Universal Music Group N.V. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2025

Core Insights - Universal Music Group N.V. (UMG) reported strong financial results for Q3 2025, with revenue growth across all business segments, reflecting the company's strategic initiatives and global expansion efforts [4][6][8]. Financial Results Summary Q3 2025 Results - Revenue for Q3 2025 was €3,021 million, an increase of 5.3% year-over-year, or 10.2% in constant currency [6][8]. - EBITDA for the quarter was €594 million, up 6.8% year-over-year, with an EBITDA margin of 19.7% [9][10]. - Adjusted EBITDA for Q3 2025 was €664 million, reflecting a 6.9% increase year-over-year, with an adjusted EBITDA margin of 22.0% [10][11]. Year-to-Date (YTD) 2025 Results - For the nine months ended September 30, 2025, revenue was €8,902 million, a 6.0% increase year-over-year, or 8.0% in constant currency [11][12]. - EBITDA for the nine months was €1,808 million, growing 11.2% year-over-year, with an EBITDA margin of 20.3% [12][13]. - Adjusted EBITDA for the nine months was €2,000 million, up 7.4% year-over-year, with an adjusted EBITDA margin of 22.5% [13][14]. Segment Performance Recorded Music - Recorded Music revenue for Q3 2025 was €2,223 million, a 3.6% increase year-over-year, or 8.3% in constant currency [15][16]. - Subscription revenue grew 3.6% year-over-year, while streaming revenue declined 4.8% year-over-year [15][16]. - For the nine months, Recorded Music revenue was €6,687 million, up 5.6% year-over-year, with subscription revenue of €3,627 million growing 6.8% [16]. Music Publishing - Music Publishing revenue for Q3 2025 was €543 million, an 8.6% increase year-over-year, or 13.6% in constant currency [18][19]. - Digital revenue within Music Publishing grew 10.8% year-over-year, reflecting the growth of streaming and subscription revenue [19][20]. - For the nine months, Music Publishing revenue was €1,667 million, a 10.5% increase year-over-year [20]. Merchandising and Other - Merchandising and Other revenue for Q3 2025 was €259 million, up 9.3% year-over-year, or 15.6% in constant currency, driven by higher touring merchandise sales [22][23]. - For the nine months, Merchandising and Other revenue was €563 million, a decrease of 2.6% year-over-year, but stable in constant currency [23].