{"id":82316,"date":"2026-07-30T20:33:28","date_gmt":"2026-07-30T20:33:28","guid":{"rendered":"https:\/\/site.itshrt.com\/hiphopmagizine\/umg-reports-financial-results-for-the-second-quarter-and-half-year-2026\/"},"modified":"2026-07-30T20:33:28","modified_gmt":"2026-07-30T20:33:28","slug":"umg-reports-financial-results-for-the-second-quarter-and-half-year-2026","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/hiphopmagizine\/umg-reports-financial-results-for-the-second-quarter-and-half-year-2026\/","title":{"rendered":"UMG Reports Financial Results for the Second Quarter and Half Year 2026."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt Hip Hop Magizine News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"9431463036\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><span style=\"color: #000000;\">Universal Music Group N.V. (\u201cUMG\u201d or \u201cthe Company\u201d) today announced its financial results for the second quarter and half year ended June 30, 2026.<\/span><\/p>\n<p><span style=\"color: #000000;\">Sir Lucian Grainge, Chairman and Chief Executive Officer of UMG, said, \u201cWe\u2019re delivering on our strategic plan, and working to further sharpen our execution, while capitalizing on the opportunities presented by new technologies and the ever-evolving music ecosystem. Our unique combination of global reach, local expertise, artist development, vast audio and visual IP and entrepreneurial culture positions UMG to deliver long-term growth, sustained value creation, and creative and commercial success for our artists and songwriters.\u201d<\/span><\/p>\n<p><span style=\"color: #000000;\">\u201cThis quarter demonstrated both the strong fundamentals of our business and the opportunities we see to improve,\u201d said Matt Ellis, UMG\u2019s CFO. \u201cOur focus is on building our market leadership, while driving top and bottom-line growth, improving efficiency, and continuing to invest where we see the greatest returns.\u201d<\/span><\/p>\n<p><span style=\"color: #000000;\"><b>UMG RESULTS<\/b><\/span><\/p>\n<p><span style=\"color: #000000;\"><b>Q2 2026 Results<br class=\"dnr\"\/><\/b>Revenue for the second quarter of 2026 (\u201cQ2 2026\u201d) grew 13.3% in constant currency, which included the consolidation of Downtown for the entire quarter. Excluding Downtown, revenue grew 6.4% in constant currency with improvement in Recorded Music and Music Publishing primarily driven by:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">pricing\u00a0benefits\u00a0of\u00a0Streaming\u00a02.0\u00a0agreements;<\/span><\/li>\n<li><span style=\"color: #000000;\">outsized audiovisual and live and related income within \u201cLicense and other\u201d revenue;<\/span><\/li>\n<li><span style=\"color: #000000;\">strong\u00a0physical\u00a0sales;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">healthy\u00a0Music\u00a0Publishing\u00a0performance\u00a0revenue.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Adjusted EBITDA increased 1.5% in constant currency. Excluding Downtown, Adjusted EBITDA was largely flat in constant currency and Adjusted EBITDA margin declined 1.3pp year-over-year due to:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">revenue\u00a0and\u00a0repertoire\u00a0mix\u00a0in\u00a0Recorded\u00a0Music;<\/span><\/li>\n<li><span style=\"color: #000000;\">an\u00a0increase\u00a0in\u00a0corporate\u00a0overhead,\u00a0largely\u00a0due\u00a0to\u00a0higher\u00a0professional\u00a0fees;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">a\u00a0loss\u00a0in\u00a0Merchandising.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><b>H1 2026 Results<br class=\"dnr\"\/><\/b>In the half year ended June 30, 2026 (\u201cH1 2026\u201d), UMG\u2019s revenue was up 10.8% in constant currency, and up 5.7% in constant currency excluding Downtown, with improvements in Recorded Music and Music Publishing, partially offset by a decline in Merchandising, as discussed further below.<\/span><\/p>\n<p><span style=\"color: #000000;\">Cost of revenues, consisting of artist and product costs, increased by \u20ac281 million to \u20ac3,622 million in H1 2026. Cost of revenues as a percentage of revenue increased to 58.5% in H1 2026 from 56.8% in H1 2025. Excluding Downtown, cost of revenues was 57.1% of sales in H1 2026, driven by higher product costs.<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">Artist costs increased to \u20ac3,045 million, or 49.2% of sales in H1 2026 from \u20ac2,795 million, or 47.5% of sales in H1 2025, due to the consolidation of Downtown. Excluding Downtown, artist costs declined to 47.3% of sales in H1 2026.<\/span><\/li>\n<li><span style=\"color: #000000;\">Product costs increased to \u20ac577 million in H1 2026 from \u20ac546 million in H1 2025 while remaining consistent as a percentage of sales at 9.3%. Excluding Downtown, product costs grew to 9.8% of sales in H1 2026 due to a greater proportion of phycial sales as well as costs associated with live and related revenues and audiovisual income.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Adjusted\u00a0EBITDA\u00a0was\u00a0up\u00a02.7%\u00a0in\u00a0constant\u00a0currency.\u00a0Excluding\u00a0Downtown,\u00a0Adjusted\u00a0EBITDA\u00a0grew\u00a01.6%\u00a0in constant currency and Adjusted EBITDA margin declined 0.8pp year-over-year due to:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">higher\u00a0contribution\u00a0from\u00a0artist\u00a0and\u00a0label\u00a0services\u00a0revenue\u00a0within\u00a0Recorded\u00a0Music;<\/span><\/li>\n<li><span style=\"color: #000000;\">an\u00a0increase\u00a0in\u00a0corporate\u00a0overhead,\u00a0largely\u00a0due\u00a0to\u00a0higher\u00a0professional\u00a0fees;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">a\u00a0loss\u00a0in\u00a0Merchandising.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Operating profit declined 0.6% in constant currency, or 0.8% in constant currency excluding Downtown, to \u20ac901 million reflecting:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">constant\u00a0currency\u00a0Adjusted\u00a0EBITDA\u00a0growth;<\/span><\/li>\n<li><span style=\"color: #000000;\">lower\u00a0non-cash\u00a0share\u00a0based\u00a0compensation\u00a0expense;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">lower\u00a0restructuring\u00a0charges;\u00a0more\u00a0than\u00a0offset\u00a0by<\/span><\/li>\n<li><span style=\"color: #000000;\">an\u00a0increase\u00a0in\u00a0software-related\u00a0amortization\u00a0and\u00a0lease-related\u00a0depreciation\u00a0expense;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">higher\u00a0integration\u00a0and\u00a0business\u00a0transformation\u00a0costs.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Adjusted net profit, which adjusts for the revaluation of investments in listed and other companies, non-cash share-based compensation expense, amortization of catalogues, and restructuring charges and other items, amounted\u00a0to\u00a0\u20ac863\u00a0million\u00a0in\u00a0H1\u00a02026,\u00a0up\u00a03.9%\u00a0in\u00a0constant\u00a0currency,\u00a0resulting\u00a0in\u00a0Adjusted\u00a0diluted\u00a0EPS\u00a0of\u00a0\u20ac0.47, up 4.3% in constant currency, primarily reflecting:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">a\u00a0decline in operating\u00a0profit; and<\/span><\/li>\n<li><span style=\"color: #000000;\">increased\u00a0interest\u00a0expense;\u00a0more\u00a0than\u00a0offset\u00a0by<\/span><\/li>\n<li><span style=\"color: #000000;\">income\u00a0from\u00a0equity\u00a0affiliates.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">For fiscal year 2026, UMG revised how it defines Free Cash Flow to better reflect the cash generated by its business that is available for strategic investments and capital return. Prior periods have been restated to conform with the new definition.<\/span><\/p>\n<p><span style=\"color: #000000;\">Free cash flow decreased to \u20ac24\u00a0million in H1 2026 compared to \u20ac163\u00a0million in H1 2025 due to:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">a decline in operating profit;<\/span><\/li>\n<li><span style=\"color: #000000;\">an\u00a0increase\u00a0in\u00a0cash\u00a0used\u00a0for\u00a0working\u00a0capital;<\/span><\/li>\n<li><span style=\"color: #000000;\">higher\u00a0interest\u00a0costs;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">higher capital expenditures, largely related to previously disclosed office build-outs at key locations; partially offset by<\/span><\/li>\n<li><span style=\"color: #000000;\">a\u00a0decrease\u00a0in\u00a0royalty\u00a0advance\u00a0payments,\u00a0net\u00a0of\u00a0recoupments,\u00a0which\u00a0were\u00a0\u20ac292\u00a0million\u00a0in\u00a0H1\u00a02026\u00a0compared to \u20ac377 million in H1 2025, due to the timing of deals and higher recoupment; and<\/span><\/li>\n<li><span style=\"color: #000000;\">favorable\u00a0non-cash\u00a0adjustments.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">In line with UMG\u2019s dividend policy to pay a dividend of at least 50% of adjusted net profit, UMG\u2019s Board of Directors declared an interim dividend for H1 2026 of \u20ac432 million, or \u20ac0.24 per share. The ex-dividend date will be on October 5, 2026, the record date will be on October 6, 2026 and the payment date will be on October 27, 2026.<\/span><\/p>\n<p><span style=\"color: #000000;\">Net\u00a0debt\u00a0at\u00a0the\u00a0end\u00a0of\u00a0H1\u00a02026\u00a0was\u00a0\u20ac4,131\u00a0million\u00a0compared\u00a0to\u00a0\u20ac2,390\u00a0million\u00a0at\u00a0the\u00a0end\u00a0of\u00a02025\u00a0due\u00a0to:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">cash\u00a0used\u00a0for\u00a0investing\u00a0activities\u00a0of\u00a0\u20ac806\u00a0million,\u00a0including\u00a0the\u00a0acquisition\u00a0of\u00a0Downtown;<\/span><\/li>\n<li><span style=\"color: #000000;\">stock\u00a0repurchases\u00a0amounting\u00a0to\u00a0\u20ac734\u00a0million\u00a0between\u00a0March\u00a031,\u00a02026\u00a0up\u00a0to\u00a0and\u00a0including\u00a0June\u00a030, 2026; and<\/span><\/li>\n<li><span style=\"color: #000000;\">dividend\u00a0payments\u00a0of\u00a0\u20ac514\u00a0million;\u00a0partially\u00a0offset\u00a0by<\/span><\/li>\n<li><span style=\"color: #000000;\">proceeds\u00a0of\u00a0\u20ac379\u00a0million\u00a0from\u00a0the\u00a0sale\u00a0of\u00a0Spotify\u00a0shares.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><strong>Recorded Music<\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\"><b>Q2 2026<\/b><\/span><br class=\"dnr\"\/><span style=\"color: #000000;\">Recorded\u00a0Music\u00a0revenue\u00a0grew\u00a016.2%\u00a0in\u00a0constant\u00a0currency,\u00a0and\u00a0grew\u00a08.7%\u00a0in\u00a0constant\u00a0currency excluding Downtown:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">Subscription revenue grew 16.6% in constant currency, and grew 6.7% in constant currency excluding Downtown. Wholesale price increases contributed 3.5pp to the growth rate, partially offset by a 1.5pp negative impact of market share headwinds from Q1 2026 extending into Q2 2026. A stronger Q2 2026 release schedule resulted in market share improvement over the course of the quarter.<\/span><\/li>\n<li><span style=\"color: #000000;\">Streaming revenue increased 11.5% in constant currency, and grew 1.7% in constant currency excluding Downtown, as consumers continue to shift consumption from better monetized video platforms to short-form platforms.<\/span><\/li>\n<li><span style=\"color: #000000;\">Downloads and other digital revenue declined 43.3% in constant currency, and declined 50.7% in constant currency excluding Downtown, due to a previously disclosed settlement with an internet service provider in Q2 2025, and the ongoing industry-wide format shift.<\/span><\/li>\n<li><span style=\"color: #000000;\">Physical revenue increased 15.9% in constant currency, and grew 15.6% in constant currency excluding Downtown, with particular strength in the U.S. and Europe, partially offset by declines in Japan due to the timing of releases.<\/span><\/li>\n<li><span style=\"color: #000000;\">License and other revenue increased 34.9% in constant currency, or 32.7% in constant currency excluding Downtown, with outsized contributions from audiovisual and live and related income, along with healthy licensing revenue growth.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Recorded Music Adjusted EBITDA was up 2.8% in constant currency, or 1.6% in constant currency excluding Downtown. Recorded Music Adjusted EBITDA margin excluding Downtown declined 1.8pp in Q2 2026, reflecting:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">a\u00a0higher\u00a0contribution\u00a0of\u00a0artist\u00a0and\u00a0label\u00a0services\u00a0revenue\u00a0in\u00a0Recorded\u00a0Music\u00a0due\u00a0to\u00a0strong\u00a0growth\u00a0in\u00a0Virgin Music Group; and<\/span><\/li>\n<li><span style=\"color: #000000;\">a greater proportion of\u00a0physical sales and lower-margin\u00a0audiovisual and live and\u00a0related income.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><strong>Music Publishing<\/strong><\/span><\/p>\n<div class=\"code-block code-block-2\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<a title=\"Hip-Hop hats, buckets, snapbacks, beanies.\" href=\"https:\/\/rapindustry.com\/shop\/\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-64516 size-full\" alt=\"\" width=\"800\" height=\"500\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/04\/hip-hop-hats.jpg\"\/><img decoding=\"async\" class=\"aligncenter wp-image-64516 size-full\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/04\/hip-hop-hats.jpg\" alt=\"\" width=\"800\" height=\"500\"\/><\/a><\/div>\n<p><span style=\"color: #000000;\"><b>Q2 2026<br class=\"dnr\"\/><\/b>Music Publishing revenue grew 9.8% in constant currency, and grew 2.7% in constant currency excluding Downtown:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">Digital\u00a0revenue\u00a0grew\u00a013.6%\u00a0in\u00a0constant\u00a0currency,\u00a0and\u00a0grew\u00a05.2%\u00a0in\u00a0constant\u00a0currency\u00a0excluding\u00a0Downtown, reflecting strength in subscription, partially offset by softer ad-supported streaming.<\/span><\/li>\n<li><span style=\"color: #000000;\">Performance\u00a0revenue\u00a0increased\u00a012.8%\u00a0in\u00a0constant\u00a0currency,\u00a0and\u00a0grew\u00a09.2%\u00a0in\u00a0constant\u00a0currency\u00a0excluding Downtown, due to continued industry growth.<\/span><\/li>\n<li><span style=\"color: #000000;\">Synchronization\u00a0revenue\u00a0declined\u00a09.4%\u00a0in\u00a0constant\u00a0currency,\u00a0and\u00a0fell\u00a0by\u00a014.1%\u00a0in\u00a0constant\u00a0currency excluding Downtown, related to the timing of deals.<\/span><\/li>\n<li><span style=\"color: #000000;\">Mechanical\u00a0revenue\u00a0grew\u00a03.6%\u00a0in\u00a0constant\u00a0currency,\u00a0and\u00a0declined\u00a03.6%\u00a0in\u00a0constant\u00a0currency\u00a0excluding Downtown, driven by release schedules.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Music Publishing Adjusted EBITDA was up 3.9% in constant currency, or 1.6% in constant currency excluding\u00a0Downtown. Music Publishing Adjusted EBITDA margin excluding Downtown declined 0.2pp in Q2 2026 reflecting:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">favourable\u00a0cost\u00a0of\u00a0revenues;\u00a0more\u00a0than\u00a0offset\u00a0by<\/span><\/li>\n<li><span style=\"color: #000000;\">an\u00a0increase\u00a0in\u00a0overheads,\u00a0including\u00a0higher\u00a0legal\u00a0fees\u00a0related\u00a0to\u00a0copyright\u00a0enforcement.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><b>Merchandising and Other<\/b><\/span><\/p>\n<p><span style=\"color: #000000;\"><b>Q2 2026<br class=\"dnr\"\/><\/b>Merchandising\u00a0and\u00a0Other\u00a0revenue\u00a0decreased\u00a010.7%\u00a0in\u00a0constant\u00a0currency,\u00a0primarily\u00a0driven\u00a0by:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">a\u00a0decline\u00a0in\u00a0touring\u00a0income\u00a0due\u00a0to\u00a0the\u00a0timing\u00a0of\u00a0tours;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">a\u00a0decline\u00a0in\u00a0direct-to-consumer\u00a0revenue\u00a0due\u00a0to\u00a0the\u00a0timing\u00a0of\u00a0product\u00a0releases.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\">Merchandising\u00a0and\u00a0Other\u00a0Adjusted\u00a0EBITDA\u00a0of\u00a0-\u20ac5\u00a0million\u00a0declined\u00a0by\u00a0\u20ac6\u00a0million\u00a0in\u00a0constant\u00a0currency\u00a0due\u00a0to:<\/span><\/p>\n<ul type=\"disc\">\n<li><span style=\"color: #000000;\">lower\u00a0revenue\u00a0against\u00a0fixed\u00a0overhead;\u00a0and<\/span><\/li>\n<li><span style=\"color: #000000;\">a\u00a0timing-related\u00a0increase\u00a0in\u00a0A&amp;R\u00a0costs.<\/span><\/li>\n<\/ul>\n<div class=\"code-block code-block-3\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<a href=\"https:\/\/www.bshntrk.com\/39S894\/9PDGHT\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-63241\" alt=\"\" width=\"700\" height=\"400\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/06\/DisneyHulu900.jpg\"\/><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-63241\" src=\"https:\/\/rapindustry.com\/wp-content\/uploads\/2026\/06\/DisneyHulu900.jpg\" alt=\"\" width=\"700\" height=\"400\"\/><\/a> <\/div>\n<p><!-- CONTENT END 1 -->\n\t\t\t\t\t\t\t\t\t<\/div>\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt Hip Hop Magizine News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"9431463036\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>Universal Music Group N.V. (\u201cUMG\u201d or \u201cthe Company\u201d) today announced its financial results for the second quarter and half year<\/p>\n","protected":false},"author":1,"featured_media":82317,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[58,39,6110],"class_list":["post-82316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-behind-the-scenes","tag-news","tag-umg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UMG Reports Financial Results for the Second Quarter and Half Year 2026. - Hip Hop News<\/title>\n<meta name=\"description\" content=\"&quot;We&#039;re delivering on our strategic plan, and working to further sharpen our execution, while capitalizing on the opportunities presented by new technologies and the ever-evolving music ecosystem.&quot;\" \/>\n<meta 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