Comcast Corp at Bank of America Media, Communications & Entertainment Conference Transcript

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

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : You've been at Universal for over 30 years and Chairman and CEO of Universal Destinations & Experiences since 2021. Pretty turbulent period and a lot of change. Prior to that you were Vice Chairman of Universal Creative, which is responsible for planning and design for Universal attractions and destinations worldwide, so kind of a very extensive background at the parks. And over that time, you've seen some transformative developments in the whole industry, particularly, there's just been so much change -- like post COVID, it feels like the market's changed. Like, there's just been this surge in growth, in attendance, in like brands and major theme parks. So what do you -- what do you think accounts for that?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So before we get specifically to Universal Theme Parks, just a general question. But what is your outlook for the theme park industry over the next, say three- to five years? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Right. And then, you just actually alluded to what would help Comcast. So over your tenure, which is probably as long as I've been following the company, Universal's had a lot of owners. I mean a couple of them come to mind, MCA, Seagram, GE, I know I'm missing like -- somebody else.

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Matsushita, and then Comcast. There's five owners. So how does being part of the Comcast umbrella benefit Universal Parks?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Okay, so now drilling down to what everyone wants to talk about, Epic. You opened in May. I think the official date was May 22. How is the initial reception and attendance trended since opening and what key metrics are you most encouraged by so far? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Are there any early KPIs that you can share like from just -- summer's just over. What have you seen so far in guest mix or per cap spending relative to the two existing Orlando parks? Is there any notable outperformance in food and beverage or merchandise?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So now that Epic Universe is open, what are the top three priorities for the next say 12 to 18 months to cement Universal Orlando? As you guys have set as a goal, a week-long destination from the current three days or so?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Well, that actually was kind of my question, my next one, which is like, do you think that it will lift the overall Orlando market? It sounds like you think there'll be some share shifts as well. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So how would you define success in year one? Is it attendance, per caps, occupancy, EBITDA contribution? Like how would you define it?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And what's the potential for Epic expansion? How long do you think it'll be before we see a sixth world, or maybe a Wicked world?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And you mentioned you do believe, given the high-quality product that you just introduced, that you will take share. Do you think that you could ultimately wind up with something approaching an equal attendance split in the market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And then turning to some of the regional parks, as you mentioned, you opened a couple of weeks ago, the Horror Unleashed in Las Vegas. You have the kids one coming in Texas. You've got another Horror, I think, planned for Chicago in '28. How do you think about the right mix between destination resorts and this kind of new category with younger kids, this regional model, horror concepts? I mean, this all seems pretty new. Are there other concepts coming? How do you think about the mix and what's coming?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So is there anything you can say about what a successful ramp looks like in year one? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Yeah.

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And how should we think about, like margins for the regional businesses today? How do they compare to the typical theme park margins?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Pretty healthy margins. What are the two highest priority DMAs for the next wave of regional products besides what you mentioned besides Chicago? I mean, are there thresholds for population, for tourism flow, land costs? Like how do you make those decisions?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So you just said there's a lot of room for expansion at Epic Universe. What's the calculation for adding capacity or new IP to that park versus like a greenfield regional or even a resort-build elsewhere?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So I'm going to get to one more question. But just on the US, like how should we think about multi-year CapEx for the US parks now that you've opened Epic?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Okay, so let's turn to Japan. Over the next three to five years, how are you prioritizing larger expansion versus capital light activations at Universal Japan versus just alternative uses of capital?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : That one in seven tourists to Japan is -- that's kind of a shocking number because in (multiple speakers) it's a little -- this is not Tokyo.

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Right? It's another plane ride away.

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : With MGM Osaka's resort slated to open in 2030, how do you think that resort will impact the overall tourism to Osaka, and how do you think about capturing like incremental demands?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Actually, before we move on to China, like -- so with the lift, this is basically like a 50% lift in visitation to Japan over the, I don't know, the next like --

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So do you think that the same, the one in seven would apply like -- do you think you'll -- is that your goal?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And do you own -- just remind us, do you own the whole park?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Okay. So on China, can you give us an update on Phase II expansion at Universal Beijing Resort? Are there specific milestones that have to be met to fully greenlight Phase II and for construction to begin?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And then just one more thing on China. But how are you balancing global IP with Chinese-specific content? There are issues with governance and how do you think about repatriation risk?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And then moving on to the UK. So I think you just finished this special development order consultation process. It's like the end of August, I think was the end date. Can you walk us through that post-consultation timetable? Is there anything that could affect the 2026 groundbreaking and the 2030 or 2031 opening? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : So can you outline the CapEx, the return price profile, the timetables? You already gave us peak year spend, even attendance?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And then, how do you mitigate UK seasonality? Like you have the same issue, I guess in China with the weather.

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Oh, right. In Japan.

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And what are the biggest differences in developing a park internationally versus either building or adding on to an existing park in the US?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Interesting. So as a live entertainment operation, theme parks are somewhat insulated from some of the harmful impacts that other areas of entertainment had to experience. What are some of the ways theme park operators can take advantage of technology to benefit the business, for instance, to improve the in-park experience by enhancing crowd management through AI tools, or what are the ways you -- what kind of -- are there other ways that you're integrating AI into the planning process?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Alright. On pricing, there's a couple of things you mentioned on pricing. How do you think about pricing and seeing price increases across your various parks? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And then you mentioned Comcast property sector. How do you prioritize using NBCU IP versus third-party licenses? I mean, obviously you have a lot of third-party like Harry Potter, but how do you think about the balance?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : And then I guess finally cause we're kind of running out of time but, are there any other paths to grow Universal Destinations and Experiences that we haven't discussed? A question I know you always get is cruise ships. Is there anything else?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : Well, one thing that Disney just announced is its opening in the Middle East, is that something like -- does that take years and years before planning?

Question: Jessica Reif Ehrlich - BofA Securities Inc - Analyst : That's great. Thank you. Obviously, it's a long growth path here. Thank you so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 6:00PM, CMCSA.OQ - Comcast Corp at Bank of America Media, Communications & Entertainment Conference