Atlanta Braves Holdings, Inc. - Series A · NASDAQ:BATRA
Atlanta Braves Holdings, Inc. - Series A — Atlanta Braves Holdings — Investor Day (June 2025)
60 slides from Atlanta Braves Holdings, Inc. - Series A's investor day presentation, Jun 18, 2025
Slide 1: Investor Day
—_ INVESTOR DAY me 2S 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: Schedule of Events
Agenda Schedule of Events Section Speaker 1:00pm – 1:05pm Schedule of Events & Disclosure Cameron Rudd 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
1. Source: US Census Data per state estimates as of 2024. 14+ Million TV households included in the region 35+ Million Total population that makes up the “Braves Country”1 29 Territories Unique media markets included in our geographic footprint We operate in one of the largest territories in all pro
Slide 8: History of Success
8 10 World Series Appearances 19 National League Division Series Appearances 4 World Series Championships 18 National League Pennants 23 Division Title Wins The Most in MLB History 7 Consecutive Postseason Appearances Since 2018 ALL-TIME STATS History of Success
Slide 9: Notable Historical and Current Players
The cornerstone of the Braves’ legacy… And the dynasty continues with… Chris Sale 2024 NL Cy Young Award Fastest pitcher to 2,500 Ks in MLB history Ronald Acuña Jr. 2023 National League MVP First player in MLB history to post 40 home runs and 70 stolen bases in the same season Greg Maddux 4x Cy Youn
Slide 10: Optimizing Our Payroll
1 11 21 2017 2018 2019 2020 2021 2022 2023 2024 Atlanta Braves Rank by Payroll In Regular Season1 MYTH: The highest payroll is more likely to win the World Series FACT: In the past decade, the highest payroll only won twice The Atlanta Braves won the World Series in 2021 with the 11th highest payrol
Slide 11: Tickets and Attendance
Note: FY 2020 is excluded given the impact of COVID. 2021 ticketing data also includes COVID restrictions. Total Tickets Sold vs Capacity The Braves operate with one of the highest per game average capacity across MLB 0M 1M 2M 3M 4M 2015 2016 2017 2018 2019 2021 2022 2023 2024 Attendance Season Turn
Slide 12: Event Revenue Driven by Our Fans and Brand
Note: FY 2020 excluded due to the impact of COVID. $200 $222 $242 $287 $298 $340 $348 $0 $100 $200 $300 $400 2017 2018 2019 2021 2022 2023 2024 Event Revenue Event Revenue Main Drivers Ticketing Concessions Advertising Sponsorships 1 2 3 $ in millions Event Revenue Driven by Our Fans and Brand
Slide 13: Optimizing Ticketing For Our Franchise and Our Fans
Average Ticket Price: $54 Tickets As Low As $10 We have something for everyone! Average ticket price of ~$54 is still far below other professional sport leagues1 $121 Average Ticket Price $94 Average Ticket Price $90 Average Ticket Price Optimizing Ticketing For Our Franchise and Our Fans 1. Source:
Slide 14: Technology and AI Influence in Our Business
TICKETING ANALYTICS ✓ Dynamic pricing via AI ✓ Resale integration and fraud detection TICKETING DISTRIBUTION CONCESSIONS PARKING SECURITY RETAIL ✓ Mobile ticketing via the MLB Ballpark app ✓ Tech partnerships with Ticketmaster and SeatGeek ✓ Mobile ordering ✓ Cashless payments ✓ Smart self-serve kio
Slide 15: Retail Access and Engagement for Our Fans
Retail Strategy Innovation Collaboration ➢ 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 ➢ Thoughtful about how we market to our entire fan base ➢ Expand past traditional products a
Slide 16: Strength of Our Corporate Partnerships
Our success and brand attracts some of the largest corporate partners in Atlanta 19 New partners for the 2025 season 185 Unique corporate partnerships 2025 Another record corporate partnership revenue year Key Partners in Corporate Sponsors Portfolio Strength of Our Corporate Partnerships
Slide 17: Corporate Sponsors – Comcast Case Study
➢ Comcast regional headquarters located in The Battery Atlanta ➢ ~1,000 employees working in The Battery Atlanta Headquarters ➢ High speed/capacity fiber delivers best in class internet and WiFi throughout The Battery Atlanta ➢ Comcast video platform provides ballpark and development with Xfinity op
Slide 18: 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 • Additional Premium Seating • Suite Refresh Thoughtful ROI Analysis Master Planning Projects Drive Revenue and Fan Experience ➢ We evaluate
Slide 19: Local Media Rights in a Unique Position of Strength
Local Media Rights in a Unique Position of Strength $0 $50 $100 $150 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024 2025E 2026E 2027E 2028E Local Broadcasting Revenue Renegotiated FanDuel Sports Network Agreement ➢ Unlocked streaming for the first time giving more access to our fans ➢ Stream
Slide 20: The Braves' Brand is Strong and Growing in Influence
The Braves’ Brand is Strong and Growing in Influence 1. Estimates represents consolidated reports from Nielson and polling data from YouGov. 2. Source: Sprout Social and Looker. Continued Growth in Social Media Platforms… … driven by a Younger Audience Platform Followers Today 5 Year Growth %2 Faceb
Slide 21: One of the Nation's Premier Destinations
One of the Nation’s Premier Destinations 1. U.S. Census Bureau American Community Survey (ACS). 2. U.S. Census Bureau 2023. As of most recent data available on May 22, 2025. 3. Metro Atlanta Chamber Commerce. As of most recent data available on May 22, 2025. Atlanta is the 8th Largest Metro Area in
Slide 22: Fan Experience
Fan Experience #1 Overall guest experience #1 Concessions #1 In-game entertainment MLB’s 2024 Voice of the Consumer Program Since moving to Truist Park, we have had over 200 sellout games!
Slide 23: Attracting Unique Events
Utilize Plaza Connection With Ballpark to Attract Unique Events Aim to host multiple concerts every year Savannah Bananas success in 2025 Over 150 private events in 2024 Hosted over 48,000 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 Allanta Branes HOLDINGS
Slide 26: Understanding MLB Valuations
Understanding MLB Valuations “David Blitzer and Arctos’ Doc O’Connor both said on stage at SBJ’s CAA World Congress of Sports that MLB is the nation’s most undervalued pro league.” MLB VALUATIONS2 6x Implied Revenue Multiple 9.1x Implied Revenue Multiple 8.5x Implied Revenue Multiple LEAGUE VALUATIO
Slide 27: Investment Highlights
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 and Live Entertainment 4 Recent Acquisition of Pennant Park Adjacent to The B
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 Acquired and began construction of The Battery Atlanta and Truist Park (formerly SunTrust Park) Opening Day and Grand Opening of The Battery Atlanta Acquisition of Pennant Park, adding 34 acres and 760k SF of office 2025 Addition of Truist Securities Bui
Slide 30: Braves Development Company Snapshot
Braves Development Company (“BDC”) Snapshot 3+ Million Total Square Feet $134 million Total Food/Beverage & Entertainment tenant sales in 2024 2.75 hours Avg. Duration of Stay 9 million Annual visitors to The Battery Atlanta Portfolio Summary ~98% occupancy Across The Battery Atlanta1 $71 million To
Slide 31: Strong Growth for BDC and its Tenants
Strong Growth for BDC and its Tenants Note: FY 2020 is excluded given the impact of COVID. 1. See reconciliation of Adjusted OIBDA to GAAP Operating Income in the Appendix. Growth of Our Adjusted OIBDA1 Continues to Help Fuel The Braves $6 $21 $24 $27 $35 $39 $45 2017 2018 2019 2021 2022 2023 2024 B
Slide 32: Recent Highlights
Recent Highlights 1. The Company holds a small, minority stake in The Henry. Pennant Park: This acquisition added 34 acres, 6 buildings, ~2,700 parking spaces, and over 760,000 square feet of office space Truist Securities Headquarters: ~1,000 new employees and 24/7 trading floor at The Battery Atla
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
BATTERYATL.COM
Slide 38: The Battery Atlanta: A Year-Round Destination
The Battery Atlanta: A Year-Round Destination Visitors to The Battery Atlanta compared to select U.S. attractions and Sports Venues Visitors to The Battery Atlanta each year Average minutes spent by visitors Non-Braves events last year 9M 165 283 Geographic Dispersion of 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 • Note: Represents 2024 events. 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
Slide 40: How We Are Different
How We Are Different 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 corporations seek to join our unique, top-quality assets to attract and
Slide 41: We Have Built Our Real Estate Portfolio From The Ground Up
We Have Built Our Real Estate Portfolio From The Ground Up 1. NOI equals total property revenue less direct property opex, including sponsorship and parking revenue. Approximates Adjusted OIBDA excluding ownership expenses. A reconciliation of the forecast for this measure to their corresponding GAA
Slide 42: Future of The Battery Atlanta
Future of The Battery Atlanta Continued focus on becoming a landmark destination for the entire Southeast Become a playbook for other professional franchises Parking expansion on ancillary lots Ability to go vertical on 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 Growth of the Business Baseball Segment Details Braves Development Company Revenue Growth NOI Update and Real Estate Valuation Continued strength throughout the seasonality of our business… Summary of Financials
Slide 45: Strong Financial Performance in 2024
Strong Financial Performance in 2024 1. See reconciliation of Adjusted OIBDA to GAAP Operating Income in the Appendix. Baseball 90% Mixed-Use 10% $663M TOTAL REVENUE IN 2024 5% Total Adj. OIBDA1 YoY 2% Baseball Revenue Increase YoY 15% Mixed-Use Development Adj. OIBDA1 YoY 14% Mixed-Use Development
Slide 46: Total Revenue Growth Trend
Total Revenue Growth Trend $243 $264 $393 $442 $478 $564 $589 $641 $663 $673 2015 2016 2017 2018 2019 2021 2022 2023 2024 LTM Q1 2025 Revenue $ in millions Completed move from Turner Field to The Battery Atlanta and Truist Park
Slide 47: Breakdown of Revenue Streams
Breakdown of Revenue Streams Baseball Event: $348 Million Other: $38 Million Broadcasting: $168 Million Retail & Licensing: $48 Million Baseball Revenue: $602 Million Total Revenue: $673 Million Mixed-Use Development Revenue: $71 Million $673M Total Revenue LTM Q1 2025 52%, Baseball Event 25%, Broad
Slide 48: Ticketing Revenue
Ticketing Revenue $0 $50 $100 $150 $200 2017 2018 2019 2021 2022 2023 2024 Ticket Revenue Postseason $ in millions Ticketing Revenue Continues to Grow ➢ Postseason revenue is 100% incremental on a per season basis ➢ Ticket Revenue increases are driven by fan demand and strategic pricing increases ➢
Slide 49: Broadcasting Revenue
Broadcasting Revenue ➢ We operate in a large and successful defined home television territory ➢ Significant strength of regional fan base and large geographic footprint ➢ Comprised of three pieces: ➢ National – Various national deals negotiated between third-party rightsholders and MLB ➢ Local – Fan
Slide 50: Braves Development Company
Braves Development Company ➢BDC revenue serves as a stable, growing revenue source for Atlanta Braves Holdings ➢BDC helps fund the team in ways that go beyond traditional sports revenue streams like ticket sales, broadcasting, and sponsorships ➢We have built this from the ground up within the last d
Slide 51: BDC Net Operating Income and Implied Valuation
BDC Net Operating Income and Implied Valuation $ in thousands Stabilized NOI1 Leasable Square Footage (000s)4 Current Occupancy (PP = Pennant Park) Cap Rate - High5 Cap Rate - Low5 Implied Low Value Implied High Value Implied Midpoint Office2 $47,000 1,671 92% (99% excluding PP) 8.0% 6.0% $587,500 $
Slide 52: Investment Characteristics
52 Investment Characteristics Diversified and Stable Growing Revenue Unique Public Company: Baseball and Real Estate Scarcity Value Opportunity In Growing Sports Entertainment Business
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Slide 54: Appendix
APPENDIX
Slide 55: 2024 Detailed Results
FY 2024 FY 2023 Q1 2025 LTM Q1 2024 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 OIBDA $7 $21 $9 $15 Development Adj OI
Slide 56: Adjusted OIBDA to Operating Income Reconciliation
FY24 FY23 Q1 2025 LTM Q1 2024 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) $ in millions Adjusted OIBDA to Operating Income Reconciliation
Slide 57: BDC Net Operating Income Reconciliation to GAAP Operating Income
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 24 21 6 Depreciation and amortization (21) (19) (17) (17) (17) (14) (13) (17) (10) Stock-based compens
Slide 58: Grow The Game, Champion Our Communities
1 Grow The Game Influence Beyond Baseball in Three Ways 2 Champion Our Communities 3 Cover The Bases For Kids
Slide 59: Tickets Sold Across Professional Sports
70,000,000 30,000,000 23,000,0001 22,500,0002 18,000,0003 0 20,000,000 40,000,000 60,000,000 80,000,000 Tickets Sold Across Professional Sports 1. Source: Sports Business Journal. 2. Source: NBA. 3. Source: SportsPro. MLB sells more tickets per season than NFL, NBA and NHL combined Number of Tickets
Slide 60: Holdings
HOLDINGS