Universal Music Group

Second Quarter & First Half Ended June 30, 2024

Important Information
Forward Looking Statements

This presentation may contain statements that constitute forward-looking statements relating to the business, financial performance and results of Universal
Music Group N.V. (the “Company” or “UMG”) and the industry in which the Company operates. Such forward-looking statements may be identified by the use ofwords such as "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions or the negative thereof; or by the forward-looking natureof discussions of strategy, plans or intentions; or by their context. Although UMG believes that such forward-looking statements are based on reasonableassumptions, they are not guarantees of future performance. Actual results may differ materially from such forward-looking statements as a result of a numberof risks and uncertainties, many of which are related to factors that are outside UMG’s control, including, but not limited to, UMG’s inability to compete
successfully and to identify, attract, sign and retain successful recording artists and songwriters, failure of streaming and subscription adoption or revenue togrow or to grow less rapidly than anticipated, UMG’s reliance on digital service providers, UMG’s inability to execute its business strategy, the global nature ofUMG’s operations, UMG’s inability to protect its intellectual property and against piracy, UMG’s inability to attract and retain key personnel, changes in laws andregulations and the other risks that are described in the 2023 annual report. Accordingly, UMG cautions readers against placing undue reliance on suchforward-looking statements. Such forward-looking statements are made as of the date of this presentation. UMG disclaims any intention or obligation toprovide, update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

Presentation

The financial information included in this presentation is unaudited.

Non-IFRS measures

This presentation includes certain alternative performance measures which are not defined in IFRS issued by the International Accounting Standards Board asendorsed by the EU. The descriptions of these alternative performance measures and reconciliations of non-IFRS to IFRS measures are included in the Interim
Financial Review and Unaudited Condensed Consolidated Interim Financial Statements for the six-month period ended June 30, 2024 which is available on ourwebsite at investors.universalmusic.com/reports.

Market and industry data

The Company obtained market data used in this presentation from internal surveys, reports and studies, where appropriate, as well as market research,
publicly available information and industry publications.

Sir Lucian Grainge
Chairman & CEO
Universal Music Group2Q24 Consolidated Results
REVENUE

ADJUSTED EBITDA+9.6%+11.3%€ 2,932€ 2,697

€ 649
€ 590

2Q23

2Q24Note: € in Millions; Revenue and Adjusted EBITDA growth shown in constant currency, Adjusted EBITDA margin change in percentage points.

2Q23

2Q24

UMG is a Multi-FacetedMusic-Entertainment Company
Wide variety of recurring revenue streams
Mix of established and emerging businesses

Diverse creative and commercial initiatives across multiple
countries and regions

1H24 Strategic and Operational Highlights
Diversified revenue streams propel UMG towards continued
sustainable growth
Industry-leading track record in breaking new artists and taking
established artists to new heights - creatively and commercially
Proactively addressing the challenges and opportunities
presented by the rapid advance of A.I.

Sir Lucian Grainge
Chairman & CEO
Universal Music GroupNew & Established Artists Achievements

1H 2024 Global Chart Success
U.S.

U.K.

Japan

11of the TOP 15

8 of the TOP 10

3 of the TOP 5Albums including theAlbums

TOP 3

Taylor Swift x4
Noah Kahan
Olivia Rodrigo
Ariana GrandeBillie EilishAlbums#1Taylor Swift
Morgan Wallen
Noah Kahan

No. 1 for
18 WEEKS

UMG artists at

No. 1 for
18 WEEKS

UMG albums at

13 of the 15
Songs to hit No.1
SOURCE: Billboard, OCC data, Billboard Japan

3 of the TOP 5 Singles#1

Noah Kahan “Stick Season”
Sabrina Carpenter “Espresso”
Hozier “Too Sweet”

Artists#1Mrs. GREEN APPLE
back numberAdo

6 of the TOP 10Albums

TOP SELLINGNEW ARTIST
Ae! group

Responsibly Embracing A.I. Advancements• Protect against harmful A.I.
• Safeguard UMG, its artists
and the music industry• Enhance & amplify human creativity• Advance musical innovation• Expand audio production & soundtechnology responsibly

Boyd Muir

EVP, CFO & President of Operations
Universal Music Group2Q24 Consolidated Results
REVENUE

ADJUSTED EBITDA

ADJUSTED EBITDA
MARGIN+9.6%+11.3%+0.2pp22.1%€ 2,932€ 2,697

€ 649

21.9%

€ 590

2Q23

2Q24

2Q23

Note: € in Millions; Revenue and Adjusted EBITDA growth shown in constant currency, Adjusted EBITDA margin change in percentage points.

2Q24

2Q23

2Q24

1H24 Consolidated Results
REVENUE

ADJUSTED EBITDA

ADJUSTED EBITDA
MARGIN

ADJUSTED EPS*

+8.8%

+13.4%+0.8pp+4.8%€ 1,240€ 5,526€ 5,148

1H23€ 1,112

1H24€ 0.42

1H23

1H24

21.6%

22.4%

1H23

1H24Note: € in Millions; Revenue and Adjusted EBITDA growth shown in constant currency, Adjusted Diluted EPS as reported, Adjusted EBITDA margin change in percentage points.
*1H23 Adjusted EPS has been restated to exclude restructuring charges and related tax impacts.

1H23€ 0.44

1H24

Recorded Music
2Q24 REVENUE

1H24 REVENUE+10.2% +11.2%*+6.8%+11.0%+6.3%€ 4,003

1H24 ADJUSTEDEBITDA

1H24 ADJUSTEDEBITDA MARGIN+11.9%+1.2pp€ 4,190€ 1,065
24.2%

25.4%

€ 969
€ 2,080

2Q23€ 2,200

2Q24

Note: € in Millions; All growth rates are in constant currency.

1H23

1H24

1H23

1H24

1H23

1H24

Recorded Music Revenue
2Q24 2Q24
RecordedMusic Revenue
Breakdown
REVENUEBREAKDOWN
2Q23

1H24 1H24
RecordedMusic Revenue
Breakdown
REVENUEBREAKDOWN
1H23

2Q24
+12.8%

+6.9%

-3.9%

-18.6%+14.4%+18.0%

+3.6%

+9.6%

+2.5%

1H24

-35.7%-16.8%+19.4%+0.3%+13.6%+10.2%€ 1,137€ 2,260

€ 357

€ 343

€ 315

€ 685

€ 48
Subscription

Streaming

Download &Other Digital

Note: € in Millions; All growth rates are in constant currency.

€ 612€ 539€ 94
PhysicalLicense &Other

Subscription

Streaming

Download &Other Digital

PhysicalLicense &OtherRecorded Music Revenue
Top Sellers

1H24 Recorded Music Regional Breakdown

1H2024

EMEA€ 1,199+10.9%+9.2%

NorthAmerica€ 2,202

Taylor Swift

Taylor Swift

1989 (Taylor’sVersion)

Taylor Swift

Morgan Wallen

Noah Kahan

The Tortured Poets
Department

Billie Eilish

Taylor Swift

Ariana Grande

Taylor Swift

Olivia Rodrigo

Taylor SwiftKing & Prince

Midnights

Folklore

1H2023

+9.2%

+9.3%

LoverAsia€ 489+20.6% -6.7%**
King & Prince

Latin
Rest ofAmerica
World+19.3% +18.0%€ 196€ 104 +9.3%*+11.2%*
Note: € in Millions; All growth rates are in constant currency.
*Rest of World growth rate is adjusted to exclude intercompany allocations.
**Asia decline was driven by Japan which faced a very difficult comparison against strong 1H23 physical sales.

Mr. 5

Metro Boomin

Morgan Wallen

King & Prince

One Thing At A TimeFirst Dome TourTOMORROWX TOGETEHR

Karol G

Arena Tour 2022

The Weeknd

Morgan Wallen
Dangerous17

Music Publishing
2Q24 REVENUE

1H24 REVENUE+12.3%+10.4%+14.3%+15.8%*

1H24 ADJUSTEDEBITDA+17.8%

1H24 ADJUSTEDEBITDA MARGIN+1.0pp*+12.1%-0.4pp€ 1,008
€ 241
€ 889

€ 216

€ 511

24.3%

23.9%

1H23

1H24

€ 464

2Q23

2Q24

Note: € in Millions; All growth rates are in constant currency.

1H23

1H24

1H23

1H24

Merchandising & Other
2Q24 REVENUE

1H24 REVENUE

1H24 ADJUSTEDEBITDA

1H24 ADJUSTEDEBITDA MARGIN+29.7%-10.0%-2.3pp+43.7%

€ 341

€ 227

€ 264

€ 157
7.6%
5.3%

2Q23

2Q24

Note: € in Millions; All growth rates are in constant currency.

1H23

1H24

€ 20

€ 18

1H23

1H24

1H23

1H24

Net Profit and EPS• Dividend policy: 50% of net profits adjusted for certain non-cash items• 1H24 interim dividend proposal: €439m (€0.24/share)

NET PROFIT

ADJUSTED NET
PROFIT*

EPS - BASIC

ADJUSTED EPS*

+46.2%+5.8%+47.1%+4.8%€ 914€ 0.50
€ 765

€ 809

€ 625

1H23

€ 0.42€ 0.44€ 0.34

1H24

1H23

1H24

Note: Net Profit € Millions; All growth rates are YoY as reported.
*1H23 Adjusted Net Profit and Adjusted EPS restated to exclude restructuring charges and related tax impacts.

1H23

1H24

1H23

1H24

• €194m tax paid to cover employee withholding and other obligations,largely on transition grants; lessens dilutive impact of equity plan

Free Cash Flow
+28%
YoY

236
(23)

• Other investing activities includes previously disclosed deals: stake in
Chord Music Partners, majority stake in Mavin Global, and minority
investment in Complex / NTWRK• Catalog investments includes the previously disclosed 2023 deal that had
been held in escrow

(315)

(218)

-38%
YoY

€756-62%YoY(199)
(53)

€436

(35)

6
€155(96)(519)

Operating
ProfitNon-cashshare-based
compensation
expense, net of
employees
tax withheld (1)Otheradjustments(2)

Royaltyadvancepayments,
net

Other
changesin networking
capital

Net cashprovided byoperatingactivities
before income
taxes paid

Incometax
paid

Repaymentof leaseliabilities
and related
interest

Interest
paid,
net

Other cash
items
relatedto financing
activities

Free Cash
Flow
beforeinvestingactivities

Catalog
investments

Other
investingactivities(3)

Note: € in Millions; Y/Y growth rates as reported.
(1) Non-cash share-based compensation expense of €171m less €194m tax paid to cover employee withholding and other obligations.
(2) Other adjustments include amortization and depreciation of intangible assets, change in provisions, net, and gain/(loss) on sale of assets.
(3) Other investing activities includes Other intangible assets investments, Capital expenditures, Purchases of consolidated companies, Investments in equity affiliates, Purchase of financial assets, divestitures and dividends received.

(€460)

FreeCashFlow

Q&ASir Lucian Grainge
Chairman and CEO

Boyd Muir

EVP, CFO and President of Operations

Michael Nash

EVP, Chief Digital Officer