猫咪社区

猫咪社区 Reports Third Quarter 2025 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- 猫咪社区 (鈥溍ㄟ渖缜� Media鈥� or 鈥溍ㄟ渖缜�鈥�) (NASDAQ: FWONA, FWONK, LLYVA, LLYVK) today reported third quarter 2025 results. Headlines include⁽¹⁾:

• Attributed to Formula One Group
  • Formula 1
    • Renewed agreements with Austin Grand Prix through 2034 and Azerbaijan Grand Prix through 2030 and extended Monaco Grand Prix through 2035
    • Announced Apple as new US broadcast partner on the heels of F1 The Movie reaching approximately $630 million in global box office and becoming Apple鈥檚 largest movie to-date
    • Entered into new licensing agreements with Pottery Barn Kids, Pottery Barn Teen and Hello Kitty x F1 Academy
  • MotoGP
    • Completed acquisition of MotoGP on July 3^rd
    • Renewed agreements with Japanese Grand Prix through 2030 and Catalonia, Valencia, France, Germany and San Marino races through 2031
    • Extended SuperSport broadcast agreement and LIQUI MOLY partnership and announced new sponsorship deal with Repsol for Moto2 and Moto3
    • Refinanced MotoGP debt facilities with extended maturities and reduced interest rates
• Attributed to 猫咪社区 Live Group
  • Fair value of Live Nation investment was $11.4 billion as of September 30^th
  • Expect to complete split-off on December 15^th

鈥淔ormula 1 delivered robust financial performance and is capitalizing on its global popularity, driving record attendance at races and continuing to expand ways to reach new and existing fans. In our first months of MotoGP ownership, we are working on near-term operating enhancements as well as setting the stage for longer-term monetization opportunities to accelerate growth. We are increasingly confident in the quality of the sport and the strength of its fan base. Finally, we are approaching the final stages to complete our split-off of 猫咪社区 Live in December which will better highlight the value of our position in Live Nation,鈥� said Derek Chang, 猫咪社区 Media President & CEO.

Corporate Updates

On July 3, 2025, 猫咪社区 Media acquired approximately 84% of the equity interests in MotoGP with approximately 16% retained by management. The financial results herein are presented as if the acquisition of MotoGP occurred on January 1, 2024.

猫咪社区 Media will hold a virtual special meeting of the holders of its Series A and Series B 猫咪社区 Live common stock on Friday, December 5, 2025 to vote on the proposed split-off of 猫咪社区 Live Group from 猫咪社区 Media into a separate public company, 猫咪社区 Live Holdings, Inc. Assuming satisfaction of all conditions to closing, the split-off is expected to occur on December 15, 2025. More information can be found in the definitive proxy statement filed with the SEC on November 4, 2025.

Discussion of Results

Unless otherwise noted, the following discussion compares financial information for the three and nine months ended September 30, 2025 to the same period in 2024.

FORMULA ONE GROUP 鈥� The following table provides the financial results attributed to Formula One Group for the third quarter of 2025. In the third quarter, Formula One Group incurred $15 million of corporate level selling, general and administrative expense (including stock-based compensation expense).

For the periods presented below, the businesses and assets attributed to Formula One Group consist primarily of 猫咪社区 Media鈥檚 subsidiaries, Formula 1 (鈥淔1鈥�), MotoGP and Quint.

F1 Operating Results

鈥淲e are nearing the end of another incredible season showcasing the very best of F1 鈥� thrilling racing, tight competition and nearly half the grid reaching the podium. F1 remains a cultural cornerstone, evidenced by the global box office success of the F1 movie and further underscored by increasing engagement across our channels,鈥� said Stefano Domenicali, Formula 1 President and CEO. 鈥淲e completed multiple commercial agreements this quarter and continue to have success accelerating renewals and signing new partners with attractive terms, including our new US distribution partnership with Apple that will highlight the collaborative innovation between our brands for continued growth in the US. Recent strong race renewals and early extensions in key markets including Austin, Azerbaijan and Monaco also demonstrate the value F1 brings to the cities in which we race. We are confident in the next chapter of growth at F1.鈥�

The following table provides the operating results of F1.

Primary F1 revenue represents the majority of F1鈥檚 revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were six races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 18 races held year-to-date through the third quarter of 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis.

Primary F1 revenue decreased in the three months ended September 30, 2025 primarily due to the calendar variance compared to the prior year, which drove declines across race promotion and media rights revenue with a smaller proportion of season-based income recognized during the period. This was partially offset by increased sponsorship revenue from new partners, contractual fee increases across all primary revenue streams and growth in F1 TV subscription revenue.

Primary F1 revenue increased in the nine months ended September 30, 2025 with growth across sponsorship and media rights revenue, partially offset by a decline in race promotion revenue due to one less event held. Sponsorship revenue growth reflects contractual fee increases as well as revenue from new sponsors. Media rights revenue grew due to contractual fee increases, growth in F1 TV subscription revenue and the recognition of one-time revenue in the second quarter associated with the release of the F1 movie, partially offset by the impact of lower proportionate recognition of season-based revenue due to one less event held.

Other F1 revenue increased in the third quarter and nine months ended September 30, 2025 due to higher hospitality revenue and growth in licensing income. The increase in hospitality revenue was driven by underlying Paddock Club growth and other premium hospitality offerings, as well as an increase in Grand Prix Plaza activities during the third quarter. Other F1 revenue in the nine months ended September 30, 2025 also benefitted from higher freight revenue from the pass through of increased costs.

Operating income and Adjusted OIBDA⁽²⁾ grew in the three and nine months ended September 30, 2025. Team payments decreased for the three months ended September 30, 2025 due to the pro rata recognition of team payments with one less race held in the third quarter compared to the prior year. Team payments were flat for the nine months ended September 30, 2025 as the impact of one fewer race was offset by expected higher team payments for the full year. Other cost of F1 motorsport revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and nine months ended September 30, 2025 due to higher Paddock Club costs from increased attendance and costs from activities at Grand Prix Plaza that didn鈥檛 occur in the prior year. Growth in other cost of F1 motorsport revenue in the nine months ended September 30, 2025 was also impacted by higher freight costs associated with the different order of events and cost inflation, higher commissions and partner servicing costs linked to underlying revenue growth, increased costs to service new sponsors and higher costs of delivering F1 TV to a growing subscriber base. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily due to higher marketing costs, including marketing spend associated with the 75^th season launch event at London鈥檚 The O2 in the nine-month period. Personnel costs also increased during the nine months ended September 30, 2025.

MotoGP Operating Results

鈥淥ur first few months with 猫咪社区 have been exciting and productive, and we look forward to working together to accelerate our growth in the years ahead,鈥� said Carmelo Ezpeleta, MotoGP President and CEO. 鈥淲e鈥檝e signed new sponsors and renewed existing partners this quarter as we continue building on the momentum from our brand refresh last year. The season is closing out with record attendance and growth in TV viewership, digital engagement and social followers. We continue to work on expanding our engagement with new audiences while deepening relationships with existing fans and are confident in the long-term opportunity.鈥�

The following table provides the pro forma operating results of MotoGP. The financial results herein are presented as if the acquisition of MotoGP occurred on January 1, 2024. The financial information below is presented for illustrative purposes only and does not purport to represent the actual results of operations of MotoGP had the acquisition occurred on January 1, 2024, or to project the results of operations of 猫咪社区 for any future periods. The pro forma adjustments are based on available information and certain assumptions that 猫咪社区 management believes are reasonable. The pro forma adjustments are directly attributable to the acquisition and are expected to have a continuing impact on the results of operations of 猫咪社区.

The majority of MotoGP鈥檚 revenue and costs are Euro-denominated and as such, are subject to translational impacts from foreign exchange fluctuations. MotoGP calculates the effects of changes in currency exchange rates as the difference between current period activity translated using the prior period鈥檚 currency exchange rates. The table of results above includes both headline and constant currency⁽³⁾ growth rates for revenue, Adjusted OIBDA and Operating income (loss).

Primary MotoGP revenue represents the majority of MotoGP鈥檚 revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.

There were seven races held in the third quarter of 2025 compared to seven races held in the third quarter of 2024. There were 17 races held year-to-date through the third quarter of 2025 and 15 races held year-to-date through the third quarter of 2024. The 2025 calendar has a different order and mix of events compared to the prior year, which will impact season-based revenue recognition as well as year-over-year revenue and cost comparisons.

Primary MotoGP revenue increased modestly in the three months ended September 30, 2025 primarily due to favorable currency exchange rates and the calendar variance driving increased promotion fees, partially offset by the impact of lower season-based revenue recognition affecting media rights and sponsorship revenue. Primary MotoGP revenue increased in the nine months ended September 30, 2025 driven primarily by two additional events in 2025 positively impacting race promotion fees combined with favorable currency exchange rates.

Other MotoGP revenue represents revenue generated from other motorcycle racing championships including FIM World Superbike Championship (鈥淲orldSBK鈥�), hospitality and licensing revenue. Other MotoGP revenue decreased modestly in the three months ended September 30, 2025 as the impact of fewer races held for WorldSBK was partially offset by increased hospitality and favorable currency exchange rates. For the nine months ended September 30, 2025, Other MotoGP revenue increased primarily due to the impact of two additional races held as well as favorable currency exchange rates.

Operating income and Adjusted OIBDA declined in the three and nine months ended September 30, 2025. Cost of MotoGP motorsport revenue grew in the three months ended September 30, 2025 primarily due to increased costs of servicing sponsorship partners combined with the unfavorable impact of exchange rates. In the nine months ended September 30, 2025, the increase in cost of MotoGP motorsport revenue was driven by two additional races driving higher freight and travel costs and unfavorable currency exchange rates. Selling, general and administrative expense increased in the three and nine months ended September 30, 2025 primarily from higher personnel costs and unfavorable currency exchange rates.

Corporate and Other Operating Results

Corporate and Other Adjusted OIBDA includes the rental income related to Grand Prix Plaza in Las Vegas, Quint results and other corporate overhead. Corporate and Other revenue was flat in the third quarter as rental income was slightly offset by a decline in Quint revenue. There was $7 million of rental income related to Grand Prix Plaza in Las Vegas in the third quarter of both 2025 and 2024. Quint results in the third quarter were primarily driven by F1 Experiences across the 6 races held, as well as 7 MotoGP races, an NBA event and a WNBA event. Quint鈥檚 revenue is seasonal, concentrated around its largest events and the third quarter is proportionally smaller.

LIBERTY LIVE GROUP 鈥� In the third quarter, $9 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to 猫咪社区 Live Group.

The businesses and assets attributed to 猫咪社区 Live Group consist of 猫咪社区 Media鈥檚 interest in Live Nation and other minority investments.

Share Repurchases

There were no repurchases of 猫咪社区 Media鈥檚 common stock from August 1 through October 31, 2025. The total remaining repurchase authorization for 猫咪社区 Media as of November 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the 猫咪社区 Media tracking stocks.

FOOTNOTES

NOTES

Cash and Debt

The following presentation is provided to separately identify cash and debt information. The acquisition of MotoGP was completed on July 3, 2025 and is reflected in cash and debt presented from the date of acquisition.

猫咪社区 Media, F1 and MotoGP are in compliance with their debt covenants as of September 30, 2025.

Total cash and cash equivalents attributed to Formula One Group decreased $1,849 million during the third quarter primarily due to net cash paid for the acquisition of MotoGP, partially offset by net cash from operations generated at both F1 and MotoGP. Total debt attributed to Formula One Group increased in the third quarter, driven by the consolidation of MotoGP鈥檚 debt and incremental debt raised at F1 to fund a portion of the MotoGP acquisition. As of September 30^th, F1鈥檚 covenant leverage was below the threshold of 3.75x to trigger a permanent reduction in the Term Loan B margin from Term SOFR+200 bps to Term SOFR+175 bps. Interest will begin accruing at the lower rate upon delivery of the compliance certificate promptly after earnings.

Total cash and cash equivalents attributed to 猫咪社区 Live Group decreased $11 million during the third quarter primarily due to interest payments and corporate overhead, including transaction expenses. Total debt attributed to 猫咪社区 Live Group was flat during the third quarter. On September 12, 2025, the Live Nation margin loan was amended to, among other things, extend the maturity date from September 9, 2026 to September 8, 2028 and change the interest rate from Term SOFR plus 2.0% to Term SOFR plus 1.875%.

Important Notice: 猫咪社区 (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss 猫咪社区 Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on November 5, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748885 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to /investors/news-events/ir-calendar. Links to this press release will also be available on the 猫咪社区 Media website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, expectations regarding Formula 1鈥檚 and MotoGP鈥檚 businesses, the planned split-off of 猫咪社区 Live, including the anticipated timing and benefits, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions for the split-off of 猫咪社区 Live, the assumptions and historical information used in the pro forma financial information of MotoGP, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to 猫咪社区 Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and 猫咪社区 Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in 猫咪社区 Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of 猫咪社区 Media, including the most recent Forms 10-K and 10-Q, for additional information about 猫咪社区 Media and about the risks and uncertainties related to 猫咪社区 Media's business which may affect the statements made in this press release.

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group, together with reconciliations to operating income, as determined under GAAP. 猫咪社区 Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges.

猫咪社区 Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business鈥� performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, 猫咪社区 Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that 猫咪社区 Media's management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for 猫咪社区 Media to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2024 and September 30, 2025.

QUARTERLY SUMMARY