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Visual31 Oct 2025
Three decades of Rolls-Royce
Universal Music Group (UMG) investor relations material
Universal Music Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue reached €3,021 million, up 10.2% year-over-year in constant currency, with adjusted EBITDA up 11.6% to €664 million and margin expanding to 22.0%.
Strong performance was driven by subscription growth, physical sales, merchandising, and major global artist releases.
Strategic advances included major AI partnerships, Streaming 2.0 deals, and global expansion initiatives.
Year-to-date revenue was €8,902 million, up 8.0% in constant currency.
Financial highlights
Recorded Music revenue grew 8.3% year-over-year in constant currency, with subscription revenue up 8.7%.
Physical revenue rose 23% year-over-year, led by Japan and major releases.
Music Publishing revenue increased 13.6% in constant currency, with digital publishing up 17%.
Merchandising and Other revenue rose 15.6% in constant currency, driven by touring merchandise.
Adjusted EBITDA for the nine months was €2,000 million, up 9.5% in constant currency.
Outlook and guidance
Streaming 2.0 monetization benefits are expected to materialize in 2026.
Midterm guidance remains at 8%-10% CAGR.
Physical business is expected to continue growing, with a strong Q4 anticipated.
U.S. listing process is ongoing, with updates to be provided as appropriate.
Management emphasized continued execution on strategic plans and long-term value creation.
Streaming monetization strategy?
Sustain physical revenue growth?
Elaborate on margin expansion drivers.
GenAI: Udio deal's revenue model?
Superfan strategy: physical growth drivers?
Investment spend: high ROI or maintenance?
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Next Universal Music Group earnings date
Q4 20253 Mar, 2026
Next Universal Music Group earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
One of the world's richest music catalogs
With signed artists and writers like Taylor Swift, The Weeknd, Drake, and Billie Eilish and ownership rights to back catalogs from the likes of Elvis Presley and Sting, Universal has become the home for many of the world's most popular music artists.
Universal, or UMG, is the largest of the so-called Big Three record labels, alongside Sony Music and Warner Music Group, which has a combined market share of roughly 60-70 percent. UMG's long history of music recording and publishing dates back all the way to 1898 and the German record label Deutsche Grammophon.
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