Warner Bros. Discovery (NasdaqGS:WBD) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Speaker5Ladies and gentlemen, welcome to the Warner Bros. Discovery fourth quarter and full year 2025 earnings conference call. At this time, all participant lines are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Additionally, please be advised that today's conference call is being recorded. I would now like to hand the conference over to Mr. Peter Lee, Senior Vi ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a cash flow from operations (CFFO) of EUR 12.5 billion, which was EUR 1.5 billion ahead of plan on a scenario-adjusted basis [7] - Pro forma adjusted EBIT for Q4 was EUR 2.9 billion, up 6% year-on-year, despite lower oil prices and a weaker dollar [8] - Full-year production reached 1.728 million barrels per day, 2% above guidance, with Q4 production at 1.839 million barrels per day, up 7% year-on-year [8][9] - The company reduced gross CapEx from EUR 9 billion to EUR 8.5 billion, with net CapEx on a pro forma basis lower than EUR 5 billion [7][10] Business Line Data and Key Metrics Changes - The global natural resources segment saw a 4% increase in underlying production, with a reserves replacement ratio above 160% [3] - Transition activities generated EUR 2 billion of EBITDA, with a contribution of EUR 5.8 billion from private equity firms [5] - The industrial transformation segment delivered EBIT above EUR 1 billion for the fourth consecutive year, despite a softer market [4] Market Data and Key Metrics Changes - The company discovered 900 million barrels of new resources in 2025, reaffirming its industry-leading track record [4] - The biofuel market is expected to see demand exceed 20 million in 2026, driven by regulatory changes in Europe and the U.S. [75] Company Strategy and Development Direction - The company plans to continue its focus on organic growth in upstream operations, leveraging exploration successes and partnerships [12] - The strategy remains unchanged, emphasizing operational efficiency and disciplined capital alignment [12][13] - The company is advancing its energy transition programs, including CCS, fusion, and battery storage [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges in the energy market while capturing growth opportunities [6] - The outlook for 2026 includes a focus on maintaining low gearing levels and a commitment to shareholder distributions [11][12] - Management highlighted the importance of maintaining a robust financial position to manage market cycles [6] Other Important Information - The company raised its share buyback program by 20% to EUR 1.8 billion, reflecting a commitment to enhancing shareholder returns [8][12] - The company expects to limit gross CapEx to around EUR 7 billion in 2026, with net CapEx at around EUR 5 billion [11] Q&A Session Questions and Answers Question: Outlook for the joint venture with PETRONAS - Management indicated that the joint venture is expected to contribute to production, with a target of reaching 500,000 barrels per day in the coming years [17][18] Question: CapEx guidance and deconsolidation of Indonesia - Management confirmed that the reduction in CapEx is due to optimization strategies and not a reduction in growth [25][26] Question: Biofuel trading environment in 2026 - The company anticipates a constructive development in the biofuel market, driven by regulatory changes and increased demand [75] Question: Impact of Italian energy reform - Management noted that the impact of the energy reform is slightly negative but marginal, given the company's diverse activities [50] Question: Update on offshore Libya drilling - Management confirmed that drilling is ongoing and results will be announced when available [96]

Financial Data and Key Metrics Changes - In Q4 2025, revenues were $221.7 million, a decrease from $244.6 million in Q3 2025 and an increase from $195.4 million in Q4 2024 [17] - Gross profit was $15.4 million, compared to $9.7 million in Q3 2025 and a gross loss of $65.3 million in Q4 2024 [17] - EBITDA for 2025 was $1.7 million, a significant improvement from a negative $337 million in 2024 [26] - Net loss attributable to shareholders narrowed to $170.5 million in 2025 from $345 million in 2024 [25] - Cash balance at the end of 2025 was $980 million, an increase from $551.6 million at the end of Q3 2025 [26] Business Line Data and Key Metrics Changes - Polysilicon production for Q4 2025 was 42,181 metric tons, aligning with guidance [10] - Sales volume for Q4 2025 reached 38,167 metric tons, with total sales volume for 2025 at 126,707 metric tons [6][10] - Average selling prices (ASPs) for polysilicon decreased by 7.2% from $5.66 per kilogram in 2024 to $5.25 per kilogram in 2025 [6] Market Data and Key Metrics Changes - China's newly installed solar PV capacity grew 14% year-over-year to 317 gigawatts in 2025 [14] - The overall polysilicon production volume fell by 28.4% to 1.32 million metric tons in 2025, while market prices surged more than 50% from mid-2025 lows [13] Company Strategy and Development Direction - The company aims to strengthen its competitive edge through advancements in high-efficiency N-type technology and cost optimization via digital transformation and AI adoption [14] - The focus is on transitioning from price-based competition to value-driven differentiation, supported by government initiatives to tackle overcapacity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the sector's long-term growth prospects, citing the company's position as one of the world's lowest-cost producers of high-quality N-type polysilicon [14] - The company anticipates a gradual recovery in the market, with expectations for production volumes in 2026 to be between 140,000 metric tons and 170,000 metric tons [11] Other Important Information - The company has implemented proactive measures to mitigate market oversupply, operating at a nameplate capacity utilization rate of 55% [9] - Total production costs declined by 9% to $5.83 per kilogram in Q4 2025, with cash costs reaching a record low of $4.46 per kilogram [10][11] Q&A Session Summary Question: Potential buyback strategy - Management is monitoring share repurchase as part of capital allocation strategy but is waiting for clarity on policy implementation before proceeding [31] Question: Industry consolidation outlook - Management sees recent acquisitions by peers as strategic decisions reflecting confidence in the sector and is open to opportunities that create value [34] Question: Key milestones for policy implementation - Management indicated that clarity on policy details is still pending, and further developments will be monitored closely [42] Question: Pricing outlook for Q1 and Q2 - Management expects prices to remain around RMB 53-54 per kilogram, as mandated by the Pricing Law [47][85] Question: Free cash flow expectations - Management anticipates further improvement in free cash flow in 2026, building on positive trends from 2025 [87]

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