Liberty Live Group (LLYVK) Investor presentation summary

Strategic positioning and business overview

• MotoGP is a premier global motorsport brand with a 76-year history, exclusive commercial rights, and a unique, emotive identity.

• Dorna Sports holds exclusive rights to MotoGP, WorldSBK, and MotoE, with agreements extending through 2060.

• The 2025 calendar features 22 Grands Prix in 18 countries, supported by strong partnerships with regulatory bodies, manufacturers, and teams.

• Management is highly experienced, with long-tenured executives leading commercial, sporting, and operational functions.

• The brand recently launched a new identity to expand cultural relevance and fan engagement.

Financial performance and revenue model

• Revenue streams are diversified: 45% media rights, 29% race promotion, 18% commercial, and 8% other.

• High adjusted EBITDA margins (33–37%) and minimal capital expenditures (1–2% of revenue) drive strong free cash flow.

• 2024 revenue was €462m with €161m adjusted EBITDA, despite race cancellations and €21m in bad debt write-offs.

• Cost structure is stable, with IRTA payments, freight, and organization costs as primary components.

• Financials are reported under Spanish GAAP, with US GAAP adjustments pending.

Fanbase, media, and commercial partnerships

• MotoGP reached 677m cumulative TV viewers in 2024, with 3m race attendees and 10.4m hours viewed on digital platforms.

• Social media following is robust and growing, with 58m+ followers and high engagement rates.

• Media rights are global, with 117 partners and 83% of revenue from Europe.

• Race promotion partners are diverse, with 22 unique promoters and 53% of revenue from Europe.

• Commercial revenue is driven by 8 global sponsors and over 30 additional partners, with a mix of endemic and non-endemic brands.