Comcast Corp at UBS Global Media and Communications Conference Summary

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

Question: John Hodulik - UBS AG - Analyst : Yes. Obviously, that's the big news of the last few days. Could you talk a little bit about your strategies as it related to Warner Bros. Over the last 15-20 minutes, we've heard that Paramount Skydance might not be done here with this process. Just talk about how you were thinking of them?

Question: John Hodulik - UBS AG - Analyst : Yes, perfect. Why don't we start with streaming because you brought it up and you referred to Peacock as sort of more of a domestic focus versus a global streamer, or do you need to be global? Or can you talk about how Peacock is positioned, especially given some of your recent content and sports wins.

Question: John Hodulik - UBS AG - Analyst : So you're talking about improving profitability at Peacock and for the whole media segment in general. Even with NBA?

Question: John Hodulik - UBS AG - Analyst : It doesn't sound like from this conversation that you believe that the streaming business of Peacock is subscale or the studio, I mean you don't feel like.

Question: John Hodulik - UBS AG - Analyst : And similarly on the studios side with Universal, obviously, at this point, it looks like Netflix and Warner Bros. coming together. If not, Warner Bros. and Paramount coming together, you're going to see some consolidation. Does the landscape get better for Universal as the studio both for film and TV in the environment that comes next? 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 08, 2025 / 2:45PM, CMCSA.OQ - Comcast Corp at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : Right. And then lastly, on Peacock and sort of the media business. You signed a big deal with Taylor Sheridan, NBA, obviously another big deal. I mean -- it sounds like against that, you expect profitability to improve next year. But is this the beginning of sort of additional spending that we should expect on the Peacock side just to scale up the business?

Question: John Hodulik - UBS AG - Analyst : That's great. I think that's a great summary of NBCU. So let's switch over to connectivity, if we could. You got new leadership in that business. What's the main focus of the new team over the next 12 months? And can you talk about just some of the changes we should expect to see?

Question: John Hodulik - UBS AG - Analyst : Got it. Can you give us an overview on what you're seeing now in terms of the competitive environment? Have things worsened, stayed the same or what are you seeing in the field?

Question: John Hodulik - UBS AG - Analyst : Yes. And in conjunction with that, you guys announced on the call that you would not be taking a price increase in the first half of '26. How will that impact trends in the first half of the year? And how do you see the year unfolding?

Question: John Hodulik - UBS AG - Analyst : Got it. Speaking of wireless. So could you talk a little bit about the strategy? Is it helping on the retention side or in terms of new acquisitions? And if you could comment on the profitability you're seeing in that segment?

Question: John Hodulik - UBS AG - Analyst : Is that a big initiative for '26. I mean, should we sort of lot of people out here are wireless investors. I mean.

Question: John Hodulik - UBS AG - Analyst : Right? Maybe we segue real quick to the business market. First of all, you guys signed an MVNO with T-Mobile to contact the business market in wireless. How big of an opportunity is that maybe as a stand-alone business? And how do you expect it to impact the business segment?

Question: John Hodulik - UBS AG - Analyst : Just lastly on the connectivity side. Just the relationship with Verizon, there's a lot of people that I think that -- it renews here in January. Just how is that relationship? And are they serving your needs?

Question: John Hodulik - UBS AG - Analyst : Great. And in the couple of minutes we have here just sort of some higher-level questions. Can you talk about your confidence about getting back to revenue and EBITDA growth in the second half, maybe on a consolidated basis?

Question: John Hodulik - UBS AG - Analyst : That contract is better right? More and more revenues against a straight line expense is correct?

Question: John Hodulik - UBS AG - Analyst : Great. And then a couple of quick questions on capital allocation. Maybe first on the comp, the cable side. The network upgrades are almost done. Have we seen peak CapEx? And what's the company's appetite for more fiber upgrades? 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 08, 2025 / 2:45PM, CMCSA.OQ - Comcast Corp at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : Perfect. That was a great wrap up.