- **Strategic Restructuring**: Liberty Media splits off Liberty Live into FWONK, positioning for enhanced trading dynamics.
- **F1 Growth Drivers**: 9% revenue growth, Apple U.S. partnership, and record Paddock Club sales (36,000 guests). Apple integration to amplify F1's digital reach.
- **MotoGP Integration**: 17 races year-to-date with 17% revenue growth, despite OIBDA decline due to investment in commercial functions.
- **Vegas Execution**: Ticket sales on track, cost control measures implemented, and Paddock Club expansion planned for 2026.
- **Sponsorship Momentum**: 2026 pipeline strong with renewals and new logos, including Disney, Pottery Barn, and Hello Kitty licensing deals.
- **Competitive Balance**: F1's 2026 engine regs maintain competitive dynamics, with new manufacturers (Audi, Honda) set to join.


**【CEO Summary Section】**
- **Strategic Split-Off Update**: Liberty Media plans to complete the split-off of Liberty Live on December 15, with the new asset-backed equity trading under the ticker FWONK. Shareholder vote scheduled for December 5.
- **Formula One Momentum**: Renewed multiyear deal with Heineken, landmark Apple partnership for U.S. distribution, and 9% year-to-date revenue growth despite one fewer race. Paddock Club sales up 8% to 36,000 guests.
- **MotoGP Integration Progress**: 17 races year-to-date with revenue growth across sponsorship, media rights, and hospitality. Adjusted OIBDA down due to higher costs but strategic investments in commercial functions.
- **Apple Partnership Impact**: U.S. media rights transition to Apple expected to enhance fan engagement through integrated ecosystem (Apple News, Music, Fitness). F1 TV subscription revenue to be absorbed into Apple platform.

**【CFO Financial Commentary】**
- **Financial Health**: Formula One Group holds $1.3 billion in cash, with $5.1 billion in debt. F1 net leverage at 3.0x, below covenant threshold, enabling margin reduction. MotoGP net leverage at 5.6x.
- **Revenue Growth**: F1 media rights +15%, sponsorship +9%, and race promotion flat (offset by one fewer race). MotoGP revenue up 17% YoY, driven by additional races and contractual uplifts.
- **Cost Management**: F1 team payments flat YoY, team share of adjusted OIBDA at 61.5%. MotoGP SG&A up due to headcount expansion for commercial functions.

**【Q&A Highlights】**
- **Vegas Race Execution**: Ticket sales on track, cost control measures implemented. Paddock Club sold out, with plans to expand capacity in 2026. Hospitality revenue growth driven by premium pricing and new activations.
- **Sponsorship Pipeline**: 2026 pipeline strong with renewals and new logos (e.g., LVMH, Volcan Tequila). Licensing partnerships with Disney, Pottery Barn, and Hello Kitty driving long-term merchandising growth.
- **MotoGP Renewals**: 8 of 16 2027 race renewals completed, with interest from new markets (Brazil, Argentina). Focus on improving race experience and digital engagement (Video Pass subscribers +6%).
- **Competitive Balance**: F1's 2026 engine regulations expected to maintain competitive dynamics, with mechanisms to address performance gaps. Audi, Honda, Ford, and Cadillac set to join in 2026.


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