Atlanta Braves Holdings Inc - Ordinary Shares - Class A

Operational/business highlights (good + “surprising” momentum) - Braves are off to a strong start on the field: *first place in the National East* and “one of the best records in baseball” as of early May; April leadership in MLB ERA, and offense strong (club led MLB in runs scored and was 3rd in home runs). - Off the field: attendance strong early; through the *first 18 home games* average ~33,000 tickets sold per game with 7 sellouts (new ticketing strategy cited as a driver). - Fan/brand growth continues internationally (e.g., MLB World Tour in Mexico City; World Baseball Classic featured Braves stars).

BravesVision launch update + economics outlook (major investment opportunity) - BravesVision launched late Q1 and is organized into 5 units: production, distribution, advertising sales, programming, DTC streaming. - Management emphasizes fan-first control and “optionality” from owning the network; early programming focus is primarily in-game plus pre/post-game with selective expansion opportunities. - Key financial expectation: management stated they are “on track to meet or exceed” the economics under the prior RSN agreement (but with different cash-flow timing vs. the old model). - Metrics restraint: they explicitly *did not provide many new KPIs* yet because Q1 is early in the 162-game season (promising more detail for Q2).

Financial performance (good) with cash-flow timing shift (important challenge) - Revenue up strongly YoY: $72.0M in Q1’26 vs. $47.2M in Q1’25 (~+52.4% YoY). - Baseball revenue: $45.7M vs. $28.6M (increase attributed to 5 regular-season home games in Q1 2026 vs. none in prior-year period). - Mixed-use development revenue: $26.3M vs. $18.6M, mainly from higher rental income tied to the Pennant Park acquisition. - Adjusted OIBDA improved (but still negative): loss of $17.6M vs. loss of $28.5M (improvement driven by revenue gains partially offset by higher player salaries/variable stadium costs and higher expenses from Pennant Park). - Operating loss narrowed: -$41.3M vs. -$44.5M (improved due to revenue outpacing increases in operating + SG&A). - Major “timing” risk/complexity for investors: BravesVision payments are structured differently than the old RSN model—slower cadence for distribution/advertising/DTC payments (license-fee predictability reduced), so cash flow may lag even if economics are on track.