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

Strong operational performance in Q1 (but comparisons impacted by race count/calendar) - F1 Q1: Revenue +53% YoY and Adjusted OIBDA +102% YoY, largely due to calendar/race effects: Q1 had 22 races in 2026 vs fewer in 2025, and specifically 3 races recognized in Q1 (~14% of season revenue) vs 2 races in the prior-year Q1 (~8%). - MotoGP Q1: (Constant currency focus) Revenue up on race mix and higher sponsorship, partially offset by slightly lower media rights; Adjusted OIBDA grew as revenue growth outpaced expenses. - Surprising/important nuance: “Underlying growth” exists, but the headline YoY gains are heavily driven by timing/pro‑rata revenue recognition from the altered race calendar.

Middle East disruption: Bahrain + Saudi races in April were canceled (near-term financial hit; longer-term confidence) - Liberty/F1 made the decision not to proceed with Bahrain and Saudi Arabian Grands Prix in April for safety/security reasons. - Near-term financial impact expected: primarily loss of race promotion revenue, followed by hospitality, with minimal exposure to some sponsorship that may be offset by other races later in the year. - Team payments/accounting impact: expenses largely not recognized for disrupted races; net impact flows through team prize fund and team payments recognized pro‑rata over 22 races instead of 24. - Outlook risk noted: Liberty expects modest TTM leverage increase in Q2 due to the F1 disruption.

F1 business momentum remains strong: fan growth, partner momentum, and media rights upgrades - U.S. Apple TV (exclusive media rights) momentum: early results “promising,” with viewership up through first 3 races, fan engagement up, younger and more female audiences, and expanded reach across Apple ecosystem. - F1 commercial/product updates: continued premium fan experience investment; F1 TV revenue up 28% YoY. - Sky UK + Italy renewal (announced yesterday): 5-year renewal covering UK through 2034 and Italy through 2032, with no current economic impact stated (positioned as longer-term locking in and enhanced contribution). - Notable forward-looking possibility: management said it might be possible to reschedule one race toward season end, which would create upside, but not assumed in current forecast.