Thank you for joining today's call. This call today will include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent forms 10-K and 10-Q filed by Liberty Media with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

On today's call, we will discuss certain non-GAAP financial measures for Liberty Media, including adjusted OIBDA and constant currency for MotoGP. The required definitions and reconciliations for Liberty Media can be found on Schedule 1 and MotoGP on Schedule 2 are at the end of our earnings press release issued today, which is available on Liberty's website.

Today we have Liberty's President and CEO, Derek Chang; Liberty's Chief Accounting and Principal Financial Officer, Brian Wendling; Formula 1's President and CEO, Stefano Domenicali; MotoGP's new Deputy CEO, Carlos Ezpeleta; and other members of management will also be available for Q&A. With that, I'll turn it over to Derek.

Thank you, Hooper, and good morning, everyone. Big day here at Liberty, let's get started.

Our operating businesses are performing incredibly well and had a great third quarter. Our goals at Liberty Media remain unchanged as we continue investing behind two iconic franchises.

As you saw this morning, we also completed a significant transaction with Dr. John Malone.

I'll touch on Formula 1 first. The underlying business is performing incredibly well, and we continue to see demand for Formula 1 running ahead of what we can supply.

We successfully staged the Bahrain Grand Prix in Malaysia and achieved record attendance levels. Brian will take you through the quarter and the calendar mechanics, but I'd like to applaud our team for its nimble response to a very dynamic and at times challenging year.

We also raced for the first time in Madrid at a brand-new circuit and sold out in year one. We are expanding the sprint format to 10 races next year while protecting its scarcity.

Just a few weeks ago, we announced that we will return to Africa with a race in Rwanda starting early next decade, bringing our racing to every inhabited continent. A huge congratulations to Kimi Antonelli on winning his first championship, and to Alexandra and Charles, who welcomed their new baby daughter, Bianca, just this week.

Madrid showed us firsthand how Formula 1 races have the potential to transcend from a pure sporting event to an entertainment and business showcase. The circuit's proximity to a global city, its premium hospitality offerings, and broad range of F1 and team activations throughout the weekend make it a compelling destination.

The race weekend is transformed into a broader cultural experience that drives meaningful impact across the city beyond the track. When I think about where this goes over time, I can see Madrid evolving the same way Singapore and Abu Dhabi have, namely a place where sport, spectacle, business, and entertainment intersect.

We're continuously developing new ways to expand our sport, whether that's bringing F1 Live to Milan next year, building out our licensing business, or investing in our people and facilities. We are excited about F1's financial growth trajectory.

Turning to MotoGP. I feel confident that we've laid important building blocks to accelerating the sport's growth in 2027.

With the teams and manufacturers' agreement signed this summer, extending out through 2031, we now have a stable framework to co-invest and collaborate together to grow the sport. This quarter, we strengthened the organization by promoting Carlos Ezpeleta to Deputy CEO and adding new senior executives with deep media and sports experience.

Carlos will speak in more detail about the new management team, but these appointments represent an important step forward in accelerating MotoGP's growth and realizing the sport's tremendous potential. I am looking forward to welcoming these impressive individuals to MotoGP and supporting them in executing their priorities.

Also, during the Formula 1 weekend in Austin, MotoGP put bikes and riders on the circuit in front of the F1 crowd to promote its own race there next April. It is the first time we have put one sport directly in front of the other's audience while maintaining the authenticity of both sports.

Through the on-track demonstration and Paddock Club presence, MotoGP reached a sold-out crowd of 467,000 F1 fans at the Austin GP and generated over 50 million impressions online across MotoGP and F1 digital platforms. At the Liberty level, I'm pleased to announce that Philip Beckmann joined us from Cravath in October as our new Chief Legal Officer.

I would like to thank Renee Wilm for her years of service with Liberty. This morning, we also announced that we have acquired all shares of Liberty Media's high-vote Series B common stock held by Dr.

John Malone and certain related entities in exchange for shares of Liberty Media's low-vote Series A common stock and no-vote Series C common stock. As a result of this transaction, John's aggregate voting power declined to approximately 3%.

Transaction provides better alignment of voting power and economic ownership for all shareholders while simplifying our capital structure. I would like to thank John for working closely and constructively with the company on this transaction.

In addition to being an American business legend, he has served as a leader, mentor, and partner to many of us, including myself. John just reiterated to me the other day that he's very supportive of management and is optimistic about the growth prospects for our businesses.

While we now have a different corporate structure, we look forward to continuing to be able to lean on his wisdom and advice. In closing, I remain confident in the growth trajectory of both our world-class assets and excited for all to come.

With that, Brian will take you through the financials, and then Stefano and Carlos will cover the operating businesses.

Thank you, Derek, and good morning, everyone. We'll start with Formula 1, as always.

Just a reminder, I'd like to focus on year-to-date comparisons and remind you that it remains best to focus on our business on a full-year basis. Calendar changes continue to be the theme this quarter, but the underlying business, as Derek said, continues to perform incredibly well.

As you may recall, results for the first half of the year recognized season-based revenue and costs with respect to a revised 22-race calendar. During the third quarter, we rescheduled the Bahrain Grand Prix, which was held in Malaysia in October, and that brings our expected race count up to 23 races for the year.

For the third quarter, we have therefore realigned proportionate recognition of season-based revenue and costs with that current 23-race expectation, with numbers reflecting the accounting required to have recognized 15/23 or 65% of those season-based revenue and costs through September 30. Note that additional 2026 calendar changes may be necessary as we move through the year.

We expect to return to a full 24-race calendar next season, in line with the published calendar. The third quarter of 2026 held seven races compared to six races in the third quarter of '25.

Year-to-date, F1 held two fewer races, with 15 races held in the current year-to-date period compared to 17 races held last year. Year-to-date, revenue was relatively flat despite the lower race count, and adjusted OIBDA declined 5%, driven by that calendar variance.

A decline in primary revenue was driven by lower race promotion and media rights revenue, and the reduction of race promotion revenue was due to the calendar variance, again, with two fewer races held, while media rights revenue was impacted largely by the one-time revenue associated with the release of the F1 movie last year. Media rights revenue was also impacted by the effect of the calendar variance on the recognition of season-based revenue, with 15 out of 23 races staged year-to-date, or approximately 65%, versus 17 out of 24 races last year, or 71% of season-based revenue.

These decreases were largely offset by underlying contractual fee increases and strong sponsorship growth. Other revenue increased due to growth in hospitality revenue from strong demand for the Paddock Club, continued momentum in the licensing business, and growth in activities at Grand Prix Plaza.

Partially offsetting this increase was lower F3 revenue due to the sale of cars at the beginning of the new F3 vehicle cycle in 2025. Adjusted OIBDA decreased year-to-date because of the revenue fluctuations and increased expenses.

Increased operating expenses included higher expenses related to the delivery of hospitality offerings associated with the Paddock Club, commissions, and partner servicing costs associated with the strong underlying revenue growth, and increased race promotion and higher FIA fees, as well as freight costs. Selling, general, and administrative expenses increased, driven by higher personnel and information technology costs, partially offset by lower marketing costs driven by the non-recurring 75th season launch event last year.

Team payments as a percentage of pre-team share adjusted OIBDA were 58.7% year-to-date and were accrued proportionately based on the 23-race calendar assumption. For the full year, we still expect to see roughly 200 basis point improvement in leverage on this metric, in line with the average we've seen over the past four years.

After 2026, as a reminder, for the remainder of the term of the new Concorde Agreement through 2030, we expect that payout percentage to remain relatively stable. Team payments are best analyzed on a full-year basis due to quarterly fluctuations in team payments as a percentage of adjusted OIBDA.

Now flipping over to MotoGP. A reminder here that we closed the acquisition on July 3rd of last year, our financial results prior to the date of acquisition are presented on a pro forma basis as though the transaction had occurred on January 1, 2024.

The majority of MotoGP's revenue and costs are euro-denominated, and as such are subject to translational impacts from foreign exchange fluctuations. In the following discussion, I will focus on constant currency results, and similar to Formula 1, I will also focus on year-to-date comparisons.

Year-over-year comparisons are impacted by the mix of races, not just the number, and a reminder that MotoGP flyaway races generally carry higher costs; that includes freight, travel, and IRTA fees. The third quarter of 2026 held five races compared to seven races in the third quarter of 2025.

Year-to-date through the third quarter, MotoGP also held two fewer races, with 15 held in the current year-to-date period compared to 17 races held in the prior-year period. Revenue decreased at MotoGP year-to-date, driven by a decline in race promotion from holding two fewer events, a reduction in contractual media rights revenue, and a decline in other revenue due to MotoGP's new hospitality agreement with Quint, whereby MotoGP now recognizes hospitality revenue and costs on a net basis.

Partially offsetting this decline was underlying contractual increases in race promotion and sponsorship revenue. Adjusted OIBDA also declined year-to-date, driven by the reduction in revenue.

Cost of MotoGP motorsport revenue did decline due to the impact of two fewer races held, which resulted in lower IRTA, organizational, and freight expenses, as well as the lower hospitality costs associated with the new hospitality agreement with Quint. Looking briefly at corporate and other results, year-to-date, revenue was $18 million, which relates to rental income generated by Grand Prix Plaza in Las Vegas.

Corporate and other adjusted OIBDA was a loss of $36 million, and this includes the Grand Prix Plaza rental income as well as corporate expenses. At quarter end, Liberty Media had cash and liquid investments of approximately $2.3 billion, which included $1.3 billion of cash at F1 and $199 million of cash at MotoGP.

The total principal amount of Liberty Media's debt was approximately $5.5 billion at quarter end, which included $3.3 billion of debt at Formula 1 and $1 billion of debt at MotoGP, with $1.2 billion of debt at the corporate level. In August, Liberty Media issued $690 million aggregate principal amount of new convertible notes due 2032, and the proceeds will be used to repay the 2.25% convertible senior notes in 2027, as well as we purchased a capped call that will fund potential costs associated with the 2027 convertible notes and for general corporate purposes.

F1's $500 million revolver and MotoGP's €100 million revolver both remain undrawn, and at quarter end, Liberty Media's net leverage was 3.0 times. Formula 1 and MotoGP are both in compliance with their debt covenants at quarter end, and with that, I will turn it over to Stefano to discuss Formula 1.

Thanks, Brian. What an incredible season we have had so far.

After a thrilling championship battle so far this season, I want to congratulate Kimi Antonelli on becoming the youngest driver in Formula 1 history to win the drivers' championship, and also congratulate his Mercedes team, who are poised to win the constructors' championship. I also want to applaud Red Bull and Ford on their first victories together under their new partnership in Formula 1.

We expect the great racing to continue as we head into the final races of the season, with a number of drivers battling to finish second, and the teams pushing hard to secure their position in the constructors' championship. The incredible level of competition continues to translate directly into strong fan engagement.

Season-to-date through Austin, we have welcomed 5.8 million fans and had 18 consecutively sold-out events, with 11 races setting new attendance records. Audiences are up, our social channels continue to grow, and the feedback from our fans in our surveys has been overwhelmingly positive, reflecting both the quality of the racing and the drama of the storylines week after week.

I'm proud to say that we again demonstrated F1's ability to solve challenges by successfully staging the Bahrain Grand Prix in Malaysia, and the event was a resounding success, reflecting the resilience of our business model and the incredible ability of our teams and partners to find creative solutions to ensure we can go racing. In fact, it was the biggest Grand Prix attendance ever at Sepang, drawing 261,000 fans.

I want to again thank His Majesty the King of Bahrain, His Royal Highness Prince Salman, His Majesty the King of Malaysia, and their respective governments, together with the President of the FIA and our promoters, for their continued partnership and flexibility during a dynamic year. I'll also note that the disruption we experienced in the Middle East this year does not change our long-term regional strategy and ongoing partnership with our promoters.

This year, we currently remain scheduled to complete our calendar this season, and at this stage continue to plan to finish the season in Qatar and Abu Dhabi. We will continue to monitor the situation, and as always, the safety and security of everyone in the sport will remain our first and foremost priority.

We remain committed to bringing Formula 1 to fans everywhere, and we continue to expand both the racing itself and our geographic footprint to make that happen. Looking further ahead, we recently announced several exciting additions to our '27 calendar and beyond.

We are kicking off the 2027 season with the F1 Live, an expanded format of the event in London in 2025. The week-long activity will take place in Milan, with three core components, including a Formula 1 showcase, a fan festival, and a live show.

We look forward to sharing more details soon. 2027 will see an expansion of our sprint format to 10 sprint races, up from six this year.

The format continues to add excitement to our events, whilst providing valuable additional inventory and commercial opportunities for our partners. We are also thrilled to welcome Portugal and Turkey back to the calendar next year, giving our sport the opportunity to reach new fans.

We recently announced a landmark 10-year agreement to bring the Formula 1 African Grand Prix on the calendar in the early 2030s. This race will mark our return to the African continent for the first time since 1993.

We have always seen Africa as an important part of Formula 1's future, but were determined to return in the right way, with the right partner, and with a long-term commitment and clear vision for creating meaningful impact. With Rwanda joining the calendar, in the near future we will be racing on every inhabited continent in the world.

Africa is estimated to be home to more than 100 million Formula 1 fans already, with almost 60% of fans in key Sub-Saharan markets under the age of 35. The long-term growth opportunity here is enormous.

I want to thank His Excellency President Paul Kagame, the government of Rwanda, the Rwanda Development Board, and FIA President Mohammed Ben Sulayem for their partnership in securing this opportunity, and we could not be more excited about what this means for the future of Formula 1. Turning to fan engagement.

Growth in global TV audiences continued in the third quarter, with several events, including the Italian and Dutch events, recording double-digit percentages growth. Our social digital platforms continued to thrive as well.

We grew our social media following to 129 million, up 16% year-over-year, and our total YouTube views have now surpassed 1.7 billion, up 30% year-over-year, with 75 million hours of watch time. Our YouTube highlights views reached 270 million, up 25% year-over-year, with 16.2 million hours watched.

Diving into more details around our business. Momentum continues to accelerate in our hospitality business.

Looking ahead to next year, our 2027 Paddock Club sales will commence in early November, and we are already seeing great momentum, with an increase in team and customer requests. We expanded our premium hospitality offering, launching with LVMH a new dining experience, The Outlap, in Belgium, the Netherlands, Monza, and Madrid, and after a successful launch, we plan to make it available at all our European races in 2027.

Our collaboration with Soho House and Lewis Hamilton's House 44 also continued to be a standout success as well and will grow from nine locations this year to 13 in 2027. Austin also hosted the second iteration of our Gordon Ramsay F1 Paddock experience, as well as the debut of the Paddock Bar by Formula 1 at the iconic downtown Sagebrush venue.

The Paddock Bar by Formula 1 was an off-track experience in the heart of Austin, and highlights the way in which we are expanding the race weekend experience beyond the track and for our fans. The race itself generated over $1 billion in economic impact for the city this year.

We have also continued to expand our Paddock Club capacity. In Monza, we added the Paddock Club extension, increasing capacity by 15%, and in Austin, we opened a brand-new Paddock Club space within the Turn 1 structure, increasing our capacity also by 15%.

With demand so strong, we are also exploring opportunities for adding Paddock Club capacity in 2027 at China, Silverstone, Austria, and several other races to meet this growing demand. We are also gearing up for the Las Vegas Grand Prix in two weeks' time, and this year progress has been phenomenal.

Ticket revenue, including hospitality, is pacing ahead, and sponsorship has already surpassed 2025 levels. We are bringing the whole city to life with programming across the race weekend, kicking things off with our second F1 Business Summit, and closing the event out with our Sphere after-party featuring the Backstreet Boys.

Looking ahead, the Las Vegas Grand Prix remains a key not just to our local community partners, for whom it has generated over $3 billion in cumulative economic impact so far, but to our US brand and growth strategy as well. Our licensing continues to build momentum, with new agreements signed, including Leica, where together we are going to be launching a bespoke Formula 1 edition to much acclaim globally.

We also extended our Disney partnership throughout 2028, and are now including Disney and Pixar Cars under the expanded partnership. This quarter, we opened three additional F1 flagship stores, plus new off-track F1 Hubs at the Austin race and in Mexico.

The expansion of our F1 Hub underscores our new philosophy of getting deeper into the city in which we race and is a popular fan activation, nucleus which continues to support our overall retail sales growth. In Austin, we saw record-breaking levels of merchandise sold.

In gaming, we built upon our existing licensing partnership with Mattel, announcing a gaming collaboration to integrate the F1 Hot Wheels cars into the Hot Wheels Unleashed video game. Releasing next year, the game will feature all 22 official F1 cars.

I'm also proud to share that our licensed travelling F1 Exhibition won the Best Touring Exhibition award at the TiXy Awards in Madrid this October, which is a significant industry-wide recognition. The exhibition has now visited 11 cities and four continents, with more than 2 million tickets sold to date.

Commercially, we have continued to make great progress, also extending our media rights relations with DAZN in Spain, Portugal, and Andorra through 2030, and renewing Liqui Moly sponsorship in a new multi-year agreement. We have more exciting announcements to come as we head into the year end.

While there remains strong momentum across every part of our business, we believe Formula 1 has an exciting growth journey ahead, and we're more confident than ever that the foundation we continue to build today will drive enduring value for our partners and stakeholders for the years to come. Avanti tutta, full speed ahead.

Now I will turn the call to Carlos to discuss MotoGP. Ciao.

Good morning, and thank you, Stefano. MotoGP Group is entering a period of transformational change, and we're pleased to continue that journey with the support of Liberty Media.

The sport is in a fantastic place, with another season of close competition and incredible racing. Our vision for growth remains the same: to share MotoGP's raw energy and defiant spirit with the world through compelling storytelling, world-class racing, and cultural moments that extend our reach far beyond the track.

We've made tangible progress laying the foundations to accelerate our sport's growth. In September, we strengthened our executive team with an impressive slate of new leadership hires, including new Chief Commercial, Strategy, Operating, and Media Officers, amongst others.

These appointments build on the addition of Vince Russell as Chief Financial Officer earlier this year. I'd like to spend a moment discussing our updated organizational structure.

Danitsa Batschvarova joined us in September as Chief Strategy Officer, bringing two decades of strategic leadership experience across finance, sports, and entertainment, most recently with UFC and TKO Group Holdings. Then joining us in January 2027, we have Louise Young, who has been appointed as Chief Operating Officer following more than eight years with Formula 1, most recently as Chief Race Promotion Officer, bringing deep experience in working with promoters, circuits, and governments, which will be invaluable as we expand our global calendar.

Chief Commercial Officer Ryan Norris will join MotoGP from Tottenham Hotspur to oversee partnership, sponsorship, licensing, hospitality, marketing, and digital. Sameer Pabari will become Chief Media Officer, having previously held senior leadership roles at NFL, Warner Bros.

Discovery, and Manchester United. In addition to being responsible for our media rights operations, he will also oversee the commercial growth of MotoGP's direct-to-consumer streaming service.

Together, this team brings proven experience scaling some of the most successful properties in global sports and entertainment, and I'm excited to have them on board. The strength of the sporting product has never been clearer.

This season has delivered extraordinary racing, unpredictable storylines, and fierce competition across the grid. As we approach the final rounds, Marc Marquez is on the verge of another historic championship win, but the real story has been the depth of talent and competitiveness throughout MotoGP, which continues to set the benchmark for racing worldwide.

That competitiveness has supported strong fan engagement, both on and off track. Season-to-date through Indonesia, five races have set new circuit attendance records.

Our digital and social momentum also continues to build. We ended the quarter with 63 million total followers across platforms.

TikTok delivered standout growth, with engagement up over 60% and viewership up over 40%. Looking ahead, we will launch our 2027 in Rio de Janeiro with a spectacular celebration that brings our sport directly to the heart of the city.

We're planning a bike exhibition along Botafogo Beach, bringing together every rider, team, and manufacturer in front of a global audience. The program will also feature internationally acclaimed artists alongside leading Brazilian musicians and entertainers, celebrating Rio's vibrant music scene and creating a true festival atmosphere for our fans.

Now in its third year, our season launch event has become a defining moment in our calendar and a powerful global showcase for our sport. We also announced a new race weekend format starting next season, designed to make the on-track action even more exciting for fans.

Sprint qualifying will become its own separate session, with Qualifying 1 and Qualifying 2 moving to Saturday morning. The new structure is built to make the weekend easier to follow, whilst ensuring each day delivers its own meaningful sporting outcome.

We believe this will create additional storylines throughout the full race weekend, make the format more intuitive for new fans, and further support our ongoing commitment to safety by creating a clearer and more balanced competitive schedule for riders and teams. On the team side, this has been one of the busiest transfers windows in recent memory, with a total of 17 rider movements out of 22 riders, as teams finalized their 2027 lineups.

The MotoGP grid will also welcome five new riders next season, including Moto2 graduates Daniel Holgado, Ivan Ortola, David Alonso, and Senna Agius, as well as reigning World Superbike champion Nicolo Bulega. The influx of young and exciting talent underscores the strength of our riders' development pathway and reinforces confidence in the long-term future of the championship.

A key part of our growth strategy is taking MotoGP to new audiences through complementary sports and entertainment platforms. Recent examples include our activation alongside FIBA in Misano and our first-ever presence at a Formula 1 weekend during the USA Grand Prix in Austin.

These initiatives create meaningful opportunities to showcase MotoGP to highly engaged sports fans, expand our reach, and drive greater awareness of the championship in markets around the world. On the business side, we also had a productive quarter, with several new and renewed partnerships.

In media rights, we renewed our partnership with DAZN, Kayo Sports, and Foxtel in Australia in a multi-new-year agreement beginning in 2027. Within race promotion, we revealed the impressive Adelaide track layout.

The promoter has received environmental approval for the circuit works, and we're also thrilled to announce that Red Bull will become the title sponsor of the Australian Grand Prix starting next season. We extended our agreement with Portugal for another three seasons through 2029, and also renewed Mugello, home of the Italian Grand Prix, for another five years through 2031.

We're proud of the progress we've made this quarter and look forward to updating the investor community. Now I'll turn the call back over to Derek.

Thank you, everyone. We appreciate your continued interest in Liberty Media, and with that, we'll open the call up for Q&A.

Operator?

Hi, good morning. I wanted to ask, given today's announcement regarding Dr.

Malone, would the company consider collapsing the Series A and Series C classes into a single class of stock, all having one vote per share? If this is no longer going to be a controlled company, why continue to have the As and the Cs outstanding?

Just wondering if there's anything specific that would prevent you from doing that. Thanks.

Thank you, Bryan, for the question. This transaction was obviously designed to take care of John and his B shares as he transitions on some of the stuff on the personal side for him.

It was not meant to do anything more than that. That being said, we as a company, as you rightly point out, will continue to evaluate what the optimal capital structure is and governance structure, and that's something that we will continue to do and look to optimize that.

Fair enough. Thanks.

Operator, next question, please.

Great. Thanks very much.

Two, if I may. The first on the Malone transaction.

I was wondering if you could provide any color on the comment that John received a number of unsolicited offers from third parties, and then your rationale for the rights plan, which expires in November '27. Then on the business, nice upside in the F1 other revenue line versus our estimates.

I'm guessing it was driven by hospitality, maybe helped by Madrid, but also licensing. Any further detail or sizing you could provide for us there?

Thanks very much.

Sure. Thanks, Sean.

On your question and John receiving offers, as you might imagine, I think probably from time to time John's received offers because he obviously controlled a significant set of votes with a relatively low economic interest. We won't comment any further on specifics of that, and we did get into a situation where it then, as we've already pointed out in the press release, made sense for us to go ahead and work with John on a constructive solution that helps us effectively control our own destiny moving forward.

I think that worked out well. I think everyone's very pleased with how this transaction ended up.

What was the second piece of that question? Sorry.

The rights offering, what the the rights plan.

Basically, yeah, as the complexion of the governance has changed from John holding such a significant portion of the votes in one place, we still have a two-class share structure even without the Bs, and I think as we look to promote stability in the near term through this transition, we thought the rights offering was the right thing to do, as I was answering Bryan's question, as we look to optimize what the capital structure is. I think on the last question on the business front, with respect to the other revenues, I'll hand that over to Brian.

Sean. The main drivers, as you rightly pointed out, are hospitality and licensing.

Madrid is one of the larger Paddock Clubs on the circuit, so that was a nice uptick in hospitality, but you've seen growth in hospitality throughout the year at a lot of our other locations as well. Impacted by Madrid, certainly favorably, but spread across the rest of the races.

Licensing still performing strong. Those two then are offset by the F3 engine cycle from last year, where we had engine sales in the prior year that we don't have this year.

Then the Grand Prix Plaza activities at LVGP have been growing this year versus the prior year. Those are the main drivers.

Thanks very much.

Hey, thanks. Maybe just following up on the transaction, Derek.

Does this change anything from your perspective on kind of how you think about go-forward capital allocation, target leverage, just other Liberty-level matters? Brian, are there any outstanding B shares or B share options following this?

David, I think to answer your question, we're still focused primarily on growing the businesses that we have. As we've said previously, sort of investing behind those businesses and growth plans that they have is probably the biggest priority as we think about other forms of capital allocation.

It's not inconsistent at all with what we've said previously in terms of where we might place investments. Ultimately, we are in the process of, again, evaluating optimal capital structure, optimal leverage levels.

I would say that given the environment that we're in right now, we're probably being cautious in terms of cash. With respect to the B shares, there are 3%, I believe,

3% outstanding.

of outstanding on a voting basis

Yep.

Of B shares. Then from an option standpoint, I think there are no options left outstanding there.

Okay. Then just a separate one to the cautiousness you just mentioned.

Anything that has to do with kind of the Middle East and the races there, obviously has gotten a lot of attention. Just be great to kind of hear the latest and how you're thinking about the rest of the calendar, the Imola backup, and then we might as well ask about 2027, given there's three races on the calendar in March and how you think about flexibility just in the calendar and what contingencies you have with a longer lead time.

Sure. Let me take that, and then I can hand that on the F1 side over to Stefano.

The calendar is sort of proceeding along as it's laid out right now. Clearly, given what's going on, we are monitoring the situation, frankly, on a daily basis and we'll adjust if we need to.

First and foremost is safety and security of anyone in either sport, Formula 1 or MotoGP, and that will be paramount. That being said, we have a backup plan, as you guys know, with respect to Formula 1 and the races at the end of this season, and Stefano and his team have backup plans for next season, too, in the event that sort of the situation continues to be outstanding.

With that, I'll let Stefano give you some more detail.

Thanks, Derek. I think that you've said exactly where we are.

I think that we've proven to be as much as rational as possible and trying to be, as always, creative and constructive to make sure that the championship run despite the complexity of the geopolitical situation. I reiterate once again, our thankful to the His Highness of Bahrain and the King of Malaysia to allow to have one race in a place that no one would thought was possible.

Therefore, that is our commitment. Our commitment is in front of our fans, and our commitment is in front of our partners, sponsors, and teams.

Together with the federation, of course, as Derek was saying before, we mentioned we are monitoring the situation, and safety first for everyone. That's why we were not emotional before, and we will stay rational up to the end.

We have planned our contingency, but as you can imagine, our complexity in terms of logistics, in terms of even administration, in terms of selling, is quite important. I think that so far we have proven to be strong in that respect.

Thank you.

Thank you. Good morning, Derek, Brian.

First, can you give us an update on Las Vegas Grand Prix and the ticket pacings there? Then a question on Moto, Carlos or Derek or Brian.

Can you remind us, just in terms of the number of new promoter contracts that take effect in the '27 season, and then the '28 season?

Sure. Hi, Joe.

We'll go in reverse, cuz I'll turn it over to Brian and then Stefano on the Vegas question. On MotoGP, in '27, we have Argentina and Adelaide in Australia coming online.

I don't believe at this point we have announced any new ones for '28, but, Carlos, is that correct?

We have not announced any new events joining in 2028. We have a number of renewals, a big part of the calendar for 2027 are renewals entering into effect in 2027.

I think I misspoke. I meant to ask on renewals.

Sorry about that.

For renewals, the exact number, I'll have to get back to you, but it's probably around seven- 75% of the calendar.

Thank you.

Then on the Las Vegas.

With regard to Las Vegas, I could say in a nutshell, the situation is looking to be very, very good. Thanks to the incredible work of Emily Prazer and all her team there in Vegas.

What is happening in Vegas in a couple of weeks will be the best for sure in terms of revenue and in terms of cost management. On top of that, that is even more important than that, I think that we were able to have and to build an incredible solid future with all the community of Vegas.

Because the extension for many, many years is because after a difficult start, I think that we have proven to be an asset not only for the championship, but also for the city. Very proudly, I think that this Grand Prix you will see the revenue will be high, the costs contained, and in terms of attendance will be fantastic.

A lot of quality people that will come and to enjoy an incredible event that for many reasons and that's was one of the reasons why we wanted to organize it ourselves. We remain a reference for a lot of things that we're doing that is well reflected in the growth of the sport in other places of the world.

Hey, good morning. Thanks for taking our questions.

You've called out the monetization gap between F1 and MotoGP as being a major opportunity to close. How do you foresee that unfolding over the next couple of years?

Which revenue streams do you think present the greatest upside, and what kind of cadence should we expect on that? Thank you.

Sure. Thanks, Anthony, for the question.

Yes, you're right, we have called out that gap, and that is the opportunity that we see. I think in the nearer term, what we're seeing is probably on the promoter side, the race fees that we're going to be getting from our local promoters.

That's probably where you're going to see the increases to begin with. Then as we move forward, I would see us both on the media rights and sponsorship side.

That probably doesn't happen because some of those are longer deals, and it takes a while to lay in the sponsorship side, like we saw with Formula 1. I don't think we really hit our stride till probably 5 years into the business.

As I think I've said previously in other settings, the fact that we are having good conversations with potential sponsors and they see the same sort of ability to have a trajectory like we had with Formula 1, and they also understand that under Liberty, the credibility that we've developed because of what's happened with Formula 1, that we may be able to accelerate that in a way that will hopefully start to see some of those increases come sooner rather than later.

Great. Can you also provide a little bit of color on the benefits you've seen thus far from the Apple TV deal, and has Apple expressed any interest in bidding on any upcoming contracts outside the US?

Thank you.

Sure. I'm going to actually just let Stefano answer that question so we don't Yeah.

climb on each other. Go ahead, Stefano.

Thank you, Derek. Thank you.

The Apple TV has given us an incredible opportunity to get into the market that we want to be effective. The engagement to the young segment that we have, we don't have to forget that in US our market is 40% female with an average age between 18 and 24, has given the opportunity to get into their habits and culture.

We are doing a lot of other things that will be focused to grow and expanding their activity using us all together to be, step-by-step get into more and what is the culture of the American sport fans. This will allow us not only to be focused on the sport, but also being Apple in other dimension.

We are hitting the dimension where interested in: lifestyle, entertainment, sport, music. This is all the things that Apple is very, very strong, and they are very happy, as we are, about this new deal.

On the other hand, the answer is yes. It's because they are really understanding that potentially, and this is part of our discussion, if there are opportunities that can bid in other markets, they would do it.

Because, of course, they see, and we can see, this effect could be even bigger in the future, even if, as we always said, our strategy is not to have one main media partner all around the world is to make sure that we maximize the opportunity that we can have market by market. Once again, yes, they're going to do it as soon as these opportunity will be open for them.

Thanks, Stefano. I think to put a finer point on it, the affiliation with the Apple brand and the F1, the two together are very complementary, and I think that that is what Stefano spoke to in his introductory remarks on sort of the elevation of the sport into a global entertainment brand.

Apple being part of that is very complementary. I think then the other part is it's probably on the product side, where I think anyone you speak to would say product as a form has probably exceeded expectations, and they continue to think about what innovation will happen and what new innovation they can add to the product side.

Then finally, Apple as a potential bidder in other markets is helpful, even if we don't necessarily go with them in those markets. Just tightening the markets is helpful from a demand standpoint.

Thanks, Anthony. Operator, next question.

Thank you. Derek, I was wondering if you could talk about what you're seeing in VIP experiences.

I know you've added capacity like the Turn 1 clubhouse at COTA in Austin. Could you help us with what VIP revenue has grown year-on-year this year, and what sort of capacity expansion do you think you can drive over the next few years with more like that?

Finally, would you consider breaking out VIP revenue separately, cuz I think it's a growth driver of the company that kind of gets lost. Thank you.

Sure. I think, before we go into F1 on VIP, one of the things I want to also highlight is what we're doing at MotoGP with respect to VIP, where working with Quint, we are completely overhauling that product and expect to introduce over time here a much higher quality product that will be sort of well received on a B2B basis as well as the fans of the sport.

Stay tuned there. On the Formula 1 side, I'll turn it over to Brian on the specifics of any of these numbers, and then Stefano can probably give us better color more broadly on where the upgrades are happening.

Yeah. Specifically on your question, would we ever consider breaking it out?

Certainly if it gets to the size where it's required under SEC rules, we certainly would break it out. We have a little bit of ways to go for that.

I'll do a high-level commentary, but basically most of the revenue growth you're seeing in hospitality, there are some new areas that are helping to drive that growth, but it's largely just due to the Paddock Club growth at most of the venues. Like we commented earlier, Madrid did come online.

It's a relatively larger Paddock Club compared to what we had before. It replaced Imola.

You're seeing growth there. I'll let Stefano comment on it, but as we've said before, the company is experimenting with House 44, The Outlap, lots of different types of VIP offerings.

Thanks, Brian. Steven, yes, I would say the main factor of this is because we wanted to extend our experience for all the fans, and of course, the more we get into the so-called VIP experience, we need to offer services and things that are not possible to have in other situations.

The fact that we have now more and different products that are diversified and of course with different kind of price in position is really the things that we saw growing. That connected with the fact that having long-term deals with partners and promoter allow us to ask their investment in the dimension that we believe is right, always remembering that the quality is an asset for us.

I don't want to be presumptuous, but because we have been seen as a reference in term of hospitality in an experiential world in the world of sport, business, and entertainment platform, we need to keep that focus at the top of our priority, and this will happen in the future. The good news that I can share already is that for the next year, for example, our capacity is almost gone because there is such a request that allow us to push and work on the quality on the offering that we want to give to our fans and to our guest.

Next.

Great. Thanks for taking the questions.

On the F1 sponsorship side, Derek, Stefano, would just be curious if you could give us an update on where we stand with bringing in some new logos across some of the verticals you called out earlier this year, I think AI, travel, and fitness. Then if I could, a longer-term one, just on the opportunity in Asia.

It feels like there's momentum in the region. Would just be curious what you need to see or gain conviction on to maybe lean into the region in a bigger way and when we maybe could expect that to be an opportunity.

Thank you.

Sure. On the sponsors, Stefano?

Sure. Go ahead, Derek.

No. Go ahead on the sponsors, Stefano.

Okay. No, I would say on the sponsorship, I would like to use the words stay tuned, because our life is followed by a lot of things that are positive.

Is not only on the fact that the partners that are with us, they want to stay with an even a stronger position, but because of the opportunity of other categories, we will bring some new partners and be able to show that momentum also on this stream of revenue is very, very solid and very, very strong. I can connect that also to the fact that you correctly saying that we see an incredible potential on the Far East Asia market, because of course everyone was focused on the fact that we need to develop our growth in US, which is for sure a very important market.

As you correctly saying, the Far East Asia market represent for us another opportunities that needs to be catched for the future. That's an area where in the next couple of years, we're definitely going to be very effective in trying to have another step of growth there, because the market will allow us to be even bigger with activity that we are preparing for the growth.

I'd like to just add to that, which is across both Formula 1 and MotoGP, two of the largest markets for us and priority markets are for now and over the next sort of 10 years continue to be the US, where obviously we've made huge inroads with F1, but I think there's still a ways to go, and clearly we're only in the beginning stages with MotoGP in the US. I think that China and India, I've spoken about recently, represent opportunities for us.

We need to go about them sort of the right way, but there is a lot of affinity for premium sports over in those markets. The whole concept of what we're trying to do as being a global entertainment brand resonates in those markets.

We have sort of both MotoGP, for its own reasons, in terms of those markets, a lot of India, Southeast Asia, use, frankly, motorcycles as primary modes of transportation, a lot of appeal. I think that the more general concept of those markets being sort of large, those markets having an affinity for brand, entertainment, celebrity, all that stuff that I think our sports are going to bring to the table make those, in our minds, attractive opportunities going forward.

With that, I think we will wrap the call. Thank you, everyone, for your interest.

As usual, again, big day here, but good things to come. Thank you.