26404509 2025-01-01 2025-12-31 26404509 2025-01-01 2025-12-31 1 26404509 2025-01-01 2025-12-31 1 26404509 2025-01-01 2025-12-31 2 26404509 2025-01-01 2025-12-31 3 26404509 2024-01-01 2024-12-31 26404509 2025-12-31 26404509 2024-12-31 26404509 2024-01-01 d:ContributedCapitalMember 26404509 2024-01-01 d:RetainedEarningsMember 26404509 2024-01-01 2024-12-31 d:RetainedEarningsMember 26404509 2025-01-01 d:ContributedCapitalMember 26404509 2025-01-01 d:RetainedEarningsMember 26404509 2025-01-01 2025-12-31 d:RetainedEarningsMember 26404509 2025-12-31 d:ContributedCapitalMember 26404509 2025-12-31 d:RetainedEarningsMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 26404509 TURNER BROADCASTING SYSTEM DENMARK ApS H.C. Andersens Boulevard 1 1553 København V 2002-01-01 Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Danmark +45 39 45 39 45 2026-06-25 Christina Sulebakk Khawaja Regnskabsklasse B Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion true true 2026-06-25 2026-06-25 CaseWare Working Papers Today, the Executive Board has discussed and approved the annual report of TURNER BROADCASTING SYSTEM DENMARK ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Christina Sulebakk Khawaja Managing Director Jesper Steenberg Director Nicholas Mark Townsend Evans Director To the shareholder of TURNER BROADCASTING SYSTEM DENMARK ApS We have performed an extended review of the Financial Statements of Turner Broadcasting System Denmark ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner's responsibilities for the extended review of the financial statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion.An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained.An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Management is responsible for the Management's Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our extended review of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup Malene Hvidt Haslund State Authorised Public Accountant mne49078 TURNER BROADCASTING SYSTEM DENMARK ApS is a subsidiary of Warner Bros. Discovery Inc. (Nasdaq: WBD). Warner Bros. Discovery is a premier global media and entertainment company with a differentiated and complete portfolio of content, brands and franchises across television, film, streaming and gaming. The main activity of the company is to distribute Cartoon Network, Boomerang, CNN, Toonix and TNT both digitally and linear. The income statement for 2025 shows a profit of DKK 1,867,995 against a profit of DKK 2,919,713 last year, and the balance sheet at 31 December 2025 shows equity of DKK 45,424,670. In January 2026, WBD inc., the ultimate parent company, entered into an amended and restated agreement and plan of merger, by and among the Company, Netflix, Inc. (“Netflix”), Nightingale Sub, Inc., a wholly owned subsidiary of Netflix, and New Topco 25, Inc., a wholly owned subsidiary of WBD (the “Netflix Merger Agreement”), under which Netflix would have acquired the Streaming and Studios segments (subject to certain deviations) and certain other assets and liabilities, including the Company’s film and television studios, HBO Max, and HBO, following the separation and distribution of Discovery Global to the Company’s stockholders (the “Separation Transaction”).Following the board of directors’ determination that it had received a “Company Superior Proposal,” as defined in the Netflix Merger Agreement, from Paramount Skydance Corporation (“PSKY”) and Netflix’s waiver of its right to propose revisions to the Netflix Merger Agreement, on February 27, 2026, in accordance with the terms of the Netflix Merger Agreement, the Company terminated the Netflix Merger Agreement in connection with entering into the PSKY Merger Agreement. In connection with the termination of the Netflix Merger Agreement, PSKY, on behalf of the Company, paid Netflix a termination fee of $2.8 billion in cash (the “Netflix Termination Fee”) as required by the terms of the Netflix Merger Agreement.On February 27, 2026, the Company entered into an agreement and plan of merger, by and among the Company, PSKY, and Prince Sub Inc., a wholly owned subsidiary of PSKY (“Merger Sub”) (as may be amended from time to time, the “PSKY Merger Agreement”), pursuant to which and subject to the terms and conditions therein, at the effective time, Merger Sub will merge with and into WBD, with WBD surviving as a wholly owned subsidiary of PSKY (the “PSKY Merger”). WBD shareholders approved the PSKY Merger on April 23, 2026.The completion of the PSKY Merger remains subject to the receipt of required regulatory approvals and other customary closing conditions. In addition, PSKY’s obligation to consummate the PSKY Merger is subject to WBD not having completed the separation of its Streaming & Studios business from its Global Linear Networks business, nor having declared or made any dividend to WBD’s stockholders to effectuate the separation. There can be no assurance that the PSKY Merger will occur in accordance with the expected plans or anticipated timeline, or at all.For more details, please refer to the SEC filing : https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001437107&owner=exclude&count=40&hidefilings=0No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 4720884 8809216 2229862 4383522 2491022 4425694 501065 1976819 597221 2410497 2394866 3992016 526871 1072303 1867995 2919713 1867995 2919713 8366590 12235403 18920733 19267847 189136 81644 680788 502119 31728 0 28188975 32087013 38119639 54969497 66308614 87056510 66308614 87056510 125000 125000 45299670 43431675 45424670 43556675 334970 1040546 18926419 38186404 634363 1143875 331085 3032687 657107 96323 20883944 43499835 20883944 43499835 66308614 87056510 125000 40511962 2919713 125000 43431675 1867995 125000 45299670 The annual report of TURNER BROADCASTING SYSTEM DENMARK ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash and cash equivalents comprise cash at bank and on hand. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Other liabilities are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. 2160114 4086944 67174 281928 2574 14650 2229862 4383522 2 5 202508 0 298557 1976819 634363 1143875 -107492 -36563 0 -35009 Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Warner Bros. Discovery Group (“the Group”) operates. The legislation was effective for the Group’s financial year beginning 1 January 2024. The Group has performed an assessment of its potential exposure to Pillar Two taxes for 2025 for the constituent entities in the Group. The Pillar Two effective tax rates in most of the jurisdictions in which the Group operates is above 15%. In accordance with Article 8.2 of the OECD Pillar Two model rules, if a jurisdiction meets the Transitional Country-by-Country Report (CbCR) Safe Harbour during the transition period (covering all fiscal years starting in 2024 through to 2026), it deems the jurisdictional top-up tax to be zero. For 2024 and 2025, Denmark met the Transitional CbCR Safe Harbour, thus Turner Broadcasting System Denmark ApS has no 2025 Pillar Two top-up tax assessed. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS12 issued in May 2023. The deferred tax assets primarily relate to timing differences in respect of tangible assets, deferred income and provisions. Based on a long-term budget for the next 3 years, it is the management's expectation that the Company can take full advantage of the deferred tax asset, and the tax asset is therefore recognised at 100%. Other contingent liabilities The Company is jointly taxed with its sister, Discovery Networks Denmark ApS, which acts as management company of the joint taxation group, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2022 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment on or after 8 April 2022. The Company has not provided any security or other collateral in assets at 31 December 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Warner Bros. Discovery, Inc.230 Park Avenue South, New York, New York, 10003, USACan be retrieved on: https://ir.wbd.com/financials/annual-reports-and-proxies/default.aspx