Atlanta Braves Holdings, Inc.

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the risk factors section of our annual and quarterly reports filed with the SEC. Forward-looking statements are based on current expectations, assumptions, and beliefs, as well as information available to us at this time, and speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future results. During this call, we will discuss certain non-GAAP financial measures, including adjusted EBITDA. The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-Q and earnings press release available on the company's website. Now, I'd like to turn the call over to Terry McGurk, Chairman, President, and CEO of Atlanta Braves Holdings.

Thanks for joining the call today, and we appreciate your continued interest and support. In a rare year where we did not make the playoffs, the strength of our brand and the passion of our fans remain strong. That gives us great confidence as we enter the offseason and look ahead to 2026. We did have some notable highlights that will help build momentum going into next season. Rookie Drake Baldwin had a breakout season, hitting .274 with 19 home runs and 80 RBIs. He became the first Braves catcher ever to debut as an opening day starter and then go on to win National League Rookie of the Month in May. Drake is now a top contender for Rookie of the Year, which is an exciting milestone for our organization. Chris Sale, despite dealing with a non-throwing injury while covering first base, remained one of the top performers in the league and achieved a major career milestone by becoming the fastest pitcher in MLB history to reach 2,500 strikeouts. He finished strong and is ready for 2026. Matt Olson showcased remarkable consistency and durability and became one of only five MLB players to appear in all 162 games. He led the team with a 6.1 war and ranked among MLB's top defensive first baseman. And earlier this week, he was awarded a Gold Glove Award, his first as a Brave and third in his 10-season MLB career. He also represented the Braves in the Home Run Derby during the All-Star Week here in his hometown. While our pitchers lost a lot of time due to injuries, it did give us an opportunity to see some of our young talent and how they'd perform, and we were greatly encouraged by that. Newcomer Hurston Waldrop, a 2023 first-round pick out of Florida, seized the opportunity and ended up with a 6-1 record with a 2.88 ERA intense game started. You will likely see him again in 2026. Now that we're in the offseason, our focus is shifting towards our strategic priorities, which include adding a couple of key players to a veteran win-now squad that has so many years of success ahead. Turning to our field manager position after 10 seasons, Brian Snitker transitioned from our manager to a senior advisor role. Brian led our team to a World Series championship in 2021 and has spent his entire career with our organization, 49 years in all. We are grateful for his dedication to our franchise, and we look forward to having him around to advise us on baseball matters into the future. This past Monday, Walt Weiss was named the 49th manager in franchise history after spending the previous eight seasons as the club's major league bench coach. Walt, who previously served as a manager for the Colorado Rockies, has twice been a World Series champion, first as a player with the Oakland Athletics in 89, and then as the Braves bench coach in 2021. He has been a part of the Braves organization for 11 seasons as both a player and coach. Since joining the staff, the Braves have made seven postseason appearances, earned six National League East division titles, and won the 2021 World Series. On the MLB front, there remains a lot of positivity on the broader state of baseball as we look to the 2026 season. Across Major League Baseball, national viewership continues to grow. ESPN's MLB coverage is up roughly 21% year over year, TNT Sports is up 29%, and MLB.tv consumption has grown by 24%. These trends further reinforce the growing engagement across the sport and underscore the strength of baseball's fan connection. We continue to see positive momentum following the regular season, including the highest postseason viewership since 2017, and an increase of 13% year over year. This all culminated in one of the most exciting World Series finishes in recent memory, only a few days ago, which saw an extra innings comeback in game seven. Early indications have this as one of the highest rated World Series games since 2017, with over 25 million fans tuning in to watch the finale. The global audience was on full display as well, welcoming millions of viewers from Japan and across Asia that, coupled with our domestic audience, highlight the state of baseball, which is an exciting upwards trajectory. Total MLB attendance for 2025 exceeded 71 million fans, making the third consecutive year of growth for the first time in 18 years and reaffirming MLB's position as the most attended sports league in the world. This is a testament to America's favorite pastime, and the Braves country continues to play a major role in that success. So what we're doing within this organization is truly unique, not only in baseball, but in all of professional sports. The continued momentum and strategic interplay between our baseball and real estate segments remains remarkable and really reflects the long-term vision that has set the Atlanta Braves organization apart. Most every sports organization is trying to emulate our success in combining a stadium environment with a large, bustling, mixed-use development. And with that, I'll turn the call over to Derek, who will discuss in more detail how our season is shaped up and share more on our outlook heading into next year.

Thanks, Terry. Although this season has brought its challenges, our team played their hearts out until the very end, and we're extremely proud of their achievements. The Atlanta Braves have a history of success on the field, and we remain focused and optimistic on returning to our winning ways and getting back to the postseason again next season. Despite the challenges on the field, we continue to provide great times for our fans and their families, and we accomplished a great deal as an organization. First, despite the inconsistent season on the field, We navigated adversity to deliver record-breaking ticket sales and sponsorship revenue, underscoring the enduring strength of the Braves brand and the unwavering passion of our fans and partners. The Braves sold the fourth highest number of tickets in the past 25 years, highlighting both the depth of our fan base and the effectiveness of our sales and marketing strategies. Similarly, secondary market activity and ancillary revenues in retail and concessions remain strong. and our team remained disciplined and adaptive in driving demand and maintaining engagement. We also added and renovated several areas of the ballpark as part of a continuing innovation of the game day experience, which resulted in new and enhanced revenue streams. Lastly, we extended our partnership with FanDuel Sports Networks to include our first ever direct-to-consumer streaming opportunity for fans. In addition, our new arrangement with Gray Media provided enhanced broadcast opportunities and more fans able to watch games in our territory. The result of the revised media approach resulted in strong ratings and allowed our entire Braves country television territory, among the largest in sports, to follow their favorite team. Ticketing remains a top priority for us as a meaningful driver of revenue. We're proud to have our premium and full season ticket inventory sold out through the end of the season, our third straight year of doing so. While attendance moderated slightly in late August and September, primarily from lower single game tickets, demand for season, group, and hospitality package offerings remains robust. We sold out 24 games this year and had high record revenue from a number of those games. We sold over 2.9 million tickets in 2025, a level that puts the Braves inside the top 10 highest in NLB for the fifth consecutive year. As we transition into the offseason and begin planning for next year, our team is still actively evaluating pricing and inventory strategies to further optimize our ticket mix. These changes will better optimize how we manage our ticketing process from start to finish, and we are hopeful that this will make a meaningful change in our operations. We remain committed to our growing and loyal fan base and are focused on enhancing the fan experience, including more innovative changes to the ballpark, while driving continued growth around Truist Park and the Battery Atlanta. Elsewhere around Truist Park, we recently announced an extension with our incumbent food and beverage partner, industry-leading Delaware North, for an additional 10 years beyond our current term. Over the last 10 years, we've worked with Delaware North to elevate the fan experience through high-quality, locally-inspired food options. They share our vision of perfecting the ballpark classics while also offering innovative food, beverage, and premium hospitality and putting a creative, brave country spin on fan favorites. I'm excited about this extension and expansion of our partnership, which will enable us to further leverage Delaware North. As part of this renewal, we will also lean into Delaware North's Restaurant and Premium Experience Division, PATINA, to provide best-in-class food options for every guest in the Battery Atlanta and Truist Park. In addition, our recent master planning projects completed throughout the end of the 24th season and into the start of the 25th season are performing particularly well both in terms of generating significant additional revenue but importantly, further enhancing our fan experience here at the ballpark. This multi-year capital improvement process uses a proprietary ROI evaluation process to ensure successful implementation, which drives both a better fan experience and, in most cases, more revenue to our top line. We have a truly unique fan experience on and off the field, and we continue to be grateful for the support we receive from our fan base, as well as our many corporate partners. Our park operates as much more than just the baseball field, and including events already booked in the fourth quarter, we expect to host over 150 separate events this year within Truist Park. These events include conferences, corporate seminars, client entertainment, and company celebrations, among others. Some use the field, and some use our variety of premium and expanded facilities to create memorable events. In addition to the park itself, we held over 195 events in the Battery through the end of September, including movies on the lawn, concerts at the Roxy, yoga mornings, 5Ks, farmer markets, and more. We believe that our unique business model remains the gold standard across professional franchises, and we have seen countless organizations attempt to replicate what we have built here. This was on full display today. and this year's successful Major League Baseball All-Star Week, where thousands of fans and industry executives from across the globe were able to see our entire project in action, many for the first time. This campus is not only home to thousands of employees that work in the approximately 1.7 million square feet of office space we operate, but a destination for millions of visitors who grace the battery each year, which continues to grow. And with that, I will now turn the call over to Mike, who will provide an update on this growth and the developments within our extending and strong real estate portfolio.