TKO Group Holdings, Inc.

Notes

(1)

The definition of Adjusted EBITDA can be found in the Non-GAAP Financial Measures section of the release on page 8. A reconciliation of Net Income (Loss) to Adjusted EBITDA for the three months ended March 31, 2026 and 2025 can be found in the Supplemental Information in this release on page 15.

(2)

As the acquisition of the Acquired Businesses was accounted for as a merger between entities under common control, reported results presented in this earnings release reflect the results of the Acquired Businesses as if they had been part of TKO during the historical periods presented herein. See the “Basis of Presentation” discussion on page 9 for further details.

(3)

The definition of Free Cash Flow and Free Cash Flow Conversion can be found in the Non-GAAP Financial Measures section of the release on page 8. A reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow for the three months ended March 31, 2026 and 2025 can be found in the Supplemental Information in this release on page 16.

(4)

An explanation of the basis of presentation can be found in this release on page 9.