Atlanta Braves Holdings, Inc.

Previous wording

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta (the “Mixed-Use Development”). 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 (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

As there were no regular season home games played in either the first quarter of 2025 or 2024, baseball event revenue was relatively flat during the three months ended March 31, 2025, as compared to the corresponding period in the prior year. Broadcasting revenue increased $2.2 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to an increase in the number of regular season games based upon the timing of the regular season start this year, as well as contractual rate increases. Retail and licensing revenue was relatively flat during the three months ended March 31, 2025, as compared to the corresponding period in the prior year. Other revenue, a component of baseball revenue, increased $4.3 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to events held at Truist Park, including hosting two games for the Savannah Bananas.

Current wording

Baseball event revenue increased $9.0 million and $8.7 million for the three and six months ended June 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 a reduction in concession revenue due to reduced attendance at regular season home games. Broadcasting revenue increased $10.1 million and $12.3 million during the three and six months ended June 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 $1.1 million and $0.6 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to reduced attendance at regular season home games. Other revenue, a component of baseball revenue, increased $3.3 million and $7.6 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year. The increase for the three-month period, as compared to the corresponding period in the prior year, is primarily driven by a concert held at Truist Park as well as other special events. The increase for the six-month period, as compared to the corresponding period in the prior year, is primarily due to events held at Truist Park, including the concert noted above as well as hosting two games for the Savannah Bananas.

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 months ended March 31, 2025, Mixed-Use Development revenue increased $3.5 million, as compared to the corresponding period in the prior year, primarily due to a $3.1 million increase in rental income and a $0.2 million increase in both sponsorship and parking revenue, respectively. Increases in rental income for the three months ended March 31, 2025, were primarily driven by new lease commencements.

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 and six months ended June 30, 2025, Mixed-Use Development revenue increased $8.2 million and $11.7 million, respectively, as compared to the corresponding periods in the prior year, primarily due to a $7.7 million and a $10.8 million increase in rental income, respectively, and a $0.3 million and a $0.5 million increase in sponsorship revenue, respectively. Increases in rental income for the three and six months ended June 30, 2025, were primarily driven by new lease commencements and the in-place leases associated with the Acquisition, partially offset by various lease terminations.

Previous wording

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three months ended March 31, 2025, baseball operating expenses increased $3.6 million, as compared to the corresponding period in the prior year, primarily due to a $1.1 million increase in major league player salaries and a $0.6 million increase in MLB’s revenue sharing plan and other shared expenses. Additional increases in baseball operating costs during the three months ended March 31, 2025, were due to $1.6 million of increases in expenses for events held at Truist Park.

Current wording

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three and six months ended June 30, 2025, baseball operating expenses increased $5.7 million and $9.3 million, respectively, as compared to the corresponding periods in the prior year, primarily due to a $4.8 million and $5.4 million increase in MLB’s revenue sharing plan and other shared expenses, respectively, a $1.3 million and $2.9 million increase in expenses for events held at Truist Park, respectively, and a $1.5 million and $1.6 million increase in minor league related expenses, respectively. These operating expenses were partially offset by a $4.3 million and $3.1 million decrease in major league player salaries for three and six months ended June 30, 2025, respectively, and a $0.2 million and $0.7 million decrease in variable concession and retail operating expenses, respectively, due to reduced attendance at regular season homes games during 2025.

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 months ended March 31, 2025, Mixed-Use Development costs were relatively flat as compared to the corresponding period in the prior year.

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 and six months ended June 30, 2025, Mixed-Use Development costs increased $1.2 million and $1.4 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.

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 expense increased $1.2 million for the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to increased personnel costs.

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 $2.6 million and $3.9 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to $2.0 million and $2.9 million of increased property taxes, insurance and other professional fees, respectively, in addition to $0.5 million and $1.1 million of increased personnel costs, respectively.

Previous wording

Stock-based compensation. Stock-based compensation decreased $1.1 million for the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to a reduction in outstanding awards.

Current wording

Stock-based compensation. Stock-based compensation decreased $1.1 million and $2.1 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily due to a reduction in average outstanding awards.

Previous wording

Depreciation and amortization. Depreciation and amortization decreased $1.6 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to various Baseball related

Current wording

Depreciation and amortization. Depreciation and amortization increased $4.2 million and $2.5 million during the three and six months ended June 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.

Previous wording

Operating income (loss).* *Operating loss decreased $7.9 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, due to the above explanations.

Current wording

Operating income (loss).* *Operating income (loss) increased $16.9 million and $24.8 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods 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 depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. 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

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. 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:

Previous wording

Baseball Adjusted OIBDA increased $2.1 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.

Current wording

Baseball Adjusted OIBDA increased $14.7 million and $16.8 million during the three and six months ended June 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.

Previous wording

Mixed-Use Development Adjusted OIBDA increased $3.0 million during the three months ended March 31, 2025, 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.

Current wording

Mixed-Use Development Adjusted OIBDA increased $6.1 million and $9.0 million during the three and six months ended June 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.

Previous wording

Corporate and Other Adjusted OIBDA loss decreased $0.1 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, primarily due to decreased stock-based compensation expense related to the Corporate Governance Transition.

Current wording

Corporate and Other Adjusted OIBDA loss increased $0.8 million and $0.6 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding period in the prior year, primarily due to increased personnel costs, insurance and other professional fees.

Previous wording

Other, net. Other, net income decreased $0.6 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, due to decreases in dividend and interest income.

Current wording

Other, net. Other, net income decreased $0.5 million and $1.1 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding period in the prior year, primarily due to decreases in dividend and interest income.

Previous wording

Income taxes. The Company’s tax provision or benefit from income taxes increased $8.5 million during the three months ended March 31, 2025, as compared to the corresponding period in the prior year, as a result of the Company utilizing a discrete effective tax rate during the three months ended March 31, 2025 compared to an estimated annual effective tax rate during the three months ended March 31, 2024.

Current wording

Income taxes. The Company’s tax provision or benefit from income taxes increased $11.4 millionand $3.1 million during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in the prior year, primarily as a result of the Company utilizing a discrete effective tax rate during the three and six months ended June 30, 2025 compared to an estimated annual effective tax rate during the three and six months ended June 30, 2024.

Previous wording

For the three months ended March 31, 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 and six months ended June 30, 2025 and 2024, 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 losses of $41.4 million and $51.3 million during the three months ended March 31, 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 earnings of $29.5 million and $29.1 million during the three months ended June 30, 2025 and 2024, respectively, and net losses of $11.9 million and $22.2 million during the six months ended June 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.

Previous wording

As of March 31, 2025, the Company had $244.7 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 June 30, 2025, the Company had $96.2 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 three months ended March 31, 2025 and 2024, the Company’s primary uses of cash were capital expenditures and debt service, funded primarily by cash from operations and new borrowings on construction loans.

Current wording

During the six months ended June 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, funded primarily by cash from operations and new borrowings.

Previous wording

The Company’s uses of cash are expected to be payments to certain players, coaches and executives pursuant to long-term employment agreements, capital expenditures, investments in real estate ventures and debt service payments. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations and through borrowings under construction loans and revolvers. We believe that the available sources of liquidity are sufficient to cover our projected future uses of cash.

Current wording

The Company’s uses of cash are expected to be payments to certain players and other employees pursuant to long-term employment agreements, capital expenditures, investments in real estate ventures and debt service payments. The Company expects to fund its projected uses of cash with cash on hand, cash provided by operations and through borrowings under construction loans and revolvers. We believe that the available sources of liquidity are sufficient to cover our projected future uses of cash.

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, 2026. The maximum amount available to Braves Facility Fund LLC under the MLB facility fund — revolver was $38.5 million as of March 31, 2025 and was fully drawn as of March 31, 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 $38.0 million as of June 30, 2025 and was fully drawn as of June 30, 2025.

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 three months ending March 31, 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 fiscal year 2024 Form 10-K under “Critical Accounting Estimates.” There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2025.