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Summary Q2 2023 Results1
-Revenue of €2,697 million increased 6.4% year-over-year, or 8.8% in constant currency, driven by strong growth in the Recorded Music and Merchandising and Other segments
-Recorded Music subscription revenue grew 10.6% year-over-year, or 13.0% in constant currency and streaming revenue grew 2.9% year-over-year, or 5.3% in constant currency
-Adjusted EBITDA of €590 million increased 16.4% year-over-year, or 19.2% in constant currency, and Adjusted EBITDA margin expanded 1.9 percentage points to 21.9%
-Recorded Music top sellers included King & Prince, Morgan Wallen, SEVENTEEN, Taylor Swift, and Stray Kids
Summary H1 2023 Results1
-Revenue of €5,148 million increased 8.7% year-over-year, or 9.1% in constant currency, driven by growth across all segments
-Recorded Music subscription revenue grew 11.6% year-over-year on both a reported and constant currency basis and streaming revenue grew 2.3% year-over-year, or 1.8% in constant currency
-Adjusted EBITDA of €1,112 million increased 15.6% year-over-year, or 16.2% in constant currency, and Adjusted EBITDA margin expanded 1.3 percentage points to 21.6%
-Net cash provided by operating activities before income tax paid of €703 million increased 16.2% compared to €605 million in H1 2022
-Interim dividend of €437 million, or €0.24 per share
This press release includes certain alternative performance indicators which are not defined in the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board as endorsed by the EU. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Interim Financial Review and Unaudited Condensed Consolidated Interim Financial Statements which is available on our website at universalmusic.com/reports.