Warner Music Group — Nov 20, 2025 release

REPORTS RESULTS FOR FISCAL FOURTH QUARTER AND FULL YEAR ENDED SEPTEMBER 30, 2025 Financial Highlights • Quarterly Revenue Reaches an All-Time High, Underpinned by Double-Digit Growth Across Recorded Music and Music Publishing • Market Share Gains Drive Sequential Acceleration in Recorded Music Streaming Growth, Led by High-Single Digit Growth in Subscription Streaming • Music Publishing Performance Reflects Broad-Based Strength Highlighting Strong Second Half Improvement • 2026 Outlook Supported by Healthy Music Industry Trends and Strategy to Accelerate Growth, with Cost Savings Expected to Contribute 150 to 200 Basis Points of Margin Improvement For the three months ended September 30, 2025 • Total revenue increased 15%, or 13% in constant currency • Digital revenue increased 8%, or 6% in constant currency • Net income was $109 million versus $48 million in prior-year quarter • Adjusted OIBDA increased 15% to $405 million versus $353 million in prior-year quarter (or 12% in constant currency) • Cash provided by operating activities decreased 24% to $231 million from $304 million in prior-year quarter For the twelve months ended September 30, 2025 • Total revenue increased 4%, the same in constant currency • Digital revenue increased 3%, the same in constant currency • Net income was $370 million versus $478 million in prior year • Adjusted OIBDA increased 1% to $1,443 million versus $1,432 million in prior year (the same in constant currency) • Cash provided by operating activities decreased 10% to $678 million from $754 million in prior year NEW YORK, New York, November 20, 2025—Warner Music Group Corp. today announced its fourth-quarter and full-year financial results for the periods ended September 30, 2025. "With our artists and songwriters hotter than ever, market share gains drove our quarterly