Press Release: Universal Music Group N.V. Reports Financial Results for the First Quarter Ended March 31, 2026

Dow Jones
04/29

Announces Authorizations for Additional Share Buyback and Monetization of a Portion of Spotify Stake

Q1 2026 Results Highlights(1)

   -- Revenue of EUR2,900 million was flat year-over-year, while it grew 8.1% 
      in constant currency, with the consolidation of Downtown Music Holdings 
      ("Downtown"), initial pricing benefits of Streaming 2.0 agreements, 
      strong physical sales and healthy synchronization income contributing to 
      growth in Recorded Music and Music Publishing. 
 
   -- Recorded Music subscription revenue grew 4.1% year-over-year, or 12.5% in 
      constant currency, benefitting from the consolidation of Downtown, as 
      well as from initial pricing benefits of Streaming 2.0 agreements. 
 
   -- Adjusted EBITDA of EUR636 million declined 3.8% year-over-year, and 
      increased 3.9% in constant currency driven by revenue growth, while 
      Adjusted EBITDA margin decreased 0.9pp to 21.9%, primarily due to the 
      consolidation of Downtown. 
 
   -- Top sellers included BTS, Olivia Dean, Taylor Swift, the KPop Demon 
      Hunters soundtrack and Morgan Wallen. 
 
   -- Closing of Downtown acquisition provides UMG with capabilities and 
      infrastructure to deliver further growth in the fast-growing label and 
      artist services sector. 
 
1  This press release includes certain alternative performance indicators 
   which are not defined in the IFRS Accounting 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 Appendix 
   to this press release. 
 

HILVERSUM, The Netherlands, April 29, 2026 /PRNewswire/ -- Universal Music Group N.V. ("UMG" or "the Company") today announced its financial results for the first quarter ended March 31, 2026.

Sir Lucian Grainge, Chairman and Chief Executive Officer of UMG, said, "We delivered a solid quarter of growth in our core businesses, complemented by our strategic development and investment in fast-growing areas of the industry. We continue to build the most successful music company in history by attracting the world's top talent, engaging fans globally, and delivering long-term value for stakeholders. Central to that mission is fostering an environment that protects artists and songwriters, champions human creativity, and embraces innovation at a pivotal moment for our industry."

Matt Ellis, UMG's CFO, said, "Against the backdrop of a healthy industry, we are consistently driving sustained revenue growth through our multi-faceted strategy, while continuing to expand EBITDA and reinvest for the future. In addition, the important steps we are announcing today to increase our share buyback authorization and monetize a portion of our equity stake in Spotify will lead to enhanced shareholder value while maintaining the flexibility the Company requires to drive further success."

UMG Results

 
                      Three Months Ended March 31,          %       %        % 
                                                                           const. 
(in millions of                2026 excl.                                  excl. 
euros)              2026(1)      Downtown      2025        YoY    const.  Downtown 
                  -----------  -----------  -----------  -------  ------  -------- 
                  (unaudited)  (unaudited)  (unaudited) 
Revenue                 2,900        2,814        2,901    0.0 %   8.1 %     4.9 % 
EBITDA                    571          568          603  (5.3 %)   2.1 %     1.6 % 
EBITDA margin          19.7 %       20.2 %       20.8 %  (1.1pp)           (0.6pp) 
Adjusted EBITDA           636          633          661  (3.8 %)   3.9 %     3.4 % 
Adjusted EBITDA 
 margin                21.9 %       22.5 %       22.8 %  (0.9pp)           (0.3pp) 
 
 
 
1  Downtown results included are from the date of acquisition on February 20, 
   2026. 
 
 
 
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. 
 

Q1 2026 Results

Revenue for the first quarter of 2026 grew 8.1% in constant currency, with the consolidation of Downtown as of February 20, 2026. Excluding Downtown, revenue grew 4.9% in constant currency with improvement in Recorded Music and Music Publishing due to:

   -- Initial pricing benefits of Streaming 2.0 agreements; 
 
   -- Strong physical sales; and 
 
   -- Healthy synchronization income. 

Adjusted EBITDA grew 3.9% in constant currency. Excluding Downtown, Adjusted EBITDA grew 3.4% in constant currency and Adjusted EBITDA margin declined 0.3pp year-over-year due to:

   -- Improvement in Music Publishing margin and flat Recorded Music margin; 
 
   -- An increase in corporate overhead, largely associated with strategic 
      technology initiatives; and 
 
   -- Lower margins in Merchandising. 

Recorded Music

 
                      Three Months Ended March 31,          %         %        % 
                                                                             const. 
(in millions of                2026 excl.                                    excl. 
euros)              2026(1)      Downtown      2025        YoY     const.   Downtown 
                  -----------  -----------  -----------  --------  -------  -------- 
                  (unaudited)  (unaudited)  (unaudited) 
Subscriptions 
 and streaming 
 revenue                1,642        1,576        1,605     2.3 %   10.9 %     6.4 % 
of which 
 subscription           1,303        1,249        1,252     4.1 %   12.5 %     7.9 % 
of which 
 streaming                339          327          353   (4.0 %)    5.0 %     1.2 % 
Downloads and 
 other digital 
 revenue                   34           32           40  (15.0 %)  (5.6 %)  (11.1 %) 
Physical revenue          310          310          300     3.3 %   12.7 %    12.7 % 
License and 
 other revenue            267          263          296   (9.8 %)  (3.6 %)   (5.1 %) 
Recorded Music 
 revenues               2,253        2,181        2,241     0.5 %    8.9 %     5.4 % 
 
EBITDA                    525          521          538   (2.4 %)    5.2 %     4.4 % 
EBITDA margin          23.3 %       23.9 %       24.0 %  (0.7pp)             (0.1pp) 
Adjusted EBITDA           565          561          575   (1.7 %)    6.0 %     5.3 % 
Adjusted EBITDA 
 margin                25.1 %       25.7 %       25.7 %  (0.6pp)               0.0pp 
 
 
 
1  Downtown results included are from the date of acquisition on February 20, 
2026. 
 
 
 
Note: % YoY indicates % change year-over-year; % const. indicates % change 
year-over-year adjusted for constant currency. 
 

Q1 2026

Recorded Music revenue grew 8.9% in constant currency, and grew 5.4% in constant currency excluding Downtown:

   -- Subscription revenue grew 12.5% in constant currency, and grew 7.9% in 
      constant currency excluding Downtown. Wholesale price increases 
      contributed 3pp to the growth rate, partially offset by a 2pp negative 
      impact from a light release schedule which led to lower market share 
      against strong market share in the prior-year quarter. 
 
   -- Streaming revenue increased 5.0% in constant currency, and grew 1.2% in 
      constant currency excluding Downtown, as consumers continue to shift 
      consumption from better monetized video platforms to short-form 
      platforms. 
 
   -- Downloads and other digital revenue declined 5.6% in constant currency, 
      and declined 11.1% in constant currency excluding Downtown, due to 
      continued industry-wide format shift. 
 
   -- Physical revenue increased 12.7% in constant currency, both with and 
      excluding Downtown, with particular strength in Japan and the U.S. 
 
   -- License and other revenue decreased 3.6% in constant currency, and 
      declined 5.1% in constant currency excluding Downtown, as underlying 
      licensing revenue growth from strong synchronization revenue was more 
      than offset by meaningful, non-recurring live income in the first quarter 
      of 2025. 

Recorded Music Adjusted EBITDA was up 6.0% in constant currency, and grew 5.3% in constant currency excluding Downtown, while Adjusted EBITDA margin was flat excluding Downtown, reflecting:

   -- Operating leverage driven by Streaming 2.0 price increases; 
 
   -- A negative impact of repertoire mix. 

Music Publishing

 
                      Three Months Ended March 31,          %       %        % 
                                                                           const. 
(in millions of                2026 excl.                                  excl. 
euros)              2026(1)      Downtown      2025        YoY    const.  Downtown 
                  -----------  -----------  -----------  -------  ------  -------- 
                  (unaudited)  (unaudited)  (unaudited) 
Performance 
 revenue                  115          114          114    0.9 %   6.5 %     5.6 % 
Synchronisation 
 revenue                   68           67           64    6.3 %  15.3 %    13.6 % 
Digital revenue           328          317          339  (3.2 %)   4.8 %     1.3 % 
Mechanical 
 revenue                   28           28           26    7.7 %  12.0 %    12.0 % 
Other revenue              13           12           12    8.3 %  18.2 %     9.1 % 
Music Publishing 
 revenues                 552          538          555  (0.5 %)   7.0 %     4.3 % 
 
EBITDA                    131          132          126    4.0 %  12.0 %    12.8 % 
EBITDA margin          23.7 %       24.5 %       22.7 %  1.0pp               1.8pp 
Adjusted EBITDA           135          136          130    3.8 %  11.6 %    12.4 % 
Adjusted EBITDA 
 margin                24.5 %       25.3 %       23.4 %  1.1pp               1.9pp 
 
 
 
1 Downtown results included are from the date of acquisition on February 20, 
2026. 
 
 
 

(MORE TO FOLLOW) Dow Jones Newswires

April 29, 2026 11:45 ET (15:45 GMT)

应版权方要求,你需要登录查看该内容

免责声明:投资有风险,本文并非投资建议,以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请,作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考,不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证,投资者应自行研究并在投资前寻求专业建议。

热议股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10