Universal Music Group (UMGNF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.554 -- 00:00:05.421 Good evening and welcome to Universal Music Group's fourth quarter and full year earnings 00:00:05.421 -- 00:00:09.604 call for the period ended December 31st, 2025. 00:00:09.928 -- 00:00:12.592 My name is Nadia and I'll be your conference operator today. 00:00:12.592 -- 00:00:17.679 Your speakers for today's call will be Sir Lucian Grange, Chairman and CEO of 00:00:17.679 -- 00:00:23.067 Universal Music Group, Michael Nash, Chief Digital Officer and Matt Ellis, Chief Financial 00:00:23.067 -- 00:00:29.140 Officer. They will be joined during Q&A by Boyd Muir, Chief Operating Officer. 00:00:29.140 -- 00:00:33.446 All lines have been placed on mute to prevent any background noise. 00:00:33.446 -- 00:00:36.209 After the speaker's remarks, there will be a question and answer session. 00:00:36.209 -- 00:00:37.691 If 00:00:37.691 -- 00:00:41.697 you would like to ask a question during this time, simply press star followed by the 00:00:41.697 -- 00:00:44.621 number one on your telephone keypad. 00:00:44.621 -- 00:00:49.367 If you would like to withdraw a question, please press star followed by two. 00:00:49.367 -- 00:00:52.917 As a reminder, this call is being recorded. 00:00:52.917 -- 00:00:56.963 Please also let me remind you that management's commentary and responses to questions 00:00:56.963 -- 00:01:01.890 on today's call may include forward-looking statements, which by their nature are uncertain 00:01:01.890 -- 00:01:05.014 and outside of the company's control. 00:01:05.014 -- 00:01:08.659 Although these forward-looking statements are based on management's current expectations 00:01:08.659 -- 00:01:13.686 and beliefs, actual results may vary in a material way. 00:01:13.686 -- 00:01:17.252 For a discussion of some of the factors that...