Universal Music Group N.V. Reports Financial Results for the Second Quarter and Half Year Ended June 30, 2025
Universal Music Group (OTC:UNVGY) reported strong Q2 2025 financial results with revenue reaching €2,980 million, up 4.5% in constant currency. The company demonstrated solid performance across key metrics, with Adjusted EBITDA increasing 4.2% to €676 million and margin expanding to 22.7%.
For H1 2025, UMG achieved revenue of €5,881 million, a 6.9% constant currency increase, driven by growth in Recorded Music (+7.0%) and Music Publishing (+12.1%). The company reported EPS of €0.78, up from €0.50 in H1 2024, and declared an interim dividend of €0.24 per share.
Key performance highlights include subscription revenue growth of 8.4% in H1 2025, while streaming revenue increased 3.8%. The company's top performers included Morgan Wallen, Lady Gaga, and Sabrina Carpenter.
Universal Music Group (OTC:UNVGY) ha riportato solidi risultati finanziari per il secondo trimestre 2025, con ricavi pari a 2.980 milioni di euro, in crescita del 4,5% a valuta costante. L'azienda ha mostrato una performance robusta nei principali indicatori, con un EBITDA rettificato in aumento del 4,2% a 676 milioni di euro e un margine che si è ampliato al 22,7%.
Per il primo semestre 2025, UMG ha raggiunto un fatturato di 5.881 milioni di euro, con un incremento del 6,9% a valuta costante, trainato dalla crescita della Musica Registrata (+7,0%) e dell'Editoria Musicale (+12,1%). L'azienda ha registrato un utile per azione (EPS) di 0,78 euro, rispetto a 0,50 euro nel primo semestre 2024, e ha dichiarato un dividendo intermedio di 0,24 euro per azione.
I principali indicatori di performance includono una crescita delle entrate da abbonamenti dell'8,4% nel primo semestre 2025, mentre i ricavi da streaming sono aumentati del 3,8%. Tra gli artisti di punta della società figurano Morgan Wallen, Lady Gaga e Sabrina Carpenter.
Universal Music Group (OTC:UNVGY) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos que alcanzaron los 2.980 millones de euros, un aumento del 4,5% en moneda constante. La compañía mostró un desempeño sólido en métricas clave, con un EBITDA ajustado que creció un 4,2% hasta 676 millones de euros y un margen que se expandió al 22,7%.
En el primer semestre de 2025, UMG logró unos ingresos de 5.881 millones de euros, un incremento del 6,9% en moneda constante, impulsado por el crecimiento en Música Grabada (+7,0%) y Editorial Musical (+12,1%). La empresa reportó un beneficio por acción (EPS) de 0,78 euros, frente a 0,50 euros en el primer semestre de 2024, y declaró un dividendo interino de 0,24 euros por acción.
Entre los aspectos destacados del desempeño se incluye un crecimiento del 8,4% en ingresos por suscripciones en el primer semestre de 2025, mientras que los ingresos por streaming aumentaron un 3,8%. Los artistas más destacados de la compañía fueron Morgan Wallen, Lady Gaga y Sabrina Carpenter.
Universal Music Group (OTC:UNVGY)는 2025년 2분기 강력한 재무 실적을 보고했으며, 매출은 29억 8천만 유로로 전년 동기 대비 환율 효과를 제외하고 4.5% 증가했습니다. 회사는 주요 지표에서 견고한 성과를 보였으며, 조정 EBITDA는 4.2% 증가하여 6억 7,600만 유로를 기록했고, 마진은 22.7%로 확대되었습니다.
2025년 상반기 동안 UMG는 매출 58억 8,100만 유로를 달성했으며, 환율 효과를 제외하고 6.9% 성장했습니다. 이는 음반 음악 부문(+7.0%)과 음악 출판 부문(+12.1%)의 성장에 힘입은 결과입니다. 회사는 주당순이익(EPS) 0.78유로를 보고했으며, 2024년 상반기의 0.50유로에서 증가했습니다. 또한 주당 0.24유로의 중간 배당금을 선언했습니다.
주요 성과 하이라이트로는 2025년 상반기 구독 매출이 8.4% 증가했고, 스트리밍 매출도 3.8% 증가했습니다. 회사의 주요 아티스트로는 Morgan Wallen, Lady Gaga, Sabrina Carpenter가 포함됩니다.
Universal Music Group (OTC:UNVGY) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires atteignant 2 980 millions d'euros, en hausse de 4,5 % en monnaie constante. La société a démontré une performance solide sur les indicateurs clés, avec un EBITDA ajusté en hausse de 4,2 % à 676 millions d'euros et une marge portée à 22,7 %.
Pour le premier semestre 2025, UMG a réalisé un chiffre d'affaires de 5 881 millions d'euros, en augmentation de 6,9 % en monnaie constante, porté par la croissance de la musique enregistrée (+7,0 %) et de l'édition musicale (+12,1 %). La société a déclaré un bénéfice par action (BPA) de 0,78 euro, contre 0,50 euro au premier semestre 2024, et annoncé un dividende intérimaire de 0,24 euro par action.
Parmi les faits marquants, on note une croissance des revenus d'abonnement de 8,4 % au premier semestre 2025, tandis que les revenus du streaming ont augmenté de 3,8 %. Les artistes phares de la société incluent Morgan Wallen, Lady Gaga et Sabrina Carpenter.
Universal Music Group (OTC:UNVGY) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 2.980 Millionen Euro, was einem Anstieg von 4,5 % in konstanter Währung entspricht. Das Unternehmen zeigte solide Leistungen in den wichtigsten Kennzahlen, wobei das bereinigte EBITDA um 4,2 % auf 676 Millionen Euro stieg und die Marge auf 22,7 % erweitert wurde.
Für das erste Halbjahr 2025 erzielte UMG einen Umsatz von 5.881 Millionen Euro, ein Wachstum von 6,9 % in konstanter Währung, getragen durch Zuwächse im Bereich Recorded Music (+7,0 %) und Music Publishing (+12,1 %). Das Unternehmen meldete ein Ergebnis je Aktie (EPS) von 0,78 Euro, gegenüber 0,50 Euro im ersten Halbjahr 2024, und erklärte eine Zwischendividende von 0,24 Euro je Aktie.
Zu den wichtigsten Leistungsmerkmalen zählt ein Abonnement-Umsatzwachstum von 8,4 % im ersten Halbjahr 2025, während die Streaming-Erlöse um 3,8 % zunahmen. Zu den Top-Künstlern des Unternehmens gehören Morgan Wallen, Lady Gaga und Sabrina Carpenter.
- Revenue grew 6.9% in constant currency to €5,881 million in H1 2025
- Adjusted EBITDA increased 7.7% to €1,336 million with margin expansion to 22.7%
- EPS improved significantly to €0.78 from €0.50 year-over-year
- Subscription and streaming revenue showed strong growth with 8.4% increase in subscriptions
- Music Publishing revenue grew 11.6% year-over-year
- Declared interim dividend of €0.24 per share
- Physical revenue declined 13.2% in Q2 2025
- Merchandising revenue decreased 15.4% year-over-year
- Net debt increased 30.3% to €2,734 million from year-end 2024
- Free cash flow remained negative at -€179 million
- Cost of revenue as percentage of revenue increased to 56.8% from 56.3%
Q2 2025 Results Highlights1
- Revenue of
€2,980 million increased1.6% year-over-year, or4.5% in constant currency, driven by growth in the Recorded Music and Music Publishing segments - Recorded Music revenue grew
1.1% year-over-year, or3.9% in constant currency, Music Publishing revenue grew11.5% year-over-year, or14.5% in constant currency, and Merchandising and Other revenue declined15.4% or12.7% in constant currency - Recorded Music subscription revenue grew
5.3% year-over-year, or8.5% in constant currency, and streaming revenue increased4.4% year-over-year, or9.1% in constant currency - Adjusted EBITDA of
€676 million increased4.2% year-over-year, or7.3% in constant currency, and Adjusted EBITDA margin expanded 0.6pp to22.7% - Recorded Music top sellers included Morgan Wallen, timelesz, Lady Gaga, Sabrina Carpenter and INI
H1 2025 Results Highlights1
- Revenue of
€5,881 million increased6.4% year-over-year, or6.9% in constant currency, driven by growth in the Recorded Music and Music Publishing segments - Recorded Music revenue grew
6.5% year-over-year, or7.0% in constant currency, Music Publishing grew11.6% year-over-year, or12.1% in constant currency, and Merchandising and Other revenue declined10.6% , or10.0% in constant currency - Recorded Music subscription revenue grew
8.4% year-over-year, or8.9% in constant currency, and streaming revenue grew3.8% year-over-year, or4.6% in constant currency - Adjusted EBITDA of
€1,336 million increased7.7% year-over-year, or8.5% in constant currency, and Adjusted EBITDA margin expanded 0.3pp to22.7% - EPS of
€0.78 per share compared to€0.50 in the first half of 2024 and Adjusted EPS of€0.48 per share compared to€0.44 in the first half of 2024 - Interim dividend of
€440 million , or€0.24 per share
1 | This press release includes certain alternative performance indicators which are not defined in the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board as endorsed by the EU. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Interim Financial Review and Unaudited Condensed Consolidated Interim Financial Statements which is available on our website at investors.universalmusic.com/reports. |
HILVERSUM,
UMG´s Chairman and CEO Sir Lucian Grainge said, "It is the powerful combination of our artists' and songwriters' creative excellence with our strategic vision and execution that continues to deliver UMG's strong results."
Boyd Muir, UMG's COO, said, "The breadth and diversity of our business has positioned us to deliver solid growth in revenue and Adjusted EBITDA again this quarter. We remain confident in our growth trajectory as we continue to invest with a focus on maximizing long-term value and driving attractive returns in the coming years."
UMG Results
Three Months Ended | % | % | Six Months Ended | % | % | ||||
(in millions of euros) | 2025 | 2024 | YoY | const. | 2025 | 2024 | YoY | const. | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Revenue | 2,980 | 2,932 | 1.6 % | 4.5 % | 5,881 | 5,526 | 6.4 % | 6.9 % | |
EBITDA | 611 | 580 | 5.3 % | 8.5 % | 1,214 | 1,069 | 13.6 % | 14.6 % | |
EBITDA margin | 20.5 % | 19.8 % | 0.7pp | 20.6 % | 19.3 % | 1.3pp | |||
Adjusted EBITDA | 676 | 649 | 4.2 % | 7.3 % | 1,336 | 1,240 | 7.7 % | 8.5 % | |
Adjusted EBITDA margin | 22.7 % | 22.1 % | 0.6pp | 22.7 % | 22.4 % | 0.3pp | |||
Operating profit | 947 | 756 | 25.3 % | 27.5 % | |||||
Net profit attributable to equity holders of the parent | 1,432 | 914 | 56.7 % | ||||||
Adjusted net profit | 882 | 809 | 9.0 % | ||||||
Net cash provided by operating activities before income tax paid | 488 | 436 | 11.9 % | ||||||
Free cash flow | (179) | (460) | 61.1 % | ||||||
Weighted average number of shares outstanding | 1,831 | 1,825 | |||||||
EPS - basic | 0.78 | 0.50 | |||||||
EPS - diluted | 0.77 | 0.49 | |||||||
Adjusted EPS - basic | 0.48 | 0.44 | |||||||
Adjusted EPS - diluted | 0.48 | 0.44 | |||||||
As at | % | ||
(in millions of euros) | June 30, 2025 | December 31, | YoY |
(unaudited) | (audited) | ||
Financial Net Debt | 2,734 | 2,098 | 30.3 % |
Note: % YoY indicates % change year-over-year; % const. indicates % change year-over-year adjusted for constant currency. Constant currency is calculated by taking current year results and comparing against prior year results restated at current year rates. |
Q2 2025 Results
Revenue for the second quarter of 2025 was
EBITDA for the quarter improved
H1 2025 Results
In the half year ended June 30, 2025 ("H1 2025"), UMG's revenue increased to
Cost of revenues, consisting of artist and product costs, increased by
EBITDA of
Operating profit improved
Net profit attributable to equity holders of the parent in H1 2025 amounted to
Net cash provided by operating activities before income tax paid increased to
Cash paid for catalogue acquisitions was
In line with UMG's dividend policy to pay a dividend of at least
Net debt at the end of H1 2025 was
Recorded Music
Three Months Ended | % | % | Six Months Ended | % | % | ||||
(in millions of euros) | 2025 | 2024 | YoY | const. | 2025 | 2024 | YoY | const. | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Subscriptions and streaming | 1,555 | 1,480 | 5.1 % | 8.7 % | 3,160 | 2,945 | 7.3 % | 7.9 % | |
of which streaming | 358 | 343 | 4.4 % | 9.1 % | 711 | 685 | 3.8 % | 4.6 % | |
of which subscription | 1,197 | 1,137 | 5.3 % | 8.5 % | 2,449 | 2,260 | 8.4 % | 8.9 % | |
Downloads and other digital | 69 | 48 | 43.8 % | 50.0 % | 109 | 94 | 16.0 % | 17.2 % | |
Physical | 310 | 357 | (13.2 %) | (12.4 %) | 611 | 612 | (0.2 %) | (0.5 %) | |
License and other | 290 | 315 | (7.9 %) | (6.5 %) | 584 | 539 | 8.3 % | 8.6 % | |
Recorded Music revenues | 2,224 | 2,200 | 1.1 % | 3.9 % | 4,464 | 4,190 | 6.5 % | 7.0 % | |
EBITDA | 1,092 | 959 | 13.9 % | 14.9 % | |||||
EBITDA margin | 24.5 % | 22.9 % | 1.6pp | ||||||
Adjusted EBITDA | 1,163 | 1,065 | 9.2 % | 9.9 % | |||||
Adjusted EBITDA margin | 26.1 % | 25.4 % | 0.7pp | ||||||
Note: % YoY indicates % change year-over-year; % const. indicates % change year-over-year adjusted for constant currency. |
Q2 2025
Recorded Music revenue for the second quarter of 2025 was
H1 2025
Recorded Music revenue in H1 2025 was
Subscription revenue grew
Recorded Music EBITDA of
Music Publishing
Three Months Ended | % | % | Six Months Ended | % | % | ||||
(in millions of euros) | 2025 | 2024 | YoY | const. | 2025 | 2024 | YoY | const. | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Performance | 111 | 100 | 11.0 % | 13.3 % | 225 | 214 | 5.1 % | 5.1 % | |
Synchronisation | 66 | 61 | 8.2 % | 11.9 % | 130 | 124 | 4.8 % | 5.7 % | |
Digital | 351 | 311 | 12.9 % | 16.2 % | 690 | 595 | 16.0 % | 16.6 % | |
Mechanical | 28 | 26 | 7.7 % | 7.7 % | 54 | 51 | 5.9 % | 5.9 % | |
Other | 14 | 13 | 7.7 % | 7.7 % | 26 | 24 | 8.3 % | 8.3 % | |
Music Publishing revenues | 570 | 511 | 11.5 % | 14.5 % | 1,125 | 1,008 | 11.6 % | 12.1 % | |
EBITDA | 252 | 229 | 10.0 % | 10.5 % | |||||
EBITDA margin | 22.4 % | 22.7 % | (0.3pp) | ||||||
Adjusted EBITDA | 259 | 241 | 7.5 % | 7.9 % | |||||
Adjusted EBITDA margin | 23.0 % | 23.9 % | (0.9pp) | ||||||
Note: % YoY indicates % change year-over-year; % const. indicates % change year-over-year adjusted for constant currency. |
Q2 2025
Music Publishing revenue in the second quarter of 2025 was
H1 2025
Music Publishing revenue amounted to
Music Publishing EBITDA of
Merchandising and Other
Three Months Ended | % | % | Six Months Ended | % | % | ||||
(in millions of euros) | 2025 | 2024 | YoY | const. | 2025 | 2024 | YoY | const. | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||
Merchandising and other revenues | 192 | 227 | (15.4 %) | (12.7 %) | 305 | 341 | (10.6 %) | (10.0 %) | |
EBITDA | (4) | 18 | (122.2 %) | (122.2 %) | |||||
EBITDA margin | (1.3 %) | 5.3 % | (6.6pp) | ||||||
Adjusted EBITDA | (3) | 18 | (116.7 %) | (116.7 %) | |||||
Adjusted EBITDA margin | (1.0 %) | 5.3 % | (6.3pp) | ||||||
Note: % YoY indicates % change year-over-year; % const. indicates % change year-over-year adjusted for constant currency. |
Q2 2025
Merchandising and Other revenue in the second quarter of 2025 was
H1 2025
Merchandising and Other revenue declined to
Merchandising and Other EBITDA was -
Conference Call Details
The Company will host a conference call to discuss these results on July 31, 2025 at 6:15PM CEST. A link to the live audio webcast will be available on investors.universalmusic.com and a link to the replay will be available after the call.
While listeners may use the webcast, a dial-in telephone number is required for investors and analysts to ask questions. Investors and analysts interested in asking questions can pre-register for a dial-in line at investors.universalmusic.com under the "Financial Reports" tab.
Cautionary Notice
This press release is published by Universal Music Group N.V. and contains inside information within the meaning of article 7 (1) of Regulation (EU) No 596/2014 (Market Abuse Regulation).
Forward-looking statements
This press release may contain statements that constitute forward-looking statements with respect to UMG's financial condition, results of operations, business, strategy and plans. Such forward-looking statements may be identified by the use of words such as 'profit forecast', 'expect', 'estimate', 'project', 'anticipate', 'should', 'intend', 'plan', 'probability', 'risk', 'target', 'goal', 'objective', 'will', 'endeavour', 'optimistic', 'prospects' and similar expressions or variations on such expressions. Although UMG believes that such forward-looking statements are based on reasonable assumptions, they are not guarantees of future performance. Actual results may differ materially from such forward-looking statements as a result of a number of risks and uncertainties, many of which are related to factors that are outside UMG's control, including, but not limited to, UMG's inability to compete successfully and to identify, attract, sign and retain successful recording artists and songwriters, failure of streaming and subscription adoption or revenue to grow or to grow less rapidly than anticipated, UMG's reliance on digital service providers, UMG's inability to execute its business strategy, the global nature of UMG's operations, changes in global economic and financial conditions, UMG's inability to protect its intellectual property and against piracy, challenges related to generative AI, UMG's inability to attract and retain key personnel, UMG's restructuring and reorganization activities, UMG's acquisitions and other investments, changes in laws and regulations (and UMG's compliance therewith) and the other risks that are described in UMG's 2024 Annual Report. Accordingly, UMG cautions readers against placing undue reliance on such forward-looking statements. Such forward-looking statements are made as of the date of this press release. UMG disclaims any intention or obligation to provide, update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Alternative Performance Indicators
This press release includes certain alternative performance indicators which are not defined in IFRS issued by the International Accounting Standards Board as endorsed by the EU. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Interim Financial Review and Unaudited Condensed Consolidated Interim Financial Statements which is available on our website at investors.universalmusic.com/reports.
About Universal Music Group
At Universal Music Group (EURONEXT: UMG), we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group N.V. visit www.universalmusic.com.
Contacts
Media
James Murtagh-Hopkins - communicationsnl@umusic.com
Investors
Erika Begun - investorrelations@umusic.com
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