Comcast Corp at Goldman Sachs Communacopia & Technology Conference Summary

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

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : <_ALACRA_META_ABSTRACT>To kick things off, I was hoping we could talk a little bit about your growth businesses. The company generates about 60% of revenue from the growth businesses, on its way to 70% pro forma for Versant and some other asset sales. To start things off, maybe you can talk a little bit about key developments in your growth businesses, where you're focused most over the next 12 months? And how you think about shaping the company for the next decade?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : That's a fantastic overview. Let's dig into that. Let's start with Connectivity and Platforms and the changing go-to-market. As you mentioned, new internet plans with everyday pricing, everything included, five-year price guarantee, free mobile line. I wish that I lived in a Comcast market. With the broadband market, obviously, seeing a lot of evolution, changing competitive dynamics. Could you just give a little bit more detail on the current state of broadband, your initiatives there, thoughts on fiber and fixed wireless.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : That's great. And if we could dive a little bit deeper on some of your remarks around competition, the cable industry is seeing accelerating fiber passings which creates more competition on the high end, fixed wireless access is a segment that the telecom industry is investing against. You've obviously competed against fiber for a very long time. So this is not new for you. But could you talk a little bit about like what you've seen in the markets where you have competed against fiber and separately, what effort is Comcast making to mitigate some of the effects of competition at large.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Right. So there was maybe a gap in the portfolio on the value side, that's filled in, the network investments are making the product among the best quality products out there in the market today.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Maybe coming back to some of the comments you made around ARPU. Naturally when people hear the words price -- multiyear price lock guarantee, naturally there is going to be a question about what ARPU growth is going to look like. And Comcast has done a very good job of reliably delivering 3% to 4% ARPU growth over time. I know that calculus has changed a little bit. But maybe you can talk a little bit about how you think about the pricing outlook for broadband? You mentioned earlier on about wireless promos and the impact on ARPU. But if you could expand on that, that would be helpful.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Okay. Great. And let's talk a little bit about -- a little bit more around wireless. 8.5 million subscribers today, as you mentioned earlier on, 14% penetration of the Residential Broadband base. What's working in the segment? How does wireless continue to fit into the broadband strategy? Do you need owners' economics in wireless at some point in the future?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Shifting gears a little bit to Business Services. Comcast is a market leader in that segment. I think there were some leadership changes a couple of years ago that may have catalyzed more deliberate shift into enterprise and larger customers, the segments

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Relatedly, Comcast signed a business MVNO agreement with T-Mobile, I think it was to target mid-market customers. My understanding is that the Verizon MVNO had a 10-line cap, and I think this T-Mobile one reportedly has a 1,000-line cap. Could you talk a little bit about what you're hoping to achieve from this partnership? How important is having a wireless offering in going after the mid-market business opportunity?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Let's shift gears and talk about Content and Experiences. We can start with Peacock. Could you just lay out the path to profitability for Peacock, how are you going to drive continued operating leverage and growth. Obviously, the company has invested a tremendous amount in securing Marquee Sports rights. You talked about the NBA and the Olympics. So maybe you can tie that all in together and just talk about the strategic importance of those content investments for Peacock and also NBCU more broadly? 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 09, 2025 / 3:10PM, CMCSA.OQ - Comcast Corp at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : That's great. Maybe in the last couple of minutes here, we can talk about what Comcast is going to look like after the Versant spin, which is expected to happen at the end of this year? And maybe if you could tie into that an Epic Universe postmortem, that would be helpful. 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 09, 2025 / 3:10PM, CMCSA.OQ - Comcast Corp at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. It's a fantastic place to wrap it up. Mike, it's been such a privilege to have you on stage with us. And thank you for coming to the conference.