Liberty Media Corp (FWONK) Business

Item 1. Business.

General Development of Business

Liberty Media Corporation (“Liberty”, the “Company”, “we”, “us” and “our”), through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom (“U.K.”) and Spain. Our most significant subsidiaries include Delta Topco Limited (the parent company of Formula 1) (“Delta Topco”) and MotoGP.

Braves Holdings, LLC ("Braves Holdings") was a subsidiary of the Company until the Atlanta Braves Holdings Split-Off (defined below) on July 18, 2023. Sirius XM Holdings Inc. (“Sirius XM Holdings”) was a subsidiary of the Company until the Liberty Sirius XM Holdings Split-Off (defined below) on September 9, 2024. QuintEvents, LLC (“QuintEvents”) was a subsidiary of the Company and Live Nation Entertainment, Inc. (“Live Nation”) was an equity affiliate of the Company until the Liberty Live Split-Off (defined below) on December 15, 2025.

The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. The Company completed the transactions disclosed below to separate certain collections of businesses, assets and liabilities into separate publicly traded companies.

On July 18, 2023, the Company completed the split-off (the “Atlanta Braves Holdings Split-Off”) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”). The Atlanta Braves Holdings Split-Off was accomplished by a redemption by the Company of each outstanding share of Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the “Braves Group”) immediately prior to the Atlanta Braves Holdings Split-Off, except for the intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and the Formula One Group, which were settled and extinguished in connection with the Atlanta Braves Holdings Split-Off.

Braves Holdings is not presented as a discontinued operation in the Company’s consolidated financial statements as the Atlanta Braves Holdings Split-Off did not represent a strategic shift that had a major effect on the Company’s operations and financial results.

On August 3, 2023, the Company reclassified its then-outstanding shares of common stock into three new tracking stocks—Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Live common stock, and, in connection therewith, provided for the attribution of the businesses, assets and liabilities of the Company’s then-remaining tracking stock groups among its newly created Liberty SiriusXM Group, Formula One Group and Liberty Live Group (the “Reclassification”). As a result of the Reclassification, each then-outstanding share of Liberty SiriusXM common stock was reclassified into one share of the corresponding series of new Liberty SiriusXM common stock and 0.2500 of a share of the corresponding series of Liberty Live common stock and each outstanding share of Liberty Formula One common stock was reclassified into one share of the corresponding series of new Liberty Formula One common stock and 0.0428 of a share of the corresponding series of Liberty Live common stock.

Each of the Atlanta Braves Holdings Split-Off and the Reclassification were intended to be tax-free to stockholders of the Company, except with respect to the receipt of cash in lieu of fractional shares. In July 2024, the Internal Revenue Service (the “IRS”) completed its review of the Reclassification and notified the Company that it agreed with the nontaxable characterization of the transaction. In September 2024, the IRS completed its review of the Atlanta Braves Holdings Split-Off and notified the Company that it agreed with the nontaxable characterization of the transaction. The Atlanta Braves Holdings Split-Off and the Reclassification are reflected in the Company’s consolidated financial statements on a prospective basis.

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On September 9, 2024, the Company completed the split-off (the “Liberty Sirius XM Holdings Split-Off”) of its wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (“Liberty Sirius XM Holdings”). The Liberty Sirius XM Holdings Split-Off was accomplished through the redemption by the Company of each outstanding share of Liberty SiriusXM common stock in exchange for 0.8375 of a share of Liberty Sirius XM Holdings common stock, with cash paid in lieu of fractional shares. Liberty Sirius XM Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty SiriusXM Group immediately prior to the Liberty Sirius XM Holdings Split-Off. The Liberty Sirius XM Holdings Split-Off was intended to be tax-free to holders of Liberty SiriusXM common stock (except with respect to cash received in lieu of fractional shares).

Liberty Sirius XM Holdings is presented as a discontinued operation in the accompanying consolidated financial statements. Prior to the Reclassification, Liberty’s interest in Live Nation, Liberty’s 0.5% Exchangeable Senior Debentures due 2050 and a margin loan secured by shares of Live Nation were attributed to the Liberty SiriusXM Group.

On December 15, 2025, the Company completed the split-off (the “Liberty Live Split-Off”) of its wholly owned subsidiary, Liberty Live Holdings, Inc. (“Liberty Live Holdings”). The Liberty Live Split-Off was accomplished by a redemption by the Company of each outstanding share of its Liberty Live common stock in exchange for one share of the corresponding series of common stock of Liberty Live Holdings. Liberty Live Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Live Group. Immediately prior to the Liberty Live Split-Off, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets. The Liberty Live Split-Off was intended to be tax-free to stockholders of the Company.

The Company’s investment in Live Nation (including related debt and derivative instruments) and corporate cash and expenses previously attributed to the Liberty Live Group are presented as discontinued operations in the Company’s consolidated financial statements.

Prior to the Liberty Live Split-Off, the Formula One Group was primarily comprised of Liberty’s interests in Formula 1, MotoGP and QuintEvents, cash and Liberty’s 2.25% Convertible Senior Notes due 2027. As previously disclosed, QuintEvents, certain private assets and approximately $172 million of cash were reattributed from the Formula One Group to the Liberty Live Group in exchange for certain private assets immediately prior to the Liberty Live Split-Off. Following the Liberty Live Split-Off, the Company’s only remaining outstanding common stock, the Liberty Formula One common stock, is no longer a tracking stock.

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Description of Business

Our most significant subsidiaries are Formula 1 and MotoGP.

Formula 1

Formula 1 holds the exclusive commercial rights with respect to the Fédération Internationale de l’Automobile (“FIA”) Formula One World Championship (the “F1 Championship”), an annual, approximately nine-month long, motor race-based competition in which teams (the “Formula 1 Teams”) compete for the Constructors’ Championship and drivers compete for the Drivers’ Championship. The F1 Championship, which has been held every year since 1950 and takes place on high profile iconic circuits, is a global series with a varying number of events (“Formula 1 Events”) taking place in different countries around the world each season. In 2025, 24 Formula 1 Events took place in 21 countries across Europe, Asia-Pacific, the Middle East and North and South America. In 2025, the F1 Championship was followed by hundreds of millions of television viewers in approximately 200 territories and the largest Formula 1 Events have hosted live audiences in excess of 450,000 on race weekends.

Formula 1 is responsible for the commercial exploitation and development of the F1 Championship, in the course of which it coordinates and transacts with the FIA, the governing body and regulator of world motor sport, the Formula 1 Teams, the race promoters that stage Formula 1 Events, various media organizations worldwide, as well as advertisers and

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sponsors. Formula 1 also performs activities related to critical components of the F1 Championship, including filming and providing technical support at Formula 1 Events, production of the international television feed and logistics related to the transport of its and the Formula 1 Teams’ equipment, ensuring high quality and reducing delivery risk around the F1 Championship. Additionally, Formula 1, pursuant to other agreements with the FIA, holds the exclusive right to promote and commercially exploit the F2 and F3 series through 2041, and in 2023 launched F1 Academy, a series aimed at developing and preparing young female drivers to progress to higher levels of competition.

Formula 1 also generates revenue from a variety of other sources, including the operation of the Formula 1 Paddock Club hospitality program (the “Paddock Club”), freight, logistical and travel related services for the Formula 1 Teams and other third parties, the F2 and F3 race series, which run principally as support races during Formula 1 Event weekends, F1 Academy, various television production and post-production activities, digital and social media activities and revenue from other licensing of the commercial rights associated with the Formula 1 brand.

Formula 1 recognizes the majority of its revenue and expenses in connection with Formula 1 Events that take place in different countries around the world, generally between March and December each year. As a result, the revenue and expenses recognized by Formula 1 are generally lower during the first quarter as compared to the rest of the quarters throughout the year.

Primary Revenue

Formula 1 derives its primary revenue from the commercial exploitation and development of the F1 Championship through a combination of race promotion, media rights and sponsorship arrangements. A significant majority of the race promotion, media rights and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts.

Race Promotion. Race promotion revenue comprised 26.7%, 29.3% and 29.3% of Formula 1’s total revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Formula 1 grants to race promoters the rights to host, stage and promote each Formula 1 Event pursuant to contracts that typically have an initial term of three to seven years. For established Formula 1 Events, the duration of subsequent renewals is more variable according to local market conditions. These contracts may allow for flat fees over the term, but more typically they include annual fee escalators over the life of the contract, which are typically based on annual movement in a selected consumer price index or fixed percentages of up to 5% per year.

Race promoters are generally circuit owners, local and national automobile clubs, special event organizers or governmental bodies. Race promoters generate revenue from ticket sales and sometimes from concessions, secondary hospitality offerings (other than the Paddock Club), local sponsorship opportunities and on-site activations. Tickets are sold by the promoters for the entire Formula 1 Event weekend or individual days.

In 2025, 2024 and 2023, the Las Vegas Grand Prix was the only Formula 1 Event that was directly promoted by Formula 1, and as a result, Formula 1 was responsible for the development and operation of the circuit and paddock facilities. As a self-promoted event, Formula 1 received the revenue from ticket sales and other commercial arrangements in connection with the event. Revenue from the sale of grandstand and general access tickets is included in Race Promotion revenue.

Media Rights.  Media rights revenue comprised 31.3%, 32.8% and 32.2% of Formula 1’s total revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Formula 1 licenses rights to broadcast Formula 1 Events on television and other media platforms in specified countries or regions and in specified languages. These may also include rights to broadcast the race, practice and qualifying sessions, interactive television/digital services, repeat broadcasts and highlights. Contracts with broadcasters, which we refer to as television rights agreements (“TRAs”), typically have a term of three to five years. While annual fees from broadcasters may stay constant, they often increase each year during the term of the TRA by varying amounts. Formula 1’s media rights revenue is primarily generated from: (a) free-to-air television broadcasts, which are received by the end user without charge (other than any television license fee), and non-premium cable, satellite and other broadcasts, which are received as part of a subscriber’s basic package (together, “free-to-air television”); (b) premium and pay-per-view cable and satellite broadcasts, where the subscriber pays a premium fee

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to receive programming on a package or per-event basis (“pay television”) and (c) subscription revenue from Formula 1’s own direct-to-consumer over-the-top broadcast product F1 TV. In 2025, Formula 1 held over 50 broadcast agreements worldwide, including several multi-territory contracts spanning both free-to-air and pay-television platforms. Its principal broadcasters included beIN Sports across Asia, the Middle East and North Africa; Canal+ in France; DAZN in Spain and d/b/a Fox Sports in Australia; ESPN in the U.S. and Latin America; Sky in the U.K., Germany and Italy; Viaplay across the Nordics and the Netherlands; and SuperSport across Sub-Saharan Africa.

Sponsorship. Sponsorship revenue comprised 21.7%, 18.6% and 18.0% of Formula 1’s total revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Formula 1 sells Event-based sponsorship in the form of trackside advertising and race title sponsorship packages. In addition, sponsors can acquire status as a Global Partner of Formula 1 and/or Official Supplier to Formula 1. These advertiser and sponsor contracts typically have a term of three to five years (but may on occasion be of longer duration). Payments often increase each year based on a fixed amount, a fixed percentage or in accordance with the U.S. or European consumer price index or another agreed metric.

Other Revenue

The remainder of Formula 1’s revenue is typically generated from a variety of other sources including facilitating the shipment of cars and equipment to and from events outside of Europe, revenue from the sale of tickets to the Paddock Club at most Formula 1 Events, support races at Formula 1 Events, various television production activities and other ancillary operations. Other revenue also includes the sale of hospitality tickets for the Las Vegas Grand Prix.

FIA, the Formula 1 Teams and Drivers

Formula 1’s business is built on a number of key relationships—those with the FIA, the Formula 1 Teams and Formula 1’s principal commercial partners. See “—Key Commercial Agreements” below for more information about Formula 1’s relationships with the FIA and the Formula 1 Teams.

FIA

The FIA is the governing body for world motor sport and as such, is solely responsible for regulating the sporting, technical and safety aspects of the F1 Championship, including race circuits to be used by race promotors, through the FIA’s F1 Commission and World Motor Sport Council. The FIA regulates all international motor sports, with the F1 Championship being the most prominent. The FIA owns the F1 Championship and has granted Formula 1 the exclusive commercial rights to the F1 Championship until the end of 2110 under the 100-Year Agreements (described below). In addition, the FIA, through its World Motor Sport Council, approves the calendar for the F1 Championship each year based on the agreed race promotor contracts for the coming season. Under the 100-Year Agreements, Formula 1 is only permitted to enter into race promotion contracts that are substantially in the form agreed between Formula 1 and the FIA.

Formula 1 Teams

The Formula 1 Teams are the participants in the F1 Championship and Formula 1 Events, competing for the annual Constructors’ Championship, and their drivers compete for the annual Drivers’ Championship. Ten Formula 1 Teams competed in the 2025 F1 Championship, and an eleventh, the Cadillac Formula 1 Team, will enter the 2026 F1 Championship. To be eligible to compete, a Formula 1 Team is responsible for the design and manufacturing of certain key parts of its cars, including the chassis. During the 2025 F1 Championship season, the Formula 1 Teams were supplied race engines by one of Ferrari, Mercedes, Renault or Red Bull Powertrains. At the end of the 2025 F1 Championship Renault ceased to be an engine supplier, with Audi and Honda supplying engines starting from the 2026 F1 Championship season. Under the terms of the 2026 Concorde Agreement (described below), Formula 1 Teams are entitled to receive significant team payments from a Formula 1 prize fund (the “Prize Fund”) based primarily on their results in prior years’ Constructors’ Championships. Formula 1 has no direct or indirect ownership interest in any Formula 1 Team, nor does it have any contractual arrangements with the drivers, who are all employed or contracted directly by the Formula 1 Teams. Each Formula 1 Team is responsible for securing its own drivers and funding the costs of competing in the F1 Championship. They receive Prize Fund payments from Formula 1, as well as sponsorship and advertising revenue from their own partners. The 2026 Concorde Agreement between Formula 1, the FIA and the Formula 1 Teams defines the

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terms of the Formula 1 Team’s participation in the F1 Championship (for further detail, see “—Key Commercial Agreements—Concorde Agreement” below.)

Drivers

One of the distinctive features of the F1 Championship is the celebrity and diversity of its drivers. Differences in nationalities, temperaments and racing styles form part of the attractive mosaic of Formula 1. The success of a local driver also impacts the television viewership and revenue generated from that country or region. High profile drivers from the U.K. (Hamilton), the Netherlands (Verstappen) and Spain (Alonso) have helped grow and sustain the Formula 1 business in those countries. For this reason, Formula 1 encourages the development of drivers from other strategic markets. F2 and F3 provide the training ground and final stepping stones to Formula 1 for these drivers. All drivers are employed or contracted by the Formula 1 Teams and have no contractual relationship with Formula 1.

Key Commercial Agreements

100-Year Agreements

Under the 100-Year Agreements entered into by Formula 1 and the FIA in 2001, which took effect on January 1, 2011 and will expire on December 31, 2110, Formula 1 is acknowledged as the exclusive holder of all commercial rights to the F1 Championship.

The 100-Year Agreements also provide that Formula 1 may appoint a representative to the FIA, subject to the FIA’s approval, and that person will be a member of the FIA’s F1 Commission and World Motor Sport Council. The FIA may terminate the 100-Year Agreements, leading to a transfer of material commercial rights into effective FIA ownership, upon a change of control of Formula 1, unless either the FIA previously approved the transaction or the transaction falls within one of a number of exceptions. Formula 1 obtained the FIA’s approval of its acquisition by Liberty in January 2017 under the 100-Year Agreements.

In addition, the FIA may terminate the 100-Year Agreements if (i) certain Delta Topco subsidiaries party to the 100-Year Agreements become insolvent; (ii) Formula 1 fails to pay an amount due to the FIA and such non-payment is not cured within 30 days of FIA’s demand for payment; (iii) arbitrators declare that Formula 1 materially breached the 100-Year Agreements and Formula 1 has not paid to the FIA certain penalties to cure such breach; or (iv) Formula 1 changes or removes certain of the FIA’s rights without its prior consent.

Concorde Agreement

From 1981 until 2012, successive Concorde Agreements governed the relationship between Formula 1, the FIA and the Formula 1 Teams, including the regulation of the F1 Championship. After the then-current Concorde Agreement expired on December 31, 2012, Formula 1 entered into a separate binding bilateral agreement with each Formula 1 Team (the “Formula 1 Team Agreements”), securing the relevant Formula 1 Team’s commitment to continue participating in the F1 Championship until December 31, 2020. In addition, Formula 1 entered into the 2013 Concorde Implementation Agreement with the FIA in 2013. The 2013 Concorde Implementation Agreement, in addition to making certain modifications to the 100-Year Agreements for the period to end 2030, provides that the FIA agrees to provide certain sporting governance arrangements and regulatory safeguards for the benefit of the Formula 1 Teams, to enter into a new Concorde Agreement for a term of eight years (from 2013 to 2020) reflecting those sporting governance arrangements and regulatory safeguards and to enter into a subsequent Concorde Agreement from 2021 to 2030 or to extend the sporting governance arrangements or regulatory safeguards agreed under the 2013 Concorde Implementation Agreement on substantially the same terms from 2021 to 2030. The Formula 1 Team Agreements and the 2013 Concorde Implementation Agreement together provided, until December 31, 2020, the contractual framework for the F1 Championship that was previously set out in the Concorde Agreements.

In August 2020, Formula 1, the FIA and the Formula 1 Teams entered into the 2021 Concorde Agreement, securing the commitment of the Formula 1 Teams to continue participating in the F1 Championship from the 2021 F1

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Championship season to the 2025 F1 Championship season (inclusive), and governing the relationship between the parties during that period.

In 2025, Formula 1, the FIA and the Formula 1 Teams entered into the 2026 Concorde Agreement, securing the commitment of the Formula 1 Teams to continue participating in the F1 Championship from the 2026 F1 Championship season to the 2030 F1 Championship season (inclusive), and governing the relationship between the parties during that period. The 2026 Concorde Agreement is made up of two separate documents: (a) the 2026 Concorde Commercial Agreement between Formula 1 and each of the Formula 1 Teams; and (b) the 2026 Concorde Governance Agreement between Formula 1, the FIA and each of the Formula 1 Teams.

The 2026 Concorde Agreement provides, among other things, for the participation of the Formula 1 Teams in the F1 Championship during the term of that agreement, and provides for Formula 1 to make certain Prize Fund payments to the Formula 1 Teams based on their performance in the Constructors’ Championship and other principles (such as longer term success and heritage in Formula 1).

Key Provisions

As discussed above, the 2026 Concorde Agreement establishes the terms for the Prize Fund, confirms procedures for setting the F1 Championship calendar, and provides for certain termination rights. The 2026 Concorde Agreement establishes rules for the determination of the Prize Fund to be paid to the Formula 1 Teams, which is calculated with reference to a fixed percentage of Formula 1’s Prize Fund Adjusted EBIT (defined by Formula 1 as operating profit adjusted to exclude certain specific, and largely non-cash items). A share of the Prize Fund is paid to Ferrari in recognition of its heritage, with the remainder paid to Formula 1 Teams based on their results in prior Constructors’ Championships (a significant majority of which is based on their position in the prior year’s F1 Championship). Under the 2026 Concorde Agreement, the consent of 70% of the Formula 1 Teams is required for there to be more than 24 Formula 1 Events in a season or if there are to be fewer than eight Formula 1 Events across Europe and North America combined.

The 2026 Concorde Agreement may be terminated with respect to a Formula 1 Team if the Formula 1 Team fails to participate in more than three Formula 1 Events in a season, fails to submit a valid entry for participation in the F1 Championship or becomes insolvent. Formula 1 Teams may terminate their rights and obligations pursuant to the 2026 Concorde Agreement by giving one full season’s written notice to Formula 1, as well as under certain other circumstances, including:

Circuit Rights Agreements

Under circuit rights agreements (the “Circuit Rights Agreements”), Formula 1 acquires from race promoters certain rights to commercially exploit at Formula 1 Events, including the rights to sell trackside advertising and title sponsorship, the right to sell Paddock Club hospitality (other than at three Formula 1 Events) and commercial use of the name of the Formula 1 Event and circuit. In a few cases a cash payment is made for the grant of these circuit rights and in others Formula 1 offers a commission or share of revenue to a race promoter where they have been instrumental in introducing a new sponsor from its territory that purchases a title sponsorship or trackside advertising. Circuit Rights Agreements typically have a term that is tied to the relevant race promoter contract.

Intellectual Property

Formula 1 is the registered owner of a portfolio of trademark registrations and applications, including for the F1 logo, the F1 Championship logo (which is used only in sporting contexts), “Formula One”, “Formula 1”, “F1” and “Grand

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Prix” when used in connection with any of the aforementioned and most of the official Formula 1 Event titles where they are capable of registration.

Formula 1 owns the copyright on footage of each Formula 1 Event since 1981 as well as footage related to a large number of pre-1981 Formula 1 Events. Ownership of this copyright enables Formula 1 to license that footage to broadcasters and to take legal action against infringers of that copyright. Under the 2026 Concorde Agreement, Formula 1 also has the exclusive right, subject to limited exceptions, to use each Formula 1 Team’s intellectual property rights (including image rights) to portray the F1 Championship and/or any Formula 1 Event in any visual form.

Licenses and Permits

Formula 1 is required to obtain permits for the allocation and use of radio frequencies which are necessary for the operation of live camera and other equipment used in the production of live television images and also in live radio communications used by Formula 1, the FIA, the Formula 1 Teams (including car to pit radio transmissions) and the emergency services. Such radio frequency permits are obtained by a dedicated unit in the television production team, with assistance from the local race promoter. Typically, such radio frequency permits are obtained from the relevant governmental authority responsible for licensing the use of radio frequencies in the host country of the relevant Formula 1 Event. The requirements and procedures for obtaining such permits vary by country and they may involve the completion of written formalities or the inspection by the relevant governmental authority of all equipment to be operated with a radio frequency. Permits are typically issued subject to conditions, which Formula 1 has generally been able to satisfy.

Strategy

Formula 1’s goal is to continue scaling and broadening the successful global reach and widespread appeal of the F1 Championship in order to maximize financial performance of the business and the overall value of Formula 1 as a sport. Key factors of this strategy include:

MotoGP

MotoGP holds the exclusive commercial rights with respect to the Fédération Internationale de Motocyclisme (“FIM”) Grand Prix World Championship (the “MotoGP Championship”) which is the premier class of motorcycle racing

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globally, consisting of three classes, namely MotoGP, Moto2 and Moto3, as well as other FIM sanctioned motorcycle racing series such as the FIM Superbike World Championship (“WorldSBK”), the FIM Women’s Circuit Racing World Championship (“WorldWCR”) and various junior motorcycle racing championships. The MotoGP Championship is an annual, approximately nine-month long, motorcycle racing competition in which riders compete for the Riders’ Championship, teams (the “MotoGP Teams”) compete for the Teams’ Championship and engine manufacturers compete for the Manufacturers’ Championship. The MotoGP Championship has been held every year since 1949 and is a global series with a varying number of events (“MotoGP Events”) taking place in different countries around the world each season. MotoGP has been the exclusive rights holder of the MotoGP Championship since 1991. In 2025, 22 MotoGP Events took place in 18 countries across Europe, Asia-Pacific, Australia the Middle East and North and South America. In 2025, the MotoGP Championship was followed by hundreds of millions of television viewers in approximately 200 territories and MotoGP Events hosted cumulative live audiences of over 3.6 million across the season.

MotoGP is responsible for the commercial exploitation and development of the MotoGP Championship, in the course of which it coordinates and transacts with the FIM, the global governing body and regulator of motorcycle racing, International Road-Racing Teams Association (“IRTA”), the representing body of the MotoGP Teams in the championship, Motorcycle Sports Manufacturers Association (“MSMA”), the representing body of the MotoGP manufacturers in the MotoGP Championship, the race promoters that stage MotoGP Events, various media organizations worldwide, as well as advertisers and sponsors. MotoGP also performs activities related to critical components of the MotoGP Championship, including filming and providing technical support at MotoGP Events, production of the international television feed and logistics related to the transport of its and the MotoGP Teams’ equipment for overseas MotoGP Events, ensuring high quality and reducing delivery risk around the MotoGP Championship.

MotoGP also generates revenue from a variety of other sources, including the operation of the MotoGP hospitality program, logistical and travel related services for the MotoGP Teams and other third parties, the WorldSBK, Moto2 and Moto3 race series, the WorldWCR and other various junior motorcycle racing championships, various television production and post-production activities, digital and social media activities and revenue from other licensing of the commercial rights associated with the MotoGP brand.

MotoGP recognizes the majority of its revenue and expenses in connection with MotoGP Events that take place in different countries around the world, generally between February and November each year. As a result, the revenue and expenses recognized by MotoGP are generally lower during the first quarter and fourth quarters, as compared to the second and third quarters.

Primary Revenue

MotoGP derives its primary revenue from the commercial exploitation and development of the MotoGP Championship through a combination of media rights, race promotion and sponsorship arrangements. A significant majority of the media rights, race promotion and sponsorship contracts specify payments in advance and annual increases in the fees payable over the course of the contracts.

Media Rights.  Media rights revenue comprised 41.2% and 44.5% of MotoGP’s total revenue for the years ended December 31, 2025 and 2024, respectively. MotoGP licenses rights to broadcast MotoGP Events on television and other media platforms in specified countries or regions and in specified languages. Media rights revenue is also derived from subscription revenue from MotoGP’s own direct-to-consumer over-the-top broadcast product, VideoPass, and other related services, the origination of program footage, footage from MotoGP’s archives and the licensing of other ancillary media rights. Contracts with broadcasters, referred to as television rights agreements (“MotoGP TRAs”), typically have a term of three to five years. While annual fees from broadcasters may stay constant, they often increase each year during the term of the MotoGP TRA by varying amounts. MotoGP’s media rights revenue is primarily generated from: (a) free-to-air television broadcasts, which are received by the end user without charge (other than any television license fee), and non-premium cable, satellite and other broadcasts, which are received as part of a subscriber’s basic package (together, “free-to-air television”); (b) premium and pay-per-view cable and satellite broadcasts, where the subscriber pays a premium fee to receive programming on a package (“pay television”) and (c) subscription revenue from VideoPass. In 2025, MotoGP had 19 free-to-air television agreements and 45 pay television agreements, including multi-territory agreements, covering both free-to-air and pay television. MotoGP’s key broadcasters include DAZN (pay television) in

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Spain and d/b/a Fox Sports (free to air) in Australia, Sky Italia (pay television) in Italy, Canal+ (pay television) in France, TNT Sports (pay television) in the U.K., SPOTV (pay television) and Trans7 (free-to-air) in Indonesia, Ziggo Sport (pay television) in the Netherlands and ServusTV (free-to-air) in Austria.

Race Promotion. Race promotion revenue comprised 33.7% and 28.6% of MotoGP’s total revenue for the years ended December 31, 2025 and 2024, respectively. MotoGP grants to race promoters the rights to host, stage and promote each MotoGP Event pursuant to contracts that typically have an initial term of five to ten years. For established MotoGP Events, the duration of subsequent renewals is more variable according to local market conditions. These contracts may allow for flat fees over the term, but more typically they include annual fee escalators over the life of the contract, which are typically based on annual movement in a selected consumer price index or fixed percentages.

Race promoters are generally circuit owners, recognized national motorcycle federations, specialized event management organizations or governmental agencies. Race promoters generate revenue from ticket sales and sometimes from concessions, secondary hospitality offerings (other than VIP Village), local sponsorship opportunities and on-site activations. Tickets are sold by the promoters for the entire MotoGP Event weekend or individual days. Under race promotion contracts, MotoGP reserves its commercial rights derived from the FIM Agreement (as defined below) and grants the promoter some commercial rights relating to the MotoGP Event (agreed on a case-by-case basis) which generally include the ticketing rights, the right to sell certain advertising spaces/support, the right to stage promotional activities during the MotoGP Event, the right to sell hospitality and commercial use of the name of the MotoGP Event for the promotion of the MotoGP Event.

Sponsorship. Sponsorship revenue comprised 12.7% and 13.3% of MotoGP’s total revenue for the years ended December 31, 2025 and 2024, respectively. Sponsorship fees are earned from the sale of MotoGP Championship and MotoGP Event-related advertising and sponsorship rights and the servicing of such rights and rights to advertise on MotoGP’s digital platforms. In addition, sponsors can acquire status as an Official Supplier to MotoGP. These advertiser and sponsor contracts typically have a term of one to five years. Payments often increase each year based on a fixed percentage.

Other Revenue

The remainder of MotoGP’s revenue is typically from other motorcycle racing championships, including WorldSBK, hospitality (inclusive of the sale of tickets to the MotoGP VIP Village and MotoGP Premier hospitality programs at most MotoGP Events) and other licensing opportunities.

Key Relationships and Agreements

MotoGP’s business is built on a number of key relationships with the FIM, IRTA, MotoGP Teams, Riders, MSMA and MotoGP’s principal commercial partners.

FIM

The FIM is the governing body for world motorcycle racing and as such, is solely responsible for regulating the sporting, technical and safety aspects of the MotoGP Championship, including those applicable to race circuits used by race promotors. The FIM regulates all international motorcycle racing, with the MotoGP Championship being the most prominent. In addition, the FIM approves the calendar for the MotoGP Championship each year based on the agreed race promotor contracts for the coming season.

IRTA

In February 2021, MotoGP and IRTA entered into an agreement (the “2022 IRTA Agreement”), securing the commitment of the MotoGP Teams to continue participating in the MotoGP Championship from January 1, 2022 until December 31, 2026, and governing the relationship between the parties during that period.

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IRTA is the body responsible for representing the interests of MotoGP Teams. It is responsible primarily for oversight of safety and sporting decision making in conjunction with the FIM as well as the governance of financial payments to the MotoGP Teams (as well as the payments to Moto2 and Moto3 classes of racing) for their participation in the MotoGP Championship, with both a fixed and variable portion of the payments. The variable portion of the payments varies based on MotoGP Event number and mix and grows annually in line with inflation. Under the terms of the 2022 IRTA Agreement, IRTA is entitled to receive payments from MotoGP for their services, including securing and ensuring participation of the MotoGP Teams.

MotoGP Teams

The MotoGP Teams are the participants in the MotoGP Championship and MotoGP Events, competing for the annual Teams’ Championship, and their riders compete for the annual Riders’ Championship. There were 11 MotoGP Teams competing in the 2025 MotoGP Championship. Currently, the MotoGP Teams are supplied engines by one of Aprilia, Ducati, Honda, KTM or Yamaha, who compete for the annual Manufacturers’ Championship.  MotoGP has no direct or indirect ownership interest in any MotoGP Team, nor does it have any contractual arrangements with the riders, who are all employed or contracted directly by the MotoGP Teams. Each MotoGP Team is responsible for securing its own riders and funding the costs of competing in the MotoGP Championship. They receive team payments from IRTA, as well as sponsorship and advertising revenue from their own partners. The 2022 IRTA Agreement between MotoGP and IRTA defines the terms of the MotoGP Teams’ participation in the MotoGP Championship.

Riders

One of the distinctive features of the MotoGP Championship is the athletic capability and daring nature of its riders. Riders in the MotoGP Championship are highly competitive on track and form the foundation of the entertainment of the sport. The success of a local rider can impact the television viewership and revenue generated from that country or region. For this reason, MotoGP encourages the development of riders from other strategic markets. Moto2, Moto3 and MotoGP-led junior championships provide the training ground and final stepping stones to the MotoGP Championship for these riders. All riders are employed or contracted by the MotoGP Teams and have no contractual relationship with MotoGP.

MSMA

MSMA is the body responsible for representing the interests of manufacturers participating in the MotoGP Championship. It is responsible primarily for certain technical decision making in the MotoGP Championship. Together with members of the FIM, MotoGP and IRTA, members of MSMA make up a body called the Grand Prix Commission which is the rule-setting body of the MotoGP Championship.

Key Commercial Agreements

Under an agreement (the “FIM Agreement”) between MotoGP and the FIM, MotoGP was granted the exclusive right to commercially manage, promote and organize the MotoGP Championship, and all of the FIM’s rights with respect to certain intellectual property related thereto. The FIM Agreement, which expires on December 31, 2060, sets forth MotoGP’s exclusive commercial rights to the MotoGP Championship.

MotoGP has commercial agreements with IRTA (the “IRTA Agreements”), which include the 2022 IRTA Agreement. IRTA represents all of the MotoGP Teams, and, pursuant to the IRTA Agreements, it provides MotoGP with services ensuring the participation of a minimum number of riders in the MotoGP, Moto2 and Moto3 classes of the MotoGP Championship. IRTA is responsible for contracting with the MotoGP Teams and each MotoGP Team’s respective riders on an annual basis. Additionally, IRTA is responsible for providing certain operational services to MotoGP, including liaising with major technical providers of the MotoGP Championship and management of the paddock area during MotoGP Events. Pursuant to the IRTA Agreements, MotoGP is granted the collective MotoGP Teams’ intellectual property rights (including image rights) to portray the MotoGP Championship and/or any MotoGP Event in any visual form and for the production of the MotoGP Championship merchandise, among other commercial purposes.

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Intellectual Property

MotoGP is the registered owner of a portfolio of trademark registrations and applications, including the MotoGP logo. MotoGP owns the copyright on footage of each MotoGP Event since 1994. Ownership of this copyright enables MotoGP to license that footage to broadcasters and to take legal action against infringers of that copyright. Under the IRTA Agreement, MotoGP also has the exclusive right, subject to some exceptions, to use each collective MotoGP Team’s intellectual property rights (including image rights) to portray the MotoGP Championship and/or any MotoGP Event in any visual form.

Licenses and Permits

MotoGP is required to obtain permits for the allocation and use of radio frequencies which are necessary for event management, the operation of live camera and other equipment used in the production of live television images, such as drones and/or helicopters. Such radio frequency permits are obtained by a dedicated unit in the television production team, with assistance from the local race promoter. Typically, such permits are obtained from the relevant governmental authority responsible for licensing the use of radio frequencies and flight operations in the host country of the relevant MotoGP Event. The requirements and procedures for obtaining such permits vary by country and they may involve the completion of written formalities or the inspection by the relevant governmental authority of all equipment to be operated. Permits are typically issued subject to conditions, which MotoGP has generally been able to satisfy.

MotoGP oversees and coordinates the planning and execution of events across multiple international jurisdictions. While the responsibility for obtaining and maintaining the necessary licenses, permits, and approvals to lawfully conduct each race weekend rests with the local promoters and organizers, MotoGP supervises and ensures that all required authorizations and regulatory conditions are in place. This oversight is critical to ensuring that each event is conducted in full compliance with applicable local laws and regulations.

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The safety and medical homologation of each race track, which certifies that a circuit meets the technical, safety, and operational standards required to host a MotoGP Event or WorldSBK event, is the sole responsibility of the FIM. MotoGP and WorldSBK, as global organizers, rely on the FIM’s homologation process and ensure through supervision and coordination with local promoters that all other operational and regulatory requirements are in place to conduct the event in full compliance with applicable local laws and regulations.

Strategy

MotoGP’s goal is to strengthen brand awareness, increase global reach, expand the fan base and continue to scale the monetization of the business. Key factors of this strategy include:

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Other Minority Investments

We also own a portfolio of minority equity investments in private companies. These non-core assets may be monetized in the future, potentially through derivative and structured transactions as well as sales.

Regulatory Matters

The operations and business of Formula 1 and MotoGP are subject to European and national competition laws which require Formula 1 and MotoGP at all times to ensure its business practices and agreements are consistent with the operation of competitive markets.

Following an investigation by the European Commission (“E.C.”) into the commercialization of Formula 1 and related agreements in 1999, Formula 1 modified certain of its business practices and changed the terms of a number of its commercial contracts with Formula 1 Teams, broadcasters, promoters and the FIA. In October 2001, the E.C. issued two comfort letters to Formula 1 stating that it was no longer under investigation. Comfort letters are not binding on the E.C. and if it believes that there has been a material change in circumstances, further enforcement action could be taken. The E.C. issued a press release in October 2003 stating that it was satisfied that Formula 1 had complied with the modified practices and terms that had led to its issuing the 2001 comfort letters and that it had ended its monitoring of Formula 1’s compliance.

MotoGP’s operations, including the planning, promotion, and execution of MotoGP Events and other events, are subject to extensive regulation in the countries and jurisdictions in which it operates. MotoGP is generally required to comply with Spanish and European laws and regulations and, when hosting events in other countries, MotoGP adapts to applicable local requirements. Such regulations cover a range of areas that are critical to the safe and lawful conduct of MotoGP’s business.

Competition

With respect to Formula 1 and MotoGP, the F1 Championship and the MotoGP Championship compete with many alternative forms of entertainment, such as other sporting and live events, for television and online viewership, live event attendance and advertising and media rights opportunities. For example, Formula 1 and MotoGP compete for media rights and advertising opportunities with many forms of audio visual entertainment, other global and regional sports rights holders such as the Olympic Games, FIFA World Cup, Champions League, La Liga and Premier League, among many others.

Human Capital Resources

General

As of December 31, 2025, we had 74 corporate employees, and our consolidated subsidiaries had an aggregate of approximately 1,600 full and part-time employees. We believe that our employee relations are good.

Liberty and its subsidiaries strive to create diverse, inclusive and supportive workplaces, with opportunities for employees to grow and develop in their careers, supported by competitive compensation, benefits and health and wellness programs, and by programs that build connections between employees and their communities.

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Talent Development

Liberty fosters a strong learning culture by investing in our employees and empowering them to participate in opportunities for personal and professional growth. Some of these opportunities (which vary across our company and our subsidiaries) include tuition reimbursement for professional related coursework, executive and career coaching, paid professional seminars, paid membership in professional organizations, on-site lunch and learn educational meetings and internally led presentations on industry topics.

Diversity, Equity and Inclusion

Liberty strives to cultivate a culture that provides a sense of belonging and inclusiveness. Our Company respects diversity and the unique perspectives, ideas, skills and abilities of our employees that lead our Company to achieve better business results. To reinforce this commitment to inclusion and diversity at the corporate level, Liberty supports domestic partner benefits, paid parental leave, fertility benefits, flexible work arrangements, on-going training, mentorship for female leaders and quarterly town-hall meetings with our Chief Executive Officer.

Similarly, our subsidiaries have undertaken their own individual commitments to developing a diverse workforce. Through its efforts to develop diversity within motorsport, Formula 1 seeks to find the next generation of talent emerging from underrepresented backgrounds. Following the launch of the Formula 1 Engineering Scholarship Program in 2021, Formula 1 has supported 50 students in either their undergraduate or post-graduate engineering degrees at leading universities in the U.K. and Italy, and is in early discussions with the participating universities to extend the program beyond the 2028/2029 academic year. In 2023, Formula 1 launched the F1 Academy series, an all-female driver category, to develop and prepare young female drivers to progress to higher levels of competition. In 2025, the F1 Academy series was featured as a support race at seven Formula 1 Events. As part of a wider program of diversity and inclusion initiatives, Formula 1 has also committed to creating employment opportunities for those from disadvantaged socio-economic backgrounds by offering apprenticeships and internships across the business.

The Road to MotoGP program provides hundreds of young riders an opportunity to excel in motorcycle racing by increasing access to the sport. On track, riders have the chance to compete equally, foster their skills and learn sporting values. Off track, they also get the chance to improve their English and communication skills, and work with rider coaches and support teams.

Compensation and Benefits

Liberty and its subsidiaries aim to provide attractive compensation and benefits programs for their employees. In addition to salaries, these programs (which vary across our company and our subsidiaries) may include, among other items, bonuses, stock awards, 401(k) plans, non-qualified deferred compensation plans, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, paid parental leave, advocacy resources, flexible work schedules and employee assistance programs.

Available Information

All of our filings with the Securities and Exchange Commission (the “SEC”), including our Form 10-Ks, Form 10-Qs and Form 8-Ks, as well as amendments to such filings are available on our Internet website free of charge generally within 24 hours after we file such material with the SEC. Our website address is www.libertymedia.com.

Our corporate governance guidelines, code of business conduct and ethics, compensation committee charter, nominating and corporate governance committee charter, and audit committee charter are available on our website. In addition, we will provide a copy of any of these documents, free of charge, to any shareholder who calls or submits a request in writing to Investor Relations, Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Tel. No. (877) 772-1518.

The information contained on our website and the websites of our subsidiaries mentioned throughout this report is not incorporated by reference herein.

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