Comcast Corp - Ordinary Shares - Class A

Separation / strategy (big picture) - Comcast reaffirmed its plan to split into two independent companies (Connectivity & Platforms vs. Media/Entertainment) with a ~1-year timeline. - Management is “energized” by constituencies’ reaction and expects more focus/agility for both companies. - Key positioning theme: AI and next-gen tech require more data/bandwidth/lower latency, which Comcast believes plays to its network strengths.

Connectivity & Platforms: progress, but near-term margin pressure - Revenue +5% (pro forma) for the quarter; Adj. EBITDA -5%, driven mainly by C&P investment behind the broadband pivot and NBA cost absorption in Media. - Broadband pivot underway: simpler pricing/packaging, improved customer experience, and more aggressive wireless push (including free lines for awareness). - Broadband subscriber losses improved YoY: loss of 167k, improving by 34k YoY. - ARPU pressure continues: broadband ARPU -3.8% (including dilution from free wireless lines). - Connectivity & Platforms EBITDA -5.8% (consistent with guidance for near-term investment weighing results).

Wireless momentum (clear opportunity / key positive) - Best quarter ever: +448,000 net wireless line additions (record; second consecutive record quarter). - Early conversion traction: early cohorts converting from free to paid are described as tracking in line with expectations; company expects a significant majority to convert as roll-offs accelerate in 2H. - Scale status: 10.2M total lines; ~17% penetration of domestic residential broadband customer base, but only ~7% penetration of the total wireless opportunity in footprint. - Premium uptake improving: premium unlimited plans were about 30% of postpaid phone connects; management says premium sell-in >30% and mobile churn is down even while free line roll-off accelerates.