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

F1 delivered strong underlying performance despite calendar disruption (main “good” + key “bad”) - Q2 race count down 44% YoY (5 races vs 9) and YTD down 27% (8 vs 11 races through 2Q), causing reported YTD revenue -15% and YTD adjusted OIBDA -30% primarily due to less season-based revenue being recognized (about 36% recognized vs ~46% prior year at the comparable YTD point). - Offset: underlying momentum remained solid—contractual fee increases at key revenue streams, plus sponsorship, licensing, and Grand Prix Plaza strength, and lower operating costs due to fewer events (travel/freight/hospitality delivery). - Negative/constraint: comparison and profitability optics are distorted by fewer events, so investors should focus on full-year basis.

F1 calendar outlook clarified: Bahrain moved to Malaysia; expected stable path to 24 races - Original plan: Saudi/Bahrain not held in April; subsequent actions reduced recognized revenue in the period. - Bahrain GP will be rescheduled to Malaysia in October, raising expected 2026 race count to 23 races. - Accruals/true-ups for a 23-race calendar begin in 3Q 2026; management stated no additional 2026 calendar changes expected. - Expect full 24-race calendar next season.

U.S. growth at F1 on Apple + strong fan/partner engagement (major opportunity) - Apple viewing momentum: viewership up 13% YoY (season-to-date and total hours watched +13%). - Reported audience quality improvements on Apple: “younger and more female” audience in the U.S. - Engagement expansion beyond race weekends: original content/licensing/experiential activations; e.g., “Passenger Princess” season 1 ~300M views and season 2 launched recently. - Business benefits: partners/sponsors “very happy” with distribution; management sees this as enabling broader discovery and direct fan relationships.