Atlanta Braves Holdings Inc - Ordinary Shares - Class A

On-field results drive everything (and confirm strategy is working): The Braves improved from a 76-win 2025 season to 94 wins in 2026 (+18), won the NL East and returned to the postseason (including a Wild Card series win vs. Phillies). CEO Terry McGuirk emphasized this was “real progress,” with young player development, Walt Weiss’s successful first year as manager, and intentional roster investment (notably higher Major League payroll). While the team lost in the NLDS vs. Dodgers, management framed the short playoff series outcome as an “unfortunate” turn rather than a break in trend.

Strong business momentum from a winning team + events + monetization expansion: - Attendance/ticketing: 2.8M+ tickets sold at Truist Park; Q3 average regular-season home attendance +14% YoY (helped by strong playoff positioning). 25 regular-season sellouts (vs. 17 reported through July). - Postseason demand: 100k+ tickets across 3 Wild Card home games, and 80k+ more at NLDS home games with back-to-back sellouts. - Non-baseball entertainment: Truist Park hosted Savannah Bananas (3 games) plus major concerts (e.g., Eagles, Noah Kahan, Guns N’ Roses) and the Braves Country Music Fest (stated 100k+ visitors). Management highlighted that these events expand revenue on non-game days and support a year-round ecosystem.

BravesVision (new local media network) is the biggest swing factor—management is bullish, but there’s near-term timing noise: - Performance/opportunity: Derek Schiller said BravesVision is performing well against the regional media landscape; it’s built with distributed linear OTA + select games and direct-to-consumer (D2C) access. Management claims BravesVision should exceed the annualized revenue of the prior local rights arrangement and expects to replicate the profitability of the old model on an annualized basis. - Forecast framing: Because BravesVision began April 1, 2026, reported results in 2026 reflect only ~2 full quarters, so the company repeatedly asked investors to view media revenue on an annualized basis. - Offseason growth plan: With a full offseason, they plan to expand content and keep engagement high (including evening offseason content cycling daily), leveraging learnings from the accelerated 30-day launch. - Surprising/negative detail to note: Q3 media-related revenue was down to $76M vs. $79M YoY, attributed mainly to revenue recognition timing differences and mix changes (including more digital rights monetized via MLB Advanced Media), even as the company argues the model is improving on an annualized basis.