Formula One Group (FWONA) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Geopolitical and operational outlook

• Closely monitoring Middle East geopolitical developments with contingency plans for upcoming races in Bahrain, Jeddah, and Qatar; more definitive updates expected soon.

• Current operations, including the season-opening race in Melbourne, are proceeding as planned.

Strategic structure and M&A approach

• Recent Liberty Live spin-off has simplified the company, now focused on Formula One and MotoGP as core assets.

• M&A strategy remains opportunistic but disciplined, with a focus on comparable sports and entertainment businesses where value can be added.

• John Malone’s transition to chairman emeritus has negligible day-to-day impact; ongoing strategic dialogue continues.

Formula One business performance and growth drivers

• 2025 revenues up 14% and adjusted OIBDA up 20%, driven by media rights, sponsorship, and race promotion.

• Recent media rights renewals in the U.S., Brazil, Japan, Australia, Latin America, and Southeast Asia with strong partners.

• Race promotion growth supported by new and renewed deals, increased hospitality inventory, and high demand from cities.

• Sponsorship growth fueled by new global partners (LVMH, Lego, Pepsi, Disney, Standard Chartered, Salesforce) and early renewals.