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FISCAL Q3 2026 Earnings Snapshot 11 ° WARNER MUSIC GROUP © Warner Music Group 2026 Confidential
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© Warner Music Group 2026 Confidential Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. We provide reconciliations to these non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings press release, which can be found on our website at investors.wmg.com. 2 This presentation is a supplement to, and should be read in conjunction with, Warner Music Groupʼs earnings release for the quarter ended June 30, 2026.
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© Warner Music Group 2026 Confidential ● Tom Corson, Warner Records Co-Chairman and COO, promoted to COO of Warner Music Group ● Lou Dickler, Global Controller and Chief Accounting Officer, appointed Acting CFO of Warner Music Group ● Renewed deal with Apple, which completes alignment across all our major DSP partners around contractual PSM increases, giving us greater visibility into our outlook ● Acquired Sureel AI, strengthening our capabilities for protection, control, and monetization of IP and NILV ● Entered a global distribution partnership with GoDigital Music, an independent music group ROBUST GROWTH UNDERPINNED BY STRONG OPERATING PERFORMANCE ACROSS RECORDED MUSIC AND MUSIC PUBLISHING 100bps DEBT MATURITY BY YEAR 3 Q3ʼ25 Q3ʼ26 $46 $142 Operating Cash Flow Q3 2026 Metrics are presented on a year-over-year and constant-currency basis, except for operating cash flow and Adjusted EPS, which is presented on an as-reported basis. Adjusted metrics are adjusted for notable items, details of which are in the earnings press release. INNOVATIVE PARTNERSHIPS, DEALS, AND BUSINESS UPDATES 10% RM Streaming 9% Total Revenue 15% Adjusted 130bps Adj. OIBDA Q3ʼ25 Q3ʼ26 $378 $433 23.2% Margin22.2% Margin 18% Adjusted $1,864 Q3ʼ25 Q3ʼ26 $909 $1,001 $1,705 11% Adjusted 11% Adjusted 209% AS OF JUNE 30, 2026 2025 2026 2027 2028 2029 2030 2031 $371 $905 $2,603 $540 2033 $16 2050 $311 Adj. OIBDA Margin 21% Adjusted EPS $0.51 Q3ʼ25 Q3ʼ26 $0.42
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© Warner Music Group 2026 Confidential 4 9% 10% 16% Revenue Streaming Revenue Adj. OIBDA All metrics are presented on a year-over-year and constant-currency basis. Adjusted metrics are adjusted for notable items, details of which are in the earnings press release. KEY METRICS & ADJUSTED METRICS Q3 2026 11% 11% 19% 11% 14% 14% Revenue Streaming Revenue Adj. OIBDA Debuted at No. 1 on the Billboard 200 and UK Official Album Chart with ‘Confessions IIʼ BURNA BOY Topped the Billboard and Spotify global charts with Shakira on the official World Cup song “Dai Daiˮ MILEY CYRUS Global superstar signed to Atlantic Records Earned 8th UK No. 1 album with ‘The Wow! Signalʼ AMY ALLEN Contributed to “drop dead,ˮ Olivia Rodrigoʼs No. 1 song on the Billboard Hot 100 RILEY GREEN Secured her first UK No. 1 album with ‘THIS MUSIC MAY CONTAIN HOPE.ʼ QUEVEDO MADONNA MUSE Renewed global publishing deal with the 2026 Billboard Country Hitmaker of the Year RM SPOTLIGHT MP SPOTLIGHT RAYE Renewed global publishing deal with Latin Grammy-winning global superstar