TKO Group Holdings Inc at UBS Global Media and Communications Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan Gravett - UBS Securities LLC - Analyst : <_ALACRA_META_ABSTRACT>So it was a big year for TKO, new rights deals at UFC and WWE. You also laid a lot of the groundwork for your venture into boxing. But as we look ahead, what are the top priorities for the company as we get into the new year?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Mark, let's start off with one of those new deals on the UFC side with Paramount Skydance, who certainly making some bold moves of late, but --

Question: Ryan Gravett - UBS Securities LLC - Analyst : Maybe you could discuss the decision to --

Question: Ryan Gravett - UBS Securities LLC - Analyst : Yes, exactly. Maybe you could talk to the decision to go with them as your new rights partner and how you think this deal positions the UFC for not just next year, but over the totality of the agreement.

Question: Ryan Gravett - UBS Securities LLC - Analyst : Got you. In terms of the broader reach and the removal of the double paywall whether that's CBS or if it ends up on HBO, who knows. But what can that do to other parts of the business? How should investors think about the benefits that it can provide?

Question: Ryan Gravett - UBS Securities LLC - Analyst : A large portion of that fan base is international outside of the US, a global sport, if you look at the athletes that are commuting. Where do you see the most opportunity to improve monetization outside the US? And how should we think about international TV rights going forward? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 5:45PM, TKO.N - TKO Group Holdings Inc at UBS Global Media and Communications Conference

Question: Ryan Gravett - UBS Securities LLC - Analyst : Lastly, on the UFC, there's a big event planned next year at the White House. Any early preview on what we should expect?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Got it. Okay. So Zuffa Boxing is also set to launch in early 2026. Can you frame the opportunity from a financial perspective, but also the broader plans you have around energizing the sport that is frankly quite fragmented today. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 5:45PM, TKO.N - TKO Group Holdings Inc at UBS Global Media and Communications Conference

Question: Ryan Gravett - UBS Securities LLC - Analyst : Got you. And just lastly on Zuffa, the JV structure today and you referenced over time getting to a 50/50 split over the next few years. Will there be updates along the way for -- from an investor standpoint so we can monitor the progress and how that asset is performing?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Great. That's great. Mark, you started the conversation with referencing on the WWE side, a lot of the industrial logic in terms of the deal coming together. I mean I think that -- we started to see that in the numbers this year in terms of sponsorships and live events. So I mean, how much runway do you see from here at the WWE?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Great. Any updates on some of the ancillary content that wasn't included in the PLE deal this time around, the library, the premium events on the NXT side.

Question: Ryan Gravett - UBS Securities LLC - Analyst : Okay. Great. Mark, a few quarters back, the sponsorship revenue line was renamed to partnerships and marketing. I think --

Question: Ryan Gravett - UBS Securities LLC - Analyst : You take a more holistic view, I think, of what you're doing with these clients. So -- and you've announced a couple of big deals recently, DoorDash, Polymarket, but how does the pipeline look as we get into the New Year?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Mark, can we go through some of the building blocks to get to that $1.2 billion? I mean, in terms of -- I don't know if there's a way to frame it in terms of pricing, renewals versus bringing on new partners versus some of these other opportunities like the advertising inventory?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Great. We can shift over to the live event side of the business. As you look across the portfolio, what are you seeing today in terms of consumer demand? Any signs of weakness along the demand curve?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Okay. There's also some big cyclical events next year at for on location, the Winter Olympics and World Cup. And if we go back to the last summer games in Paris, there were some idiosyncratic factors that impacted that. Can we expect these big events to be profitable for TKO this year or next year, excuse me?

Question: Ryan Gravett - UBS Securities LLC - Analyst : We've touched on a lot of the new revenue streams coming in next year. How should investors think about the opportunity for margin expansion versus reinvestment in the business? And then along those lines, you also have a target this year for 60% free cash flow conversion on a normalized basis, what are the puts and takes for free cash flow conversion in 2026?

Question: Ryan Gravett - UBS Securities LLC - Analyst : Maybe just to wrap it up, the capital allocation priorities for the company here, you had an accelerated share repurchase program, doubled the dividend. But what are the priorities from here? And what's the appetite around M&A, both from perhaps smaller scale acquisitions or even larger opportunities should they present themselves.

Question: Ryan Gravett - UBS Securities LLC - Analyst : Great. I think that's a great place to end it. Thanks, Mark.