Formula One Group

Hello, and welcome to Liberty Media Corporation's 2025 year-end earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star 1 on your telephone. As a reminder, this conference will be recorded February 26th. I would now like to turn the call over to Hooper Stevens, Senior Vice President, Investor Relations. Please go ahead.

Thank you, Kevin. Thanks everyone for joining us today on Liberty Media's fourth quarter and year-end 2025 earnings call. This call today includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Form 10-K followed by Liberty Media with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Media expressly disclaims any obligation or undertaking or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto for any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted concept currency for MotoGP, The required definitions and reconciliations for Liberty Media can be found on Schedule 1 and MotoGP for Schedule 2 at the end of the earnings press release issued today, which is available on Liberty Media's IR website. Speaking on today's call, we have Liberty Media's President and CEO, Derek Chang, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling, Formula One's President and CEO, Stefano Domenicali, MotoGP CEO, Carmelo Aspeleta, and other members of management will be available for Q&A. With that, I'll hand the call over to Derek.

Morning. Thank you, Hooper. And before I start, I just want to welcome Hooper to our team. This is his first earnings poll for Liberty. Many of you know Hooper already. He's obviously been part in and around the Liberty complex, but we are very, very happy to have him with us here. It has been an exceptionally productive and successful year for Liberty. We are energized by the forward progress we've built across our businesses and are focused on accelerating our momentum this year. We have delivered against each of the priorities we articulated last year, namely, one, to continue F1's structured trajectory, two, to augment our portfolio with the acquisition of MotoGP, and three, to execute the Liberty Live split-off. Following the split-off last December, we are now a premier global sports investment vehicle anchored by two world-class motorsport leagues and operating in an industry supported by strong secular growth tailwinds. Looking ahead to this year, operational excellence at MotoGP and S1 while remaining disciplined and opportunistic with our capital to drive value for our shareholders and across our portfolio. Turning now to our operating businesses. At MotoGP, we see tremendous upside over time and are in the early stages of unlocking that potential. We don't expect to see these investments bear fruit immediately, but are laying the necessary groundwork to drive this forward. Since closing the acquisition last July, we've continued building out our commercial functions. We hired key personnel across sales, public relations, social media strategy, with more additions to come. We're focused on driving knowledge sharing between MotoGP and F1 and believe this can support long-term value over time. I just recently returned from our partner summit in Barcelona, where we clearly articulated our strategy to teams, promoters, and partners across the ecosystem. The enthusiastic response was a very positive sign as we built shared momentum with a strong collective commitment to the future of our sport. Our three key priorities are, first, we remain focused on strengthening MotoGP's foundation and expanding its global footprint. We recently announced we are moving our Australia race to Adelaide, marking our first modern era circuit in a city center. And we are excited to return to Brazil this year after a 20-year hiatus and look forward to adding Buenos Aires to the calendar next year, strengthening our presence in major international cities. Second, we remain focused on elevating the Grand Prix experience into a must-attend event at every circuit. We continue to further enhance our hospitality offerings and improve the on-site fan experience. Finally, this work underpins our efforts to unlock our brand value and scale the sponsorship roster. We remain disciplined in our approach to sponsorship and are prioritizing brand alignment with high-quality partners over near-term wins. Now turning to F1, F1 once again delivered an exceptional year with the sport firing on all cylinders across growth, engagement, and commercial momentum. We renewed with multiple long-term existing partners We signed several new marketing partners, including Standard Charter, our official wealth management and banking sponsor. As you saw earlier this morning, we just announced our broadcast extension with BN in the Pan-Asia region, and earlier this week, we announced the extension of our ESPN partnership in Latin America. Our third year of the Las Vegas Grand Prix was a resounding success, and our relationship with the Las Vegas community has never been stronger. Importantly, we finalized a new Concord Agreement to cover the five years from 2026, which provides us with durable financial economics in all F1 constituents, a stable base to invest into the sport, and drive long-term value creation and an even healthier ecosystem. And 2026 should be an exciting season on track, with Cadillac and Audi joining the grid. The new ranks Cars and engines should lead to an incredibly competitive racing season ahead. Stefano and Carmelo will both provide more updates on their businesses later in the call. We look forward to continuing to support their strategic visions. Now I'll turn it over to Brian for more on Liberty's financial results.