Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported first quarter 2025 results.

Headlines include:

• Total revenue grew to $47 million in the first quarter of 2025, up 27% from the prior year period.

  • Baseball revenue increased 30% from the prior year period to $29 million.

  • Mixed-use development revenue grew 23% from the prior year period to $19 million.

• Mixed-Use Development generated $13 million of Adjusted OIBDA⁽¹⁾ in the first quarter of 2025, up 30% from the prior year period.

• The Braves have had seven sellout games through the first three homestands of the season.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for three months ended March 31, 2025 to the same period in 2024.

Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived primarily from The Battery Atlanta mixed-use facilities and primarily includes rental income.

The following table disaggregates revenue by segment and by source:

There were no regular season home games played in either the first quarter of 2025 or in the comparable prior year period.

Baseball revenue increased 30% in the first quarter compared to the prior year period primarily driven by growth in broadcasting revenue due to an increase in the number of regular season games based upon the timing of the regular season start this year, as well as contractual rate increases and higher other revenue due to events held at Truist Park, including hosting two games for the Savannah Bananas.

Mixed-use development revenue increased 23% in the first quarter of 2025 primarily due to increases in rental income from various lease commencements, as well as higher parking and sponsorship revenue.

Operating income and Adjusted OIBDA⁽¹⁾ increased in the first quarter of 2025, as revenue growth outpaced increases in operating and selling, general and administrative expenses. Baseball operating costs increased primarily due to increases in major league player salaries, MLB’s revenue sharing plan and other shared expenses, and expenses for events held at Truist Park. Mixed-use development costs were relatively flat during the first quarter of 2025 compared to the prior period. Selling, general and administrative expenses increased due to increased personnel costs.