Warner Music Group Corp. · Brief

Next report

19 days

Nov 19 · before openest.Q4 FY26

Expected move

±3.0%implied · report alone

29.6931.55

straddle ±7.6%

spot 30.62exp Nov 20ATM strike 31ATM straddle 2.72IV 46%

Oct 30 closereport share · term structure

Expected move

—≥ implied

Q3 FY26±12.9%▲+1.69%×0.13

quarterimplied−15%0+15%realized×

Q3 FY26±12.9%▲+1.69%×0.13

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Nov 19 report · est.

Bull2

+10.04%change in shares held by the ten largest reporting managers13F · Jun 30 '26

335managers reporting a position in the latest quarterly filings13F · Jun 30 '26

Bear2 of 3

20.00%of revenue from the largest disclosed customer Spotify ABSEC filings

13 of 24of the largest reporting managers cut their stake in the latest quarter13F · Jun 30 '26

AI captions · Oct 26 '26once per report · top 2 per case

WMG report session

No linked exposure.

No changes.

privateThesis 0 · Decisions 0 · Observations 0

No thesis.