Formula One Group

Formula One Group delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. However, it managed to surpass Wall Street’s earnings expectations. Financially, F1 demonstrated resilience, with a slight increase in OIBDA despite one less race, attributed to improved operating leverage on team payments and freight. Despite inflationary pressures, revenue and profitability assumptions remain unchanged. At the corporate level, the portfolio encompasses F1 ownership and related motorsport assets, including the Las Vegas property. Meanwhile, F1’s audience engagement reached unprecedented levels, with consistent sellouts at nearly all races. The introduction of Sprint weekends contributed to year-over-year growth in viewership, with a strong performance in the US, including increased viewership on ESPN and F1 TV. Within the Liberty Live Group, Live Nation achieved its strongest second quarter, anticipating continued growth throughout the year and into 2024. The OCESA acquisition in Mexico exceeded expectations, showcasing double-digit growth in attendance and per fan profitability. The Braves, now a separate public company, continue to thrive in their domain. Fan demand remains robust, with an impressive 56% of ticket capacity sold season to date. The recent Jersey patch sponsorship deal with Quikrete reflects the franchise’s growing commercial success.