Atlanta Braves Holdings Inc - Ordinary Shares - Class C

On-field success driving business strength (good): 2026 Braves finished 94 wins (+18 vs. 76 in 2025) and won the NL East, plus a Wild Card Series win over the Phillies; season ended in the NLDS vs. Dodgers (lost in 4 games after earlier sweeping 3 games in LA). Management framed this as “real progress” (return to postseason after missing in 2025) and said the winning on-field product continues to reinforce fan engagement, merchandise, media, and venue activity.

Attendance + revenue momentum at Truist Park and The Battery (good): Sold 2.8M+ tickets across 2026; in Q3 alone, average regular-season home attendance rose +14% YoY, including 25 regular-season sellouts (vs. 17 through July previously reported). Postseason home games were also strong (over 100k tickets across 3 Wild Card home games, plus 80k+ for NLDS home games with back-to-back sellouts). Off-field/“activity beyond baseball” remains a meaningful growth lever (e.g., Savannah Bananas, and Braves Country Music Fest with 100k+ visitors, plus multiple major concerts).

BravesVision (new local network) is the key strategic opportunity—bullish outlook (good/surprising): - BravesVision launched in April 2026; management emphasized they stood it up in ~30 days and that results are now based on only 2 full quarters so far (vs. the prior year including a full year under the old arrangement). - Expectations: Management reiterated expectation that BravesVision will exceed the annualized revenue of the prior local rights arrangement and (per CFO) that on an annualized basis they expect to replicate the profitability of the prior model. - Subscriber/ad revenue: BravesVision was described as league-leading in-market direct-to-consumer subscribers and delivered record advertising revenue; direct-to-consumer subscriptions were running ahead of expectations through June and continued that momentum through season end. - Offseason planning (forecast/expectation): With a full offseason, they plan to expand content (e.g., daily evening offseason programming) and improve resource depth vs. the compressed launch year.