Q4 2025 TKO Group Holdings Inc Earnings Call

February 25, 2026

Moderator for today.

All lines will be muted during the presentation portion of the call with an opportunity for questions and answers. At the end, if you would like to ask a question please press star. Followed by 1 on your telephone keypad and I would now like to pass the conference over to your host. Steph zaslow, head of investor relations, please proceed.

Good afternoon and welcome to tkos fourth quarter and full year 2025 earnings call.

A short while ago. We issued a press release which you can view on our investor relations website.

A recording of This call will also be available via our website for at least 30 days.

After prepared remarks from Ari, Emanuel TKO, executive chair, and chief executive officer.

Mark, Shapiro TKO, president and Chief Operating Officer. And Andrew szwimer TKO is Chief Financial Officer. We'll open the call for questions.

Mark and Andrew will be handling the Q&A.

the purpose of this call is to provide you with information regarding our fourth quarter and full year 2025 performance,

I want to remind everyone that the information discussed will include forward-looking statements Andor projections that involve risks, uncertainties and assumptions,

Please see our filings with the Securities and Exchange Commission for further detail.

If these risks or uncertainties were to materialize or any assumptions proved incorrect, our results May differ materially from those expressed or implied on this call.

Forward-looking statements speak only as of the date. They are made and we undertake no obligation to update them in light of new information or future events. Except as legally required, our commentary today will also include non-gaap Financial measures which we believe provide an additional tool for investors to use in evaluating ongoing operating results and Trends. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with gaap.

Reconciliations between gaap and non-gaap. Metrics can be found in our press release issued today, as well as the information posted on our IR website.

With that, I'll now turn the call over to Ari.

Thanks, Seth.

2025 was a catalytic year for TKO. As we established meaningful momentum across both UFC and WWE in particular.

TKO sits squarely at the center of a robust sports and entertainment ecosystem.

Our properties, command attention with must-see content and no offseason, capturing a coveted, young diverse audience and reaching more than a billion households globally.

Operator: event, except as legally required. Our commentary today will also include non-GAAP financial measures, which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics can be found in our press release issued today, as well as the information posted on our IR website. With that, I'll now turn the call over to Ari.

In 2025, we signed 2 historic us media rights deals for our Marquee assets UFC's 7.7 billion deal with Paramount where it joins the NFL NCAA Final 4 UEFA Champions League and the Master's and WWE's 1.6 billion deal with ESPN to become the exclusive home of all premium Live Events, including WrestleMania.

Prevents except as legally required, our commentary today will also include non-gaap Financial measures which we believe provide an additional tool for investors to use in evaluating ongoing operating results and trends.

While still early innings were thrilled to partner with Paramount and ESPN to expand our fan bases and drive growth for our premium IP.

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with gaap.

While delivering these transformational deals, we launched a capital return program first initiating and then doubling our quarterly cash dividend.

Reconciliations between gaap and non-gaap. Metrics can be found in our press release issued today, as well as the information posted on our IR website.

We have also nearly completed 1 billion dollars of share repurchases. And today announced our intent to repurchase up to 1 billion dollars of additional shares.

[Company Representative] (TKO Group Holdings): Thanks, Seth. 2025 was a catalytic year for TKO as we established meaningful momentum across both UFC and WWE in particular. TKO sits squarely at the center of a robust sports and entertainment ecosystem. Our properties command attention with must-see content and no off-season, capturing a coveted young, diverse audience and reaching more than a billion households globally. In 2025, we signed two historic US media rights deals for our marquee assets. UFC's $7.7 billion deal with Paramount, where it joins the NFL, NCAA Final Four, UEFA Champions League, and The Masters, WWE's $1.6 billion deal with ESPN to become the exclusive home of all premium live events, including WrestleMania. While still early innings, we're thrilled to partner with Paramount and ESPN to expand our fan bases and drive growth for our premium IP.

With that, I'll now turn the call over to Ari.

Thanks, Seth.

Our accomplishments in 2025, validate, the industrial logic of TKO and ensure. We are well positioned for 2026 and Beyond.

2025 was a catalytic year for TKO. As we established meaningful momentum across both UFC and WWE in particular.

We remain extremely optimistic about our position in the content Marketplace and our conviction in TKO has never been stronger.

In closing, I know that our m&a intentions are always a topic of Interest so I thought I would address that formerly.

TKO sits squarely at the center of a robust sports and entertainment ecosystem. Our properties command attention with must-see content, and no, offseason, capturing a coveted, young diverse audience and reaching more than a billion households globally.

While we will always be opportunistic, I want to reiterate past commentary that 2026 is a year of execution for us.

We are an execution story.

With that, I will have Mark getting to the details.

In 2025, we signed 2 historic us media rights deals for our Marquee assets. UFC's 7.7 billion dollar deal with Paramount where it joins the NFL NCAA Final 4, UEFA Champions League and the Masters and WWE's 1.6 billion dollar deal with ESPN to become the exclusive home of all premium Live Events, including WrestleMania.

[Company Representative] (TKO Group Holdings): While delivering these transformational deals, we launched a capital return program, first initiating and then doubling our quarterly cash dividend. We have also nearly completed $1 billion of share repurchases. Today announced our intent to repurchase up to $1 billion of additional shares. Our accomplishments in 2025 validate the industrial logic of TKO and ensure we are well positioned for 2026 and beyond. We remain extremely optimistic about our position in the content marketplace. Our conviction in TKO has never been stronger. In closing, I know that our M&A intentions are always a topic of interest. I thought I would address that formally. While we will always be opportunistic, I want to reiterate past commentary that 2026 is a year of execution for us. We are an execution story. With that, I will have Marc get into the detail.

While still early innings were thrilled to partner with Paramount and ESPN to expand our fan bases and drive growth for our premium IP.

While delivering these transformational deals, we launched a capital return program first initiating and then doubling our quarterly cash dividend.

Thanks Ari 2025 was indeed a landmark year for TKO. We secured media, rights deals in excess of Street expectations. Delivered Innovative Global Partnerships record. Setting Live Events and premium experiences integrated IMG on location and PBR into our portfolio prepared for the launch of Zuppa. Boxing and returned, meaningful Capital to shareholders. Today, we will dive deeper on why these achievements further strengthened our foundation in 2025 and how they inform our road map for driving continued growth in the years ahead,

We have also nearly completed 1 billion dollars of share repurchases. And today announced our intent to repurchase up to billion dollars of additional shares.

Light, our meteorite steals.

Our accomplishments in 2025 validate the industrial logic of TKO and ensure we are well positioned for 2026 and beyond.

We remain extremely optimistic about our position in the content Marketplace and our conviction in TKO has never been stronger.

Including those deals signed in 2025. We now have more than 15 billion of long-term media. Rights agreements secured across UFC, WWE, PBR and Zuppa boxing with leading streaming and linear platforms.

In closing, I know that our M&A intentions are always a topic of interest, so I thought I would address that formally.

Importantly, this is high margin Revenue with annual escalators that provide visibility and predictability.

While we will always be opportunistic, I want to reiterate past commentary that 2026 is a year of execution for us.

We are an execution story.

[Company Representative] (TKO Group Holdings): Thanks, Ari. 2025 was indeed a landmark year for TKO. We secured media rights deals in excess of street expectations, delivered innovative global partnerships, record-setting live events and premium experiences, integrated IMG On Location and PBR into our portfolio, prepared for the launch of Zuffa Boxing, and returned meaningful capital to shareholders. We will dive deeper on why these achievements further strengthened our foundation in 2025, and how they inform our roadmap for driving continued growth in the years ahead. First, I'd like to highlight our media rights deals. Including those deals signed in 2025, we now have more than $15 billion of long-term media rights agreements secured across UFC, WWE, PBR, and Zuffa Boxing, with leading streaming and linear platforms. Importantly, this is high-margin revenue with annual escalators that provide visibility and predictability. We launched WWE on Netflix in January 2025.

Mark Shapiro: Thanks, Ari. 2025 was indeed a landmark year for TKO. We secured media rights deals in excess of street expectations, delivered innovative global partnerships, record-setting live events and premium experiences, integrated IMG On Location and PBR into our portfolio, prepared for the launch of Zuffa Boxing, and returned meaningful capital to shareholders. We will dive deeper on why these achievements further strengthened our foundation in 2025, and how they inform our roadmap for driving continued growth in the years ahead. First, I'd like to highlight our media rights deals. Including those deals signed in 2025, we now have more than $15 billion of long-term media rights agreements secured across UFC, WWE, PBR, and Zuffa Boxing, with leading streaming and linear platforms. Importantly, this is high-margin revenue with annual escalators that provide visibility and predictability. We launched WWE on Netflix in January 2025.

With that, I will have Mark get into the details.

We launched WWE on Netflix in January 2025, over the course of the first year of this 10-year deal, viewer, streamed 525, million hours of content with raw becoming a Mainstay on the platform's weekly, Top 10 in the US and in more than 30 other countries worldwide.

That level of Engagement reinforces the staying power of WWE, and expands our opportunity to unlock value, from a growing Global fan base. Particularly, as we bring our premium Live Events and tours to existing and new international markets.

In September, we brought WWE ples to ESPN.

And returned meaningful Capital to shareholders. Today, we will dive deeper on why these achievements further strengthened our foundation in 2025 and how they inform our roadmap for driving continued growth in the years ahead,

First, I'd like to highlight our media rights deals.

Kicking off the 5-year partnership with the first ever wrestle. Palooza live from Indianapolis. We are thrilled with this deal.

Which represents a 1.8 times, increase and includes expanded monetizable rights for TKO.

Beyond that this deal is about what we can build with ESPN.

Including those deals signed in 2025. We now have more than 15 billion of long-term media. Rights agreements secured across UFC, WWE, PBR and Zuppa boxing with leading streaming and linear platforms.

Importantly, this is high-margin revenue with annual escalators that provide visibility and predictability.

A long time partner that sports fans across the country. Consider, their first stop destination for premium Sports content.

[Company Representative] (TKO Group Holdings): Over the course of the first year of this 10-year deal, viewers streamed 525 million hours of content, with Raw becoming a mainstay on the platform's weekly top 10 in the US and in more than 30 other countries worldwide. That level of engagement reinforces the staying power of WWE and expands our opportunity to unlock value from a growing global fan base, particularly as we bring our Premium Live Events and tours to existing and new international markets. In September, we brought WWE PLEs to ESPN, kicking off the five-year partnership with the first-ever Wrestlepalooza live from Indianapolis. We are thrilled with this deal, which represents a 1.8x increase and includes expanded monetizable rights for TKO.

Mark Shapiro: Over the course of the first year of this 10-year deal, viewers streamed 525 million hours of content, with Raw becoming a mainstay on the platform's weekly top 10 in the US and in more than 30 other countries worldwide. That level of engagement reinforces the staying power of WWE and expands our opportunity to unlock value from a growing global fan base, particularly as we bring our Premium Live Events and tours to existing and new international markets. In September, we brought WWE PLEs to ESPN, kicking off the five-year partnership with the first-ever Wrestlepalooza live from Indianapolis. We are thrilled with this deal, which represents a 1.8x increase and includes expanded monetizable rights for TKO.

As we move into our first full year together, we believe ESPN will drive greater awareness for WWE resulting in an expanded audience deeper engagement and ultimately allow us to unlock new partnership opportunities that will fuel Revenue growth.

We launched WWE on Netflix in January 2025. Over the course of the first year of this 10-year deal, viewers streamed 525 million hours of content, with Raw becoming a mainstay on the platform's weekly Top 10 in the US and in more than 30 other countries worldwide.

In September, we brought WWE ples to ESPN.

Additionally, our 7-year agreement for UFC with Paramount ushers in a new era, making UFC's 43, annual events available to. All Paramount plus subscribers in the US, our goal was to grow our fan base by making UFC content, more accessible and by removing the double pay wall which previously existed with ESPN plus that strategy is playing out as intended.

Kicking off the 5-year partnership with the first ever wrestle. Palooza live from Indianapolis. We are thrilled with this deal.

[Company Representative] (TKO Group Holdings): Beyond that, this deal is about what we can build with ESPN, a longtime partner that sports fans across the country consider their first-stop destination for premium sports content. As we move into our first full year together, we believe ESPN will drive greater awareness for WWE, resulting in an expanded audience, deeper engagement, and ultimately allow us to unlock new partnership opportunities that will fuel revenue growth. Additionally, our seven-year agreement for UFC with Paramount ushers in a new era, making UFC's 43 annual events available to all Paramount+ subscribers in the US. Our goal was to grow our fan base by making UFC content more accessible, and by removing the double paywall, which previously existed with ESPN+, that strategy is playing out as intended.

Mark Shapiro: Beyond that, this deal is about what we can build with ESPN, a longtime partner that sports fans across the country consider their first-stop destination for premium sports content. As we move into our first full year together, we believe ESPN will drive greater awareness for WWE, resulting in an expanded audience, deeper engagement, and ultimately allow us to unlock new partnership opportunities that will fuel revenue growth. Additionally, our seven-year agreement for UFC with Paramount ushers in a new era, making UFC's 43 annual events available to all Paramount+ subscribers in the US. Our goal was to grow our fan base by making UFC content more accessible, and by removing the double paywall, which previously existed with ESPN+, that strategy is playing out as intended.

Which represents a 1.8 times, increase and includes expanded monetizable rights for TKO.

UFC 324 is debut on Paramount plus Drew nearly 5 million streaming views and became the largest exclusive live event in Paramount plus history with the broadest reach for a UFC event in nearly a decade.

We can build with ESPN.

A longtime partner that sports fans across the country consider their first-stop destination for premium sports content.

As we move into our first full year together, we believe ESPN will drive greater awareness for WWE, resulting in an expanded audience, deeper engagement, and ultimately allow us to unlock new partnership opportunities that will fuel revenue growth.

The TKO in Paramount teams are working hand and glove and we're looking forward to the debut of our first CBS SEMO cast with UFC 326 on March 7th, with these media rights agreements in place, TKO is rapidly evolving into 1 of the most durable and monetizable Global Sports rights platforms with a business. Mix further shifting toward a more recurring contractual Revenue profile. We are now squarely focused on execution and revenue generation across each of our primary business drivers beginning with global Partnerships.

In 2025, we exceeded well over 450 million of our stated Global Partnerships Revenue Target through a healthy combination of expanded renewals with Market leading Brands, like Monster Energy, and Innovative new category alliances with meta IBM.

[Company Representative] (TKO Group Holdings): UFC 324's debut on Paramount+ drew nearly 5 million streaming views and became the largest exclusive live event in Paramount+ history. With the broadest reach for a UFC event in nearly a decade. The TKO and Paramount teams are working hand in glove, we're looking forward to the debut of our first CBS simulcast with UFC 326 on 7 March. With these media rights agreements in place, TKO is rapidly evolving into one of the most durable and monetizable global sports rights platforms, with a business mix further shifting toward a more recurring contractual revenue profile. We are now squarely focused on execution and revenue generation across each of our primary business drivers, beginning with global partnerships.

Mark Shapiro: UFC 324's debut on Paramount+ drew nearly 5 million streaming views and became the largest exclusive live event in Paramount+ history. With the broadest reach for a UFC event in nearly a decade. The TKO and Paramount teams are working hand in glove, we're looking forward to the debut of our first CBS simulcast with UFC 326 on 7 March. With these media rights agreements in place, TKO is rapidly evolving into one of the most durable and monetizable global sports rights platforms, with a business mix further shifting toward a more recurring contractual revenue profile. We are now squarely focused on execution and revenue generation across each of our primary business drivers, beginning with global partnerships.

Additionally, our 7 year agreement for UFC with Paramount ushers in a new era, making UFC's 43, annual events available to. All Paramount plus subscribers in the US, our goal was to grow our fan base by making UFC content, more accessible and by removing the double pay wall which previously existed with ESPN plus that strategy is playing out as intended.

Poly Market door, Dash and RAM.

Double-digit growth and Partnerships and Live Events is achievable in 2026, as engagement in sports, broadens out and premium activations. Become more coveted by large Brands across a wide range of categories.

UFC 324 is debut on Paramount plus through nearly 5 million streaming views and became the largest exclusive live event in Paramount plus history with the broadest reach for a UFC event in nearly a decade.

With these positive Tailwinds, firmly at our backs over the coming, 12 to 24 months and the addition of new broadcast commercial inventory, we recently raised our 2030 Partnerships Revenue targets. The TKO portfolio from 1 billion to 1.2 billion

We have the right strategy and we have the right team to hit this Mark.

Pivoting to Live Events. I would say the experience economy is Alive and Kicking.

[Company Representative] (TKO Group Holdings): In 2025, we exceeded well over $450 million of our stated global partnerships revenue target through a healthy combination of expanded renewals, with market-leading brands like Monster Energy and innovative new category alliances with Meta, IBM, Polymarket, DoorDash, and Ram. Double-digit growth in partnerships and live events is achievable in 2026 as engagement in sports broadens out and premium activations become more coveted by large brands across a wide range of categories. With these positive tailwinds firmly at our backs over the coming 12 to 24 months and the addition of new broadcast commercial inventory, we recently raised our 2030 partnerships revenue target across the TKO portfolio from $1 billion to $1.2 billion. We have the right strategy, and we have the right team to hit this mark. Pivoting to live events, I would say the experience economy is alive and kicking.

Mark Shapiro: In 2025, we exceeded well over $450 million of our stated global partnerships revenue target through a healthy combination of expanded renewals, with market-leading brands like Monster Energy and innovative new category alliances with Meta, IBM, Polymarket, DoorDash, and Ram. Double-digit growth in partnerships and live events is achievable in 2026 as engagement in sports broadens out and premium activations become more coveted by large brands across a wide range of categories. With these positive tailwinds firmly at our backs over the coming 12 to 24 months and the addition of new broadcast commercial inventory, we recently raised our 2030 partnerships revenue target across the TKO portfolio from $1 billion to $1.2 billion. We have the right strategy, and we have the right team to hit this mark. Pivoting to live events, I would say the experience economy is alive and kicking.

The TKO and Paramount teams are working hand in glove, and we're looking forward to the debut of our first CBS SEMO cast with UFC 326 on March 7th. With these media rights agreements in place, TKO is rapidly evolving into one of the most durable and monetizable global sports rights platforms, with a business mix further shifting toward a more recurring, contractual revenue profile. We are now squarely focused on execution and revenue generation across each of our primary business drivers, beginning with global partnerships.

We still have pricing elasticity especially with several markets thirsty sometimes years thirsty for our premium content.

Poly Market door, Dash and RAM.

Double-digit growth in Partnerships and Live Events is achievable in 2026, as engagement in sports broadens out and premium activations become more coveted by large brands across a wide range of categories.

By example 2026 started off strong was sold out UFC events in Las Vegas and Sydney and WWE Royal Rumbles debut in Saudi Arabia that momentum is scripted to continue as we build up to the spectacle at the White House on June 14th to be clear. We see this once in a lifetime stage as a Strategic investment to drive, subscriber acquisition at Paramount plus massive audience, sampling for the UFC overall, and Super Bowl like earned media across the globe, the events will cost us upwards of 60 million.

With these positive Tailwinds, firmly at our backs over the coming, 12 to 24 months and the addition of new broadcast commercial inventory. We recently raised our 2030 Partnerships Revenue Target across the TKO portfolio, from 1 billion to 1.2 billion.

However, we are working to secure sellable, inventory in, and around the weekend of events, that should cover approximately, half that cost.

We have the right strategy and we have the right team to hit this Mark.

[Company Representative] (TKO Group Holdings): In Q4 alone, UFC sold out 6 events, and WWE delivered its highest grossing arena record of all time at John Cena's final match in Washington, DC. We still have pricing elasticity, especially with several markets thirsty, sometimes years thirsty, for our premium content. By example, 2026 started off strong with sold-out UFC events in Las Vegas, Sydney, and WWE Royal Rumble's debut in Saudi Arabia. That momentum is scripted to continue as we build up to the spectacle at the White House on 14 June. To be clear, we see this once-in-a-lifetime stage as a strategic investment to drive subscriber acquisition at Paramount+, massive audience sampling for the UFC overall, and Super Bowl-like earned media across the globe. The event will cost us upwards of $60 million.

Mark Shapiro: In Q4 alone, UFC sold out 6 events, and WWE delivered its highest grossing arena record of all time at John Cena's final match in Washington, DC. We still have pricing elasticity, especially with several markets thirsty, sometimes years thirsty, for our premium content. By example, 2026 started off strong with sold-out UFC events in Las Vegas, Sydney, and WWE Royal Rumble's debut in Saudi Arabia. That momentum is scripted to continue as we build up to the spectacle at the White House on 14 June. To be clear, we see this once-in-a-lifetime stage as a strategic investment to drive subscriber acquisition at Paramount+, massive audience sampling for the UFC overall, and Super Bowl-like earned media across the globe. The event will cost us upwards of $60 million.

Pivoting to live events. I would say the experience economy is alive and kicking.

In Q4 alone, UFC sold out 6 events and WWE delivered. Its highest grossing Arena record of all time at John Cena's final match in Washington DC.

As you've heard us discuss site fees are a high margin lever in our live event economics and a key driver of our growth strategy. Now we recognize this is a topic of interest for our investors so we wanted to provide greater Clarity and transparency on how we're thinking about the opportunity today.

We still have pricing elasticity especially with several markets thirsty sometimes years thirsty for our premium content.

First off in refining our approach we believe the term site fees doesn't capture the full scope of these deals. As agreements often include a combination of cash, non-cash subsidies and value in kind support. As such going forward, will be referring to these site fees. More broadly as Financial incentive packages or as we like to call them fees.

[Company Representative] (TKO Group Holdings): However, we are working to secure sellable inventory in and around the weekend of events that should cover approximately half that cost. As you've heard us discuss, site fees are a high margin lever in our live event economics and a key driver of our growth strategy. Now, we recognize this is a topic of interest for investors. We wanted to provide greater clarity and transparency on how we're thinking about the opportunity today. First off, in refining our approach, we believe the term site fees doesn't capture the full scope of these deals, as agreements often include a combination of cash, non-cash subsidies, and value in-kind support. As such, going forward, we'll be referring to these site fees more broadly as financial incentive packages, or as we like to call them, FIPs.

Mark Shapiro: However, we are working to secure sellable inventory in and around the weekend of events that should cover approximately half that cost. As you've heard us discuss, site fees are a high margin lever in our live event economics and a key driver of our growth strategy. Now, we recognize this is a topic of interest for investors. We wanted to provide greater clarity and transparency on how we're thinking about the opportunity today. First off, in refining our approach, we believe the term site fees doesn't capture the full scope of these deals, as agreements often include a combination of cash, non-cash subsidies, and value in-kind support. As such, going forward, we'll be referring to these site fees more broadly as financial incentive packages, or as we like to call them, FIPs.

By example, 2026 started off strong with sold out, UFC events in Las Vegas and Sydney and WWE Royal Rumbles debut in Saudi Arabia, that momentum is scripted to continue as we build up to the spectacle at the White House on June 14th to be clear. We see this once in a lifetime stage as a Strategic investment to drive subscriber acquisition of Paramount plus massive audience, sampling for the UFC overall, and Super Bowl like earned media across the globe, the events will cost us upwards of 60 million.

In 2025, approximately half of our Marquee UFC and WWE events were supported by meaningful Financial incentive packages. Our multi-year plan calls for us to achieve fips for each of our roughly 25. Marquee events in addition to other calendar, attractive UFC fight nights.

However, we are working to secure sellable, inventory in, and around the weekend of events, that should cover approximately, half that cost.

WWE main roster events, PBR majors and zuffa boxing cards.

As you've heard us discuss site fees are a high margin lever in our live event economics and a key driver of our growth strategy. Now we recognize this is a topic of interest for investors so we wanted to provide greater Clarity and transparency and how we're thinking about the opportunity today.

In 2026 across TKO, we expect the realize over 300 million in aggregate value, from these packages, roughly double what we were receiving when we formed TKO initially in 2023. Now, keep in mind, the 300,000 forecasted for 2026, includes some 1- timers that when normalized puts the total around 240 million.

That in mind, we expect to achieve a range of 380 million to 420 Million by the year 2030.

The thesis of our FIP strategy is, plain and simple.

[Company Representative] (TKO Group Holdings): In 2025, approximately half of our marquee UFC and WWE events were supported by meaningful financial incentive packages. Our multi-year plan calls for us to achieve FIPs for each of our roughly 25 marquee events, in addition to other calendar attractive UFC fight nights, WWE main roster events, PBR majors, and Zuffa Boxing cards. In 2026, across TKO, we expect to realize over $300 million in aggregate value from these packages, roughly double what we were receiving when we formed TKO initially in 2023. Keep in mind, the $300 million forecasted for 2026 includes some one-timers that, when normalized, puts the total around $240 million. That in mind, we expect to achieve a range of $380 million to 420 million by the year 2030.

Mark Shapiro: In 2025, approximately half of our marquee UFC and WWE events were supported by meaningful financial incentive packages. Our multi-year plan calls for us to achieve FIPs for each of our roughly 25 marquee events, in addition to other calendar attractive UFC fight nights, WWE main roster events, PBR majors, and Zuffa Boxing cards. In 2026, across TKO, we expect to realize over $300 million in aggregate value from these packages, roughly double what we were receiving when we formed TKO initially in 2023. Keep in mind, the $300 million forecasted for 2026 includes some one-timers that, when normalized, puts the total around $240 million. That in mind, we expect to achieve a range of $380 million to 420 million by the year 2030.

As such going forward, will be referring to these site fees more broadly as Financial incentive packages or as we like to call them fips.

Our premium content is in high demand and governmental, and Private Financial incentives should reflect the economic and cultural impact. We deliver

2025 was also an important year for activating IMG and on location inside TKO integrating their capabilities, fueling growth in our core IP and reinforcing our position at the intersection of sports and entertainment.

In 2025, approximately half of our marquee UFC and WWE events were supported by meaningful financial incentive packages. Our multi-year plan calls for us to achieve FIPs for each of our roughly 25 marquee events, in addition to other calendar-attractive UFC Fight Nights.

WWE main roster events, PBR majors and zuffa boxing cards.

[Company Representative] (TKO Group Holdings): The thesis of our FIP strategy is plain and simple. Our premium content is in high demand, and governmental and private financial incentives should reflect the economic and cultural impact we deliver. 2025 was also an important year for activating IMG and On Location inside TKO, integrating their capabilities, fueling growth in our core IP, and reinforcing our position at the intersection of sports and entertainment. In addition to advising on UFC and WWE's media rights renewals and Zuffa Boxing's new domestic and international deals, IMG delivered meaningful multi-year deals for CONMEBOL, Euroleague Basketball, the WTA, The R&A, and the Saudi Pro League. IMG also expanded its relationships with the USGA, MLS, and NWSL to include domestic and international media rights representation, media production, and archive rights management, respectively.

Mark Shapiro: The thesis of our FIP strategy is plain and simple. Our premium content is in high demand, and governmental and private financial incentives should reflect the economic and cultural impact we deliver. 2025 was also an important year for activating IMG and On Location inside TKO, integrating their capabilities, fueling growth in our core IP, and reinforcing our position at the intersection of sports and entertainment. In addition to advising on UFC and WWE's media rights renewals and Zuffa Boxing's new domestic and international deals, IMG delivered meaningful multi-year deals for CONMEBOL, Euroleague Basketball, the WTA, The R&A, and the Saudi Pro League. IMG also expanded its relationships with the USGA, MLS, and NWSL to include domestic and international media rights representation, media production, and archive rights management, respectively.

With that in mind, we expect to achieve a range of $380 million to $420 million by the year 2030.

In addition to advising on UFC and WWE's media rights renewals and Zuppa, boxing's, new domestic and international deals IMG delivered meaningful, multi-year deals for kamaal Euro league. Basketball the WTA, the RNA and the Saudi pro league IMG also expanded its relationships with the USDA MLS and nwsl to include domestic and international media rights representation, media production, and archive Rights Management respectively, on location capitalized, on fan, enthusiasm for UFC and WWE, delivering premium Hospitality at more than 65 total events.

The thesis of our FIB, strategy is plain and simple.

In 2025 and we renewed our relationship with leading Sports properties, including a significant contract extension with the NFL across the Super Bowl.

Our premium content is in high demand and governmental, and Private Financial incentives should reflect the economic and cultural impact. We deliver

Pro Bowl NFL draft and their ever expanding International slate of games building on that momentum on location takes Center Stage this year. For 2 of the world's biggest events. The Milano Cortina Olympics, which just concluded on Sunday and this Summer's FIFA World Cup.

Finally, let's talk about Zuppa boxing.

2025 was also an important year for activating IMG and On Location inside TKO, integrating their capabilities, fueling growth in our core IP, and reinforcing our position at the intersection of sports and entertainment.

All I can say, is, look out.

Our aim is to build this into a juggernaut

Progress in 2025, securing a media rights deal with Paramount plus across the US, Canada and Latin America.

We have a handful of other territories and negotiation and we only launched roughly a month ago. We are signing a strong portfolio, boxers to our roster and already planning to schedule a 2026 calendar of fight cards that takes us outside the United States.

As we enter 2026, we are chalk full of optimism.

[Company Representative] (TKO Group Holdings): On Location capitalized on fan enthusiasm for UFC and WWE, delivering premium hospitality at more than 65 total events in 2025. We renewed our relationship with leading sports properties, including a significant contract extension with the NFL across the Super Bowl, Pro Bowl, NFL Draft, and their ever-expanding international slate of games. Building on that momentum, On Location takes center stage this year for two of the world's biggest events, the Milano Cortina Olympics, which just concluded on Sunday, and this summer's FIFA World Cup. Finally, let's talk about Zuffa Boxing. All I can say is, look out! Our aim is to build this into a juggernaut. We're encouraged by our initial progress in 2025, securing a media rights deal with Paramount+ across the US, Canada, and Latin America. We have a handful of other territories in negotiation, and we only launched roughly a month ago.

Mark Shapiro: On Location capitalized on fan enthusiasm for UFC and WWE, delivering premium hospitality at more than 65 total events in 2025. We renewed our relationship with leading sports properties, including a significant contract extension with the NFL across the Super Bowl, Pro Bowl, NFL Draft, and their ever-expanding international slate of games. Building on that momentum, On Location takes center stage this year for two of the world's biggest events, the Milano Cortina Olympics, which just concluded on Sunday, and this summer's FIFA World Cup. Finally, let's talk about Zuffa Boxing. All I can say is, look out! Our aim is to build this into a juggernaut. We're encouraged by our initial progress in 2025, securing a media rights deal with Paramount+ across the US, Canada, and Latin America. We have a handful of other territories in negotiation, and we only launched roughly a month ago.

In addition to advising on UFC and WWE's media rights renewals and Zuppa, boxing's, new domestic and international deals IMG delivered meaningful, multi-year deals for kamaal Euro league. Basketball the WTA, the RNA and the Saudi pro league IMG also expanded its relationships with the USDA MLS and nwsl to include domestic and international media rights representation, media production, and archive Rights Management respectively, on location capitalized, on fan, enthusiasm for UFC, and WWE, delivering premium Hospitality at more than 65 total events in 2025, and we renewed, our relationship with leading Sports properties, including a significant contract extension with the NFL across the Super Bowl.

We have high visibility into revenue and ibida growth. Given the long-term structure of TKO deals across segments. We are insulated from AI disruption. We have strong free, cash flow conversion, that will expand significantly over the next 5 years and we are seizing now on the opportunity to further return Capital to shareholders via share repurchases.

As we said in our press release. TKO is a high-quality execution story, with multiple avenues for outperformance with that. I will turn it over to our CFO Mr. Andrew Slimer.

Good afternoon.

Finally, let's talk about Zuppa bossy.

As Ari and Mark highlighted, 2025 was a very strong year for us.

All I can say, is, look out.

Our aim is to build this into a juggernaut

We delivered solid operating and financial performance across our businesses and we expect the positive momentum to continue.

where encouraged by our initial progress in 2025, securing. A meteorite deal with Paramount plus across the US, Canada and Latin America.

[Company Representative] (TKO Group Holdings): We are signing a strong portfolio of boxers to our roster and already planning to schedule a 2026 calendar of fight cards that takes us outside the US. As we enter 2026, we are chock-full of optimism. We have high visibility into revenue and EBITDA growth, given the long-term structure of TKO's deals across segments. We are insulated from AI disruption. We have strong free cash flow conversion that will expand significantly over the next five years, and we are seizing now on the opportunity to further return capital to shareholders via share repurchases. As we said in our press release, TKO is a high-quality execution story with multiple avenues for outperformance. With that, I will turn it over to our CFO, Mr. Andrew Schleimer.

Mark Shapiro: We are signing a strong portfolio of boxers to our roster and already planning to schedule a 2026 calendar of fight cards that takes us outside the US. As we enter 2026, we are chock-full of optimism. We have high visibility into revenue and EBITDA growth, given the long-term structure of TKO's deals across segments. We are insulated from AI disruption. We have strong free cash flow conversion that will expand significantly over the next five years, and we are seizing now on the opportunity to further return capital to shareholders via share repurchases. As we said in our press release, TKO is a high-quality execution story with multiple avenues for outperformance. With that, I will turn it over to our CFO, Mr. Andrew Schleimer.

Last year, we generated revenue of 4.735 billion and adjusted ibida of 1.585 billion, both of which exceeded the upper end of the revised guidance range. We provided on our last earnings call.

Our adjusted ibaa margin was 33.5%.

We have a handful of other territories and negotiation and we only launched roughly a month ago. We are signing a strong portfolio of boxers to our roster and already planning to schedule a 2026 calendar fight cards that takes us outside the United States.

In 2024 Revenue was 4.884 billion and adjusted. Eva was 1.082 billion and our adjusted Eva down. Margin was just over 22%.

As we enter 2026, we are chalk full of optimism.

On a reported basis Revenue decreased 3%, adjusted evaa increased 47% and adjusted Eva down margin increased over 11% points.

Our year-over-year results reflected shrimp, that UFC and WWE in particular. Margins continue to expand at WWE delivering over 50% for the first time in 2025.

We have high visibility into revenue and EBITDA growth, given the long-term structure of TKO deals across segments. We are insulated from AI disruption. We have strong free cash flow conversion that will expand significantly over the next five years, and we are seizing now on the opportunity to further return capital to shareholders via share repurchases.

Andrew Schleimer: Good afternoon. As Ari and Marc highlighted, 2025 was a very strong year for us. We delivered solid operating and financial performance across our businesses, and we expect the positive momentum to continue. Last year, we generated revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, both of which exceeded the upper end of the revised guidance range we provided on our last earnings call. Our Adjusted EBITDA margin was 33.5%. In 2024, revenue was $4.884 billion, and Adjusted EBITDA was $1.082 billion, and our Adjusted EBITDA margin was just over 22%. On a reported basis, revenue decreased 3%, Adjusted EBITDA increased 47%, and Adjusted EBITDA margin increased over 11 percentage points. Our year-over-year results reflected strength at UFC and WWE.

As we said in our press release. TKO is a high quality execution story with multiple avenues for outperformance with that. I will turn it over to our CFO Mr. Andrew schleimer.

Good afternoon.

We've come a long way in a short time growing WWE's margins from less than 40% just a few years ago that said and is noted on our Q3 call the impact of the 2024. Paris Olympics, led to the decrease in revenue and contribute meaningfully to the increase in adjusted evida and adjusted evida margin as the event was lost making

As Ari and Mark highlighted, 2025 was a very strong year for us.

Moving to our Consolidated results for the fourth quarter.

We generated revenue of 1.038 billion.

We delivered solid operating and financial performance across our businesses and we expect the positive momentum to continue.

Adjusted evida was 281 million. Our adjusted IBA margin was 27%.

Last year, we generated a revenue of 4.735 billion and adjusted ibida of 1.585 billion both of which exceeded the upper end of the revised guidance range. We provided on our last earnings call.

Revenue increased 12%, adjusted Eva de increased 30% and adjusted ibida margin increased, approximately, 4 percentage points as compared to the prior year.

Now, turning to our UFC segment.

UFC had 10 total events, including 4, numbered events in both the fourth quarter of 2025 and 2024.

24 Revenue was 4.884 billion and adjusted Eva. Dao is 1.082 billion and our adjusted Eva de margin was just over 22%.

Event location. Mix shifted slightly as 4 events were held internationally in the quarter compared to 3 in the prior year period.

On a reported basis Revenue decreased 3%, adjusted evaa increased 47% and adjusted Eva down margin increased over 11% points.

Andrew Schleimer: In particular, margins continued to expand at WWE, delivering over 50% for the first time in 2025. We've come a long way in a short time, growing WWE's margins from less than 40% just a few years ago. That said, as noted on our Q3 call, the impact of the 2024 Paris Olympics led to the decrease in revenue and contributed meaningfully to the increase in Adjusted EBITDA and Adjusted EBITDA margin as the event was loss-making. Moving to our consolidated results for Q4. We generated revenue of $1.038 billion. Adjusted EBITDA was $281 million. Our Adjusted EBITDA margin was 27%. Revenue increased 12%, Adjusted EBITDA increased 30%, and Adjusted EBITDA margin increased approximately 4 percentage points as compared to the prior year. Turning to our UFC segment.

UFC generated 401 million of Revenue in the quarter, an increase of 17% or 58 million adjusted. Evida was 213 million and increase of 20% or 35 million

Our year-over-year results reflected shrimp, that UFC and WWE in particular. Margins continue to expand at WWE delivering over 50% for the first time in 2025.

UFC's adjusted, Eva margin was 53% an increase from 52% in the prior year period.

Partnerships and marketing Revenue, increased 39% to 93 million.

The increase was driven by the addition of new partners and renewals of existing Partners at higher rates.

We've come a long way in a short time growing WWE's margins from less than 40% just a few years ago that said and is noted on our Q3 call the impact of the 2024. Paris Olympics, led to the decrease in revenue and contribute meaningfully to the increase in adjusted Ava and adjusted evida margin as the event was lost making

Moving to our Consolidated results for the fourth quarter.

We generated revenue of 1.038 billion.

As Mark, discussed we continue to make significant progress, adding new categories and growing existing ones. Including recently announced deals with Ram trucks, poly market and door Dash, meteorites production and content Revenue. Increased 12% to 223 million

Adjusted Eva de was 281 million. Our adjusted Eva margin was 27%.

The increase was driven by the contractual escalation of meteorites fees.

Live Events and Hospitality Revenue, increased 12% to 72 million.

Revenue increased 12%, adjusted Eva de increased 30% and adjusted evaa margin increased, approximately 4 percentage points as compared to the prior year.

Andrew Schleimer: UFC had 10 total events, including 4 numbered events in both Q4 2025 and 2024. Event location mix shifted slightly as 4 events were held internationally in the Q4, compared to 3 in the prior year period. UFC generated $401 million of revenue in the Q4, an increase of 17% or $58 million. Adjusted EBITDA was $213 million, an increase of 20% or $35 million. UFC's Adjusted EBITDA margin was 53%, an increase from 52% in the prior year period. Partnerships and marketing revenue increased 39% to $93 million. The increase was driven by the addition of new partners and renewals of existing partners at higher rates. As Marc discussed, we continue to make significant progress, adding new categories and growing existing ones, including recently announced deals with Ram Trucks, Polymarket, and DoorDash.

Now, turning to our UFC segment.

The increase was due to higher revenue from Financial incentive packages driven by the timing and mix of international events, UFC held, the number of at Naboo. Dhabi. In both periods as well as its first event in Qatar, in the current period.

UFC had 10 total events, including 4, numbered events in both the fourth quarter of 2025 and 2024.

Event location. Mix shifted slightly as 4 events were held internationally in the quarter compared to 3 in the prior year period.

Adjusted. Evida reflected the increase in Revenue partially offset by an increase in expenses. Direct operating expenses primarily reflected an increase in marketing production and other event-related costs. All related to mix partially offset by a decrease in athlete costs, sgna increased, primarily due to higher personnel, and travel costs compared to the prior year period.

UFC generated 401 million of Revenue in the quarter, an increase of 17% or 58 million adjusted. Evida was 213 million, an increase of 20% or 35 million,

Our WWE segment generated revenue of 36060 million in the quarter, an increase of 21%, or 61 million.

UFC is adjusted IBA. Margin was 53% an increase from 52% in the prior year period.

Partnerships in marketing Revenue, increase 39% to 93 million.

451 million.

The increase was driven by the addition of new partners and renewals of existing Partners at higher rates.

Adjusted IBA margin was 46% up from 38% in the prior year period.

Andrew Schleimer: Media rights, production, and content revenue increased 12% to $223 million. The increase was driven by the contractual escalation of media rights fees. Live events and hospitality revenue increased 12% to $72 million. The increase was due to higher revenue from financial incentive packages, driven by the timing and mix of international events. UFC held a numbered event in Abu Dhabi in both periods, as well as its first event in Qatar in the current period. Adjusted EBITDA reflected the increase in revenue, partially offset by an increase in expenses. Direct operating expenses primarily reflected an increase in marketing, production, and other event-related costs, all related to mix, partially offset by a decrease in athlete costs. SG&A increased primarily due to higher personnel and travel costs compared to the prior year period.

As expected results, reflected the favorable impact of the raw domestic rights deal. As a reminder. The fourth quarter of this year included revenues, from our long-term agreement with Netflix, compared to the short-term domestic rights deal. That was in place with USA Network in the prior year period.

The increase was driven by the contractual escalation of meteorites fees.

Live Events and Hospitality revenue increased 12% to $72 million.

This had a favorable impact of approximately 50 million on both revenue and adjusted ibida. As compared to Q4 2024, as we previewed on our Q3 call the timing of the calendar, significantly offset the aforementioned benefit.

WWE held 2 nights of main roster. Ple programming in the fourth quarter compared to 3 knights in the prior year.

The increase was due to higher revenue from Financial incentive packages driven by the timing and mix of international events, UFC held, a number of event Naboo. Dhabi in both periods as well as its first event in Qatar, in the current period.

most notably Q4 2024 had 1 p in Saudi Arabia, but there was no comparable event in Q4, 2025, given its shift to January 2026,

Adjusted ibida. Reflected the increase in Revenue partially offset by an increase in expenses. Direct operating expenses. Primarily reflected an increase in marketing production and other event-related costs. All related to mix partially offset by a decrease in athlete costs.

Media rights production and content Revenue, increased 42% to 221 million.

Andrew Schleimer: Our WWE segment generated revenue of $360 million in Q4, an increase of 21% or $61 million. Adjusted EBITDA was $165 million, an increase of 44% or $51 million. Adjusted EBITDA margin was 46%, up from 38% in the prior-year period. As expected, results reflected the favorable impact of the Raw domestic rights deal. As a reminder, Q4 of this year included revenues from our long-term agreement with Netflix, compared to the short-term domestic rights deal that was in place with USA Network in the prior-year period. This had a favorable impact of approximately $50 million on both revenue and Adjusted EBITDA as compared to Q4 2024. As we previewed on our Q3 call, the timing of the calendar significantly offset the aforementioned benefit.

SG&A increased primarily due to higher personnel-level costs compared to the prior year period.

The increase was primarily related to the raw rights deal. I mentioned a moment ago as well as an increase in meteorites fees related to the new domestic, plea agreement with ESPN

Our WWE segment generated revenue of 36060 million in the quarter, an increase of 21%, or 61 million.

Adjusted DEBE was $165 million, an increase of 44%, or $51 million.

Partnerships and marketing Revenue. Increased 57% to 36 million due to new Partnerships and renewals across multiple categories including deals with Riyadh season Minute. Maid Comcast and serums among others.

Adjusted IA down. Margin was 46% up from 38% in the prior year period.

Live Events and Hospitality Revenue decreased 27% to 68 million.

Results. Reflected a decrease in revenue from Financial incentive packages related to the shift in timing of the Saudi ple partially offset by an increase in ticket Revenue.

We continue to see strong underlying trends for WWE Live Events.

This had a favorable impact of approximately 50 million on both revenue and adjusted. EBA as compared to Q4 2024, as we previewed on our Q3 call the timing of the

Results in a current period benefited from the mix of venues and cards including John, Cena's farewell tour and a record gate for Survivor Series which was held for the first time in a higher capacity, stadium venue.

Andrew Schleimer: WWE held two nights of main roster PLE programming in Q4, compared to three. Media rights production and content revenue increased 42%. Partnerships and marketing revenue increased 57%. Revenue decreased 27% to $68 million. Results reflected a decrease in revenue from financial incentive. Current period benefited from the mix of venues and cards. Direct operating expenses increased primarily due to higher travel and personnel costs. Our IMG segment generated revenue of $248 million, a decrease of 9%. Anticipated decline in revenue primarily related to the absence of the Arabian Gulf Cup at the IMG business, which is a biennial event. This decline was partially offset by an increase in studio revenue. Revenue at On Location was essentially flat over the prior year period.

Calendar, significantly offset the aforementioned benefit.

Adjusted Eva de reflected the increase in Revenue partially offset by an increase in expenses.

WWE held 2 nights of main roster. PL programming in the fourth quarter compared to 3.

Direct operating expenses increase primarily due to higher Talent costs. Partially offset by a decrease in production costs. Most notably related to the absence of the Saudi ple which of course carries a higher cost structure.

Sgna increased primarily due to higher travel and Personnel costs.

Our IMG segment generated revenue of 248 million, a decrease of 9%.

Meteorites production and content, Revenue increased 42%.

Adjusted ibida was a loss of 4 million, a decrease of 20 million.

Adjusted IBA down. Margin was -2% down from 6% in the prior year period.

Partnerships and marketing Revenue, increased 57% to 30.

as we previewed on our last call, the anticipated decline in Revenue, primarily related to the absence of the Arabian Gulf Cup at the IMG business, which is a banialuka,

Revenue at on location was essentially flat over the prior year period.

Revenue. Decreased 27% to 68 million.

As expected adjusted Eva primarily reflected the decrease in Revenue partially offset by a decrease in expenses.

Results. Reflected a decrease in revenue from Financial in.

Expenses. Reflected a decrease in direct operating expenses partially offset by an increase in sgna.

Current period benefited from the mix of venues and cards.

Corporate and other generated revenue of 37 million and increase of 14 million. Adjusted ibida was 93 million flat with the prior year period.

direct operating expenses increased primarily due to

Higher travel and Personnel costs.

The increase in Revenue was primarily driven by higher media, rights Revenue at PBR from new distribution deals. We announced in 2025 with Paramount Box Nation and the CW as well as higher management and promotional fees for services related to zuffa boxing adjusted IBA, primarily reflected the increase in revenue and a 27 million decrease in costs related to the absence of allocations of endeavor, corporate expenses under their ownership of IMG on location in PBR.

Our IMG segment.

Generated revenue of 248 million, a decrease of 9%.

As we discussed on prior calls from the close of the acquisition on February, 28th of this year, forward, there are no Endeavor, corporate expense allocations included in our financial results.

these improvements were offset by costs incurred to replicate Services, previously, provided by Endeavor, as well as an increase in Personnel, travel costs

Anticipated decline in Revenue primarily related to the absence of the Arabian Gulf call.

Now, moving on to our capital structure.

In 2025, we generated 1.159 billion of free cash flow.

Up at the IMG business, which is a biennial event. This decline was partially offset by an increase in studio Revenue.

Revenue at on location.

Our free cash flow conversion of adjusted, Eva was 73%.

Andrew Schleimer: As expected, Adjusted EBITDA primarily reflected the decrease in revenue, partially offset by a decrease in expenses. Adjusted EBITDA was negative $93 million, flat with the prior year period. The increase in revenue was primarily driven by higher media rights revenue at PBR from new distribution deals we announced in 2025 with Paramount, Fox Nation, and The CW, as well as higher management and promotional fees for services related to boxing. Adjusted EBITDA primarily reflected the increase in revenue and a $27 million decrease in costs related to the absence of allocations of Endeavor corporate expenses under their ownership of IMG On Location in PBR. As we discussed on prior calls, from the close of the acquisition on 28 February of this year forward, there are no Endeavor corporate expense allocations included in our financial results.

Was essentially flat over the prior year period.

As expected adjusted. Evida Prime.

Free cash flow included. The favorable impact of 297 million of net collections related to on location for the 2026 FIFA World Cup.

Merily reflected the decrease in Revenue partially offset by a decrease in expenses.

Adjusted EBITDA was negative $93 million, flat with the prior year period.

Free cash flow also included the unfavorable impact of approximately 300 million consisting of 250 million in payments related to the UFC Anti-Trust lawsuit settlement as well as payments for professional fees related to the acquisition of IMG on location and PBR.

The increase in revenue was primarily driven by higher media.

Rights Revenue at PBR from new distribution deals. We announced in 2025

For the fourth quarter, we generated 249 million of free cash flow.

with Paramount Box Nation and the CW, as well as higher management and promotional fees for services related to zoom.

With a boxing adjusted IBA, primarily reflected the increase in revenue and a 27 million decrease in costs related to the absence of allocations of endeavor corporate expenses under their ownership of IMG on location.

In PBR.

As we discussed on prior calls.

As we saw in 2024 free cash flow for both fourth quarter and full year 2025 was positively impacted by the timing of cash, receipts and payments, most notably, the collection of customer payments in 2025 that were not contractually, due until 2026, as well, as a delay into q1 of 26 of the transfer of a portion of the proceeds to Sela related to the Canelo versus Crawford event held in September 2025.

Andrew Schleimer: These improvements were offset by costs incurred to replicate services previously provided by Endeavor, as well as an increase in personnel travel costs. Moving on to our capital structure. In 2025, we generated $1.159 billion of free cash flow. Our free cash flow conversion of Adjusted EBITDA was 73%. Free cash flow included the favorable impact of $297 million of net collections related to On Location for the 2026 FIFA World Cup. Free cash flow also included the unfavorable impact of approximately $300 million, consisting of $250 million in payments related to the UFC antitrust lawsuit settlement, as well as payments for professional fees related to the acquisition of IMG, On Location, and PBR.

From the close of the acquisition on February 28th of this year forward, there are no Endeavor corporate expense allocations included in our financial results.

We ended the year with 3.783 billion in debt and 831 million in cash and cash. Equivalents, in addition to 355 million of restricted cash,

these improvements were offset by costs incurred to replicate Services, previously, provided by Endeavor, as well as an increase in Personnel, travel costs

Now, moving on to our capital structure.

In 2025, we generated $1.159 billion of free cash flow.

Earn 2025, net. Leverage was 1.9 times based on net debt of 2.952 billion and adjusted evida of 1.585 billion.

Our free cash flow conversion of adjusted. Divida was 73%.

As both Ari and Market, conveyed maintaining a robust and sustained Capital return program remains a top priority for us.

Free cash flow included the favorable impact of $297 million of net collections related to On Location for the 2026 FIFA World Cup.

On December 30th. We made our quarterly cash dividend payment, from TKO, opco of approximately 150 million or 78 cents per share.

For the full year we made approximately 452 million in cash dividend payments.

Andrew Schleimer: Normalizing for these non-recurring items, free cash flow conversion of Adjusted EBITDA remained ahead of our stated target of in excess of 60%. For Q4, we generated $249 million of free cash flow. As we saw in 2024, free cash flow for both Q4 and full year 2025 was positively impacted by the timing of cash receipts and payments, most notably the collection of customer payments in 2025 that were not contractually due until 2026, as well as a delay into Q1 of 2026 of the transfer of a portion of the proceeds to Sela related to the Canelo vs. Crawford event held in September 2025.

Free cash flow also included the unfavorable impact of our proximately 300 million consisting of 250 million in payments related to the UFC Anti-Trust lawsuit settlement as well as payments for professional fees related to the acquisition of IMG on location and PBR.

We intend to continue to fund. Quarterly cash dividends with cash flow from operations or cash on hand.

Regarding our share of purchase program.

During 20125, we repurchased approximately 867 million of our class, a common stock through a combination of an 800 million, ASR agreement.

Normalizing for these non-recurring items, free cash flow conversion of adjusted ebit. Da remained. Ahead of our stated Target of an excess of 60% for the fourth quarter. We generated 249 million of free cash flow.

26 million through a privately. Negotiated transaction and 41 million under the 10B 51 plan that commenced last November and expires tomorrow.

From January 1st through yesterday, we repurchased an additional 37 million of our class a common stock under the 10B 51 plan. And as such have retired approximately 900 million of class a common stock available under the 2 billion dollar program authorized by our board in October 2024.

Andrew Schleimer: We ended the year with $3.783 billion in debt and $831 million in cash and cash equivalents, in addition to $355 million of restricted cash. Year-end 2025 net leverage was 1.9x, based on net debt of $2.952 billion and Adjusted EBITDA of $1.585 billion. As both Ari and Marc have conveyed, maintaining a robust and sustained capital return program remains a top priority for us.

As well as a delay into q1 of 26 of the transfer of a portion of the proceeds to Sela related to the Canelo versus Crawford event held in September 2025.

as we disclosed in our earnings release,

By mid-march, we intend to commence the repurchase of up to an additional 1 billion of our class a common stock.

We ended the year with 3.783 billion in debt and 831 million in cash and cash. Equivalents, in addition to 355 million of restricted cash,

We expect to fund the repurchases with cash on hand as well as proceeds from incremental Term Loan borrowing.

The timing and amounts are subject to market conditions and related factors.

EARN 2025, net. Leverage was 1.9 times based on net debt of $2.952 billion and adjusted DIBDA of $1.585 billion.

Now, turning to our Outlook.

Operator: Cameron, this is Seth from TKO. Can you hear me?

As we say consistently, we manage the business with a focus on full year performance.

Andrew Schleimer: Our quarterly cash dividend payment from TKO OpCo of approximately $150 million or $0.78 per share. For the full year, we made approximately $452 million in cash dividend payments. We intend to continue to fund quarterly cash dividends with cash flow from operations or cash on hand. Regarding our share repurchase program, during 2025, we repurchased approximately $867 million of our Class A common stock through a combination of an $800 million ASR agreement, $26 million through a privately negotiated transaction, and $41 million under the 10b5-1 plan that commenced last November and expires tomorrow.

As both Ari and Market, conveyed maintaining a robust and sustained Capital return program remains a top priority for us Cameron. This is Seth from cko. Can you hear me about our quarterly, cash dividend payment, from TKO opco of approximately 150 million, or 78 cents per share.

Therefore, we believe results are best evaluated. And on a full year basis, given the quarterly fluctuations that are inherent in our operations, most notably related to the timing of our Live Events and the mix of locations menus and cards.

For the full year, we made approximately $452 million in cash dividend payments.

Cash on hand.

Regarding our share of purchase program.

For full year 2026, we are targeting revenue of 5.675 billion to 5.775 billion and adjusted ebit da of 2.24 billion to 22.29 billion.

This Outlook reflects a step function, change in revenue, and profitability, primarily related to our recently completed meteorites agreements.

During the 2025 we repurchased approximately 867 million of our class, a common stock through a combination of an 800 million ASR agreement?

Andrew Schleimer: From 1 January through yesterday, we repurchased an additional $37 million of our Class A common stock under the 10b5-1 plan, and as such, have retired approximately $900 million in Class A common stock available under the $2 billion program authorized by our board in October 2024. As we disclose in our earnings release, by mid-March, we intend to commence the repurchase of up to an additional $1 billion of our Class A common stock. We expect to fund the repurchases with cash on hand, as well as proceeds from incremental term loan borrowings. The timing and amounts are subject to market conditions and related factors. Now, turning to our outlook. As we say consistently, we manage the business with a focus on full year performance.

26 million through a privately negotiated transaction, and 41 million under the 10b5-1 plan that commenced last November and expires tomorrow.

we are anticipating Revenue growth of 21%, adjusted Eva dog, growth of 43% and margin expansion of approximately 600 basis points to 39.6% at the midpoint of our guidance range,

There are 6 notable drivers of this Outlook that are important to underscore.

Number 1.

Meteorites.

From January 1st through yesterday, we repurchased an additional 307 million of our Class A common stock under the 10b5-1 plan, and as such, have retired approximately 900 million of Class A common stock available under the $2 billion program authorized by our Board in October 2024.

As we've previously, discussed our 2026 financials will include significant step UPS in connection with the UFC rights deals with Paramount.

As well as the WWE agreement with the SPN. D Toc.

As we disclosed in our earnings release by mid-March, we intend to commence the repurchase of up to an additional $1 billion of our Class A common stock.

we expect to fund the repurchases with cash on hand as well as proceeds from incremental Term Loan borrowings

The timing and amounts are subject to market conditions and related factors.

As Mark highlighted, these agreements along with other recently, completed long-term agreements total more than 15 billion in value and provide attractive, visibility predictability and stability into a high margin, contractual Revenue stream with annual escalators for years to come.

Number 2, Global Partnerships.

Andrew Schleimer: Therefore, we believe results are best evaluated on a full year basis, given the quarterly fluctuations that are inherent in our operations, most notably related to the timing of our live events and the mix of locations, menus, and cards. For full year 2026, we are targeting revenue of $5.675 to 5.775 billion, and Adjusted EBITDA of $2.24 to 2.29 billion. This outlook reflects a step function change in revenue and profitability, primarily related to our recently completed media rights agreements. We are anticipating revenue growth of 21%, Adjusted EBITDA growth of 43%, and margin expansion of approximately 600 basis points to 39.6% at the midpoint of our guidance range. There are 6 notable drivers of this outlook that are important to underscore. Number 1, media rights.

As we say consistently, we manage the business with a focus on full year performance.

We continue to make meaningful progress, adding new partners and categories. While also growing existing deals.

We expect to see significant growth in high margin Revenue. As we work toward a previously, communicated Target of 1.2 billion in total company Partnerships Revenue by 2030.

Number 3, Live Events.

As Mark discussed. We see a significant opportunity with respect to financial incentive packages or fips.

Therefore, we believe results are best evaluated on a full year basis. Given the quarterly fluctuations that are inherent in our operations, most notably related to the timing of our Live Events and the mix of locations menus and cards for full year 2026. We are targeting revenue of 5.675 billion to 5.775 billion and adjusted ebit da of 2.24 billion to 2.29 billion.

This is a high margin lever in our live event economics and a key driver of our overall growth strategy.

This Outlook reflects a step function, change in revenue, and profitability, primarily related to our recently completed meteorites agreements.

We expect to realize over 300 million in aggregate value, from these packages this year.

Calculated.

we are anticipating Revenue growth of 21%, adjusted Eva dog, growth of 43% and margin expansion of approximately 600 basis points to 39.6% at the midpoint of our guidance range,

There are 6 notable drivers of this Outlook that are important to underscore.

Number 1.

Andrew Schleimer: As we've previously discussed, our 2026 financials will include significant step-ups in connection with the UFC rights deals with Paramount, as well as the WWE agreement with ESPN DTC. As Marc highlighted, these agreements, along with other recently completed long-term agreements, total more than $15 billion in value and provide attractive visibility, predictability, and stability into a high-margin contractual revenue stream with annual escalators for years to come. Number two, global partnerships. We continue to make meaningful progress, adding new partners and categories while also growing existing deals. We expect to see significant growth in high-margin revenue as we work toward achieving our previously communicated target of $1.2 billion in total company partnerships revenue by 2030. Number three, live events. As Marc discussed, we see a significant opportunity with respect to financial incentive packages or FIPs.

Meteorites.

Number 4, the mix of events particularly at UFC as has been widely reported on June 14th, we're planning to hold an event at the White House in celebration of America's 250th anniversary.

We expect this to be a once in a lifetime event that will showcase our brand on an unmatched scale.

As we've previously, discussed our 2026 financials will include significant step UPS in connection with the UFC rights deals with Paramount, as well as the WWE agreement with the SPN. D Toc.

While it is expected to generate tremendous awareness in our media. For us, the financial profile is unique

We expect the event to cost upwards of 60 million. However, as more highlighted, we're working to secure sellable, inventory in, and around the weekend of events that should cover roughly half of that amount.

As Mark highlighted, these agreements, along with other recently completed long-term agreements, total more than $15 billion in value and provide attractive visibility, predictability, and stability into a high-margin, contractual revenue stream with annual escalators for years to come.

Number 5, the World Cup in Olympics in on location.

Number 2, Global Partnerships.

We continue to make meaningful progress, adding new partners and categories, while also growing existing deals.

We're extremely excited about the prospects for the FIFA 2026 World Cup, and our plan includes a contribution of approximately 75 million of adjusted Ava.

As for the Olympics, despite the well publicized challenges with the Readiness of infrastructure where pleased with the outcome from Milan Cortina.

We expect to see significant growth in high-margin revenue as we work toward a previously communicated target of $1.2 billion in total company Partnerships Revenue by 2030.

Number 3, Live Events.

While we're still finalizing the financial results our Outlook includes approximately 170 million of Revenue related to the games.

Andrew Schleimer: This is a high-margin lever in our live event economics and a key driver of our overall growth strategy. We expect to realize over $300 million in aggregate value from these packages this year. Most notably, our outlook includes the favorable impact of 3 WWE PLEs in Saudi Arabia, as well as further traction in the strategy Mark articulated. Number four, the mix of events, particularly at UFC. As has been widely reported, on 14 June, we're planning to hold an event at the White House in celebration of America's 250th anniversary. We expect this to be a once-in-a-lifetime event that will showcase our brand on an unmatched scale. While it is expected to generate tremendous awareness and earned media for us, the financial profile is unique. We expect the event to cost upwards of $60 million.

As Mark discussed, we see a significant opportunity with respect to financial incentive packages or fees.

This is a high margin lever in our live event economics and a key driver of our overall growth strategy.

We expect to realize over 300 million in aggregate value, from these packages this year.

With respect to the adjusted, Eva contribution given the meaningful ramp and press and required for la28 namely to support our increasing sales efforts. We anticipate a negative impact to on location adjusted Eva, de related to our Olympics properties.

Number 6, boxing.

Most notably our Outlook includes the favorable impact of 3 WWE ples in Saudi Arabia as well as further Traction in the strategy. Mark articulated.

To even further emphasize, this is an important strategic and operational priority for us.

1 that we expect will create meaningful value over time.

As mentioned on prior calls. We account for our interests in zuffa boxing under the equity method and hands, do not consolidate results.

Number four, the mix of events—particularly at UFC, as has been widely reported. On June 14th, we're planning to hold an event at the White House, in celebration of America's 250th anniversary.

We expect this to be a once in a lifetime event that will showcase our brand on an unmatched scale.

We receive a management fee for services that we provide the JV and our forecasts includes a full year of such management fees, as opposed to the partial year that we recorded in 2025.

While it is expected to generate tremendous awareness in our media. For us, the financial profile is unique

Andrew Schleimer: However, as Marc highlighted, we're working to secure sellable inventory in and around the weekend of events that should cover roughly half of that amount. Number five, the World Cup and Olympics and On Location. We're extremely excited about the prospects for the FIFA 2026 World Cup. Our plan includes a contribution of approximately $75 million of Adjusted EBITDA. As for the Olympics, despite the well-publicized challenges with the readiness of infrastructure, we're pleased with the outcome from Milano Cortina. While we're still finalizing the financial results, our outlook includes approximately $170 million of revenue related to the games. With respect to the Adjusted EBITDA contribution, given the meaningful ramp and pre-spend required for LA28, namely to support our increasing sales efforts, we anticipate a negative impact to On Location Adjusted EBITDA related to our Olympics properties. Number six, boxing.

Also, in 2025, we earned into 25% of our total expected Equity interest.

Based on our expected performance, we assume we will earn into the next tranche upon the achievement of certain Financial targets.

We expect the event to cost upwards of $60 million. However, as more highlighted, we're working to secure sellable, inventory in, and around the weekend of events that should cover roughly half of that amount.

Number 5, the World Cup in the Olympics, and on location.

Separate from the JV, we expect to continue to work with our partner, Cella to bring, large-scale fights to fans, generally 2 to 4 per year.

We're extremely excited about the prospects for the FIFA 2026 World Cup, and our plan includes a contribution of approximately $75 million of adjusted Ava.

The next fight will be in April, featuring Tyson Fury for which we've secured the global media distribution rights with Netflix.

As for the Olympics, despite the well publicized challenges. With the Readiness of infrastructure, we're pleased with the outcome from Milan Cortina.

In addition to these 6 items, we continue to focus on realizing incremental revenue and cost efficiencies, which could be additive to our plan.

While we're still finalizing the financial results our Outlook includes approximately 170 million of Revenue related to the games.

Through 2025 and into early 2026, we have made meaningful investment in our procurement function to further streamline costs across our portfolio of companies.

Consistent with our prior calls. While we are not providing quarterly guidance. We want to highlight a few notable items. As we look to the first quarter,

At UFC media rights Revenue will reflect the commencement of the Paramount rights deal.

Adjusted IBA related to our Olympics properties.

Andrew Schleimer: To even further emphasize, this is an important strategic and operational priority for us, one that we expect will create meaningful value over time. As mentioned on prior calls, we account for our interest in Zuffa Boxing under the equity method and hence do not consolidate results. We receive a management fee for services that we provide the JV, and our forecast includes a full year of such management fees as opposed to the partial year that we recorded in 2025. Also, in 2025, we earned into 25% of our total expected equity interest. Based on our expected performance, we assume we will earn into the next tranche upon the achievement of certain financial targets. Separate from the JV, we expect to continue to work with our partner, Sela, to bring large-scale fights to fans, generally two to four per year....

The mix of live events in the quarter will also impact results.

Number 6, boxing.

We expect to stage 9 events as compared to 11 in the prior year period.

Within These 9 3 will be numbered events, which is comparable to the prior year.

To even further emphasize. This is an important strategic and operational priority for US 1, that we expect will create meaningful value over time.

As mentioned on prior calls, we account for our interests in Zuffa Boxing under the equity method and hence do not consolidate results.

However, q1 20205 included a fight night in Saudi Arabia that carried a meaningful Financial incentive package. Q1 2026 will not.

At WWE results, will also be driven by the timing and mix of Live Events.

Most notably, the favorable impact of Royal Rumble being held in Saudi Arabia.

We receive a management fee for services that we provide the JV and our forecasts includes a full year of such management fees, as opposed to the partial year that we recorded in 2025.

The first quarter will also benefit from the financial profile of our new domestic rights agreement with ESPN.

Also, in 2025, we earned into 25% of our total expected Equity interest.

Based on our expected performance, we assume we will earn into the next tranche upon the achievement of certain Financial targets.

At the IMG segment. We expect first quarter results when include the Milan Olympics as well as the seasonably favorable impact of the Super Bowl in college bowl games.

Andrew Schleimer: The next fight will be in April, featuring Tyson Fury, for which we've secured the global media distribution rights with Netflix. In addition to these 6 items, we continue to focus on realizing incremental revenue and cost efficiencies, which could be additive to our plan. Through 2025 and into early 2026, we have made meaningful investment in our procurement function to further streamline costs across our portfolio of companies. Consistent with our prior calls, while we are not providing quarterly guidance, we want to highlight a few notable items as we look to the Q1. At UFC, media rights revenue will reflect the commencement of the Paramount rights deal. The mix of live events in the quarter will also impact results. We expect to stage 9 events as compared to 11 in the prior year period.

Separate from the JV, we expect to continue to work with our partner, Cella to bring, large-scale fights to fans, generally 2 to 4 per year.

In terms of free cash flow as Mark noted we expect free cash flow conversion to expand significantly over the next 5 years.

In 2026 free, cash. Flows expected to reflect the impact of 2 notable items.

The next fight will be in April, featuring Tyson Fury for which we've secured the global media distribution rights with Netflix.

The first is net payments related to the World Cup.

These payments will reflect the distribution of net collections, realizing prior periods.

In addition to these 6 items, we continue to focus on realizing incremental revenue and cost efficiencies, which could be additive to our plan.

Through 2025 and into early 2026, we have made meaningful investment in our procurement function to further streamline costs across our portfolio of companies.

Following the tournament and prior to the end of the year, we expect substantially all of the cash collected to be distributed to FIFA and other partners in addition. As we disclosed in August, the payment schedule for UFC's new rights deal with Paramount, is weighted more toward the back end of the deal.

Consistent with our prior calls. While we are not providing quarterly guidance. We want to highlight a few notable items. As we look to the first quarter,

At UFC, media rights revenue will reflect the commencement of the Paramount rights deal.

The mix of live events in the quarter will also impact results.

Andrew Schleimer: Within these 9, 3 will be numbered events, which is comparable to the prior year. However, Q1 2025 included a fight night in Saudi Arabia that carried a meaningful financial incentive package. Q1 2026 will not. At WWE, results will also be driven by the timing and mix of live events, most notably the favorable impact of Royal Rumble being held in Saudi Arabia. The Q1 will also benefit from the financial profile of our new domestic rights agreement with ESPN. At the IMG segment, we expect Q1 results to include the Milano Cortina 2026, as well as the seasonably favorable impact of the Super Bowl and college bowl games. In terms of free cash flow, as Marc noted, we expect free cash flow conversion to expand significantly over the next 5 years.

As a result, we expect a negative working capital impact in 2026 excluding. These 2 items are targeted. Free cash flow. Conversion rate would be in excess of 60%. Furthermore, we are expecting a meaningful year-over-year. Increase in taxable, net income.

We expect to stage 9 events as compared to 11 in the prior year period.

Within These 9 3 will be numbered events, which is comparable to the prior year.

Primarily due to the significant increase in adjusted Evita as well as the absence of the tax deductibility benefit realized in 2025 related to the UFC antitrust settlement payments.

However, Q1 2025 included a Fight Night in Saudi Arabia that carried a meaningful financial incentive package. Q1 2026 will not.

At WWE results, will also be driven by the timing and mix of Live Events.

Expected to result in both the significant increase in cash tax payments at TKO. Pubco.

Most notably, the favorable impact of Royal Rumble being held in Saudi Arabia.

As well as mandatory cash tax distributions from TKO opco to its owners.

The first quarter will also benefit from the financial profile of our new domestic rights agreement with the SPN.

At the IMG segment. We expect first quarter results to include the Milan Olympics as well as the seasonably favorable impact of the Super Bowl in college bowl games.

In terms of free cash flow.

Similar to Prior periods. We plan to disclose information related to these distributions and our 10q and 10K filings in conclusion. As we look ahead, we remain focused on operational execution, across all of our businesses and maintaining our robust Capital return program.

Andrew Schleimer: In 2026, free cash flow is expected to reflect the impact of two notable items. The first is net payments related to the World Cup. These payments will reflect the distribution of net collections realized in prior periods. Following the tournament and prior to the end of the year, we expect substantially all of the cash collected to be distributed to FIFA and other partners. In addition, as we disclosed in August, the payment schedule for UFC's new rights deal with Paramount is weighted more toward the back end of the deal. As a result, we expect a negative working capital impact in 2026. Excluding these two items, our targeted free cash flow conversion rate would be in excess of 60%.

As Mark noted, we expect pre-cast flow conversion to expand significantly over the next five years.

In 2026, free cash flows are expected to reflect the impact of two notable items.

The first is net payments related to the World Cup.

Anchored by our premium content. TKO is extremely. Well, positioned within the sports and entertainment, ecosystem to build on our momentum and deliver incremental value. For all of our shareholders with that. I'll turn it back to Seth

These payments will reflect the distribution of net collections, realizing prior periods.

Thanks Andrew operator. We're ready to open the call for questions.

Following the tournament and prior to the end of the year, we expect substantially all the cash collected to be distributed to fee funds. In addition, as we disclosed in August the payment schedule for UFC's new rights deal with Paramount, is weighted more toward the back end of the deal.

Thank you. We will now begin the Q&A session. If you would like to ask a question, please press star. Followed by 1 on your telephone keypad. If you'd like to remove your question. Press star, followed by 2 again to ask a question, press star 1. And as a reminder, if you are using a speaker-phone, please remember to pick up your handset before asking a question and we will pause here briefly as questions are registered.

Andrew Schleimer: Furthermore, we are expecting a meaningful year-over-year increase in taxable net income, primarily due to the significant increase in Adjusted EBITDA, as well as the absence of the tax deductibility benefit realized in 2025 related to the UFC antitrust settlement payments. This increase in taxable income is expected to result in both a significant increase in cash tax payments at TKO Pubco, as well as mandatory cash tax distributions from TKO OpCo to its owners. Similar to prior periods, we plan to disclose information related to these distributions in our 10-Q and 10-K filings. In conclusion, as we look ahead, we remain focused on operational execution across all of our businesses and maintaining our robust capital return program. Anchored by our premium content, TKO is extremely well-positioned within the sports and entertainment ecosystem to build on our momentum and deliver incremental value for all of our shareholders.

the first question comes from the line of Brandon Ross with light shed Partners, you may proceed

Uh guys, thanks for taking the questions. Um, I have a couple um,

Primarily due to the significant increase in adjusted Evita as well as the absence of the tax deductibility benefit realized in 2025 related to the UFC antitrust settlement payments.

This increase in taxable income is expected to result in both the significant increase in cash tax payments at TKO, pubco.

Paramount has their earnings tonight so we know they're not listening. We could talk about them. 2 of your partners are bidding for wbd are are there any advantages to 1 of them winning versus the other in your mind?

As well as mandatory cash tax. Distributions from tkl opco to its owners.

I'm not I'm not getting pulled into that trap. Look we're just Brandon. We're just an observer like everybody else.

It was more of a joke. It's okay.

Similar to prior periods, we plan to disclose information related to these distributions in our 10-Q and 10-K filings in conclusion, as we look ahead.

We remain focused on operational execution, across all of our businesses and maintaining our robust Capital return program.

Andrew Schleimer: With that, I'll turn it back to Seth.

[Company Representative] (TKO Group Holdings): Thanks, Andrew. Operator, we're ready to open the call for questions.

Seth Zaslow: Thanks, Andrew. Operator, we're ready to open the call for questions.

Meaningful business, as you know, with both Paramount and Netflix across TKO, we have great, working relationships with teams at both companies, including hand to hand, with David Allison and Ted sarandos we obviously have no input or control on what happens. That is ultimately for the Warner Brothers shareholders to decide and we're just watching as it runs. Its course, I will say we see Pros for TKO with either side winning

Thanks Andrew operator. We're ready to open the call for questions.

Operator: Thank you. We will now begin the Q&A session. If you would like to ask a question, please press Star followed by one on your telephone keypad. If you'd like to remove your question, press Star followed by two. Again, to ask a question, press Star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking a question. We will pause here briefly as questions are registered. The first question comes from the line of Brandon Ross with LightShed Partners. You may proceed.

Okay. Now my real questions um uh on zuffa, what is the 15th strategy and obviously that deal upset some us UFC fighters and competitions? Obviously, Eddie Hearn was, you know, a little upset

How should investors assess any risk or potential repercussions of giving out uh those types of deals right now?

Brandon Ross: Guys, thanks for taking the questions. I have a couple. Paramount has their earnings tonight. We know they're not listening. We could talk about them. Two of your partners are bidding for WBD. Are there any advantages to one of them winning versus the other, in your mind?

Well, first off, I would say this this story to your point, it's taken on a life of its own, and that's largely because Eddie Hearn is stirring the pot in a very fictional way. So

Uh guys, thanks for taking the questions. Um, I have a couple um,

as you know, our partner in zuffa boxing is Sela

They're the financial backer of the entity beyond the year-long series of fight cards.

Paramount has their earnings tonight, so we know they're not listening. We could talk about them. Two of your partners are bidding for WBD. Are there any advantages to one of them winning versus the other in your mind?

[Company Representative] (TKO Group Holdings): I'm not getting pulled into that trap. Look, Brandon, we're just an observer like everybody else.

Mark Shapiro: I'm not getting pulled into that trap. Look, Brandon, we're just an observer like everybody else.

That will appear exclusively on Paramount. Plus we've described again and again on these calls and

Brandon Ross: It was more of a joke. It's okay.

[Company Representative] (TKO Group Holdings): No, we do meaningful business, as you know, with both Paramount and Netflix across TKO. We've great working relationships with teams at both companies, including hand-to-hand with David Ellison and Ted Sarandos. We obviously have no input or control on what happens. That is ultimately for the Warner Brothers shareholders to decide. We're just watching as it runs its course. I will say, we see pros for TKO with either side winning.

Mark Shapiro: No, we do meaningful business, as you know, with both Paramount and Netflix across TKO. We've great working relationships with teams at both companies, including hand-to-hand with David Ellison and Ted Sarandos. We obviously have no input or control on what happens. That is ultimately for the Warner Brothers shareholders to decide. We're just watching as it runs its course. I will say, we see pros for TKO with either side winning.

I'm not I'm not getting pulled into that trap. Look we're just Brandon. We're just an observer like everybody else. It was more of a joke. It's okay.

At conferences, that we also plan to Stage approximately 2 to 4, super fights per year, Canelo Crawford being an example.

Some of which TKO will promote and, or sell the media rights?

For, of course, incremental fees.

No, we do meaningful business as you know, with both Paramount and Netflix across TKO, we great, working relationships, with teams at both companies, including hand, to hand, with David Allison, and Ted sarandos we obviously have no input or control on what happens. That is ultimately for the Warner Brothers shareholders to decide and we're just watching as it runs. Its course, I will say we see Pros for TKO with either side winning

Brandon Ross: Okay, now my real questions. On Zuffa, what does the $15 million Conor Benn deal signal about Zuffa's strategy? Obviously, that deal upset some UFC fighters and competition. Obviously, Eddie Hearn was, you know, a little upset. How should investors assess any risk or potential repercussions of giving out those types of deals right now?

We at TKO with Sela, collectively identified, Conor Benn, as someone we wanted to sign for 1 of those super fights in 2026. That's it 1 fight in 2026. Conor was a free agent, Dana White and Nick Khan in that order, went out and signed Connor.

Okay, now my real questions. Um, on Zuffa, what is the 15th strategy, and obviously that deal upset some of the US UFC fighters and competitions? Obviously, Eddie Hearn was, you know, a little upset. How should investors assess any risk or potential repercussions of giving out those types of deals right now?

[Company Representative] (TKO Group Holdings): Well, first off, I would say this story, to your point, has taken on a life of its own, and that's largely because Eddie Hearn is stirring the pot in a very fictional way. As you know, our partner in Zuffa Boxing is Sela. They're the financial backer of the entity. Beyond the year-long series of fight cards that will appear exclusively on Paramount+, we've described again and again on these calls and at conferences, that we also plan to stage approximately two to four super fights per year, Canelo vs. Crawford being an example. Some of which TKO will promote and/or sell the media rights for, of course, incremental fees. We at TKO, with Sela, collectively identified Conor Benn as someone we wanted to sign for one of those super fights in 2026. That's it. One fight in 2026. Conor was a free agent.

Mark Shapiro: Well, first off, I would say this story, to your point, has taken on a life of its own, and that's largely because Eddie Hearn is stirring the pot in a very fictional way. As you know, our partner in Zuffa Boxing is Sela. They're the financial backer of the entity. Beyond the year-long series of fight cards that will appear exclusively on Paramount+, we've described again and again on these calls and at conferences, that we also plan to stage approximately two to four super fights per year, Canelo vs. Crawford being an example. Some of which TKO will promote and/or sell the media rights for, of course, incremental fees. We at TKO, with Sela, collectively identified Conor Benn as someone we wanted to sign for one of those super fights in 2026. That's it. One fight in 2026. Conor was a free agent.

Now let me be clear. We signed him for just 1 fight. That's all we're talking about here. Now, of course, we hope eventually he'll fight in our Zoo for boxing series exclusively on Paramount plus. But for now, this is just 1 fight. No different than what we did with Canelo and Crawford. No different than other super fights. We're currently planning with Cela.

I would add that the reported purse.

I believe was around 15 million dollars, but the reported purse. I'm not confirming or denying.

Well, first off, I would say this this story to your point, it's taken on a life of its own, and that's largely because Eddie Hearn is stirring the pot in a very fictional way. So

That Connor will be paid for the super fight in 2026 is not TKO. Going out of pocket.

As you know, our partner in Zoo for boxing is Stella.

They're the financial backer of the entity beyond the year-long series of fight cards.

Stella led by our great partner. Turkey ala Shake is covering the purse once again. No different than exactly what he did with the Canelo Crawford fight.

That will appear exclusively on Paramount. Plus we've described again and again on these calls and

At conferences, that we also plan to Stage approximately 2 to 4, super fights per year, can Crawford being an example, some of which TKO will promote and or sell the media rights for of course, incremental fees.

Okay. And finally just um more of a housekeeping. I'm double-checking on Andrew's comments on the White House. Um, did you say a $30 million loss on that event and you're doing it for visibility? Or should we otherwise think uh, about the ROI of that event?

No, that's a great question and and it is important to to many of our shareholders. So it's good that we talk about it in more detail.

[Company Representative] (TKO Group Holdings): Dana White and Nick Khan, in that order, went out and signed Conor. Now, let me be clear, we signed him for just 1 fight. That's all we're talking about here. Now, of course, we hope eventually he'll fight in our Super Boxing series exclusively on Paramount+, but for now, this is just 1 fight. No different than what we did with Canelo and Crawford. No different than other super fights we're currently planning with Sela. I would add that the reported purse, which I believe was around $15 million, but the reported purse, I'm not confirming or denying, that Conor will be paid for this super fight in 2026, is not TKO going out of pocket. Sela, led by our great partner, Turki Alalshikh, is covering the purse. Once again, no different than exactly what he did with the Canelo-Crawford fight.

Mark Shapiro: Dana White and Nick Khan, in that order, went out and signed Conor. Now, let me be clear, we signed him for just 1 fight. That's all we're talking about here. Now, of course, we hope eventually he'll fight in our Super Boxing series exclusively on Paramount+, but for now, this is just 1 fight. No different than what we did with Canelo and Crawford. No different than other super fights we're currently planning with Sela. I would add that the reported purse, which I believe was around $15 million, but the reported purse, I'm not confirming or denying, that Conor will be paid for this super fight in 2026, is not TKO going out of pocket. Sela, led by our great partner, Turki Alalshikh, is covering the purse. Once again, no different than exactly what he did with the Canelo-Crawford fight.

Look at the moment, the UFC event at the White House is slated to cost upwards of Millions.

I mean by the time we get done, all is said and done with the event.

and the

What we pay the fighters and the FanFest. We're going to have that could move north. It's definitely not moving south, it could move north. Bottom line is, it's still a moving Target.

No different than other super fights. We're currently planning with CA.

I would add that the reported purse.

I believe was around 15 million dollars, but the reported purse. I'm not confirming or denying.

That Conor will be paid for this super fight in 2026 is not TKO, going out of pocket.

We are working to determine on a parallel track, a package of inventory in and around the weekend of events that we can monetize primarily with corporate Partners B2B players, which will offset half of the spend. Even if that 60 goes up or rides up on us, we believe we can offset half of the spend today. We see it as 60

Offsetting 30.

Stella led by our great partner. Turkey is Shake is covering the purse once again. No different than exactly what he did with the Canelo Crawford fight.

Brandon Ross: Okay, finally, just more of a housekeeping. I'm double-checking on Andrew's comments on the White House. Did you face a $30 million loss on that event, and you're doing it for visibility, or should we otherwise think about the ROI of that event?

Now, we, I would mention, we have several current, and prospective partners that are pursuing multi-year Partnerships with TKO assets, that likely will be inclusive of the White House, White House Event. We have a lot of current and prospective partners that would like to be involved in our inquiring about inventory as part of their greater partnership Deals. They already. They either already have or are negotiating with us for the future, but I want to be clear about something.

[Company Representative] (TKO Group Holdings): No, that's a great question, and it is important to many of our shareholders, so it's good that we talk about it in more detail. Look, at the moment, the UFC event at the White House is slated to cost upwards of $60 million. I think by the time we get done, all is said and done with the event, and the what we pay the fighters and the fan fest we're gonna have, that could move north. It's definitely not moving south. It could move north. Bottom line is, it's still a moving target. We are working to determine, on a parallel track, a package of inventory in and around the weekend of events that we can monetize, primarily with corporate partners, B2B players, which will offset half of the spend.

Mark Shapiro: No, that's a great question, and it is important to many of our shareholders, so it's good that we talk about it in more detail. Look, at the moment, the UFC event at the White House is slated to cost upwards of $60 million. I think by the time we get done, all is said and done with the event, and the what we pay the fighters and the fan fest we're gonna have, that could move north. It's definitely not moving south. It could move north. Bottom line is, it's still a moving target. We are working to determine, on a parallel track, a package of inventory in and around the weekend of events that we can monetize, primarily with corporate partners, B2B players, which will offset half of the spend.

Okay. And finally just um more of a housekeeping. I'm double-checking on Andrew's comments on the White House. Um, did you say a 30 million dollar loss on that event and you're doing it for visibility? Or should we otherwise think, uh, about the ROI of that event?

No, that's a great question and and it is important to to many of our shareholders. So it's good that we talk about it in more detail.

Look, at the moment, the UFC event at the White House is slated to cost upwards of $60 million.

I mean by the time we get done, all is said and done with the event.

and the, uh,

We will not profit from the White House Event independently. We will not be making money on America's 250th anniversary. This is an investment for the long term. This is about earned media, this is about sampling new fans, casual viewers a spectacle, on a stage, that will ultimately expand our audience, our viewership, and our success, on Paramount, Plus

Thank you.

Thank you. Brandon great questions, thanks.

What we pay the fighters and the FanFest. We're going to have that could move north. It's definitely not moving south, it could move north. Bottom line is, it's still a moving Target.

The next question comes from the line of Steven LIC with Goldman Sachs you may proceed.

Hey guys, thanks for taking the questions.

[Company Representative] (TKO Group Holdings): Even if that 60 goes up or rides up on us, we believe we can offset half of the spend. Today, we see it as 60, offsetting 30. I would mention, we have several current and prospective partners that are pursuing multi-year partnerships with TKO assets that likely will be inclusive of the White House event. We have a lot of current and prospective partners that would like to be involved and are inquiring about inventory as part of their greater partnership deals they either already have or are negotiating with us for the future. I want to be clear about something. We will not profit from the White House event independently. We will not be making money on America's 250th anniversary. This is an investment for the long term. This is about earned media.

Mark Shapiro: Even if that 60 goes up or rides up on us, we believe we can offset half of the spend. Today, we see it as 60, offsetting 30. I would mention, we have several current and prospective partners that are pursuing multi-year partnerships with TKO assets that likely will be inclusive of the White House event. We have a lot of current and prospective partners that would like to be involved and are inquiring about inventory as part of their greater partnership deals they either already have or are negotiating with us for the future. I want to be clear about something. We will not profit from the White House event independently. We will not be making money on America's 250th anniversary. This is an investment for the long term. This is about earned media.

30.

Starting first from working, Andrew, just on the 26th guide. I'm curious if you, you would be willing to unpack that in a little bit more detail for us, perhaps in terms of what you would expect to see, uh, from revenue and adjusted ebit out growth, the core UFC and WWE businesses and how that compares to the performance, you expect out of IMG this year, given some of the the 1-time items,

You called out in your prepared remarks.

Thanks Stephen. Um, look, we're not going to get into much detail on each of the segments, but what I can tell you, uh, and kind of reiterating what I mentioned in my prepared remarks, at the midpoint of our guide, we're up 21% on revenue and 43% on adjusted Eva. We're growing our adjusted, Eva down margins, to just under 40%, or 600 basis points to 39.6% at the midpoint,

[Company Representative] (TKO Group Holdings): This is about sampling new fans, casual viewers, a spectacle on a stage that will ultimately expand our audience, our viewership, and our success on Paramount+.

Mark Shapiro: This is about sampling new fans, casual viewers, a spectacle on a stage that will ultimately expand our audience, our viewership, and our success on Paramount+.

As it relates to, uh, the contribution of both the Olympics properties, which we have Milan Revenue, recognition and IBA contribution. And we have la praesepe which we're ramping up significantly this year in advance of the games, I articulated.

We will not profit from the White House Event independently. We will not be making money on America's 250th anniversary. This is an investment for the long term. This is about earn media, this is about sampling new fans, casual viewers a spectacle, on a stage, that will ultimately expand our audience, our viewership, and our success, on Paramount, Plus

Brandon Ross: Thank you.

Thank you.

[Company Representative] (TKO Group Holdings): Thank you, Brandon. Great questions. Thanks.

Mark Shapiro: Thank you, Brandon. Great questions. Thanks.

Thank you. Brandon great questions, thanks.

Operator: The next question comes from the line of Stephen Laszczyk with Goldman Sachs. You may proceed.

The next question comes from the line of Stephen lasek with Goldman Sachs, you may proceed.

Stephen Laszczyk: Hey, guys. Thanks for taking the questions. Maybe starting first for Mark and Andrew, just on the 2026 guide, I'm curious if you would be willing to unpack that in a little bit more detail for us, perhaps in terms of what you would expect to see from revenue and Adjusted EBITDA growth across the core UFC and WWE businesses, and how that compares to the performance you expect out of IMG this year, given some of the one-time items you called out in your prepared remarks.

On the call that we have roughly 170 million for Milan on the top line and then the aggregate Milan IBA contribution, which was positive offset. By the Le Prix, spend will be a drag on IMG slash on locations adjusted Eva as it relates to the World Cup. We're expecting a contribution of 75 million of adjusted Ava.

So we feel, you know, very comfortable and confident that that's reasonably achievable and perhaps

Hey guys, thanks for taking the questions. Um, maybe starting first from Mark, and Andrew, just on the 26th guide, I'm curious. If you, you would be willing to unpack that in a little bit more detail for us, perhaps in terms of what you would expect to see, uh, from revenue and adjusted ebit out growth, the core UFC and WWE businesses and how that compares to the performance, you expect out of IMG this year, given some of the the 1-time items you called out in your prepared remarks.

[Company Representative] (TKO Group Holdings): Thanks, Stephen. Look, we're not gonna get into much detail on each of the segments, but what I can tell you, and kind of reiterating what I mentioned in my prepared remarks, at the midpoint of our guide, we're up 21% on revenue and 43% on Adjusted EBITDA. We're growing our Adjusted EBITDA margins to just under 40% or 600 basis points to 39.6% at the midpoint.

Andrew Schleimer: Thanks, Stephen. Look, we're not gonna get into much detail on each of the segments, but what I can tell you, and kind of reiterating what I mentioned in my prepared remarks, at the midpoint of our guide, we're up 21% on revenue and 43% on Adjusted EBITDA. We're growing our Adjusted EBITDA margins to just under 40% or 600 basis points to 39.6% at the midpoint.

Long-term growth prospects for that business. So we're fairly bullish there, which, you know, the most notable increases.

[Company Representative] (TKO Group Holdings): As it relates to the contribution of both the Olympics properties, which we have Milan revenue recognition and EBITDA contribution, and we have LA pre-spend, which we're ramping up significantly this year in advance of the games, I articulated on the call that we have roughly $170 million for Milan on the top line, and then the aggregate Milan EBITDA contribution, which was positive, offset by the LA pre-spend, will be a drag on IMG slash On Location Adjusted EBITDA. As it relates to the World Cup, we're expecting a contribution of $75 million of Adjusted EBITDA. We feel, you know, very comfortable and confident that that's reasonably achievable and perhaps something that there could be some upside against, and not in our plan.

Andrew Schleimer: As it relates to the contribution of both the Olympics properties, which we have Milan revenue recognition and EBITDA contribution, and we have LA pre-spend, which we're ramping up significantly this year in advance of the games, I articulated on the call that we have roughly $170 million for Milan on the top line, and then the aggregate Milan EBITDA contribution, which was positive, offset by the LA pre-spend, will be a drag on IMG slash On Location Adjusted EBITDA. As it relates to the World Cup, we're expecting a contribution of $75 million of Adjusted EBITDA. We feel, you know, very comfortable and confident that that's reasonably achievable and perhaps something that there could be some upside against, and not in our plan.

Thanks Stephen. Um, look, we're not going to get into much detail on each of the segments, but what I can tell you, uh, and kind of reiterating what I mentioned in my prepared remarks, at the midpoint of our guide, we're up 21% on revenue and 43% on adjusted Eva. We're growing our adjusted ebit down margins to just under 40%, or 600 basis points to 39.6% at the midpoint,

This year at uh at WWE where we'll have 3 events in Saudi Arabia versus 1 last year.

As it relates to, uh, the contribution of both the Olympics properties, which we have Milan revenue recognition and debit.com contribution. And we have La Praesepe, which we're ramping up significantly this year in advance of the games, I articulated.

Thanks, that's helpful. Maybe just to dig in a bit on the partnership growth opportunity. Uh any key points or key drivers that you would encourage investors to keep in mind just as they think about 2026. I think you have some broadcast inventory. Coming in this year. It seems like there was some nice momentum on the signing front exiting 25 and to 26 uh, anything to point out or help you can give us on on just thinking about the drivers and and whites space to go after on the Partnerships front.

Yeah. Stephen look, I would just tell you that

you know, it seems that uh, I would even say over time

On the call that we have roughly 170 million for Milan on the top line and then the aggregate Milan IBA contribution, which was positive offset. By the Le Prix, spend will be a drag on IMG on locations, adjusted debit do as it relates to the World Cup. We're expecting a contribution of 75 million of adjusted Ava.

[Company Representative] (TKO Group Holdings): We feel strongly about the growth in UFC and WWE, largely attributable to the step up in media rights at both those segments, and then just continued tailwinds for global partnerships, as Marc articulated in his prepared remarks, as well as the new site fee slash PIF, excuse me, FIP, definition, financial incentive packages. I know we articulated in Marc's prepared remarks on the long-term growth prospects for that business, so we're fairly bullish there, which, you know, the most notable increases this year at WWE, where we'll have 3 events in Saudi Arabia versus 1 last year.

Andrew Schleimer: We feel strongly about the growth in UFC and WWE, largely attributable to the step up in media rights at both those segments, and then just continued tailwinds for global partnerships, as Marc articulated in his prepared remarks, as well as the new site fee slash PIF, excuse me, FIP, definition, financial incentive packages. I know we articulated in Marc's prepared remarks on the long-term growth prospects for that business, so we're fairly bullish there, which, you know, the most notable increases this year at WWE, where we'll have 3 events in Saudi Arabia versus 1 last year.

Folks have underestimated this, the growth potential of this of this division. Uh, you know, despite the fact that we're, you know, we're well ahead of plan, right? We we put out a target for 25 and we well, exceeded the 450 million, we put out a target for 2030 of a billion and you know, we announced

uh, last quarter that

So, we feel, you know, very comfortable and confident that that's reasonably achievable. And perhaps something that there could be some upside against, uh, and not in our plan. So, we feel strong, uh, strong strongly about the growth in UFC, and WWE, largely attributable to the Step Up in media rights at both. Those both those segments and then just continued Tailwind, uh, for Global Partnerships as Mark articulated in his prepared remarks, as well as the new site fee, uh, Slash pif. Uh, excuse me, FIP, uh, definition Financial incentive packages. Um, and I know we articulated in Mark's prepared remarks by the long term growth prospects for that business. So we're fairly bullish there, which, you know, the most notable increases.

This year at uh at WWE where we'll have 3 events in Saudi Arabia versus 1 last year.

Stephen Laszczyk: Thanks. That's helpful. Maybe just to dig in a bit on the partnership growth opportunity. Any key points or key drivers that you would encourage investors to keep in mind, just as they think about 2026? I think you have some broadcast inventory coming in this year. It seems like there was some nice momentum on the signing front, exiting 2025 into 2026. Anything to point out or help you can give us on just thinking about the drivers and white space to go after on the partnerships front?

we're taking that to 1.2 billion, you know, there's always a fear of running out of categories and then we pull out dude, wipes. Uh, I mean there's just there's no end to the opportunity here, you know, our our we, we own men with these Sports by and large. We have healthy female audiences, which is terrific, especially at WWE where we're at about 40%. But we have, this is, you know, back to my ESPN days. This is like, you knew you had young men 18 to 34 that made ESPN, an appointment and a destination and we feel real strong that those hard-to-reach. Young men are sitting right here at tkl for marketers and. Fortunately marketers are seeing that again and again getting the ROI and coming back for healthy increases. So we're uh we're off to a really strong start this year on hitting our Target and and growing to that 1 2 3.

Thanks, that's helpful. Maybe just to dig in a bit on the partnership growth opportunity. Any key points or key drivers that you would encourage investors to keep in mind just as they think about 2026? I think you have some broadcast inventory coming in this year. It seems like there was some nice momentum on the signing front exiting '25 and into '26. Anything to point out or help you can give us on just thinking about the drivers and white space to go after on the partnerships front?

[Company Representative] (TKO Group Holdings): Yeah, Stephen, look, I would just tell you that, you know, it seems that I would even say over time, folks have underestimated the growth potential of this division. You know, despite the fact that we're, you know, we're well ahead of plan, right? We put out a target for 25, we well exceeded the $450 million. We put out a target for 2030 of $1 billion, you know, we announced last quarter that we're taking that to $1.2 billion. You know, there's always a fear we're running out of categories, then we pull out DUDE Wipes. I mean, there's no end to the opportunity here. You know, our, we own men with these sports, by and large.

Andrew Schleimer: Yeah, Stephen, look, I would just tell you that, you know, it seems that I would even say over time, folks have underestimated the growth potential of this division. You know, despite the fact that we're, you know, we're well ahead of plan, right? We put out a target for 25, we well exceeded the $450 million. We put out a target for 2030 of $1 billion, you know, we announced last quarter that we're taking that to $1.2 billion. You know, there's always a fear we're running out of categories, then we pull out DUDE Wipes. I mean, there's no end to the opportunity here. You know, our, we own men with these sports, by and large.

From, you know, end of year, 2025 of 33.5.

Yeah. Stephen look, I would just tell you that

you know, it seems that, uh, I I would even say over time

To almost 40% margins for 2026 at the midpoint of our guidance. Uh, you know that's being fueled in sparked by the success of our Global Partnerships division.

Great, thank you both.

The next question comes from the line of Ben swinburne with Morgan Stanley. You may proceed

Folks have underestimated this, the growth potential of this of this division. Uh, you know, despite the fact that we are, you know, we're well ahead of plan, right? We, we put out a target for 25 and we well, exceeded the 450 million, we put out a target for 2030 of a billion and, you know, we announced

He allowed to be on his call. Ben, is that you?

It is me, it is me. Good to hear from you guys. Um, congratulations Mark, notice

[Company Representative] (TKO Group Holdings): We have healthy female audiences, which is terrific, especially at WWE, where we're at about 40%. This is, you know, back to my ESPN days, this is like, you knew you had young men, 18 to 34, that made ESPN an appointment and a destination, we feel real strong that those hard-to-reach young men are sitting right here at TKO for marketers. Fortunately, marketers are seeing that again and again, getting the ROI and coming back for healthy increases. We're off to a really strong start this year on hitting our target and growing to that 1, 2, that's baked into our guidance.

Andrew Schleimer: We have healthy female audiences, which is terrific, especially at WWE, where we're at about 40%. This is, you know, back to my ESPN days, this is like, you knew you had young men, 18 to 34, that made ESPN an appointment and a destination, we feel real strong that those hard-to-reach young men are sitting right here at TKO for marketers. Fortunately, marketers are seeing that again and again, getting the ROI and coming back for healthy increases. We're off to a really strong start this year on hitting our target and growing to that 1, 2, that's baked into our guidance. You know, obviously, our margin jumping from, you know, end of year 2025 of 33.5 to almost 40% margins for 2026 at the midpoint of our guidance, you know, that's being fueled and sparked by the success of our global partnerships division.

Oh, thank you very much. I'll see you at Russell palooza. Um, the, uh, I couldn't help but notice Aries came to make in his prepared, remarks say, points to talk about this year as a year of execution and

I think tried to make a effectively a comment around m&a this year. I just figured I'd ask you if you can maybe flesh that out. Is there a message there? You're trying to Signal something to the market about sort of inorganic versus organic. Um, and then Andrew, I just wanted to understand for sure, on the

uh,

[Company Representative] (TKO Group Holdings): You know, obviously, our margin jumping from, you know, end of year 2025 of 33.5 to almost 40% margins for 2026 at the midpoint of our guidance, you know, that's being fueled and sparked by the success of our global partnerships division.

On the financial incentive numbers. You threw out, you know, this year long term are those revenues from a revenue recognition point of view in terms of how we forecast the business or is there some accounting thing you want us to be thinking about relative to those dollar numbers? You provided, thanks so much. Why don't you start?

Uh, I mean, there's just there's no end to the opportunity here, you know, our our we we own men with these Sports by and large. We have healthy female audiences, which is terrific, especially at WWE where we're at about 40%, but we have, this is, you know, back to my ESPN days. This is like, you knew you had young men 18 to 34 that made ESPN, an appointment at a destination and we feel real strong that those hard-to-reach. Young men are sitting right here at tkl for marketers and. Fortunately marketers are seeing that again and again getting the ROI and coming back for healthy increases. So we're, uh, we're off to a really strong start this year on hitting our Target and and growing to that 1, too. And that's, that's baked into our guidance. But, uh, you know, obviously our our margin jumping from, you know, end of year, 2025 of 33.5.

To almost 40% margins for 2026 at the midpoint of our guidance. Uh, you know, that's being fueled and sparked by the success of our Global Partnerships division.

Stephen Laszczyk: Great. Thank you both.

Great, thank you both.

Operator: The next question comes from the line of Ben Swinburne with Morgan Stanley. You may proceed.

The next question comes from the line of Ben Swinburne with Morgan Stanley. You may proceed.

[Company Representative] (TKO Group Holdings): Is he allowed to be on this call? Ben, is that you?

Andrew Schleimer: Is he allowed to be on this call? Ben, is that you?

He is allowed to be on the call. Ben, is that you?

Ben Swinburne: It is me. Good to hear from you guys.

Thanks. Yeah. I think we, uh, you know, the Lion Share of that growth, uh, comes from what we would otherwise recognized as Revenue. Uh, some of these packages in the aggregate do have cost savings tax incentives or otherwise. Uh, but the way to think about those packages and and the guide are the revenue impact, uh, and almost entirely flow through, uh, to the cost side. Uh, there's arguably a case to be made although not in these numbers, uh, that the cost incentives that would not be non-cash or sort of other value in kind uh, would be in incremental on the Ia flow through. So, we're talking about revenues here and almost entire flow through to Evita,

[Company Representative] (TKO Group Holdings): Congratulations on-

Andrew Schleimer: Congratulations on-

Ben Swinburne: Mark, I couldn't help but notice. Oh, thank you very much. I'll see you at Wrestlepalooza. I couldn't help but notice, Ari seemed to make, in his prepared remarks, a point to talk about this year as a year of execution, and I think tried to make effectively a comment around M&A this year. I just figured I'd ask you if you can maybe flesh that out. Is there a message there? Are you trying to signal something to the market about sort of inorganic versus organic?

It is me, it is me. Good to hear from you guys. Um, congratulations Mark, I could have noticed.

And then been on your uh, your second question. Yeah, that was purposeful.

It's a

Oh, thank you very much. I'll see you at Russell palooza. Um, the uh, I couldn't help but notice Aries. Seem to make in his prepared remarks, a point to talk about this year as a year of execution and

Ben Swinburne: Andrew, I just wanted to understand for sure on the financial incentive numbers you threw out, you know, this year and long term, are those revenues from a revenue recognition point of view in terms of how we forecast the business, or is there some accounting thing you want us to be thinking about relative to those dollar numbers you provided? Thanks so much.

We just want to make sure that our investors and the marketplace knows that we're not hunting.

I think tried to make a effectively a comment around m&a this year. I just figured I'd ask you if you can give me flesh that out, is there a message there? You're trying to Signal something to the market about sort of inorganic versus organic. Um, and then Andrew, I just wanted to understand for sure, on the

uh,

[Company Representative] (TKO Group Holdings): Why don't you start? Thanks. Yeah, I think we, you know, the lion's share of that growth comes from what we would otherwise recognize as revenue. Some of these packages in the aggregate do have cost savings, tax incentives, or otherwise. The way to think about those packages and the guide are the revenue impact and almost entirely flow through to the cost side. There's arguably a case to be made, although not in these numbers, that the cost incentives that would not be non-cash or sort of other value in kind would be incremental on the EBITDA flow-through. We're talking about revenues here and almost entire flow-through to EBITDA. Ben, on your second question, yeah, that was purposeful.

Mark Shapiro: Why don't you start?

We will always be opportunistic at the same time. We will always be prudent, but this is a year of execution. This is a year of batten down the hatches and operating the business so that we can reach that near 40%.

Andrew Schleimer: Thanks. Yeah, I think we, you know, the lion's share of that growth comes from what we would otherwise recognize as revenue. Some of these packages in the aggregate do have cost savings, tax incentives, or otherwise. The way to think about those packages and the guide are the revenue impact and almost entirely flow through to the cost side. There's arguably a case to be made, although not in these numbers, that the cost incentives that would not be non-cash or sort of other value in kind would be incremental on the EBITDA flow-through. We're talking about revenues here and almost entire flow-through to EBITDA.

Ibida, adjusted ibida margin. And I like that Ari really underscored that to make sure.

The marketplace understood. We were not going to be distracted by rumors.

Got it. Thanks so much, guys.

Thank you. Thanks Ben.

The next question comes from the line of David karnovsky with JP Morgan. You may proceed

Thank you. Uh, maybe following up on zuffa would be great to hear more on the promotion so far in terms of staying engagement viewers or anything else, we should be looking at. And, and Mark, you had mentioned at a conference getting

Mark Shapiro: Ben, on your second question, yeah, that was purposeful. It's a often asked, popular inquiry that we get in meetings, and TKO's name gets bandied about in the press with regard to rumors of NASCAR or F1 or any number, really, of small and large sports properties. We just want to make sure that our investors and the marketplace knows that we're not hunting. We will always be opportunistic. At the same time, we will always be prudent. This is a year of execution. This is a year of batten down the hatches and operating the business so that we can reach that near 40% EBITDA, Adjusted EBITDA margin. I like that Ari really underscored that to make sure the marketplace understood we were not going to be distracted by rumors.

Thanks. Yeah. I think we, uh, you know, the Lion Share of that growth, uh, comes from what we would otherwise recognized as Revenue. Uh, some of these packages in the aggregate do have cost savings tax incentives or otherwise. Uh, but the way to think about those packages and and the guide are the revenue impact, uh, and almost entirely flow through, uh, to the cost side. Uh, there's arguably a case to be made although not in these numbers uh, that the cost and incentives that would not be non-cash or sort of other value and kind, uh, would be in incremental on the IBA flow through. So we're talking about revenues here and almost entire flow through the IBA.

[Company Representative] (TKO Group Holdings): It's a often asked, popular inquiry that we get in meetings, and TKO's name gets bandied about in the press with regard to rumors of NASCAR or F1 or any number, really, of small and large sports properties. We just want to make sure that our investors and the marketplace knows that we're not hunting. We will always be opportunistic. At the same time, we will always be prudent. This is a year of execution. This is a year of batten down the hatches and operating the business so that we can reach that near 40% EBITDA, Adjusted EBITDA margin. I like that Ari really underscored that to make sure the marketplace understood we were not going to be distracted by rumors.

And then been on your, uh, your City question. Yeah, that was purposeful.

It's a

5050 ownership over some period. Um, if you could just speak a bit more to the Milestone to get there and, uh, any kind of financial disclosures investors could expect in the inter.

Yeah, thanks, David. Look it it's early. It's, you know, it's early on.

uh,

our PLS with ESPN. It's early on UFC with, fair amount plots. So it's definitely early a little premature on zoo for boxing. You know, we're just out of the gate. Uh, we're we're initiating our plan, we're executing on our plan.

Often asked popular inquiry that we get uh, in meetings and and tkos name gets bandied about uh, in the Press. With regard to rumors of NASCAR or F1, uh, or you know, any number really of of small and large Sports properties. And we just want to make sure that our investors and the marketplace knows that we're not hunting.

Might be as many as 16 fights this year. We're looking, as I mentioned, in the prepared remarks to go outside the US, uh, we're, we're signing boxers, left and right. And by the way,

We will always be opportunistic at the same time. We will always be prudent, but this is a year of execution. This is a year to batten down the hatches and operate the business so that we can reach that near 40%.

IBA, adjusted IBA margin. And I like that Ahri really underscored that to make sure.

The marketplace understood. We were not going to be distracted by rumors.

Ben Swinburne: Got it. Thanks so much, guys.

[Company Representative] (TKO Group Holdings): Thank you. Thanks, Ben.

Andrew Schleimer: Thank you.

Got it. Thanks so much, guys.

Mark Shapiro: Thanks, Ben.

Operator: The next question comes from the line of David Karnovsky with J.P. Morgan. You may proceed.

Thank you. Thanks Ben.

A lot of incoming calls to Dana and Nick. That's, that's been a great story for us. It's, you know, we're out there looking and, and talking and negotiating. But a lot of these are inbound calls people, excited that we're building an asset under the same strategy that we built the UFC. So it's, it's, it's a terrific opportunity for us. So just a few fights in we're fighting at the uh, Apex in Las Vegas, uh know viewership numbers yet to share but we're um, you know, we're really optimistic and bullish about adding Zuppa boxing.

David Karnovsky: Thank you. Maybe following up on Zuffa, it would be great to hear more on the promotion so far in terms of fan engagement, viewers, or anything else we should be looking at. Marc, you had mentioned at a conference getting the 50/50 ownership over some period. Maybe you could just speak a bit more to the milestones to get there and any kind of financial disclosures investors could expect in the interim.

to the opportunity slate that is fips financial incentive packages, Global Partnerships and international media deals which uh will have some

Some on the horizon, some announcements on the horizon. That's that's you know, that's where we are. And we're really

Right, thank you. Maybe following up on zuffa, would be great to hear more on the promotion so far in terms of fan engagement viewers or anything else, we should be looking at and, and Mark, you had mentioned at a conference getting to 50/50 ownership over some period. Um, maybe you could just speak a bit more to the Milestones to get there. And, uh, any kind of financial disclosures investors could expect in the interim.

[Company Representative] (TKO Group Holdings): Yeah. Thanks, David. Look, it's early. It's, you know, it's early on our PLEs with ESPN, it's early on UFC with Paramount+. So it's definitely early, a little premature on Zuffa Boxing. You know, we're just out of the gate. We're initiating our plan, we're executing on our plan. Might be as many as 16 fights this year. We're looking, as I mentioned in the prepared remarks, to go outside the US. We're signing boxers left and right. By the way, a lot of incoming calls to Dana and Nick. That's been a great story for us. You know, we're out there looking and talking and negotiating, but a lot of these are inbound calls, people excited that we're building an asset under the same strategy that we built the UFC.

Mark Shapiro: Yeah. Thanks, David. Look, it's early. It's, you know, it's early on our PLEs with ESPN, it's early on UFC with Paramount+. So it's definitely early, a little premature on Zuffa Boxing. You know, we're just out of the gate. We're initiating our plan, we're executing on our plan. Might be as many as 16 fights this year. We're looking, as I mentioned in the prepared remarks, to go outside the US. We're signing boxers left and right. By the way, a lot of incoming calls to Dana and Nick. That's been a great story for us. You know, we're out there looking and talking and negotiating, but a lot of these are inbound calls, people excited that we're building an asset under the same strategy that we built the UFC.

Putting a lot of effort behind it because UFC has a long-term meteorite Steel.

Yeah, thanks, David. Look, it's—it's early. You know, it's early on.

Our place with ESPN's early on UFC with Fairmont plots. So it's definitely early, a little premature on zoo for boxing. You know, we're just out of the gate. Uh, we're initiating our plan, we're executing on our plan.

Uh, WWE has long-term media rights deals. PBR has long-term meteorite deals. You know, this, this is 1 that could really turn into something for us and uh, hence why we've, you know, we've got Nick and Dana splitting time on it, of course. Lawrence Epstein also playing a big role in what we're doing there. So as I said in the prepare to mark, look out, we're coming and and there's a lot of opportunity and a lot of fight bands that are excited to see us coming this way.

Might be as many as 16 fights this year. We're looking, as I mentioned in the vert remarks that go outside the US. Uh, we're we're signing boxers left and right. And by the way,

[Company Representative] (TKO Group Holdings): It's a terrific opportunity for us. Just a few fights in, we're fighting at the Apex in Las Vegas. No viewership numbers yet to share, but we're, you know, we're really optimistic and bullish about adding Zuffa Boxing to the opportunity slate that is FIPs, financial incentive packages, global partnerships, and international media deals, which we'll have some on the horizon, some announcements on the horizon. That's, you know, that's where we are, and we're really putting a lot of effort behind it because UFC has a long-term media rights deal. WWE has long-term media rights deals. PBR has long-term media rights deals.

Mark Shapiro: It's a terrific opportunity for us. Just a few fights in, we're fighting at the Apex in Las Vegas. No viewership numbers yet to share, but we're, you know, we're really optimistic and bullish about adding Zuffa Boxing to the opportunity slate that is FIPs, financial incentive packages, global partnerships, and international media deals, which we'll have some on the horizon, some announcements on the horizon. That's, you know, that's where we are, and we're really putting a lot of effort behind it because UFC has a long-term media rights deal. WWE has long-term media rights deals. PBR has long-term media rights deals.

And David on the, uh, on the equity. And we've disclosed previously that, you know, the first gate, uh, to vest into our Equity interests was signing immediate rights deal. I did articulate my prepared remarks that we anticipate based on 2026 financial performance that we will invest into the next crunch, uh, of equity. So, uh, things are moving well on towards our stated goal of getting to, uh, our Equity interest.

a lot of incoming calls to Dana Nick, that's that's been a great story for us. It's, you know, we're out there looking and, and talking and negotiating. But a lot of these are inbound calls people, excited that we're building an asset under the same strategy that we built the UFC. So it's a, it's a terrific opportunity for us. So just a few fights in we're fighting at the uh, 8 packs in Las Vegas know, viewership numbers yet to share.

But we're, um, you know, we're really optimistic and bullish about adding Zuffa boxing.

to the opportunity slate, that is FIPs, financial incentive packages, Global Partnerships, and international media deals, which will have some

Some.

Okay, I just don't want more. I'm, I'm real Rumble. And Riyad, I think that was the first International Temple Poe. You've done abroad. So I was just interested in in what the, uh, operational commercial Lessons Learned were and how these kind of inform your plans to host WrestleMania 2027 there, and I really enjoyed. If there was anything you could say about the FIP kind of relative to a normal Saudi Arabia,

On the horizon, some announcements on the horizon. That's, that's, you know, that's where we are. And we're really

[Company Representative] (TKO Group Holdings): You know, this is one that could really turn into something for us, and hence why we've, you know, we've got Nick and Dana splitting time on it, and, of course, Lawrence Epstein also playing a big role in what we're doing there. As I said in the prepared remarks, look out, we're coming, and there's a lot of opportunity and a lot of fight fans that are excited to see us coming this way.

Mark Shapiro: You know, this is one that could really turn into something for us, and hence why we've, you know, we've got Nick and Dana splitting time on it, and, of course, Lawrence Epstein also playing a big role in what we're doing there. As I said in the prepared remarks, look out, we're coming, and there's a lot of opportunity and a lot of fight fans that are excited to see us coming this way.

Then that part first so Andrew answered the FIP and then uh Nick on his sitting here with us and we'll let him talk about world rumble WrestleMania in our in our partners in Saudi. So so as we articulated in in and throughout 25, and now on our conversation today, we did have 1 shift 1, Saudi event, shift from 2025, into 2026, such that we had 1 last year. We'll have 3 this year all which carry uh the same uh Revenue recognition and cost profile. Uh despite 1 being branded as it was in January,

Andrew Schleimer: David, on the, on the equity, we've disclosed previously that, you know, the first gate to vest into our equity interest was signing a media rights deal. I did articulate in my prepared remarks that we anticipate, based on 2026 financial performance, that we will vest into the next tranche of equity. Things are moving well on towards our stated goal of getting to our equity interest.

Putting a lot of effort behind it because UFC has a long-term meteorite field. Uh, WWE has long-term media rights deals. TBR has long-term meteorite deals. This, this is 1 that could really turn into something for us and uh, hence why we've, you know, we've got Nick and Dana splitting time on it, of course. Lawrence Epstein also playing a big role in what we're doing there. So as I said in the prepare tomorrow to look out we're coming and and there's a lot of opportunity and a lot of fight bands that are excited to see us coming this way.

And David on the, uh,

On the equity. And we've disclosed previously that, you know, the first gate to vest into our equity interests was signing a media rights deal. I did articulate in my prepared remarks that we anticipate, based on 2026 financial performance, that we will invest into the next crunch of equity. So, things are moving well towards our stated goal of getting to our equity interest.

David Karnovsky: Okay. I just have one more. On Royal Rumble in Riyadh, I think that was the first international tentpole PLE you've done abroad. I was just interested in what the operational or commercial lessons learned were, and how do these kind of inform your plans to host WrestleMania 2027 there? You know, Andrew, if there's anything you could say about the FIP, kind of, relative to a normal Saudi Arabia event.

So when you're the first event ever, there's a lot of things to be learned, not only for the operator, but for the venue, when you look at WrestleMania 2027 in 14 months from now, that'll be coming off of the Asia cup, which will be held at the same venue WrestleMania, 2027 will be held at so that's 3 and a half weeks of international football soccer action, which there'll be a lot of learnings coming out of that. In terms of the look of the venue, the feel of the venue, how to light it properly, and how to get all of those nuances down. So assume our team will be there for the entirety of that soccer tournament and uh you know we'll be ready to go for Wrestlemania 2027.

should also mention that IMG produces the, uh,

[Company Representative] (TKO Group Holdings): Take that part first. Andrew will answer the FIP, and then Nick Khan is sitting here with us, and we'll let him talk about Royal Rumble, WrestleMania, and our partners in Saudi.

Mark Shapiro: Take that part first. Andrew will answer the FIP, and then Nick Khan is sitting here with us, and we'll let him talk about Royal Rumble, WrestleMania, and our partners in Saudi.

Okay, I just don't want more. I'm—I'm real, Rumble. And Riyadh, I think that was the first international Temple Poe you've done abroad. So I was just interested in what the operational or commercial lessons learned were, and how these kind of inform your plans to host WrestleMania 2027 there. And, you know, Andrew, if there's anything you could say about the FIP kind of relative to a normal Saudi Arabia,

The Saudi League, uh, soccer. So we we have some, you know, institutional knowledge

Of, uh, the arena and the atmosphere there.

Andrew Schleimer: As we articulated in and throughout 25 and now on our conversation today, we did have 1 shift, 1 Saudi event shift from 2025 into 2026, such that we had 1 last year, we'll have 3 this year, all which carry the same revenue recognition and cost profile, despite 1 being branded as it was in January.

Okay.

How do you?

The next question comes from the line of Peter, Fino, with wolf research, you may proceed.

[Company Representative] (TKO Group Holdings): Yeah.

Nick Khan: Yeah. Just to add on the learning side from Royal Rumble, Royal Rumble in Riyadh was the first event at that venue ever. When you're the first event ever, there's a lot of things to be learned, not only for the operator, but for the venue. When you look at WrestleMania 2027 in 14 months from now, that'll be coming off of the Asia Cup, which will be held at the same venue WrestleMania 2027 will be held at. That's 3 and a half weeks of international football/soccer action, which there'll be a lot of learnings coming out of that in terms of the look of the venue, the feel of the venue, how to light it properly, and how to get all of those nuances down.

Nick Khan: Just to add on the learning side from Royal Rumble, Royal Rumble in Riyadh was the first event at that venue ever. When you're the first event ever, there's a lot of things to be learned, not only for the operator, but for the venue. When you look at WrestleMania 2027 in 14 months from now, that'll be coming off of the Asia Cup, which will be held at the same venue WrestleMania 2027 will be held at. That's 3 and a half weeks of international football/soccer action, which there'll be a lot of learnings coming out of that in terms of the look of the venue, the feel of the venue, how to light it properly, and how to get all of those nuances down.

Then take that part first. So Andrew answered the FIP and then uh Nick on his sitting here with us and we'll let him talk about world rumble WrestleMania in our in our partners in Saudi. So so as we articulated in in and throughout 25, and now on our conversation today, we did have 1 shift 1, Saudi event, shift from 2025, into 2026, such that we had 1 last year. We'll have 3 this year all which carry uh the same uh Revenue recognition and cost profile. Uh despite 1 being branded as it was in January,

Yeah. So just to add on the learning side from from Royal Rumble, Royal Rumble in Riyadh, was the first event at that venue ever.

So when you're the first event ever, there's a lot of things to be learned, not only for the operator but for the venue. When you look at WrestleMania 2027, in 14 months from now, that'll be coming off of the Asia Cup, which will be held at the same venue WrestleMania 2027 will be held at, so that—

Nick Khan: Assume our team will be there for the entirety of that soccer tournament, and you know, we'll be ready to go for WrestleMania 2027.

Hi, good afternoon. Uh, I'll uh, I'll mimic my, my colleagues here and asking 5 questions. Um, I wanted to ask you first about, uh, the White House and the sphere events. They're they're, they're really great, um, evidence of the growth opportunity of the UFC, and the ability to, to spend money to develop that brand. And that audience, I'm wondering if we should think about these big events, um, as something that you would love to keep doing. Um, and assuming that there are opportunities out there, just treat them as a normal cost of doing business and, and model that accordingly, um, rather than sort of adding them back to the expense structure every year. Um, and then a, a question on Capital, allocation, um, obviously, you have been a massive buyer of your own stock, and it's been a great stock. Um, you can return Capital with recurring, dividends special, dividends BuyBacks, and today, your stock trades at a premium to a lot of other businesses and I'm wondering if you kind of have a point of view on what the right way to return.

[Company Representative] (TKO Group Holdings): Should also mention that IMG produces the Saudi League, soccer. We have some, you know, institutional knowledge of the arena and the atmosphere there.

Andrew Schleimer: Should also mention that IMG produces the Saudi League, soccer. We have some, you know, institutional knowledge of the arena and the atmosphere there.

Three and a half weeks of international football, soccer action—there'll be a lot of learnings coming out of that. In terms of the look of the venue, the feel of the venue, how to light it properly, and how to get all of those nuances down. So, assume our team will be there for the entirety of that soccer tournament and, you know, we'll be ready to go for WrestleMania 2027.

Capital is going forward and whether you look at your stock relatively or or absolutely, uh, in terms of its opportunity as a as something to buy back. Thank you.

should also mention that IMG produces the, uh,

The Saudi League, uh, soccer. So, we have some, you know, institutional knowledge.

Of, uh, the arena and the atmosphere there.

David Karnovsky: Thank you.

[Company Representative] (TKO Group Holdings): Saudi.

Andrew Schleimer: Saudi.

Okay.

How do you?

Operator: The next question comes from the mind of Peter Supino with Wolfe Research. You may proceed.

The next question comes from the line of Peter, Fino, with wolf research, you may proceed.

Peter Supino: Hi, good afternoon. I'll mimic my colleagues here and ask you 5 questions. I wanted to ask you first about the White House and the Sphere events. They're really great evidence of the growth opportunity of the UFC and the ability to spend money to develop that brand and that audience. I'm wondering if we should think about these big events as something that you would love to keep doing, and assuming that there are opportunities out there, just treat them as a normal cost of doing business and model that accordingly, rather than sort of adding them back to the expense structure every year. Then a question on capital allocation. Obviously, you have been a massive buyer of your own stock, and it's been a great stock.

Hey, the last 1 first. So, yeah, I think, uh, Peter, you hit the nail on the head. I mean, we have, um, announced. They are intent for now, uh, to increase, excuse me to, uh, repurchase another billion dollars under the 2 billion dollars of previously, authorized share of purchase in October 2024, over the last 12 months, as I stated, uh, we were purchased approximately 900 million. So with this billion, we'll have all, but satisfied. Our prior authorization, we will. Obviously, look at, uh, what makes the most sense for our company and all of its constituents and of what point faced upon how, we envision the shares performing, uh repurchase repurchasing stocks May no longer be accredited. So uh we're still within the band of where this is beneficial for the company and its shareholders. Uh, and also I'd note that uh, you know, we did return in calendar 2025 approximately 1.3 billion dollars.

Peter Supino: You can return capital with recurring dividends, special dividends, and buybacks. Today your stock trades at a premium to a lot of other businesses. I'm wondering if you kind of have a point of view on what the right way to return capital is going forward, and whether you look at your stock relatively or absolutely in terms of its opportunity as something to buy back. Thank you.

To shareholders, which is inclusive of our, uh, dividend which we had doubled in Q3 from 75 million, a quarter to 150 million a quarter. So look, we're laser focused on this. Um, and just giving the cash flow profile. This company nothing is off the table. Yeah, look Peter look we are

Laser focus is right. I mean, we we said we were

We were committing to.

Capital allocation in the tune of to the tune of

About, uh, the White House and the sphere events. They're they're, they're really great, um, evidence of the growth opportunity of the UFC, and the ability to, to spend money to develop that brand. And that audience, I'm wondering if we should think about these big events, um, as something that you would love to keep doing. Um, and assuming that there are opportunities out there, just treat them as a normal cost of doing business and, and model that accordingly, um, rather than sort of adding them back to the expense structure every year, um, and then a question on Capital, allocation, um, obviously, you have been a massive buyer of your own stock, and it's been a great stock. Um, you can return Capital with recurring, dividends special, dividends BuyBacks, and today, your stock trades at a premium to a lot of other businesses. And I'm wondering if you can have a point of view on what the right way to return capital is going forward. And when you look at your stock relatively, or or absolutely, uh, in terms of its opportunity as a as something to buy back, thank you.

[Company Representative] (TKO Group Holdings): Take that last one, Frank.

Mark Shapiro: Take that last one, Frank.

Putting our shareholders first and returning cash to our shareholders and we meant it.

Andrew Schleimer: Yeah, I think Peter, you hit the nail on the head. I mean, we have announced today our intent for now to repurchase another $1 billion under the $2 billion of previously authorized share repurchase in October of 2024. Over the last 12 months, as I stated, we repurchased approximately $900 million. With this $1 billion, we'll have all but satisfied our prior authorization. We will obviously look at what makes the most sense for our company and all of its constituents, and at what point, based upon how we envision the shares performing, repurchasing stock may no longer be accretive. We're still within the band of where this is beneficial for the company and its shareholders.

Uh 3 to 4 years was the initial authorization, and we're going to finish the entire authorization, the space of 2 years while all the while doubling the dividend. So more to come on that front. Obviously, we are highly cash flow, free cash flow generative,

We're, you know, normalized, free cash, flow conversion about 60%, uh, and over the next 5 years.

Take that last 1. Thanks. So, yeah. I think Peter, you hit the nail on the head. I mean, we have, um, announce today our intent, for now, uh, to increase, excuse me to, uh, repurchase another billion dollars under the 2 billion dollars of previously. Authorized share repurchase in October of 2024 over the last 12 months, as I stated, uh, we were purchased approximately 900 million. So, with this billion, we'll have all, but satisfied.

going to materially increase so we will have a lot of optionality and we'll we'll weigh all of that with with our board as far as these

You know, big-time events. Look, we were lucky in the sense that we were the first 1 at the sphere.

And that was a big win for us.

Andrew Schleimer: Also, I'd note that, you know, we did return in calendar 2025, approximately $1.3 billion to shareholders, which is inclusive of our dividend, which we had doubled in Q3 from $75 million a quarter to $150 million a quarter. Look, we're laser-focused on this, and just given the cash flow profile of this company, nothing is off the table.

you know, we'll lose uh in the neighborhood of 30 million on this

On this event at the White House in June. And uh you know it's it's it's a 1-time and that's it, you know, it's not indicative of anything long term that you should put into the plan.

[Company Representative] (TKO Group Holdings): Peter, we are laser-focused is right. I mean, we said we were committing to capital allocation to the tune of putting our shareholders first and returning cash to our shareholders, and we meant it. 3 to 4 years was the initial authorization. We're going to finish the entire authorization in the space of 2 years, all the while doubling the dividend. More to come on that front. Obviously, we are highly cash flow, free cash flow generative. We're, you know, normalized free cash flow conversion, about 60%. Over the next 5 years, going to materially increase. We will have a lot of optionality, and we'll weigh all of that with our board.

Mark Shapiro: Peter, we are laser-focused is right. I mean, we said we were committing to capital allocation to the tune of putting our shareholders first and returning cash to our shareholders, and we meant it. 3 to 4 years was the initial authorization. We're going to finish the entire authorization in the space of 2 years, all the while doubling the dividend. More to come on that front. Obviously, we are highly cash flow, free cash flow generative. We're, you know, normalized free cash flow conversion, about 60%. Over the next 5 years, going to materially increase. We will have a lot of optionality, and we'll weigh all of that with our board.

Thanks so much.

Thank you. Thank you, Peter.

Our—on prior authorization, we will obviously look at, uh, what makes the most sense for our company and all of its constituents. And at what point, based upon how we envision the shares performing, uh, repurchasing stock may no longer be accretive. So, uh, we're still within the band of where this is beneficial for the company and its shareholders. Uh, and also I'd note that, uh, you know, we did return, in calendar 2025, approximately $1.3 billion to shareholders, which is inclusive of our, uh, dividend, which we had doubled in Q3 from $75 million a quarter to $150 million a quarter. So, but we're laser focused on this. Um, and just, given the cash flow profile of this company, nothing is off the table. Yeah, look, Peter, look, we are—uh, laser focus is right, I mean, we—we said we were.

We were committing to.

The next question comes from the line of Ryan Granite with UBS. You may proceed.

Capital allocation in the tune of to the tune of

Putting our shareholders first and returning cash to our shareholders and we meant it.

I just wanted to follow up on what you're seeing. Now in terms of demand for Live Events across the portfolio, particularly with the World Cup at at on location, coming up in a few months and

Uh, three to four years was the initial authorization, and we're going to finish the entire authorization in the space of two years, while all the while doubling the dividend. So more to come on that front. Obviously, we are highly cash-flow, free-cash-flow generative,

You had some very nice momentum last year at the WWE with the premium events and seen as farewell tour. I just want to confirm, if you think underlying gate revenues, uh, can continue to grow in 2026 at the WWE.

Were, you know, normalized free cash, flow conversion about 60% uh, and over the next 5 years.

Yeah, thanks Ryan. Look, we are we're we're continuing to see strong growth in ticket yield.

[Company Representative] (TKO Group Holdings): As far as these, you know, big-time events, look, we were lucky in the sense that we were the first one at the Sphere, and that was a big win for us. We'll be the first one and maybe the only one ever on the South Lawn of the White House. I can't tell you that we have any events coming up at the Kremlin, but we will definitely be looking for more one-time events, but nothing you should necessarily model, right? We'll, you know, we'll lose in the neighborhood of $30 million on this event at the White House in June, and, you know, it's a one-timer, and that's it. You know, it's not indicative of anything long term that you should put into the plan.

Mark Shapiro: As far as these, you know, big-time events, look, we were lucky in the sense that we were the first one at the Sphere, and that was a big win for us. We'll be the first one and maybe the only one ever on the South Lawn of the White House. I can't tell you that we have any events coming up at the Kremlin, but we will definitely be looking for more one-time events, but nothing you should necessarily model, right? We'll, you know, we'll lose in the neighborhood of $30 million on this event at the White House in June, and, you know, it's a one-timer, and that's it. You know, it's not indicative of anything long term that you should put into the plan.

and,

going to materially increase, so we will have a lot of optionality, and we'll weigh all of that with our board as far as these

You know, big-time events. Look, we were lucky in the sense that we were the first one at the Sphere.

And that was a big win for us.

Financial incentive packages as you know, today we underscored again put out a real transparent Target of of 380 million to 420 Million by 2030. For those financial incentive packages and we feel just as strong about Live Events. I mean, you know, it's I look at the success of the men's and women's hockey gold medals.

Will be the first one, and maybe the only one ever, on the South Lawn White House. I can't tell you that we have any events coming up at the Kremlin, but we will, uh, definitely be looking for more one-time events, but nothing you should, you should necessarily model, right? Well, you know, we'll lose in the neighborhood of $30 million on this.

Games at, at different hours for the US, right? I mean, this is like the highest viewership of a uh, a major sporting event.

On this event at the White House in June. And, uh, you know, it's—it's a one-time, and that's it, you know. It's not indicative of anything long-term that you should put into the plan.

Ryan Gravett: Thanks so much.

Peter Supino: Thanks so much.

Thanks so much.

Andrew Schleimer: Thank you.

Mark Shapiro: Thank you.

[Company Representative] (TKO Group Holdings): Thank you, Peter.

Andrew Schleimer: Thank you, Peter.

Thank you. Thank you, Peter.

In the neighborhood of of what we saw before, 9:00 a.m. in the US ever like, ever on record, you know, Sports drives audience, Sports brings people together. It is appointment viewing and our Live Events benefit from all of that.

Operator: The next question comes from the line of Ryan Gravett with UBS. You may proceed.

The next question comes from the line of Ryan Brevet with UBS. You may proceed.

Ryan Gravett: Ryan, I just wanted to follow up on what you're seeing now in terms of demand for live events across the portfolio, particularly with the World Cup at On Location coming up in a few months. You had some very nice momentum last year at the WWE with the premium event and Cena's farewell tour. I just wanna confirm if you think underlying gate revenues can continue to grow in 2026 at the WWE.

From age and demos social diversity, geographic region, uh, short clips, snackable content, but they don't, they can't consume enough of it. And they want to be able to say they were there. And we're seeing

I just wanted to follow up on what you're seeing now in terms of demand for live events across the portfolio.

particularly with the World Cup at that location, coming up in a few months, and

[Company Representative] (TKO Group Holdings): Yeah. Thanks, Ryan. Look, we're continuing to see strong growth in ticket yield and financial incentive packages. As you know, today we underscored again, put out a real transparent target of $380 million to $420 million by 2030 for those financial incentive packages. We feel just as strong about live events. I mean, you know, look at the success of the men's and women's hockey gold medal games at different hours for the US, right? I mean, this is like the highest viewership of a major sporting event in the neighborhood of what we saw before 9:00 AM in the US ever, like, ever on record. You know, sports drives audience. Sports brings people together.

Andrew Schleimer: Yeah. Thanks, Ryan. Look, we're continuing to see strong growth in ticket yield and financial incentive packages. As you know, today we underscored again, put out a real transparent target of $380 million to $420 million by 2030 for those financial incentive packages. We feel just as strong about live events. I mean, you know, look at the success of the men's and women's hockey gold medal games at different hours for the US, right? I mean, this is like the highest viewership of a major sporting event in the neighborhood of what we saw before 9:00 AM in the US ever, like, ever on record. You know, sports drives audience. Sports brings people together.

Yeah. Thanks Ryan. Look, we are we're continuing to see strong growth in ticket yield.

Not just, are we not seeing a Slowdown? I mean, we're seeing an uptick uh, so we still feel very bullish about the elasticity across, uh, the WWE and It ultimately coming in line with the success. We've had at the UFC. So a real, a real good story for us and and I think just overall, you know, and I know I was pretty optimistic, uh, and energized in my prepared remarks. But I was just underscore, you know,

and,

And we feel just as strong about Live Events. I mean, you know, I look at the success of the men's and women's hockey gold medal games.

When asked like, what kind of company are we, we are a model growth story and we're seeing strong momentum across the entire businesses. Our media rights deals are locked in across the board, high margin, high visibility for investors, our Global Partnerships absolutely on fire with a, a great Target by 2030 of 1.2 billion. We've talked about the Live Events and, uh, and and being able to take these shows on the road and, and, and

Different hours for the US, right? I mean, this is like the highest viewership of a uh, a major sporting event.

see economic contribution because of the demand our fans have

[Company Representative] (TKO Group Holdings): It is appointment viewing. Our live events benefit from all of that. From age and demos, social, diversity, geographic region, short clips, snackable content. Like, they can't consume enough of it, and they want to be able to say they were there. We're seeing, not just, are we not seeing a slowdown, I mean, we're seeing an uptick. We still feel very bullish about the elasticity across the WWE, and it ultimately coming in line with the success we've had at the UFC. A real, a real good story for us. I think just overall, you know, and I know I was pretty optimistic and energized in my prepared remarks, but I would just underscore, you know, when asked, like, what kind of company are we?

Andrew Schleimer: It is appointment viewing. Our live events benefit from all of that. From age and demos, social, diversity, geographic region, short clips, snackable content. Like, they can't consume enough of it, and they want to be able to say they were there. We're seeing, not just, are we not seeing a slowdown, I mean, we're seeing an uptick. We still feel very bullish about the elasticity across the WWE, and it ultimately coming in line with the success we've had at the UFC. A real, a real good story for us. I think just overall, you know, and I know I was pretty optimistic and energized in my prepared remarks, but I would just underscore, you know, when asked, like, what kind of company are we?

In the neighborhood of what we saw before, 9:00 a.m. in the US, ever like, ever on record, you know, sports drives audience, sports brings people together. It is appointment viewing and our live events benefit from all of that.

for those events coming to their towns. And then we have a transformative opportunity with Zuppa boxing. We have a capital, allocation plan. That is, you know, in in, in full speed mode, we'll continue to be a significant free cash flow generator.

From age, demos, social diversity, geographic region, uh, short clips, snackable content—like, they don't, they can't consume enough of it. And they want to be able to say they were there. And we're seeing

Our margins are quite attractive. We've got a White House Event. That is kind of 1 in a million. You can't pay enough to have the kind of stage. We're going to have, and we're focused on the operation and not hunting for m&a. So, uh really pleased with our management team, truly, and their ability to understand the key metrics of this business and shape strategy to deliver on those metrics that are most important to our investor base.

Great. I I think that's probably a good place to

I think that's probably a good place to wrap the call. Um, thank you everyone for joining and for your interest in Eko, operator, you can now conclude the call.

[Company Representative] (TKO Group Holdings): We are a model growth story. We're seeing strong momentum across the entire businesses. Our media rights deals are locked in across the board, high margin, high visibility for investors. Our global partnerships, absolutely on fire with a great target by 2030 of $1.2 billion. We've talked about the live events and being able to take these shows on the road and see economic contribution because of the demand our fans have for those events coming to their towns. We have a transformative opportunity with Zuffa Boxing. We have a capital allocation plan that is, you know, in full speed mode, will continue to be a significant free cash flow generator. Our margins are quite attractive. We've got a White House event that is kind of one in a million.

Andrew Schleimer: We are a model growth story. We're seeing strong momentum across the entire businesses. Our media rights deals are locked in across the board, high margin, high visibility for investors. Our global partnerships, absolutely on fire with a great target by 2030 of $1.2 billion. We've talked about the live events and being able to take these shows on the road and see economic contribution because of the demand our fans have for those events coming to their towns. We have a transformative opportunity with Zuffa Boxing. We have a capital allocation plan that is, you know, in full speed mode, will continue to be a significant free cash flow generator. Our margins are quite attractive. We've got a White House event that is kind of one in a million.

Thank you that concludes today's call. Thank you for your participation and enjoy the rest of your day.

Not just, are we not seeing a slowdown? I mean, we're seeing an uptick, uh, so we still feel very bullish about the elasticity across, uh, the WWE and it ultimately coming in line with the success we've had at the UFC. So a real, a real good story for us, and I think just overall, you know, and I know I was pretty optimistic, uh, and energized in my prepared remarks. But I would just underscore, you know, when asked, like what kind of company are you, always, we are a model growth story and we're seeing strong momentum across the entire businesses. Our media rights deals,

[Company Representative] (TKO Group Holdings): You can't pay enough to have the kind of stage we're going to have. We're focused on the operation and not hunting for M&A. Really pleased with our management team, truly, and their ability to understand the key metrics of this business and shape strategy to deliver on those metrics that are most important to our investor base.

Andrew Schleimer: You can't pay enough to have the kind of stage we're going to have. We're focused on the operation and not hunting for M&A. Really pleased with our management team, truly, and their ability to understand the key metrics of this business and shape strategy to deliver on those metrics that are most important to our investor base.

Locked in across the board, high margin, high visibility for investors. Our Global Partnerships absolutely on fire with a, a great Target by 2030 of 1.2 billion. We've talked about the Live Events and, uh, and and being able to take these shows on the road and, and, and see it economic contribution because of the demand, our fans have for those events coming to their towns. And then we have a transformative opportunity with super boxing. We have a capital allocation plan that is, you know, in in, in full speed mode, we'll continue to be a significant free cash flow generator. Our, our margins are quite attractive. We've got a White House Event. That is kind of 1 in a million. You can't pay enough to have the kind of stage. We're going to have, and we're focused on the operation and not hunting for m&a. So, uh really pleased with our management team truly and their ability to

Understand the key metrics of this business and shape strategy to deliver on those metrics that are most important to our investor base.

Andrew Schleimer: Great. I think that's probably a good place to.

Ryan Gravett: Great. I think that's probably a good place to.

Great. I I think that's probably a good choice to

[Company Representative] (TKO Group Holdings): Thank you.

Ryan Gravett: [Crosstalk]

Andrew Schleimer: I think that's probably a good place to wrap the call. Thank you everyone for joining and for your interest in TKO. Operator, you can now conclude the call.

I think that's probably a good place to wrap the call. Um, thank you everyone for joining and for your interest in Eko, operator, you can now conclude the call.

Operator: Thank you. That concludes today's call. Thank you for your participation, and enjoy the rest of your day.

Thank you. That concludes today's call. Thank you for your participation, and enjoy the rest of your day.

[Company Representative] (TKO Group Holdings): Very much cool.

Andrew Schleimer: Very much cool.

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