Warner Bros. Discovery, Inc. — Director's Dealing 2026

Feb 27, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Warner Bros. Discovery, Inc. (WBD)
CIK: 0001437107
Period of Report: 2026-02-24

Reporting Person: Zeiler Gerhard (President, International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-24	Series A Common Stock	A	191102	—	Acquired	1191492	Direct
2026-02-24	Series A Common Stock	A	341298	—	Acquired	1532790	Direct

Footnotes

F1: These shares represent PRSUs originally granted to the reporting person ("RP") on 3/1/2023. On 2/26/2024, based on WBD's 2023 free cash flow performance, the WBD Compensation Committee
("CC") determined that target performance had been achieved and the RP filed a Form 4 reporting 192,062 shares (100% of target) as earned. This 3/1/2023 grant was also subject to a 3-year TSR
modifier. On 2/24/2026, based on WBD's TSR performance relative to the S&P 500 M&E Index over the 2023-2025 period, the CC certified that the 3/1/2023 grant should vest at 199.5% of target (for
an aggregate of 383,164 shares). This Form 4 is reporting the incremental 191,102 shares as earned.

F2: These shares represent PRSUs granted to the RP on 3/1/2024 and were earned based solely on WBD's 2024 and 2025 free cash flow ("FCF") performance in relation to a pre-established target. On
2/24/2026, the CC certified that WBD's 2025 FCF performance was significantly above the established target, resulting in these PRSUs being earned at 200% of target.