Liberty Media Corporation

Welcome to Liberty Media Corporation's 2026 second quarter 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 questions, please press star 1 on your telephone. As a reminder, this conference will be recorded August 6th. I would now like to turn the call over to Hooper Stevens, Senior Vice President, Investor Relations. Please go ahead.

Thank you for joining us this morning. 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 such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted oiveta, a consequency for MotoGP. The required definitions and reconciliations for Liberty Media Schedule 1 and MotoGP Schedule 2 can be found at the end of the earnings press release issued today, which is available on Liberty Media's 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, MotoGP's CEO, Carmelo Espelaga, and other members of management will be available for Q&A. With that, I'll turn it over to Derek.

Great. Thank you, Hooper, and good morning, everyone. We are thrilled with the second quarter performance at both F1 and MotoGP. amidst all the global uncertainty and credit to our operating teams in this challenging environment, our businesses are motoring along at a speedy pace. Our priorities for 2026 remain unchanged, which are to build upon Formula One's durable business model, establish the foundation for MotoGP's next phase of development, and allocate capital with discipline. Since May, we have made tangible progress against each priority, while keeping the distinct identity of each sport at the center of our approach. Formula One continues to demonstrate the breadth and durability of its platform. New technical era is producing compelling competition on track. There is immense demand from fans, promoters, commercial partners, and media platforms. Meanwhile, our business continues to perform incredibly well with notable momentum across paddock club, licensing, and sponsorship. In the US, Formula One's momentum on Apple continues to build, with viewership up year over year, season to date, and total hours watched up 13%. We could not be more pleased with this result. The digital product is great, and sponsors across the F1 ecosystem are very happy with our distribution on Apple. This season, F1 has attracted a much younger and more female audience in the US on Apple TV. Our experience with Apple continues to reinforce the strategy of pairing premium live coverage with product innovation and broader ecosystem breadth without compromising reach. Through Apple's ecosystem, F1 is being amplified, discovered, and embraced by a new generation of fans. And we couldn't be more excited to see what this partnership will bring to our sport in the coming years. We are also creating more direct and frequent relationships with fans. Provisional content, licensing, and experiential activations are extending engagement beyond race weekends. For example, Passenger Princess, which in its first season generated close to 300 million views, returned for a second season last month. The Las Vegas Grand Prix's 10-year extension through 2037 is a milestone that underscores F1's growing U.S. presence. At MotoGP, we are beginning to capitalize on the significant opportunities ahead, and we are very happy with our progress so far. Racing this season has been exceptional, with incredibly tight competition among the top five riders. More importantly, for the long term, MotoGP completed agreements with all manufacturers and teams through 2031. Together with new technical regulations beginning next year, this establishes a stable framework for investment promotion, and commercial growth. We continue strengthening the organization, including progressing on key hires and building commercial capabilities while pursuing growth in ways that are authentic to MotoGP. There is positive momentum in the business with new media agreements signed in Spain and Portugal and new extensions of the Malaysian and Silverstone Grand Prix. Fan exhibitions like the 20,000-person immersive watch party in London in June and broaden access and visibility, and underscore our priority of bringing the MotoGP experience closer to city centers. Our capital priorities at the Liberty level remain to support attractive organic growth, maintain a prudent balance sheet, and evaluate opportunities that complement our existing assets. Brian will cover the financial results in more detail, and Stefano and Carmelo will discuss the operating businesses. Our confidence remains high in the durability of Formula One's growth and their increasingly direct and always-on fan relationships. Likewise, we continue to feel very excited by MotoGP's long-term potential as its organizational and commercial foundation takes shape. Now I'll turn it over to Brian.