Universal Music Group N.v. · EURONEXT:UMG
Universal Music — H1 2026 Earnings Presentation
29 slides from Universal Music's earnings presentation, Jun 30, 2026
Slide 1: Universal Music Group
Universal Music Group Universal Music Group Second Quarter and First Half Ended June 30, 2026
Slide 2: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 3: UMG Consolidated Results
Universal Music Group UMG Consolidated Results 2Q26 1H26 REVENUE ADJUSTED EBITDA ADJUSTED DILUTED EPS +13.3% +6.4%* +1.5% +0.0%* +4.3% € 3,294 € 2,980 € 676 € 674 € 0.48 € 0.47 2Q25 2Q26 2Q25 2Q26 1H25 1H26 Note: € in Millions; All growth rates shown in constant currency. *Revenue and Adjusted EBITD
Slide 4: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 5: Driving Continued Artist Success
Universal Music Group Driving Continued Artist Success Taylor Swift Noah Kahan Gracie Abrams BTS I Knew It, I Knew You The Great Divide Daughter from Hell Arirang 7th #1 Song 3 Weeks #1 Album #1 Album on the Billboard Global 200 at #1 in the U.S. on the Billboard 200 in the in the U.S., U.K., France
Slide 6: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 7: Streaming 2.0 Partners
Universal Music Group Streaming 2.0 Partners Note: Non-exhaustive list of Streaming 2.0 partners
Slide 8: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 9: China: Continued Expansion
Universal Music Group China: Continued Expansion
Slide 10: China: Significant Runway for Further Penetration and ARPU Growth
Universal Music Group China: Significant Runway for Further Penetration and ARPU Growth China is the largest paid subscriber ARPU has been increasing through Opportunity to protect and market, with significant headroom product innovation further increase ARPU SVIP benefits China subscription UMG and
Slide 11: India: Large Market with Immense Growth Potential
Universal Music Group India: Large Market with Immense Growth Potential Market potential Longer-term subscription opportunity #1 1.5B India 2025 by population total population ~2% penetration #2 >2x annual streams in Germany, U.K., by volume or Japan #1 23B in YoY user growth among large net new pre
Slide 12: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 13: Home to the Best-Performing Music Documentaries, Movies, and Series
Universal Music Group Home to the Best-Performing Music Documentaries, Movies, and Series Most Watched Music Docs (Luminate, H1 2026) And more to come… 3 of the top 4 • The Greatest (Amazon Prime) #4 • New Wave (Amazon MGM+) #2 • Music Theories (Sony Pictures Comedy Series on Hulu) #1 • George Micha
Slide 14: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 15: AI Partners
Universal Music Group AI Partners Fan Creativity Tools and Technology Strategic Partnerships Note: Non-exhaustive list of AI partners
Slide 16: Sir Lucian Grainge
Universal Music Group Sir Lucian Grainge Chairman and Chief Executive Officer Universal Music Group
Slide 17: Matt Ellis
Universal Music Group Matt Ellis Chief Financial Officer Universal Music Group
Slide 18: 2Q26 Consolidated Results
Universal Music Group 2Q26 Consolidated Results REVENUE ADJUSTED EBITDA ADJUSTED EBITDA MARGIN +13.3% +6.4%* +1.5% 0.0%* -2.2pp* -1.3pp* € 3,294 22.7% € 2,980 € 676 € 674 20.5% 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Note: € in Millions; Revenue and Adjusted EBITDA growth shown in constant currency. *Revenue
Slide 19: 1H26 Consolidated Results
Universal Music Group 1H26 Consolidated Results REVENUE ADJUSTED OPERATING ADJUSTED NET ADJUSTED EBITDA PROFIT PROFIT DILUTED EPS +10.8% +5.7%* +2.7% +1.6%* -0.6% -0.8%* +3.9% +4.3% € 6,194 € 5,881 € 1,336 € 1,310 € 947 € 882 € 901 € 863 € 0.48 € 0.47 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H2
Slide 20: 2Q26 Recorded Music
Universal Music Group 2Q26 Recorded Music REVENUE ADJUSTED EBITDA ADJUSTED EBITDA MARGIN +16.2% +8.7%* +2.8% +1.6%* -2.8pp -1.8pp* € 2,516 26.4% € 588 € 593 23.6% € 2,224 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Note: € in Millions; All growth rates shown in constant currency. *Revenue growth, Adjusted EBITDA
Slide 21: 2Q26 Recorded Music Revenue
Universal Music Group 2Q26 Recorded Music Revenue +16.6% +11.5% -43.3% +15.9% +34.9% +6.7%* +1.7%* -50.7%* +15.6%* +32.7%* € 1,368 2Q25 2Q26 € 1,197 € 358 € 389 € 342 € 379 € 310 € 290 € 69 € 38 Subscription Streaming Downloads & Physical License & Other Other Digital Note: € in Millions; All growth
Slide 22: 2Q26 Music Publishing
Universal Music Group 2Q26 Music Publishing REVENUE ADJUSTED EBITDA ADJUSTED EBITDA MARGIN +9.8% +2.7%* +3.9% +1.6%* -1.2pp -0.2pp* € 130 € 133 22.8% € 616 21.6% € 570 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Note: € in Millions; All growth rates shown in constant currency. *Revenue growth, Adjusted EBITDA gro
Slide 23: 2Q26 Merchandising & Other
Universal Music Group 2Q26 Merchandising & Other REVENUE ADJUSTED EBITDA -10.7% € 192 €1 € 167 -€ 5 2Q25 2Q26 2Q25 2Q26 Note: € in Millions; Revenue growth shown in constant currency.
Slide 24: New Free Cash Flow Definition
Universal Music Group New Free Cash Flow Definition Better reflects cash available for strategic investments and capital returns Free Cash Flow now defined as: Net cash provided by operating activities 2023 2024 2025 1H25 1H26 Add Back: -Withheld taxes on share-based compensation -Dividends received
Slide 25: 1H26 Free Cash Flow
Universal Music Group 1H26 Free Cash Flow +36.4% -22.5% 251 (292) -4.9% +69.9% (452) €901 -16.4% +0.4% -3.2% +5.2% (237) +91.3% 92 (61) +250% +15.2% €408 (44) 21 +40.9% (53) (93) n.m. -85.3% (9) €24 Operating Adjust- Royalty Other Net cash Income Withheld Other Capital Dividends Repay- Interest, Oth
Slide 26: Investment Returns Analysis
Universal Music Group Investment Returns Analysis UMG Reinvests Broadly Across Four Categories Recurring investment Discretionary investment (similar to working capital) Catalog Advances Core M&A Other M&A Acquisitions Advances spanning Recorded Purchase of recording and music Acquisitions* focused
Slide 27: Investment Returns Analysis
Universal Music Group Investment Returns Analysis We Continue To Achieve Attractive Returns Recurring investment Discretionary investment (similar to working capital) Catalog Advances Core M&A Other M&A Acquisitions • 16.6x entry Early stage multiple High teens Mid-to-high with longer- • Improved to
Slide 28: Investment Returns Analysis
Universal Music Group Investment Returns Analysis Our Growth Is Primarily Organic Organic-only revenue growth at ~10% CAGR in Organic-only EBITDA growth at ~11% CAGR vs. line with overall CAGR ~12% overall CAGR UMG Revenue Build (2021-2025, €M) UMG Adjusted EBITDA Build (2021-2025, €M) € 3,754 € 249
Slide 29: Q&A
Universal Music Group Q&A Sir Lucian Grainge Chairman & Chief Executive Officer Matt Ellis Chief Financial Officer Boyd Muir Chief Operating Officer Michael Nash Chief Digital Officer
Universal Music Group — H1 2026 Earnings Presentation on 6ix