Universal Music Group NV

UMG: XAMS (NLD)

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Universal Music Earnings: Not Much to Like, Multiple Areas Disappoint; Fair Value Cut 17% to EUR 25

Matthew Dolgin

Jul 31, 2026

Universal reported poor sales, profits, and free cash flow. Excluding currency fluctuations and the acquisition of Downtown Music, total second-quarter sales rose 6% year over year, while first-half adjusted EBITDA was flat. Free cash flow dropped to EUR 24 million from EUR 163 million.

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Universal Music Group NV

Universal Music Earnings: Not Much to Like, Multiple Areas Disappoint; Fair Value Cut 17% to EUR 25

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