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**【Key Takeaways】**
- **Revenue Growth**: Q3 2025 revenue rose 7% to $312M, driven by 56% mixed-use development growth and stable baseball revenue.
- **Strategic Real Estate Expansion**: Battery Atlanta events reached 195 in 2025, with mixed-use revenue exceeding $100M annually.
- **Financial Strength**: Adjusted OIBDA surged 113% to $67M, supported by cost control and revenue diversification.
- **Baseball Ambitions**: Planning to increase player salaries to top 5 MLB teams, with focus on free agents and trades for 2026.
- **Media & Viewer Engagement**: MLB viewership up 21% YoY, with record World Series Game 7 viewership of 25M.

**【Management Opening Remarks】**
- **Baseball Season Highlights**: Despite missing the playoffs, the team achieved notable player milestones, including rookie Drake Baldwin's 19 home runs and Chris Sale becoming the fastest pitcher to 2,560 strikeouts. Matt Olson won a Gold Glove and appeared in the Home Run Derby.
- **New Leadership**: Brian Snitker transitioned to a senior advisory role, and Walt Weiss was named manager, bringing experience from 11 seasons with the organization.
- **Viewership Growth**: MLB national viewership rose 21% YoY, with postseason viewership up 13%, and the 2025 World Series Game 7 saw 25M viewers, the highest since 2017.
- **Attendance Record**: Total MLB attendance reached 71M fans in 2025, the third consecutive year of growth.

**【Business Operations Update】**
- **Ticket Sales Success**: Sold 2.9M tickets in 2025, ranking in the top 10 MLB teams. Season ticket inventory was sold out for the third straight year, with 24 games sold out.
- **Partnerships & Media**: Extended FanDuel streaming partnership and Gray Media broadcast deal, driving strong ratings in the Braves' TV territory.
- **Mixed-Use Development**: The Battery Atlanta hosted 195 events through Q3, including 72 concerts at the Roxy. Mixed-use revenue grew 56% YoY to $27M in Q3 2025.

**【Real Estate Development Update】**
- **Pennant Park Acquisition**: Achieved 90% occupancy by Q3 2025, up from 85% at acquisition. The development contributed $9M in rental income.
- **New Projects**: Henry development (2 towers with apartments, hotels, and condos) is underway, connected by a pedestrian bridge to Truist Park.
- **Revenue Growth**: Mixed-use development now generates over $100M annually, up from $0 in 2017.

**【Financial Highlights】**
- **Q3 2025 Revenue**: $312M (+7% YoY), driven by baseball (+4%) and mixed-use (+56%).
- **Adjusted OIBDA**: $67M (+113% YoY), reflecting cost control and revenue growth.
- **Liquidity**: $115M cash and $215M undrawn credit facilities provide financial flexibility.

**【Q&A Highlights】**
- **Ticket Pricing Strategy**: Aiming for average ticket price growth while maintaining affordability. Secondary market data informs pricing decisions.
- **Player Salary Approach**: Targeting top 5 MLB teams in salary spending for 2026, with focus on free agents and trades.
- **Media Rights Outlook**: Anticipating a significant 2029 MLB media deal, with local games as a key differentiator for ESPN and streaming platforms.

Atlanta Braves Holdings, Inc. (BATRK) Q3 2025 Earnings Call Transcript

Baseball

Mixed-Use Development

BATRK

BATRK fundamentals

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