TKO Group Holdings, Inc.: 2Q26 Preview: On track for 40%+ FY26 EBITDA growth

研报英文原文证据摘录

TKO Group Holdings, Inc.: 2Q26 Preview: On track for 40%+ FY26 EBITDA growth

1.42 1.42 0 1.12

viewership). With three Numbered events and 12 total events during the quarter

Q2E 2.07 1.89 -9 1.46

(vs. four Numbered events and 11 total events a year ago), we forecast media

Q3E 1.68 1.69 0 1.22

rights revenue growth of 29% y/y, accelerating from 23% in 1Q. We expect live Q4E 1.26 1.45 15 0.77

event revenue of $42M (vs. $59M last year), reflecting the absence of gate 12/26E 6.43 6.44 0 4.27

contribution from Freedom 250 and fewer Numbered events overall. We continue 12/27E 7.57 7.53 -0 5.50

to assume a ~$30M EBITDA headwind from Freedom 250, with stronger 12/28E 9.08 9.04 -0 7.37

Partnerships monetization helping offset incremental costs. Overall, we forecast

revenue growth of 23% y/y to $513M and EBITDA growth of 10% y/y to $270M Ryan Gravett, CFA

Analyst

(Street $512M / $286M). Early 3Q results provide a positive read on demand for

ryan.gravett@ubs.com

premium events, highlighted by the record ~$25M gate for UFC 329, and we +1-212-713 3344

continue to expect UFC to deliver 30%+ revenue growth in FY26, supported by

the new rights deal, Partnerships momentum and incremental FIP contribution. John C. Hodulik, CFA

WWE: We expect 2Q results to represent the high-water mark for WWE financials john.hodulik@ubs.com

this year, with revenues of $602M and EBITDA of $358M (Street $622M / $379M), +1-212-713 4226

driven by the combination of WrestleMania and the second Saudi Arabia site fee Batya Levi

for Night of Champions. For WrestleMania, we continue to forecast solid, albeit Analyst

modestly lower, gate revenues given the event's return to Las Vegas for a second batya.levi@ubs.com

consecutive year. That said, we expect stronger Partnerships and FIP contribution +1-212-713 8824