Atlanta Braves Holdings (BATRK) investor relations material

Executive summary

• Q1 2026 revenue rose to $72 million, up 53% year-over-year, driven by increased home games, higher ticket and sponsorship rates, and growth in mixed-use development.

• BravesVision, an in-house broadcast network, launched in February 2026, replacing the prior RSN model and receiving positive fan feedback.

• Attendance and fan engagement remained high, with multiple sellouts and successful events at Truist Park.

• The Battery Atlanta and adjacent real estate acquisitions expanded the mixed-use segment, attracting new tenants and visitors.

• Net loss narrowed to $40.4 million, reflecting improved operating results and cost controls.

Financial highlights

• Baseball revenue increased to $46 million from $28.6 million, mainly due to five home games and higher ticket and sponsorship rates.

• Mixed-Use Development revenue rose to $26.3 million from $18.6 million, driven by new rental income and real estate acquisitions.

• Adjusted OIBDA loss improved to $17.6 million from $28.5 million year-over-year.

• Operating loss improved to $41.3 million from $44.5 million in Q1 2025.

• Cash and cash equivalents stood at $135.2 million as of March 31, 2026, up from $99.9 million at year-end 2025.

Outlook and guidance

• BravesVision is expected to meet or exceed prior RSN economics, but introduces new risks and changes to revenue mix and cash flow timing.

• Most revenue is expected to be recognized in Q2 and Q3 due to seasonality.

• Capital spending on major projects is expected to decrease, with liquidity sufficient for projected needs.

• More detailed BravesVision financial metrics will be shared in Q2 earnings.