Liberty Media Corp. - Ordinary Shares (New Liberty Formula One) Series A

Strong operating momentum at both F1 and MotoGP despite tougher quarter optics (calendar-driven): - F1: Q2 2026 race count fell 44% vs prior-year Q2 (Saudi & Bahrain not held in April), and YTD race count fell 27%—making comparisons distorted. Still, management emphasized that on a full-year basis underlying performance remains strong. - MotoGP: Racing season was exceptional with very tight competition (only 24 points separating top 5 riders season-to-date). Commercial momentum continues post-acquisition (see below).

F1 outlook: stable race calendar going forward, with normalization expected - YTD (through June 30) results reflect 22-race calendar assumptions known at that point; Bahrain GP was rescheduled post-quarter to Malaysia in October, taking expected 2026 races to 23. - Accrual/true-ups for season-based revenue/costs are expected to start on a 23-race calendar basis in Q3; no further 2026 calendar changes expected. - Next year expected to return to 24 races, reducing the drag/variance next period. - Management highlighted demand and monetization strengths: Paddock Club sold out for the rest of the season; House 44 expanding.

Media/content and fan engagement opportunities (with Apple/partner momentum as a key driver): - U.S. Apple deal: F1 said views and hours watched are up 13% YoY season-to-date/total, and the product is helping bring a younger and more female audience to F1 in the U.S. - Broader digital growth: social followers up 19% YoY, YouTube views >13B (+30%), strong TikTok engagement. - Passenger Princess: reported ~300M views in season 1 and returned for a second season. - Management also pointed to renewal activity (e.g., ServusTV in Austria) and continued strength of global TV offerings (including F1 TV revenue up 18% YTD excluding U.S.).