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

Strong business momentum; growth focus unchanged - Management said both Formula 1 and MotoGP are “performing incredibly well” in the 3rd quarter and remain on track with Liberty’s core goal of investing behind the two franchises for long-term value. - Investor framing: calendars cause variability quarter-to-quarter; they reiterated that it’s best to focus on full-year results rather than quarter-by-quarter comparisons.

Formula 1: demand ahead of supply + multiple fan/commerce growth initiatives - Demand: F1 continues to see demand running ahead of supply; they staged Bahrain in Malaysia and delivered record attendance (Sepang attendance 261k cited). - Attendance/engagement: 5.8M fans year-to-date through Austin; 18 consecutive sold-out events; 11 races set attendance records. Social growth was also highlighted (e.g., following 129M, YouTube views >1.7B with strong watch time—cited by Stefano). - Commercial upside opportunities: Hospitality momentum and expansion efforts (e.g., Paddock Club demand; added locations/capacity initiatives), plus continued licensing growth and retail/store expansions. - Calendar/outlook: Bahrain/Malaysia reschedule and other calendar mechanics increased race count expectations to 23 races for the year; management expects a full 24-race calendar next season.

MotoGP: transformation underway; 2027 growth building blocks - Stability for growth: With teams/manufacturers agreement signed through 2031, MotoGP has a more stable framework to co-invest and collaborate. - Organization upgrades: Carlos Ezpeleta promoted to Deputy CEO; major leadership additions (new strategy/commercial/media hires; CFO already added earlier). The theme is improved capability across commercial, media rights, and operations. - Marketing/digital traction: Strong digital/social momentum reported (e.g., TikTok engagement/viewership growth referenced; total followers 63M by quarter end). - Upcoming expansion: 2027 season launch in Rio, plus a planned new race weekend format starting next season (spring qualifying becomes a separate session to improve clarity/storylines while maintaining safety).