Liberty Live Group

At quarter end, Formula One Group had $1.3 billion of attributed cash and liquid investments, including $571 million at Formula One, $176 million at MotoGP and $78 million at Quint. Total attributed debt was $5.1 billion, including $3.4 billion at F1 and $1.2 billion at MotoGP. F1 OpCo net leverage was 3.0x, down from the initial 3.3x pro forma level, and MotoGP net leverage was 5.6x. Year-to-date through the third quarter, Formula One revenue rose 9% and adjusted OIBDA rose 15%, while MotoGP revenue increased year to date but adjusted OIBDA declined because higher motorsport costs and SG&A more than offset the revenue gain. Management did not give formal consolidated revenue or EPS guidance, but it said F1 expects leverage against the 2024 team payment percentage for full-year 2025, expects the lower F1 debt margin to begin accruing after earnings, and expects modest operating leverage under the new Concorde agreement into 2026, with more leverage potential beyond that period.

Derek Chang framed the quarter as a period of execution across Liberty’s portfolio, with the Liberty Live split-off, F1 commercial expansion and MotoGP integration all progressing. He emphasized that F1 and MotoGP are being built as global entertainment brands, not just sports properties, and said the company sees long-term upside from deeper fan engagement, commercial partnerships and expanded monetization. His tone was confident and forward-looking, especially around F1’s U.S. growth opportunity with Apple and the long runway for MotoGP.

Brian Wendling focused on the balance sheet and near-term financial setup. He cited $1.3 billion of attributed cash and liquid investments, $5.1 billion of attributed debt, F1 OpCo net leverage of 3.0x and MotoGP net leverage of 5.6x, and noted that both businesses remain in compliance with covenants. He also explained that MotoGP refinancing in August reduced rates and extended maturities, while F1’s incremental term loans helped fund the acquisition; he expects continued deleveraging at both businesses.

Analysts focused heavily on the Apple U.S. media deal, asking whether a move away from linear/ESPN could hurt reach and whether Apple could become a broader global bidder. Management argued that ‘reach’ is changing beyond the old broadcast-window definition, said Apple’s ecosystem could expand engagement rather than reduce it, and stressed the deal was made because the opportunities outweighed the risks. Questions also centered on Vegas economics, sponsorship timing, and MotoGP renewals; management said Vegas ticket sales are on track and costs are being better controlled, while MotoGP said there is strong promoter interest and 8 events still need renewal for the 2027 season.