Universal Music Group N.V. Reports Financial Results for the Second Quarter and Half Year Ended June 30, 2026

Universal Music Group N.V. Reports Financial Results for the Second Quarter and Half Year Ended June 30, 2026

* Revenue of €3,294 million grew 10.5% year-over-year, or 13.3% in constant currency, with the consolidation of Downtown Music Holdings ("Downtown"), pricing benefits of Streaming 2.0 agreements, strong physical and licensing and other sales, and healthy performance revenue amongst the key contributors to growth in Recorded Music and Music Publishing. * Recorded Music subscription revenue grew 14.3% year-over-year, or 16.6% in constant currency, benefitting from the consolidation of Downtown, as well as from pricing benefits of Streaming 2.0 agreements. * Adjusted EBITDA of €674 million declined 0.3% year-over-year, but increased 1.5% in constant currency driven by revenue growth, while Adjusted EBITDA margin decreased 2.2pp to 20.5% due to the consolidation of Downtown, pressure from revenue and repertoire mix in Recorded Music, and a loss in Merchandising. * Top sellers included Noah Kahan, BTS, Olivia Rodrigo, Drake and Olivia Dean. H1 2026 Results Highlights(1)