FUBO

• New CEO Leadership & Strategic Priorities: New CEO Elisa Bowen, previously of Disney Streaming, outlined four core strategic pillars to drive profitable growth: 1) optimize pricing and packaging segmentation to meet modern viewer demand for flexibility and choice; 2) expand the content portfolio in partnership with existing providers to better serve the broader market; 3) develop distribution and marketing partnerships to maximize scale and audience reach for the Fubo and Hulu Plus Live TV product portfolio; 4) continue investing in AI, technology and innovation to improve the user experience and speed-to-market for new features. A full formal strategic update will be provided on the November 2026 earnings call. Co-founder and COO Alberto Horihuela will transition to a senior advisor role at the end of 2026, remaining in that position through 2027 to support strategy execution.
• Post-Merger Scale & Portfolio Positioning: FuboTV's combination with Hulu Plus Live TV (closed fall 2025) brought new scale, expanded content relationships, and access to Disney's industry-leading advertising technology, positioning the company to better monetize its full offering. Management maintains that keeping the distinct Fubo and Hulu Plus Live TV brands is a strategic advantage: Fubo has a strong sports-first identity that resonates with its core subscriber base, while Hulu Plus Live TV has a strong entertainment focus and benefits from bundling with Disney's SVOD services, attracting a broader entertainment-focused customer. This dual-brand portfolio allows Fubo to cover all points on the price-to-value curve and maximize total reach.
• Q3 2026 Operational Highlights: The 2026 World Cup delivered strong subscriber growth and engagement, particularly for Fubo's enhanced Spanish-language offerings, after Fubo renewed its partnership with NBC Universal to carry Telemundo and Universo English and Spanish-language World Cup coverage. Sequentially, the company added 25,000 subscribers in Q3, compared to a pro forma sequential decline of 250,000 in Q3 2025, a marked improvement driven in large part by the World Cup. The new ESPN Where to Watch referral integration is off to a strong start, with referred users converting from free trials to paid subscriptions at higher rates than other acquisition channels, and showing stronger early retention. Fubo has migrated its advertising inventory to the Disney ad server, achieving double-digit year-over-year increases in both CPMs and ad fill rates, and Fubo was included in Disney's advertising upfront for the first time in 2026, marking a key integration milestone. Fubo launched multi-view for the LG platform on the Fubo service in Q3 alongside other user experience improvements, and an AI-powered voice search and discovery feature is on track to launch this fall ahead of the American football season.

• For full fiscal 2026, management revised pro forma adjusted EBITDA guidance upward to a range of $90 to $100 billion yen, a $10 million increase at the lower bound of the original guidance range, and expects to deliver full year results near the upper end of the new range. Management continues to expect at least $300 million of adjusted EBITDA in fiscal 2028.
• Management continues to expect positive free cash flow for both fiscal 2027 and fiscal 2028 under the current operating plan.
• The company expects to end fiscal 2026 with more than $200 million of cash on the balance sheet.

FuboTV reports results across two geographic segments: 1. North America: Q3 2026 revenue was $1.474 billion, up from $1.074 billion in the prior year period. Pro forma prior year revenue was $1.475 billion, leaving the segment approximately flat year-over-year. The segment ended the quarter with 5.75 million total subscribers, a 2% increase from 5.63 million in Q3 2025. 2. Rest of World: Q3 2026 revenue was $7.8 million, down from pro forma prior year revenue of $8.6 million. The segment ended the quarter with 356,000 total subscribers, a 2% increase from 349,000 in Q3 2025. All results exclude the discontinued former gaming segment. Aggregate company-wide net loss for Q3 2026 was $25.7 million, improved from a $38 million net loss in the prior year. Adjusted EBITDA for the quarter was $19.1 million, compared to pro forma adjusted EBITDA of $31 million in Q3 2025. Ending cash, cash equivalents and restricted cash totaled $236.4 million.

• A potential 2027 work stoppage for MLB was noted, but management stated it is too early to speculate on impact, and is mitigating content disruption risk through a strategy of maintaining a diversified content portfolio across sports, news and entertainment to reduce reliance on any single programming category.
• Forward-looking statements related to expected growth, profitability, integration synergies and strategic plans are explicitly noted to be subject to inherent risks and uncertainties that could cause actual results to differ materially from expectations, with key risk factors detailed in the company's SEC filings.
• Carriage negotiations with content providers carry inherent trade-offs between maintaining margin, content availability, and subscriber satisfaction, with blackouts presenting a risk to user experience if negotiations stall.

Q: Should Fubo and Hulu Plus Live TV be merged into a single product, and where is AI being used across the business? / A: Management believes maintaining the two distinct brands is a strategic advantage, as Fubo has a popular sports-first identity and Hulu Plus Live TV has a strong entertainment-focused identity tied to Disney's SVOD bundles, allowing the company to reach multiple customer segments across the price-to-value curve. For AI, Fubo is using it for user-facing features including content discovery, personalization, and the upcoming voice search feature, to help users find content faster. AI is also used internally to speed product and engineering development, and to optimize customer acquisition marketing and increase creative output, driving better efficiency. Management frames AI as an accelerator for growth rather than primarily a cost-cutting tool.

Q: What are the company's current capital allocation priorities with a strengthening balance sheet and upcoming 2029 convertible notes? / A: Management notes that current cash on hand already exceeds the outstanding face value of the 2029 converts, giving the company significant financial optionality. The top priority remains continuing to invest for growth, with key investment areas including programming, marketing, technology, and product development.

Q: How is Fubo's sports package performing against new competitive offerings like YouTube TV's sports package, and what is the roadmap for multi-view on Hulu Plus Live TV? / A: Management reports the tiered sports package is performing well, with differentiated features (such as included Fox News) that resonate with subscribers, and notes multiple existing competitive advantages: Fubo has long held a differentiating edge with regional sports networks (RSNs) in local markets, while Hulu Plus Live TV has unique value from its bundled SVOD offering, and Fubo Latino provides a competitively priced option for Spanish-language sports viewers. Multi-view is already live on Fubo's LG platform, but full roadmap details for all products will be shared in November as part of the broader strategic update, with Disney planning to launch Hulu Plus Live TV integration into the Disney+ app by the end of 2026.

Q: How does Fubo plan to deepen integration with the Disney ecosystem to drive subscriber and revenue growth? / A: Early promising opportunities already underway include the ESPN marketing referral partnership, which has delivered higher conversion and retention than other channels, and Disney's upcoming Hulu integration into the Disney+ app, which will broaden the top of the funnel for all FuboTV portfolio products. On the advertising side, inclusion in Disney's upfront sales process gives Fubo access to Disney's large-scale advertiser base, and integration with Disney's ad platform has already delivered double-digit CPM and fill rate lifts, while allowing Fubo to retain its ability to offer custom advertiser integrations. Additional operating synergies and cost savings are also being realized from the combination.