Atlanta Braves Holdings (BATRK) Investor Day 2025 summary

Strategic growth, vision, and industry inflection points

• Major inflection points include the expiration of the CBA and renewal of national media rights, expected to drive industry-wide reform and growth.

• Expansion of The Battery Atlanta and acquisition of Pennant Park add over 760,000 sq ft and 34 acres, increasing the real estate footprint by over 30%.

• The Battery mixed-use development is a model for sports venue real estate, with 3 million sq ft, 98% occupancy, and 9 million annual visitors.

• Strategic acquisitions and partnerships with brands like Truist Securities and Shake Shack enhance long-term value and campus expansion.

• Management remains open to new investments in sports, media, or other businesses aligned with the brand and high returns.

Financial performance and valuation

• Achieved $663M in total revenue for 2024, a 3% increase year-over-year, with baseball revenue up 2% and mixed-use development revenue up 14%.

• Adjusted OIBDA grew 5% year-over-year, with operating income up 15%.

• Braves Development Company revenue has a CAGR of 23% since 2017, with tenant sales growing at a 26% CAGR.

• The real estate portfolio is internally valued at over $1 billion before debt, with stabilized NOI projected at $84.7M and occupancy rates above 90%.

• Management is committed to narrowing the valuation gap through transparency, investor engagement, and innovation.

Media rights, fan engagement, and future opportunities

• MLB is pursuing a national media strategy, aiming to bundle local and national rights for the 2028 renewal to increase central revenue and franchise multiples.

• Direct-to-consumer streaming, expanded over-the-air broadcasts, and technology investments like dynamic ticket pricing and AI-powered security are increasing reach and engagement.

• Legalized sports betting is expected to boost fan engagement and provide new revenue streams, with optimism for legalization in Georgia.

• Hosting the 2025 MLB All-Star Game and continued sellouts at Truist Park highlight strong fan demand and the venue's year-round appeal.

• Community impact includes over $3 million invested in local initiatives and significant volunteer engagement.