Warner Bros. Discovery, Inc.

¶¶ Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Ladies and gentlemen, welcome to the Warner Brothers 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 Vice President, Investor Relations. You may now begin.

Good morning, and thank you for joining us for our Q4 and full year 2025 earnings call. Joining me today from Warner Brothers Discoveries Management is David Zasloff, President and Chief Executive Officer, Gunnar Wiedenfels, our Chief Financial Officer, and J.B. Perrette, CEO and President, Global Streaming and Games. This morning, we issued our earnings release, shareholder letter, and trending schedule, and these materials can be found on our website at ir.wvd.com. Today's presentation will include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include statements about the benefits of the plan separation or the proposed transaction with Netflix, future financial and operating results, future company plans, objectives, expectations, and intentions before and after the separation, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations from Warner Brothers Discoveries management and are subject to significant risks and uncertainties outside of our control that could cause actual results to differ materially from our current expectations. For additional information on factors that could affect these expectations, please see the company's filings with the U.S. Securities and Exchange Commission, including but not limited to the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K. I will turn the call over to David for some brief remarks, after which we will take your questions. Before doing so, I would kindly request that you limit your questions to topics related to our Q4 results and related business and financial topics. As noted in our shareholder letter, management will not be taking questions regarding the Netflix transaction and our discussions with Paramount Skydance. And with that, I'll turn it over to David.