Discovery Limited (DCYHY) Q2 2026 Earnings Call Transcript

Adrian Gore
Founder, Group Chief Executive & Executive Director

Good morning. It’s really a wonderful pleasure and an honor for me, as always, to present Discovery’s interim results to 31 December 2025 this morning. I appreciate your time. We should spend, I guess, about an hour on the results. I’m joined by our Group CFO, Deon Viljoen, who is with me here. David Danilowitz, who is Head of our Investor Relations and Strategy, will anchor later the Q&A session and all of our key executives are online who will take questions. So once again, thanks from all of us for your time, and I hope we give you insight into what has been a very, very good period for our group.

So let me begin by just showing the numbers. I think they are hopefully self-evident. It has been an excellent, strong and robust period for our group. You can see normalized operating profit up 24%, normalized headline earnings up 27%, new business up 12%, and I’ll take you through obviously a lot of that through the presentation.

I thought, obviously, to provide some context, it’s almost axiomatic to say that we live in a complex and changing and volatile environment. But certainly, 2 dramatic forces are shaping virtually everything we do and to an extent, how things play out going forward will be determined by these 2 very substantial