MSGE - BUY - Solid F3Q Results, Robust Outlook for FY27; June Penn Station Announcement; Thesis Affirmed -Iconic Assets, Secular Tailwinds, and Penn Station Optionality

Research evidence excerpt

MSGE - BUY - Solid F3Q Results, Robust Outlook for FY27; June Penn Station Announcement; Thesis Affirmed -Iconic Assets, Secular Tailwinds, and Penn Station Optionality

May 13, 2026

Curry Baker curry.baker@guggenheimpartners.com MSGE - BUY - Solid F3Q Results, Robust Outlook

804 253 8029 for FY27; June Penn Station Announcement; Thesis

Michael Morris, CFA

michael.morris@guggenheimpartners.com Affirmed -Iconic Assets, Secular Tailwinds, and Penn

804 253 8025 Station Optionality Charles Wilber

charles.wilber@guggenheimpartners.com

804 335 3977 Key Message: We have updated our model for MSGE's F3Q26 earnings and

Taylor Manley management's outlook for the rest of FY26. Revenue of $246mm was in-line with

taylor.manley@guggenheimpartners.com our $244mm estimate, as was AOI of $46mm compared to our $43mm. The quarter

804 253 1336 benefited from significant growth at the Madison Square Garden and to a lesser extent

the final Christmas Spectacular performances. We forecast FY26 AOI of $250mm (up Grayson Glenn

grayson.glenn@guggenheimpartners.com 12% y/y), and FY27 AOI of $295mm (up 18% y/y). Our robust outlook for FY27 is

804 253 8053 informed by continued momentum at the Christmas Spectacular and a 30-show Harry

Styles residency at The Garden. Our fundamentally positive view on MSGE shares

remains unchanged underpinned by: 1) robust secular tailwinds for live entertainment (as

evidenced by the residency), 2) iconic anchor assets in the U.S.'s largest media market

MSGE BUY -PTNY,up3)tocontinued$82 from $76.stock repurchases, and 4) ongoing optionality around Penn Station.

Madison Square Garden Entertainment

Corp. Penn Station: We expect an announcement around Penn Station in the coming weeks with Sector: Media & Live Entertainment