Press Release (Q3 2025 results press release)

U N IVE R SA L

UNIVERSAL MUSIC GROUP

Universal I¥lusic Group N.V. Reports Financial Results for the Third Quarter and Nine I¥lonths Ended September 30, 2025

Summary Q3 2025 Results'

Revenue of f3,021 million increased s.30/oyear-over-year, or 10.2o/oin constant currency, witfl growth in

all segments.

Recorded Music revenue grew 3.6°/o year-over-year, or 8.3 /o in constant currency, Music Publishing revenue grew 8.6 /o year-over-year, or i3.6 /o in constant currency and Merchandising and otfler revenue grew 9.3°/o year-over-year, or 1s.6o/oin constant currency.

Recorded Music subscription revenue grew 3.6°/o year-over-year, or 8.7o/oin constant currency, wfiile streaming revenue declined 4.8°/o year-over-year, Dut was in line with tile prior-year quarter in constant currency.

Adjusted EBITDA Of f664 million increased 6.9 /o year-over-year, or 11.6o/oin constant currency, and Adjusted EBITDA margin expanded o.4 percentage points tO 22.0o/o.

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

Summary YTD Results1

Revenue of c8,902 million increased 6.0o/oyear-over-year, or 8.0 / in constant currency, driven Dy strong growth in tHe Recorded Music and Music PuDlisfiing segments.

Recorded Music subscription revenue grew 6.8°/o year-over-year, or 8.9o/oin constant currency and streaming revenue grew 0.9o/oyear-over-year, or 3.0 /o in constant currency.

Adjusted EBITDA of f2,000 million increased 7.40/oyear-over-year, or 9.5°/o in constant currency, and Adjusted EBITDA margin expanded 0.3 percentage points tO 22.5o/.

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

Hilversum, The Netherlands, october 30, 202s - Universal Music Group N.V. ("UMG" or "tfie Company"l today announced its financial results for tHe tHird quarter and nine montHs ended September 3o, 2025.

"As we position the company for long-term value creation, we continued to achieve strong results tfiis quarter," said Sir £ucian 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 glo0al expansion, tfie 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 tfiat our strong quarter was driven Dy healthy results across all segments of our business: Recorded Music, Music Publishing and Merchandising. Our double-digit growtfi in Ooth revenue and Adjusted EBITDA is a reflection of tfie breadth and depth of our global roster, tfie strength of our partnerships, and tfie consistent execution on our strategic plan."

This press release includes certain alternative performance indicators which are not defined in the International Financial Reporting Standards ("IFRS") issued by tfie International Accounting Standards Board as endorsed by the EU. Tfie descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Appendix to this press release.

Three Months Ended September 30,

Nine Months Ended September 30,

Q3 202s Results

Revenue for tile tfiird quarter of 202s was t3,021 million, an increase of 5.3 /o year-over-year, or i0.2o/oin constant currency. UMG's Recorded Music, Music Publishing and Merchandising and otfier segments all contributed to the revenue growtfi in the quarter, as discussed further below.

EBITDA for tile quarter of cS94 million increased 6.80/0year-over-year, or 11.7o/oin constant currency, and EBITDA

margin was i9.70/oc, ompared to 19.4°/o in tfie tflird quarter of 2024. EBITDA and EBITDA margin were impacted

Dy non-casfi share-Dased compensation expenses, which declined to ts4 million in tile tflird quarter of 2025, compared to €6s million in the prior-year quarter. In addition, EBITDA and EBITDA margin for tile tfiird quarter of 202s included €16 million of U.S. listing preparation costs and certain MaA advisory costs.

Excluding these amounts, Adjusted EBITDA for tfie quarter was t664 million, up 6.9°/o year-over-year, or 11.6 /o in constant currency, driven Dy the revenue growth. Adjusted EBITDA margin increased 0.4 percentage points 10 22.0o/o, compared to 21.6 / in the prior year quarter, driven Dy operating leverage and cost savings, partially offset Dy revenue and repertoire mix.

YTD 202s Results

For tile nine montHs ended September 3o, 2025, revenue of t8,902 million increased 6.0°/o year-over-year, or 8.0o/oin constant currency. Tfiis increase was driven Dy strong improvements across tfie Recorded Music and Music Publishing segments, as discussed further below.

EBITDA for tile nine montfis ended September 30, 2025 of €1,808 million grew 11.2°/o year-over-year, or 13.6 /o in constant currency, and EBITDA margin was 2o.30/0, compared to 19.4°/o in the nine months ended September 30, 2024. EBITDA and EBITDA margin were impacted Dy non-cash sfiare-Dased compensation expenses, wfiicfl

declined to f i64 million, compared to t236 million during tfie first nine montfis of 2024. In addition, EBITDA and EBITDA margin for tfie nine months ended September 30, 202s included €28 million of U.S. listing preparation costs and certain MaA advisory costs.

Excluding these amounts, Adjusted EBITDA for tfie nine montHs ended September 3o, 202s was t2,000 million, up 7.40/oyear-over-year, or 9.5 /o in constant currency. Adjusted EBITDA margin increased o.3 percentage points year-over-year to 22.5o/, driven Dy operating leverage and cost savings, partially offset Dy revenue and repertoire mix.

Three Months Ended September 30,

Nine Months Ended September 30.

Subscriptions an0 streaming

o/ which streaming of which subscription Downloads and

other digital

Physical

License and other Recorded

Music revenues

g3 2025

Recorded Music revenue for tile tflird quarter of 202s was t2,223 million, up 3.6°/o year-over-year, or 8.30/ in constant currency. Subscription revenue grew 3.6°/o year-over-year, or 8.7o/oin constant currency, driven

primarily Dy tHe growth in gloDal suDscriDers. Streaming revenue declined 4.8 /o year-over-year, Dut was in line witH the prior-year quarter in constant currency, as consumption continues to shift from Detter monetized video platforms to sflort-form platforms, wHicH are not yet as well monetized. Physical revenue increased

18.4 /o year-over-year, or 23.1°/o in constant currency, driven Dy initial shipments of Taylor Swift's "The Life of a Showgirl" and strength in new releases, particularly in Japan. Downloads and otfler digital revenue declined 7.1o/oyear-over-year, Dut was in line witfl the prior-year quarter in constant currency. License and otHer revenue increased o.9o/oyear-over-year, or 4.1 /o 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, wflile top sellers in tile prior-year quarter included Taylor Swift, Sabrina Carpenter, Billie Eilisfi, Cfiappell Roan and Post Malone.

YTD 202s Results

For tile nine months ended September 3o, 2025, Recorded Music revenue was c6,687 million, up s.6°/o year-over-year, or 7.4°/o in constant currency. Subscription revenue of c3,627 million grew 6.8°/o year-over-year, or 8.9o/oin constant currency. Streaming revenue of t1,048 million grew 0.9o/ year-over-year, or 3.0°/o in constant currency. Physical revenue increased s.70/oyear-over-year, or 6.7°/o in constant currency. Downloads and other digital revenue increased 8.80/oyear-over-year, or 10.4°/o in constant currency, and included a previously disclosed settlement with an internet service provider. License and otfier revenue improved 5.8°/o year-over-year, or 7.30/ in constant currency. Top sellers for the nine months ended September 3o, 202s included Morgan Wallen, Lady Gaga, Sabrina Carpenter, Kendrick Tamar and Mrs. GREEN APPLE, while top sellers for tfie nine montfis ended September 3o, 2024 included Taylor Swift, Billie Eilish, Morgan Wallen, Sabrina Carpenter and Noafl Kaplan.

Three Months Ended

Music

Publishing revenues

543

500 B.6% NJ.fi%

1,667

1,508 1O. S%a 12.S%a

September 30.

Nine Months Ended

September 30. '/0 '/0

Q3 2025

Music Publishing revenue of fS43 million in tfie tflird quarter of 2025 grew 8.6 /o year-over-year, or 13.6°/o in

constant currency.

Witfiin Music Publishing, digital revenue grew 10.8°/o year-over-year, or i6.8o/oin constant currency, reflecting continued growtfi of streaming and subscription revenue as well as new business wins. Performance revenue increased 13.9°/o year-over-year, or 17.3°/o in constant currency, helped Dy new business wins. Synchronisation revenue decreased 1.6 /o year-over-year, Dut increased 3.3°/o in constant currency. Mechanical revenue declined 7.1o/oyear-over-year, or 3.7°/o in constant currency.

YTD 202s Results

For tile nine months ended September 3o, 202s, Music Publishing revenue of €1,667 million grew 10.s°/o year-

over-year, or 12.5°/o in constant currency.

Witfiin Music Publishing, digital revenue grew 14.2°/o year-over-year, or i6.5o/oin constant currency. Performance revenue grew 7.9°/o year-over-year, or 9.0°/o in constant currency, synchronisation revenue grew 3.20/oyear-

over-year, or 4.9 /o in constant currency and mechanical revenue grew 1.3°/o year-over-year, or 2.6o/oin constant currency.

Merchandising and

other revenues

Three Months Ended September 30.

Nine Months Ended September 30.

g3 2025

Merchandising and otfier revenue for the tfiird quarter of 202s was c2s9 million, up 9.3°/o year-over-year, or

15.6 /o in constant currency, driven by lighter touring merchandise sales. This was partially onset Dy lower direct-to-consumer sales due to the timing of product releases.

YTD 202s Results

Merchandising and otfler revenue for the nine montfis ended September 3o, 2025 of €S63 million decreased 2.60/oyear-over-year, Dut was in line witfl the prior-year in constant currency. Growth in touring merchandise sales was offset Dy a decline in direct-to-consumer sales.

Conference Call Details

Tfie Company will host a conference call to discuss these results on octo0er 30, 202s, at 6:1spm CET . A link to tfie live audio we0cast will De available on investors.universalmusic.com and a link to tfie replay will Ue available after the call.

Wfiile listeners may use tfie we0cast, 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 tfie "Financial Reports" tax.

Cautionary Notice

Tfiis press release is published by Universal Music Group N.V. and contains inside information within the meaning of article 7(1) of Regulation (EUl NO 596/2014 (Market ADuse RegulationL

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 De identified Dy tfie use of words such as 'profit forecast', 'expect', 'estimate', 'project', 'anticipate', 'sHould', 'intend', 'plan', 'proDaDility', 'risk', 'target', 'goal', 'objective', 'will', 'endeavour', 'optimistic', 'prospects' and similar expressions or variations on sucH expressions. AltHougfi UMG believes tfiat sucH forward-looking statements are Dased on reasonable assumptions, they are not guarantees of future performance. Actual results may diner materially from such forward-looking statements as a result of a numDer of risks and uncertainties, many of whicfi are related to factors tHat are outside UMG's control, including, Dut 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 gloDal nature of UMG's operations, changes in gloDal 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 otfier investments, changes in laws and regulations (and UMG's compliance tHerewitfl) and the other risks tHat are described in UMG'S 2024 Annual Report. Accordingly, UMG cautions readers against placing undue reliance on sucfi 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, wfletfier as a result of new information, future events or otherwise.

THis press release includes certain alternative performance indicators wf1ich are not defined in IFRS Accounting Standards issued Dy tfie International Accounting Standards Board as endorsed Dy tile EU. THe descriptions of tHese alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in tile Appendix to tfiis press release.

About Universal Music Group

At Universal Music Group (EURONEXT: UMG), we exist to sflape culture through tHe power of artistry. UMG is tHe world leader in music-Dased entertainment, witfl a Droad array of businesses engaged in recorded music, music puDlisfiing, 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 tile most critically acclaimed and commercially successful music in tile world. Committed to artistry, innovation and entrepreneurship, UMG Fosters tile development of services, platforms and business

models in order to broaden artistic and commercial opportunities for our artists and create new experiences for tans. For more information on Universal Music Group N.V. visit https://www.universalmusic.com.

Contacts

Media

James Murtagh-Hopkins - communicationsnlHumusic.com

Investors

Erika Begun - investorrelationsHumusic.com

Appendix

Non-IfiRS Alternative Performance Indicators

and Reconciliations

Reconciliation of Adjusted EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

i Certain one-time items consists of uS listing preparation costs and certain MsA advisory costs.

Definitions

In tfiis press release, UMG presents certain financial measures when discussing UMG's performance that are not measures of financial performance or liquidity under IFRS Accounting Standards ("non-IFRS"). THese non-IFRS measures (also known as alternative performance indicators) are presented because management considers tfiem important supplemental measures of UMG's performance and believes that tHey are widely used in tHe industry in wHich UMG operates as a means of evaluating a company's operating performance and liquidity. UMG believes tflat an understanding of its sales performance, profitability, financial strength

and funding requirements is enhanced Dy reporting tile following non-IFRS measures. All non-IFRS measures sHould De considered in addition to, and not as a substitute for, otfler IFRS measures of operating and financial performance as described in this press release. In addition, it should De noted tHat otHer companies may

Have definitions and calculations for tHese non-IFRS measures tflat differ from tflose used Dy UMG, tFtereDy affecting comparability.

EBITDA and EBITDA margin

UMG considers EBITDA and EBITDA margin, non-IFRS measures, to be relevant measures to assess its operating performance. It excludes restructuring expenses, whicH may impact period-to-period comparability. EBITDA margin is EBITDA divided Dy revenue.

To calculate EBITDA, tfie accounting impact of tfie following items is excluded from the Operating Profit:

1. amortization of intangible assets;

2. impairment losses on goodwill and otfier intangiDles;

3. depreciation of tangible assets including right of use assets;

4. (gains)/losses on tfie sale of tangible assets, including rigfit of use assets and intangible assets; and

5. restructuring expenses.

Adjusted EBITDA and Adjusted EBITDA margin

THe difference between EBITDA and Adjusted EBITDA consists of non-casfi sflare-Dased compensation expense

and certain one-time items tflat are deemed Dy management to De significant and incidental to normal business activity. Adjusted EBITDA margin is Adjusted EBITDA divided Dy revenue.

UMG considers Adjusted EBITDA and Adjusted EBITDA margin, non-IFRS measures, to be relevant measures to assess its operating performance and performance of its operating segments excluding items tfiat may be

incidental to normal business activity and excluding non-casfi share based compensation wfiicfi may impact period-to-period comparability.