0727

SECOND QUARTER &FIRST HALF ENDED
JUNE 30, 2022

IMPORTANT INFORMATION
Forward Looking Statements
This presentation contains statements that may constitute forward-looking statements relating to the business, financial performance and results of Universal Music Group N.V. (the “Company”) and the industry in which theCompany operates. These statements may be identified by words such as "expectation", "belief", "estimate", "plan", "target", or "forecast" and similar expressions or the negative thereof; or by forward-looking nature ofdiscussions of strategy, plans or intentions; or by their context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. All statements regarding thefuture are subject to inherent risks and uncertainties and various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking
statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Further, certain forward-lookingstatements are based upon assumptions of future events which may not prove to be accurate and none of the Company, the Company's shareholders or any adviser acting on behalf of the Company or any such shareholders, ortheir respective subsidiary undertakings, affiliates, agents or advisers or any of such persons’ directors, officers, employees, members or agents nor any other person accepts any responsibility for the accuracy of the opinions
expressed in this presentation or the underlying assumptions. Past performance is not an indication of future results and past performance should not be taken as a representation that trends or activities underlying past
performance will continue in the future. The forward-looking statements in this presentation speak only as at the date of this presentation.

Subject to any continuing obligations under applicable law or any relevant stock

market listing rules, the Company, the Company's shareholders or any adviser acting on behalf of the Company or such shareholders, and their respective subsidiary undertakings, affiliates, agents and advisers and any ofsuch persons’ directors, officers, employees, members or agents expressly disclaim any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in theCompany's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this presentation or to update or to keep current any other information
contained in this presentation. You are therefore cautioned not to place any undue reliance on such forward-looking statements.

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 as endorsed by the EU. For further information on non-IFRS measuresused by the Company, see the relevant definitions and the reconciliations of such non-IFRS measures included in the Interim Financial Review and Unaudited Condensed Consolidated Interim Financial Statements of the samedate of this Presentation.

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 GRAINGECHAIRMAN & CEO
UNIVERSAL MUSIC GROUPINCREASINGLY DIVERSIFIED REVENUE GROWTH
1H 2022
REVENUE

2Q 2022
REVENUE+17%+17%

SUBSCRIPTIONSTREAMINGCDs

VINYL

LICENSING
SYNC

D2C
RETAIL MERCH

CONCERT MERCH

E-COMMERCE

Notes: All growth rates are in constant currency.

STRONG PERFORMANCE FUELED BY DEEPPARTNERSHIPS WITH ARTISTS AT ALL STAGESOF THEIR CAREERSDRAKEBTSOLIVIARODRIGO

FRANK
ZAPPA

21st Century’s Longest

Double Digit Growth inStreams Every Year for
Last Decade with UMG

Honestly Nevermind 11th No. 1Album in U.S.

“Jimmy Cooks” 11th No. 1
Single in U.S.
5th Artist in History with >10
No. 1 Albums in U.S.
160+ Billion Global
Career Streams

12 No. 1 Debuts for Proof
Around the World
6th No. 1 in U.S.

Running Debut Albumin the Top 10 on
Billboard 200

Only Debut Artist on IFPITop 10 Global Artists for2021

Acquisition of:• Vast archive of released &unreleased recordings• Publishing catalog of iconic
songs• Vault including numerous
films & videos• Name & likenessINCREASING CATALOG VALUE THROUGHORIGINAL FILM & TV PRODUCTIONSIR LUCIAN GRAINGECHAIRMAN & CEO
UNIVERSAL MUSIC GROUP

UMG IS LEADING THE EVOLUTION OF THE
INDUSTRY’S DIGITAL PARTNERSHIPSEXPANDING INDUSTRY-FIRST PARTNERSHIP WITH META

20172022

Q4 2017

Q4 2018

Q4 2019

Q3 2020

Q2 2022

Landmark UMG
Music Partnership Forged

Facebook Launches Musicfor Profiles, Stories

Facebook Music adds dozens ofterritories to its Global Expansion

Reels on Instagram
Rolls OutMusic Features

UMG & Meta Renew
and Expand Partnership

Q2 2018

Q2 2019

Q3 2020

Q3 2021

Music Stickers Launch

Lyrics in Stories Launch

Official Music
Videos Launch

Facebook Gaming LaunchesLicensed Music

UMG FOR BRANDS & UMUSIC MEDIA NETWORKPositions brands front and center with thevoices and content that drives culture

Exclusive access to strategic andculturally relevant data and content

Over 100 Top Brand Partners Globally & Locally Including:

UMG isNo. 1 in Music &No. 2 in Entertainment

Overall U.S. Digital Reach

SIR LUCIAN GRAINGECHAIRMAN & CEO
UNIVERSAL MUSIC GROUP

BOYD MUIREVP, CFO & PRESIDENT OF OPERATIONSUNIVERSAL MUSIC GROUP

Q2 & H1 2022 SUMMARY RESULTS(€ MILLION)

ADJUSTEDEBITDA

ADJUSTEDEBITDA MARGIN+17.3% YOY+8.3% YOY

(1.2 PP) YOY

REVENUE

ADJUSTEDEBITDA

ADJUSTEDEBITDA MARGIN+11.0% YOY(1.2 PP) YOY

REVENUE
Q2 2022

H1 2022€2,535€4,734+16.9% YOY

€507

€962

20.0%

20.3%

Notes: All growth rates are in constant currency.
Q2 2021 and H1 2021 benefitted from a one-time catch-up payment from a DSP amounting to €41 million in subscription revenue and €26M in EBITDA.
H1 2021 EBITDA benefitted from a €20m exceptional recovery of an advance provision and release of historic royalties
Q2 2022 and H1 2022 benefitted from a change in revenue recognition accounting policy from a cash to accrual basis, amounting to €98 million inrevenue and €17M in EBITDA for Q2 2022 and €144 million in revenue and €34M in EBITDA for H1 2022.

RECORDED MUSIC(€ MILLION)

2Q REVENUE

1H REVENUE

1H EBITDA+9.0%+10.1%+6.9%

1,922
1,654

2Q21

3,643749

3,137

2Q22842

1H21

1H22

1H21

1H22Notes: All growth rates are in constant currency.
Q2 2021 and H1 2021 benefitted from a one-time catch-up payment from a DSP amounting to €41 million in subscription revenue and €26M in EBITDA.
H1 2021 EBITDA benefitted from a €20m exceptional recovery of an advance provision and release of historic royalties.

RECORDED MUSIC REVENUE(€ MILLION)+10.1%
3,643
3,137

+9.0%
+10.0%
1,922
1,654

+7.0%

843

1,866
1,604

+17.1%

966+17.4%+15.6%

279

348

Streaming

526-12.7%
250 303
72

Subscription*

+6.3%

69

Downloads &Other Digital

Physical

2Q21

2Q22658

210 236

License &Other+13.4%-16.0%
463

540

+7.8%
391 442153 137
TotalRecordedMusicSubscription*Streaming

Downloads &Other Digital

1H21Physical

1H22

License &OtherTotalRecordedMusicNotes: All growth rates are in constant currency.
* Q2 2021 and H1 2021 benefitted from a one-time catch-up payment from a DSP amounting to €41 million in subscription revenue.

RECORDED MUSIC REVENUE(€ MILLION)GEOGRAPHIC BREAKDOWN
H1 2022% Change

North America

1,821

7%

Europe

1,052

13%

Asia

476

10%

Latin America

14627%

Rest of World

148

15%

Total Recorded MusicRevenue

3,64310%BEST SELLERS
2Q22

2Q21BTSKing & PrinceRammstein
Olivia RodrigoINIBTS
Justin Bieber
Olivia Rodrigo
The Weeknd
Morgan Wallen

1H221H21BTSEncantoOlivia Rodrigo
The Weeknd
King & Prince

BTS
Justin Bieber
Olivia Rodrigo
The Weeknd
Morgan Wallen

Notes: All growth rates are in constant currency.

MUSIC PUBLISHING(€ MILLION)

2Q REVENUE

1H REVENUE

1H EBITDA+50.6%+42.1%+39.9%

476

851

200

134564
293

2Q21

2Q22

1H21

1H22

1H21

1H22Notes: All growth rates are in constant currency.
Q2 2022 and H1 2022 benefitted from a change in revenue recognition accounting policy from a cash to accrual basis,
amounting to €98 million in revenue for Q2 2022 and €144 million in revenue and €34M in EBITDA for H1 2022.

MERCHANDISING AND OTHER(€ MILLION)

2Q REVENUE

1H REVENUE+65.9%+67.6%
14141

79

1H EBITDA

248

13802Q21

2Q22

1H21

1H22

1H21

1H22

Notes: All growth rates are in constant currency.

H1 2022 NET PROFIT AND DIVIDEND(€ MILLION)

ADJUSTED NET
PROFIT

ADJUSTEDEPSINTERIM DIVIDENDPER SHARE

€763

€0.42

€0.24

+32.0% YOY+20.0% YOY+31.3% YOY

NET PROFITEPS€241€0.13(46.7%) YOY(48.0%) YOY

Notes: All growth rates are as reported, at actual FX.

H1 2022 FREE CASH FLOW(€ MILLION)- Net advances first-half weighted in 2022
- Free Cash Flow of €104 million in H1 2022

182(223)

(119)

(131)

765
(264)

474

(56)
(51)

01104
Operating
ProfitAdjustments*

Royalty advancepayments, net ofrecoupments

Otherchanges
in net working
capitalIncometax paid

Net cash
Provided byoperatingactivities

Catalog
investment

Other investing
activities

Repayment ofleaseliabilities

Interestpaid, net

Other cashitems related
to financing
activities

Free Cash
FlowNotes: Adjustments include amortization and depreciation of intangible assets, change in provisions,income/(loss) from equity affiliates, gain/(loss) on sale of assets and other non-recurring items.

BALANCE SHEET @ 6/30/22(€ MILLION)- Baa1 (st.) / BBB (st.) by Moody’s and S&P- Issued €1.0 billion of senior unsecured
notes June 2022
- Repaid €1.0 billion term loan July 1, 2022

€3,826M
GROSS DEBT

€1,543M

CASH POSITION€2,283M
NET DEBTQ&A