Atlanta Braves Holdings, Inc.

Greetings. Welcome to the Atlanta Braves Holdings fourth quarter and year end 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. As a reminder, this call is being recorded. At this time, I would like to turn the call over to Cameron Rudd, Vice President of Investor Relations.

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 events. During this call, we will discuss certain non-GAAP financial measures, including adjusted orbita. The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-K 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.

Welcome, everyone, and thank you for joining our fourth quarter and year-end 2025 call today. With spring training underway, we are energized about the year ahead. I've been to our North Port Florida spring training facility over the past two weeks And I'm pleased with the progress of the team and the pieces we have in place. Walt Weiss, our new manager, is working hard and building team momentum as we look towards opening day. We believe we are well positioned with a strong roster and the organizational depth to be competitive this season. We continue to focus on improving our team with the ultimate goal of competing and winning another World Series for our fans. As I stated on our last call, we are driven to return to our long tradition of winning and championships. And Alex Anthopoulos, our president of baseball operations, has done an excellent job navigating this offseason and adding some key free agents to the team. To that end, we're excited about the addition of Robert Suarez, who was just named by ESPN as the number reliever in baseball and will form one of the best back ends of a bullpen in the majors when paired with Rael Iglesias. We also have Jorge Mateo and Mauricio Dubon, who both can play anywhere on the diamond and will be anchoring the shortstop position until mid-May when gold Glover and newly signed Hassan Kim returns from a finger injury. Dubon has also won a Gold Glove as a utility infielder in two of the last three seasons. We were also pleased to strengthen our formidable bullpen with the signings of Tyler Kinley and Joel Pamps. We are adding these talented players to an already elite roster that includes reigning National League Rookie of the Year Drake Baldwin, reigning Gold Glove winner Matt Olson, former National League MVP, Ronald Acuna, Jr., and former Cy Young winner Chris Sale, who we signed to an extension earlier this week, along with the standout players and fan favorites, Austin Riley, Spencer Strider, and many, many more. Also, catcher Sean Murphy is recovering nicely from hip surgery last September and is making great strides towards rejoining the team in the early part of the season. We firmly believe we have all the pieces we need to make a post-season run this year and compete for a world series title. And we're not alone in that belief. Fan graphs picked us to compete for a world series title and named us the number two pre-season team in the entire majors in their power rankings, just behind the Dodgers. Now let me, I'll address one more important issue that emerged as we started this year, local media broadcasts. As you all know, the industry has been working through the ongoing saga of the decline of Main Street sports. With Main Street out of the way, the Braves now have our local TV rights back, and instead of going through a third-party regional sports network to monetize these rights, we will be stepping into the Main Street role in directly handling the distribution, production, and revenue generation of the full season of games ourselves. We are fortunate to have much of this expertise in-house at the Braves and are confident that we will be able to produce, distribute, and deliver our games and additional Braves content in a way that is compelling and serves our fans very well. We have one of the largest television territories in baseball, spanning multiple states, which affords us the opportunity to optimize our financial outcome, a factor that provides us an advantage that no other Main Street team has. Our goal to be sure that every fan who wants to watch an Atlanta Braves game can do so. The demand for our product remains incredibly high, which makes the job of reengineering the distribution system much easier. Yesterday, we announced the launch of our new distribution and streaming platform, Braves Vision, introducing our fans to the new platform for Braves broadcasts. Before I turn the call over to Derek, I'd like to thank our fans, our team, the entire organization for their continued support and efforts, and recognize that it is through hard work and dedication that we continue to be one of the elite franchises in all of Major League Baseball and across all professional sports. With that, I'll turn it over to Derek to walk through our operating performance, ticketing trends, and outlook, including more detail on the local media rights topic.