Atlanta Braves Holdings (BATRK) investor relations material

Executive summary

• Maintained first place in NL East with strong playoff prospects and key players returning from injury.

• Revenue for the six months ended June 30, 2026 was $377.1 million, up from $359.7 million year-over-year, driven by growth in Mixed-Use Development and retail/licensing, offset by declines in media-related baseball revenue.

• Net loss for the six months was $52.5 million, compared to a net loss of $11.9 million in the prior year, reflecting higher operating costs, increased player salaries, and Braves Vision launch expenses.

• BravesVision, a new owned-and-operated multimedia platform launched in February 2026, replaced the prior local broadcasting agreement and significantly impacted revenue recognition and operating costs.

• Expanded campus activities and mixed-use development, including Pennant Park and a six-building office complex acquisition, drove record tenant sales and increased visitor traffic.

Financial highlights

• Q2 2026 total revenue was $305M, down from $312M in Q2 2025, reflecting six fewer home games.

• Baseball segment revenue was $276M (vs. $287M prior year); mixed-use development revenue rose to $29M (from $25M) in Q2, and for the six months, baseball revenue was $322.2M (up from $315.9M), mixed-use $54.9M (from $43.7M).

• Adjusted OIBDA dropped to $12M from $66M in Q2, and for the six months was a loss of $5.8M, down from a gain of $37.2M.

• Operating loss of $19M in Q2 2026, compared to $42M operating income in Q2 2025; operating loss for the six months was $59.8M, compared to a loss of $2.7M in the prior year.

• Cash and equivalents at $116M, with $205M available borrowing capacity and total assets of $1.74B as of June 30, 2026.

Outlook and guidance

• Confident BravesVision will match or exceed prior local rights revenue on an annualized basis, but ongoing, slightly elevated BravesVision expenses are expected during the season.

• Extended playoff run would provide upside to Q4 baseball event revenue.

• Management expects continued investment in BravesVision and Mixed-Use Development, with ongoing risks related to the new media platform's revenue generation and cost structure.

• The company anticipates sufficient liquidity from cash on hand, operations, and available credit facilities to meet future obligations.

• The current MLB collective bargaining agreement expires December 1, 2026, introducing potential labor-related uncertainties.