & Advertising segment of $84 million and the Ticketing segment of $54 million. The decrease in operating income in the Concerts segment was driven by higher selling, general and administrative expenses attributable to pre-opening costs for venues opening in 2026 as well as costs associated with International festival growth and acquisitions where benefits are substantially recognized in the Sponsorship & Advertising segment, as well as higher depreciation and amortization expense related to Live Nation’s ongoing venue build and upgrade program. The increased operating income in the Sponsorship & Advertising segment was due to increased revenue from sponsorship activity, as discussed above. The increased operating income in the Ticketing segment was due to increased revenue as discussed above, partially offset by an increase in direct operating expenses due to greater ticket sales.

Previous wording

*Income Taxes.*For the six months ended June 30, 2026, Live Nation recorded a net income tax expense of $83 million on pretax income of $106 million, compared to a net income tax expense of $137 million on pretax income of $486 million for the six months ended June 30, 2025. The net decrease in income tax expense of $54 million was primarily due to a decrease in pretax income in 2026 as compared to the same period of the prior year, partially offset by the nondeductible tax impact of the $450 million accrued expense associated with the litigation (as discussed in note 8 to the accompanying condensed consolidated financial statements).

Current wording

*Income Taxes.*For the nine months ended September 30, 2026, Live Nation recorded a net income tax expense of $342 million on pretax income of $932 million, compared to a net income tax expense of $389 million on pretax income of $1.2 billion for the nine months ended September 30, 2025. The net decrease in income tax expense of $47 million was primarily due to a decrease in pretax income in 2026 as compared to the same period of the prior year, partially offset by the nondeductible tax impact of the $450 million accrued expense associated with the litigation (as discussed in note 8 to the accompanying condensed consolidated financial statements).

Previous wording

The changes in these accounts are primarily due to changes in market factors and changes in the fair value of the underlying stocks or financial instruments to which these related (see note 6 to the accompanying condensed consolidated financial statements for additional discussion related to debt). Realized and unrealized losses increased $134,922 thousand and $347,455 thousand for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily due to increases in unrealized losses on the 2.375% Exchangeable Senior Debentures due 2053 (“2.375% Exchangeables”), primarily attributable to an increase in the market value of Live Nation’s common stock, as well as an increase in unrealized losses related to a derivative instrument entered into during the second quarter of 2025 (“2025 Forward Contracts”) (see note 6 to the accompanying condensed consolidated financial statements).

Current wording

The changes in these accounts are primarily due to changes in market factors and changes in the fair value of the underlying stocks or financial instruments to which these related (see note 6 to the accompanying condensed consolidated financial statements for additional discussion related to debt). Realized and unrealized losses decreased $484,935 thousand and $137,480 thousand for the three and nine months ended September 30, 2026, respectively, compared to the corresponding periods in the prior year, primarily due to decreased unrealized losses on the 2.375% Exchangeable Senior Debentures due 2053 (“2.375% Exchangeables”), primarily attributable to a decrease in the market value of Live Nation’s common stock, as well as a decrease in unrealized losses related to a derivative instrument entered into during the second quarter of 2025 (“2025 Forward Contracts”) (see note 6 to the accompanying condensed consolidated financial statements).

Previous wording

Other income (expense), net. Other income (expense), net remained relatively flat during the three and six months ended June 30, 2026, respectively, as compared to the same periods in the prior year.

Current wording

Other income (expense), net. Other income (expense), net remained relatively flat during the three and nine months ended September 30, 2026, respectively, as compared to the same periods in the prior year.

Previous wording

Income taxes. Earnings (loss) before income taxes, income tax (expense) benefit, and the effective tax rates for the three and six months ended June 30, 2026 and 2025 are summarized below:

Current wording

Income taxes. Earnings (loss) before income taxes, income tax (expense) benefit, and the effective tax rates for the three and nine months ended September 30, 2026 and 2025 are summarized below:

Previous wording

Net earnings (loss). The Company had net losses of $268,663 thousand and $180,323 thousand for the three months ended June 30, 2026 and 2025, respectively, and net losses of $562,801 thousand and $209,799 thousand for the six months ended June 30, 2026 and 2025, respectively. The change in net earnings (loss) was the result of the fluctuations in Liberty Live’s revenue, expenses and other gains and losses, as described above.

Current wording

Net earnings (loss). The Company had net earnings of $333,841 thousand and net losses of $55,734 thousand for the three months ended September 30, 2026 and 2025, respectively, and net losses of $228,960 thousand and $265,533 thousand for the nine months ended September 30, 2026 and 2025, respectively. The change in net earnings (loss) was the result of the fluctuations in Liberty Live’s revenue, expenses and other gains and losses, as described above.

Previous wording

Substantially all of its 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 September 30, 2026, substantially all of the Company’s cash was held in cash equivalents. 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 six months ended June 30, 2026, the Company’s primary uses of cash were $8,264 thousand for bank fees related to the exchanges of the 2.375% Exchangeables and $4,539 thousand of withholding taxes on net settlements of stock-based compensation.

Current wording

During the nine months ended September 30, 2026, the Company’s primary uses of cash were $8,998 thousand for minimum guaranteed payments on rightsholder relationships, $8,526 thousand of cash paid for acquisitions, net of cash acquired, and $8,264 thousand for bank fees related to the exchanges of the 2.375% Exchangeables.

Previous wording

The Company’s projected uses of cash for the remainder of the year, outside of normal operating expenses (inclusive of tax payments), are interest payments of approximately $14,650 thousand and fees to Liberty Media for providing certain services pursuant to the Ancillary Agreements. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations, and debt borrowings under the Live Nation Margin Loan. Liberty Live believes that the available sources of liquidity are sufficient to cover its projected future uses of cash.

Current wording

The Company’s projected uses of cash for the remainder of the year, outside of normal operating expenses (inclusive of tax payments), are interest payments of approximately $7,311 thousand and fees to Liberty Media for providing certain services pursuant to the Ancillary Agreements. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations, and debt borrowings under the Live Nation Margin Loan. Liberty Live believes that the available sources of liquidity are sufficient to cover its projected future uses of cash.