Executing on the Content Development Strategy + Wizard of Oz Ticket Sales Surpass $400M Since Inception at +3M Tickets

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Executing on the Content Development Strategy + Wizard of Oz Ticket Sales Surpass $400M Since Inception at +3M Tickets

Y26E EBITDA 322.11 322.11 the latter camp, and importantly we would not expect it to cannibalize WoZ in our

view as the show should be additive to existing show count to drive Las Vegas venue FY27E EBITDA 378.45 378.45

utilization (show is geared towards the evening given its nature); this should support Revenue (M)

the scenario of increasing unit show growth potential and providing upside to show FY Dec 2025A 2026E 2027EEQUITY

count estimates starting in 2027 for the Sphere Experience segment. Bottom line: we Q1 280.57 386.41A 399.84

still like SPHR's position in the live entertainment market due its unique asset base,

Q2 282.68 308.15 337.72 potential upside to show count, acceleration in the concert business into 2027, and

overall multiple catalyst paths ahead, which should all help drive numbers higher with Q3 262.51 295.09 330.43

expectation revisions. We maintain our Buy Rating and $190 PT. Please see inside for Q4 394.28 382.77 399.59

our take on stock performance/positioning and the catalyst path ahead. FY REV 1,220.05 1,372.42 1,467.59RESEARCH

■ Perspectives on Stock Performance and Positioning. Our investor conversations FY EV/S 3.9x 3.5x 3.2x

still point to SPHR a consensus long amongst the investor community with the FY P/S 4.5x 4.0x 3.8x

investor base expanding broadly for the better part of 2026 as new capital enters EBITDA (Adjusted)

the name. The stock is the single best performer in live entertainment up +60% YTD FY Dec 2025A 2026E 2027E

compared to the rest of the space up roughly 20%-40%. Over the past year we have

Q1 35.97 109.98A 120.70 seen the forward EV/EBITDA multiple expand from a low of 12x-13x to the +20x