Atlanta Braves Holdings, Inc. - Series A · NASDAQ:BATRA
Atlanta Braves Holdings, Inc. - Series A — Atlanta Braves Holdings — Investor Day (2025)
60 slides from Atlanta Braves Holdings, Inc. - Series A's investor day presentation, 2025
Slide 1: Investor Day
INVESTOR DAY ae? > HOLDINGS
Slide 2: Welcome Remarks | Disclosures
WELCOME REMARKS | DISCLOSURES Cameron Rudd INVESTOR RELATIONS
Slide 3: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements Atlanta Braves Holdings, Inc. (the “Company”) has filed with the Securities and Exchange Commission an Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”) and Quarterly Report on Form 10-Q for the quarter en
Slide 4: Agenda
Agenda Schedule of Events Section Speaker Schedule of Events & 1:00pm – 1:05pm Cameron Rudd Disclosure 1:05pm – 1:35pm Fireside Chat Rob Manfred & Terry McGuirk 1:35pm – 2:05pm Braves Overview Derek Schiller 2:05pm – 2:25pm Real Estate Overview Mike Plant 2:25pm – 2:40pm Financial Overview Jill Robi
Slide 5: Fireside Chat: Major League Baseball
Fireside Chat: Major League Baseball Rob Manfred COMMISSIONER, MAJOR LEAGUE BASEBALL Terry McGuirk CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER ATLANTA BRAVES HOLDINGS
Slide 6: Braves Overview
BRAVES OVERVIEW Derek Schiller PRESIDENT & CHIEF EXECUTIVE OFFICER ATLANTA BRAVES
Slide 7: The Braves are a National Brand
The Braves are a National Brand We operate in one of the largest territories in all professional sports 35+ Million 29 Territories Total population that makes Unique media markets included up the “Braves Country”1 in our geographic footprint 14+ Million TV households included in the region 1. Source
Slide 8: History of Success
History of Success 7 Consecutive Postseason Appearances Since 2018 ALL-TIME STATS 10 23 World Series Appearances Division Title Wins The Most in MLB History 4 19 World Series National League Division Championships Series Appearances 18 National League Pennants 8
Slide 9: Notable Historical and Current Players
Notable Historical and Current Players The cornerstone of the Braves’ legacy… And the dynasty continues with… Greg Maddux 4x Cy Young Award Winner Chris Sale (3x with Braves) 2024 NL Cy Young Award 1995 World Series Champion Fastest pitcher to 2,500 Ks in 2014 Hall of Fame Inductee MLB history Hank
Slide 10: Optimizing Our Payroll
Optimizing Our Payroll The Atlanta Braves won the World Series in 2021 with the 11th highest payroll MYTH: The highest payroll is more Atlanta Braves Rank by Payroll In Regular Season1 likely to win the World Series 1st 1 6th highest FACT: 11th 10th In the past decade, the highest 11th highest highe
Slide 11: Tickets and Attendance
Tickets and Attendance The Braves operate with one of the highest per game average capacity across MLB Total Tickets Sold vs Capacity 4M 3M 96% Attendance 94% 91% 77% 80% 75% 2M 70% 50% 50% 1M 0M 2015 2016 2017 2018 2019 2021 2022 2023 2024 Season Turner Field COVID-19 Truist Park Note: FY 2020 is e
Slide 12: Event Revenue Driven by Our Fans and Brand
Event Revenue Driven by Our Fans and Brand $ in millions Event Revenue $400 $340 $348 Event Revenue Main $298 Drivers $300 $287 $242 $222 $200 1 Ticketing $200 2 Concessions $100 3 Advertising Sponsorships $0 2017 2018 2019 2021 2022 2023 2024 Note: FY 2020 excluded due to the impact of COVID.
Slide 13: Optimizing Ticketing For Our Franchise and Our Fans
Optimizing Ticketing For Our Franchise and Our Fans Average ticket price of ~$54 is still far below other professional sport leagues1 Average Ticket Price: $54 $121 Average Ticket Price Tickets As Low As $10 $94 Average Ticket Price We have something for $90 everyone! Average Ticket Price 1. Source:
Slide 14: Technology and AI Influence in Our Business
Technology and AI Influence in Our Business TICKETING ANALYTICS PARKING ✓ Dynamic pricing via AI ✓ FLASH PARCS Smart Station ✓ Resale integration and fraud detection ✓ Pre-paid digital parking TICKETING DISTRIBUTION SECURITY ✓ Mobile ticketing via the MLB Ballpark app ✓ AI-powered surveillance and c
Slide 15: Retail Access and Engagement for Our Fans
Retail Access and Engagement for Our Fans Retail Strategy ➢ We own and operate our own retail business ➢ Unique and differentiated from other teams who partner with third parties or concessionaires to manage their operations Innovation ➢ Thoughtful about how we market to our entire fan base ➢ Expand
Slide 16: Strength of Our Corporate Partnerships
Strength of Our Corporate Partnerships Our success and brand attracts some of the largest corporate partners in Atlanta Key Partners in Corporate Sponsors Portfolio 2025 Another record corporate partnership revenue year 19 New partners for the 2025 season 185 Unique corporate partnerships
Slide 17: Corporate Sponsors – Comcast Case Study
Corporate Sponsors – Comcast Case Study Headquarters ➢ Comcast regional headquarters located in The Battery Atlanta ➢ ~1,000 employees working in The Battery Atlanta Technology The Battery ➢ High speed/capacity fiber delivers best in class internet and WiFi throughout The Battery Atlanta Atlanta ➢ C
Slide 18: Master Planning Projects Drive Revenue and Fan Experience
Master Planning Projects Drive Revenue and Fan Experience Adding Value Through Investment ➢ Continuing to innovate and invest in our ballpark to drive ROI and fan experience ➢ Recent Examples: • Outfield Market • CHOA Kids Park • Chophouse Expansion Thoughtful ROI Analysis • Additional Premium Seati
Slide 19: Local Media Rights in a Unique Position of Strength
Local Media Rights in a Unique Position of Strength For the first time – essentially every household in our territory can watch a Braves game! Local Broadcasting Revenue Strength of Our Rights $ in millions Renegotiated FanDuel Sports Network Agreement ➢ Unlocked streaming for the first time giving
Slide 20: The Braves' Brand is Strong and Growing in Influence
The Braves’ Brand is Strong and Growing in Influence Over 10 Million Fans Nationwide1 Continued Growth in Social Media Platforms… … driven by a Younger Audience Platform Followers Today 5 Year Growth %2 50+% Facebook 2,468,534 10% Increase in 18-25yr fans since 20231 Instagram 1,971,849 70% X/Twitte
Slide 21: One of the Nation's Premier Destinations
One of the Nation’s Premier Destinations Atlanta is the 8th Largest Metro Area in the U.S. …according to latest U.S. Census Bureau estimates Young demographics with over 30% of Atlanta Metro’s ~6.3 million residents between the age of 18 - 391 “10 Best Places To Live In The U.S. In 2025” Race2 Perce
Slide 22: Fan Experience
Fan Experience MLB’s 2024 Voice of the Consumer Program #1 Overall guest experience #1 Concessions #1 In-game entertainment Since moving to Truist Park, we have had over 200 sellout games!
Slide 23: Utilize Plaza Connection With Ballpark to Attract Unique Events
Utilize Plaza Connection With Ballpark to Attract Unique Events Aim to host multiple Savannah Bananas concerts every year success in 2025 Over 150 private Hosted over 48,000 events in 2024 fans on stadium tours
Slide 24: Hosting the 2025 MLB All-Star Game
Hosting the 2025 MLB All-Star Game
Slide 25: MLB All-Star Village
MLB All-Star Village Atlanta Braves HOLDINGS oY at f, a | insagmoomce Yume aa |
Slide 26: Understanding MLB Valuations
Understanding MLB Valuations BRAVES VALUATIONS1 MLB VALUATIONS2 LEAGUE VALUATIONS2,3 $3.0 6x 4-11x $2.8 Billion Average Implied Revenue Implied Revenue Billion Multiple Franchise Multiple Value $3.1 8.5x 7.5-11x $5.9 Billion Average Implied Revenue Implied Revenue Franchise Billion Multiple Multiple
Slide 27: Opportunity to Invest in the Only Publicly Traded Major League Baseball Team
Opportunity to Invest in the Only Publicly Traded Major League Baseball Team 1 Model Professional Sports Franchise with Large, Loyal Fanbase and Long Track Record of Success 2 Business Model with Multiple Growing Revenue Streams 3 Poised to Capitalize on Increasing Popularity of Professional Sports
Slide 28: Braves Development Company Overview
BRAVES DEVELOPMENT COMPANY OVERVIEW Mike Plant PRESIDENT & CHIEF EXECUTIVE OFFICER BRAVES DEVELOPMENT COMPANY
Slide 29: History of The Battery Atlanta
History of The Battery Atlanta 2014 2017 2024 2025 Acquired and began construction of Opening Day and Grand Addition of Truist Securities Building Acquisition of Pennant Park, adding The Battery Atlanta and Truist Park Opening of The Battery Atlanta adding 250k SF of office 34 acres and 760k SF of o
Slide 30: Braves Development Company (BDC) Snapshot
Braves Development Company (“BDC”) Snapshot Portfolio Summary $134 million 3+ Million Total Food/Beverage & Total Square Feet Entertainment tenant sales in 2024 9 million 2.75 hours Annual visitors to The Battery Avg. Duration of Stay Atlanta $71 million ~98% occupancy Total Revenue in Q1-25 LTM Acr
Slide 31: Strong Growth for BDC and its Tenants
Strong Growth for BDC and its Tenants Growth of Our Adjusted OIBDA1 Continues to Help Fuel The Braves $ in millions $ in millions BDC Adj. OIBDA has grown at a CAGR of 34% since Food/Beverage & Entertainment tenant sales have grown opening at a CAGR of 26% $45 $134 $134 $39 $128 $35 $95 $27 $84 $24
Slide 32: Recent Highlights
Recent Highlights Pennant Park: This acquisition Truist Securities Headquarters: ~1,000 added 34 acres, 6 buildings, ~2,700 new employees and 24/7 trading floor at parking spaces, and over 760,000 The Battery Atlanta square feet of office space Shake Shack: To open its second U.S. The Henry1: Ongoin
Slide 33: Summary of Our Large Footprint
Summary of Our Large Footprint
Slide 34: Our Largest BDC Corporate Tenants
Our Largest BDC Corporate Tenants
Slide 35: Truist Securities Headquarters
Truist Securities Headquarters ➢ Opening summer 2025 ➢ Adds 250,000 SF to our office footprint ➢ 9 stories tall ➢ Home to 1,000 employees ➢ Includes 42,000 SF trading floor ➢ 750 parking space Truist Deck
Slide 36: Pennant Park Acquisition Adds Growth Opportunities
Pennant Park Acquisition Adds Growth Opportunities ➢ Comprised of 34 acres adjacent to our existing campus, providing additional land for future development ➢ Acquisition grows our footprint by over 30% ➢ Increases total square footage to over 3 million, up from 2.25 million ➢ Strategic and protecti
Slide 37: BatteryATL.com
THE BATTERY ANTA BATTERYATL.COM
Slide 38: The Battery Atlanta: A Year-Round Destination
The Battery Atlanta: A Year-Round Destination 9M Visitors to The Battery Atlanta 165 Average minutes spent by visitors 283 Non-Braves events last year each year Visitors to The Battery Atlanta compared to Geographic Dispersion of select U.S. attractions and Sports Venues Annual Visitors Top Out of S
Slide 39: How We Utilize The Battery Atlanta Outside of Baseball
How We Utilize The Battery Atlanta Outside of Baseball NYE Bash at The Battery Atlanta Christmas Tree Lighting Two Savannah Bananas Games 92 Concerts at Coca-Cola Roxy Theater 48 Wellness Series Events on The Lawn Six Movies on the Lawn Ten Charitable 5K Races and Fun Runs 11 Farmers Markets • Note:
Slide 40: How We Are Different
How We Are Different We continue to outperform the broader office and retail markets History of delivering consistent, long-term, and market-leading mixed use real estate value through unique leveraging of partnerships and emphasizing disciplined financial returns Global, national, and local corpora
Slide 41: We Have Built Our Real Estate Portfolio From The Ground Up
We Have Built Our Real Estate Portfolio From The Ground Up BDC NOI 2017 – 20251 Highlights $ in millions $80 ➢ Consistent track record as operators of commercial real estate ~$20M of $60 incremental NOI in 2025 from Truist $40 Securities + ➢ Operational efficiency benefits for Pennant Park new asset
Slide 42: Future of The Battery Atlanta
Future of The Battery Atlanta Continued focus on Become a playbook for becoming a landmark other professional destination for the entire franchises Southeast Parking expansion on Ability to go vertical on ancillary lots existing Battery footprint
Slide 43: Financial Overview
FINANCIAL OVERVIEW Jill Robinson EVP, CHIEF FINANCIAL OFFICER & TREASURER ATLANTA BRAVES HOLDINGS
Slide 44: Summary of Financials
Summary of Financials Continued strength throughout the seasonality of our business… Summary of Financials Growth of the Business Baseball Segment Details Braves Development Company Revenue Growth NOI Update and Real Estate Valuation
Slide 45: Strong Financial Performance in 2024
Strong Financial Performance in 2024 Mixed-Use 2% 14% 10% Baseball Mixed-Use Revenue Development Increase YoY Revenue Increase YoY 5% 15% $663M TOTAL REVENUE Total Adj. OIBDA1 Mixed-Use IN 2024 YoY Development Adj. OIBDA1 YoY 3% 15% Total Revenue Operating YoY Income YoY Baseball 90% 1. See reconcil
Slide 46: Revenue
Total Revenue Growth Trend $ in millions $663 $673 $641 Completed move from Turner Field to $589 $564 The Battery Atlanta and Truist Park $478 Revenue $442 $393 $264 $243 2015 2016 2017 2018 2019 2021 2022 2023 2024 LTM Q1 2025
Slide 47: Breakdown of Revenue Streams
Breakdown of Revenue Streams $673M Total Revenue LTM Q1 2025 Baseball Revenue: $602 Million 11%, Mixed-Use Development Baseball Event: $348 Million 5%, Other Broadcasting: $168 Million 7%, Retail Retail & Licensing: $48 Million and 52%, Licensing Baseball Event Other: $38 Million Mixed-Use Developme
Slide 48: Ticketing Revenue
Ticketing Revenue Ticketing Revenue Continues to Grow Ticketing Revenue Drivers $ in millions ➢ Postseason revenue is 100% incremental on a per season basis $200 Regular Season Ticket Revenue CAGR of 8% ➢ Ticket Revenue increases are driven by $150 fan demand and strategic pricing increases $100 ➢ V
Slide 49: Broadcasting Revenue
Broadcasting Revenue Total Broadcasting Revenue Our Strength Across Broadcasting Platforms $ in millions ➢ We operate in a large and successful 30+% Growth Since 2017 defined home television territory $166 $1631 $161 ➢ Significant strength of regional fan base $154 and large geographic footprint $14
Slide 50: Braves Development Company
Braves Development Company BDC Revenue $ in millions Unique Revenue Driver $80 ➢BDC revenue serves as a stable, growing revenue source for Atlanta Braves Holdings $60 ➢BDC helps fund the team in ways $40 that go beyond traditional sports revenue streams like ticket sales, broadcasting, and sponsorsh
Slide 51: BDC Net Operating Income and Implied Valuation
BDC Net Operating Income and Implied Valuation $ in thousands Leasable Current Cap Cap Stabilized Square Implied Implied Occupancy Rate - Rate - Implied Midpoint NOI1 Footage Low Value High Value (PP = Pennant Park) High5 Low5 (000s)4 Office2 $47,000 1,671 92% 8.0% 6.0% $587,500 $783,333 $685,417 (9
Slide 52: Investment Characteristics
Investment Characteristics Diversified and Stable Unique Public Company: Growing Revenue Baseball and Real Estate Opportunity In Growing Sports Scarcity Value Entertainment Business 52
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Slide 54: Appendix
APPENDIX
Slide 55: 2024 Detailed Results
2024 Detailed Results $ in millions Q1 2025 Q1 2024 FY 2024 FY 2023 LTM LTM Baseball Revenue $596 $582 $602 $586 Development Revenue 67 59 71 61 Total Revenue $663 $641 $673 $647 Baseball Expenses $589 $561 $593 $571 Development Expenses 22 20 23 21 Total Expenses $611 $581 $616 $592 Baseball Adj OI
Slide 56: Adjusted OIBDA to Operating Income Reconciliation
Adjusted OIBDA to Operating Income Reconciliation $ in millions Q1 2025 Q1 2024 FY24 FY23 LTM LTM Adjusted OIBDA 52 $60 $57 $55 Stock-based Compensation (17) (13) (16) (14) Depreciation/Amortization (63) (71) (61) (71) Corporate Expenses (12) (22) (12) (20) Operating Income $(40) $(46) $(32) $(50)
Slide 57: Braves Development Company NOI Reconciliation
Braves Development Company Net Operating Income Reconciliation to GAAP Operating Income $ in millions LTM Q1 25 2024 2023 2022 2021 2020 2019 2018 2017 Net Operating Income (NOI) $51 $48 $42 $38 $29 $20 $25 $22 $6 Ownership expenses (3) (3) (3) (3) (2) (1) (1) (1) - Adjusted OIBDA 48 45 39 35 27 19
Slide 58: Influence Beyond Baseball in Three Ways
Influence Beyond Baseball in Three Ways 1 Grow The Game 2 Champion Our Communities 3 Cover The Bases For Kids
Slide 59: Tickets Sold Across Professional Sports
Tickets Sold Across Professional Sports MLB sells more tickets per season than NFL, NBA and NHL combined Number of Tickets Sold in the 2024 Season 80,000,000 70,000,000 MLB sold 70,000,000+ tickets during 2024 60,000,000 40,000,000 30,000,000 23,000,0001 22,500,0002 20,000,000 18,000,0003 0 Major Le
Slide 60: Holdings
HOLDINGS