TCFD Index

2025

TCFD Disclosure WBD Disclosures

1. Describe the climate-related risks and opportunities the

   organization has identified over the short, medium, and long term

2. Describe the impact of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning

3. Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios, including a 2°C or

To better understand our climate-related risks and opportunities and to help inform our strategy, WBD conducted a climate-related scenario analysis in 2024 to identify and assess climate-related risks and opportunities that are potentially relevant to WBD.

The analysis examined "low-carbon economy" (LCE) and "high-carbon economy" (HCE) scenarios across various future time horizons and potential impact on our business. The Intergovernmental Panel for Climate Change's (IPCC) Representative Concentration Pathway (RCP) 2.6 and International Energy Agency (IEA) Net Zero by 2050 pathways were used in an LCE scenario, and the IPCC's RCP 8.5 and IEA Stated Policies pathways were used in an HCE scenario.

Risks were evaluated over short-, medium-, and long-term time horizons, defined as follows: Short-term: 0-2 years; Medium-term: 2-5 years; Long-term: 5+ years. During the 2024 scenario analysis, the following examples of specific climate-related risks and opportunities that may impact our businesses were identified.

Category Examples Time Horizon

Extreme weather events and the increased response and/or severity of high

lower scenario

Acute

wind events (hurricanes, cyclones, tornadoes) impacting WBD's facilities, operations, and productions.

Increased scale and likelihood of wildfires impacting WBD's studio operations and product supply chain.

Long-term

Long-term

Chronic Increased scale and likelihood of heat waves leading to equipment failure and production delays for WBD.

Policy & Legal Climate regulation leading to increased operational costs and potential fines for noncompliance for WBD.

Market Higher operational costs at WBD facilities and production sites due to the lack of availability and increased prices of material inputs (e.g., energy, water).

Long-term

Medium-term

Medium-term

Opportunity Resource Efficiency Decreasing operational costs for WBD facilities and operations due to increased

energy efficiency programs.

Long-term

TCFD Disclosure WBD Disclosures

1. Describe the organization's processes for identifying and assessing climate-related risks

2. Describe the organization's

   Strategy

   processes for managing climate-related risks

   Risk Management

1. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management

   In partnership with a third party, we have compiled information on physical climate-related trends, regulatory shifts, and climate-related technologies that could potentially impact the function and operation of WBD's business, through a climate-related risks and opportunities scenario analysis. Climate risks and opportunities were identified through peer benchmarking and consultations with internal stakeholders to determine materiality, and a qualitative climate risk scenario analysis was conducted to assess and manage climate-related risks and opportunities.

   Our approach to the management of identified climate-related risks focuses on the impacts most relevant to our business and where we have the most opportunity to make progress. Climate-related risk management activities include building infrastructure resilience, investing in renewable energy, driving resource efficiency, reducing greenhouse gas (GHG) emissions, and implementing sustainable production practices.

   WBD has an Enterprise Business Resilience (EBR) program, which is designed to ensure continuity and resilience across our business operations. The EBR team collaborates with experts in business or technology to formulate strategies aimed at safeguarding vital processes and technologies.

   For more information, see the following disclosures:

   • Sustainable Workplaces

     Metrics and Targets

   • Sustainable Productions

TCFD Disclosure WBD Disclosures

1. Disclose the metrics used by

   the organization to assess climate-related risks and opportunities in line with its strategy and risk

   management process

2. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas emissions, and the related risks

   Metrics and Targets Risk Management

3. Describe the targets used by the organization to manage climate related risks and opportunities and performance against targets

We measure and report enterprise-level GHG emissions. We are committed to leveraging new technology in support of this effort, identifying emissions-reduction levers we can pursue to potentially reduce our emissions, and developing a roadmap to ensure we can manage climate-related risks and opportunities.

We measure, disclose, and seek to manage Scope 1, 2, and 3 GHG emissions and calculation methodology on an annual basis.

For more information, see our FY 2025 GHG emissions data and calculation methodology and renewable energy data, available on our website.