Netflix Inc 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 : <_ALACRA_META_ABSTRACT>Obviously, Warner Bros. is a significant deal for you guys and for and for the media industry.

Question: John Hodulik - UBS AG - Analyst : Help us understand the rationale for the transaction and the benefits to both members and shareholders of the combination.

Question: John Hodulik - UBS AG - Analyst : Got it. That's clear. Regulatory approval is obviously a big question we're getting. How the market is defined is a big part of that process. How do you define the market and what gives you the confidence the deal gets approved?

Question: John Hodulik - UBS AG - Analyst : I have a feeling this might come up. 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 / 7:15PM, NFLX.OQ - Netflix Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : I was going to say how should we think about the President's recent comment?

Question: John Hodulik - UBS AG - Analyst : Makes sense. So up until this deal, the company and the strategy has been very simple and straightforward. Do all these benefits outweigh the increasing complexity you're going to experience by putting these two companies together?

Question: John Hodulik - UBS AG - Analyst : And it seems like a lot of the initiatives that you've had are reaching their, not conclusion, but you're far enough along on the ad side, you're far enough along on other business. There's more room in terms of management.

Question: John Hodulik - UBS AG - Analyst : Makes sense. Now, I realize it's early in the process, but has there been any talk about management continuity within the Warner Bros. assets, just given all the talent there?

Question: John Hodulik - UBS AG - Analyst : I mean, just pivoting on that, the combined company will have about $30 billion in combined content spend per year, making it by far the biggest spender in terms of entertainment content. How should we think about the content strategy for the company post-deal, both in terms of how the money is spent and then how the content is distributed?

Question: John Hodulik - UBS AG - Analyst : All right, so maybe pivoting away from the deal, and we'll come back to it in a bit. How would you describe the -- 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 / 7:15PM, NFLX.OQ - Netflix Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : So the plan is not to synergize.

Question: John Hodulik - UBS AG - Analyst : Makes sense. So maybe looking a little bit more near-term, how would you describe the slate for 4Q and as you look out to '26?

Question: John Hodulik - UBS AG - Analyst : Got it. Okay. So we tracked the top 10 list pretty closely, and it looks like you've had some nice momentum in non-English titles this year, even outside of Squid Games. Where do you see the most untapped potential for locally produced content that can resonate globally? And does the deal allow you to lean into that? 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 / 7:15PM, NFLX.OQ - Netflix Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : And also maybe live events. Is that is that another area that's obviously you've had a lot of success in live events --

Question: John Hodulik - UBS AG - Analyst : Exactly. I think that's a good pivot to advertising. It seems like the company upticks on advertising this quarter, saying it'll be more than double this year. What's driving that and what does the Warner Bros. deal do for that revenue?

Question: John Hodulik - UBS AG - Analyst : And has the ad server lived up to expectations, and is it driving demand? 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 / 7:15PM, NFLX.OQ - Netflix Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS AG - Analyst : I mean, the tech stack in general is is is a big strength for you -- for Netflix. How are you incorporating GenAI into the recommendation and making the product better?

Question: John Hodulik - UBS AG - Analyst : Yeah. AI in your view, make short form platforms more powerful and create more competition for Netflix in terms of engagement?

Question: John Hodulik - UBS AG - Analyst : I don't think we do. Sorry.

Question: John Hodulik - UBS AG - Analyst : So do you guys think AI enhances the value of IP and the library? I mean, over time, does it help you tell the stories better?

Question: John Hodulik - UBS AG - Analyst : Maybe quickly on video games. Are the video game efforts scaling as you expected? And are they contributing to engagement and maybe subscriber growth through churn? Just lay that out for us.

Question: John Hodulik - UBS AG - Analyst : No.

Question: John Hodulik - UBS AG - Analyst : And does the -- do the Warner Bros. assets enhance or accelerate the success in the gaming sector?

Question: John Hodulik - UBS AG - Analyst : Got it.

Question: John Hodulik - UBS AG - Analyst : That's okay. Maybe one last question on a standalone basis. How should we think about standalone Netflix content spending over the next several years? Again, on a standalone basis probably won't come into play, but your visibility in terms of margin expansion that you have right now.

Question: John Hodulik - UBS AG - Analyst : Okay. That's great. Any wrap up comments?

Question: John Hodulik - UBS AG - Analyst : Fantastic. Greg, Ted, thanks for being here. 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 / 7:15PM, NFLX.OQ - Netflix Inc at UBS Global Media and Communications Conference