Atlanta Braves Holdings, Inc.

Previous wording

Baseball event revenue decreased $19.3 million for the three months ended June 30, 2026 as compared to the corresponding period in the prior year, primarily due to the decrease in regular season home games during the current year period as compared to the corresponding period in the prior year. Baseball event revenue increased $3.5 million for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, primarily due to increased attendance at regular season home games, contractual rate increases on season tickets and favorable single game ticket sales, partially offset by fewer regular season home games during 2026 as compared to the corresponding period in 2025. Media related revenue decreased $8.2 million and $10.0 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to the timing of revenue recognition under BravesVision linear distribution agreements compared to our previous long-term local broadcasting agreement and changes in certain national media rights arrangements, resulting in an increase in the commercialization of digital media rights through MLB Advanced Media, L.P. (“MLBAM”). Retail and licensing revenue increased $3.3 million and $4.5 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to demand for City Connect apparel which launched in April 2026 and higher league-wide revenue, partially offset by the decrease in regular season home games in 2026 as compared to the corresponding period in 2025. Other revenue, a component of baseball revenue, increased $13.4 million and $8.2 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year primarily due to an increase in special events held at Truist Park. The increase for the three-month period, as compared to the corresponding period in the prior year, is primarily due to hosting three games for the Savannah Bananas and an additional concert held at Truist Park. The increase for the six-month period, as compared to the corresponding period in the prior year, is primarily due to events held at Truist Park, including the additional concert noted above as well as hosting one additional game for the Savannah Bananas.

Current wording

Baseball event revenue increased $12.9 million and $16.5 million for the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to contractual rate increases on season tickets, increased attendance at regular season home games, favorable single-game ticket sales, two postseason home games and, for the three-month period, one additional regular season home game. Media related revenue decreased $3.1 million and $13.1 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to the timing of revenue recognition under BravesVision linear distribution agreements compared to our previous long-term local broadcasting agreement and changes in certain national media rights arrangements, resulting in an increase in the commercialization of digital media rights through MLB Advanced Media, L.P. (“MLBAM”). Retail and licensing revenue increased $4.0 million and $8.4 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to demand for City Connect apparel which launched in April 2026, higher league-wide revenue, increased attendance at regular season home games and two postseason home games. Other revenue, a component of baseball revenue, decreased $2.6 million during the three months ended September 30, 2026, primarily due to fewer special events held at Truist Park. Other revenue increased $5.6 million during the nine months ended September 30, 2026, primarily due to additional events held at Truist Park, including one additional concert and one additional Savannah Bananas game.

Previous wording

Mixed-Use Development revenue.* *Mixed-Use Development revenue is derived from the mixed-use facilities and primarily consists of rental incomeand to a lesser extent, parking revenue and sponsorships. For the three and six months ended June 30, 2026, Mixed-Use Development revenue increased $3.6 million and $11.2 million, respectively, as compared to the corresponding period in the prior year, primarily due to a $2.5 million and $9.9 million increase in rental income, respectively, and a $0.9 million and $0.7 million increase in parking revenue, respectively. Increases in rental income for the three months ended June 30, 2026 were primarily driven by a $1.6 million increase in tenant recoveries and a $0.8 million increase related to new lease agreements. Increases in rental income for the six months ended June 30, 2026 were primarily a result of the in-place leases associated with the Acquisition.

Current wording

Mixed-Use Development revenue.* *Mixed-Use Development revenue is derived from the mixed-use facilities and primarily consists of rental incomeand to a lesser extent, parking revenue and advertising sponsorships. For the three and nine months ended September 30, 2026, Mixed-Use Development revenue increased $1.9 million and $13.1 million, respectively, as compared to the corresponding periods in the prior year, primarily due to increases of $1.6 million and $11.5 million in rental income, respectively, and $0.3 million and $1.0 million in parking revenue, respectively. The increase in rental income for the three months ended September 30, 2026 was primarily driven by a $1.0 million increase in tenant recoveries and a $0.3 million increase related to new lease agreements. The increase in rental income for the nine months ended September 30, 2026 was primarily a result of the in-place leases associated with the Acquisition.

Previous wording

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three and six months ended June 30, 2026, baseball operating expenses increased $41.2 million and $49.1 million, respectively, as compared to the corresponding period in the prior year, primarily due to a $25.2 million and $28.9 million increase in major league player salaries, respectively, a $10.1 million and $10.9 million increase in expenses associated with the production of BravesVision, respectively, a $6.3 million and $4.7 million increase in expenses for special events held at Truist Park, respectively, a $4.6 million and $4.7 million increase in MLB’s revenue sharing plan and other shared expenses, respectively, and a $0.2 million and $1.1 million increase in variable retail operating expenses, respectively. These expenses were partially offset by a $2.0 million and $2.2 million decrease in minor league related expenses, respectively.

Current wording

Baseball operating costs. Baseball operating costs primarily include costs associated with baseball and stadium operations. For the three and nine months ended September 30, 2026, baseball operating costs increased $34.4 million and $83.5 million, respectively, as compared to the corresponding periods in the prior year, primarily due to increases of $17.8 million and $46.7 million in major league player salaries, respectively, $10.5 million and $21.4 million in expenses associated with the production of BravesVision, respectively, $4.1 million and $5.4 million in variable concessions and retail operating expenses, respectively, and $2.6 million in postseason game operating costs. The increase for the nine month period was also driven by increases of $4.9 million in MLB’s revenue sharing plan and other shared expenses and $2.9 million in expenses for special events held at Truist Park. These increases were partially offset by decreases of $1.1 million and $3.3 million in minor league related expenses for the three and nine month periods, respectively.

Previous wording

Mixed-Use Development costs.* Mixed-Use Development costs *primarily include costs associated with maintaining and operating the mixed-use facilities. During the three and six months ended June 30, 2026, Mixed-Use Development costs increased $0.9 million and $2.8 million, respectively, as compared to the corresponding period in the prior year. Increases for the six months ended June 30, 2026, as compared to the corresponding period in the prior year were primarily a result of operating costs associated with the assets within the Acquisition.

Current wording

Mixed-Use Development costs.* Mixed-Use Development costs *primarily include costs associated with maintaining and operating the mixed-use facilities. During the three and nine months ended September 30, 2026, Mixed-Use Development costs increased $0.3 million and $3.1 million, respectively, as compared to the corresponding periods in the prior year. Increases for the nine months ended September 30, 2026, as compared to the corresponding period in the prior year were primarily a result of operating costs associated with the assets within the Acquisition.

Previous wording

Selling, general and administrative, excluding stock-based compensation.* *Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $4.4 million and $8.5 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to a $2.6 million and $3.4 million increase of sales, marketing and administrative costs associated with BravesVision, respectively, a $0.8 million and $1.7 million increase of other sales and marketing costs, respectively, and a $0.5 million and $1.3 million increase in personnel costs, respectively.

Current wording

Selling, general and administrative, excluding stock-based compensation.* *Selling, general and administrative expense includes costs of marketing, advertising, finance and related personnel costs. Selling, general and administrative expense increased $4.9 million and $13.5 million for the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to increases of $1.7 million and $5.1 million in sales, marketing and administrative costs associated with BravesVision, respectively, $1.4 million and $3.1 million in other sales and marketing costs, respectively, $1.2 million and $2.5 million in personnel costs, respectively, and $0.8 million and $1.3 million in property taxes, insurance and other professional fees, respectively.

Previous wording

Stock-based compensation. Stock-based compensation increased $4.2 million and $8.1 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to an increase in average outstanding awards.

Current wording

Stock-based compensation. Stock-based compensation increased $2.2 million and $10.3 million for the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to an increase in average outstanding awards.

Previous wording

Depreciation and amortization. Depreciation and amortization increased $2.2 million and $6.1 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year due to an increase in amortization expense related to amateur player acquisition rights. Additional increases in depreciation and amortization during the six months ended June 30, 2026 were due to certain real estate assets purchased as part of the Acquisition.

Current wording

Depreciation and amortization. Depreciation and amortization increased $1.5 million and $7.6 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year due to an increase in amortization expense related to amateur player acquisition rights, partially offset by certain assets reaching the end of their useful lives. Additional increases in depreciation and amortization during the nine months ended September 30, 2026 were due to certain real estate assets purchased as part of the Acquisition.

Previous wording

Operating income (loss).* *Operating income (loss) decreased $60.3 million and $57.1 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, due to the above explanations.

Current wording

Operating income (loss).* *Operating income (loss) decreased $30.3 million and $87.4 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, due to the above explanations.

Previous wording

Baseball Adjusted OIBDA decreased $57.8 million and $50.5 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.

Current wording

Baseball Adjusted OIBDA decreased $24.5 million and $75.0 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to the fluctuations in baseball revenue and operating costs, as described above.

Previous wording

Mixed-Use Development Adjusted OIBDA improved $3.1 million and $7.8 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to the fluctuations in Mixed-Use Development revenue and costs, as described above.

Current wording

Mixed-Use Development Adjusted OIBDA decreased $2.2 million and improved $5.6 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, primarily due to the fluctuations in Mixed-Use Development revenue and operating costs described above, as well as increases in segment selling, general and administrative expenses.

Previous wording

Corporate and other Adjusted OIBDA loss decreased $0.8 million and increased $0.2 million during the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year. The improvement for the three months ended June 30, 2026, is primarily due to decreased personnel costs.

Current wording

Corporate and other Adjusted OIBDA loss decreased $0.1 million and increased $0.1 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year.

Previous wording

Other, net. Other, net income decreased $0.3 million during both the three and six months ended June 30, 2026, respectively, as compared to the corresponding period in the prior year, primarily due to a decrease in interest income.

Current wording

Other, net. Other, net income increased $0.1 million and decreased $0.2 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding periods in the prior year, with the decrease for the nine month period primarily due to lower interest income.

Previous wording

For the three and six months ended June 30, 2026 and 2025, our effective tax rate was affected by the unfavorable impact of certain non-deductible expenses, such as executive compensation.

Current wording

For the three and nine months ended September 30, 2026 and 2025, our effective tax rate was affected by the unfavorable impact of certain non-deductible expenses, such as executive compensation.

Previous wording

Net earnings (loss). The Company had a net loss of $12.1 million and net earnings of $29.5 million during the three months ended June 30, 2026 and 2025, respectively, and net losses of $52.5 million and $11.9 million during the six months ended June 30, 2026 and 2025, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Current wording

Net earnings (loss). The Company had net earnings of $9.8 million and $30.1 million during the three months ended September 30, 2026 and 2025, respectively, and a net loss of $42.7 million and net earnings of $18.2 million during the nine months ended September 30, 2026 and 2025, respectively. The change in net earnings (loss) was the result of the above-described fluctuations in our revenue, expenses and other gains and losses.

Previous wording

As of June 30, 2026, the Company had $116.3 million of cash and cash equivalents. Substantially all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

Current wording

As of September 30, 2026, the Company had $121.5 million of cash and cash equivalents. Substantially all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments.

Previous wording

During the six months ended June 30, 2026 and 2025, the Company’s primary uses of cash were payments to certain players and other employees pursuant to long-term employment agreements, capital expenditures including acquisitions and debt service, funded primarily by cash from operations and new borrowings.

Current wording

During the nine months ended September 30, 2026 and 2025, the Company’s primary uses of cash were payments to certain players and other employees pursuant to long-term employment agreements, capital expenditures including acquisitions, working capital requirements and debt service, funded primarily by available cash balances, proceeds from exercises of stock options, distributions from equity method affiliates and new borrowings.

Previous wording

In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs, including the Braves Club Trust (the “Club Trust”). The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2030. The availability to the Club Trust under the LWCF was $100.0 million, net of $50.0 million drawn as of June 30, 2026.

Current wording

In December 2013, a subsidiary of Braves Holdings executed various agreements to enter into MLB’s League Wide Credit Facility (the “LWCF”). Pursuant to the terms of a revolving credit agreement, Major League Baseball Trust may borrow from certain lenders, with Bank of America, N.A. acting as the administrative agent. Major League Baseball Trust then uses the proceeds of such borrowings to provide loans to the club trusts of the participating Clubs, including the Braves Club Trust (the “Club Trust”). The commitment termination date of the revolving credit facility under the LWCF, which is the repayment date for all amounts borrowed under such revolving credit facility, is July 10, 2030. The availability to the Club Trust under the LWCF was $65.0 million, net of $85.0 million drawn as of September 30, 2026.

Previous wording

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. In May 2021, Braves Facility Fund LLC (“Braves Facility Fund”) established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund — revolver, is July 10, 2030. The maximum amount available to Braves Facility Fund under the MLB facility fund — revolver was $35.7 million as of June 30, 2026 and was fully drawn as of June 30, 2026.

Current wording

In December 2017, a subsidiary of Braves Holdings executed various agreements to enter into the MLB Facility Fund (the “MLBFF”). Pursuant to the terms of an indenture, a credit agreement and certain note purchase agreements, Major League Baseball Facility Fund, LLC may borrow from certain lenders. Major League Baseball Facility Fund, LLC then uses the proceeds of such borrowings to provide loans to each of the participating Clubs. Amounts advanced pursuant to the MLBFF are available to fund ballpark and other baseball-related real property improvements, renovations and/or new construction. In May 2021, Braves Facility Fund LLC (“Braves Facility Fund”) established a revolving credit commitment with Major League Baseball Facility Fund, LLC (the “MLB facility fund — revolver”). The commitment termination date, which is the repayment date for all amounts borrowed under the MLB facility fund — revolver, is July 10, 2030. The maximum amount available to Braves Facility Fund under the MLB facility fund — revolver was $35.1 million as of September 30, 2026 and was fully drawn as of September 30, 2026.

Previous wording

A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029. The availability under the TeamCo Revolver as of June 30, 2026 was $105.0 million, net of $45.0 million drawn as of June 30, 2026.

Current wording

A subsidiary of Braves Holdings is party to a Revolving Credit Agreement (the “TeamCo Revolver”), which provides revolving commitments of $150.0 million and matures in August 2029. The availability under the TeamCo Revolver as of September 30, 2026 was $115.0 million, net of $35.0 million drawn as of September 30, 2026.

Previous wording

The current collective bargaining agreement among the Braves and 29 other Major League Baseball (“MLB”) clubs (“Clubs”) and Major League Baseball Players Association (“MLBPA”) that covers the 2022-2026 MLB seasons (“CBA”) is scheduled to expire on December 1, 2026. The Company cannot predict whether a successor agreement will be reached prior to expiration or the terms of any such agreement. Prior expirations have in certain instances resulted in work stoppages, including the 2021-2022 lockout that delayed the start of the 2022 regular season, and the impact may have a material negative effect on our business and results of operations.

Current wording

(“CBA”) is scheduled to expire on December 1, 2026. The Company cannot predict whether a successor agreement will be reached prior to expiration or the terms of any such agreement. Prior expirations have in certain instances resulted in work stoppages, including the 2021-2022 lockout that delayed the start of the 2022 regular season, and the impact may have a material negative effect on our business and results of operations.

Previous wording

Our critical accounting estimates are discussed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025 under “Critical Accounting Estimates.” There have been no significant changes in our critical accounting estimates during the six months ended June 30, 2026.

Current wording

Our critical accounting estimates are discussed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025 under “Critical Accounting Estimates.” There have been no significant changes in our critical accounting estimates during the nine months ended September 30, 2026.