FWONA/K - BUY - Updating Model; Sponsorship, Vegas and Madrid Remain 2026 Growth Drivers; Optimistic One Canceled Middle East Race Will Return

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FWONA/K - BUY - Updating Model; Sponsorship, Vegas and Madrid Remain 2026 Growth Drivers; Optimistic One Canceled Middle East Race Will Return

Media & Live Entertainment May 11, 2026

Curry Baker

curry.baker@guggenheimpartners.com FWONA/K - BUY - Updating Model; Sponsorship,

804 253 8029 Vegas and Madrid Remain 2026 Growth Drivers; Michael Morris, CFA

michael.morris@guggenheimpartners.com Optimistic One Canceled Middle East Race Will

804 253 8025

Return Charles Wilber

charles.wilber@guggenheimpartners.com

804 335 3977 Key Message: We are updating our model following FWONK/A's 1Q26 results. The

Taylor Manley company delivered revenue of $711mm and adjusted OIBDA of $181mm, compared

taylor.manley@guggenheimpartners.com to our $708mm and $239mm estimates, respectively. Our 2026 OIBDA forecast is

804 253 1336 now $1,256mm, down from $1,284mm prior. Looking ahead to this year - we remain

Grayson Glenn constructive on F1 for a number of reasons: 1) ongoing sponsorship momentum, 2)

grayson.glenn@guggenheimpartners.com Concorde operating leverage, 3) Las Vegas profitability, 4) the new Madrid race, and 5)

804 253 8053 international media rights renewals. Our model continues to exclude Bahrain and Saudi

Arabia this year - though if tension continues to ease in the region, we think one of the

races could return the first weekend of October. Our PT for FWONK/FWONA shares are

unchanged at $124/$115.

Las Vegas: We expect continued optimization of the Las Vegas cost structure this year and

a similar on-sale process to last year. We estimate the race was break-even to modestly

profitable last year, and expect profitability to grow this year. The initial on-sale process is

off to a strong start with deposits and demand tracking well above last year. We also believe