The Company has presented below certain preliminary estimated financial information as of and for the three months ended June 30, 2026 based on currently available information. The Company has not finalized its results for the periods presented below. The preliminary estimated financial information presented below as of and for the three months ended June 30, 2026 is unaudited. Further, KPMG LLP, the Company’s independent public accounting firm, has not performed any procedures with respect to the preliminary estimated financial information contained below as of and for the three months ended June 30, 2026, nor have they expressed any opinion or other form of assurance on such preliminary estimated financial information or its achievability. These preliminary estimates should not be regarded as a representation by the Company as to its actual financial results for the periods presented below as of and for the three months ended June 30, 2026. The preliminary estimated financial information presented below is inherently uncertain, is subject to change as the Company completes its closing procedures and review, and the Company’s actual financial results may materially differ from such preliminary estimates.

For the three months ended June 30, 2026, consolidated revenue is estimated to have increased 10% (or 9% in constant currency) to approximately $1,864 million from $1,689 million for the three months ended June 30, 2025. Recorded Music revenue, prior to intersegment eliminations, is estimated to have increased 10% (or 9% in constant currency) to approximately $1,488 million from $1,354 million for the three months ended June 30, 2025, and Music Publishing revenue, prior to intersegment eliminations, is estimated to have increased 12% (or 11% in constant currency) to approximately $377 million from $336 million for the three months ended June 30, 2025.

For the three months ended June 30, 2026, consolidated digital revenue is estimated to have increased 11% (or 9% in constant currency) to approximately $1,251 million from $1,132 million for the three months ended June 30, 2025. Recorded Music streaming revenue is estimated to have increased 12% (or 10% in constant currency) to approximately $1,001 million from $895 million for the three months ended June 30, 2025. Recorded Music streaming revenue reflects growth in subscription revenue of 12% (or 11% in constant currency) and in ad-supported revenue of 10% (or 8% in constant currency). Music Publishing digital revenue is estimated to have increased 15% (same in constant currency) to approximately $235 million from $204 million for the three months ended June 30, 2025.

Operating income is estimated to have increased 80% to approximately $305 million for the three months ended June 30, 2026, from $169 million for the three months ended June 30, 2025. Adjusted OIBDA is estimated to have increased 16% (or 15% in constant currency) to approximately $433 million for the three months ended June 30, 2026, from $373 million for the three months ended June 30, 2025, with the period over period increase primarily attributable to strong operating performance in the quarter and savings from the Company’s restructuring plans.

EPS is estimated to have been approximately $0.39 for the three months ended June 30, 2026, compared to ($0.03) for the three months ended June 30, 2025. Adjusted EPS is estimated to have been approximately $0.51 for the three months ended June 30, 2026, compared to $0.42 for the three months ended June 30, 2025.

Cash and cash equivalents are estimated as of June 30, 2026 to have been approximately $618 million. Total consolidated indebtedness is estimated as of June 30, 2026 to have been approximately $4,710 million, which includes non-recourse indebtedness of $666 million. For the three months ended June 30, 2026, cash provided by operating activities is estimated to have increased $96 million or 209%, to approximately $142 million from $46 million for the three months ended June 30, 2025. The increase was largely a result of strong operating performance.

The Company reiterates its commitment to delivering on its financial targets of high-single-digit consolidated revenue growth, double-digit Adjusted OIBDA and Adjusted EPS growth and 50-60% operating cash flow conversion. The Company expects to deliver an Adjusted OIBDA margin increase versus the prior year at the high end of its 150-200 basis point financial target for the twelve months ended September 30, 2026.

Adjusted OIBDA and Adjusted EPS are non-GAAP measures. See the disclosure set forth below for additional information about these non-GAAP measures.