Atlanta Braves Holdings Inc - Ordinary Shares - Class A

Operating performance & on-field momentum (good; supports revenue visibility) - Braves are 1st in NL East with ~49 games left, holding an 89% chance to win the division and 99% chance to make playoffs (management cited FanGraphs-style probabilities). - Management highlighted return of key injured players (AJ Smith-Shawver returning from Tommy John; Ronald Acuña Jr. recently rejoined; Sean Murphy and Ha-Seaong Kim returned after rehab). - Claim: improving roster health positions the team to play “near full strength” into the back half of the season, which should support baseball event revenue performance.

Financial snapshot: Q2 revenue down YoY; profitability down sharply (bad) - Total revenue: $305M vs $312M in Q2’25 (-~2% YoY), impacted by 34 home games vs 40 in Q2’25 (6 fewer dates). - Baseball segment revenue: $276M vs $287M (down $11M, largely games/timing-driven). - Media-related revenue: $73M vs $81M (down $8M)—management attributes declines mainly to BravesVision revenue recognition timing under linear distribution agreements vs the prior local broadcast model. - Adjusted OIBDA: ~$12M vs $66M in Q2’25 (major decline), with management citing: - lower baseball revenue, - higher baseball operating costs and SG&A (including BravesVision production/admin expenses, special-event costs, MLB shared expenses, and higher player salaries). - Operating income/loss: operating loss of $19M in Q2’26 vs operating income of $42M in Q2’25.

BravesVision launch: early traction/opportunity, but creates timing-driven cash/earnings headwinds (surprising/mixed) - BravesVision is owned & operated local media platform; management says it’s receiving “high praise” and is expanding programming (e.g., live rating practice + pre/post shows). - Investment cycle is visible in costs: BravesVision introduces new expense categories (production/admin, etc.) that didn’t exist under the prior rights-fee structure. - Timing mismatch is a key investor takeaway: - Distribution agreements effective April 1, so 2026 fiscal results won’t show a full year of distribution revenue. - Revenue recognition differs from prior model and cash comes in on a slower cadence vs traditional rights fees. - Despite Q2 decline, management’s stance is confident BravesVision can replicate or exceed prior third-party annualized local-rights revenue—but the call did not provide a quantitative year-by-year bridge.