Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 001-41746 ATLANTA BRAVES HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Nevada (State or other jurisdiction of incorporation or organization) WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

Atlanta Braves Holdings (BATRK) came out with a quarterly loss of $0.28 per share versus the Zacks Consensus Estimate of a loss of $0.66. This compares to a loss of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +57.25%. A quarter ago, it was expected that this owner and operator of the Atlanta Braves baseball club would post earnings of $0.24 per share when it actually produced earnings of $0.47, delivering a surprise ...

Exhibit 99.1 ATLANTA BRAVES HOLDINGS REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL RESULTS Atlanta, Georgia, February 25, 2026 – Atlanta Braves Holdings, Inc. ("ABH") (Nasdaq: BATRA, BATRK) today reported results for its fourth quarter and year end 2025 results. Highlights include: | | Three months ended | | | Twelve months ended | | | | --- | --- | --- | --- | --- | --- | --- | | | December 31, | | | December 31, | | | | | 2025 | 2024 | % Change | 2025 | 2024 | % Change | | | | amounts in thousands | ...

Core Viewpoint - The article discusses the author's previous avoidance of sports stocks, labeling them as vanity assets that do not contribute to capital compounding and often exhibit cash flow issues and volatile earnings [1]. Group 1: Investment Philosophy - The author emphasizes a fundamental analysis approach, focusing on situations where market valuation diverges from underlying economics [1]. - Key factors in this analysis include cash flow durability, balance sheet strength, and capital structure risks [1]. - The author seeks mispriced opportunities in the small and mid-cap sectors, looking for asymmetric setups where market sentiment does not align with reality [1]. Group 2: Disclosure and Ethics - The author maintains strict independence by not holding positions in any discussed securities and has no plans to initiate positions in the near future [2]. - The analysis is based solely on public filings and open-source data, with no use of Material Non-Public Information (MNPI) [1]. - The views expressed are personal and do not represent those of the author's employer [1].

Core Thesis - Atlanta Braves Holdings, Inc. (BATRK) presents a unique investment opportunity by combining a Major League Baseball franchise with a successful real estate venture [2][5] - The current share price is $39.54 with a trailing P/E of 20.27 [1] Business Overview - The company's value is significantly supported by the Atlanta Braves, which boasts a loyal fan base and a large geographic reach in professional sports [2] - MLB's expanding media deals and international audience contribute to increasing revenue potential, while the Braves' strong attendance and merchandise sales ensure stable cash flows [2] Real Estate Development - The Battery Atlanta, a mixed-use development of over 3 million square feet, attracts nearly 9 million visitors annually, generating substantial income from rentals, sponsorships, and events [3] - This relationship between the sports franchise and real estate development creates a diversified revenue model that reduces the impact of sports performance fluctuations [3] Financial Performance - The Braves have a history of success with 10 World Series appearances, and The Battery Atlanta has seen high occupancy rates and increased foot traffic [4] - Adjusted OIBDA for The Battery has grown at a 34% CAGR since its inception, indicating strong growth potential independent of the team's performance [4] Valuation Potential - A strategic sale of the franchise could unlock significant value, with market comparisons suggesting a potential stock price in the mid-$60s, indicating a substantial discount to intrinsic value [4]

Core Viewpoint - Atlanta Braves Holdings (BATRK) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook driven by rising earnings estimates [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based solely on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The Zacks rating upgrade reflects an improvement in the earnings outlook for Atlanta Braves Holdings, which is expected to positively influence its stock price [4][6]. Impact of Earnings Estimate Revisions - There is a strong correlation between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [5][7]. - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. Recent Performance of Atlanta Braves Holdings - For the fiscal year ending December 2025, Atlanta Braves Holdings is expected to earn -$0.28 per share, unchanged from the previous year, but analysts have raised their estimates by 14.1% over the past three months [9]. Conclusion on Investment Potential - The upgrade to Zacks Rank 1 places Atlanta Braves Holdings in the top 5% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10][11].

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Income and Earnings - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, representing increases of $35.7 million and $60.9 million year-over-year[158]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in the prior year, while net earnings for the nine months were $18.2 million, reversing a net loss of $12.1 million in the prior year[167]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, attributed to higher operating costs from newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, due to new real estate assets acquired[156]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170]. Interest Expense - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163].

Core Viewpoint - Atlanta Braves Holdings reported quarterly earnings of $0.47 per share, significantly exceeding the Zacks Consensus Estimate of $0.24 per share, and showing an increase from $0.16 per share a year ago [1][2]. Financial Performance - The company achieved an earnings surprise of +95.83% for the quarter, while the previous quarter saw a negative surprise of -28.13% [2]. - Revenues for the quarter were $311.54 million, slightly missing the Zacks Consensus Estimate by 0.01%, but up from $290.67 million year-over-year [3]. - Over the last four quarters, Atlanta Braves Holdings has surpassed consensus EPS estimates three times and revenue estimates two times [2][3]. Stock Performance - Since the beginning of the year, Atlanta Braves Holdings shares have increased by approximately 6.9%, compared to a 15.1% gain in the S&P 500 [4]. - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [7]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.59 on revenues of $47.08 million, and for the current fiscal year, it is -$0.32 on revenues of $719.11 million [8]. - The industry outlook is unfavorable, with the Media Conglomerates sector ranking in the bottom 35% of over 250 Zacks industries, which may impact stock performance [9].

Revenue Performance - Total revenue for the third quarter of 2025 reached $311.5 million, a 7% increase compared to the same period in 2024[3]. - Baseball revenue increased by 4% year-over-year to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, was $311,538,000, an increase of 7.5% compared to $290,674,000 for the same period in 2024[26]. - Baseball revenue increased to $284,362,000 for the three months ended September 30, 2025, up from $273,262,000 in the prior year, reflecting a growth of 4.0%[26]. - Mixed-Use Development revenue rose significantly by 56% to $27,176,000 for the three months ended September 30, 2025, compared to $17,412,000 in the same quarter of 2024[26]. Operating Performance - Adjusted OIBDA for the third quarter grew 114% to $67.2 million, with Baseball Adjusted OIBDA rising 105% to $50 million[3][19]. - Operating income improved significantly to $38.9 million, compared to a loss of $6.4 million in the prior year[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, compared to $6,402,000 in the same period last year, marking a substantial improvement[26]. Cost Management - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[9]. - Mixed-Use Development costs increased by 58% to $3.9 million, reflecting operational costs from recent acquisitions[9]. Financial Position - Cash decreased by $14 million during the third quarter, while debt increased by $57 million due to borrowings for working capital[21]. - Total assets as of September 30, 2025, were $1,671,466,000, an increase from $1,523,846,000 as of December 31, 2024[24]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. - Long-term debt increased to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Shareholder Returns - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in the prior year, representing a 199% increase[26]. Future Outlook - The company anticipates continued growth in both Baseball and Mixed-Use Development segments, supported by strategic initiatives and market expansion[13]. Cash Flow - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27].

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $312.4 million, an increase of 10.4% compared to $282.9 million in the same period of 2024[150]. - Baseball revenue increased to $287.3 million for the three months ended June 30, 2025, up from $266.0 million in 2024, driven by a $9.0 million increase in baseball event revenue and a $10.1 million increase in broadcasting revenue[151]. - Mixed-Use Development revenue rose to $25.1 million for the three months ended June 30, 2025, compared to $16.9 million in 2024, primarily due to a $7.7 million increase in rental income[152]. Operating Income and Earnings - Operating income for the three months ended June 30, 2025, was $41.8 million, compared to $24.9 million in the same period of 2024, reflecting improved revenue performance[150]. - Net earnings for the three months ended June 30, 2025, were $29.5 million, compared to $29.1 million in 2024, indicating stable profitability despite increased operating costs[150]. - Operating income increased by $16.9 million and $24.8 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[159]. - Adjusted OIBDA increased by $20.0 million and $25.2 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[161]. - Baseball Adjusted OIBDA increased by $14.7 million and $16.8 million for the three and six months ended June 30, 2025, respectively, due to fluctuations in revenue and operating costs[161]. - Mixed-Use Development Adjusted OIBDA increased by $6.1 million and $9.0 million for the three and six months ended June 30, 2025, respectively, due to revenue and cost fluctuations[162]. Costs and Expenses - Baseball operating costs increased by $5.7 million for the three months ended June 30, 2025, primarily due to a $4.8 million increase in MLB's revenue sharing plan[153]. - Selling, general and administrative expenses rose by $2.6 million for the three months ended June 30, 2025, mainly due to increased property taxes and professional fees[156]. - Stock-based compensation decreased by $1.1 million for the three months ended June 30, 2025, attributed to a reduction in average outstanding awards[157]. - Depreciation and amortization increased by $4.2 million and $2.5 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[158]. - Interest expense increased by $1.9 million and $2.8 million for the three and six months ended June 30, 2025, respectively, primarily due to new borrowings related to the Acquisition[164]. Attendance and Acquisitions - The average number of attendees per regular season home game was 29,551 for the three months ended June 30, 2025, down from 30,837 in 2024[150]. - The Company completed the acquisition of certain real estate assets in April 2025, contributing to the growth in Mixed-Use Development revenue[148]. Financial Position - As of June 30, 2025, the Company had $96.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[169]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of June 30, 2025, which remains undrawn[173]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with availability as of June 30, 2025[175].