SPHR - BUY - Updating Model; New Sphere and Content Announcements Are Key Catalysts Moving Forward

Research evidence excerpt

SPHR - BUY - Updating Model; New Sphere and Content Announcements Are Key Catalysts Moving Forward

July 13, 2026

Curry Baker curry.baker@guggenheimpartners.com SPHR - BUY - Updating Model; New Sphere and

804 253 8029 Content Announcements Are Key Catalysts Moving

Michael Morris, CFA

michael.morris@guggenheimpartners.com Forward

804 253 8025

Charles Wilber Key Message: We have updated our model, primarily adjusting estimates for MSG charles.wilber@guggenheimpartners.com Networks (which our valuation places at $0). Our AOI forecasts for SPHR are unchanged 804 335 3977

at $37mm for 2Q and $253mm for CY26. We note that our CY26 AOI estimates

Grayson Glenn continue to include ~$20-$25mm of equity awards due to stock appreciation and

grayson.glenn@guggenheimpartners.com some restructuring (which we expect to reverse out for CY27). Our outlook for SPHR

804 253 8053 remains bullish on: 1) additional SPHR announcements this year and next, 2) globally

known IP that will eventually replace WOZ, 3) a continued ramp of venue utilization

across show types and parts of the day/night, and 4) additional advertising/sponsorship

announcements. PT up to $188 (from $175 prior).

SPHR BUY

Sphere Entertainment Co. We Are Bullish On New Sphere Announcements: We believe that a significant number of

Sector: Media & Live Entertainment active discussions remain underway for both large- and small-scale Sphere projects, both

domestically and internationally. SPHR's goal is to have at least 5-6 projects underway/

Company Update announced by the end of 2027. Beyond National Harbor, we expect at least one more

Share Price $148.20 announcement this year and likely one or two in 2027. A number of markets in the U.S.