Universal Music Group N.V. Reports Financial Results for the Second Quarter and Half Year Ended June 30, 2025
Q2 2025 Results Highlights1
Revenue of €2,980 million increased 1.6% year-over-year, or 4.5% in constant currency, driven by growth in the Recorded Music and Music Publishing segments
Recorded Music revenue grew 1.1% year-over-year, or 3.9% in constant currency, Music Publishing revenue grew 11.5% year-over-year, or 14.5% in constant currency, and Merchandising and Other revenue declined 15.4% or 12.7% in constant currency
Recorded Music subscription revenue grew 5.3% year-over-year, or 8.5% in constant currency, and streaming revenue increased 4.4% year-over-year, or 9.1% in constant currency
Adjusted EBITDA of €676 million increased 4.2% year-over-year, or 7.3% in constant currency, and Adjusted EBITDA margin expanded 0.6pp to 22.7%
Recorded Music top sellers included Morgan Wallen, timelesz, Lady Gaga, Sabrina Carpenter and INI
H1 2025 Results Highlights1
Revenue of €5,881 million increased 6.4% year-over-year, or 6.9% in constant currency, driven by growth in the Recorded Music and Music Publishing segments
Recorded Music revenue grew 6.5% year-over-year, or 7.0% in constant currency, Music Publishing grew 11.6% year-over-year, or 12.1% in constant currency, and Merchandising and Other revenue declined 10.6%, or 10.0%in constant currency
Recorded Music subscription revenue grew 8.4% year-over-year, or 8.9% in constant currency, and streaming revenue grew 3.8% year-over-year, or 4.6% in constant currency
Adjusted EBITDA of €1,336 million increased 7.7% year-over-year, or 8.5% in constant currency, and Adjusted EBITDA margin expanded 0.3pp to 22.7%
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, The Netherlands, July 31, 2025 /PRNewswire/ -- Universal Music Group N.V. ("UMG" or "the Company") today announced its financial results for the second quarter and half year ended June 30, 2025.
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 June 30,
%
%
Six Months Ended June 30,
%
%
(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, 2024
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 €2,980 million, an increase of 1.6% year-over-year, or 4.5% in constant currency, driven by growth in the Recorded Music and Music Publishing segments, as discussed further below.
EBITDA for the quarter improved 5.3% year-over-year, or 8.5% in constant currency, to €611 million. EBITDA margin expanded 0.7pp year-over-year to 20.5%, compared to 19.8% in the second quarter of 2024. EBITDA and EBITDA margin were impacted by non-cash share-based compensation expense of €53 million as well as U.S. listing preparation costs and certain M&A advisory costs of €12 million during the second quarter of 2025, compared to non-cash share-based compensation expense of €69 million during the second quarter of 2024. Excluding these items, Adjusted EBITDA for the quarter was €676 million, up 4.2% year-over-year, or 7.3% in constant currency, and Adjusted EBITDA margin improved 0.6pp to 22.7%, compared to 22.1% in the second quarter of 2024, as a result of revenue growth, operating leverage ...
