Overview

• US sports media group's Q1 revenue rose 59% yr/yr, beating analyst expectations

• Adjusted OIBDA (operating income before depreciation and amortization) more than doubled, driven by Formula 1 growth and MotoGP acquisition

• No share repurchases in Q1; $1.1 bln buyback authorization remains

Outlook

• Formula 1 expects 22 races in 2026, two fewer than in 2025

• Company says fewer scheduled races will impact quarterly revenue and cost comparisons

• Liberty Media sees robust demand and growing audiences for Formula 1

Result Drivers

• ADDITIONAL F1 RACE - Formula 1 revenue rose due to one extra race held in the quarter, boosting media rights, race promotion and sponsorship income

• NEW AND RENEWED SPONSORSHIPS - Growth in F1 sponsorship revenue was driven by new sponsors such as Standard Chartered and extended agreements with existing partners

• MOTOGP ACQUISITION IMPACT - MotoGP contributed to revenue growth, with increased race promotion fees and sponsorship, offset by lower media rights fees and higher freight and fuel costs

Company press release: ID:nBwbwWZ7Ka

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Formula One Group is $110.00, about 34.7% above its May 6 closing price of $81.67

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