Atlanta Braves Holdings Inc - Ordinary Shares - Class C

On-field performance is strong and should support 2H revenue upside (but Q2 cost/revenue timing hurt results). - Management emphasized the Braves are 1st in NL East with 89% division win and 99% playoff make (with 49 games left). - Expectation: if they advance in the postseason, there is incremental upside in Q4 baseball event revenue; Jill noted you can use prior years’ Q4 revenue vs. series depth as a baseline, but they won’t quantify the amount to avoid “jinxing.”

Financial performance: Q2 revenue down YoY due to fewer home games; adjusted OIBDA sharply lower—mainly cost and BravesVision timing. - Total revenue: $305M vs $312M (-~2% YoY). - Baseball revenue: $276M vs $287M; baseball event revenue $161M vs prior year down ~$19M, attributed primarily to 6 fewer regular season home games in Q2. - Media-related revenue (BravesVision reclassified line): $73M vs $81M, down mainly due to timing of revenue recognition under BravesVision’s linear distribution agreements vs the prior local broadcasting model. - Adjusted OIBDA: ~$12M in Q2 2026 vs $66M in Q2 2025. Management attributed the decline to lower baseball revenue and higher baseball operating costs + SG&A, including BravesVision production/admin expenses and MLB shared costs, partially offset by improved mixed-use results.

BravesVision: good early reception and expected revenue durability, but it changes cash-flow timing and elevates ongoing expenses. (Surprising/important mechanics.) - BravesVision described as owned/operated DTC multimedia platform with early fan/media praise and confidence it will replicate or exceed prior third-party local rights partner revenue on an annualized basis. - Key investor “surprise”/watch item: BravesVision revenue and cash flow have different timing than the old rights-fee model: - distribution payments come with a slower cadence, creating a meaningful shift in cash receipts (even if earnings ultimately normalize). - Expense outlook: Jill indicated BravesVision costs are ongoing, with expenses slightly elevated during the season and also having some off-season impact—so expect a structural level shift upward vs the prior local broadcasting expense base, not just a one-time spike.