Summary Q3 2025 Results¹

– Revenue of €3,021 million increased 5.3% year-over-year, or 10.2% in constant currency, with growth in all segments.

– Recorded Music revenue grew 3.6% year-over-year, or 8.3% in constant currency, Music Publishing revenue grew 8.6% year-over-year, or 13.6% in constant currency and Merchandising and Other revenue grew 9.3% year-over-year, or 15.6% in constant currency.

– Recorded Music subscription revenue grew 3.6% year-over-year, or 8.7% in constant currency, while streaming revenue declined 4.8% year-over-year, but was in line with the prior-year quarter in constant currency.

– Adjusted EBITDA of €664 million increased 6.9% year-over-year, or 11.6% in constant currency, and Adjusted EBITDA margin expanded 0.4 percentage points to 22.0%.

– Top sellers included the KPop Demon Hunters soundtrack, Mrs. GREEN APPLE, Taylor Swift, Sabrina Carpenter and Morgan Wallen.

Summary YTD Results¹

– Revenue of €8,902 million increased 6.0% year-over-year, or 8.0% in constant currency, driven by strong growth in the Recorded Music and Music Publishing segments.

– Recorded Music subscription revenue grew 6.8% year-over-year, or 8.9% in constant currency and streaming revenue grew 0.9% year-over-year, or 3.0% in constant currency.

– Adjusted EBITDA of €2,000 million increased 7.4% year-over-year, or 9.5% in constant currency, and Adjusted EBITDA margin expanded 0.3 percentage points to 22.5%.

– Top sellers included Morgan Wallen, Lady Gaga, Sabrina Carpenter, Kendrick Lamar and Mrs. GREEN APPLE.

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Universal Music Group N.V. (“UMG” or “the Company”) today announced its financial results for the third quarter and nine months ended September 30, 2025.

“As we position the company for long-term value creation, we continued to achieve strong results this quarter,” said Sir Lucian Grainge, UMG’s Chairman and CEO.  “Importantly, we continued to drive progress on our strategic plans, including our artists’ and songwriters’ creative and commercial success, our global expansion, the industry’s embrace of our responsible AI initiatives and the continued implementation of Streaming 2.0.”

Matt Ellis, UMG’s CFO, added, “We’re pleased that our strong quarter was driven by healthy results across all segments of our business: Recorded Music, Music Publishing and Merchandising.  Our double-digit growth in both revenue and Adjusted EBITDA is a reflection of the breadth and depth of our global roster, the strength of our partnerships, and the consistent execution on our strategic plan.”

UMG Results

Q3 2025 Results

Revenue for the third quarter of 2025 was €3,021 million, an increase of 5.3% year-over-year, or 10.2% in constant currency. UMG’s Recorded Music, Music Publishing and Merchandising and Other segments all contributed to the revenue growth in the quarter, as discussed further below.

EBITDA for the quarter of €594 million increased 6.8% year-over-year, or 11.7% in constant currency, and EBITDA margin was 19.7%, compared to 19.4% in the third quarter of 2024. EBITDA and EBITDA margin were impacted by non-cash share-based compensation expenses, which declined to €54 million in the third quarter of 2025, compared to €65 million in the prior-year quarter. In addition, EBITDA and EBITDA margin for the third quarter of 2025 included €16 million of U.S. listing preparation costs and certain M&A advisory costs.

Excluding these amounts, Adjusted EBITDA for the quarter was €664 million, up 6.9% year-over-year, or 11.6% in constant currency, driven by the revenue growth. Adjusted EBITDA margin increased 0.4 percentage points to 22.0%, compared to 21.6% in the prior year quarter, driven by operating leverage and cost savings, partially offset by revenue and repertoire mix.

YTD 2025 Results

For the nine months ended September 30, 2025, revenue of €8,902 million increased 6.0% year-over-year, or 8.0% in constant currency. This increase was driven by strong improvements across the Recorded Music and Music Publishing segments, as discussed further below.

EBITDA for the nine months ended September 30, 2025 of €1,808 million grew 11.2% year-over-year, or 13.6% in constant currency, and EBITDA margin was 20.3%, compared to 19.4% in the nine months ended September 30, 2024. EBITDA and EBITDA margin were impacted by non-cash share-based compensation expenses, which declined to €164 million, compared to €236 million during the first nine months of 2024. In addition, EBITDA and EBITDA margin for the nine months ended September 30, 2025 included €28 million of U.S. listing preparation costs and certain M&A advisory costs.

Excluding these amounts, Adjusted EBITDA for the nine months ended September 30, 2025 was €2,000 million, up 7.4% year-over-year, or 9.5% in constant currency. Adjusted EBITDA margin increased 0.3 percentage points year-over-year to 22.5%, driven by operating leverage and cost savings, partially offset by revenue and repertoire mix.

Recorded Music

Q3 2025

Recorded Music revenue for the third quarter of 2025 was €2,223 million, up 3.6% year-over-year, or 8.3% in constant currency. Subscription revenue grew 3.6% year-over-year, or 8.7% in constant currency, driven primarily by the growth in global subscribers. Streaming revenue declined 4.8% year-over-year, but was in line with the prior-year quarter in constant currency, as consumption continues to shift from better monetized video platforms to short-form platforms, which are not yet as well monetized. Physical revenue increased 18.4% year-over-year, or 23.1% in constant currency, driven by initial shipments of Taylor Swift’s “The Life of a Showgirl” and strength in new releases, particularly in Japan. Downloads and other digital revenue declined 7.1% year-over-year, but was in line with the prior-year quarter in constant currency. License and other revenue increased 0.9% year-over-year, or 4.1% in constant currency, due to improvements in live income. Top sellers for the quarter included the KPop Demon Hunters soundtrack, Mrs. GREEN APPLE, Taylor Swift, Sabrina Carpenter and Morgan Wallen, while top sellers in the prior-year quarter included Taylor Swift, Sabrina Carpenter, Billie Eilish, Chappell Roan and Post Malone.

YTD 2025 Results

For the nine months ended September 30, 2025, Recorded Music revenue was €6,687 million, up 5.6% year-over-year, or 7.4% in constant currency. Subscription revenue of €3,627 million grew 6.8% year-over-year, or 8.9% in constant currency. Streaming revenue of €1,048 million grew 0.9% year-over-year, or 3.0% in constant currency. Physical revenue increased 5.7% year-over-year, or 6.7% in constant currency. Downloads and other digital revenue increased 8.8% year-over-year, or 10.4% in constant currency, and included a previously disclosed settlement with an internet service provider. License and other revenue improved 5.8% year-over-year, or 7.3% in constant currency. Top sellers for the nine months ended September 30, 2025 included Morgan Wallen, Lady Gaga, Sabrina Carpenter, Kendrick Lamar and Mrs. GREEN APPLE, while top sellers for the nine months ended September 30, 2024 included Taylor Swift, Billie Eilish, Morgan Wallen, Sabrina Carpenter and Noah Kahan.

Music Publishing

Q3 2025

Music Publishing revenue of €543 million in the third quarter of 2025 grew 8.6% year-over-year, or 13.6% in constant currency.

Within Music Publishing, digital revenue grew 10.8% year-over-year, or 16.8% in constant currency, reflecting continued growth of streaming and subscription revenue as well as new business wins. Performance revenue increased 13.9% year-over-year, or 17.3% in constant currency, helped by new business wins. Synchronisation revenue decreased 1.6% year-over-year, but increased 3.3% in constant currency. Mechanical revenue declined 7.1% year-over-year, or 3.7% in constant currency.

YTD 2025 Results

For the nine months ended September 30, 2025, Music Publishing revenue of €1,667 million grew 10.5% year-over-year, or 12.5% in constant currency.

Within Music Publishing, digital revenue grew 14.2% year-over-year, or 16.5% in constant currency. Performance revenue grew 7.9% year-over-year, or 9.0% in constant currency, synchronisation revenue grew 3.2% year-over-year, or 4.9% in constant currency and mechanical revenue grew 1.3% year-over-year, or 2.6% in constant currency.

Merchandising and Other

Q3 2025

Merchandising and other revenue for the third quarter of 2025 was €259 million, up 9.3% year-over-year, or 15.6% in constant currency, driven by higher touring merchandise sales. This was partially offset by lower direct-to-consumer sales due to the timing of product releases.

YTD 2025 Results

Merchandising and other revenue for the nine months ended September 30, 2025 of €563 million decreased 2.6% year-over-year, but was in line with the prior-year in constant currency. Growth in touring merchandise sales was offset by a decline in direct-to-consumer sales.