GCI Liberty (GLIBA) Investor Day 2025 summary

Strategic and operational highlights

• Liberty Live spin-off effective December 15, making Formula 1 Group a standalone asset-backed security and highlighting the value of both F1 and MotoGP.

• Leadership transitions: Derek Chang as CEO, John Malone to Chairman Emeritus in 2026, Greg Maffei to become Chairman.

• Structural simplification completed, including Liberty Trip merger and GCI Liberty spin-off; Liberty Broadband Charter merger expected to accelerate next year.

• F1 and MotoGP positioned as premier global sports IPs with strong secular tailwinds and diversified, capital-light, cash-generative profiles.

• Quint experience business expanding globally, leveraging technology and partnerships for scalable growth.

Financial performance and guidance

• F1 reported nearly $16 billion in future revenue under contract, a 14% CAGR since 2022, with 6% trailing 12-month revenue growth and 24.3% adjusted EBITDA margin.

• MotoGP achieved record attendance of 3.6 million, with global fan base at 632 million and strong year-on-year growth in key markets.

• Net leverage at F1 is 3x, MotoGP at 5.6x, with both expected to delever quickly; $1.2 billion in cash and strong liquidity position.

• Both F1 and MotoGP exhibit high free cash flow conversion and attractive margin structures; recent MotoGP refinancing to reduce interest expense.

• Team payments as a percent of pre-team share EBITDA continue to decline, supporting long-term growth investments.

Business development and growth initiatives

• F1’s U.S. strategy anchored by Las Vegas Grand Prix, with new sponsors like American Express, Disney, and Lego; sell-out attendance and expanding fan demographics.

• F1’s media rights deal with Apple and expanded partnerships with Disney, Pepsi, PwC, and Pottery Barn; new teams Cadillac, Audi, and Ford joining in 2026.

• F1’s social media following up 8x since 2017, with 60% of fans engaging daily; diversified content and experiential venues like F1 Arcade and F1 Exhibition.

• MotoGP brand refresh and global expansion, including new events in Brazil and Buenos Aires, and a new Harley-Davidson Baggers World Cup series in 2026.

• MotoGP implementing new technology, sustainability initiatives, and content strategies to deepen fan engagement and broaden audience reach.