Atlanta Braves Holdings (BATRK) investor relations material

Executive summary

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

• BravesVision, the new owned-and-operated media platform, launched in February 2026, replacing the prior local broadcasting agreement and significantly impacting revenue recognition and operating costs.

• Mixed-use development, including Pennant Park and The Battery Atlanta, continues to drive growth and diversification of revenue, with revenue for the six months ended June 30, 2026 rising to $54.9 million from $43.7 million year-over-year.

• Revenue for the first half of 2026 was $377.1 million, up from $359.7 million year-over-year, but Q2 2026 revenue was $305 million, down from $312 million in Q2 2025 due to fewer home games.

• 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 BravesVision launch expenses.

Financial highlights

• Q2 2026 total revenue was $305 million, down 2% year-over-year, while six-month revenue rose 5% to $377 million.

• Baseball segment revenue was $276 million in Q2, down from $287 million, but for the six months was $322.2 million, up from $315.9 million.

• Mixed-Use Development revenue rose to $29 million in Q2 and $54.9 million for the six months, up from $25 million and $43.7 million, respectively.

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

• Operating loss was $19 million in Q2 and $59.8 million for the six months, compared to operating income of $42 million and a loss of $2.7 million, respectively, in the prior year.

Outlook and guidance

• BravesVision is expected to replicate or exceed previous local rights revenue on an annualized basis, despite slower cash receipt timing.

• 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.

• Ongoing elevated expenses from BravesVision and rising player salaries are expected to continue.

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

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