Q3 2025 Atlanta Braves Holdings Inc Earnings Call
Speaker #3: Greetings . Welcome to the Atlanta Braves Holdings third quarter earnings call . All lines have been placed on mute to prevent any background noise .
Operator: Greetings. Welcome to the Atlanta Braves Holdings Q3 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 1 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.
Speaker #3: After the speakers 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 .
Speaker #3: 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 .
Speaker #4: 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 .
Cameron Rudd: 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. 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 OIBDA.
Speaker #4: 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 .
Speaker #4: 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 .
Speaker #4: 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 .
Cameron Rudd: 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 McGuirk, Chairman, President, and CEO of Atlanta Braves Holdings.
Speaker #4: Now , I'd like to turn the call over to Terry McGuirk , chairman , president and CEO of Atlanta Braves Holdings, Inc. .
Speaker #5: Thanks for joining the call today . And we appreciate your continued interest in support . In a rare year where we did not make the playoffs , the strength of our brand and the passion of our fans remains strong .
Terry McGuirk: Thanks for joining the call today. 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 off-season 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.
Speaker #5: That gives us great confidence as we enter the off season and look ahead to 2026 . We did have some notable highlights that will help build momentum going into next season .
Speaker #5: 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 .
Speaker #5: 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 2500 strikeouts .
Terry McGuirk: 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 basemen. 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.
Speaker #5: 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 .
Speaker #5: He led the team with a 6.1 War and ranked among MLB's top defensive first basemen in . Earlier this week , he was awarded a Gold Glove Award , his first as a brave and third in his ten season MLB career .
Speaker #5: 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 perform , and we were greatly encouraged by that .
Terry McGuirk: 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 Waldrep, a 2023 first-round pick out of Florida, seized the opportunity and ended up with a 6 and 1 record with a 2.88 ERA in 10 games started. You will likely see him again in 2026. Now that we're in the off-season, 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.
Speaker #5: Newcomer , Hurston Waldrep , a 2023 first round pick out of Florida , sees the opportunity and ended up with a six and one record with a 2.88 ERA in ten games started .
Speaker #5: You will likely see him again in 2026 . Now that we're in the off season , our focus is shifting towards our strategic priorities , which include adding a couple of key players to a veteran win .
Speaker #5: Now we have a squad that has many years of success ahead. Turning to our field manager position, after ten seasons, Brian Snitker transitioned from our manager role to a senior advisor role.
Speaker #5: Brian led our team to a World Series championship in 2021 , and has spent his entire career with our organization . 49 years in all .
Terry McGuirk: 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 8 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 1989, and then as a Braves bench coach in 2021. He has been a part of the Braves organization for 11 seasons as both a player and coach.
Speaker #5: We are grateful for his dedication to our franchise, and we look forward to having him around to advise us on baseball matters in the future.
Speaker #5: 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 a Braves bench coach in 2021 .
Speaker #5: 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 .
Terry McGuirk: Since joining the staff, the Braves have made 7 postseason appearances, earned 6 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.
Speaker #5: ESPN's MLB coverage is up roughly 21% year over year . TNT sports is up 29% , and MLB TV consumption has grown by 24% .
Speaker #5: 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 .
Speaker #5: 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 7.
Terry McGuirk: 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. The Braves country continues to play a major role in that success.
Speaker #5: 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 .
Speaker #5: 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 .
Speaker #5: 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 .
Speaker #5: 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 .
Terry McGuirk: 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. With that, I'll turn the call over to Derek Schiller, who will discuss in more detail how our season has shaped up and share more on our outlook heading into next year.
Speaker #5: 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 .
Speaker #5: Most every sports organization is trying to emulate our success in combining a stadium environment with a large, bustling, mixed-use development.
Speaker #5: And with that , I'll turn the call over to Derek , who will discuss in more detail how our season has shaped up and share more on our outlook heading into next year .
Speaker #5: Thanks , Terry . Although this season has brought .
Derek Schiller: 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've 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.
Speaker #6: 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 .
Speaker #6: 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.
Speaker #6: 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 .
Speaker #6: 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 .
Derek Schiller: 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 expanded our partnership with FanDuel Sports Network 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.
Speaker #6: 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 .
Speaker #6: 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 .
Speaker #6: Lastly , we expanded 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 .
Speaker #6: 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 .
Derek Schiller: 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, and 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 MLB for the fifth consecutive year.
Speaker #6: Ticketing remains a top priority for us as a meaningful driver of revenue , and we are proud to have our premium full season ticket inventory sold out through the end of the season .
Speaker #6: 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 .
Speaker #6: 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 ten highest in MLB for the fifth consecutive year .
Speaker #6: As we transition into the off season and begin planning for next year , our team is still actively evaluating pricing and inventory strategies to further optimize our ticket mix .
Derek Schiller: As we transition into the off-season 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.
Speaker #6: 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 .
Speaker #6: 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 .
Speaker #6: 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 ten years beyond our current term .
Speaker #6: Over the last ten years , we've worked with Delaware North to elevate the fan experience through high quality , locally inspired food options .
Speaker #6: They share our vision of perfecting the ballpark classics while also offering innovative food , beverage and premium hospitality and putting a creative spin on fan favorites .
Derek Schiller: They share our vision of perfecting the ballpark classics while also offering innovative food, beverage, and premium hospitality and putting a creative Braves 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 2024 season and into the start of the 2025 season are performing particularly well, both in terms of generating significant additional revenue, but importantly, further enhancing our fan experience here at the ballpark.
Speaker #6: 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 .
Speaker #6: 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 Atlanta and Truist Park .
Speaker #6: In addition , our recent master planning projects completed throughout the end of the 24 season and into the start of the 25 season , are performing particularly well , both in terms of generating significant additional revenue but importantly , further enhancing our fan experience here at the ballpark .
Speaker #6: This multiyear 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 .
Derek Schiller: 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 a baseball field. Including events already booked in Q4, 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.
Speaker #6: 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 .
Speaker #6: Our park operates as much more than just a baseball field and including events already booked in the fourth quarter , we expect to host over 150 separate events this year within Truist Park .
Speaker #6: 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 .
Speaker #6: 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 , five farmers markets , and more .
Derek Schiller: 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, farmers 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 in 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.
Speaker #6: 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 .
Speaker #6: This was on full display in 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 .
Speaker #6: Many for the first time . This campus is not only home to thousands of employees that work in the approximately one point 7,000,000ft² of office space we operate .
Speaker #6: But it is a destination for millions of visitors who grace the Battery each year, and it continues to grow. With that, I will now turn the call over to Mike, who will provide an update on this growth and the developments within our expanding and strong real estate portfolio.
Derek Schiller: With that, I will now turn the call over to Mike, who will provide an update on this growth and the developments within our expanding and strong real estate portfolio.
Speaker #6: Thank you . Derek . As you all know , the Battery Atlanta was conceived to not just be a destination for Braves . games , but a year round lifestyle , entertainment and commercial campus .
Mike Plant: Thank you, Derek. As you all know, the Battery Atlanta was conceived to not just be a destination for Braves games, but a year-round lifestyle, entertainment, and commercial campus built to complement and de-risk the dependence on game day revenue. Now that we are outside the baseball season, it's becoming more evident just how important this is to our organization. As Derek mentioned, we have hosted and activated 195 events at the Battery Atlanta in addition to 81 baseball games through the end of September, including a variety of concerts and common area events. Of this number, the Roxy has held 72 concerts this year, including 28 concerts in Q3 alone. The total events hosted at the Roxy are expected to exceed 150 by year-end.
Speaker #5: Built to complement .
Speaker #6: And de-risk the dependence on game day revenue . And now that we are outside the baseball .
Speaker #5: Season .
Speaker #6: It's becoming more evident just how important this is to our organization . As Derek mentioned , we have hosted an activated 195 events at the Battery Atlanta .
Speaker #6: In addition to 81 baseball games through the end of September , including a variety of concerts and commentary events . Of this number , The Roxy has held 72 concerts .
Speaker #6: This year , including 28 concerts in the third quarter alone . The total events hosted at The Roxy are expected to exceed 150 by year end .
Speaker #6: As we head into the fourth quarter , we are looking forward to the batteries presence in the community highlighted by our various holiday events .
Mike Plant: As we head into Q4, we are looking forward to the Battery's presence in the community, highlighted by our various holiday events. These events include our tree lighting ceremony as well as our New Year's Eve celebrations, which saw over 33,000 attendees across both events last year. I'm pleased to report that our mixed-use development revenue continues to perform well and represents approximately 11% of the company's total revenue year to date. Notably, in Q3 2025, we saw an impressive 56% increase in mixed-use development revenue compared to the prior year period, reaching $27 million, driven by the performance of our recent acquisition, Pennant Park, strong leasing activity, and enhanced tenant engagement.
Speaker #6: These events include our tree lighting ceremony as well as our New Year's Eve celebrations , which saw over 33,000 attendees across both events last year .
Speaker #6: I'm pleased to report that our mixed use development revenue continues to perform well and represents approximately 11% of the company's total revenue year to date .
Speaker #6: Notably , in the third quarter of 2025 , we saw an impressive 56% increase in mixed use development revenue compared to the prior year period , reaching 27 million , driven by the performance of our recent acquisition .
Speaker #6: Penn and Park Strong leasing activity and enhanced tenant engagement . On a go forward basis . We are now generating more than 100 million annually in revenue from our real estate holdings and incredible achievement .
Mike Plant: On a go-forward basis, we are now generating more than $100 million annually in revenue from our real estate holdings, an incredible achievement as we grew this from zero less than only 8 years ago. One of the most significant moves this year was our strategic acquisition of Pennant Park. This acquisition greatly expanded our office footprint and brought significant leasable square footage to our existing 100% leased Battery office space. We continue to receive incredible positive responses from the Pennant Park tenants since taking over the complex earlier this year. With relative minimum capital improvements, we anticipate Pennant Park being 90% leased by year-end, a substantial improvement from the sub 85% occupancy the building was at when we acquired it back in April.
Speaker #6: As we grew this from zero less than only eight years ago . One of the most significant moves this year was our strategic acquisition of Penn and Park .
Speaker #6: This acquisition greatly expanded our office footprint and brought significant leasable square footage to our existing 100% leased battery office space . We continue to receive incredible positive responses from the Penn and Park tenants .
Speaker #6: Since taking over the complex earlier this year , with relative minimum capital improvements , we anticipate Penn and Park being 90% leased by year end .
Speaker #6: A substantial improvement from the 85% occupancy the building was at when we acquired it back in April . This is a testament to our team and brand as we attract top tenant profiles and companies who wish to partner with us and know the operational expertise we bring to our campus .
Mike Plant: This is a testament to our team and brand as we attract top tenant profiles and companies who wish to partner with us and know the operational expertise we bring to our campus. Our purchase has reinvigorated the market in this area, and we have seen the results of this catalyst in our existing tenants who continue to expand and extend, as well as new tenants who are looking to work with us for the first time. Looking ahead, we will continue to focus on improving tenant experience and operational efficiency with amenities such as fitness centers, conference facilities, enhanced security, and recreational options to make our properties highly attractive. Our ability for tenant improvements allows us to further optimize our footprint. As an example of this, we are excited to welcome J.
Speaker #6: Our purchase has reinvigorated the market in this area , and we have seen the results of this catalyst in our existing tenants who continue to expand and extend , as well as new tenants who are looking to work with us for the first time .
Speaker #6: Looking ahead , we will continue to focus on improving tenant experience and operational efficiency with amenities such as fitness centers , conference facilities , enhanced security and recreational options that make our properties highly attractive .
Speaker #6: Our ability for tenant improvements allows us to further optimize our footprint and as an example of this , we are excited to welcome Jay Alexanders , a high end American Cuisine restaurant to the battery next year .
Mike Plant: Alexander's, a high-end American cuisine restaurant, to The Battery next year, replacing the space of a tenant who was underperforming in their location. Additionally, our ongoing partnership with local and regional stakeholders ensures we maintain strong community ties and continue to position The Battery Atlanta as a premier destination. Elsewhere around our extended campus, the Henry development across from Truist Park is well underway as construction ramps up for the two-tower complex, which will bring additional apartments, hotel rooms and condos adjacent to The Battery to be connected with a newly constructed pedestrian bridge. In closing, I want to thank our leasing, property management, and development teams for their execution this quarter, as well as the broader Braves organization for their support.
Speaker #6: Replacing the space of a tenant who was underperforming in their location . Additionally , our ongoing partnership with local and regional stakeholders ensures we maintain strong community ties and continue to position the battery .
Speaker #6: Atlanta as a Premier destination . Elsewhere around our extended campus , the Henry development across from Truist Park is well underway as construction ramps up for the two tower complex , which will bring additional apartments , hotel rooms and condos adjacent to the battery to be connected with a newly constructed pedestrian bridge .
Speaker #6: In closing , I want to thank our leasing property management and development teams for their execution this quarter as well as the broader Braves organization for their support .
Speaker #6: The success of the Battery Atlanta is a testament to the vision of embedding a mixed use destination adjacent to the stadium , and our Q3 results reflect that strategy .
Mike Plant: The success of The Battery Atlanta is a testament to the vision of embedding a mixed-use destination adjacent to the stadium. Our Q3 results reflect that strategy bearing fruit. Our portfolio of high occupancy assets also brings a level of stability and certainty to the far more seasonal nature of baseball and our financials. We remain a beacon in the market and region for continued expansion opportunities, which allows us to be thoughtful about the best future for our campus. I'm proud of what we have done. I'm excited for all that is to come. With that, I'll turn the call over to Jill to discuss our financial results in more detail.
Speaker #6: Bearing fruit . Our portfolio of high occupancy assets also brings a level of stability and certainty to the far more seasonal nature of baseball , and our financials .
Speaker #6: We remain a beacon in the market and region for continued expansion opportunities , which allows us to be thoughtful about the best future for our campus .
Speaker #6: I'm proud of what we have done and am excited for all that is to come . With that , I'll turn the call over to Jill to discuss our financial results in more detail .
Speaker #7: Thanks , Mike . Before I begin , I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season .
Jill Robinson: Thanks, Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. During Q3 2025, we played 41 home games. Despite on-field performance, we continue to be encouraged with our revenue growth. In Q3, total revenue was $312 million, up over 7% from $291 million in Q3 2024. As a reminder, the company manages its business based on the following reportable segments: Baseball and Mixed-Use Development. Total Baseball revenue was $284 million in Q3 2025, up from $273 million in Q3 2024.
Speaker #7: During the third quarter of 2025 , we played 41 home games despite on field performance , we continue to be encouraged with our revenue growth in the third quarter .
Speaker #7: Total revenue was 312 million , up over 7% from 291 million in the third quarter of 2020 . For . As a reminder , the company manages its business based on the following reportable segments baseball and mixed use development .
Speaker #7: Total baseball revenue was 284 million in the third quarter of 2025 , up from 273 million in the third quarter of 2020 . For baseball event revenue increased to 176 million during the third quarter of 2025 , compared to 173 million during the corresponding period in the prior year , primarily due to contractual rate increases on season tickets and existing sponsorship contracts , as well as new premium seating and sponsorship agreements , offset by attendance related reductions in concessions , revenue .
Jill Robinson: Baseball event revenue increased to $176 million during Q3 2025 compared to $173 million during the corresponding period in the prior year, primarily due to contractual rate increases on season tickets and existing sponsorship contracts, as well as new premium seating and sponsorship agreements offset by attendance-related reductions in concessions revenue. Broadcasting revenue increased to $79 million in Q3 2025 compared to $71 million during the corresponding period in the prior year, due primarily to the impact of our renegotiated local rights agreement signed at the end of 2024. Next, our mixed-use development revenue was $27 million in Q3 2025, up over 56% from $17 million in Q3 2024.
Speaker #7: Broadcasting revenue increased to 79 million in the third quarter of 2025 , compared to 71 million during the corresponding period in the prior year , due primarily to the impact of our renegotiated local rights agreement signed at the end of 2024 .
Speaker #7: Next , our mixed use development revenue was 27 million in the third quarter of 2025 , up over 56% from 17 million in the third quarter of 2024 .
Speaker #7: This was primarily driven by a $9 million increase in rental income , which includes revenue from our Pennant Park acquisition and new lease commencements , including the Truist Securities Building and , to a lesser extent , sponsorship and parking revenue .
Jill Robinson: This was primarily driven by a $9 million increase in rental income, which includes revenue from our Pennant Park acquisition and new lease commencements, including the Truist Securities Building, and to a lesser extent, sponsorship and parking revenue. Adjusted OIBDA was $67 million in Q3 2025, an increase of over 113% from $31 million in the same period last year. This improvement was due to an increase in both baseball and mixed-use development revenue and a reduction in baseball operating costs, partially offset by increases in mixed-use development operating costs and SG&A expenses. Baseball operating costs decreased primarily due to lower than expected Major League player salaries and variable concession and retail expenses. This decrease was partially offset by increases in MLB's revenue sharing plan, expenses for events held at Truist Park, and Minor League-related expenses.
Speaker #7: Adjusted EBITDA was 67 million in the third quarter of 2025 . And increase of over 113% from 31 million in the same period last year .
Speaker #7: This improvement was due to an increase in both baseball and mixed use development revenue , and a reduction in baseball operating costs , partially offset by increases in mixed use development .
Speaker #7: Operating costs and G&A expenses . Baseball operating costs decreased primarily due to lower than expected major league player salaries and variable concession and retail expenses .
Speaker #7: This decrease was partially offset by increases in MLB's revenue sharing plan, expenses for events held at Truist Park, and minor league-related expenses.
Speaker #7: Our operating income was 39 million in the third quarter of 2025 , up from 6 million in the third quarter of 2024 , primarily due to increased revenue .
Jill Robinson: Our operating income was $39 million in Q3 2025, up from $6 million in Q3 2024, primarily due to increased revenue. As of 30 September 2025, the company had $115 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in US Treasury securities, other government securities or government guaranteed funds, AAA-rated money market funds, and other highly rated financial and corporate debt instruments. As of 30 September 2025, we have $215 million of untapped liquidity in the form of two baseball revolvers, which we believe provides us flexibility for the future. With that, operator, let's open the line for questions.
Speaker #7: As of September 30th , 2025 , the company had $115 million of cash and cash equivalents . Nearly all of our cash and cash equivalents are invested in US Treasury securities .
Speaker #7: Other government securities or government guaranteed funds . Triple A rated money market funds and other highly rated financial and corporate debt instruments . As of September 30th , 2025 , we have 215 million of untapped liquidity in the form of two baseball revolvers , which we believe provides us flexibility for the future .
Speaker #7: And with that , operator , let's open the line for questions .
Speaker #3: Thank you . We will now begin the question and answer session . If you would like to ask a question , please press star one on your telephone keypad .
Operator: Thank you. We will now begin the question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Your first question today comes from the line of Barton Crockett from Rosenblatt. Your line is open.
Speaker #3: If you would like to withdraw your question , simply press star one again . Your first question today comes from the line of Barton Crockett from Rosenblatt .
Speaker #3: Your line is open .
Speaker #8: Okay , great . Thank you for taking the question . I guess one of the things I was just wanting to drill into a little bit is you mentioned you're doing some work on tickets and ticket pricing and really , I think there's a little bit of from this from a number of quarters .
Barton Crockett: Okay, great. Thank you for taking the question. I guess one of the things I was just wanting to drill into a little bit is, you mentioned you're doing some work on tickets and ticket pricing, really, I think there's a little bit of interest from this from a number of quarters, and I was wondering if you could address a couple of things. One is, you know, there's been some reports about, you know, some people having to pay much higher season pass prices. Just wondering if you could address, you know, just what's going on there. Just more generally, how should we think about kind of average kind of revenue per ticket trajectory for you guys in the upcoming season in 2026?
Speaker #8: And I was wondering if you could address a couple of things . One is , you know , there's been some reports about some people having to pay much higher season pass prices .
Speaker #8: Just wonder if you could address just what's going on there . And just more generally , how should we think about kind of average kind of revenue per ticket And guys in the upcoming season in 2026 ?
Speaker #8: And how do you guys think about kind of pricing in terms of your leverage and how you think about delivering incremental value relative to incremental pricing and whether kind of on field performance has any kind of role in that , or whether it's more kind of amenities driven .
Barton Crockett: How do you guys think about kind of pricing, in terms of your leverage and how you think about delivering, you know, incremental value relative to incremental pricing, and whether kind of on-field performance has any kind of role in that or whether it's more kind of amenities driven?
Speaker #6: Hey , Barton , it's Derek . Thanks for the question . Yeah . So first off , that last part , yes , there is a relationship between team performance and ticketing and an attendance .
Derek Schiller: Hey, Barton, it's Derek. Thanks for the question. Yeah. First off, that last part, yes, there is a relationship between team performance and ticketing and attendance, you know, we saw that a little bit. I would remind you and everybody that our revenue is relatively stable and predictable. You know, a substantial amount of our revenue is in whether it be a full season package or a premium seat, which in many cases, most cases is multiyear. The commitment is longer term. That's why we can predict what that revenue is gonna be over a period of time.
Speaker #6: And you know we saw that a little bit . But I would remind you and everybody that our revenue is relatively stable and predictable .
Speaker #6: You know , a substantial amount of our revenue is is in whether it be a full season package or a premium seat , which in many cases , most cases is is multi-year .
Speaker #6: So the commitment is longer term . So that's that's why we can predict what that revenue is going to be over a period of time , as it relates to the season pricing .
Derek Schiller: As it relates to the season pricing, you know, we, like all teams, are studying what our pricing is each and every year and trying to understand what's the best pricing options than products that we can go into the marketplace with. Many years we make changes to that. In some cases we go up a little bit, some cases we go down a little bit. One of the important parts for us is that we have packages and offerings that are available at every price point. We're continuing to be proud of that, and so, you know, you might see certain packages that are, you know, well below $20 and, you know, on par with, say, going out to a movie or something like that.
Speaker #6: You know , we like all teams are studying what our pricing is each and every year and trying to understand what's the best pricing options .
Speaker #6: Then products that we can go into the marketplace with many , many years . We we make changes to that . In some cases , we go up a little bit .
Speaker #6: In some cases we go down a little bit . One of the important parts for us is that we have packages and offerings that are available at every price point .
Speaker #6: We're continuing to be proud of , of that . And so , you know , you might see certain packages that are , you know , well below $20 and , you know , on par with , say , going out to a movie or something like that .
Derek Schiller: If you're interested in a premium offering, you can certainly pay more than that, but the amenities and the location and other things are gonna be different. We are continuing to watch about how the average ticket price looks and how we compare, contrast with, other teams across Major League Baseball or even in our marketplace. I would still say there's room for growth in that, while still protecting some of those lower price points as we talked about.
Speaker #6: And if you're interested in a premium offering , you can certainly pay more than that . But the amenities and the location and other things are going to be different .
Speaker #6: We are continuing to watch about how the average ticket price looks and how we compare contrast with other teams across Major League Baseball , or even in our marketplace .
Speaker #6: And I would still say there's room for growth in that , while still protecting some of those lower price points . As we talked about .
Speaker #8: Okay . But is it reasonable to presume that there's going to be some inflation plus kind of growth in average revenue per ticket in the upcoming season as part of a base plan ?
Barton Crockett: Okay. Is it reasonable to presume that there's gonna be some inflation plus kind of growth in average revenue per ticket in the upcoming season as part of a base plan?
Speaker #6: You know , I think obviously you like others , have watched us and seen what's happened with the event revenues over the course of the past few years , number of years .
Derek Schiller: You know, I think if you've obviously, you, like others, have watched us and seen what's happened with the event revenues over the course of the past few years, number of years. You know, our goal is gonna be to continue to grow that because the cost of running a baseball team, in most cases, doesn't go down every year. We're trying to keep up with that and trying to make sure that we, again, have prices available for everybody. I think it's fair to say we're continuing to monitor that and also looking at how secondary ticketing continues to influence that. I think that's really important.
Speaker #6: You know , our goal is going to be to continue to grow that because the cost of of running a baseball team in most cases doesn't go down every year .
Speaker #6: So we're trying to keep up with that and trying to make sure that we , again , have prices available for everybody . But I think it's fair to say we're we're continuing to monitor that .
Speaker #6: And also looking at how secondary ticketing continues to influence that . I think that's really important . You know , when you when we get the data from a secondary ticket , we understand not just what we sell the ticket you at , but what the ticket ultimately gets sold at in the marketplace .
Derek Schiller: You know, when we get the data from a secondary ticket, we understand not just what we sell the ticket at, but what the ticket ultimately gets sold at in the marketplace. That informs us of what the supply and demand is, if you will, of that. What we've continued to see is that the secondary ticketing marketplace is very strong for our tickets, has been for the past several years, and that does a really good job of helping us understand what we're capable of ultimately pricing our product at.
Speaker #6: That informs us of what the what the supply and demand is , if you will , of that . And so what we've continued to see is that the secondary , secondary ticketing marketplace is very strong for our tickets , has been for the past several years .
Speaker #6: And that that does a really good job of helping us understand what we're capable of . Ultimately pricing our product at . .
Speaker #8: Okay , thank you for that . And then just one other kind of topic I wanted to ask about , and that is how to think about player salaries .
Barton Crockett: Okay. Thank you for that. Just one other kind of topic I wanted to ask about, and that is, how to think about player salaries. You know, now that you've completed the season, and we've seen, you know, the Dodgers ruin baseball by winning 4 more games with a high kind of player salary, you know, you guys are in a place of kind of, you know, maybe able to rethink how you approach the upcoming year. How would you think about kind of positioning player salary spending? I mean, is there any argument for a substantial change in your approach from what it's been historically or any thoughts about that as we look at the upcoming year?
Speaker #8: You know , now that you've completed the season and we've seen , you know , the Dodgers quote unquote ruined baseball by winning four more games with a high kind of player salary .
Speaker #8: You know , you guys are in a place of kind of , you know , maybe able to rethink how you approach the upcoming year .
Speaker #8: How would you think about kind of positioning player salary spending ? I mean , is there any argument for a substantial change in your approach from what has been historically or any thoughts about that ?
Speaker #8: As we look at the upcoming year ?
Terry McGuirk: Barton, this is Terry McGuirk. Well, I won't comment on the expenses that the Los Angeles Dodgers had. You know, back to the Atlanta Braves, you know, we've always professed to try and be a leader in player compensation from a team standpoint. I think I've stated in the past that our goals are to be a top five salary team. We're currently a top ten and haven't been out of that in quite some time, out of that range. I think, you know, aiming back to the top five is a place that I wanna get to. I think we're capable of doing that. You know, this is a very fluid decision-making concept.
Speaker #5: Barton , this is Terry McGuirk . Well , I won't comment on the expenses that the the Los Angeles Dodgers had . And but , you know , back to the Braves , the , you know , we've we've always professed to try and be a leader in in player player compensation from a team standpoint .
Speaker #5: I think I've stated in the past that our goals are to be a top five salary team . We are we're currently a top ten and haven't been out of that in quite some time .
Speaker #5: Out of that range . I think , you know , aiming back to the top five is is a place that I want to get to .
Speaker #5: I think we're capable of doing that . I , you know , this is a very fluid decision making . Concept . Last year , as you've seen from our financials , the we were we were below where we were the previous year .
Derek Schiller: Last year, as you've seen from our financials, we were below where we were the previous year. I think it's a good aspiration to get back to those goals in the coming year and years.
Speaker #5: Previous year . But I think it's it's it's a good aspiration to get back to those those goals in the coming year and years .
Terry McGuirk: I think you'll see us quite active in the free agent market and the trade market. As I stated in my remarks, we're a win now team. We wanna fill in the places where we might have players that need replacing. The majority of the reason for last year was injuries, as we know, and even back into the previous year. Everybody's back at full speed except AJ Smith-Shawver, who's coming back probably about midyear from Tommy John. We're very, very optimistic about what the team looks like for next year.
Speaker #5: And I think you'll see us quite active in the in the free agent market and the trade market . As we as I stated in my remarks , we're a win now .
Speaker #5: Team . We want to fill in the places where we might have players that need replacing , but the majority of the reason for last year was injuries .
Speaker #5: As we know , and even back into the into the previous year . So everybody's back at full speed except Smith , Schwarber , who's coming back probably about mid-year from Tommy John .
Speaker #5: So we're very , very optimistic about what the team looks like for next year .
Speaker #8: Okay, great. Thank you.
Barton Crockett: Okay, great. Thank you.
Speaker #3: Your next question comes from the line of Stephen Chicos from city . Your line is open .
Operator: Your next question comes from the line of Steven Chicus from Citi. Your line is open.
Speaker #9: Hi . Thanks for taking my question . I just wanted to get your general thoughts on ESPN's appetite to take on some of the local media rights deals , local media rights , and just the potential implications this might have for your next renewal cycle .
Steven Chicus: Hi. Thanks for taking my question. I just wanted to get your general thoughts on ESPN's appetite to take on some of the local media rights, just the potential implications this might have for your next renewal cycle.
Speaker #6: So .
Terry McGuirk: The next major national media deal for MLB is in 2029, and I do think that's going to be a major inflection point for the industry and the values created. Between now and then, I think MLB will be in lots of discussions with their teams, with the 30 teams about how the best way to structure our offerings into the future. We certainly know that local games rate incredibly high compared to national games and that a component of that offering in 2029 will include local games. I think that will be very attractive to many, like ESPN and to the entire digital streaming universe.
Speaker #5: So the next major national media deal for MLB is in is one 129 . And I do think that's going to be a major inflection point for the industry .
Speaker #5: And the values created between now and then . I think MLB will be in lots of discussions with their teams , with the 30 teams about how the best way to structure our offerings into the future and we certainly know that local games rate incredibly high compared to national games .
Speaker #5: And that that a component of that offering in 29 will will include local games . And I think that will be very attractive to many .
Speaker #5: Like ESPN and to the entire digital streaming universe . And , you know , be assured that we're going to spend a lot of time in this rapidly evolving media environment trying to tailor how we structure our offering to to meet that , that contract term .
Terry McGuirk: You know, be assured that we're going to spend a lot of time in this rapidly evolving media environment trying to tailor how we structure our offering to meet that contract term. You know, who knows what the media business will look like in 2035, and so it's very hard to say exactly how we'll structure today. We'll be a lot closer to understanding that as we lead into 1 January 2029 when we have to make that deal. It's a fluid set of decisions, and we will be ready to make those good decisions at that time.
Speaker #5: And , you know , who knows what the media business will look like in 2035 . And so it's very hard to say exactly how we'll structure today , but we'll be a lot closer to understanding that in as we lead into one .
Speaker #5: 129 when we have to make that deal . So we're it's it's a fluid set of decisions and we will be ready to make those good decisions at that time .
Speaker #9: Got it . Super helpful . Thank you .
Steven Chicus: Got it. Super helpful. Thank you.
Speaker #3: And that concludes our question and answer session . I will now turn the call back over to management for closing remarks .
Operator: That concludes our question and answer session. I will now turn the call back over to management for closing remarks.
Speaker #6: Well , on behalf of everybody here at the Atlanta Braves , we appreciate you listening in . Thank you and look forward to seeing you and talking to you next time around .
Terry McGuirk: Well, on behalf of everybody here at the Atlanta Braves, we appreciate you listening in. Thank you, and look forward to seeing you and talking to you next time around.
Operator: This concludes today's conference call. Thank Thank you for your participation. You may now disconnect.