Formula One Group

Welcome to Liberty Media Corporation's 2026 Q1 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 today, May 7th. I would now like to turn the call over to Hooper Stevens, SVP, Investor Relations. Please go ahead.

Thank you very much for joining us this morning for Liberty Media's first quarter 2026 earnings call. As we get started, I'd like to remind you that this call 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 forms 10-K and 10-Q, 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 to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based. On today's call, we'll discuss certain non-GAAP financial measures for Liberty Media, including adjusted OIPDOT, constant currency for MotoGP, The required definitions of reconciliations for Liberty Media are on Schedule 1 and MotoGP Schedule 2 can be found at the end of the earnings press release issue today, which is available on our IR website. Speaking on today's call, we have Liberty's President and CEO, Derek Chang, Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling, Formula One's President and CEO, Stefano Domenicali, and MotoGP's CEO, Carmelo Estoleta. Other members of the management will also be available for Q&A. With that, I'll turn it over to Jared.

Thank you, Hooper, and good morning, everyone. When we spoke with you in February, we framed 2026 around three priorities, sustaining Formula One's momentum, positioning MotoGP for long-term growth, and remaining disciplined and opportunistic with our capital. Our framework remains intact, and we're seeing good progress across the portfolio. We delivered strong financial results this quarter at both F1 and MotoGP, Starting with Formula One, the sport continues to demonstrate the strength and resilience of its global platform. We made the difficult but appropriate decision, together with the FIA and local promoters, not to proceed with the Bahrain and Saudi Arabian Grand Prix in April, given the situation in the Middle East. The well-being of everyone in F1 comes first, and we will always manage the calendar with that principle in mind. While that creates a near-term financial impact, it does not change our confidence in the long-term trajectory of the sport. We will be thoughtful in our approach, and we will continuously evaluate the calendar this year. And as Stefano mentioned to Bloomberg News last week, it might be possible to reschedule one race toward the end of the season. Formula One remains supported by strong fan demand, deep commercial partner interest, attractive media rights dynamics, and a stable long-term foundation with a new Concord agreement. The early season has also reinforced the value of the investments being made around the fan experience and distribution. In the U.S., Apple's first season as our exclusive media rights partner is underway, and the initial results have been promising. Our partnership with Apple and its tech-forward platform is already delivering early, innovative enhancements to our F1 product, with multi-view, data feeds, and onboard features creating a more engaging viewing experience for our fans. Viewership increased through the first three races of the year. Fan engagement is up. We're attracting a younger and more female audience, and we're seeing extended reach across the vast Apple ecosystem. Alongside Apple, we rolled out a series of dedicated marketing activations that significantly amplified the Miami race across both the city and the country, including nationwide Apple Store retail pit stops, Apple Maps integration, and the launch of new original F1 programming over race weekend. We're extremely pleased that the high energy from our U.S. fan base and the broader race week has become a meaningful cultural and commercial moment for the sport in the U.S. At MotoGP, the first full season under Liberty ownership is giving us even greater conviction in the opportunity. The sport is delivering compelling racing with the calendar evolving to expand its global footprint, including the return to Brazil this year. We are also beginning to broaden the ecosystem around MotoGP through initiatives like the Harley-Davidson Bagger World Cup, which brings a distinctive new format and lifestyle brand into the MotoGP weekend experience. The broadcast of the U.S. Grand Prix on Fox reached an average audience of 500,000, which is an increase over the last year on cable and an increase from the last time it was on broadcast in 2023. We have also seen our social media followers in the U.S. increase 16% since January 2025, which is an encouraging indicator of growing engagement in the U.S. market. The strength of MotoGP is its compelling identity. Fierce racing, extraordinary athletes, passionate fans, and a unique culture. Liberty's role is to help provide the commercial focus, operational support, and long-term investment discipline that can allow that identity to reach a broader global audience. That means building capabilities carefully, strengthening the event experience, improving fan engagement, expanding commercial partnerships, and sharing learnings across the portfolio where they are relevant. Following the Liberty Live split off, our portfolio is centered around two world-class boards with strong brands, valuable global rights, and multiple long-term growth levers. We will remain thoughtful in our capital allocation approach as we support our operating companies as they advance in growth, and we will evaluate additional opportunities to deploy our capital. Brian will cover the financial results in more detail. Stefano and Carmelo will provide due guidance on Formula 1 and MotoGP. We remain confident in the strategy we laid out earlier this year. Formula 1 has been proven global platform for significant momentum. MotoGP has meaningful long-term upside, and Liberty is well-positioned as we build the next chapter of growth. Now I'll turn it over to Brian.