Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its third quarter ended September 30, 2025.

Highlights include:

• Total revenue grew to $312 million in the third quarter of 2025, up 7% from the prior year period.
  • Baseball revenue increased 4% from the prior year period to $284 million.
  • Mixed-Use Development revenue grew 56% from the prior year period to $27 million.
• Total Adjusted OIBDA⁽¹⁾ grew to $67 million in the third quarter, up 114% from the prior year period.
  • Baseball Adjusted OIBDA grew 105% from the prior year period to $50 million.
  • Mixed-Use Development Adjusted OIBDA grew 62% from the prior year period to $20 million.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for three months ended September 30, 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 a real estate portfolio including the mixed-use facility The Battery Atlanta and primarily includes rental income.

The following table disaggregates revenue by segment and by source:

There were 41 regular season home games played in both the third quarter of 2025 and the comparable prior year period.

Baseball revenue increased 4% in the third quarter of 2025 compared to the prior year period primarily driven by growth in broadcasting revenue due to additional streaming rights granted to our regional broadcast partner, as well as contractual rate increases. Baseball event revenue increased primarily due to contractual rate increases on season tickets and existing sponsorship contracts, as well as new premium seating and sponsorship agreements, partially offset by reduced attendance at regular season home games.

Mixed-Use Development revenue increased 56% in the third quarter of 2025 compared to the prior year period primarily due to increases in rental income from various lease commencements and the in-place leases associated with an April 2025 acquisition of certain real estate assets (the “Acquisition”) as well as higher sponsorship revenue, partially offset by various lease terminations.

Operating income and Adjusted OIBDA⁽¹⁾ increased in the third quarter of 2025 compared to the prior year period due to revenue growth and a reduction in Baseball operating costs and selling, general and administrative expenses, partially offset by an increase in Mixed-Use Development costs. Baseball operating costs decreased primarily due to decreases in major league player salaries and variable concession and retail expenses. This decrease was partially offset by increases in MLB’s revenue sharing plan, expenses for events held at Truist Park, and minor league related expenses. Selling, general and administrative expenses decreased due to reduced professional fees. Mixed-Use Development costs increased during the third quarter of 2025 compared to the prior period as a result of operating costs associated with the assets within the Acquisition.