FOURTH QUARTER &FULL YEAR ENDEDDECEMBER 31, 2021
March 3, 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

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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. The 2021 financial information included in this presentation contains only part of the 2021 financial statements which still have to be adopted by theshareholders at the upcoming annual general meeting of shareholders and will be included in the 2021 annual report. The 2021 annual report has not yet been published and an auditors’ opinion has not yet been issued.

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 included in the press release of the same date of this Presentation and the reconciliations of such non-IFRS measures included in the Appendix to such press release.

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.

2SIR LUCIAN GRAINGECHAIRMAN AND CEO

8 OF THE TOP 10 GLOBAL ARTISTS IN 2021
IFPI GLOBAL ARTIST CHART 2021
1BTS

2

Taylor Swift

3Adele4

Drake5

Ed Sheeran

6

The Weeknd

7Billie Eilish8

Justin Bieber9Seventeen

10Olivia Rodrigo

SOURCE: IFPI42021 GLOBAL ARTIST SUCCESSSPOTIFY

APPLE MUSIC

4 OF THE TOP 5THE WEEKND

GLOBAL ARTISTS OF 2021

TAYLOR SWIFTBTSDRAKEJUSTIN BIEBERGLOBAL ARTIST OF THE YEAR

H.E.R.

SONGRWRITER OF THE YEAR

OLIVIA RODRIGO

BREAKTHROUGH ARTIST OF
THE YEARYOUTUBE8 OF THE TOP 10AND THE TOP 3
MOST SUBSCRIBED ARTISTS
BLACKPINKJUSTIN BIEBERBTS
EMINEM
ARIANA GRANDETAYLOR SWIFTBILLIE EILISH
KATY PERRYDEEZERTHETOP 4GLOBAL ALBUMSTHE WEEKND AFTER HOURSOLIVIA RODRIGO SOUR
BILLIE EILISH HAPPIER THAN EVERJUSTIN BIEBER JUSTICE

NO. 1

GLOBAL SONG
THE WEEKND“BLINDING LIGHTS”

SOURCE: SPOTIFY, APPLE MUSIC, YOUTUBE, DEEZER

52021 U.S. SUCCESSTHE TOP 6ARTISTS

8 OF THE TOP 10ARTISTS

THE TOP 5ALBUMS

7 OF THE TOP 10 3 OF THE TOP 5ALBUMSSINGLESUMPGUMPGTHE TOP 47 OF THE TOP 10

SINGLESSINGLESTOP ARTISTS:TOP ALBUMS:

UMG TOP SINGLES:

UMPG TOP SINGLES:DRAKE
OLIVIA RODRIGO
THE WEEKNDTAYLOR SWIFTMORGAN WALLEN
ARIANA GRANDEMORGAN WALLENOLIVIA RODRIGOPOP SMOKETAYLOR SWIFTDRAKE

THE WEEKND &ARIANA GRANDEDUA LIPA“SAVE YOUR TEARS”

THE WEEKND“BLINDING LIGHTS”

OLIVIA RODRIGO“GOOD 4 U”

“LEVITATING”

THE WEEKND &ARIANA GRANDE“SAVE YOUR TEARS”

THE WEEKND“BLINDING LIGHTS”

IANN DIOR“MOOD”SOURCE: BILLBOARD

62021 REGIONAL SUCCESSUNITED KINGDOM:GERMANY:FRANCE:JAPAN:

7 OF THETOP 10ARTISTS

NO.1
SINGLESPOTIFY’S TOP
STREAMEDALBUM

BILLBOARD’STOP SELLINGARTISTNATHAN EVANSDAMSOOF THE YEAR
OLIVIA RODRIGOTAYLOR SWIFTDRAKEABBAEMINEMTHE WEEKNDTHE BEATLES

OF THE YEAR

“WELLERMAN”& THETOP 2ALBUMSQALF INFINITY

NO. 1 ALBUM& OUR ARTISTS WONBTS

9 OUT OF 14
NRJ AWARDSBEST FEMALE ARTISTHELEN FISCHERBEST MALE ARTISTRAUSCHBTS, THE BESTEVAABBAVOYAGE&DADJUKENDJI GIRAC“EVIDEMMENT”
SONG OF THE YEARSOURCE: OCC, GFK, SPOTIFY, BILLBOARD

7HEALTH & FITNESS PARTNERS

8WEB3/NFT PARTNERS

9UMPG ACQUIRES STING’S SONG CATALOGUNITING STING’S MUSIC PUBLISHING AND RECORDED MUSIC GLOBALLYUNDER UNIVERSAL MUSIC GROUP“It is absolutely essential to me thatmy career’s body of work have a homewhere it is valued and respected – notonly to connect with longtime fans innew ways, but also to introduce mysongs to new audiences, musicians
and generations.”- Sting

10BOYD MUIREVP, CFO ANDPRESIDENT OF OPERATIONS
UMG Q4 AND FY 2021 RESULTSFY 2021 SUMMARY RESULTS(€ MILLION)FY 2021

REVENUE€8,504+17.0% YOY

ADJUSTEDEBITDA

ADJUSTEDEBITDA MARGIN+20.9% YOY+0.9 PP YOY€1,78821.0%

Note: All growth rates are in constant currency.

12SUSTAINED GROWTH OF REVENUE,
ADJUSTED EBITDA AND MARGIN(€ MILLION)

2,000

25.0%

1,800

1,600

20.0%

17.7%

+17.0%

1,400

+5.1%

1,200

+15.6%

8,504

7,432

7,159

21.0%

20.1%

1,000

1,788

+26.4%

10.0%

1,497
1,272

600
400

15.0%

+19.3%

800

6,023+20.9%

16.3%

983

5.0%

200

2018

2019

2020

2021

Revenue

-0.0%
2018

2019
Adjusted EBITDA

2020

2021

Adjusted EBITDA Margin

Note: All growth rates are in constant currency. 2019 Adjusted EBITDA improvement benefitted from adoption of IFRS16.

13Q4 REVENUE AND ADJUSTED EBITDA(€ MILLION)REVENUE+16.0%

2,11897+42.4%

ADJUSTED EBITDA
2,520141408+28.3%

310+6.8%503

458+12.3%
1,975
1,715

21.6%

4Q20
Recorded Music

4Q21
Music Publishing

Merchandising&Other

20.0%

4Q20
4Q21
Adjusted
EBITDA
Adjusted EBITDA Margin

Note: All growth rates are in constant currency. Sum of revenue by segment does not equal total revenue due to intercompany eliminations.

14RECORDED MUSIC(€ MILLION)

4Q REVENUEFY EBITDAFY REVENUE+12.3%+20.4%

1,715

1,614+16.9%

1,975

6,822
1,360

5,967

23.7%

22.8%

Q420

Q421

FY20

FY21

FY20

FY21

EBITDA Margin
Note: All growth rates are in constant currency.

15

RECORDED MUSIC REVENUE(€ MILLION)+12.3%+16.9%

1,975

6,822

1,715

5,967
+19.8%+16.1%

4,481

1,219

3,833

1,027

+21.2%+10.5%+16.5%+5.1%(3.3%)

89341

379

258

288

413

89

Subscription Downloads& Streaming & Other
DigitalPhysical

4Q20

License &Other

4Q21

1,121(19.4%)

Total
RecordedMusic

Subscription& Streaming

776

PhysicalLicense &Other

324

Downloads& Other
Digital

896

945

FY20

FY21Total
RecordedMusic

Note: All growth rates are in constant currency.

16

RECORDED MUSIC REVENUE(€ MILLION)

2021% Change

North America

3,392

21%

Europe

2,020

12%

Asia

896

17%

Latin America

216

20%

Rest of World

298

10%

Recorded Music Revenue

6,822

17%

BEST SELLERS
2020

The Weeknd
Billie Eilish
Post Malone
Lil Baby
Pop Smoke
BTS
Justin Bieber
King & Prince
Taylor Swift
Juice WRLD

2021
Olivia Rodrigo
BTS
Justin Bieber
The Weeknd
Morgan Wallen
ABBA
Billie Eilish
Taylor Swift
The Beatles
Drake

Note: All growth rates are in constant currency.

17

ACCELERATION IN STREAMING & SUBSCRIPTIONREVENUE GROWTH(€ MILLION)+648+508+19.8%
4,481+17.1%

3,833

3,325

20192020

2021

Note: All growth rates are in constant currency.

18

MUSIC PUBLISHING(€ MILLION)

4Q REVENUE+28.3%FY REVENUEFY EBITDA+15.0%
1,335

408
1,186+16.3%

310

269

22.7%

Q420

307

Q421

FY20FY2123.0%

FY20FY21

EBITDA Margin
Note: All growth rates are in constant currency.

19

MERCHANDISING AND OTHER(€ MILLION)

4Q REVENUEFY EBITDAFY REVENUE+42.4%+27.4%
141363(27.3%)

97292

2116

7.2%

Q420

Q421

FY20

FY214.4%

FY20

FY21EBITDA Margin
Note: All growth rates are in constant currency.

20

FREE CASH FLOW- Dividend policy: 50% of net income(€ MILLION)- 2021 interim dividend: €0.20/share- Final dividend proposal 2021: €0.20/share275- Total 2021 dividend: €0.40/share
(364)
85
(255)

(388)
(3)
(86)

1,399

(17)

(8)

1,140638

OperatingProfit

Adjustments*Royalty
Otheradvancechanges
payments, net in net workingof recoupments
capitalIncometax paid

Net cash
Provided byoperating
activities

Catalog
investment

Other
investingactivities

Repaymentof leaseliabilities

Interestpaid, net

Other cash
items related
to financing
activities

Free Cash
Flow*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.

21

CONTENT INVESTMENT(€ MILLION)ROYALTY ADVANCES, NET

CONTENT INVESTMENT
1,517(50%)
929(58%)-Required / core to our business-

Driver of long-term growth-

Investing into a growing market-

Mix of new and established artists-

Recent opportunities with superstar artists wanting todo more with us; Front loaded advances to secure longterm broader, multifaceted rights

752

CATALOG INVESTMENTS

388

588

(38%)
364

2020
Catalog Investments

2021
Royalty Advances, Net-

Not required, M&A like-

Highly selective strategic acquirers of assets we cancontrol and improve monetization; Not passive rights-

Financially disciplined, ROI-based approach-

Multiple ways to finance: Cash from operations, Balance
sheet capacity, Special purpose vehicles

22

BALANCE SHEET @ 12/31/21€2,595M
GROSS DEBT€585M
CASH€2,010M
NET DEBT

1.2X

NET DEBT/EBITDA23

Q&A
SIR LUCIAN GRAINGECHAIRMAN AND CEO

BOYD MUIREVP, CFO AND PRESIDENT OF OPERATIONSMICHAEL NASH

EVP, DIGITAL STRATEGY24