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Universal Music Group Q2 2026 earnings

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2026-07-31 08:58 UTC → 2026-07-31 12:53 UTC · added ~~removed~~

Universal Music Group reported that its second‑quarter subscription‑based revenue grew 16.6% to €1.37 billion, missing analysts’ 19.2% forecast, and that pre‑tax profit fell short of expectations. The weak performance, combined with a 10.7% drop in merchandising income and what analysts described as “mediocre” streaming results, triggered a more than 22% plunge in the company's Amsterdam‑listed shares. Later the same day, UMG held its Q2 2026 earnings call, with Chairman Lucian Grainge and CFO Matt Ellis reviewing the results and outlining the “Streaming 2.0” plan aimed at boosting revenue per subscriber. The call included forward‑looking statements about pricing trends on platforms such as Spotify and Apple Music in the United States and the company’s strategy to offset higher subscription prices with improved market‑share gains. Subsequent market reactions deepened the decline: shares fell about 24%, the steepest drop since the 2021 IPO, wiping out several billion euros of market value. Adjusted EBITDA reached €674 million, below the €707.9 million forecast, while net profit for the first half plunged 84% to €222 million. Total revenue rose 10.8% to €6.19 billion on a constant‑currency basis; streaming revenue grew 11.5% and physical sales rose 15.9%. Analysts across JPMorgan, Morgan Stanley and Bernstein described the results as disappointing and warned of margin pressure. Vivendi, UMG’s largest shareholder, saw its own shares slide 17% to €1.64. Earlier in June, UMG rejected a €56 billion takeover bid from Pershing Square, after which activist investor Bill Ackman sold his €1.42 billion stake. The company also highlighted emerging risks from artificial‑intelligence tools that could affect music creation and franchise value.

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