Common Music Group generated revenues of EUR €3.294 billion (USD $3.83bn) throughout all of its divisions (together with recorded music, publishing, and extra) in Q2 (the three months ending June 30, 2026).
That’s in line with UMG‘s contemporary set of quarterly outcomes, printed immediately (July 30).
They reveal that UMG’s general Q2 income grew 13.3% YoY at fixed foreign money, pushed by the consolidation of Downtown Music Holdings, pricing advantages of Streaming 2.0 agreements, sturdy bodily and licensing and different gross sales, and wholesome efficiency income, contributing to development in Recorded Music and Music Publishing.
Excluding Downtown, whose outcomes are consolidated from its acquisition date of February 20, income grew6.4% YoY at fixed foreign money.
Adjusted EBITDA got here in at €674 million ($783.8m), a margin of 20.5%, down from 22.7% within the second quarter of 2025.
One spotlight from UMG’s newest outcomes was the corporate’s recorded music subscription income, which grew 16.6% YoY at fixed foreign money to €1.368 billion ($1.59bn) in Q2, benefiting from the consolidation of Downtown and pricing advantages of Streaming 2.0 agreements.
Picture: Austin Hargrave
“Our distinctive mixture of worldwide attain, native experience, artist improvement, huge audio and visible IP and entrepreneurial tradition positions UMG to ship long-term development, sustained worth creation, and inventive and industrial success for our artists and songwriters.”
Commenting on the Q2 earnings announcement, UMG’s Chairman and CEO, Sir Lucian Grainge, stated: “We’re delivering on our strategic plan, and dealing to additional sharpen our execution, whereas capitalizing on the alternatives introduced by new applied sciences and the ever-evolving music ecosystem.
“Our distinctive mixture of worldwide attain, native experience, artist improvement, huge audio and visible IP and entrepreneurial tradition positions UMG to ship long-term development, sustained worth creation, and inventive and industrial success for our artists and songwriters.”
RECORDED MUSIC
Common’s general Recorded Music income for the second quarter of 2026 was €2.516 billion ($2.93bn), up 16.2% YoY at fixed foreign money. Excluding Downtown, Recorded Music income grew 8.7% YoYat fixed foreign money.
Inside the Recorded Music section, UMG’s ‘Subscription and streaming revenues’ (together with ad-supported and subscription streaming revenues) grew 15.4% YoY at fixed foreign money to €1.757 billion ($2.04bn).
Breaking UMG’s recorded music streaming determine down additional reveals that the corporate’s subscription streaming revenues grew 16.6% YoY at fixed foreign money to succeed in €1.368 billion ($1.59bn). Excluding Downtown, subscription income grew 6.7% YoY at fixed foreign money.
Common’s ad-supported recorded music streaming income grew 11.5% YoY at fixed foreign money to €389 million ($452.4m), as shoppers “proceed to shift consumption from higher monetized video platforms to short-form platforms”, in line with UMG.
Inside Common’s recorded music enterprise, Bodily income grew 15.9% YoY at fixed foreign money to €342 million ($397.7m), with “specific power within the U.S. and Europe, partially offset by declines in Japan as a result of timing of releases”, UMG stated.
‘License and different’ income elevated 34.9% YoY at fixed foreign money to €379 million ($440.7m), with “outsized contributions from audiovisual and dwell and associated earnings, together with wholesome licensing income development”, in line with UMG.
Downloads and different digital income fell 43.3% YoY at fixed foreign money to €38 million ($44.2m), which UMG attributed to a beforehand disclosed settlement with an web service supplier in Q2 2025 and the “ongoing industry-wide format shift”.
High sellers for the quarter included Noah Kahan, BTS, Olivia Rodrigo, Drake, and Olivia Dean.
MUSIC PUBLISHING
Common’s general Music Publishing income for the second quarter of 2026 was €616 million ($716.3m), up 9.8% YoYat fixed foreign money. Excluding Downtown, Music Publishing income grew2.7% YoYat fixed foreign money.
Digital income grew 13.6% YoY at fixed foreign money to €392 million ($455.9m), “reflecting power in subscription, partially offset by softer ad-supported streaming”, UMG stated.
Efficiency income elevated 12.8% YoY at fixed foreign money to €123 million ($143m), which UMG attributed to “continued {industry} development”.
Synchronization income fell9.4% YoYat fixed foreign money to €58 million ($67.4m), “associated to the timing of offers”.
Mechanical income grew 3.6% YoY at fixed foreign money to €29 million ($33.7m), “pushed by launch schedules”.
Different income declined 6.7% YoY at fixed foreign money to €14 million ($16.3m).
MERCHANDISING AND OTHER
UMG’s ‘Merchandising and Different’ income within the second quarter of 2026 was €167 million ($194.2m), down 10.7% YoY at fixed foreign money.
In keeping with UMG, the drop mirrored a decline in touring earnings as a result of timing of excursions, and a decline in direct-to-consumer income as a result of timing of product releases.
The division posted an Adjusted EBITDA lack of €5 million ($5.8m) in Q2, in contrast with a €1 million revenue a yr earlier.
DOWNTOWN
Downtown Music Holdings contributed €202 million ($234.9m) in whole income in Q2 2026, its first full quarter below UMG possession.
That was up from the €86 million Downtown added in Q1 2026, when it was consolidated for under round five-and-a-half weeks following the deal’s completion on February 20.
The majority of Downtown’s Q2 contribution got here from Recorded Music, at €162 million ($188.4m), with Music Publishing accounting for an additional €40 million ($46.5m).
Downtown’s Adjusted EBITDA was €10 million ($11.6m), an Adjusted EBITDA margin of 5.0%.
EBITDA ETC.
In Q2 2026, UMG’s EBITDA (earnings earlier than curiosity, taxes, depreciation and amortization) was €610 million ($709.4m), down 0.2% YoY however up 1.5% at fixed foreign money.
EBITDA margin was 18.5%, in comparison with 20.5% within the second quarter of 2025.
Adjusted EBITDA for Q2 was €674 million ($783.8m), down 0.3% YoY however up 1.5% at fixed foreign money.
Adjusted EBITDA margin was 20.5%, in comparison with 22.7% in Q2 2025, with the decline “as a result of consolidation of Downtown, stress from income and repertoire combine in Recorded Music, and a loss in Merchandising”, in line with UMG.
Excluding Downtown, Adjusted EBITDA was flat at fixed foreign money in Q2.
UMG’s Board of Administrators declared an interim dividend for the primary half of 2026 of €432 million, or €0.24 per share, consistent with the 2025 interim dividend.
The dividend cost date can be on October 27, 2026.
NET DEBT
UMG’s monetary internet debt stood at €4.131 billion ($4.80bn) on the finish of June, up 72.8% from €2.390 billion on the finish of 2025.
The rise mirrored €806 million of money used for investing actions, together with the Downtown acquisition, alongside €734 million of inventory repurchases and €514 million of dividend funds.
That was partially offset by €379 million ($440.7m) in proceeds from the sale of Spotify shares, after UMG confirmed in April that it will monetize half of its fairness stake within the streaming firm.
“Our focus is on constructing our market management, whereas driving high and bottom-line development, bettering effectivity, and persevering with to speculate the place we see the best returns.”
Matt Ellis, UMG
“This quarter demonstrated each the sturdy fundamentals of our enterprise and the alternatives we see to enhance,” stated Matt Ellis, UMG’s CFO. “Our focus is on constructing our market management, whereas driving high and bottom-line development, bettering effectivity, and persevering with to speculate the place we see the best returns.”
All EUR-USD conversions made on the common Q2 2026 alternate price printed by the European Central Financial institution.Music Enterprise Worldwide
