ND
2 QUARTER &ST
1 HALF 2023

RESULTSWEDNESDAY JULY 26, 2023

IMPORTANT INFORMATIONFORWARD 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"or "UMG") and the industry in which the Company 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 the forward-looking nature of discussions of strategy, plans or intentions; or by their context. Although UMG believes that such forward-looking
statements are based on reasonable assumptions, they are not guarantees of future performance. Actual results may differ materially from such forward-looking statements as a result of anumber of 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 to grow or to grow less rapidly than anticipated, UMG’s relianceon digital service providers, UMG’s inability to execute its business strategy, the global nature of UMG’s operations, UMG’s inability to protect its intellectual property and against piracy, UMG’sinability to attract and retain key personnel, changes in laws and regulations and the other risks that are described in the 2022 annual report. Accordingly, UMG cautions readers against
placing undue reliance on such forward-looking statements. Such forward-looking statements are made as of the date of this presentation. UMG disclaims any intention or obligation to provide,
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 MEASURESThis presentation includes certain alternative performance measures which are not defined in IFRS issued by the International Accounting Standards Board as endorsed 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 CondensedConsolidated Interim Financial Statements for the six-month period ended June 30, 2023 which is available on our website at investors.universalmusic.com/reports.

MARKET AND INDUSTRY DATAThe Company obtained market data used in this presentation from internal surveys, reports and studies, where appropriate, as well as market research, publicly available information andindustry publications.

2SIR LUCIAN GRAINGECHAIRMAN & CEO

3

2Q23 CONSOLIDATED RESULTS
REVENUE

ADJUSTED EBITDA+8.8%+19.2%€ 2,535€ 2,697
€ 590
€ 507

2Q22

2Q23

2Q22

2Q23

Note: € in Millions; Revenue and Adjusted EBITDA growth in constant currency
4H1 2023 U.S. SUCCESSTOP ALBUMSTOP SONGS

7 OF THE TOP 106 OF THE TOP 10TOP ALBUM DEBUTSALBUMS IN 2023 IN THE U.S.

SONGS IN 2023 IN THE U.S.

INCLUDINGINCLUDING

4 OF THE TOP 5

No. 1

Morgan Wallen

One Thing At A Time

Dangerous: The Double
AlbumMidnights

Drake, 21 Savage

Her LossMorgan Wallen

Taylor Swift

Karol G

Mañana Será Bonito

Taylor Swift

Lover

Metro Boomin

Heroes & Villains

5 OF THE TOP 5

ALBUM DEBUT WEEKS IN 2023 IN THE U.S.

Morgan Wallen“Last Night”The Weeknd“Die For You”

Metro Boomin“Creepin’”

Eslabon Armado“Ella Baila Sola”

Morgan Wallen“You Proof”

Taylor Swift“Anti-Hero”

STRAYKIDSJIMINMORGANWALLENTOMORROW x
TOGETHER

TWICE

Source: Luminate.
5H1 2023 U.K. SUCCESSTOP ARTISTSTOP ALBUMSTOP ALBUMS

6 OF THE TOP 10

6 OF THE TOP 10

UMG ARTISTS HELDTHE No.1 POSITION FOR

ARTISTS IN 2023 IN THE U.K.

TAYLOR SWIFTLEWIS CAPALDIDRAKE

THE WEEKND

LAMA DEL REY

EMINEM

ALBUMS IN 2023 IN THE U.K.

Morgan Wallen“Last Night”

The Weeknd“Die For You”Metro Boomin“Creepin’”

Eslabon Armado“Ella Baila Sola”

Morgan Wallen“You Proof”

Taylor Swift“Anti-Hero”

15 OF THE 26 CHART WEEKS

Source: Official Charts Company (OCC)6H1 2023 JAPAN SUCCESSTOP SELLING ARTISTTOP NEW ARTISTS

KING & PRINCE

6 OF THE TOP 10

LE SSERAFIMALBUMS IN 2023 IN THE U.K.

TRAVIS JAPANSource: Oricon mid-year charts 2023
7KEY LATIN SIGNINGS
KAROL GANITTAKAROL G SIGNS WITH
INTERSCOPE RECORDSANITTA SIGNS TO
REPUBLIC RECORDS

1st Woman To Debut No. 1 on Billboard 200with Spanish-Language Album

1st Solo Latin Artist to Reach No. 1on Spotify Globally8ARTIST CENTRIC MODELBETTER VALUESARTISTRY AND THE
ARTIST / FAN
RELATIONSHIPGREATERALIGNMENTBETWEENARTISTS
AND PLATFORMS

ENHANCED PLATFORM
VALUE, ACCELERATEDGROWTH, BETTERSUBSCRIBERECONOMICS

9DRIVING PRESENCE IN HIGH-GROWTH MARKETSSIGN & DEVELOPPARTNERACQUIRESIGN ANDDEVELOPLOCAL ARTISTSPARTNER WITH
LOCAL LABELSACQUIRELOCAL LABELS,
CATALOGS &ARTIST SERVICES
BUSINESSES& PROVIDE THEM WITH GLOBALPROMOTION, DISTRIBUTION AND A
FULL SUITE OF ARTIST SERVICES

10BOYD MUIREVP, CFO &PRESIDENT OF OPERATIONS

112Q23 CONSOLIDATED RESULTS€ 2,535

REVENUE

ADJUSTED EBITDA

ADJUSTED EBITDA
MARGIN+8.8%+19.2%+1.9pp€ 2,697

21.9%
€ 590

20.0%

€ 507

2Q22

2Q23

2Q22

2Q23

2Q22

2Q23

Note: € in Millions; Revenue and Adjusted EBITDA growth in constant currency.
121H23 CONSOLIDATED RESULTS
REVENUE

ADJUSTED EBITDA

ADJUSTED EBITDA
MARGIN

+9.1%+16.2%+1.3pp€ 1,112
21.6%€ 5,148€ 962€ 4,734

1H2220.3%

1H231H221H23

1H22

1H23

Note: € in Millions; Revenue and Adjusted EBITDA growth shown in constant currency.
13

RECORDED MUSIC
2Q23 REVENUE

1H23 REVENUE

1H23 ADJUSTEDEBITDA

1H23 ADJUSTEDEBITDA MARGIN+10.9%+10.3%+15.6%+1.1pp€ 969€ 1,9222Q22€ 2,080€ 3,643

2Q23

1H22

€ 4,003

€ 842

1H23

1H22

1H2323.1%

1H2224.2%

1H23

Note: € in Millions; All growth rates are in constant currency.
14

RECORDED MUSIC REVENUE
2Q23 REVENUE BREAKDOWN
2Q22+13.0%+5.3%

1H23 REVENUE BREAKDOWN2Q23-10.3%

1H22+11.3%

16.1%+11.6%+1.8%

1H23-14.7%+20.8%+12.6%€ 2,082€ 1,068

€ 358

€ 326

€ 673

€ 493

€ 267
€ 116

€ 61
Subscription

Streaming

Download &Other Digital€ 639

PhysicalLicense & Other

Subscription

Streaming

Download &Other Digital

PhysicalLicense & Other

Note: € in Millions; All growth rates are in constant currency.
15

RECORDED MUSIC REVENUETOP SELLERS
1H23

1H23 REGIONAL REVENUE BREAKDOWN
North America€ 2,024

EMEA*€ 1,094
King & Prince
Mr. 5+8.9%

Morgan Wallen King & Prince Taylor Swift
One Thing at a TimeFirst Dome TourKing & Prince
Arena Tour 2022

+5.9%

Asia
€ 579

Metro Boomin TOMORROW Karol G
X TOGETHER

The Weeknd

Morgan Wallen

Olivia Rodrigo

The Weeknd

King & Prince

Rammstein

Justin Bieber

16
Drake

Dangerous

1H22+29.5%

Rest of World**
€ 141
-2.1%

Latin America
€ 165

BTS

Encanto OST

Re:Sense+13.0%

Note: € in Millions; All growth rates are in constant currency.
*EMEA previously labeled as Europe in past reports. Countries included in this category have not been changed.
**Rest of World includes Australia and New Zealand as well as corporate centers.

Morgan Wallen King & Prince
Made In

16

MUSIC PUBLISHING
2Q23 REVENUE-0.6%+25.7%*

€ 476

€ 464

2Q222Q23

1H23 REVENUE

+4.8%

€ 851

1H22+18.5%*

1H23 ADJUSTEDEBITDA
+8.0%+18.0%*

1H23 ADJUSTEDEBITDA MARGIN+0.8pp

€ 216

€ 889

€ 200

1H23

1H2223.5%

1H23

1H220.0pp*

24.3%

1H23

Note: € in Millions; All growth rates are in constant currency.
*Adjusted to exclude unusual impact of prior-year benefit from Change in Society Accounting.
17MERCHANDISING & OTHER
2Q23 REVENUE

1H23 REVENUE

1H23 ADJUSTEDEBITDA

1H23 ADJUSTEDEBITDA MARGIN+5.6%+ 42.9%+2.0pp+12.1%€ 207.6%
€ 157

€ 248

€ 264

€ 141
€ 14

2Q22

2Q23

1H22

1H23

1H225.6%

1H23

1H22

1H23

Note: € in Millions; All growth rates are in constant currency.
18

1H23 NET PROFIT AND EPS(NET PROFIT IN € MILLIONS)NET PROFIT

ADJUSTED NET
PROFIT*EPS

ADJUSTED EPS*

+159.3%+13.6%+161.5%+10.8%

€ 754

€ 625

€ 664

€ 0.37€ 0.13€ 241

1H22€ 0.41

€ 0.34

1H23

1H22

1H23

1H22

1H23

1H22

1H23Note: Net Profit € Millions; All growth rates are YoY as reported.
* 2022 restated amounts are presented in the reconciliation of Adjusted net profit and Adjusted net profit per share in the 2023 Interim Financial Review.
19• Strong growth in operating cash flow
funds long-term strategic M&A and otherinvestment in the business

1H23 FREE CASH FLOW• €125m taxes paid to cover employee
withholding on transition grants to lessen
dilutive impact of equity plan• Dividend policy: At least 50% of adjustednet income• 1H23 interim dividend proposal: €437m(€0.24/share)+16%
YoY-22%
YoY(95)
380(173)(208)

591703(89)-€117mYoY(54)
(280)
(47)

(38)

(13)
OperatingProfit

Net Cash Provided Income
Adjustments* Royalty Advance
Other
by Operating
Tax Paid
Payments, Net Changes inof Recoupments Net Working Activities Before
Income Taxes Paid
CapitalCatalog
Investment

Capex & Other
Intangible
Asset
Investments

Other
Investing
Activities**

Repayment ofLease Liabilities
and RelatedInterestInterestPaid, NetFreeCash Flow

Note: € in Millions; Y/Y growth rates as reported.
*Adjustments include €220m for share-based compensation (€345m of non-cash share-based compensation expense offset by €125m of taxes withheld on behalf of employees), 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.
**Other investing activities includes acquisition of 50% stake in entity that owns Capitol Records building, strategic acquisitions of a brand services company and a niche record label, and cash put into escrow for a catalog acquisition, among other items.
20

SIR LUCIAN GRAINGE

Q&ACHAIRMAN AND CEO

BOYD MUIREVP, CFO & PRESIDENT OF OPERATIONSMICHAEL NASH

EVP, CHIEF DIGITAL OFFICER

21