Universal Music Group N.V. · EURONEXT:UMG
Universal Music — Shareholder Meeting (2026)
90 slides from Universal Music's shareholder meeting presentation, Jun 1, 2026
Slide 1: Universal Music Group Annual General Meeting 2026
Universal Music Group Annual General Meeting 2026
Slide 2: Important Information
Universal Music Group Annual General Meeting 2026 Important Information Forward-Looking Statements This presentation may contain statements that constitute forward-looking statements relating to the financial condition, results of operations, business, strategy and plans , and the industry in which
Slide 3: Sherry Lansing
Universal Music Group Annual General Meeting 2026 Sherry Lansing Chairman of the Board and Non-Executive Director
Slide 4: Agenda Item 1: Opening
Universal Music Group Annual General Meeting 2026 Agenda Item 1 Opening
Slide 5: Test vote
Universal Music Group Annual General Meeting 2026 Test vote Should the sun shine today? VOOR / FOR 1,152,590,810 70.95% TEGEN / AGAINST 471,865,885 29.05% ONTHOUDING / ABSTAIN 8,112,999
Slide 6: Agenda Item 2: Discussion of the 2025 Annual Report
Universal Music Group Annual General Meeting 2026 Agenda Item 2 Discussion of the 2025 Annual Report
Slide 7: Sir Lucian Grainge CBE
Universal Music Group Annual General Meeting 2026 Sir Lucian Grainge CBE Chairman and Chief Executive Officer Universal Music Group
Slide 8: FY 2025 Consolidated Results
Universal Music Group Annual General Meeting 2026 FY 2025 Consolidated Results Revenue Adjusted EBITDA +8.7% +8.6% € 2,810 € 12,507 € 2,661 € 11,834 FY24 FY25 FY24 FY25 Note: € in Millions; Revenue and Adjusted EBITDA growth shown in constant currency.
Slide 9: 9 of the Top 10 Global Recording Artists of 2025
Universal Music Group Annual General Meeting 2026 9 of the Top 10 Global Recording Artists of 2025 Top 10 Global Artists 1. Taylor Swift* 6. Kendrick Lamar* 2. Stray Kids 7. Morgan Wallen 3. Drake* 8. Sabrina Carpenter* 4. The Weeknd* 9. Billie Eilish* 5. Bad Bunny* 10. Lady Gaga Source: IFPI Global
Slide 10: UMG Is Consistently Home to the World's Best-Selling Recording Artists
Universal Music Group Annual General Meeting 2026 UMG Is Consistently Home to the World’s Best-Selling Recording Artists Top 10 Global Artists 2019 2020 2021 2022 2023 2024 2025 9/10 9/10 9/10 9/10 8/10 8/10 7/10 Source: IFPI Global Charts
Slide 11: Executing on Strategy in Four Key Areas
Universal Music Group Annual General Meeting 2026 Executing on Strategy in Four Key Areas 1. 2. Expand label and Accelerate presence in artist services high-potential music markets 3. 4. Strengthen direct-to- Grow portfolio of responsible consumer and superfan AI partners initiatives
Slide 12: New & Expanded Services Cover Entire Music Ecosystem
Universal Music Group Annual General Meeting 2026 New & Expanded Services Cover Entire Music Ecosystem Artist-Driven Label & Artist Frontline Resources & Tools Services Labels Digital Sales & Financing Distribution Commercial Long-term Artist Bespoke Catalog Marketing Development Development Content
Slide 13: Expansion in High-Potential Markets
Universal Music Group Annual General Meeting 2026 Expansion in High-Potential Markets 2025 India China Vietnam Malaysia Ghana
Slide 14: Executing on Strategy in Four Key Areas
Universal Music Group Annual General Meeting 2026 Executing on Strategy in Four Key Areas 1. 2. Expand label and Accelerate presence in artist services high-potential music markets 3. 4. Strengthen direct-to- Grow portfolio of responsible consumer and superfan AI partners initiatives
Slide 15: Stimulating Superfan Category
Universal Music Group Annual General Meeting 2026 Stimulating Superfan Category >1,600 UMG D2C Stores
Slide 16: Executing on Strategy in Four Key Areas
Universal Music Group Annual General Meeting 2026 Executing on Strategy in Four Key Areas 1. 2. Expand label and Accelerate presence in artist services high-potential music markets 3. 4. Strengthen direct-to- Grow portfolio of responsible consumer and superfan AI partners initiatives
Slide 17: Expanding Portfolio of Innovative AI Partners
Universal Music Group Annual General Meeting 2026 Expanding Portfolio of Innovative AI Partners
Slide 18: Global Impact
Universal Music Group Annual General Meeting 2026 Global Impact
Slide 19: Driving an Interconnected Growing Ecosystem
Universal Music Group Annual General Meeting 2026 Driving an Interconnected Growing Ecosystem Streaming 2.0 Label & Artist Services Direct-to- World’s Most High-potential consumer Successful Music Markets Recording Artists, Songwriters & Catalogs Superfan Responsible AI Platforms Innovation
Slide 20: Universal Music Group
Universal Music Group Annual General Meeting 2026
Slide 21: Matt Ellis
Universal Music Group Annual General Meeting 2026 Matt Ellis Chief Financial Officer Universal Music Group
Slide 22: FY25 Consolidated Results
Universal Music Group Annual General Meeting 2026 FY25 Consolidated Results REVENUE ADJUSTED EBITDA ADJUSTED EBITDA ADJUSTED DILUTED MARGIN EPS +8.7% +8.6% +0.0pp +7.3% € 2,810 22.5% 22.5% € 12,507 € 2,661 € 11,834 € 1.03 € 0.96 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Note: € in Millions; Revenue an
Slide 23: Items Impacting Comparability
Universal Music Group Annual General Meeting 2026 Items Impacting Comparability Total UMG Recorded Music Music Publishing FY25 FY24 FY25 FY24 FY25 FY24 Total Total Total Total Total Total Revenue Revenue Revenue Legal Settlements - 40 Legal Settlements - 32 Legal Settlements - 8 Legal Resolution 45
Slide 24: Recorded Music
Universal Music Group Annual General Meeting 2026 Recorded Music FY25 REVENUE FY25 ADJUSTED EBITDA FY25 ADJUSTED EBITDA MARGIN +9.3% +9.1%* +9.6% +9.7%* +0.0pp +0.2pp* € 9,456 € 8,901 25.6% 25.6% € 2,423 € 2,275 FY24 FY25 FY24 FY25 FY24 FY25 Note: € in Millions; All growth rates are in constant curr
Slide 25: Recorded Music Revenue
Universal Music Group Annual General Meeting 2026 Recorded Music Revenue Top Sellers FY25 Recorded Music Revenue Breakdown 2025 +8.6% +4.7% +34.5% +11.4% +11.0% +8.6%* +13.6%* Taylor Swift K-Pop Demon Morgan Wallen Lady Gaga Sabrina Carpenter The Life of a Showgirl Hunters Short n’ Sweet € 4,884 FY2
Slide 26: Music Publishing
Universal Music Group Annual General Meeting 2026 Music Publishing FY25 REVENUE FY25 ADJUSTED EBITDA FY25 ADJUSTED EBITDA MARGIN +9.3% +9.8%* +10.0% +10.5%* +0.2pp +0.2pp* € 2,260 € 549 € 2,121 € 511 24.1% 24.3% FY24 FY25 FY24 FY25 FY24 FY25 Note: € in Millions; All growth rates are in constant curr
Slide 27: Merchandising & Other
Universal Music Group Annual General Meeting 2026 Merchandising & Other FY25 REVENUE FY25 ADJUSTED FY25 ADJUSTED EBITDA EBITDA MARGIN 0.0% -61.0% -3.1pp € 842 € 811 Axis Title € 43 5.1% € 16 2.0% FY24 FY25 FY24 FY25 FY24 FY25 Axis Title Note: € in Millions; All growth rates are in constant currency.
Slide 28: Net Profit & EPS
Universal Music Group Annual General Meeting 2026 Net Profit & EPS NET PROFIT(1) ADJUSTED NET EPS - BASIC ADJUSTED EPS - PROFIT DILUTED -26.5% +7.0% -26.3% +7.3% € 1.14 € 2,086 € 1.03 € 0.96 € 1,907 € 1,782 € 0.84 € 1,533 2024 2025 2024 2025 2024 2025 2024 2025 Note: Net Profit € Millions; All growt
Slide 29: FY 25 Free Cash Flow
Universal Music Group Annual General Meeting 2026 FY 25 Free Cash Flow • €116m tax paid primarily to cover employee withholding tax on equity grants; lessens dilutive impact of equity plan • Catalog investments shown net of divestments, including catalogs transferred to Chord, and other intangible s
Slide 30: Investing Activity
Universal Music Group Annual General Meeting 2026 Investing Activity €1,051 Other Investments • 2025 spending on strategic initiatives included: €854 • Small acquisitions including in Thailand, Vietnam, Indonesia and Japan • Strategic investments related to certain superfan initiatives € 602 • €104
Slide 31: Balance Sheet & Liquidity
Universal Music Group Annual General Meeting 2026 Balance Sheet & Liquidity Strong Balance Sheet Total Debt • Net Debt / EBITDA <1x as of 12/31/25 Cash and Derivatives Net Debt • Committed to maintaining investment grade rating € 2,846 • Average debt maturity: 3.7 years € 2,651 • Provides flexibilit
Slide 32: Downtown Music
Universal Music Group Annual General Meeting 2026 Downtown Music Full Year 2025* 1Q26 Stub Period** Revenue: €891 million Revenue: €86 million EBITDA: €40 million EBITDA: €3 million *Full Year 2025 Downtown revenue and EBITDA have been converted from USD to EUR using the average 2025 FX rate of 0.89
Slide 33: 1Q26 Consolidated Results
Universal Music Group Annual General Meeting 2026 1Q26 Consolidated Results REVENUE ADJUSTED EBITDA ADJUSTED EBITDA MARGIN +8.1% +4.9%* +3.9% +3.4%* -0.9pp -0.3pp* € 2,901 € 2,900 € 661 € 636 22.8% 21.9% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Note: € in Millions; Revenue and Adjusted EBITDA growth shown in c
Slide 34: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 35: Agenda Item 3: Advisory Vote on the 2025 Remuneration Report
Universal Music Group Annual General Meeting 2026 Agenda Item 3 Advisory Vote on the 2025 Remuneration Report
Slide 36: Mandy Ginsberg
Universal Music Group Annual General Meeting 2026 Mandy Ginsberg Chairman of the Remuneration Committee and Non-Executive Director
Slide 37: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 38: 2025 Remuneration Report
Universal Music Group Annual General Meeting 2026 2025 Remuneration Report (Advisory) Voting Item
Slide 39: Agenda Item 4: Adoption of the 2025 Financial Statements
Universal Music Group Annual General Meeting 2026 Agenda Item 4 Adoption of the 2025 Financial Statements
Slide 40: EY Accountants B.V.
Universal Music Group Annual General Meeting 2026 EY Accountants B.V. External Auditor
Slide 41: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 42: 2025 Financial Statements
Universal Music Group Annual General Meeting 2026 2025 Financial Statements Voting Item
Slide 43: Agenda Item 5: Dividend
Universal Music Group Annual General Meeting 2026 Agenda Item 5 Dividend
Slide 44: Agenda Item 5A: Discussion of the Dividend Policy
Universal Music Group Annual General Meeting 2026 Agenda Item 5A Discussion of the Dividend Policy
Slide 45: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 46: Agenda Item 5B: Adoption of the Dividend Proposal
Universal Music Group Annual General Meeting 2026 Agenda Item 5B Adoption of the Dividend Proposal
Slide 47: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 48: Dividend Proposal
Universal Music Group Annual General Meeting 2026 Dividend Proposal Voting Item
Slide 49: Agenda Item 6: Discharge
Universal Music Group Annual General Meeting 2026 Agenda Item 6 Discharge
Slide 50: Agenda Item 6A: Discharge of the Executive Directors
Universal Music Group Annual General Meeting 2026 Agenda Item 6A Discharge of the Executive Directors
Slide 51: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 52: Discharge of the Executive Directors
Universal Music Group Annual General Meeting 2026 Discharge of the Executive Directors Voting Item
Slide 53: Agenda Item 6B: Discharge of the Non-Executive Directors
Universal Music Group Annual General Meeting 2026 Agenda Item 6B Discharge of the Non-Executive Directors
Slide 54: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 55: Discharge of the Non-Executive Directors
Universal Music Group Annual General Meeting 2026 Discharge of the Non-Executive Directors Voting Item
Slide 56: Agenda Item 7: Reappointment of Vincent Vallejo as Executive Director
Universal Music Group Annual General Meeting 2026 Agenda Item 7 Reappointment of Vincent Vallejo as Executive Director
Slide 57: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 58: Reappointment of Vincent Vallejo as Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of Vincent Vallejo as Executive Director Voting Item
Slide 59: Agenda Item 8: Non-Executive Directors
Universal Music Group Annual General Meeting 2026 Agenda Item 8 Non-Executive Directors
Slide 60: Agenda Item 8A: Reappointment of Nicole Avant
Universal Music Group Annual General Meeting 2026 Agenda Item 8A Reappointment of Nicole Avant as Non-Executive Director
Slide 61: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 62: Reappointment of Nicole Avant as Non-Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of Nicole Avant as Non-Executive Director Voting Item
Slide 63: Agenda Item 8B: Reappointment of Margaret Frerejean-Taittinger
Universal Music Group Annual General Meeting 2026 Agenda Item 8B Reappointment of Margaret Frerejean-Taittinger as Non-Executive Director
Slide 64: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 65: Reappointment of Margaret Frerejean-Taittinger as Non-Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of Margaret Frerejean-Taittinger as Non-Executive Director Voting Item
Slide 66: Agenda Item 8C: Reappointment of Mandy Ginsberg
Universal Music Group Annual General Meeting 2026 Agenda Item 8C Reappointment of Mandy Ginsberg as Non-Executive Director
Slide 67: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 68: Reappointment of Mandy Ginsberg as Non-Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of Mandy Ginsberg as Non-Executive Director Voting Item
Slide 69: Agenda Item 8D: Reappointment of Cathia Lawson-Hall
Universal Music Group Annual General Meeting 2026 Agenda Item 8D Reappointment of Cathia Lawson-Hall as Non-Executive Director
Slide 70: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 71: Reappointment of Cathia Lawson-Hall as Non-Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of Cathia Lawson-Hall as Non-Executive Director Voting Item
Slide 72: Agenda Item 8E: Reappointment of James Mitchell
Universal Music Group Annual General Meeting 2026 Agenda Item 8E Reappointment of James Mitchell as Non-Executive Director
Slide 73: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 74: Reappointment of James Mitchell as Non-Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of James Mitchell as Non-Executive Director Voting Item
Slide 75: Agenda Item 8F: Reappointment of Eric Sprunk
Universal Music Group Annual General Meeting 2026 Agenda Item 8F Reappointment of Eric Sprunk as Non-Executive Director
Slide 76: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 77: Reappointment of Eric Sprunk as Non-Executive Director
Universal Music Group Annual General Meeting 2026 Reappointment of Eric Sprunk as Non-Executive Director Voting Item
Slide 78: Agenda Item 9: Repurchase and Cancellation of Shares
Universal Music Group Annual General Meeting 2026 Agenda Item 9 Repurchase and Cancellation of Shares
Slide 79: Agenda Item 9A: Authorization to Repurchase Shares
Universal Music Group Annual General Meeting 2026 Agenda Item 9A Authorization of the Board as the Competent Body to Repurchase Shares
Slide 80: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 81: Authorization of the Board to Repurchase Shares
Universal Music Group Annual General Meeting 2026 Authorization of the Board as the Competent Body to Repurchase Shares Voting Item
Slide 82: Agenda Item 9B: Cancellation of Shares
Universal Music Group Annual General Meeting 2026 Agenda Item 9B Cancellation of Shares
Slide 83: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 84: Cancellation of Shares
Universal Music Group Annual General Meeting 2026 Cancellation of Shares Voting Item
Slide 85: Agenda Item 10: Reappointment of the External Auditor
Universal Music Group Annual General Meeting 2026 Agenda Item 10 Reappointment of the External Auditor to Issue an Independent Auditor’s Opinion on the 2026 and 2027 Financial Statements
Slide 86: Q&A
Universal Music Group Annual General Meeting 2026 Q&A
Slide 87: Reappointment of the External Auditor
Universal Music Group Annual General Meeting 2026 Reappointment of the External Auditor to Issue an Independent Auditor’s Opinion on the 2026 and 2027 Financial Statements Voting Item
Slide 88: Agenda Item 11: Any Other Business
Universal Music Group Annual General Meeting 2026 Agenda Item 11 Any Other Business
Slide 89: Agenda Item 12: Closing
Universal Music Group Annual General Meeting 2026 Agenda Item 12 Closing
Slide 90: Universal Music Group
Universal Music Group Annual General Meeting 2026