EX-99.23tko-ex99_2.htmEX-99.2 EX-99.2

Exhibit 99.2

February 25, 2026

HISTORICAL FINANCIAL INFORMATION – BASIS OF PRESENTATION

TKO Transaction

On February 28, 2025, TKO Group Holdings, Inc. (“TKO” or the “Company”) completed the acquisition (the “Asset Acquisition”) of certain businesses operating under the IMG brand (“IMG”), On Location, and Professional Bull Riders (“PBR”) (collectively referred to as the “Acquired Businesses”).

On September 12, 2023, World Wrestling Entertainment, Inc. (“WWE”) and Endeavor Group Holdings, Inc. consummated the combination of the Ultimate Fighting Championship (“UFC”) and WWE businesses under the newly formed company, TKO (referred to as the “TKO Business Combination”).

Basis of Presentation and Purpose of Historical Financial Information

T1TKO’s February 28, 2025 acquisition of the Acquired Businesses was treated as a merger of entities under common control. As a result of the common control acquisition, the net assets of the Acquired Businesses were combined with those of TKO at their historical carrying amounts, and the financial information herein has been retrospectively recast on a combined basis for all historical periods prior to February 28, 2025, because they were under common control for all periods presented herein.

The presentation of the historical information provided herein for WWE for periods prior to October 1, 2023 is for illustrative purposes only and is intended to facilitate an understanding of WWE’s historical operating results prior to the consummation of the TKO Business Combination.

The financial information provided herein is not indicative of the results of operations that would have been achieved if the Asset Acquisition or the TKO Business Combination had occurred on January 1, 2023, nor is it indicative of future results of TKO.

Reporting Segments

In conjunction with the Asset Acquisition, the Company evaluated its segment presentation and, beginning with the fiscal period as of and for the quarter ended March 31, 2025, T2the Company reports under three business segments (UFC, WWE, and IMG). In addition, the Company reports results for the “Corporate and Other” group.

UFC

The UFC segment reflects the business operations of UFC, a premium global sports brand and media content company. T3Revenue principally consists of media rights fees associated with the distribution of its programming content; T4ticket sales and site fees associated with the business’s global live events; partnerships and marketing; and consumer product licensing agreements of UFC-branded products.

WWE

The WWE segment reflects the business operations of WWE, an integrated media and sports entertainment company. Revenue principally consists of media rights fees associated with the distribution of its programming content; ticket sales and site fees associated with the business’s global live events; partnerships and marketing; and consumer product licensing agreements of WWE-branded products.

IMG

The IMG segment reflects the business operations of the IMG business and On Location. The IMG business is an independent global distributor of sports programming selling media rights on behalf of rights holders and is a producer of sports programming, responsible for content on behalf of sports federations, associations and events. On Location is a premium experiential hospitality business, offering ticketing, curated guest experiences, live event production and travel management services across sports and entertainment. Revenue principally consists of media rights sales, commissions, production services and studio fees; ticket and premium experience sales; and partnerships and marketing.

Corporate and Other

Corporate and Other reflects operations not allocated to the UFC, WWE, or IMG segments and primarily consists of general and administrative expenses, the business operations of PBR, as well as management and promotional fees for services primarily related to boxing. The general and administrative expenses largely relate to corporate activities, including information technology, facilities, legal, human resources, finance, accounting, treasury, investor relations, corporate communications, community relations and compensation of TKO’s management and board of directors, which support all reportable segments. PBR revenue principally consists of media rights fees associated with the distribution of its programming content; ticket sales associated with the business’s global live events; partnerships and marketing; and consumer product licensing agreements of PBR-branded products.

Rounding

Information presented herein may not sum down or across due to minor rounding differences.

TKO Group Holdings, Inc.(1)

REVENUES – BUSINESS SEGMENT DETAIL

($ in millions; Unaudited)

2024

2025

Full Year

2023 (2)

2024

2025

Revenues:

UFC

Media rights, production and content

$214.5

$250.6

$216.3

$198.0

$224.1

$260.5

$200.5

$222.6

$870.6

$879.4

$907.7

Live events and hospitality

35.3

69.1

51.4

64.6

58.6

58.5

43.6

72.2

167.9

220.4

232.9

Partnerships and marketing

48.6

61.7

74.0

67.1

64.3

85.8

70.8

93.4

196.3

251.4

314.3

Consumer product licensing and other

14.6

13.0

13.2

14.2

12.7

11.1

10.3

13.2

57.4

55.0

47.3

Total UFC

$313.0

$394.4

$354.9

$343.9

$359.7

$415.9

$325.2

$401.4

$1,292.2

$1,406.2

$1,502.2

WWE

Media rights, production and content

$221.1

$260.7

$227.4

$156.3

$251.6

$278.9

$248.9

$221.2

$882.9

$865.5

$1,000.6

Live events and hospitality

50.2

144.1

51.1

93.1

76.3

185.7

82.5

68.3

262.4

338.5

412.8

Partnerships and marketing

13.8

24.7

21.7

22.8

25.6

58.3

39.9

35.8

69.3

83.0

159.6

Consumer product licensing and other

31.6

27.3

26.1

38.0

33.3

30.8

34.3

111.8

111.1

136.4

Total WWE

$316.7

$456.8

$326.3

$298.3

$391.5

$556.2

$402.1

$359.6

$1,326.4

$1,398.1

$1,709.4

IMG

Media rights, production and content

$177.5

$172.5

$185.3

$185.9

$161.3

$163.4

$185.1

$163.0

$692.2

$721.2

$672.8

Live events and hospitality

353.1

128.2

610.2

65.3

288.5

132.1

138.3

52.4

650.6

1,156.8

611.3

Partnerships and marketing

13.0

14.5

29.8

16.0

22.3

7.9

10.3

28.5

79.1

73.3

69.0

Consumer product licensing and other

6.1

4.4

3.8

4.6

4.2

3.2

3.0

3.8

15.2

18.9

14.2

Total IMG

$549.7

$319.6

$829.1

$271.8

$476.3

$306.6

$336.7

$247.7

$1,437.1

$1,970.2

$1,367.3

Corporate & other

Media rights, production and content

$6.2

$6.3

$21.3

$(1.5)

$3.3

$4.7

$9.8

$6.3

$15.9

$32.3

$24.1

Live events and hospitality

30.0

18.9

15.0

11.4

33.4

18.4

12.3

81.5

75.3

82.5

Partnerships and marketing

10.9

9.9

8.2

12.1

11.7

12.4

9.4

26.4

37.2

45.6

Consumer product licensing and other

5.1

5.8

9.6

5.0

5.6

9.8

22.7

8.8

8.2

25.5

46.9

Total Corporate & other

$52.2

$40.9

$54.1

$23.1

$54.4

$44.6

$63.3

$36.8

$132.0

$170.3

$199.1

Eliminations

(9.2)

(18.5)

(23.7)

(9.2)

(13.1)

(14.9)

(7.4)

(19.3)

(60.6)

(42.8)

Total TKO

$1,222.4

$1,193.2

$1,540.7

$927.9

$1,268.8

$1,308.4

$1,119.9

$1,038.1

$4,884.2

$4,735.2

(1)

The information herein is for illustrative purposes based on the historical financial information of UFC, WWE, IMG, On Location, and PBR.

(2)

The presentation of the historical information provided herein for WWE for the periods prior to October 1, 2023 is intended to facilitate an understanding of WWE's historical operating results prior to the consummation of the TKO Business Combination.

TKO Group Holdings, Inc.(1)

ADJUSTED EBITDA – SEGMENT DETAIL

($ in millions; Unaudited)

2024

2025

Full Year

2023 (2)

2024

2025

Adjusted EBITDA (3):

UFC

$195.1

$231.9

$195.6

$178.4

$227.4

$244.8

$165.6

$213.2

$755.7

$801.0

$851.0

WWE

140.2

251.3

175.3

114.3

193.9

329.8

207.8

165.0

533.1

681.1

896.5

IMG

81.3

(91.2)

(54.2)

16.1

73.5

29.0

61.4

(3.9)

121.1

(48.0)

160.0

Corporate & other

(77.7)

(91.2)

(90.5)

(92.8)

(77.4)

(77.1)

(74.6)

(93.1)

(278.7)

(352.2)

(322.2)

Total TKO

$338.9

$300.8

$226.2

$216.0

$417.4

$526.5

$360.2

$281.2

$1,081.9

$1,585.3

(1)

The information herein is for illustrative purposes based on the historical financial information of UFC, WWE, IMG, On Location, and PBR.

(2)

(3)

The performance of our segments is evaluated primarily based on Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure and the Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company's segments, including content production asset amortization.

TKO Group Holdings, Inc.

NET LEVERAGE

($ in millions; Unaudited)

T5We present net leverage and net debt, which are not recognized financial measures under GAAP, because we believe it assists investors and analysts in monitoring our leverage and evaluating the balance sheet. Net leverage and net debt should not be considered as alternatives to cash and cash equivalents and debt. We define “net debt” as total debt principal net of cash and cash equivalents. We define “net leverage” as net debt divided by Adjusted EBITDA.

The following is a reconciliation of net debt and net leverage to the most directly comparable GAAP financial measure for the period presented. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is available in our earnings release issued on February 25, 2026. A reconciliation of the Company’s net leverage guidance to the most directly comparable GAAP financial measure cannot be provided without unreasonable efforts and is not provided because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, the amounts of which, could be material.

As of

December 31,

2025

Total debt (1)

3,783.2

Less: Cash and cash equivalents

831.1

Net Debt

2,952.1

Adjusted EBITDA (2)

1,585.3

Net Leverage

1.9

Notes:

(1) Represents principal debt outstanding.

(2) Represents Adjusted EBITDA for the trailing twelve month period.

Mentions · how they’re counted

Category	Underlined	Word counter
AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM	0	0
Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring	1	—
Recession recession, downturn, contraction, slowdown	0	0
Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy	0	0
Buybacks share repurchase, buyback program	0	—

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Source: SEC EDGAR · public domain · Highlights by Palanor