Atlanta Braves Holdings Reports Fourth Quarter and Year End 2025 Financial Results

About this update from Atlanta Braves Holdings, Inc. - Series A

ATLANTA--(BUSINESS WIRE)-- Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its fourth quarter and year end 2025 results. Highlights include: Total revenue grew to $732 million in 2025, up 11% from the prior year. Baseball revenue increased 7% from the prior year to $635 million. Mixed-Use Development revenue grew 45% from the prior year to $97 million. Total Adjusted OIBDA(1) grew to $108 million in 2025, up 172% from the prior year. Baseball Adjusted OIBDA grew to $51 million in 2025, an increase of over $44 million from the prior year. Mixed-Use Development Adjusted OIBDA grew 51% from the prior year to $69 million. Operating income (loss) improved by $26 million to $(14) million, down from $(40) million in the prior year. Discussion of Results Three months ended Twelve months ended December 31, December 31, 2025 2024 % Change 2025 2024 % Change amounts in thousands amounts in thousands Baseball revenue $ 34,758 $ 34,197 2 % $ 635,060 $ 595,430 7 % Mixed-Use Development revenue 26,545 17,921 48 % 97,432 67,318 45 % Total revenue 61,303 52,118 18 % 732,492 662,748 11 % Operating costs and expenses: Baseball operating costs (26,972 ) (27,896 ) (3 ) % (496,987 ) (504,146 ) (1 ) % Mixed-Use Development costs (4,378 ) (2,600 ) 68 % (14,363 ) (9,762 ) 47 % Selling, general and administrative, excluding stock-based compensation (26,450 ) (25,380 ) 4 % (113,329 ) (109,157 ) 4 % Adjusted OIBDA(1) $ 3,503 $ (3,758 ) NM $ 107,813 $ 39,683 172 % Operating income (loss) $ (49,792 ) $ (18,648 ) (167 ) % $ (13,527 ) $ (39,665 ) 66 % Regular season home games in period — — 81 81 Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-Use Development revenue is derived primarily from a real estate portfolio including the mixed-use facility The Battery Atlanta and primarily includes rental income. The following table disaggregates revenue by segment and by source: Three months ended Twelve months ended December 31, December 31, 2025 2024 % Change 2025 2024 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 282 $ 2,607 (89 ) % $ 357,849 $ 347,925 3 % Broadcasting 24,000 22,051 9 % 188,586 166,094 14 % Retai...

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