Universal Music Group sees revenue climb as Downtown consolidation hits

The Hilversum-based music giant reported that its second-quarter performance was heavily influenced by the consolidation of Downtown Music Holdings, which helped push subscription revenue up 14.3% year-over-year. While constant currency revenue grew by 13.3%, adjusted EBITDA remained largely flat at €674 million, reflecting a margin contraction to 20.5% due to higher corporate overhead and losses in the merchandising segment.

For the first half of 2026, UMG reported total revenue of €6.19 billion. However, net profit attributable to equity holders plummeted to €222 million, down from €1.43 billion in the first half of 2025, a shift the company attributed largely to the revaluation of investment holdings. CEO Sir Lucian Grainge emphasized that the firm remains focused on strategic execution and capitalizing on evolving digital ecosystems, while CFO Matt Ellis noted that the company is actively seeking to improve operational efficiency and market leadership. UMG declared an interim dividend of €0.24 per share, payable on October 27, 2026.