Liberty Media Corporation - Series A Liberty Formula One · NASDAQ:FWONA
Liberty Media Corporation - Series A Liberty Formula One — Liberty Media — Investor Day (November 2025)
115 slides from Liberty Media Corporation - Series A Liberty Formula One's investor day presentation, Nov 20, 2025
Slide 1: 2025 Investor Day
2025 Investor Day NOVEMBER 20, 2025
Slide 2: Disclaimers
Disclaimers FORWARD-LOOKING STATEMENTS This presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Liberty Media Corporation (“Liberty Media”), including statements about the proposed split-off of the Liberty Live
Slide 3: Disclaimers (cont.)
Disclaimers (cont.) ADDITIONAL INFORMATION LIBERTY MEDIA Nothing in this presentation shall constitute a solicitation to buy or an offer to sell shares of common stock of Liberty Media or Liberty Live Holdings, Inc. (“SplitCo”). The proposed offer and issuance of shares of SplitCo common stock in th
Slide 4: Disclaimers (cont.)
Disclaimers (cont.) PARTICIPANTS IN A SOLICITATION Liberty Media anticipates that the following individuals will be participants (the “Liberty Media Participants”) in the solicitation of proxies from holders of Liberty Media’s LLYVA and LLYVB common stock in connection with the proposed transaction:
Slide 5: Disclaimers (cont.)
Disclaimers (cont.) INDUSTRY INFORMATION Certain information included herein concerning Liberty Media’s business and the related markets or industry position or prospects, as well as industry or market data and other statistical data regarding its businesses and industries, are based on industry pub
Slide 6: Derek Chang
Derek Chang PRESIDENT & CEO, LIBERTY MEDIA
Slide 7: Corporate Milestones Since Last Investor Day…
Corporate Milestones Since Last Investor Day… Liberty Live split-off expected to close after Closed MotoGP acquisition on July 3rd market December 15th Management and governance transition Corporate simplification Derek Chang, CEO Closed Liberty TripAdvisor Merger John Malone, Chairman Emeritus Comp
Slide 8: Corporate Milestones Since Last Investor Day…
Corporate Milestones Since Last Investor Day… One Year Ago Today(1) 30% 30% Note: Includes public company functions with shared services agreements with Liberty Media Corporation. Grey box denotes public company. Red dashed box denotes tracking stock. Excludes other private assets and corporate acti
Slide 9: …and Operating Company Highlights
…and Operating Company Highlights • LTM revenue +3% vs PY(1), Adjusted OIBDA +7% and op. income +8% vs PY(1) • F1 Movie – highest grossing Apple film to-date and sports film of all time • Favorable race promotion renewals and early extensions • Including Mexico, Miami, Canada, Austria, Austin, Azerb
Slide 10: The Ultimate Premium Entertainment Investment Vehicle
The Ultimate Premium Entertainment Investment Vehicle The Best Attributes of Sports and Live Attractive Financial Entertainment and Return Profile • Diversified and Global Footprint • Scarce League-Level Assets • Contracted Revenue Streams with • Global Brand Appeal Premium Partners • F1 ranked #9 i
Slide 11: Transcending Sports to Entertainment Brands
Transcending Sports to Entertainment Brands Build Global Brand Value Expand Fan Reach Broaden and Unlock Own Fan Platform Commercial Opportunities 11
Slide 12: Durable Industry Leading Growth
Durable Industry Leading Growth Continued Growth in Diversified, Contracted Revenue Streams Contracted Revenue Indexed to 2022 1.5 1.4x growth in contracted revenues 2026 New Entrants New Partners 1.0 Broadcast Partner Broadcast Partner Official Promoter 0.5 2022 2023 2024 YTD-25 F1 Outpacing Indust
Slide 13: Value Accruing Across Ecosystem
Value Accruing Across Ecosystem F1 Enterprise Value(1) Average F1 Team Value(2) Total F1 Race Attendance F1 2017 F1 Today 2017 2023 2017 2024 Race Day Attendance 2017 2025 Recent Team Value Highlights(4): Silverstone 138K 168K ~18% FWONK CAGR Australia 97K 132K since F1 acquisition(3) Monza (5) 93K
Slide 14: Fan Experience is Both Live and Digital
Fan Experience is Both Live and Digital Average Event Attendance Cumulative Social Media Footprint (attendees in 000s) (followers in m) F1 +48% Per race since 2017 326 271 +10% 251 Per race since 2017 MotoGP 179 173 152 136 113 70 60 42 40 49 18 18 30 18 19 Note: Social media data as of 11/11/25. Ch
Slide 15: Engaging the Multi-Dimensional Fan…
Engaging the Multi-Dimensional Fan… LVMH as Global F1 Experiences Partner launches with Quint Grand Prix Plaza opens Liberty ownership begins F1 The Movie becomes highest F1 TV launch grossing sports movie Drive to Survive Inaugural Season 1 LVGP Growing CPG licensing partners: First F1 Exhibition i
Slide 16: …while Expanding Commercial Touchpoints
…while Expanding Commercial Touchpoints FAN FOCUS Premium Motorsport Fans Premium Lifestyle Fans Attracted to heritage & sporting aspect Attracted to glamour & spectacle Premium MARKET FOCUS Mainstream Motorsport Fans Mainstream Lifestyle Fans Traditional fans that grew up with F1 Attracted to “Driv
Slide 17: Applying F1 Learnings to MotoGP
Applying F1 Learnings to MotoGP • Top 10 global brand(1) • Increase awareness in non-European markets Build Global • Drivers and team principals are global celebrities • Elevate profile of riders Brand Value • Relevance in pop culture and lifestyle publications • Establish global, cultural relevance
Slide 18: Narrowing the Monetization Gap at MotoGP
Narrowing the Monetization Gap at MotoGP F1 Has 2x MotoGP’s Fan Base(1) ~ 10x ~ 6x ~ 5x Media Rights Race Promotion Sponsorship F1 MotoGP 18 (1) Measured on average 2025 attendance per race, social media followers and cumulative viewership through Japanese GP for MotoGP and Singapore GP for F1.
Slide 19: Disciplined Capital Allocation Priorities
Disciplined Capital Allocation Priorities De-lever balance sheet Pursue investments in core assets Potential M&A in relevant verticals Opportunistic capital returns 19
Slide 20: Brian Wendling
Brian Wendling CHIEF ACCOUNTING & PRINCIPAL FINANCIAL OFFICER
Slide 21: Two "New" Asset-Backed Stocks After Split-Off
Two “New” Asset-Backed Stocks After Split-Off • Enhances liquidity as standalone public entities with exposure to a larger pool of shareholders • Reduces tracker complexity and aims to narrow trading discount to NAV • Further enables flexibility 30% Other Assets: Kroenke Arena Company, Overtime Spor
Slide 22: Refreshing NAVs
Refreshing NAVs Pro Forma for Liberty Live Split-Off ($m) Formula 1 100% Live Nation 30% 69.6m shares MotoGP 84%(1) Quint 100% Cash and Liquid Investments $1,213 Cash and Liquid Investments $375 Reattributed Cash to LLYV ($150 - $200) Reattributed Cash from FWON $150 - $200 Other Private Assets(2) $
Slide 23: FWON Balance Sheet
FWON Balance Sheet Gross Debt Outstanding(1) ($m) Liquidity (4) (Cash + Undrawn Revolver) ($m) Cash Undrawn Revolver Capacity $1,830 $614 $5,147 3.8x Net $466 $617 $1,172 Leverage(3) $293 $117 5.6x Net $3,361 $1,071 $176 Leverage(2) 3.0x Net Leverage(2) $500 $1,213 $571 F1 MotoGP Corporate Consolida
Slide 24: Near-Term Focus on De-levering
Near-Term Focus on De-levering • Adj. OIBDA growth and free cash flow generation alongside debt paydown will lead to de-levering at F1 and Dorna • Recent refinancings lower run-rate interest expense at F1 and Dorna Formula One Group Consolidated Net Leverage(1) 3.8x 3.3x 9/30 Net Leverage (2) 7.4x a
Slide 25: Consistently Driving Strong FCF Conversion
Consistently Driving Strong FCF Conversion 5-year Average FCF Generation (2021 – 2025E (1)) • Attractive margins and low capital intensity Adj. OIBDA 100% 100% • Timing differences of race promotion fees and team payments drive WC swings Working Capital 5% 3% • Capital expenditures Capital Expenditu
Slide 26: F1 in Pole Position
F1 in Pole Position • Durable contracted revenue growth, with nearly $16b of future revenue under contract as of 9/30/25, representing over 4x LTM revenue and 14% CAGR from revenue under contract at year-end 2022 • Diversified and global revenue streams, with broad and growing number of partners • N
Slide 27: MotoGP Fundamentals: Revenue
MotoGP Fundamentals: Revenue Description % of 2024 Revenue Contract Term Media Rights • Fees received from broadcast partners 45% Typically 3-5 years • Fees received for DTC subscription product (“VideoPass”) • MotoGP produces live feed for all races Race Promotion • Fees received from promoters to
Slide 28: MotoGP Fundamentals: Cost & Adj. OIBDA
MotoGP Fundamentals: Cost & Adj. OIBDA Cost Overview ($m) Adj. OIBDA ($m) Race Count 20 22 Race Count 20 22 17% Personnel costs comprise 16% $175 approx. 65% of SG&A $171 $94 Selling, general and admin.(1) $81 % Cost of motorsport revenue (on average) • High Adj. OIBDA margins with 52% minimal capit
Slide 29: Currency Mix
Currency Mix Aggregate F1 and MotoGP Revenue Exposure(1) Aggregate F1 and MotoGP Cost Exposure(1) GBP Other GBP Other 9% 2% 11% 1% EUR 18% EUR 22% USD USD 65% 71% Revenue and Cost Currency Exposure • Majority of F1 revenue USD-denominated; exposure to GBP USD EUR GBP Other (2) and EUR largely offset
Slide 30: Appendix
(Sacer Appendix
Slide 31: Convertible / Exchangeable Debt Cheat Sheet
Convertible / Exchangeable Debt Cheat Sheet 2.25% Convert. Notes 2.375% Exch. Debent. Description Issuing Entity Liberty Media Corporation Attributed Tracking Formula One Group Liberty Live Group Stock Maturity Date Aug. 15, 2027 Sep. 30, 2053 Put/call Date n/a Sep. 30, 2028 Principal $475m $1,150m
Slide 32: F1 Financials – Revenue Recognition
F1 Financials – Revenue Recognition CALENDAR AND TIMING OF RACES HAS SIGNIFICANT IMPACT ON QUARTERLY REPORTED RESULTS • Promotion revenue recognized on day of each race • Media rights revenue: • Season-long TV contract revenue recognized pro-rata across race calendar, with some variation due to FX m
Slide 33: MotoGP Financials – Revenue Recognition
MotoGP Financials – Revenue Recognition CALENDAR AND TIMING OF RACES HAS SIGNIFICANT IMPACT ON QUARTERLY REPORTED RESULTS • Promotion revenue recognized on day of each race • Media rights revenue: • Season-long TV contract revenue recognized pro-rata across race calendar, with some variation due to
Slide 34: F1 Financials – Cost Recognition
F1 Financials – Cost Recognition •Team payments • Expense recognized pro-rata across race calendar • Cash payments: • Total prize fund paid in fairly even installments across months of March – November with “true-up” points during the year as forecasts are revised • Final true-up balance paid post-s
Slide 35: MotoGP Financials – Cost Recognition
MotoGP Financials – Cost Recognition •Cost of Revenue – generally recognized as costs are incurred • IRTA payments • Contractual payment to teams / manufacturers • Current agreement runs from 2022 through 2026 (5 years) • Payments primarily fixed (varies slightly based on event number and mix; porti
Slide 36: Tax Considerations
Tax Considerations • F1 expects to pay UK taxes in 2025 and future years • F1 cash generating entities are UK based • UK corporate tax rate is 25% • Estimated cash taxes for F1 (primarily UK) expected to be 10-11% of Adj. OIBDA in 2025 and 2026, increasing thereafter • MotoGP expects to be a Spanish
Slide 37: Formula 1 2025 Calendar
Formula 1 2025 Calendar Q1 Q2 Q3 Q4 Title Sponsor Title Sponsor Title Sponsor Title Sponsor Japanese GP Australian GP 4/4 – 4/6 British GP Singaporean GP 3/14 – 3/16 7/4 – 7/6 10/3 – 10/5 Bahrain GP 4/11 – 4/13 Chinese GP* Belgium GP* Austin GP* 3/21 – 3/23 7/25 – 7/27 10/17 – 10/19 Saudi Arabia GP
Slide 38: Formula 1 2026 Calendar
Formula 1 2026 Calendar Q1 Q2 Q3 Q4 Title Sponsor Title Sponsor Title Sponsor Title Sponsor Australian GP Bahrain GP British GP* Singaporean GP* 3/6 – 3/8 4/10 – 4/12 7/3 – 7/5 10/9 – 10/11 Chinese GP* Saudi Arabia GP Austin GP Belgium GP 3/13 – 3/15 4/17 – 4/19 10/23 – 10/25 7/17 – 7/19 Japanese GP
Slide 39: MotoGP 2025 Calendar
MotoGP 2025 Calendar Q1 Q2 Q3 Q4 Title Sponsor Title Sponsor Title Sponsor Title Sponsor Thai GP Qatar GP German GP Indonesian GP 2/28 – 3/2 4/11 – 4/13 7/11 – 7/13 10/3 – 10/5 Argentina GP Spanish GP Czech GP Australian GP 3/14 – 3/16 4/25 – 4/27 7/18 – 7/20 10/17 – 10/19 Americas GP French GP Aust
Slide 40: MotoGP 2026 Calendar
MotoGP 2026 Calendar Q1 Q2 Q3 Q4 Thai GP Qatar GP German GP 4/10 – 4/12 Japanese GP 2/27 – 3/1 7/10 – 7/12 10/2 – 10/4 Spanish GP Brazil GP 4/24 – 4/26 British GP Indonesian GP 3/20 – 3/22 8/7 – 8/9 10/9 – 10/11 French GP 5/8 – 5/10 Americas GP 3/27 – 3/29 Aragon GP Australian GP 8/28 – 8/30 10/23 –
Slide 41: (nsarae)
WB (nsarae)
Slide 42: Liberty Investor Day Formula 1
LIBERTY INVESTOR DAY FORMULA 1® November 2025
Slide 43: 2025 has been a milestone year for Formula 1
2025 has been a milestone year for Formula 1® 2
Slide 44: 2025 milestones: Apple movie, F1 Live, Concorde Agreement
Apple F1® the movie F1® 75 LIVE Season Further expansion of New licensing partners released LAUNCH event sponsorship business Signed 2026-30 Concorde More race deals renewed & extended Launch of year-round GPP activations Commercial Agreement 3
Slide 45: Close Battle for the Drivers' Championship
THE CLOSE BATTLE FOR THE DRIVERS’ CHAMPIONSHIP HAS ADDED EXCITEMENT & INTENSITY TO THE SEASON DRIVER STANDINGS1 CONSTRUCTOR STANDINGS1 Oscar Lando Max PIASTRI NORRIS VERSTAPPEN 1 | Lando NORRIS McLaren 390 pts 1 | McLaren 756 pts 2 | Oscar PIASTRI McLaren 366 pts 2 | Mercedes 398 pts 3 | Max VERSTAP
Slide 46: Strong Financial Performance Continues to Reach New Heights
OUR STRONG FINANCIAL PERFORMANCE HAS CONTINUED TO REACH NEW HEIGHTS +60% REVENUE +60% Adj. OIBDA VS. 2021 VS. 2021 $3,222m $3,411m $791m $725m $2,573m $593m 2024 was a $2,136m $495m record year 2021 2022 2023 2024 2021 2022 2023 2024 +9% REVENUE +15% Adj. OIBDA VS. Prior year VS. Prior year $2,285m
Slide 47: F1 75 Live Season Launch Event
2025 STARTED WITH A UNIQUE EVENT - THE HIGH PROFILE F1® 75 LIVE SEASON LAUNCH 7.5 VIEWERS ON F1® 15 FANS ATTENDED THE LIVE EVENT MILLION LIVE STREAM THOUSAND 28 INTERACTIONS ON F1® SOCIAL MEDIA 1.2 TOTAL SOCIAL MEDIA REACH MILLION BILLION Marked start of 75th anniversary season Tickets sold out
Slide 48: Fans Engaging With Content in Increasingly Diverse Ways
FANS ARE ENGAGING WITH OUR CONTENT IN INCREASINGLY DIVERSE WAYS… RACE ATTENDANCE Web & APP SOCIAL MEDIA FOLLOWERS TOTAL SEASON ATTENDANCE UNIQUE WEB & APP USERS TOTAL CUMULATIVE FOLLOWERS (MILLIONS) (MILLIONS) (MILLIONS) 100 7 109 4 50 35 2015 2024 2015 2024 2016 2018 2020 2022 2024 NOTE: GROWTH FRO
Slide 49: Record Breaking F1 Fan Engagement
…CREATING RECORD BREAKING F1® FAN ENGAGEMENT DIGITAL & SOCIAL RECORD SPECTATOR NUMBERS YTD1 TV AUDIENCE GROWTH MEDIA GROWTH4 2024 5.50M 1.1 CUMULATIVE TV 2025 5.80M BILLION AUDIENCE YTD2 111m SOCIAL MEDIA 2025 4% GROWTH YoY GROWTH IN RACE WEEKEND FOLLOWERS TV VIEWERSHIP2 Season to date1 15 SELL OUT
Slide 50: Strategic Pillars to Guide Growth and Expansion
WE HAVE BUILT ON OUR ESTABLISHED STRATEGIC PILLARS TO GUIDE OUR GROWTH AND EXPANSION AUGMENTING MAXIMIZING THE OUR DIVERSE INVESTING IN VALUE OF OUR & VALUABLE STRATEGIC MARKETS RIGHTS FANBASE PRIORITIZING DELIVERING WORLD- SUSTAINABILITY IN CLASS RACING OUR OPERATIONS AND PARTNERSHIPS 9
Slide 51: Strategic Pillars to Guide Growth and Expansion
WE HAVE BUILT ON OUR ESTABLISHED STRATEGIC PILLARS TO GUIDE OUR GROWTH AND EXPANSION AUGMENTING MAXIMIZING THE OUR DIVERSE INVESTING IN VALUE OF OUR & VALUABLE STRATEGIC MARKETS RIGHTS FANBASE PRIORITIZING DELIVERING WORLD- SUSTAINABILITY IN CLASS RACING OUR OPERATIONS AND PARTNERSHIPS 10
Slide 52: Global Reach of the F1 Calendar
THE GLOBAL REACH OF THE F1® CALENDAR IS BACKED BY EXPANDED SUPPORT EVENTS 2025 F1 Calendar Netherlands Austria Imola (31 August) (29 June) (18 May) F1 Sprint Race Weekend F2 Race Weekend F3 Race Weekend Belgium Hungary F1 Academy Race Weekend Canada (3 August) (15 June) (27 July) 2026 F1 Sprint Race
Slide 53: Strong Demand: 18 of 24 Races Contracted to 2030 or Beyond
STRONG DEMAND FOR EVENTS CONTINUES WITH 18 OF 24 RACES CONTRACTED TO 2030 OR BEYOND Brazil Austria Abu Dhabi Hungary Qatar Great Britain Miami Bahrain Australia Azerbaijan Saudi Arabia China Belgium Canada Monaco Italy (Monza) Spain (Madrid) Austin NEW RACE FOR 2026 12
Slide 54: New U.S. Partnership with Apple
THE NEW U.S. PARTNERSHIP WITH APPLE OPENS OPPORTUNITIES ACROSS THE ENTIRE APPLE ECOSYSTEM Apple offers a wide range of integrations… Leverage an ecosystem which traditional broadcasters cannot provide Amplify the sport across Apple News, Apple Maps, Apple Music, Apple Sports, Apple Fitness+ and
Slide 55: Launch of F1 TV Premium
THE LAUNCH OF F1® TV PREMIUM HAS EXPANDED FAN ENGAGEMENT THROUGH NEW VIEWING FEATURES MULTIVIEW 6 CONCURRENT DEVICES 4K ULTRA HIGH DEFINITION Allows users to build personalized viewing Watch simultaneously on up to 6 devices F1® sessions available in 4K UHD, with experiences with multi-screen views
Slide 56: Commercial Partners Expanded in 2025
OUR COMMERCIAL PARTNERS EXPANDED IN 2025… GLOBAL New for 2025 PARTNERS Global Partner from 2025 OFFICIAL New for 2025 Official Partner from 2025 New for 2025 PARTNERS New for 2025 REGIONAL OFFICIAL PARTNERS PROVIDERS 15
Slide 57: Landmark 10-Year Deal with LVMH
…INCLUDING A LANDMARK 10-YEAR DEAL WITH LVMH DRIVING SIGNIFICANT PARTNERSHIP VALUE 16
Slide 58: Licensing Deals with LEGO & Disney
INNOVATIVE LICENSING DEALS WITH LEGO & DISNEY WILL BOOST ENGAGEMENT WITH YOUNGER FANS… LEGO x F1® Disney x F1® LEGO partnership creates new ways to engage with F1®, Bringing together two of the world’s most recognized from F1® model cars to functional LEGO cars used in the brands and opening new way
Slide 59: Deals Increasing Mass Consumer Appeal
… AND WE CONTINUE TO SIGN DEALS THAT INCREASE OUR MASS CONSUMER APPEAL… PepsiCo Nestlé Barilla Mattel Pottery Barn Kids & Teens Hello Kitty x F1® Academy 18
Slide 60: Licensing of Experiential Products
…AS WELL AS DRIVING ENGAGEMENT OFF THE TRACK THROUGH LICENSING OF EXPERIENTIAL PRODUCTS F1® Exhibition F1® Arcade F1® Drive 1.2m TICKETS 7 LOCATIONS 2 LOCATIONS SOLD ACROSS F1® EXHIBITION NOW OPEN INCLUDING 5 NOW OPEN WITH GRAND PRIX PLAZA LOCATIONS, WITH BUENOS AIRES LOCATIONS1 IN THE U.S., WITH TR
Slide 61: Investing in Paddock Club Hospitality
WE CONTINUE TO INVEST IN NEW AND REFRESHED HOSPITALITY EXPERIENCES FOR PADDOCK CLUB 2024 ATTENDANCE GROWTH1 +99% VS 2019 15 SOLD OUT EVENTS 2025 (out of a total 18 YTD where F1® runs Paddock Club )2 Paddock Club 1. FULL YEAR 2024 (24 RACES) VS 2019 (18 RACES) | 2. 18 OUT OF 20 EVENTS OPERATED BY F1
Slide 62: New Ultra Premium Products and Experiences
WE HAVE ALSO INTRODUCED NEW ULTRA PREMIUM PRODUCTS AND EXPERIENCES IN KEY MARKETS Gordon Ramsay at F1® Garage Ultra premium hospitality run by Gordon at 10 races in 2025 Monaco Triple Crown House 44 Three premium hospitality venues across three days including Brand new Paddock Club product at 5 race
Slide 63: Strategic Pillars to Guide Growth and Expansion
WE HAVE BUILT ON OUR ESTABLISHED STRATEGIC PILLARS TO GUIDE OUR GROWTH AND EXPANSION AUGMENTING MAXIMIZING THE OUR DIVERSE INVESTING IN VALUE OF OUR & VALUABLE STRATEGIC MARKETS RIGHTS FANBASE PRIORITIZING DELIVERING WORLD- SUSTAINABILITY IN CLASS RACING OUR OPERATIONS AND PARTNERSHIPS 22
Slide 64: Success of Drive to Survive Attracts New Fans
THE ONGOING SUCCESS OF DRIVE TO SURVIVE (DTS) CONTINUES TO ATTRACT NEW FANS TO FORMULA 1® ATTRACTING NEW FANS 1/3 88% New F1® fans (<4yrs) In U.S. said it increased have watched DTS their interest DRIVING BEHAVIORAL SHIFT SEASON 8 IN PRODUCTION 949 Global cumulative audience 4 Average races watched
Slide 65: F1 The Movie Provided Unprecedented Access
F1® THE MOVIE PROVIDED UNPRECEDENTED ACCESS, OFFERING AUTHENTIC INSIGHT INTO THE SPORT… x x 14 FILMED AT 14 GPs OVER 2 SEASONS + 2,000 HOURS OF RACE CONTENT SHARED GRANDS PRIX HOURS JUNE 2025 GLOBAL AND NORTH AMERICAN PREMIERES & RELEASE Landmark venture – filmed in real-time during GPs Combined
Slide 66: Movie Broke Box Office Records
…AND BROKE BOX OFFICE RECORDS AROUND THE WORLD HIGHEST 5th LARGEST HOLLYWOOD- PRODUCED FILM GROSSING GLOBALLY IN 2025 SPORTS FILM in history 97% AUDIENCE RATING ON ROTTEN TOMATOES BRAD PITT FILM ever produced RATING IMAX FILM globally in 2025 $630 GLOBAL BOX OFFICE TOP 3 Hollywood films in China 202
Slide 67: F1 Academy's Success Drawing New Audiences and Partners
F1® ACADEMY’S SUCCESS IS DRAWING IN NEW AUDIENCES AND CORPORATE PARTNERS Driving fan engagement Expanded roster of partners Growing pipeline of talent Champions of Future Academy Program New Netflix series 165K INCREASE in F1® Academy social media followers in 1st month after Netflix series release
Slide 68: Growth Across Increasingly Diverse Fanbase
WE HAVE CONTINUED TO SEE GROWTH ACROSS OUR INCREASINGLY DIVERSE FANBASE YoUnger aUDienCes… More FeMaLe Fans… neW to tHe sPort… 43% 42% 39% 2024 RACE FANS FEMALE SPECTATORS UNDER 35 FANS WERE ‘FIRST TIME ATTENDEES’ SOURCES: 2024 F1 GLOBAL FAN SURVEY, NIELSEN 27
Slide 69: Strategic Pillars to Guide Growth and Expansion
WE HAVE BUILT ON OUR ESTABLISHED STRATEGIC PILLARS TO GUIDE OUR GROWTH AND EXPANSION AUGMENTING MAXIMIZING THE OUR DIVERSE INVESTING IN VALUE OF OUR & VALUABLE STRATEGIC MARKETS RIGHTS FANBASE PRIORITIZING DELIVERING WORLD- SUSTAINABILITY IN CLASS RACING OUR OPERATIONS AND PARTNERSHIPS 28
Slide 70: Growth Across North American Markets
WE HAVE EXPERIENCED FURTHER GROWTH ACROSS STRATEGICALLY VALUABLE NORTH AMERICAN MARKETS… SOLD-OUT, RECORD-BREAKING live strong DIGITAL & MUST-SEE RACES TV AUDIENCES1 SOCIAL GROWTH2 2024 1.4m total attendees Canada ‘24 Miami ‘24 19% YTD GROWTH U.S. TV AUDIENCE ON ESPN +18% U.S. YoY WEB & APP VIEWS 35
Slide 71: Innovating the Las Vegas Grand Prix Experience
… AND HAVE CONTINUED INNOVATING THE FORMULA 1® LAS VEGAS GRAND PRIX EXPERIENCE ENHANCED REVISED PRODUCT & HIGH QUALITY BUSINESS MODEL PRICING STRATEGY ENTERTAINMENT Executed local community CSR Revised product mix with High energy global headline acts plans, cost reduction initiatives & attrac
Slide 72: LVGP Launched Grand Prix Plaza
LVGP SUCCESSFULLY LAUNCHED GRAND PRIX PLAZA TO COMMERCIALIZE THE BRAND IN LAS VEGAS YEAR-ROUND 2,500 Rides every week First ever Interactive F1® experience LEADING Las Vegas event location 31
Slide 73: Strategic Pillars to Guide Growth and Expansion
WE HAVE BUILT ON OUR ESTABLISHED STRATEGIC PILLARS TO GUIDE OUR GROWTH AND EXPANSION AUGMENTING MAXIMIZING THE OUR DIVERSE INVESTING IN VALUE OF OUR & VALUABLE STRATEGIC MARKETS RIGHTS FANBASE PRIORITIZING DELIVERING WORLD- SUSTAINABILITY IN CLASS RACING OUR OPERATIONS AND PARTNERSHIPS 32
Slide 74: Two Significant Changes to Teams for 2026
IN 2026, WE WILL SEE TWO SIGNIFICANT CHANGES TO THE TEAMS AND AN EXPANSION OF F1® OEM SUPPLIERS… Cadillac will enter F1® as a new 11th team Ford to supply powertrains for Red Bull Audi to rebrand Sauber as full works race team Honda to supply engines for Aston Martin 33
Slide 75: Larger Changes to Regulations
…AND EVEN LARGER CHANGES TO THE REGULATIONS THAT WILL SHAPE THE FUTURE OF F1® AS A SPORT BETTER RACING BUILDING A More on track sustainable sport SMALLER & LIGHTER CARS DELIVERING MORE POWER ENABLING BETTER BATTLES ON TRACK THROUGH REDUCED THROUGH THE BATTERY & THERMAL POWER DISTRIBUTION, DOWNFO
Slide 76: Strategic Pillars to Guide Growth and Expansion
WE HAVE BUILT ON OUR ESTABLISHED STRATEGIC PILLARS TO GUIDE OUR GROWTH AND EXPANSION AUGMENTING MAXIMIZING THE OUR DIVERSE INVESTING IN VALUE OF OUR & VALUABLE STRATEGIC MARKETS RIGHTS FANBASE PRIORITIZING DELIVERING WORLD- SUSTAINABILITY IN CLASS RACING OUR OPERATIONS AND PARTNERSHIPS 35
Slide 77: Reduced Carbon Footprint by 26%, On Track for Net Zero by 2030
WE HAVE REDUCED OUR CARBON FOOTPRINT BY 26% AND REMAIN ON TRACK TO ACHIEVE NET ZERO BY 2030 EMISSIONS REDUCTION 2024 VS 2018 60,000+ tonnes co2e reduction 59% FROM FACTORIES & FACILITIES 25% FROM TRAVEL 12% 9% FROM EVENT FROM OPERATIONS LOGISTICS (per race basis) Achieved through: Alternative fuel
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Slide 79: Liberty Investor Day
Liberty Investor Day November 20, 2025
Slide 80: Where we are
Where we are World’s premier motorcycle Strong brand promise & Global fandom racing event with 76 - year history industry collaboration with significant scale MotoGP |2
Slide 81: A Truly Global Platform
A TRULY GLOBAL PLATFORM 2025 CALENDAR 22 RACES 18 COUNTRIES 5 CONTINENTS EVENTS AT EVERY WEEKEND MotoGP |3
Slide 82: Incredible racing
Incredible racing 2025 Sporting overview 5 MOTOGP WORLD CHAMPIONS ON THE GRID 13 DIFFERENT GP PODIUM FINISHERS 10/11 Teams ON PODIUM 18 GP WINNERS EVERY TEAM On grid has now WON A GP MARC MARQUEZ 2025 WORLD CHAMPION The Greatest Comeback in History on the grid MotoGP |4
Slide 83: 2025 fan engagement
632m global fans +12% VS 20241 2025 fan engagement 3.6M RECORD SEASON ATTENDANCE +17% AVERAGE TV VIEWERSHIP +21% vs 2024 WITH 9 CIRCUIT ATTENDANCE RECORDS: +6% ARGENTINA GERMANY 209k, +12% vs. 2023 256k, +1% vs. 2024 GROWTH IN VIDEOPASS SUBS FRANCE SAN MARINO 312k, +5% vs. 2024 175k, 7% vs. 2024 ITA
Slide 84: 2025 achievements
2025 achievements New locations & New investment strong race renewals in the paddock GUENTHER STEINER 2026 Leads acquisition of Tech3 Team JAPAN barcelona valencia france Through 2030 Through 2031 Through 2031 Through 2031 HARLEY - DAVIDSON germany San marino THAILAND Through 2031 Through 2031 Throu
Slide 85: 2025 achievements
2025 achievements SUCCESSFUL EXTENDING SPONSORSHIP DEALS OUR REACH NEW NEW Official Tire Supplier from 2027 Official Lubricant Supplier Moto2/Moto3 from 2026 SEASON LAUNCH EVENT 24/7 FAST CHANNEL City Takeover in Bangkok Launched in US renewal NEW Title Sponsor Regional Partner from 2025 Renewal fro
Slide 86: Where We're going
Where We’re going Premium sporting action Culturally unmissable: Sophisticated ecosystem with showcased through world- class media & entertainment valuable long - term partnerships evolving formats & platforms brand with scaled fanbase MotoGP |8
Slide 87: Key priorities
Key priorities AS WE CONTINUE ACCELERATING MOTOGP’S NEXT ERA OF GROWTH CONTINUE TO SHOWCASE EXTEND BRAND MEET OUR FANS BEST - IN - CLASS PROMISE BEYOND WHERE THEY ARE ACTION AND THE SPORT CONTENT IMPROVE ESTABLISH & integrate COMMERCIAL CULTIVATE IMPROVE entertainment COLLABORATION NEXT GENERATION T
Slide 88: Continue to showcase best-in-class action & content
Continue to showcase best - in - class action & content NEW TECHNICAL REGULATIONS IN 2027 1 2 3 4 5 ENGINE SIZE AERO REDUCED RIDE - HEIGHT GPS DATA 100% REDUCTION & MORE & HOLESHOT AVAILABLE SUSTA I NABLE FUEL CONTROLLED DEVICES BANNED TO ALL TEAMS A new era of racing safer, more sustainable, and bu
Slide 89: Extend brand promise beyond the sport
Extend brand promise beyond the sport TRANSFORMING THE SPORT INTO A WORLD CLASS ENTERTAINMENT BRAND THE BRAND OF MAGNETIC DEFIANCE Positioning amplification Celebrating the edge of what’s humanly possible Raw, visceral, and defiantly alive STORIES BEHIND THE HELMET MotoGP |11
Slide 90: Meet our fans where they are
Meet our fans 632M GLOBAL +12% VS 2024 1 where they are FANBASE 27.8M NORTH AMERICA CORE MARKETS OPPORTUNITY MARKETS 97.3M EUROPE SE Asia S America Australia FRONTIER MARKETS 2 56.2M 419M LATIN AMERICA 32.2M ASIA PACIFIC AFRICA & +38% +10% MIDDLE EAST Source: Nielsen Sports. (1) Looking across the s
Slide 91: Establish & Improve Transformative Partnerships: Calendar
ESTABLISH & IMPROVE TRANSFORMATIVE PARTNERSHIPS # RACES CONTRACTED 22 15 15 15 13 9 2026 2027 2028 2029 2030 2031 Brazil joins the calendar, Argentina relocates expanding MotoGP’s its GP to the capital , footprint in the region Buenos Aires 14 EUROPE 4 2026 ASIA CALENDAR 2 AMERICAS 2 ROW Note: As of
Slide 92: Establish & Improve Transformative Partnerships
ESTABLISH & IMPROVE TRANSFORMATIVE PARTNERSHIPS OPTIMIZE INVENTORY & FOCUS ON TRANSFORMATIVE EXPAND PARTNERSHIPS PARTNERSHIPS 75% Endemic partnerships Impactful Activations with Partners Official sponsors 2026 1 Reimagined Hospitality Concept & Strategy title sponsors 2026 Australia (1) Pirelli will
Slide 93: Integrate entertainment elements into race weekends
integrate entertainment elements into race weekends Creating cultural relevance beyond the race ELEVATE THE BOOST CULTURAL IMPROVE FANZONE & EVENTS & BRAND INFLUENCE MUSIC OFFERINGS INCREASE LOCAL TURN RACES INTO MARKET PENETRATION DESTINATION EVENTS MotoGP |15
Slide 94: Improve commercial collaboration within sporting ecosystem
Improve commercial collaboration within sporting ecosystem ATTRACTING NEW INTEREST UNTAPPED POTENTIAL GROWING FRANCHISE VALUES IN ECOSYSTEM COLLABORATING ON VALUABLE PARTNERSHIPS COMMERCIAL MARKETING COLLABORATION WITH COMMUNICATIONS TEAMS AND RIDERS CONTENT CREATION MotoGP |16
Slide 95: Cultivate next generation of riders
CULTIVATE NEXT GENERATION OF RIDERS Competitions & programs supporting young riders around the world MotoGP |17
Slide 96: Where We're going
Where We’re going Premium sporting action Culturally unmissable: Sophisticated ecosystem with showcased through world- class media & entertainment valuable long - term partnerships evolving formats & platforms brand with scaled fanbase MotoGP |18
Slide 97: MotoGP
ASTe&rk —-ORVARD ——ARCe >See
Slide 98: Liberty Media Investor Day: Quint
~z QUINT LIBERTY MEDIA INVESTOR DAY
Slide 99: The Quint Model
TICKE T P LUS HOSPITALITY - EXPERIENCES & ACCESS - ACCOMMODATIONS - TRANSPORTATION ANCILLARY REVENUE WHITE LAB E L THE QUINT FOCUSED EXCLUSIVELY ON OUR PARTNER’S BRAND FOR A SEAMLESS EXPERIENCE MODEL TUR NKE Y & F ULL- S E R VICE END-TO-END AND FULL-SERVICE, PROVIDING EFFICIENT & SCALABLE RESULTS Qu
Slide 100: Global Footprint
GLOBAL FOOTP RINT London Bristol Netherlands Monaco Cha rlotte Barcelona* Doha Dubai Event Locations Global Offices *Barcelona opening in 2026 Melbourne
Slide 101: How We Grow: Derby Experiences
HOW WE GROW: DERBY EXPERIENCES Year 1 Quint footprint at the Kentucky Derby Milliona ire ’s Row Trophy Room Se cre ta ria t Hospita lity Se le ct Clubhouse Se le ct Gra ndsta nd
Slide 102: How We Grow: Derby Experiences
HOW WE GROW: DERBY EXP ERIENCES 2026 Quint footprint at the Kentucky Derby Ma tt Winn’s Aristide s Lounge Sta ke s Room P la za Ba lcony Sta ke s Room Ba lcony Finish Line Suite s Milliona ire ’s Row P la za Loge Dining Room P a ddock Club Turf Club & Ba lcony P a ddock Club Enclosure Sta ke s Room
Slide 103: Business Performance Updates
F 1 E XP E R IE NCE S MO TO G P P R E MIE R • Growth Across All Products • Triple-Digit Growth in Premium • Expanded Premium Products • 30-50% Price Increases • Strong Demand into 2026 • Runway is Set for 2026 BUSINESS P ERFORMANCE UP DATES NB A E XP E R IE NCE S DE R B Y E XP E R IE NCE S • Double-
Slide 104: Growth Milestones
ON P ACE TO DELIVER: Record revenue and profitability 2025 GROWTH Highe st pa cka ge sa le s volume in compa ny history MILESTONES Stronge st a nnua l sa le s bookings to da te
Slide 105: Business Updates
BUSINESS UP DATES We continued to exand our footprint across the business in several key areas SCALABLE EXP ANDED MARGIN ECONOMIES OF TECHNOLOGY GLOBAL EXP ANSION SCALE P LATFORM FOOTP RINT
Slide 106: Partner Portfolio
PARTNER Ar 2) PORTFOLIO BELMONT SS STAKES GA. CS. Siaueraene O23 DN EeR AUSTRALIAN lusaT, circuitde NTERNATIONALC Barcelona MOTORLAND CORPORATION 4ulga Its; ip EEE CATALUNYA Nat acow
Slide 107: New & Expanded Partnerships
NEW & EXP ANDED FORMULA 1 PROMOTER DEALS P ARTNERSHIP S
Slide 108: Roadmap: 2026 & Beyond
ROADMAP: 2026 & BEYOND CO R E B US INE S S NE W B US INE S S G R O WTH O P P O R TUNITIE S ORGANIC NEW ADJ ACENT DATA & TRAVEL EXP ANSION LOGOS VERTICALS ANALYTICS
Slide 109: Core Growth & New Horizons: F1 Product Innovation
Core Growth & New Horizons F1 PRODUCT INNOVATION CHAMP IO NS CLUB E XP ANS IO N E XP ANDE D P RO MO TE R MO DE L DATA & ANALYTICS UNLO CKE D 9 - YE AR R E V CAG R 71% 2017 2018 2019 2021 2022 2023 2024 2025* *Quint Internal Projection
Slide 110: Accelerating into an exciting new era for MotoGP
Accelerating into an exciting new era for MotoGP POSITIVE EARLY INDICATORS UNTAP P E D P RE MIUM P O TE NTIAL P RO VE N RO ADMAP 4 - YE AR R E V CAG R 159% 2022 2023 2024 2025* *Quint Internal Projection
Slide 111: The Best Is Still Ahead
QUINT THE BEST IS STILL AHEAD
Slide 112: Record-Breaking Performance
1 Record- Breaking Performance THE BEST IS STILL AHEAD
Slide 113: Record-Breaking Performance, Diversified Growth
1 Record- Breaking Performance 2 Diversified Growth THE BEST IS STILL AHEAD
Slide 114: Clear Roadmap for 2026 & Beyond
1 Record- Breaking Performance 2 Diversified Growth THE BEST IS STILL AHEAD 3 Clear Roadmap for 2026 & Beyond
Slide 115: In 2026 & Beyond
NT RIENCE MORE 5& BEYOND