Slides
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FEBRUARY 2026
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2 FORWARD LOOKING STATEMENTS AND MARKET DATA Madison Square Garden Entertainment Corp. (the "Company“ or “MSG Entertainment”) has filed with the Securities and Exchange Commission an Annual Report on Form 10 -K for the year ended June 30, 2025 (the “Annual Report”) and Quarterly Reports (the “Quar terly Reports”) on Form 10 -Q for the quarters ended September 30, 2025 and December 31, 2025. The Annual Report and the Quarterly Repo rts contain extensive disclosure about the Company and its business, including selected historical financial information and risk factors that an investor should consider before deciding whether to invest in securities of the Company. This presentation may contain statements that constitute forward looking statements within the meaning of the Private Securit ies Litigation Reform Act of 1995. Such statements include, but are not limited to, certain expectations, goals, projections, and benefits. Words or phrases “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “pla ns,” and similar words and terms used in the discussion of future operating and future financial performance identify forward looking statemen ts. Investors are cautioned that any such forward looking statements are not guarantees of future performance or results and are subject to kno wn and unknown risks, uncertainties and other factors. Actual results, developments or events may differ materially from those in th e f orward looking statements as a result of various factors, including, but not limited to, the performance of the Company and its business and operations, its financial condition, factors affecting the industries in which it operates and the factors described in the Annual Report and the Company’s subsequent filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’ s D iscussion and Analysis of Financial Condition and Results of Operations” contained therein. Forward looking statements speak only as of the date they are made. The Company disclaims any obligation to update or revise any forward -looking statements contained herein, whether writ ten or oral, that may be made from time to time, whether as a result of new information, future developments or for any other reason , e xcept to the extent required by law. Investors should not place undue reliance on such forward -looking statements and should not regard the i nclusion of such statements as representations by the Company that its plans and objectives will be achieved or realized. Investors are f urther advised to consult any further disclosures by the Company in its subsequent filings with the Securities and Exchange Commission. Market Data This presentation also contains market data and other information based on industry publications, reports by market research firms or published independent sources. The Company believes that these external sources and estimates are reliable but has not indepe ndently verified them. Statements as to the Company’s market position are based on market data currently available to the Company. Al though the Company is not aware of any misstatements regarding the market data and other information presented herein, these estimates i nvolve inherent risks and uncertainties and are based on assumptions that are subject to change. Some market data and information is also based on the Company's good faith estimates, which are derived from management's knowledge of its industry and such independent sou rces.
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3 NON-GAAP FINANCIAL MEASURES We define AOI, which is a non -GAAP financial measure, as operating income (loss) excluding ( i) depreciation, amortization and impairments of property and equipment, goodwill and other long -lived assets, including right of use assets and related lease costs, (ii) sha re-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin -off and acquisition -related costs, in cluding merger related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) amortization for capitalized cloud computing arrangement costs , a nd (viii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan. We exclude impairments of long -lived assets, including right -of-use assets and related lease costs, as these expenses do not represent core business operating result s of the Company. We believe that the exclusion of share -based compensation expense or benefit allows investors to better track the perfo rmance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merge r, spin -off and acquisition -related transaction costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non -recurring nature, thereby enhancing comparabi lity. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the ex ecutive deferred compensation plan, provides investors with a clearer picture of the Company's operating performance given that, in a ccordance with GAAP, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are re cognized in Operating income (loss) whereas gains and losses related to the remeasurement of the assets under the executive deferred comp ensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are rec ognized in Other income (expense), net, which is not reflected in Operating income (loss). We believe AOI is an appropriate measure for evaluating the operating performance of the Company on a consolidated basis. AOI and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performanc e. Internally, we use revenues and AOI as the most important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. AOI should be viewed as a supplement to and not a substitute for operating income (lo ss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since AOI is not a measure of performance calculated in accordance with GAAP, this m easure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation from Operating In come (U.S. GAAP Basis) to AOI please refer to the appendix within this presentation.
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4 LEGENDARY BRANDS ICONIC VENUES COMPELLING OPPORTUNITIES
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OVERVIEW OF MSG ENTERTAINMENT SPIN-OFF ◼ On April 20, 2023, MSG Entertainment (NYSE: MSGE) was spun-off by Sphere Entertainment Co. ◼ ~67% of shares were distributed to shareholders, while 33% were retained by Sphere Entertainment Co. ◼ As of September 22, 2023, Sphere Entertainment Co. no longer owns any of the Company’s Class A common stock ◼ Spin-off created a pure-play live entertainment company, poised to benefit from strong demand for shared experiences 5
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6 KEY INVESTMENT HIGHLIGHTS PROFITABLE BUSINESS POISED FOR CONTINUED GROWTH ENDURING POPULARITY OF CHRISTMAS SPECTACULAR WORLD - CLASS ENTERTAINMENT VENUES LEADING PRESENCE IN NEW YORK MARKET POTENTIAL FOR ONGOING RETURN OF CAPITAL
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OUR PORTFOLIO 7
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8 90+ YEARS OF THE CHRISTMAS SPECTACULAR STARRING THE RADIO CITY ROCKETTES 35 YEAR DEALS TO HOST HOME GAMES FOR NEW YORK KNICKS & RANGERS 5 ICONIC VENUES ACROSS NEW YORK AND CHICAGO 975+ LIVE EVENTS IN FISCAL 2025 NEARLY 6 MILLION GUESTS IN FISCAL 2025
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MADISON SQUARE GARDEN “The World’s Most Famous Arena” #3 grossing venue of its size in the world 1 ~21,000 seat maximum capacity 91BILLBOARD MAGAZINE AS OF YEAR END 2025
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10 THE INFOSYS THEATER AT MADISON SQUARE GARDEN Versatile venue in central New York City location ~5,600 seat maximum capacity RADIO CITY MUSIC HALL #1 grossing venue of its size in the world 1 New York City and national landmark ~6,000 seat maximum capacity 1BILLBOARD MAGAZINE AS OF YEAR END 2025
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11 1BILLBOARD MAGAZINE AS OF YEAR END 2025 BEACON THEATRE #4 grossing venue of its size in the world 1 Iconic rock and roll landmark venue ~2,800 seat maximum capacity THE CHICAGO THEATRE #5 grossing venue of its size in the world 1 Chicago landmark ~3,600 seat maximum capacity
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12 CHRISTMAS SPECTACULAR STARRING THE RADIO CITY ROCKETTES Own the Radio City Rockettes and Christmas Spectacular brands Over 90 years as New York’s cherished holiday tradition
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13 VALUABLE REAL ESTATE HOLDINGS O U R V E N U E S VENUE MARKET SIZE NEW YORK CITY ~1.1M SQ. FT. BUILDING NEW YORK CITY PART OF THE GARDEN CHICAGO ~73K SQ. FT. BUILDING VENUE MARKET SIZE EXPIRATION NEW YORK CITY ~577K SQ. FT. BUILDING 2038 1 NEW YORK CITY ~57K SQ. FT. BUILDING 2036 2 OWNEDLEASED 1RADIO CITY MUSIC HALL’S LEASE EXPIRES IN 2038 WITH AN OPTION TO RENEW FOR AN ADDITIONAL TEN YEARS 2BEACON THEATRE’S LEASE EXPIRES IN 2036 WITH AN OPTION TO RENEW FOR AN ADDITIONAL TEN YEARS
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14 OUR BUSINESS
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LEADING PRESENCE IN NEW YORK CITY METRO AREA T H E E N T E R T A I N M E N T C A P I T A L O F T H E W O R L D 15 1NEW -YORK -NEWARK (UNITED STATES CENSUS BUREAU) 2NEW YORK CITY TOURISM + CONVENTIONS (AS OF DECEMBER 2024) 3FORTUNE 500 COMPANIES BY CITY 2024 4TRACKED BY NIELSEN RESEARCH 52024 POLLSTAR CONCERT MARKET RANKINGS (AS OF JANUARY 2025) #1 CONCERT MARKET IN THE U.S. 5 23 MILLION+ POPULATION 1 RANKED #1 OF 210 DESIGNATED MARKET AREAS 4 64 MILLION+ ANNUAL TOURISTS 2 HOME TO GREATEST # OF FORTUNE 500 COMPANIES 3
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UNMATCHED EXPERIENCES • World -class facilities and operations • Leveraging innovative technology ARTIST -FIRST APPROACH • Talent -friendly venues and service • Exclusive recurring programming • Exploring new event types ESTABLISHED RELATIONSHIPS • Deep industry connections • Promoter agnostic • Large and growing proprietary customer database • Increase venue utilization • Improve revenue and engagement across assets • Enable tailored offerings and cross - promotion to drive sell -through 16 • Grow per -event revenue and profitability • Drive repeat visitation to increase sell -through OPPORTUNITIES ESTABLISHED LEADER IN LIVE ENTERTAINMENT U N I Q U E A P P R O A C H D R I V E S B O O K I N G S U C C E S S
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THE ENDURING POPULARITY OF THE CHRISTMAS SPECTACULAR O V E R 9 0 Y E A R S A S N E W Y O R K ’ S C H E R I S H E D H O L I D A Y T R A D I T I O N 1FY 2021 PRODUCTION CANCELLED DUE TO THE IMPACT OF COVID -19 AND FY 2022 PRODUCTION RUN ENDED EARLY DUE TO OMICRON COVID -19 VARIAN T 17 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Number of Shows 204 212 215 209 210 205 204 197 200 210 199 0 101 181 193 200 215 1 1 1 1.0 1.0 1.1 1.0 1.0 1.0 1.1 1.0 1.0 1.1 1.1 0.4 0.9 1.0 1.1 1.2 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY24 FY25 FY26 PAID ATTENDANCE IN MILLIONS $84 $82 $95 $90 $93 $101 $102 $109 $114 $128 $130 $56 $132 $149 $172 $195 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY24 FY25 FY26 TOTAL REVENUE $ IN MILLIONS 1
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18 A R E N A L I C E N S E F E E C A S H P A Y M E N T S $ I N M I L L I O N S $23 $24 $25 $25 $34 $46 $61 $17 $18 $18 $19 $25 $34 $46 $40 $42 $43 $44 $59 $80 $107 FY22 FY23 FY24 FY25 FY35 FY45 FY55 Knicks Rangers ORIGINAL NBA T E A M 3% ANNUAL ESCALATORS 1 88 PRE / REGULAR SEASON GAMES PER YEAR ARENA LICENSE AGREEMENTS INCLUDE ADDITIONAL REVENUE AND PROFIT-SHARING BETWEEN THE COMPANY AND MSG SPORTS2 “ORIGINAL SIX" N H L T E A M 35 YEAR DEALS STARTING IN FY2021 VALUABLE LONG-TERM ARENA LICENSE AGREEMENTS WITH MSG SPORTS M A D I S O N S Q U A R E G A R D E N S E R V E S A S H O M E T O M A R Q U E E S P O R T S F R A N C H I S E S 1FOR ARENA LICENSE FEES UNDER THE ARENA LICENSE AGREEMENTS WITH MSG SPORTS 2INCLUDES SUITES, FOOD, BEVERAGE AND MERCHANDISE AND SHARED SPONSORSHIP AND SIGNAGE ASSETS
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STRONG MARKETING PARTNERSHIP TRACK RECORD S P O N S O R S H I P R E L A T I O N S H I P S D E L I V E R C O M P E L L I N G V A L U E INNOVATIVE MARKETING PARTNERSHIP OFFERINGS • Sought -after entertainment brands • Significant exposure in NYC • Cross -selling opportunities with MSG Sports SOLID BASE OF RECURRING REVENUE • Multi -year partnerships with blue -chip brands • History of successful renewals CONTINUING TO DRIVE GROWTH • Utilizing integrated approach to renew existing partners • Targeting emerging and underpenetrated verticals • Selectively expanding reach through outdoor signage 19
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58 LEXUS LEVEL SUITES THE MADISON CLUB EXCEPTIONAL HOSPITALITY OFFERINGS D E L I V E R I N G F I R S T- C L A S S E X P E R I E N C E S 18 INFOSYS LEVEL SUITES 20 23 EVENT LEVEL SUITES 1 SUITE SIXTEEN THE HUB LOFT WIDE ARRAY OF PREMIUM PRODUCTS • Over 100 premium hospitality offerings • Range of exclusive private spaces, first -class amenities and premier seating locations PRIME POSITIONING IN NEW YORK CITY • Primarily licensed to corporate customers • Multi -year agreements for majority of suites • Partnership with MSG Sports offers access to premium live sporting events POISED FOR GROWTH • Strength of product and content offerings bolsters ongoing renewal and new sales activity • Plan to explore enhancing and expanding offerings, creating new monetization opportunities 1Includes 22 event -level suites and one event -level club offering
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21 FINANCIAL OVERVIEW
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22 ARENA LICENSE AGREEMENTS 1 8% SPONSORSHIP, SIGNAGE, & SUITES 27% FOOD, BEVERAGE & MERCHANDISE 16% FISCAL 2025 REVENUE $942.7M 1INCLUDES OTHER REVENUE FROM LEASES AND SUBLEASES 2PLEASE REFER TO SLIDE NUMBER 3 FOR OUR DISCUSSION ON NON -GAAP FINANCIAL MEASURES AND THE APPENDIX FOR A RECONCILIATION FROM OPER ATING INCOME (U.S. GAAP BASIS) TO AOI FISCAL 2025 REPORTED FINANCIAL RESULTS TICKETING & VENUE LICENSE FEES 48% OPERATING INCOME 2 $122.1 MILLION ADJUSTED OPERATING INCOME 2 $222.5 MILLION FISCAL 2025 REVENUE $942.7 MILLION DIVERSIFIED REVENUE BASE OTHER 1%
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BALANCE SHEET SNAPSHOT P O T E N T I A L F O R O N G O I N G R E T U R N O F C A P I T A L 23 TOTAL DEBT OUTSTANDING $594M UNRESTRICTED CASH AND CASH EQUIVALENTS $157M NET DEBT $437M NET DEBT LEVERAGE 4 2.0x CAPITAL ALLOCATION PRIORITIES • Focus on debt paydown and opportunistic return of capital to shareholders • $205M Class A Shares repurchased since April 2023 1 • $45M remaining under share repurchase authorization STRONG CASH FLOW GENERATION • FY2025 AOI of $222.5M 2 • FY2025 net interest payments $45M 3 • FY2025 capital expenditures $22M • Full cash taxpayer starting in FY2026 NOTE: M REPRESENTS DOLLARS IN MILLIONS, AMOUNTS MAY NOT FOOT DUE TO ROUNDING 1INCLUDES (A) $75M IN SHARE REPURCHASES FROM SPHERE ENTERTAINMENT CO.,(B) THE REPAYMENT OF THE $65M DELAYED DRAW TERM LOAN FAC ILI TY, INCLUDING ACCRUED FEES AND INTEREST, FROM SPHERE ENTERTAINMENT CO. WITH SHARES OF CLASS A COMMON STOCK, AND (C) $65M IN OPEN MARKET SHARE REPURCHASES BETWEEN 2Q’25 AND 1Q ’26. 2PLEASE REFER TO SLIDE NUMBER 3 FOR OUR DISCUSSION ON NON -GAAP FINANCIAL MEASURES AND THE APPENDIX FOR A RECONCILIATION FROM OPER ATING INCOME (U.S. GAAP BASIS) TO AOI. 3NET OF INTEREST INCOME 4NET DEBT LEVERAGE IS CALCULATED USING FISCAL 2025 AOI OF $222.5M. FISCAL 2025 AOI INCLUDES THE NON -CASH PORTION OF OPERATING LEA SE REVENUE RELATED TO THE COMPANY’S ARENA LICENSE AGREEMENTS WITH MSG SPORTS WHICH WAS REPORTED AS $24.0 MILLION FOR FISCAL 2025. 12/31/25
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24 APPENDIX
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25 FY2025 OPERATING INCOME (U.S.GAAP) $122.1M Depreciation and amortization $57.8M Impairment of long - lived assets $11.2M Share - based compensation $27.7M Restructuring charges $1.1M Merger, spin - off and acquisition - related costs $1.5M Other 1 $1.2M FY2025 ADJUSTED OPERATING INCOME 2 $222.5M APPENDIX F Y 2 0 2 5 R E C O N C I L I A T I O N O F O P E R A T I N G I N C O M E T O A D J U S T E D O P E R A T I N G I N C O M E NOTE: M REPRESENTS DOLLARS IN MILLIONS, AMOUNTS MAY NOT FOOT DUE TO ROUNDING 1REPRESENTS AMORTIZATION FOR CAPITALIZED CLOUD COMPUTING ARRANGEMENTS AND REMEASUREMENT OF DEFERRED COMPENSATION PLAN LIABILIT IES 2PLEASE REFER TO SLIDE NUMBER 3 FOR OUR DISCUSSION ON NON -GAAP FINANCIAL MEASURES