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"dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Note 1.\u00a0General information
Universal Music Group N.V. is a public company with limited liability incorporated under the laws of
the Netherlands and listed on Euronext Amsterdam under the symbol \u2018UMG.AS\u2019. As used herein, the
term UMG (\"The Group\") is used for Universal Music Group N.V. (\u2018the Company\u2019) and its subsidiaries
within the meaning of Section 2:24b of the Dutch Civil Code. UMG\u2019s statutory seat is located in
Amsterdam and its principal office is located at:
\u2018s-Gravelandseweg 80,
1217 EW Hilversum The Netherlands2.2.\u00a0Basis of preparation and consolidation
The Consolidated financial statements are:
\u2022
prepared on a historical cost basis, unless stated otherwise
\u2022
are presented in millions of euros, and rounded to the nearest million, unless stated otherwise
\u2022
prepared on the basis that UMG will continue to operate as a going concern
The Consolidated financial statements comprise the financial statements of UMG N.V. and its
subsidiaries as at 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Universal Music Group N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "public company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "\u2018s-Gravelandseweg 80, 1217 EW Hilversum The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "UMG is the worldwide leader in music, engaged in recorded music, music publishing and merchandising. It owns more than 50 labels covering all music genres. UMG is home to some of the greatest local and international artists of all time, including The Beatles, Rolling Stones, U2, Andrea Bocelli, Lady Gaga, Helene Fischer and more, as well as many of the biggest artists of the year, such as Taylor Swift, KPop Demon Hunters cast, Morgan Wallen, Lady Gaga and Sabrina Carpenter. \u2022 The recorded music business discovers and develops recording artists, marketing and promoting their music across a wide array of formats and platforms. Its activities also extend to other areas, such as live events, sponsorship, film and television. \u2022 The music publishing business discovers and develops songwriters and owns and administers the copyright for musical compositions used in recordings, public performances and related uses, such as films and advertisements. \u2022 The merchandising business produces and sells artist-branded and other branded products through multiple sales channels, including fashion retail, concert touring and online. Its activities also extend to other areas, such as brand rights management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "2.1.\u00a0Statement of compliance
The Consolidated financial statements have been prepared in accordance with IFRS Accounting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as endorsed
by the European Union (EU) and comply with the statutory provisions of Part 9, Book 2 of the Dutch
Civil Code. IFRS as endorsed by the EU differs in some respects from IFRS as issued by the IASB. The
differences have no impact on the Consolidated financial statements for the years presented.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "The Consolidated financial statements are prepared by the Board of Management of UMG and
authorized for issue on March 26, 2026 and will be submitted for adoption to the Annual General
Meeting of Shareholders on May 13, 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "2.2.\u00a0Basis of preparation and consolidation
The Consolidated financial statements are:
\u2022
prepared on a historical cost basis, unless stated otherwise
\u2022
are presented in millions of euros, and rounded to the nearest million, unless stated otherwise
\u2022
prepared on the basis that UMG will continue to operate as a going concern
The Consolidated financial statements comprise the financial statements of UMG N.V. and its
subsidiaries as at 31 December 2025.
Separation from Vivendi and Listing
Until February 26, 2021, the arrangement that constituted the combined UMG Group was not a legal
entity in its own right and was made up of entities under the common control of Vivendi. Until this
date, UMG\u2019s scope of combination principally comprised the entities held directly and indirectly by
UMG Inc. and UIM B.V.
On February 26, 2021, in UMG B.V.\u2019s Consolidated financial statements, the contribution of
\u20ac33,000 million was directly recorded as an increase in equity attributable to UMG B.V. shareowners
(\u20ac18,500 million in share capital and \u20ac14,500 million in additional paid-in capital), and the
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contribution of \u20ac33,000 million was fully neutralized in UMG B.V.\u2019s retained earnings. The
reorganization of its shareholding structure, which is a common control business combination, has
no impact on UMG\u2019s scope of combination or consolidation.
On September 21, 2021, the shares of Universal Music Group N.V. (UMG N.V.) started trading on the
regulated market of Euronext Amsterdam. Vivendi completed the distribution in kind of UMG shares
to Vivendi shareholders on the basis of one UMG N.V. share for every eligible Vivendi share. The
detachment date (ex-date) of the distribution in kind was September 21, 2021. Settlement occurred on
September 23, 2021. UMG B.V. was converted to UMG N.V. on this date accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "2.2.\u00a0Basis of preparation and consolidation
The Consolidated financial statements are:
\u2022
prepared on a historical cost basis, unless stated otherwise
\u2022
are presented in millions of euros, and rounded to the nearest million, unless stated otherwise
\u2022
prepared on the basis that UMG will continue to operate as a going concern
The Consolidated financial statements comprise the financial statements of UMG N.V. and its
subsidiaries as at 31 December 2025. Subsidiaries
Subsidiaries are all companies over which UMG has control. Control over an entity exists when UMG
is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the
date on which control commences until the date on which control ceases.
Intra-group balances and transactions, any unrealized gains and losses or income and expenses
arising from intra-group transactions are eliminated in preparing the Consolidated financial
statements. Unrealized gains arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of UMG\u2019s interest in the investee. Unrealized losses
are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence
of impairment. 2.3.\u00a0Material accounting policy information
2.3.1.\u00a0Foreign currency
Foreign currency transactions
Foreign currency transactions are initially recorded in the functional currency of the entity at
the exchange rate prevailing at the date of the transaction. At the closing date, foreign currency
monetary assets and liabilities are translated into the entity's functional currency at the exchange
rate prevailing on that date with foreign currency differences recorded to profit and loss.
Financial statements denominated in a foreign currency
The assets and liabilities of foreign operations with functional currencies other than the Euro
are translated using exchange rates prevailing at the reporting date. The income and expenses
of foreign operations are translated using monthly average exchange rates which approximate
prevailing exchange rates at the dates of the underlying transactions. The resulting translation
gains and losses are recognised in other comprehensive income and presented within equity. For
foreign operations that are not wholly-owned subsidiaries, the proportionate share of the translation
differences are allocated to non-controlling interests. The cumulative amount in the translation
reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
In 2025, UMG did not have any significant foreign operations in hyper-inflationary economies.
2.3.2.\u00a0Earnings per share
UMG presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated
by dividing the net profit or loss attributable to shareholders of UMG by the weighted average number
of shares outstanding during the year, adjusted for the weighted average number of own shares held
in the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by
the weighted average number of shares outstanding, adjusted for the weighted average number of
own shares held in the year and for the effects of all dilutive potential shares which comprise share
rights and options granted to employees.
2.3.3.\u00a0Consolidated Statement of Cash Flows
The Consolidated Statement of Cash Flows is prepared using the indirect method starting from
Operating profit. Dividends received from equity affiliates and investments are included in the
investing cash flow. It also includes any cash flows arising from the gain or loss of control
of subsidiaries. Interest paid, including interest paid on lease liability, is included in the
financing activities.
2.3.4.\u00a0Accounting for associates and joint ventures
Associates are entities in which UMG has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the
voting rights. Joint ventures are the arrangements in which UMG has joint control.
UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of
accounting, meaning they are initially recognised at cost. The Consolidated financial statements
include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the
result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds
the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and
recognition of further losses is discontinued except to the extent that UMG has an obligation or has
made a payment on behalf of the associate or joint venture.
2.3.5.\u00a0Revenues and associated costs
Revenues from contracts with customers are recorded when performance obligations promised in
the contract are satisfied, and for an amount for which it is highly probable that a significant
reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net
of discounts.
Intellectual property licensing (musical works)
These licenses transfer to a customer either a right to use an entity's intellectual property as it exists
at the point in time at which the license is granted (static license), or a right to access an entity's
intellectual property as it exists throughout the license period (dynamic license).
Revenues are accounted for when the performance obligation promised in the contract is satisfied
(static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the
control over the right to use/access the intellectual property and the customer obtains control of the
use/access of that license. Consequently, revenues from static licenses are recognized at the point
in time when the license is transferred and the customer is able to use and benefit from the license.
Revenues from dynamic licenses are accounted for over time, over the license period from the date
the customer is able to use and benefit from the license and in line with the sale or usage.
Consideration received in the current year, which represents income from ordinary activities related
to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in
relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in
revenue as they relate to activities carried out within the ordinary course of business.
Analysis of the Agent/Principal relationship in sales transactions involving a third party
If the nature of the entity's undertaking is a performance obligation to provide the specified goods
or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction:
it accounts for revenue as the gross amount of consideration to which it expects to be entitled in
exchange for the goods or services provided, and the commission due to the third-party as cost of
revenues. If the entity arranges for a third-party to provide the goods or services specified in the
contract, then it recognizes as revenues the net amount of consideration to which it expects to be
entitled in exchange for the goods or services provided.
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Financing Component and other
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UMG does not adjust the transaction price for the effects of significant financing components if, at
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contract inception, it is expected that the period between customer payment and the transfer of
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goods or services is one year or less. This applies to the majority of sales transactions.
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The transaction price may be variable due to discounts, rebates, or similar arrangements. In
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determining the transaction price UMG considers the fair value of any non-cash consideration.
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Revenue is only recognized for the part of the consideration for which it is highly probable that a
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significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is
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required in determining the probability and level of discounts and rebates that will be granted. The
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estimate is updated throughout the term of the contract.
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Revenue recognition by business segment
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Recorded Music
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The sales of recorded music (physical, digital downloading or streaming) are intellectual property
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licenses granted by UMG to distributors or digital platforms and which give them certain rights over
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UMG's musical works.
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Physical sales of recorded music (CDs, DVDs and Vinyls)
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These intellectual property licenses are static licenses transferring to the customer a right to use
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UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the
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physical device sold.
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Revenues from the physical sales of recorded music, net of a provision for estimated returns and
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rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for
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products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the
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sale to the final customer for consignment sales.
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Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading.
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These intellectual property licenses are generally dynamic licenses providing a right to access the
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entire catalogue of recorded music as it exists throughout the license period considering potential
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add-ons to, or withdrawals from, the catalogue during that period.
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The consideration paid by the digital platform is variable in the form of a sales-based or a usage-
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based royalty. Revenues are then accounted for when these subsequent sales or usages occur.
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Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable
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data from digital platforms, are recognized at the end of the month in which the sale or usage is
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made by the end customer.
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For digital sales of recorded music via paid subscription or ad-supported streaming, certain
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contracts may include a non-refundable minimum guarantee which is generally recoupable and
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is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is
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spread over the period to which it relates and takes into account the amount of royalties that are
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actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for
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these royalties.
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Music Publishing
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Music Publishing relates to the use by a third party of the copyrights on musical works owned or
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administered by UMG, which are intellectual property licenses that UMG grants to the third party
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and which provides a right to access a catalogue of recorded music, as these intellectual property
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licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales
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and usage royalties, using the best available estimate on the timing of the consequent usage and
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the amounts that are probable to be collected.
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Merchandising
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Revenues from merchandising are recognized when control has been passed either upon sale to the
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end customer, from direct sales during touring, concessions and over the internet; on delivery for
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sales by a third-party distributor; or for sales of rights attached to merchandising products when a
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contract is signed and collectability is probable and on a sales and usage basis.
Provisions for estimated returns and price guarantees
are deducted from sales of products to
customers through distributors. The provisions are estimated based on past sales statistics and take
into account the economic environment and product sales forecast to final customers.
Associated costs of revenues
Cost of revenues
primarily includes product costs and artists costs.
Selling, general and administrative expenses
primarily include salaries and employee benefits,
consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of
capital expenditure and right of use assets, administrative department costs, value allowances for
receivables, restructuring expenses and other operating expenses and are expensed when incurred.
Advertising costs
are expensed when incurred.
Slotting fees and cooperative advertising expenses
are recorded as a reduction in revenues.
However, cooperative advertising is not treated as a reduction of transaction price but marketing
expense and expensed when it is distinct and can be estimated.
2.3.6.\u00a0Business combinations
UMG accounts for business combinations using the acquisition method when the acquired set of
activities and assets meets the definition of a business and control is transferred to the Group. In
determining whether a particular set of activities and assets is a business, UMG assesses whether
the set of assets and activities acquired includes, at a minimum, an input and substantive process
and whether the acquired set has the ability to produce outputs.
Under the acquisition method, upon the initial consolidation of an entity over which UMG has
acquired exclusive control:
\u2022
the identifiable assets acquired, and the liabilities assumed are recognized at their fair values on
the acquisition date; and
\u2022
non-controlling interests are measured either at fair value or at the non-controlling interest's
proportionate share of the acquiree\u2019s net identifiable assets. This option is available on a
transaction-by-transaction basis.
Contingent consideration in a business combination is recorded at fair value on the acquisition date,
and any subsequent adjustment occurring after the purchase price allocation period is recognized in
the Statement of Profit or Loss. Acquisition-related costs are recognized as expenses when incurred.
2.3.7.\u00a0Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the
transaction price in a business combination. Goodwill arising on the acquisition of associates and
joint ventures is included in their carrying amounts.
Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On
the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely
to benefit from the business combination.
2.3.8.\u00a0Content assets and other intangibles
Content assets include royalty advances to artists, songwriters and co-publishers as well as
recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues,
trade names, subscribers\u2019 bases and market shares generated internally are not recognized as
intangible assets.
Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a
business combination are recorded at their fair value at the acquisition date. Amortisation is
charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future
economic benefits embodied in these intangible assets.
Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the
period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period.
Music catalogues and publishing rights
The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some
significant catalogues can be amortized over a longer period of time.
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Advances to artists and repertoire owners
Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when
their current popularity and past performances provide a reasonable basis to conclude that the
probable future recoupment of such royalty advances against earnings otherwise payable to them
is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are
earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not
deemed to be recoverable against future royalties is expensed during the period in which the loss
becomes evident. These expenses are recorded in cost of revenues.
Other intangible assets
Other intangibles mainly includes software for internal use. Direct internal and external costs
incurred for the development of software for internal use are capitalized during the development
stage if the resulting product or process is technically and commercially feasible, cost can be
reliably measured, UMG has sufficient resources and the intention to complete its development.
Research costs are expensed when incurred. Costs of significant upgrades and enhancements
resulting in additional functionality are also capitalized.
The software for internal use is generally amortized over 3 years and included within
amortisation expense.
2.3.9.\u00a0Property, plant and equipment
Property, plant and equipment are carried at historical cost less any accumulated depreciation
and impairment losses. Land and assets under construction are not depreciated. Depreciation is
calculated using the straight-line method based on the estimated useful life of the assets. Leasehold
improvements are depreciated over a period not longer than the lease term.
Useful lives are reviewed at the end of each reporting period and are as follows:
\u2022
buildings: 5 to 40 years;
\u2022
equipment and machinery: 3 to 8 years; and
\u2022
other: 2 to 10 years.
2.3.10.\u00a0Leases
The main lease contracts for UMG correspond to real estate leases for which UMG is the lessee. Real
estate leases for which UMG is the lessee are recorded at the commencement date and result in
the recognition of a lease liability equal to the present value of future lease payments against a
right-of-use asset relating to leases.
Right-of-use assets
Right-of-use assets are initially measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received.
The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
UMG recognizes lease liabilities initially measured at the present value of future lease payments
over the lease term. The lease payments include in-substance fixed payments (less any lease
incentives receivable), variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include payments
of penalties for terminating a lease, if UMG has the option to terminate and it is reasonably certain
that this option will be exercised. In calculating the present value of lease payments, UMG uses the
incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease
is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. The carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term or a change in the in-substance
fixed lease payments.
Short-term leases and leases of low-value assets
UMG applies the short-term lease recognition exemption to the real-estate leases with a lease term
of 12 months or less from the commencement date and do not contain a purchase option. It also
applies the lease of low-value assets recognition exemption to leases of office chattels and other
equipment that are considered of low value. Lease payments on short-term leases and leases of
low-value assets are recognized as an expense on a straight-line basis over the lease term.
Accounting for leases
UMG determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is reasonably certain not to be exercised. When
determining the lease term, UMG considers all relevant facts and circumstances that create an
economic incentive to exercise an extension option, or not to exercise a termination option. These
circumstances include UMG\u2019s real estate planning.
In estimating the lessee\u2019s incremental borrowing rate, UMG takes into account the residual lease
term and its duration to reflect the interest rate of a loan with a similar payment profile to the
lease payments.
2.3.11.\u00a0Impairment of non-financial assets
Each time events or changes in the economic environment indicate a risk of impairment of
goodwill, content assets and other intangible assets, property, plant and equipment, investments
in associates and joint ventures, rights-of-use assets, UMG re-examines the value of these assets.
In addition, in accordance with applicable accounting standards, goodwill and intangible assets in
progress are all subject to an annual impairment test undertaken in the fourth quarter of each
fiscal year. This impairment test is performed to compare the recoverable amount of each Cash
Generating Unit (CGU) to the carrying value of the corresponding assets (including goodwill). A CGU
is the smallest identifiable group of assets that generates cash inflows that are largely independent
of the cash inflows from other assets or groups of assets. UMG operates through different content
businesses. Each business offers different products and services that are marketed through various
channels. CGUs for goodwill correspond to the UMG's operating segments.
The recoverable amount is determined for each individual asset as the higher of: (i) its value in use;
and (ii) its fair value (less costs to sell) as described hereafter. If the asset does not generate cash
inflows that are largely independent of other assets or groups of assets, the recoverable amount
is determined for the group of assets. In particular, in the case of goodwill, an impairment test is
performed by UMG for each CGU.
The value in use of each asset or group of assets is determined, subject to exceptions, by the
Discounted Cash Flow method (DCF) using cash flow projections consistent with the budget of the
following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information,
usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by UMG of
the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation are those used to prepare budgets for each CGU,
and beyond the period covered, are consistent with growth rates estimated by the business by
extrapolating growth rates used in the budgets, without exceeding the long-term average growth rate
for the markets in which UMG operates.
The fair value (less costs to sell) is the price that would be received from the sale of an asset or
group of assets in an orderly transaction between market participants at the measurement date, less
costs to sell of the asset or group of assets. These values are generally determined based on market
data (stock market prices or comparison with similar listed companies, with the value attributed
to similar assets or companies in recent transactions) or, in the absence of such data, based on
discontinued cash flows.
If the recoverable amount is lower than the carrying value of an asset or group of assets, an
impairment loss equal to the difference is recognized in Operating profit. In the case of operating
segments, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property, plant and equipment, and intangible assets
(other than goodwill) may be reversed in a later period if the recoverable amount becomes greater
than the carrying value, within the limit of impairment losses previously recognized. Impairment
losses recognized in respect of goodwill cannot be reversed at a later date.
2.3.12.\u00a0Financial assets
Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d,
\u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair
value through profit or loss\u201d.
This classification depends on UMG\u2018s business model for managing the financial assets and on
contractual terms enabling to determine whether the cash flows are solely payments of principal
and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to
determine whether their cash flows are SPPI.
Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and
for financial assets not classified as fair value through profit or loss, including transaction costs that
are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair
value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in
accordance with the policy disclosed at
2.3.5
Revenues and associated costs.
Financial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership.
Financial assets at fair value
These include financial assets at fair value through other comprehensive income, derivative
financial instruments with a positive value and other financial assets measured at fair value
through profit or loss. Most of these financial assets are actively traded in organized financial
markets, as their fair value is calculated by reference to the published market price at the period
end. Fair value is estimated for financial assets which do not have a published market price on an
active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation
techniques in the absence of an active market, UMG values financial assets at historical cost, less
any impairment losses.
These financial assets are recognized initially on trade date when UMG becomes a party to the
contractual provisions of the instrument. Dividend income is recognised when the UMG's right to
receive payment is established.
Financial assets at amortized cost
Financial assets at amortised cost include trade receivables, other receivables, loans issued and
bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the
date they are originated.
Financial assets at amortized cost consist of debt instruments as described above held within a
business model whose objective is to hold financial assets to collect contractual cash flows that are
solely payments of principal and interest on the principal amount outstanding. At the end of each
period, these assets are measured at amortized cost using the effective interest method.
2.3.13.\u00a0Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full.
2.3.14.\u00a0Cash and cash equivalents
Cash and cash equivalents include all cash balances and short-term highly liquid investments with
an original maturity of three months or less that are readily convertible into known amounts of cash.
Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being
positive to overdrawn and are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Investments in securities, investments with initial maturities of more than three months without an
early termination option and bank accounts subject to restrictions (blocked accounts), other than
restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not
classified as cash equivalents but as financial assets.
2.3.15.\u00a0Financial liabilities
A financial liability is recognized when UMG becomes party to the contractual provisions on the
instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair
value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and
for financial liabilities subsequently measured at amortised cost, including transaction costs and
fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is
equal to transaction price.
Financial liabilities measured at fair value through profit or loss include contingent consideration
and derivative financial instruments that are not designated as hedging instruments for which
hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement
of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and
other payables, bonds and borrowings. These liabilities are subsequently measured at amortised
cost using the effective interest method.
2.3.16.\u00a0Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty.
2.3.17.\u00a0Inventories
Inventories are valued at the lower of cost or net realizable value. Cost comprises purchase costs,
production costs and other supply and packaging costs. These are usually calculated using the
weighted average cost method. Net realizable value is the estimated selling price in the normal
course of business, less estimated completion costs and selling costs. Inventories at UMG mostly
comprise of finished goods.
2.3.18.\u00a0Provisions
Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation
(statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it
is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and the obligation can be reliably estimated. Where the effect of the time value of
money is material, provisions are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money. If the amount of the obligation
cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the
Consolidated Financial Statements.
Provisions for royalty audit claims
Up to the completion of the royalty claim audit, the timing and the amount of the potential
pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available
data, including history of claims with rights owners. When the estimate is performed for large
homogeneous claims and contract terms, the statistical valuation method is used.
Litigation provisions
In the ordinary course of business, UMG may be involved in a number of legal and arbitration
proceedings and administrative actions. The costs which may result from these proceedings are
accrued at the reporting date if UMG has a present obligation toward a third party resulting from
a past event and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and the amount of that liability can be quantified or estimated within
a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the
risk level, and events arising during the course of legal proceedings may require a reassessment of
this risk at any time.
2.3.19.\u00a0Employee benefit plans
Defined contribution plans
Contributions to defined contribution and multi-employer plans are expensed during the year when
related services are provided.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments such as insurance
contracts or equity and debt investment securities, excluding shares in any UMG entity or
debt instruments.
Pension expenses and defined benefit obligations are calculated by independent actuaries using
the projected unit credit method. This method is based on annually updated assumptions, which
include the probability of employees remaining with UMG until retirement, expected changes in
future compensation and an appropriate discount rate for each country in which UMG maintains
a pension plan. The discount rate is determined for each country by reference to yields on notes
issued by investment grade companies having a credit rating of AA and maturities identical to that
of the valued plans, generally based on relevant rate indices. The expected return on plan assets is
estimated by using the selected discount rate to value the obligations of the previous year.
The calculation is performed separately for each plan. A provision is recorded in the Statement
of Financial Position equal to the difference between the actuarial value of the related benefits
(actuarial liability) and the fair value of any associated plan assets, and this includes past service
costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u2022
the service cost is included in selling, general and administrative expenses. It comprises current
service cost, past service cost resulting from a plan amendment or a curtailment, immediately
recognized in profit and loss, and gains and losses on settlement;
\u2022
the financial component, recorded in other financial expenses and income, consists of the
unwinding of the interest component of the discount, less the expected return on plan assets
determined using the discount rate retained for the valuation of the benefit obligation; and
\u2022
the remeasurements of the net defined benefit liability (asset), recognized in items of other
comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains
and losses, i.e., changes in the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience adjustments (representing
the differences between the expected effect of some actuarial assumptions applied to previous
valuations and the effective impact).
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the
present value of future refunds and the expected reduction in future contributions.
Some other post-employment benefits, such as life insurance and medical coverage (mainly in
the United States) are subject to provisions which are assessed through an actuarial calculation
comparable to the method used for pension provisions.
2.3.20.\u00a0Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the countries where UMG operates
and generates taxable income.
\n
\n
UMG periodically evaluates positions taken in its tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Differences existing at closing between the tax base value of assets and liabilities and their
carrying value in the Consolidated Statement of Financial Position give rise to temporary differences.
Pursuant to the liability method, these temporary differences result in the accounting of:
\u2022
deferred tax assets, when the tax base value is greater than the carrying value (expected future
tax saving); and
\u2022
deferred tax liabilities, when the tax base value is lower than the carrying value (expected future
tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which
the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or
substantially enacted by the closing date. They are reviewed at the end of each year, in line with any
changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards
and unused tax credits, insofar as it is probable that a taxable profit will be available, or when
a current tax liability exists to make use of those deductible temporary differences, tax loss carry-
forwards and unused tax credits, except where the deferred tax asset associated with the deductible
temporary difference is generated by initial recognition of an asset or liability in a transaction which
is not a business combination, and that, at the transaction date, does not impact net profit, nor tax
income or loss.
For deductible temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax assets are recorded to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and that a taxable profit will be available
against which the temporary difference can be utilized.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to
the extent that it is more or less probable that a taxable profit will be available to allow the deferred
tax asset to be utilized. When assessing the probability of a taxable profit being available, account
is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to
occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses
carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to
differ significantly from those expected, UMG would be required to increase or decrease the carrying
value of deferred tax assets with a potentially material impact on UMG's Statement of Financial
Position and Statement of Profit or Loss.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred
tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is
not a business combination, and that, at the transaction date, does not impact net profit, tax income
or loss.
For taxable temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax liabilities are recorded except to the extent that both of the
following conditions are satisfied: the parent, investor or venturer is able to control the timing of
the reversal of the temporary difference and it is probable that the temporary difference will not be
reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax
relates to items that are credited or charged directly to equity. Current tax liabilities not expected to
be paid within the next 12 months are recorded as long term current tax liability.
In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. These amendments introduced (i) a mandatory temporary exception to the accounting for
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii)
disclosure requirements for affected entities to give financial statement users an understanding of
the exposure to Pillar Two income taxes arising from that legislation.
2.3.21.\u00a0Share-based payments
Equity-settled share-based compensation expense is recognized as a personnel cost over the
vesting period of the award at the fair value of the equity instruments granted at the grant date with
a corresponding increase in equity. For cases in which the grant date occurs after the employees to
whom the equity instruments were granted have begun rendering services (for example, if a grant
of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value
of the equity instruments by estimating the fair value of the equity instruments at the end of the
reporting period, for the purposes of recognising the services received during the period between
service commencement date and grant date. Once the date of grant has been established, UMG
revises the earlier estimate so that the amounts recognised for services received in respect of the
grant are ultimately based on the grant date fair value of the equity instruments.
Fair value of the shares granted is fixed at the grant date and is equal to the share price at the
grant date with a deduction for the aggregate discounted value of the dividends that will not be
received over the vesting period, unless the conditions of the plan prescribe compensation for the
vesting period dividends, and after taking into account the discount for non-transferability during
the retention period.
The cumulative expense recognized for equity-settled transactions at each reporting date reflects
the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a
period represents the movement in cumulative expense recognized as at the beginning and end of
that period. Service and non-market performance conditions are not considered when determining
the grant date fair value of awards, but the likelihood of the conditions being met is assessed as
part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value.
2.3.22.\u00a0Related parties
A related party is a person or an entity that is related to UMG. These include both people and
entities that have, or are subject to, the influence or control of UMG (e.g. key management personnel).
Transactions with related parties are accounted for in accordance with the requirements of relevant
IFRSs and take into account the substance as well as the legal form.
2.3.23.\u00a0Contingent liabilities
Non-financial guarantees are accounted for as a contingent liability until such time it becomes
probable that UMG will be required to make a payment under the guarantee.
Contingent liabilities are possible or present obligations of sufficient uncertainty that it does
not quality for recognition as a provision, unless it is assumed in a business combination.
Contingent liabilities are reviewed continuously to assess whether an outflow of resources has
become probable.
2.3.24.\u00a0Financial guarantees
Financial guarantee is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payments when due in
accordance with the terms of a debt instrument.
Financial guarantees are initially recognised at fair value and are subject to the expected credit loss
model, with a credit loss is recognized for expected cash shortfalls. Note 3.\u00a0Segment data
Operating segment data
The segment reporting that follows is aligned with internal reporting used by UMG Management
to assess UMG\u2019s performance. UMG\u2019s operating segments are organised by nature of the business
and are the same as its reportable segments: Recorded Music, Music Publishing and Merchandising
and Other. Each of these is described at Note
1
. Corporate centre represent amounts not allocated
to the operating segments and includes certain costs related to central activities as well as group
enabling functions. Management also receives information about segment's revenue and assets.
Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities
include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "2.2.\u00a0Basis of preparation and consolidationSubsidiaries
Subsidiaries are all companies over which UMG has control. Control over an entity exists when UMG
is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the
date on which control commences until the date on which control ceases.
Intra-group balances and transactions, any unrealized gains and losses or income and expenses
arising from intra-group transactions are eliminated in preparing the Consolidated financial
statements. Unrealized gains arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of UMG\u2019s interest in the investee. Unrealized losses
are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence
of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "The Consolidated financial statements are: \u2022 prepared on the basis that UMG will continue to operate as a going concern ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Subsidiaries
Subsidiaries are all companies over which UMG has control. Control over an entity exists when UMG
is exposed, or has rights, to variable returns from its involvement with the entity and has the ability
to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the
date on which control commences until the date on which control ceases.
Intra-group balances and transactions, any unrealized gains and losses or income and expenses
arising from intra-group transactions are eliminated in preparing the Consolidated financial
statements. Unrealized gains arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of UMG\u2019s interest in the investee. Unrealized losses
are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence
of impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Significant events in the period and accounting estimates and judgementsAccounting estimates and judgements
Application of the accounting policies requires judgements that impact the amounts recognised.
All significant judgements and estimates are disclosed in the notes to the Consolidated financial
statements. Information and considerations regarding areas of significant judgements and
estimates have been included in the table below. It is reasonably possible, that outcomes of these
judgements and estimates within the next financial year are different from the assumptions, which
could require a material adjustment to the carrying amount of the asset or liability affected.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Area
Significant judgement
Note
\u00a0
Significant judgement is required to identify performance obligations
\u00a0
\u00a0
under contracts with customers, whether these performance
\u00a0
2.3.5. Revenues and
Revenue
obligations are satisfied at a point of time or over time, and
associated costs
\u00a0
probability that collectability is assured and significant reversal will
\u00a0
not occur.
\u00a0
Uncertain tax
Judgement in assessing the uncertainty of whether it is probable that
\u00a0
positions and
a taxation authority will accept or revise the uncertain tax treatment
2.3.20. Income taxes
deferred taxes
and, future results enabling realisation of deferred taxes.
\u00a0
Lease liabilities
Judgement in determining the lease term of contracts with renewal
\u00a0
and right-of-
and termination options at the commencement date of each
2.3.10. Leases
use assets
lease contract.
\u00a0
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Area
Significant estimate
Note
Estimation on the timing of the consequent usage and the amounts
2.3.5. Revenues and
\u00a0
Revenue
that are probable to be collected.
associated costs
Assumptions relating to impairment tests performed on each of the
2.3.7. Goodwill
Intangible assets,
Group\u2019s cash-generating units (CGUs) or intangible assets, future
and 2.3.8. Content
including goodwill
cash flows and discount rates are updated annually. Estimation of
assets and
\u00a0
and content assets
(remaining) useful life for intangible assets, other than goodwill.
other intangibles
Provisions
Estimating the likelihood and timing of potential cash flows relating
2.3.18. Provisions
\u00a0
to royalty claims and litigation.
\u00a0
Estimates of the future performance of artists and repertoire owners
2.3.8. Content
Artist
who are paid advances that are recognized in the Consolidated
assets and
\u00a0
royalty advances
Statement of Financial Position.
other intangibles
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Area
Significant estimate
Note
Share-
Estimation of the grant date fair value and number of
2.3.21. Share-
based payments
equity instruments.
based payments
Pension liability
Assumptions for discount rates, inflation, future pension increases
2.3.19. Employee
\u00a0
and life expectancy to calculate the defined benefit obligation.
benefit plans
\n
For more details on these significant judgement areas and resulting estimates refer to the
accounting policies below. 2.3.5.\u00a0Revenues and associated costs
Revenues from contracts with customers are recorded when performance obligations promised in
the contract are satisfied, and for an amount for which it is highly probable that a significant
reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net
of discounts.
Intellectual property licensing (musical works)
These licenses transfer to a customer either a right to use an entity's intellectual property as it exists
at the point in time at which the license is granted (static license), or a right to access an entity's
intellectual property as it exists throughout the license period (dynamic license).
Revenues are accounted for when the performance obligation promised in the contract is satisfied
(static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the
control over the right to use/access the intellectual property and the customer obtains control of the
use/access of that license. Consequently, revenues from static licenses are recognized at the point
in time when the license is transferred and the customer is able to use and benefit from the license.
Revenues from dynamic licenses are accounted for over time, over the license period from the date
the customer is able to use and benefit from the license and in line with the sale or usage.
Consideration received in the current year, which represents income from ordinary activities related
to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in
relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in
revenue as they relate to activities carried out within the ordinary course of business.
Analysis of the Agent/Principal relationship in sales transactions involving a third party
If the nature of the entity's undertaking is a performance obligation to provide the specified goods
or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction:
it accounts for revenue as the gross amount of consideration to which it expects to be entitled in
exchange for the goods or services provided, and the commission due to the third-party as cost of
revenues. If the entity arranges for a third-party to provide the goods or services specified in the
contract, then it recognizes as revenues the net amount of consideration to which it expects to be
entitled in exchange for the goods or services provided.
\n
\n
\n\n
\n
\n
\n
Financing Component and other
\n
UMG does not adjust the transaction price for the effects of significant financing components if, at
\n
contract inception, it is expected that the period between customer payment and the transfer of
\n
goods or services is one year or less. This applies to the majority of sales transactions.
\n
The transaction price may be variable due to discounts, rebates, or similar arrangements. In
\n
determining the transaction price UMG considers the fair value of any non-cash consideration.
\n
Revenue is only recognized for the part of the consideration for which it is highly probable that a
\n
significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is
\n
required in determining the probability and level of discounts and rebates that will be granted. The
\n
estimate is updated throughout the term of the contract.
\n
Revenue recognition by business segment
\n
Recorded Music
\n
The sales of recorded music (physical, digital downloading or streaming) are intellectual property
\n
licenses granted by UMG to distributors or digital platforms and which give them certain rights over
\n
UMG's musical works.
\n
Physical sales of recorded music (CDs, DVDs and Vinyls)
\n
These intellectual property licenses are static licenses transferring to the customer a right to use
\n
UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the
\n
physical device sold.
\n
Revenues from the physical sales of recorded music, net of a provision for estimated returns and
\n
rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for
\n
products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the
\n
sale to the final customer for consignment sales.
\n
Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading.
\n
These intellectual property licenses are generally dynamic licenses providing a right to access the
\n
entire catalogue of recorded music as it exists throughout the license period considering potential
\n
add-ons to, or withdrawals from, the catalogue during that period.
\n
The consideration paid by the digital platform is variable in the form of a sales-based or a usage-
\n
based royalty. Revenues are then accounted for when these subsequent sales or usages occur.
\n
Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable
\n
data from digital platforms, are recognized at the end of the month in which the sale or usage is
\n
made by the end customer.
\n
For digital sales of recorded music via paid subscription or ad-supported streaming, certain
\n
contracts may include a non-refundable minimum guarantee which is generally recoupable and
\n
is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is
\n
spread over the period to which it relates and takes into account the amount of royalties that are
\n
actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for
\n
these royalties.
\n
Music Publishing
\n
Music Publishing relates to the use by a third party of the copyrights on musical works owned or
\n
administered by UMG, which are intellectual property licenses that UMG grants to the third party
\n
and which provides a right to access a catalogue of recorded music, as these intellectual property
\n
licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales
\n
and usage royalties, using the best available estimate on the timing of the consequent usage and
\n
the amounts that are probable to be collected.
\n
Merchandising
\n
Revenues from merchandising are recognized when control has been passed either upon sale to the
\n
end customer, from direct sales during touring, concessions and over the internet; on delivery for
\n
sales by a third-party distributor; or for sales of rights attached to merchandising products when a
\n
contract is signed and collectability is probable and on a sales and usage basis.
Provisions for estimated returns and price guarantees
are deducted from sales of products to
customers through distributors. The provisions are estimated based on past sales statistics and take
into account the economic environment and product sales forecast to final customers.
Associated costs of revenues
Cost of revenues
primarily includes product costs and artists costs.
Selling, general and administrative expenses
primarily include salaries and employee benefits,
consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of
capital expenditure and right of use assets, administrative department costs, value allowances for
receivables, restructuring expenses and other operating expenses and are expensed when incurred.
Advertising costs
are expensed when incurred.
Slotting fees and cooperative advertising expenses
are recorded as a reduction in revenues.
However, cooperative advertising is not treated as a reduction of transaction price but marketing
expense and expensed when it is distinct and can be estimated. 2.3.7.\u00a0Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the
transaction price in a business combination. Goodwill arising on the acquisition of associates and
joint ventures is included in their carrying amounts.
Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On
the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely
to benefit from the business combination.
2.3.8.\u00a0Content assets and other intangibles
Content assets include royalty advances to artists, songwriters and co-publishers as well as
recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues,
trade names, subscribers\u2019 bases and market shares generated internally are not recognized as
intangible assets.
Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a
business combination are recorded at their fair value at the acquisition date. Amortisation is
charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future
economic benefits embodied in these intangible assets.
Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the
period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period.
Music catalogues and publishing rights
The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some
significant catalogues can be amortized over a longer period of time.
\n
\n
\n\n
\n
\n
Advances to artists and repertoire owners
Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when
their current popularity and past performances provide a reasonable basis to conclude that the
probable future recoupment of such royalty advances against earnings otherwise payable to them
is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are
earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not
deemed to be recoverable against future royalties is expensed during the period in which the loss
becomes evident. These expenses are recorded in cost of revenues.
Other intangible assets
Other intangibles mainly includes software for internal use. Direct internal and external costs
incurred for the development of software for internal use are capitalized during the development
stage if the resulting product or process is technically and commercially feasible, cost can be
reliably measured, UMG has sufficient resources and the intention to complete its development.
Research costs are expensed when incurred. Costs of significant upgrades and enhancements
resulting in additional functionality are also capitalized.
The software for internal use is generally amortized over 3 years and included within
amortisation expense. 2.3.10.\u00a0Leases
The main lease contracts for UMG correspond to real estate leases for which UMG is the lessee. Real
estate leases for which UMG is the lessee are recorded at the commencement date and result in
the recognition of a lease liability equal to the present value of future lease payments against a
right-of-use asset relating to leases.
Right-of-use assets
Right-of-use assets are initially measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received.
The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
UMG recognizes lease liabilities initially measured at the present value of future lease payments
over the lease term. The lease payments include in-substance fixed payments (less any lease
incentives receivable), variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include payments
of penalties for terminating a lease, if UMG has the option to terminate and it is reasonably certain
that this option will be exercised. In calculating the present value of lease payments, UMG uses the
incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease
is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. The carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term or a change in the in-substance
fixed lease payments.
Short-term leases and leases of low-value assets
UMG applies the short-term lease recognition exemption to the real-estate leases with a lease term
of 12 months or less from the commencement date and do not contain a purchase option. It also
applies the lease of low-value assets recognition exemption to leases of office chattels and other
equipment that are considered of low value. Lease payments on short-term leases and leases of
low-value assets are recognized as an expense on a straight-line basis over the lease term.
Accounting for leases
UMG determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is reasonably certain not to be exercised. When
determining the lease term, UMG considers all relevant facts and circumstances that create an
economic incentive to exercise an extension option, or not to exercise a termination option. These
circumstances include UMG\u2019s real estate planning.
In estimating the lessee\u2019s incremental borrowing rate, UMG takes into account the residual lease
term and its duration to reflect the interest rate of a loan with a similar payment profile to the
lease payments. 2.3.18.\u00a0Provisions
Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation
(statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it
is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and the obligation can be reliably estimated. Where the effect of the time value of
money is material, provisions are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money. If the amount of the obligation
cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the
Consolidated Financial Statements.
Provisions for royalty audit claims
Up to the completion of the royalty claim audit, the timing and the amount of the potential
pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available
data, including history of claims with rights owners. When the estimate is performed for large
homogeneous claims and contract terms, the statistical valuation method is used.
Litigation provisions
In the ordinary course of business, UMG may be involved in a number of legal and arbitration
proceedings and administrative actions. The costs which may result from these proceedings are
accrued at the reporting date if UMG has a present obligation toward a third party resulting from
a past event and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and the amount of that liability can be quantified or estimated within
a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the
risk level, and events arising during the course of legal proceedings may require a reassessment of
this risk at any time.
2.3.19.\u00a0Employee benefit plans
Defined contribution plans
Contributions to defined contribution and multi-employer plans are expensed during the year when
related services are provided.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments such as insurance
contracts or equity and debt investment securities, excluding shares in any UMG entity or
debt instruments.
Pension expenses and defined benefit obligations are calculated by independent actuaries using
the projected unit credit method. This method is based on annually updated assumptions, which
include the probability of employees remaining with UMG until retirement, expected changes in
future compensation and an appropriate discount rate for each country in which UMG maintains
a pension plan. The discount rate is determined for each country by reference to yields on notes
issued by investment grade companies having a credit rating of AA and maturities identical to that
of the valued plans, generally based on relevant rate indices. The expected return on plan assets is
estimated by using the selected discount rate to value the obligations of the previous year.
The calculation is performed separately for each plan. A provision is recorded in the Statement
of Financial Position equal to the difference between the actuarial value of the related benefits
(actuarial liability) and the fair value of any associated plan assets, and this includes past service
costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u2022
the service cost is included in selling, general and administrative expenses. It comprises current
service cost, past service cost resulting from a plan amendment or a curtailment, immediately
recognized in profit and loss, and gains and losses on settlement;
\u2022
the financial component, recorded in other financial expenses and income, consists of the
unwinding of the interest component of the discount, less the expected return on plan assets
determined using the discount rate retained for the valuation of the benefit obligation; and
\u2022
the remeasurements of the net defined benefit liability (asset), recognized in items of other
comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains
and losses, i.e., changes in the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience adjustments (representing
the differences between the expected effect of some actuarial assumptions applied to previous
valuations and the effective impact).
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the
present value of future refunds and the expected reduction in future contributions.
Some other post-employment benefits, such as life insurance and medical coverage (mainly in
the United States) are subject to provisions which are assessed through an actuarial calculation
comparable to the method used for pension provisions.
2.3.20.\u00a0Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the countries where UMG operates
and generates taxable income.
\n
\n
UMG periodically evaluates positions taken in its tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Differences existing at closing between the tax base value of assets and liabilities and their
carrying value in the Consolidated Statement of Financial Position give rise to temporary differences.
Pursuant to the liability method, these temporary differences result in the accounting of:
\u2022
deferred tax assets, when the tax base value is greater than the carrying value (expected future
tax saving); and
\u2022
deferred tax liabilities, when the tax base value is lower than the carrying value (expected future
tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which
the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or
substantially enacted by the closing date. They are reviewed at the end of each year, in line with any
changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards
and unused tax credits, insofar as it is probable that a taxable profit will be available, or when
a current tax liability exists to make use of those deductible temporary differences, tax loss carry-
forwards and unused tax credits, except where the deferred tax asset associated with the deductible
temporary difference is generated by initial recognition of an asset or liability in a transaction which
is not a business combination, and that, at the transaction date, does not impact net profit, nor tax
income or loss.
For deductible temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax assets are recorded to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and that a taxable profit will be available
against which the temporary difference can be utilized.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to
the extent that it is more or less probable that a taxable profit will be available to allow the deferred
tax asset to be utilized. When assessing the probability of a taxable profit being available, account
is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to
occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses
carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to
differ significantly from those expected, UMG would be required to increase or decrease the carrying
value of deferred tax assets with a potentially material impact on UMG's Statement of Financial
Position and Statement of Profit or Loss.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred
tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is
not a business combination, and that, at the transaction date, does not impact net profit, tax income
or loss.
For taxable temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax liabilities are recorded except to the extent that both of the
following conditions are satisfied: the parent, investor or venturer is able to control the timing of
the reversal of the temporary difference and it is probable that the temporary difference will not be
reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax
relates to items that are credited or charged directly to equity. Current tax liabilities not expected to
be paid within the next 12 months are recorded as long term current tax liability.
In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. These amendments introduced (i) a mandatory temporary exception to the accounting for
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii)
disclosure requirements for affected entities to give financial statement users an understanding of
the exposure to Pillar Two income taxes arising from that legislation.
2.3.21.\u00a0Share-based payments
Equity-settled share-based compensation expense is recognized as a personnel cost over the
vesting period of the award at the fair value of the equity instruments granted at the grant date with
a corresponding increase in equity. For cases in which the grant date occurs after the employees to
whom the equity instruments were granted have begun rendering services (for example, if a grant
of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value
of the equity instruments by estimating the fair value of the equity instruments at the end of the
reporting period, for the purposes of recognising the services received during the period between
service commencement date and grant date. Once the date of grant has been established, UMG
revises the earlier estimate so that the amounts recognised for services received in respect of the
grant are ultimately based on the grant date fair value of the equity instruments.
Fair value of the shares granted is fixed at the grant date and is equal to the share price at the
grant date with a deduction for the aggregate discounted value of the dividends that will not be
received over the vesting period, unless the conditions of the plan prescribe compensation for the
vesting period dividends, and after taking into account the discount for non-transferability during
the retention period.
The cumulative expense recognized for equity-settled transactions at each reporting date reflects
the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a
period represents the movement in cumulative expense recognized as at the beginning and end of
that period. Service and non-market performance conditions are not considered when determining
the grant date fair value of awards, but the likelihood of the conditions being met is assessed as
part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Accounting estimates and judgements Application of the accounting policies requires judgements that impact the amounts recognised. All significant judgements and estimates are disclosed in the notes to the Consolidated financial statements. Information and considerations regarding areas of significant judgements and estimates have been included in the table below. It is reasonably possible, that outcomes of these judgements and estimates within the next financial year are different from the assumptions, which could require a material adjustment to the carrying amount of the asset or liability affected. \n\n\n \n\t\t\n\t\t\tArea \n\t\t\tSignificant judgement \n\t\t\tNote \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tSignificant judgement is required to identify performance obligations \n\t\t\t \u00a0\n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tunder contracts with customers, whether these performance \n\t\t\t \u00a02.3.5. Revenues and \n\t\t\n\t\t\n\t\t\tRevenue \n\t\t\tobligations are satisfied at a point of time or over time, and \n\t\t\tassociated costs \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tprobability that collectability is assured and significant reversal will \n\t\t\t\n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tnot occur. \n\t\t\t \u00a0\n\t\t\n\t\t\n\t\t\tUncertain tax \n\t\t\tJudgement in assessing the uncertainty of whether it is probable that \n\t\t\t \u00a0\n\t\t\n\t\t\n\t\t\tpositions and \n\t\t\ta taxation authority will accept or revise the uncertain tax treatment \n\t\t\t2.3.20. Income taxes \n\t\t\n\t\t\n\t\t\tdeferred taxes \n\t\t\tand, future results enabling realisation of deferred taxes. \n\t\t\t \u00a0\n\t\t\n\t\t\n\t\t\tLease liabilities \n\t\t\tJudgement in determining the lease term of contracts with renewal \n\t\t\t \u00a0\n\t\t\n\t\t\n\t\t\tand right-of- \n\t\t\tand termination options at the commencement date of each \n\t\t\t2.3.10. Leases \n\t\t\n\t\t\n\t\t\tuse assets \n\t\t\tlease contract. \n\t\t\t \u00a0\n\t\t\n\t\n \n\n\n \n\t\t\n\t\t\tArea \n\t\t\tSignificant estimate \n\t\t\tNote \n\t\t\n\t\t\n\t\t\t\n\t\t\tEstimation on the timing of the consequent usage and the amounts \n\t\t\t2.3.5. Revenues and \n\t\t\n\t\t\n\t\t\t\u00a0Revenue \n\t\t\tthat are probable to be collected. \n\t\t\tassociated costs \n\t\t\n\t\t\n\t\t\t\n\t\t\tAssumptions relating to impairment tests performed on each of the \n\t\t\t2.3.7. Goodwill \n\t\t\n\t\t\n\t\t\tIntangible assets, \n\t\t\tGroup\u2019s cash-generating units (CGUs) or intangible assets, future \n\t\t\tand 2.3.8. Content \n\t\t\n\t\t\n\t\t\tincluding goodwill \n\t\t\tcash flows and discount rates are updated annually. Estimation of \n\t\t\tassets and \n\t\t\n\t\t\n\t\t\t\u00a0and content assets \n\t\t\t(remaining) useful life for intangible assets, other than goodwill. \n\t\t\tother intangibles \n\t\t\n\t\t\n\t\t\tProvisions \n\t\t\tEstimating the likelihood and timing of potential cash flows relating \n\t\t\t2.3.18. Provisions \n\t\t\n\t\t\n\t\t\t\u00a0\n\t\t\tto royalty claims and litigation. \n\t\t\t\u00a0\n\t\t\n\t\t\n\t\t\t\n\t\t\tEstimates of the future performance of artists and repertoire owners \n\t\t\t2.3.8. Content \n\t\t\n\t\t\n\t\t\tArtist \n\t\t\twho are paid advances that are recognized in the Consolidated \n\t\t\tassets and \n\t\t\n\t\t\n\t\t\t\u00a0royalty advances \n\t\t\tStatement of Financial Position. \n\t\t\tother intangibles \n\t\t\n\t\n \n\n\n\t\n\t\t\n\t\t\t \u00a0\n\t\t\t \u00a0\n\t\t\n\t\n\t\n\t\t\n\t\t\tArea \n\t\t\tSignificant estimate \n\t\t\tNote \n\t\t\n\t\t\n\t\t\tShare- \n\t\t\tEstimation of the grant date fair value and number of \n\t\t\t2.3.21. Share- \n\t\t\n\t\t\n\t\t\tbased payments \n\t\t\tequity instruments. \n\t\t\tbased payments \n\t\t\n\t\t\n\t\t\tPension liability \n\t\t\tAssumptions for discount rates, inflation, future pension increases \n\t\t\t2.3.19. Employee \n\t\t\n\t\t\n\t\t\t \u00a0\n\t\t\tand life expectancy to calculate the defined benefit obligation. \n\t\t\tbenefit plans \n\t\t\n\t\n\nFor more details on these significant judgement areas and resulting estimates refer to the accounting policies below. 2.3.5.\u00a0Revenues and associated costs Revenues from contracts with customers are recorded when performance obligations promised in the contract are satisfied, and for an amount for which it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net of discounts. Intellectual property licensing (musical works) These licenses transfer to a customer either a right to use an entity's intellectual property as it exists at the point in time at which the license is granted (static license), or a right to access an entity's intellectual property as it exists throughout the license period (dynamic license). Revenues are accounted for when the performance obligation promised in the contract is satisfied (static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the control over the right to use/access the intellectual property and the customer obtains control of the use/access of that license. Consequently, revenues from static licenses are recognized at the point in time when the license is transferred and the customer is able to use and benefit from the license. Revenues from dynamic licenses are accounted for over time, over the license period from the date the customer is able to use and benefit from the license and in line with the sale or usage. Consideration received in the current year, which represents income from ordinary activities related to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in revenue as they relate to activities carried out within the ordinary course of business. Analysis of the Agent/Principal relationship in sales transactions involving a third party If the nature of the entity's undertaking is a performance obligation to provide the specified goods or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction: it accounts for revenue as the gross amount of consideration to which it expects to be entitled in exchange for the goods or services provided, and the commission due to the third-party as cost of revenues. If the entity arranges for a third-party to provide the goods or services specified in the contract, then it recognizes as revenues the net amount of consideration to which it expects to be entitled in exchange for the goods or services provided. \n\n\n\n\n\n\nFinancing Component and other \nUMG does not adjust the transaction price for the effects of significant financing components if, at \ncontract inception, it is expected that the period between customer payment and the transfer of \ngoods or services is one year or less. This applies to the majority of sales transactions. \nThe transaction price may be variable due to discounts, rebates, or similar arrangements. In \ndetermining the transaction price UMG considers the fair value of any non-cash consideration. \nRevenue is only recognized for the part of the consideration for which it is highly probable that a \nsignificant reversal in the amount of cumulative revenue recognized will not occur. Judgement is \nrequired in determining the probability and level of discounts and rebates that will be granted. The \nestimate is updated throughout the term of the contract. \nRevenue recognition by business segment \nRecorded Music \nThe sales of recorded music (physical, digital downloading or streaming) are intellectual property \nlicenses granted by UMG to distributors or digital platforms and which give them certain rights over \nUMG's musical works. \nPhysical sales of recorded music (CDs, DVDs and Vinyls) \nThese intellectual property licenses are static licenses transferring to the customer a right to use \nUMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the \nphysical device sold. \nRevenues from the physical sales of recorded music, net of a provision for estimated returns and \nrebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for \nproducts sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the \nsale to the final customer for consignment sales. \nDigital sales of recorded music, via streaming by paid subscription, ad-supported or downloading. \nThese intellectual property licenses are generally dynamic licenses providing a right to access the \nentire catalogue of recorded music as it exists throughout the license period considering potential \nadd-ons to, or withdrawals from, the catalogue during that period. \nThe consideration paid by the digital platform is variable in the form of a sales-based or a usage- \nbased royalty. Revenues are then accounted for when these subsequent sales or usages occur. \nRevenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable \ndata from digital platforms, are recognized at the end of the month in which the sale or usage is \nmade by the end customer. \nFor digital sales of recorded music via paid subscription or ad-supported streaming, certain \ncontracts may include a non-refundable minimum guarantee which is generally recoupable and \nis in substance an advance payment. In the case of a dynamic license, the minimum guarantee is \nspread over the period to which it relates and takes into account the amount of royalties that are \nactually recoupable. The minimum guarantee is apportioned in accordance with the accounting for \nthese royalties. \nMusic Publishing \nMusic Publishing relates to the use by a third party of the copyrights on musical works owned or \nadministered by UMG, which are intellectual property licenses that UMG grants to the third party \nand which provides a right to access a catalogue of recorded music, as these intellectual property \nlicenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales \nand usage royalties, using the best available estimate on the timing of the consequent usage and \nthe amounts that are probable to be collected. \nMerchandising \nRevenues from merchandising are recognized when control has been passed either upon sale to the \nend customer, from direct sales during touring, concessions and over the internet; on delivery for \nsales by a third-party distributor; or for sales of rights attached to merchandising products when a \ncontract is signed and collectability is probable and on a sales and usage basis. Provisions for estimated returns and price guarantees are deducted from sales of products to customers through distributors. The provisions are estimated based on past sales statistics and take into account the economic environment and product sales forecast to final customers. Associated costs of revenues Cost of revenues primarily includes product costs and artists costs. Selling, general and administrative expenses primarily include salaries and employee benefits, consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of capital expenditure and right of use assets, administrative department costs, value allowances for receivables, restructuring expenses and other operating expenses and are expensed when incurred. Advertising costs are expensed when incurred. Slotting fees and cooperative advertising expenses are recorded as a reduction in revenues. However, cooperative advertising is not treated as a reduction of transaction price but marketing expense and expensed when it is distinct and can be estimated. 2.3.7.\u00a0Goodwill Goodwill represents the difference between the fair value of the net assets acquired and the transaction price in a business combination. Goodwill arising on the acquisition of associates and joint ventures is included in their carrying amounts. Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely to benefit from the business combination. 2.3.8.\u00a0Content assets and other intangibles Content assets include royalty advances to artists, songwriters and co-publishers as well as recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues, trade names, subscribers\u2019 bases and market shares generated internally are not recognized as intangible assets. Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a business combination are recorded at their fair value at the acquisition date. Amortisation is charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that straight-line depreciation most accurately reflects the expected pattern of consumption of the future economic benefits embodied in these intangible assets. Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period. Music catalogues and publishing rights The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some significant catalogues can be amortized over a longer period of time. \n\n\n\n\n\nAdvances to artists and repertoire owners Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when their current popularity and past performances provide a reasonable basis to conclude that the probable future recoupment of such royalty advances against earnings otherwise payable to them is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not deemed to be recoverable against future royalties is expensed during the period in which the loss becomes evident. These expenses are recorded in cost of revenues. Other intangible assets Other intangibles mainly includes software for internal use. Direct internal and external costs incurred for the development of software for internal use are capitalized during the development stage if the resulting product or process is technically and commercially feasible, cost can be reliably measured, UMG has sufficient resources and the intention to complete its development. Research costs are expensed when incurred. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalized. The software for internal use is generally amortized over 3 years and included within amortisation expense. 2.3.18.\u00a0Provisions Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation (statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the obligation can be reliably estimated. Where the effect of the time value of money is material, provisions are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the Consolidated Financial Statements. Provisions for royalty audit claims Up to the completion of the royalty claim audit, the timing and the amount of the potential pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available data, including history of claims with rights owners. When the estimate is performed for large homogeneous claims and contract terms, the statistical valuation method is used. Litigation provisions In the ordinary course of business, UMG may be involved in a number of legal and arbitration proceedings and administrative actions. The costs which may result from these proceedings are accrued at the reporting date if UMG has a present obligation toward a third party resulting from a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount of that liability can be quantified or estimated within a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the risk level, and events arising during the course of legal proceedings may require a reassessment of this risk at any time. 2.3.19.\u00a0Employee benefit plans Defined contribution plans Contributions to defined contribution and multi-employer plans are expensed during the year when related services are provided. Defined benefit plans Defined benefit plans may be funded by investments in various instruments such as insurance contracts or equity and debt investment securities, excluding shares in any UMG entity or debt instruments. Pension expenses and defined benefit obligations are calculated by independent actuaries using the projected unit credit method. This method is based on annually updated assumptions, which include the probability of employees remaining with UMG until retirement, expected changes in future compensation and an appropriate discount rate for each country in which UMG maintains a pension plan. The discount rate is determined for each country by reference to yields on notes issued by investment grade companies having a credit rating of AA and maturities identical to that of the valued plans, generally based on relevant rate indices. The expected return on plan assets is estimated by using the selected discount rate to value the obligations of the previous year. The calculation is performed separately for each plan. A provision is recorded in the Statement of Financial Position equal to the difference between the actuarial value of the related benefits (actuarial liability) and the fair value of any associated plan assets, and this includes past service costs and actuarial gains and losses. The cost of defined benefit plans consists of three components recognized as follows: \u2022 the service cost is included in selling, general and administrative expenses. It comprises current service cost, past service cost resulting from a plan amendment or a curtailment, immediately recognized in profit and loss, and gains and losses on settlement; \u2022 the financial component, recorded in other financial expenses and income, consists of the unwinding of the interest component of the discount, less the expected return on plan assets determined using the discount rate retained for the valuation of the benefit obligation; and \u2022 the remeasurements of the net defined benefit liability (asset), recognized in items of other comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains and losses, i.e., changes in the present value of the defined benefit obligation and plan assets resulting from changes in actuarial assumptions and experience adjustments (representing the differences between the expected effect of some actuarial assumptions applied to previous valuations and the effective impact). Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the present value of future refunds and the expected reduction in future contributions. Some other post-employment benefits, such as life insurance and medical coverage (mainly in the United States) are subject to provisions which are assessed through an actuarial calculation comparable to the method used for pension provisions. 2.3.21.\u00a0Share-based payments Equity-settled share-based compensation expense is recognized as a personnel cost over the vesting period of the award at the fair value of the equity instruments granted at the grant date with a corresponding increase in equity. For cases in which the grant date occurs after the employees to whom the equity instruments were granted have begun rendering services (for example, if a grant of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value of the equity instruments by estimating the fair value of the equity instruments at the end of the reporting period, for the purposes of recognising the services received during the period between service commencement date and grant date. Once the date of grant has been established, UMG revises the earlier estimate so that the amounts recognised for services received in respect of the grant are ultimately based on the grant date fair value of the equity instruments. Fair value of the shares granted is fixed at the grant date and is equal to the share price at the grant date with a deduction for the aggregate discounted value of the dividends that will not be received over the vesting period, unless the conditions of the plan prescribe compensation for the vesting period dividends, and after taking into account the discount for non-transferability during the retention period. The cumulative expense recognized for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not considered when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "2.3.1.\u00a0Foreign currency
Foreign currency transactions
Foreign currency transactions are initially recorded in the functional currency of the entity at
the exchange rate prevailing at the date of the transaction. At the closing date, foreign currency
monetary assets and liabilities are translated into the entity's functional currency at the exchange
rate prevailing on that date with foreign currency differences recorded to profit and loss.
Financial statements denominated in a foreign currency
The assets and liabilities of foreign operations with functional currencies other than the Euro
are translated using exchange rates prevailing at the reporting date. The income and expenses
of foreign operations are translated using monthly average exchange rates which approximate
prevailing exchange rates at the dates of the underlying transactions. The resulting translation
gains and losses are recognised in other comprehensive income and presented within equity. For
foreign operations that are not wholly-owned subsidiaries, the proportionate share of the translation
differences are allocated to non-controlling interests. The cumulative amount in the translation
reserve is (either fully or partly) reclassified to the income statement upon disposal (either fully or
partly) or liquidation.
In 2025, UMG did not have any significant foreign operations in hyper-inflationary economies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Foreign currency transactions
Foreign currency transactions are initially recorded in the functional currency of the entity at
the exchange rate prevailing at the date of the transaction. At the closing date, foreign currency
monetary assets and liabilities are translated into the entity's functional currency at the exchange
rate prevailing on that date with foreign currency differences recorded to profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "2.3.2.\u00a0Earnings per share
UMG presents basic and diluted earnings per share (EPS) data for its shares. Basic EPS is calculated
by dividing the net profit or loss attributable to shareholders of UMG by the weighted average number
of shares outstanding during the year, adjusted for the weighted average number of own shares held
in the year. Diluted EPS is determined by dividing the profit or loss attributable to shareholders by
the weighted average number of shares outstanding, adjusted for the weighted average number of
own shares held in the year and for the effects of all dilutive potential shares which comprise share
rights and options granted to employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "2.3.3.\u00a0Consolidated Statement of Cash Flows
The Consolidated Statement of Cash Flows is prepared using the indirect method starting from
Operating profit. Dividends received from equity affiliates and investments are included in the
investing cash flow. It also includes any cash flows arising from the gain or loss of control
of subsidiaries. Interest paid, including interest paid on lease liability, is included in the
financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "2.3.4.\u00a0Accounting for associates and joint ventures
Associates are entities in which UMG has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the
voting rights. Joint ventures are the arrangements in which UMG has joint control.
UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of
accounting, meaning they are initially recognised at cost. The Consolidated financial statements
include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the
result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds
the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and
recognition of further losses is discontinued except to the extent that UMG has an obligation or has
made a payment on behalf of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "2.3.4.\u00a0Accounting for associates and joint ventures
Associates are entities in which UMG has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the
voting rights. Joint ventures are the arrangements in which UMG has joint control.
UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of
accounting, meaning they are initially recognised at cost. The Consolidated financial statements
include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the
result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds
the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and
recognition of further losses is discontinued except to the extent that UMG has an obligation or has
made a payment on behalf of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "2.3.4.\u00a0Accounting for associates and joint ventures
Associates are entities in which UMG has significant influence, but not control or joint control.
Significant influence is generally obtained by ownership of more than 20% but less than 50% of the
voting rights. Joint ventures are the arrangements in which UMG has joint control.
UMG\u2019s investments in associates and joint ventures are accounted for using the equity method of
accounting, meaning they are initially recognised at cost. The Consolidated financial statements
include UMG\u2019s share of the net profit or loss of the associates and joint ventures whereby the
result is determined using the accounting policies of UMG. When UMG\u2019s share of losses exceeds
the carrying amount of the associate or joint venture, the carrying amount is reduced to nil and
recognition of further losses is discontinued except to the extent that UMG has an obligation or has
made a payment on behalf of the associate or joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "2.3.5.\u00a0Revenues and associated costs
Revenues from contracts with customers are recorded when performance obligations promised in
the contract are satisfied, and for an amount for which it is highly probable that a significant
reversal in the amount of cumulative revenue recognized will not occur. Revenues are reported net
of discounts.
Intellectual property licensing (musical works)
These licenses transfer to a customer either a right to use an entity's intellectual property as it exists
at the point in time at which the license is granted (static license), or a right to access an entity's
intellectual property as it exists throughout the license period (dynamic license).
Revenues are accounted for when the performance obligation promised in the contract is satisfied
(static license) or over time upon satisfaction (dynamic license), i.e., when the seller transfers the
control over the right to use/access the intellectual property and the customer obtains control of the
use/access of that license. Consequently, revenues from static licenses are recognized at the point
in time when the license is transferred and the customer is able to use and benefit from the license.
Revenues from dynamic licenses are accounted for over time, over the license period from the date
the customer is able to use and benefit from the license and in line with the sale or usage.
Consideration received in the current year, which represents income from ordinary activities related
to the prior years, is recorded within revenue, unless it was accrued before. Court settlements in
relation to the unauthorized usage of UMG's intellectual property in previous years are recorded in
revenue as they relate to activities carried out within the ordinary course of business.
Analysis of the Agent/Principal relationship in sales transactions involving a third party
If the nature of the entity's undertaking is a performance obligation to provide the specified goods
or services itself, then the entity acts on its own behalf and it is \u201cprincipal\u201d in the sale transaction:
it accounts for revenue as the gross amount of consideration to which it expects to be entitled in
exchange for the goods or services provided, and the commission due to the third-party as cost of
revenues. If the entity arranges for a third-party to provide the goods or services specified in the
contract, then it recognizes as revenues the net amount of consideration to which it expects to be
entitled in exchange for the goods or services provided.
\n
\n
\n\n
\n
\n
\n
Financing Component and other
\n
UMG does not adjust the transaction price for the effects of significant financing components if, at
\n
contract inception, it is expected that the period between customer payment and the transfer of
\n
goods or services is one year or less. This applies to the majority of sales transactions.
\n
The transaction price may be variable due to discounts, rebates, or similar arrangements. In
\n
determining the transaction price UMG considers the fair value of any non-cash consideration.
\n
Revenue is only recognized for the part of the consideration for which it is highly probable that a
\n
significant reversal in the amount of cumulative revenue recognized will not occur. Judgement is
\n
required in determining the probability and level of discounts and rebates that will be granted. The
\n
estimate is updated throughout the term of the contract.
\n
Revenue recognition by business segment
\n
Recorded Music
\n
The sales of recorded music (physical, digital downloading or streaming) are intellectual property
\n
licenses granted by UMG to distributors or digital platforms and which give them certain rights over
\n
UMG's musical works.
\n
Physical sales of recorded music (CDs, DVDs and Vinyls)
\n
These intellectual property licenses are static licenses transferring to the customer a right to use
\n
UMG\u2018s recordings as they exist at the point in time at which the license is granted, i.e., on the
\n
physical device sold.
\n
Revenues from the physical sales of recorded music, net of a provision for estimated returns and
\n
rebates, if any, are accounted for, either: (i) upon the sale to the distributor, at the shipping point for
\n
products sold free on board (FOB) or on delivery for products sold free on destination; or (ii) upon the
\n
sale to the final customer for consignment sales.
\n
Digital sales of recorded music, via streaming by paid subscription, ad-supported or downloading.
\n
These intellectual property licenses are generally dynamic licenses providing a right to access the
\n
entire catalogue of recorded music as it exists throughout the license period considering potential
\n
add-ons to, or withdrawals from, the catalogue during that period.
\n
The consideration paid by the digital platform is variable in the form of a sales-based or a usage-
\n
based royalty. Revenues are then accounted for when these subsequent sales or usages occur.
\n
Revenues from digital sales of recorded music, for which UMG has sufficient, accurate, and reliable
\n
data from digital platforms, are recognized at the end of the month in which the sale or usage is
\n
made by the end customer.
\n
For digital sales of recorded music via paid subscription or ad-supported streaming, certain
\n
contracts may include a non-refundable minimum guarantee which is generally recoupable and
\n
is in substance an advance payment. In the case of a dynamic license, the minimum guarantee is
\n
spread over the period to which it relates and takes into account the amount of royalties that are
\n
actually recoupable. The minimum guarantee is apportioned in accordance with the accounting for
\n
these royalties.
\n
Music Publishing
\n
Music Publishing relates to the use by a third party of the copyrights on musical works owned or
\n
administered by UMG, which are intellectual property licenses that UMG grants to the third party
\n
and which provides a right to access a catalogue of recorded music, as these intellectual property
\n
licenses are dynamic licenses. For these contracts, revenues are recognised on the basis of sales
\n
and usage royalties, using the best available estimate on the timing of the consequent usage and
\n
the amounts that are probable to be collected.
\n
Merchandising
\n
Revenues from merchandising are recognized when control has been passed either upon sale to the
\n
end customer, from direct sales during touring, concessions and over the internet; on delivery for
\n
sales by a third-party distributor; or for sales of rights attached to merchandising products when a
\n
contract is signed and collectability is probable and on a sales and usage basis.
Provisions for estimated returns and price guarantees
are deducted from sales of products to
customers through distributors. The provisions are estimated based on past sales statistics and take
into account the economic environment and product sales forecast to final customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Associated costs of revenues
Cost of revenues
primarily includes product costs and artists costs.
Selling, general and administrative expenses
primarily include salaries and employee benefits,
consulting and service fees, insurance costs, travel and entertainment expenses, depreciation of
capital expenditure and right of use assets, administrative department costs, value allowances for
receivables, restructuring expenses and other operating expenses and are expensed when incurred.
Advertising costs
are expensed when incurred.
Slotting fees and cooperative advertising expenses
are recorded as a reduction in revenues.
However, cooperative advertising is not treated as a reduction of transaction price but marketing
expense and expensed when it is distinct and can be estimated. 2.3.9.\u00a0Property, plant and equipment
Property, plant and equipment are carried at historical cost less any accumulated depreciation
and impairment losses. Land and assets under construction are not depreciated. Depreciation is
calculated using the straight-line method based on the estimated useful life of the assets. Leasehold
improvements are depreciated over a period not longer than the lease term.
Useful lives are reviewed at the end of each reporting period and are as follows:
\u2022
buildings: 5 to 40 years;
\u2022
equipment and machinery: 3 to 8 years; and
\u2022
other: 2 to 10 years. Right-of-use assets
Right-of-use assets are initially measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received.
The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term. Right-of-use assets are subject to impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "2.3.6.\u00a0Business combinations
UMG accounts for business combinations using the acquisition method when the acquired set of
activities and assets meets the definition of a business and control is transferred to the Group. In
determining whether a particular set of activities and assets is a business, UMG assesses whether
the set of assets and activities acquired includes, at a minimum, an input and substantive process
and whether the acquired set has the ability to produce outputs.
Under the acquisition method, upon the initial consolidation of an entity over which UMG has
acquired exclusive control:
\u2022
the identifiable assets acquired, and the liabilities assumed are recognized at their fair values on
the acquisition date; and
\u2022
non-controlling interests are measured either at fair value or at the non-controlling interest's
proportionate share of the acquiree\u2019s net identifiable assets. This option is available on a
transaction-by-transaction basis.
Contingent consideration in a business combination is recorded at fair value on the acquisition date,
and any subsequent adjustment occurring after the purchase price allocation period is recognized in
the Statement of Profit or Loss. Acquisition-related costs are recognized as expenses when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "2.3.6.\u00a0Business combinations
UMG accounts for business combinations using the acquisition method when the acquired set of
activities and assets meets the definition of a business and control is transferred to the Group. In
determining whether a particular set of activities and assets is a business, UMG assesses whether
the set of assets and activities acquired includes, at a minimum, an input and substantive process
and whether the acquired set has the ability to produce outputs.
Under the acquisition method, upon the initial consolidation of an entity over which UMG has
acquired exclusive control:
\u2022
the identifiable assets acquired, and the liabilities assumed are recognized at their fair values on
the acquisition date; and
\u2022
non-controlling interests are measured either at fair value or at the non-controlling interest's
proportionate share of the acquiree\u2019s net identifiable assets. This option is available on a
transaction-by-transaction basis.
Contingent consideration in a business combination is recorded at fair value on the acquisition date,
and any subsequent adjustment occurring after the purchase price allocation period is recognized in
the Statement of Profit or Loss. Acquisition-related costs are recognized as expenses when incurred.
2.3.7.\u00a0Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the
transaction price in a business combination. Goodwill arising on the acquisition of associates and
joint ventures is included in their carrying amounts.
Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On
the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely
to benefit from the business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "2.3.7.\u00a0Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the
transaction price in a business combination. Goodwill arising on the acquisition of associates and
joint ventures is included in their carrying amounts.
Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On
the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely
to benefit from the business combination.
2.3.8.\u00a0Content assets and other intangibles
Content assets include royalty advances to artists, songwriters and co-publishers as well as
recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues,
trade names, subscribers\u2019 bases and market shares generated internally are not recognized as
intangible assets.
Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a
business combination are recorded at their fair value at the acquisition date. Amortisation is
charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future
economic benefits embodied in these intangible assets.
Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the
period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period.
Music catalogues and publishing rights
The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some
significant catalogues can be amortized over a longer period of time. Other intangible assets
Other intangibles mainly includes software for internal use. Direct internal and external costs
incurred for the development of software for internal use are capitalized during the development
stage if the resulting product or process is technically and commercially feasible, cost can be
reliably measured, UMG has sufficient resources and the intention to complete its development.
Research costs are expensed when incurred. Costs of significant upgrades and enhancements
resulting in additional functionality are also capitalized.
The software for internal use is generally amortized over 3 years and included within
amortisation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "2.3.7.\u00a0Goodwill
Goodwill represents the difference between the fair value of the net assets acquired and the
transaction price in a business combination. Goodwill arising on the acquisition of associates and
joint ventures is included in their carrying amounts.
Subsequently, goodwill is measured at its initial amount less accumulated impairment losses. On
the acquisition date, to the extent possible, goodwill is allocated to each cash-generating unit likely
to benefit from the business combination. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "2.3.8.\u00a0Content assets and other intangibles
Content assets include royalty advances to artists, songwriters and co-publishers as well as
recorded music and music publishing catalogues, artists\u2019 contracts and rights. Music catalogues,
trade names, subscribers\u2019 bases and market shares generated internally are not recognized as
intangible assets.
Intangible assets separately acquired are recorded at cost, and intangible assets acquired in a
business combination are recorded at their fair value at the acquisition date. Amortisation is
charged to profit or loss on a straight-line basis over the estimated useful life. UMG believes that
straight-line depreciation most accurately reflects the expected pattern of consumption of the future
economic benefits embodied in these intangible assets.
Useful lives are determined based on the asset\u2019s expected pattern of the future earnings and the
period of the contractual arrangements. Useful lives are reviewed at the end of each reporting period.
Music catalogues and publishing rights
The majority of the music catalogues are amortised over 20 years on a straight-line basis. Some
significant catalogues can be amortized over a longer period of time. Other intangible assets
Other intangibles mainly includes software for internal use. Direct internal and external costs
incurred for the development of software for internal use are capitalized during the development
stage if the resulting product or process is technically and commercially feasible, cost can be
reliably measured, UMG has sufficient resources and the intention to complete its development.
Research costs are expensed when incurred. Costs of significant upgrades and enhancements
resulting in additional functionality are also capitalized.
The software for internal use is generally amortized over 3 years and included within
amortisation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Advances to artists and repertoire owners
Royalty advances to artists, songwriters, and co-publishers are capitalized as an asset when
their current popularity and past performances provide a reasonable basis to conclude that the
probable future recoupment of such royalty advances against earnings otherwise payable to them
is reasonably assured. Royalty advances are recognized as an expense as subsequent royalties are
earned by the artist, songwriter or co-publisher. Any portion of capitalized royalty advances not
deemed to be recoverable against future royalties is expensed during the period in which the loss
becomes evident. These expenses are recorded in cost of revenues. ", "dimensions": { "concept": "umg:DescriptionOfAccountingPolicyForPrepayments", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Other intangible assets
Other intangibles mainly includes software for internal use. Direct internal and external costs
incurred for the development of software for internal use are capitalized during the development
stage if the resulting product or process is technically and commercially feasible, cost can be
reliably measured, UMG has sufficient resources and the intention to complete its development.
Research costs are expensed when incurred. Costs of significant upgrades and enhancements
resulting in additional functionality are also capitalized.
The software for internal use is generally amortized over 3 years and included within
amortisation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "2.3.9.\u00a0Property, plant and equipment
Property, plant and equipment are carried at historical cost less any accumulated depreciation
and impairment losses. Land and assets under construction are not depreciated. Depreciation is
calculated using the straight-line method based on the estimated useful life of the assets. Leasehold
improvements are depreciated over a period not longer than the lease term.
Useful lives are reviewed at the end of each reporting period and are as follows:
\u2022
buildings: 5 to 40 years;
\u2022
equipment and machinery: 3 to 8 years; and
\u2022
other: 2 to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "2.3.9.\u00a0Property, plant and equipment
Property, plant and equipment are carried at historical cost less any accumulated depreciation
and impairment losses. Land and assets under construction are not depreciated. Depreciation is
calculated using the straight-line method based on the estimated useful life of the assets. Leasehold
improvements are depreciated over a period not longer than the lease term.
Useful lives are reviewed at the end of each reporting period and are as follows:
\u2022
buildings: 5 to 40 years;
\u2022
equipment and machinery: 3 to 8 years; and
\u2022
other: 2 to 10 years. Right-of-use assets
Right-of-use assets are initially measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received.
The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term. Right-of-use assets are subject to impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "2.3.10.\u00a0Leases
The main lease contracts for UMG correspond to real estate leases for which UMG is the lessee. Real
estate leases for which UMG is the lessee are recorded at the commencement date and result in
the recognition of a lease liability equal to the present value of future lease payments against a
right-of-use asset relating to leases.
Right-of-use assets
Right-of-use assets are initially measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-
use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and
lease payments made at or before the commencement date less any lease incentives received.
The recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its
estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
UMG recognizes lease liabilities initially measured at the present value of future lease payments
over the lease term. The lease payments include in-substance fixed payments (less any lease
incentives receivable), variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include payments
of penalties for terminating a lease, if UMG has the option to terminate and it is reasonably certain
that this option will be exercised. In calculating the present value of lease payments, UMG uses the
incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease
is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. The carrying amount of lease liabilities is
remeasured if there is a modification, a change in the lease term or a change in the in-substance
fixed lease payments.
Short-term leases and leases of low-value assets
UMG applies the short-term lease recognition exemption to the real-estate leases with a lease term
of 12 months or less from the commencement date and do not contain a purchase option. It also
applies the lease of low-value assets recognition exemption to leases of office chattels and other
equipment that are considered of low value. Lease payments on short-term leases and leases of
low-value assets are recognized as an expense on a straight-line basis over the lease term.
Accounting for leases
UMG determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is reasonably certain not to be exercised. When
determining the lease term, UMG considers all relevant facts and circumstances that create an
economic incentive to exercise an extension option, or not to exercise a termination option. These
circumstances include UMG\u2019s real estate planning.
In estimating the lessee\u2019s incremental borrowing rate, UMG takes into account the residual lease
term and its duration to reflect the interest rate of a loan with a similar payment profile to the
lease payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "2.3.11.\u00a0Impairment of non-financial assets
Each time events or changes in the economic environment indicate a risk of impairment of
goodwill, content assets and other intangible assets, property, plant and equipment, investments
in associates and joint ventures, rights-of-use assets, UMG re-examines the value of these assets.
In addition, in accordance with applicable accounting standards, goodwill and intangible assets in
progress are all subject to an annual impairment test undertaken in the fourth quarter of each
fiscal year. This impairment test is performed to compare the recoverable amount of each Cash
Generating Unit (CGU) to the carrying value of the corresponding assets (including goodwill). A CGU
is the smallest identifiable group of assets that generates cash inflows that are largely independent
of the cash inflows from other assets or groups of assets. UMG operates through different content
businesses. Each business offers different products and services that are marketed through various
channels. CGUs for goodwill correspond to the UMG's operating segments.
The recoverable amount is determined for each individual asset as the higher of: (i) its value in use;
and (ii) its fair value (less costs to sell) as described hereafter. If the asset does not generate cash
inflows that are largely independent of other assets or groups of assets, the recoverable amount
is determined for the group of assets. In particular, in the case of goodwill, an impairment test is
performed by UMG for each CGU.
The value in use of each asset or group of assets is determined, subject to exceptions, by the
Discounted Cash Flow method (DCF) using cash flow projections consistent with the budget of the
following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information,
usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by UMG of
the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation are those used to prepare budgets for each CGU,
and beyond the period covered, are consistent with growth rates estimated by the business by
extrapolating growth rates used in the budgets, without exceeding the long-term average growth rate
for the markets in which UMG operates.
The fair value (less costs to sell) is the price that would be received from the sale of an asset or
group of assets in an orderly transaction between market participants at the measurement date, less
costs to sell of the asset or group of assets. These values are generally determined based on market
data (stock market prices or comparison with similar listed companies, with the value attributed
to similar assets or companies in recent transactions) or, in the absence of such data, based on
discontinued cash flows.
If the recoverable amount is lower than the carrying value of an asset or group of assets, an
impairment loss equal to the difference is recognized in Operating profit. In the case of operating
segments, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property, plant and equipment, and intangible assets
(other than goodwill) may be reversed in a later period if the recoverable amount becomes greater
than the carrying value, within the limit of impairment losses previously recognized. Impairment
losses recognized in respect of goodwill cannot be reversed at a later date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "2.3.11.\u00a0Impairment of non-financial assets
Each time events or changes in the economic environment indicate a risk of impairment of
goodwill, content assets and other intangible assets, property, plant and equipment, investments
in associates and joint ventures, rights-of-use assets, UMG re-examines the value of these assets.
In addition, in accordance with applicable accounting standards, goodwill and intangible assets in
progress are all subject to an annual impairment test undertaken in the fourth quarter of each
fiscal year. This impairment test is performed to compare the recoverable amount of each Cash
Generating Unit (CGU) to the carrying value of the corresponding assets (including goodwill). A CGU
is the smallest identifiable group of assets that generates cash inflows that are largely independent
of the cash inflows from other assets or groups of assets. UMG operates through different content
businesses. Each business offers different products and services that are marketed through various
channels. CGUs for goodwill correspond to the UMG's operating segments.
The recoverable amount is determined for each individual asset as the higher of: (i) its value in use;
and (ii) its fair value (less costs to sell) as described hereafter. If the asset does not generate cash
inflows that are largely independent of other assets or groups of assets, the recoverable amount
is determined for the group of assets. In particular, in the case of goodwill, an impairment test is
performed by UMG for each CGU.
The value in use of each asset or group of assets is determined, subject to exceptions, by the
Discounted Cash Flow method (DCF) using cash flow projections consistent with the budget of the
following year and the most recent forecasts prepared by the operating segments.
Applied discount rates are determined by reference to available external sources of information,
usually based on financial institutions\u2019 benchmarks, and reflect the current assessment by UMG of
the time value of money and risks specific to each asset or group of assets.
Perpetual growth rates used for the evaluation are those used to prepare budgets for each CGU,
and beyond the period covered, are consistent with growth rates estimated by the business by
extrapolating growth rates used in the budgets, without exceeding the long-term average growth rate
for the markets in which UMG operates.
The fair value (less costs to sell) is the price that would be received from the sale of an asset or
group of assets in an orderly transaction between market participants at the measurement date, less
costs to sell of the asset or group of assets. These values are generally determined based on market
data (stock market prices or comparison with similar listed companies, with the value attributed
to similar assets or companies in recent transactions) or, in the absence of such data, based on
discontinued cash flows.
If the recoverable amount is lower than the carrying value of an asset or group of assets, an
impairment loss equal to the difference is recognized in Operating profit. In the case of operating
segments, this impairment loss is first recorded against goodwill.
The impairment losses recognized in respect of property, plant and equipment, and intangible assets
(other than goodwill) may be reversed in a later period if the recoverable amount becomes greater
than the carrying value, within the limit of impairment losses previously recognized. Impairment
losses recognized in respect of goodwill cannot be reversed at a later date. 2.3.13.\u00a0Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "2.3.12.\u00a0Financial assets
Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d,
\u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair
value through profit or loss\u201d.
This classification depends on UMG\u2018s business model for managing the financial assets and on
contractual terms enabling to determine whether the cash flows are solely payments of principal
and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to
determine whether their cash flows are SPPI.
Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and
for financial assets not classified as fair value through profit or loss, including transaction costs that
are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair
value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in
accordance with the policy disclosed at
2.3.5
Revenues and associated costs.
Financial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership.
Financial assets at fair value
These include financial assets at fair value through other comprehensive income, derivative
financial instruments with a positive value and other financial assets measured at fair value
through profit or loss. Most of these financial assets are actively traded in organized financial
markets, as their fair value is calculated by reference to the published market price at the period
end. Fair value is estimated for financial assets which do not have a published market price on an
active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation
techniques in the absence of an active market, UMG values financial assets at historical cost, less
any impairment losses.
These financial assets are recognized initially on trade date when UMG becomes a party to the
contractual provisions of the instrument. Dividend income is recognised when the UMG's right to
receive payment is established.
Financial assets at amortized cost
Financial assets at amortised cost include trade receivables, other receivables, loans issued and
bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the
date they are originated.
Financial assets at amortized cost consist of debt instruments as described above held within a
business model whose objective is to hold financial assets to collect contractual cash flows that are
solely payments of principal and interest on the principal amount outstanding. At the end of each
period, these assets are measured at amortized cost using the effective interest method.
2.3.13.\u00a0Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full.
2.3.14.\u00a0Cash and cash equivalents
Cash and cash equivalents include all cash balances and short-term highly liquid investments with
an original maturity of three months or less that are readily convertible into known amounts of cash.
Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being
positive to overdrawn and are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Investments in securities, investments with initial maturities of more than three months without an
early termination option and bank accounts subject to restrictions (blocked accounts), other than
restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not
classified as cash equivalents but as financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "2.3.12.\u00a0Financial assetsFinancial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "2.3.12.\u00a0Financial assets
Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d,
\u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair
value through profit or loss\u201d.
This classification depends on UMG\u2018s business model for managing the financial assets and on
contractual terms enabling to determine whether the cash flows are solely payments of principal
and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to
determine whether their cash flows are SPPI.
Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and
for financial assets not classified as fair value through profit or loss, including transaction costs that
are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair
value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in
accordance with the policy disclosed at
2.3.5
Revenues and associated costs.
Financial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership.
Financial assets at fair value
These include financial assets at fair value through other comprehensive income, derivative
financial instruments with a positive value and other financial assets measured at fair value
through profit or loss. Most of these financial assets are actively traded in organized financial
markets, as their fair value is calculated by reference to the published market price at the period
end. Fair value is estimated for financial assets which do not have a published market price on an
active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation
techniques in the absence of an active market, UMG values financial assets at historical cost, less
any impairment losses.
These financial assets are recognized initially on trade date when UMG becomes a party to the
contractual provisions of the instrument. Dividend income is recognised when the UMG's right to
receive payment is established. 2.3.15.\u00a0Financial liabilities
A financial liability is recognized when UMG becomes party to the contractual provisions on the
instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair
value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and
for financial liabilities subsequently measured at amortised cost, including transaction costs and
fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is
equal to transaction price.
Financial liabilities measured at fair value through profit or loss include contingent consideration
and derivative financial instruments that are not designated as hedging instruments for which
hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement
of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and
other payables, bonds and borrowings. These liabilities are subsequently measured at amortised
cost using the effective interest method.
2.3.16.\u00a0Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "2.3.12.\u00a0Financial assets
Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d,
\u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair
value through profit or loss\u201d.
This classification depends on UMG\u2018s business model for managing the financial assets and on
contractual terms enabling to determine whether the cash flows are solely payments of principal
and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to
determine whether their cash flows are SPPI.
Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and
for financial assets not classified as fair value through profit or loss, including transaction costs that
are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair
value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in
accordance with the policy disclosed at
2.3.5
Revenues and associated costs.
Financial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership.
Financial assets at fair value
These include financial assets at fair value through other comprehensive income, derivative
financial instruments with a positive value and other financial assets measured at fair value
through profit or loss. Most of these financial assets are actively traded in organized financial
markets, as their fair value is calculated by reference to the published market price at the period
end. Fair value is estimated for financial assets which do not have a published market price on an
active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation
techniques in the absence of an active market, UMG values financial assets at historical cost, less
any impairment losses.
These financial assets are recognized initially on trade date when UMG becomes a party to the
contractual provisions of the instrument. Dividend income is recognised when the UMG's right to
receive payment is established.
Financial assets at amortized cost
Financial assets at amortised cost include trade receivables, other receivables, loans issued and
bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the
date they are originated.
Financial assets at amortized cost consist of debt instruments as described above held within a
business model whose objective is to hold financial assets to collect contractual cash flows that are
solely payments of principal and interest on the principal amount outstanding. At the end of each
period, these assets are measured at amortized cost using the effective interest method.
2.3.13.\u00a0Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full.
2.3.14.\u00a0Cash and cash equivalents
Cash and cash equivalents include all cash balances and short-term highly liquid investments with
an original maturity of three months or less that are readily convertible into known amounts of cash.
Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being
positive to overdrawn and are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Investments in securities, investments with initial maturities of more than three months without an
early termination option and bank accounts subject to restrictions (blocked accounts), other than
restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not
classified as cash equivalents but as financial assets.
2.3.15.\u00a0Financial liabilities
A financial liability is recognized when UMG becomes party to the contractual provisions on the
instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair
value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and
for financial liabilities subsequently measured at amortised cost, including transaction costs and
fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is
equal to transaction price.
Financial liabilities measured at fair value through profit or loss include contingent consideration
and derivative financial instruments that are not designated as hedging instruments for which
hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement
of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and
other payables, bonds and borrowings. These liabilities are subsequently measured at amortised
cost using the effective interest method.
2.3.16.\u00a0Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty. 2.3.24.\u00a0Financial guarantees
Financial guarantee is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payments when due in
accordance with the terms of a debt instrument.
Financial guarantees are initially recognised at fair value and are subject to the expected credit loss
model, with a credit loss is recognized for expected cash shortfalls. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "2.3.12.\u00a0Financial assets
Financial assets are classified into the accounting categories \u201cfinancial assets at amortized cost\u201d,
\u201cfinancial assets at fair value through other comprehensive income\u201d and \u201cfinancial assets at fair
value through profit or loss\u201d.
This classification depends on UMG\u2018s business model for managing the financial assets and on
contractual terms enabling to determine whether the cash flows are solely payments of principal
and interest (SPPI). The financial assets that contain an embedded derivative are considered in full to
determine whether their cash flows are SPPI.
Except for trade receivables, at initial recognition, UMG measures financial assets at fair value, and
for financial assets not classified as fair value through profit or loss, including transaction costs that
are directly attributable to the acquisition or issuance of those financial assets. In most cases, fair
value at initial recognition is equal to transaction price. UMG recognises trade receivables initially in
accordance with the policy disclosed at
2.3.5
Revenues and associated costs.
Financial assets are derecognized when the rights to receive cash flows from the financial assets
have expired or have been transferred and UMG has transferred substantially all the risks and
rewards of ownership. Financial assets at amortized cost
Financial assets at amortised cost include trade receivables, other receivables, loans issued and
bank deposits which are not cash equivalents. Loans, receivables and deposits are recognized on the
date they are originated.
Financial assets at amortized cost consist of debt instruments as described above held within a
business model whose objective is to hold financial assets to collect contractual cash flows that are
solely payments of principal and interest on the principal amount outstanding. At the end of each
period, these assets are measured at amortized cost using the effective interest method.
2.3.13.\u00a0Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Financial assets at fair value
These include financial assets at fair value through other comprehensive income, derivative
financial instruments with a positive value and other financial assets measured at fair value
through profit or loss. Most of these financial assets are actively traded in organized financial
markets, as their fair value is calculated by reference to the published market price at the period
end. Fair value is estimated for financial assets which do not have a published market price on an
active market. As a last resort, when a reliable estimate of fair value cannot be made using valuation
techniques in the absence of an active market, UMG values financial assets at historical cost, less
any impairment losses. 2.3.16.\u00a0Derivative financial instrumentsUMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "2.3.13.\u00a0Impairment of financial assets
UMG assesses the expected credit loss associated with its financial assets recognized at amortized
cost on a prospective basis. A loss allowance for expected credit loss based on probability of default
is recognized at initial recognition. The loss allowance is updated for changes in these expected
credit losses at each reporting date to reflect changes in credit risk since initial recognition.
To assess whether there has been a significant increase in credit risk, UMG compares the credit
risk at the reporting date with the credit risk at the date of initial recognition based on reasonable
forward-looking information and events, including credit ratings if available, significant adverse
economic changes (actual or expected), financial or business environment that are expected to
result in a material change in the borrower's ability to meet its obligations.
Trade accounts receivable are initially recognised at their transaction price. Expected loss rates
on trade receivables and contract assets are calculated by the relevant operating entities over
their lifetime from initial recognition and are based on historical data that also incorporates
forward-looking information. In addition, account receivables from customers subject to insolvency
proceedings or customers with whom UMG is involved in litigation or a dispute are generally
impaired in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "2.3.14.\u00a0Cash and cash equivalents
Cash and cash equivalents include all cash balances and short-term highly liquid investments with
an original maturity of three months or less that are readily convertible into known amounts of cash.
Bank overdrafts form an integral part of UMG\u2019s cash management and often fluctuate from being
positive to overdrawn and are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Investments in securities, investments with initial maturities of more than three months without an
early termination option and bank accounts subject to restrictions (blocked accounts), other than
restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not
classified as cash equivalents but as financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "2.3.14.\u00a0Cash and cash equivalentsInvestments in securities, investments with initial maturities of more than three months without an
early termination option and bank accounts subject to restrictions (blocked accounts), other than
restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not
classified as cash equivalents but as financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "2.3.15.\u00a0Financial liabilities
A financial liability is recognized when UMG becomes party to the contractual provisions on the
instrument. UMG classifies financial liabilities as subsequently measured at amortised cost or fair
value through profit or loss. At initial recognition, UMG measures financial liabilities at fair value, and
for financial liabilities subsequently measured at amortised cost, including transaction costs and
fees that are directly attributable to their issuance. In most cases, fair value at initial recognition is
equal to transaction price.
Financial liabilities measured at fair value through profit or loss include contingent consideration
and derivative financial instruments that are not designated as hedging instruments for which
hedge accounting is applied. Gains or losses on these liabilities are recognised in the statement
of profit or loss. Financial liabilities subsequently measured at amortised cost include trade and
other payables, bonds and borrowings. These liabilities are subsequently measured at amortised
cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "2.3.16.\u00a0Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "2.3.16.\u00a0Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "2.3.16.\u00a0Derivative financial instruments
Derivative financial instruments are recognised initially at fair value. Subsequent accounting for
derivatives depends on whether or not the derivatives are designated as hedging instruments in a
cash flow, fair value or net investment hedge. Derivatives with positive fair values are recorded as
assets and negative fair values as liabilities. Beginning in 2023, foreign currency translation risks
are hedged to a limited extent, as the underlying currency positions are generally considered to be
long-term in nature. If a hedge is entered into, it is accounted for as a net investment hedge.
UMG measures all derivative financial instruments at fair value derived from market prices of
the instruments or calculated as the present value of the estimated future cash flows based on
observable interest yield curves, basis spread and foreign exchange rates. These calculations are
tested for reasonableness by comparing the outcome of the internal valuation with the valuation
received from the counterparty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "2.3.17.\u00a0Inventories
Inventories are valued at the lower of cost or net realizable value. Cost comprises purchase costs,
production costs and other supply and packaging costs. These are usually calculated using the
weighted average cost method. Net realizable value is the estimated selling price in the normal
course of business, less estimated completion costs and selling costs. Inventories at UMG mostly
comprise of finished goods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "2.3.18.\u00a0Provisions
Provisions are recognized when, at the end of the reporting period, UMG has a legal obligation
(statutory, regulatory or contractual) or a constructive obligation, as a result of past events, and it
is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and the obligation can be reliably estimated. Where the effect of the time value of
money is material, provisions are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money. If the amount of the obligation
cannot be reliably estimated, no provision is recorded and a disclosure is made in the Notes to the
Consolidated Financial Statements.
Provisions for royalty audit claims
Up to the completion of the royalty claim audit, the timing and the amount of the potential
pay-outs is uncertain. UMG makes its best possible estimate of the outcome using any available
data, including history of claims with rights owners. When the estimate is performed for large
homogeneous claims and contract terms, the statistical valuation method is used.
Litigation provisions
In the ordinary course of business, UMG may be involved in a number of legal and arbitration
proceedings and administrative actions. The costs which may result from these proceedings are
accrued at the reporting date if UMG has a present obligation toward a third party resulting from
a past event and it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and the amount of that liability can be quantified or estimated within
a reasonable range. The amount of provision recorded is based on a case-by-case assessment of the
risk level, and events arising during the course of legal proceedings may require a reassessment of
this risk at any time.
2.3.19.\u00a0Employee benefit plansDefined benefit plans
Defined benefit plans may be funded by investments in various instruments such as insurance
contracts or equity and debt investment securities, excluding shares in any UMG entity or
debt instruments.
Pension expenses and defined benefit obligations are calculated by independent actuaries using
the projected unit credit method. This method is based on annually updated assumptions, which
include the probability of employees remaining with UMG until retirement, expected changes in
future compensation and an appropriate discount rate for each country in which UMG maintains
a pension plan. The discount rate is determined for each country by reference to yields on notes
issued by investment grade companies having a credit rating of AA and maturities identical to that
of the valued plans, generally based on relevant rate indices. The expected return on plan assets is
estimated by using the selected discount rate to value the obligations of the previous year.
The calculation is performed separately for each plan. A provision is recorded in the Statement
of Financial Position equal to the difference between the actuarial value of the related benefits
(actuarial liability) and the fair value of any associated plan assets, and this includes past service
costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u2022
the service cost is included in selling, general and administrative expenses. It comprises current
service cost, past service cost resulting from a plan amendment or a curtailment, immediately
recognized in profit and loss, and gains and losses on settlement;
\u2022
the financial component, recorded in other financial expenses and income, consists of the
unwinding of the interest component of the discount, less the expected return on plan assets
determined using the discount rate retained for the valuation of the benefit obligation; and
\u2022
the remeasurements of the net defined benefit liability (asset), recognized in items of other
comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains
and losses, i.e., changes in the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience adjustments (representing
the differences between the expected effect of some actuarial assumptions applied to previous
valuations and the effective impact).
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the
present value of future refunds and the expected reduction in future contributions.
Some other post-employment benefits, such as life insurance and medical coverage (mainly in
the United States) are subject to provisions which are assessed through an actuarial calculation
comparable to the method used for pension provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "2.3.19.\u00a0Employee benefit plans
Defined contribution plans
Contributions to defined contribution and multi-employer plans are expensed during the year when
related services are provided.
Defined benefit plans
Defined benefit plans may be funded by investments in various instruments such as insurance
contracts or equity and debt investment securities, excluding shares in any UMG entity or
debt instruments.
Pension expenses and defined benefit obligations are calculated by independent actuaries using
the projected unit credit method. This method is based on annually updated assumptions, which
include the probability of employees remaining with UMG until retirement, expected changes in
future compensation and an appropriate discount rate for each country in which UMG maintains
a pension plan. The discount rate is determined for each country by reference to yields on notes
issued by investment grade companies having a credit rating of AA and maturities identical to that
of the valued plans, generally based on relevant rate indices. The expected return on plan assets is
estimated by using the selected discount rate to value the obligations of the previous year.
The calculation is performed separately for each plan. A provision is recorded in the Statement
of Financial Position equal to the difference between the actuarial value of the related benefits
(actuarial liability) and the fair value of any associated plan assets, and this includes past service
costs and actuarial gains and losses.
The cost of defined benefit plans consists of three components recognized as follows:
\u2022
the service cost is included in selling, general and administrative expenses. It comprises current
service cost, past service cost resulting from a plan amendment or a curtailment, immediately
recognized in profit and loss, and gains and losses on settlement;
\u2022
the financial component, recorded in other financial expenses and income, consists of the
unwinding of the interest component of the discount, less the expected return on plan assets
determined using the discount rate retained for the valuation of the benefit obligation; and
\u2022
the remeasurements of the net defined benefit liability (asset), recognized in items of other
comprehensive income not reclassified as profit and loss, mainly consist of actuarial gains
and losses, i.e., changes in the present value of the defined benefit obligation and plan assets
resulting from changes in actuarial assumptions and experience adjustments (representing
the differences between the expected effect of some actuarial assumptions applied to previous
valuations and the effective impact).
Where the value of plan assets exceeds benefit obligations, a financial asset is recognized up to the
present value of future refunds and the expected reduction in future contributions.
Some other post-employment benefits, such as life insurance and medical coverage (mainly in
the United States) are subject to provisions which are assessed through an actuarial calculation
comparable to the method used for pension provisions. 2.3.21.\u00a0Share-based payments
Equity-settled share-based compensation expense is recognized as a personnel cost over the
vesting period of the award at the fair value of the equity instruments granted at the grant date with
a corresponding increase in equity. For cases in which the grant date occurs after the employees to
whom the equity instruments were granted have begun rendering services (for example, if a grant
of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value
of the equity instruments by estimating the fair value of the equity instruments at the end of the
reporting period, for the purposes of recognising the services received during the period between
service commencement date and grant date. Once the date of grant has been established, UMG
revises the earlier estimate so that the amounts recognised for services received in respect of the
grant are ultimately based on the grant date fair value of the equity instruments.
Fair value of the shares granted is fixed at the grant date and is equal to the share price at the
grant date with a deduction for the aggregate discounted value of the dividends that will not be
received over the vesting period, unless the conditions of the plan prescribe compensation for the
vesting period dividends, and after taking into account the discount for non-transferability during
the retention period.
The cumulative expense recognized for equity-settled transactions at each reporting date reflects
the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a
period represents the movement in cumulative expense recognized as at the beginning and end of
that period. Service and non-market performance conditions are not considered when determining
the grant date fair value of awards, but the likelihood of the conditions being met is assessed as
part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "2.3.20.\u00a0Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the countries where UMG operates
and generates taxable income.
\n
\n
UMG periodically evaluates positions taken in its tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Differences existing at closing between the tax base value of assets and liabilities and their
carrying value in the Consolidated Statement of Financial Position give rise to temporary differences.
Pursuant to the liability method, these temporary differences result in the accounting of:
\u2022
deferred tax assets, when the tax base value is greater than the carrying value (expected future
tax saving); and
\u2022
deferred tax liabilities, when the tax base value is lower than the carrying value (expected future
tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which
the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or
substantially enacted by the closing date. They are reviewed at the end of each year, in line with any
changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards
and unused tax credits, insofar as it is probable that a taxable profit will be available, or when
a current tax liability exists to make use of those deductible temporary differences, tax loss carry-
forwards and unused tax credits, except where the deferred tax asset associated with the deductible
temporary difference is generated by initial recognition of an asset or liability in a transaction which
is not a business combination, and that, at the transaction date, does not impact net profit, nor tax
income or loss.
For deductible temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax assets are recorded to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and that a taxable profit will be available
against which the temporary difference can be utilized.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to
the extent that it is more or less probable that a taxable profit will be available to allow the deferred
tax asset to be utilized. When assessing the probability of a taxable profit being available, account
is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to
occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses
carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to
differ significantly from those expected, UMG would be required to increase or decrease the carrying
value of deferred tax assets with a potentially material impact on UMG's Statement of Financial
Position and Statement of Profit or Loss.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred
tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is
not a business combination, and that, at the transaction date, does not impact net profit, tax income
or loss.
For taxable temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax liabilities are recorded except to the extent that both of the
following conditions are satisfied: the parent, investor or venturer is able to control the timing of
the reversal of the temporary difference and it is probable that the temporary difference will not be
reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax
relates to items that are credited or charged directly to equity. Current tax liabilities not expected to
be paid within the next 12 months are recorded as long term current tax liability.
In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. These amendments introduced (i) a mandatory temporary exception to the accounting for
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii)
disclosure requirements for affected entities to give financial statement users an understanding of
the exposure to Pillar Two income taxes arising from that legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "2.3.20.\u00a0Income taxes
Current income tax assets and liabilities are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantively enacted at the reporting date in the countries where UMG operates
and generates taxable income.
\n
\n
UMG periodically evaluates positions taken in its tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Differences existing at closing between the tax base value of assets and liabilities and their
carrying value in the Consolidated Statement of Financial Position give rise to temporary differences.
Pursuant to the liability method, these temporary differences result in the accounting of:
\u2022
deferred tax assets, when the tax base value is greater than the carrying value (expected future
tax saving); and
\u2022
deferred tax liabilities, when the tax base value is lower than the carrying value (expected future
tax expense).
Deferred tax assets and liabilities are measured at the expected tax rates for the year during which
the asset will be realized or the liability settled, based on tax rates (and tax regulations) enacted or
substantially enacted by the closing date. They are reviewed at the end of each year, in line with any
changes in applicable tax rates.
Deferred tax assets are recognized for all deductible temporary differences, tax loss carry-forwards
and unused tax credits, insofar as it is probable that a taxable profit will be available, or when
a current tax liability exists to make use of those deductible temporary differences, tax loss carry-
forwards and unused tax credits, except where the deferred tax asset associated with the deductible
temporary difference is generated by initial recognition of an asset or liability in a transaction which
is not a business combination, and that, at the transaction date, does not impact net profit, nor tax
income or loss.
For deductible temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax assets are recorded to the extent that it is probable that the
temporary difference will reverse in the foreseeable future and that a taxable profit will be available
against which the temporary difference can be utilized.
The carrying value of deferred tax assets is reviewed at each closing date, and revalued or reduced to
the extent that it is more or less probable that a taxable profit will be available to allow the deferred
tax asset to be utilized. When assessing the probability of a taxable profit being available, account
is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to
occur in the future and the tax strategy. As such, the assessment of UMG's ability to utilize tax losses
carried forward is to a large extent judgement-based. If the future taxable results of UMG proved to
differ significantly from those expected, UMG would be required to increase or decrease the carrying
value of deferred tax assets with a potentially material impact on UMG's Statement of Financial
Position and Statement of Profit or Loss.
Deferred tax liabilities are recognized for all taxable temporary differences, except where the deferred
tax liability results from goodwill or initial recognition of an asset or liability in a transaction which is
not a business combination, and that, at the transaction date, does not impact net profit, tax income
or loss.
For taxable temporary differences resulting from investments in subsidiaries, joint ventures and
other associated entities, deferred tax liabilities are recorded except to the extent that both of the
following conditions are satisfied: the parent, investor or venturer is able to control the timing of
the reversal of the temporary difference and it is probable that the temporary difference will not be
reversed in the foreseeable future.
Current tax and deferred tax shall be charged or credited directly to equity, and not profit if the tax
relates to items that are credited or charged directly to equity. Current tax liabilities not expected to
be paid within the next 12 months are recorded as long term current tax liability.
In 2023, UMG adopted International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS
12. These amendments introduced (i) a mandatory temporary exception to the accounting for
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and (ii)
disclosure requirements for affected entities to give financial statement users an understanding of
the exposure to Pillar Two income taxes arising from that legislation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "2.3.21.\u00a0Share-based payments
Equity-settled share-based compensation expense is recognized as a personnel cost over the
vesting period of the award at the fair value of the equity instruments granted at the grant date with
a corresponding increase in equity. For cases in which the grant date occurs after the employees to
whom the equity instruments were granted have begun rendering services (for example, if a grant
of equity instruments is subject to shareholder approval), UMG estimates the grant date fair value
of the equity instruments by estimating the fair value of the equity instruments at the end of the
reporting period, for the purposes of recognising the services received during the period between
service commencement date and grant date. Once the date of grant has been established, UMG
revises the earlier estimate so that the amounts recognised for services received in respect of the
grant are ultimately based on the grant date fair value of the equity instruments.
Fair value of the shares granted is fixed at the grant date and is equal to the share price at the
grant date with a deduction for the aggregate discounted value of the dividends that will not be
received over the vesting period, unless the conditions of the plan prescribe compensation for the
vesting period dividends, and after taking into account the discount for non-transferability during
the retention period.
The cumulative expense recognized for equity-settled transactions at each reporting date reflects
the extent to which the vesting period has expired and UMG\u2019s best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the Statement of Profit or Loss for a
period represents the movement in cumulative expense recognized as at the beginning and end of
that period. Service and non-market performance conditions are not considered when determining
the grant date fair value of awards, but the likelihood of the conditions being met is assessed as
part of UMG\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "2.3.22.\u00a0Related parties
A related party is a person or an entity that is related to UMG. These include both people and
entities that have, or are subject to, the influence or control of UMG (e.g. key management personnel).
Transactions with related parties are accounted for in accordance with the requirements of relevant
IFRSs and take into account the substance as well as the legal form. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "2.3.23.\u00a0Contingent liabilities
Non-financial guarantees are accounted for as a contingent liability until such time it becomes
probable that UMG will be required to make a payment under the guarantee.
Contingent liabilities are possible or present obligations of sufficient uncertainty that it does
not quality for recognition as a provision, unless it is assumed in a business combination.
Contingent liabilities are reviewed continuously to assess whether an outflow of resources has
become probable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "2.3.24.\u00a0Financial guarantees
Financial guarantee is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payments when due in
accordance with the terms of a debt instrument.
Financial guarantees are initially recognised at fair value and are subject to the expected credit loss
model, with a credit loss is recognized for expected cash shortfalls. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "2.4.\u00a0Accounting policy changes
2.4.1.\u00a0Accounting policy changes originating from the IFRS amendments
UMG has amended its accounting policies for new or amended IFRS standards and interpretations
that became effective as of 1 January 2025. The following amendments applied for the first time and
did not have a material impact on adoption:
\u2022
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
UMG has not early adopted any standards, interpretations or amendments that have been issued but
are not yet effective.
2.4.2.\u00a0Impact of standards issued but not yet effective
New and amended standards and interpretations that are issued, but not yet effective, up to the date
of issuance of UMG's financial statements are disclosed below. UMG expects to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
\u2022
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures,
effective 1 January 2026
\u2022
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
\u2022
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures
The IASB issued amendments to IFRS 9 classification and measurement requirements and IFRS 7
disclosures effective for UMG on 1 January 2026. The amendments include:
\u2022
The amendments clarify that a financial liability is derecognized on \u2018settlement date\u2019 and
introduce an accounting policy choice to derecognise financial liabilities settled using an
electronic payment system before the settlement date if certain criteria are met;
\u2022
The classification of financial assets with ESG linked features has been clarified via additional
guidance on the assessment of contingent features;
\u2022
Clarifications have been made on non-recourse loans and contractually linked instruments;
\u2022
Additional disclosures are introduced for financial instruments with contingent features and
equity instruments classified at fair value through OCI.
UMG does not expect that adoption of these amendments will have a material impact on the
Consolidated financial statements.
IFRS 18 Presentation and Disclosures in Financial Statements
On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements. IFRS 18, effective for UMG on 1 January
2027, introduces new requirements on presentation within the statement of profit or loss, including
specified subtotals. It also requires disclosure of management-defined performance measures and
includes enhanced requirements for aggregation and disaggregation of financial information in the
primary financial statements and the notes. The IASB also issued narrow scope amendments to IAS 7
Statement of Cash Flows, and some requirements previously included within IAS 1 have been moved
to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which has been renamed
IAS 8 Basis of Preparation of Financial Statements. Other minor amendments were made to other
standards. IFRS 18 and the other amendments are effective for reporting periods beginning on or
after 1 January 2027 and may be adopted early. UMG is currently assessing the impact that IFRS 18
and the other amendments will have on UMG\u2019s consolidated financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Subsidiaries without public accountability of a parent that prepares consolidated financial
statements available for public use are eligible to apply IFRS 19. This standard will not impact UMG\u2019s
Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "2.4.\u00a0Accounting policy changes
2.4.1.\u00a0Accounting policy changes originating from the IFRS amendments
UMG has amended its accounting policies for new or amended IFRS standards and interpretations
that became effective as of 1 January 2025. The following amendments applied for the first time and
did not have a material impact on adoption:
\u2022
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
UMG has not early adopted any standards, interpretations or amendments that have been issued but
are not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "2.4.\u00a0Accounting policy changes
2.4.1.\u00a0Accounting policy changes originating from the IFRS amendments
UMG has amended its accounting policies for new or amended IFRS standards and interpretations
that became effective as of 1 January 2025. The following amendments applied for the first time and
did not have a material impact on adoption:
\u2022
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
UMG has not early adopted any standards, interpretations or amendments that have been issued but
are not yet effective.
2.4.2.\u00a0Impact of standards issued but not yet effective
New and amended standards and interpretations that are issued, but not yet effective, up to the date
of issuance of UMG's financial statements are disclosed below. UMG expects to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
\u2022
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures,
effective 1 January 2026
\u2022
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
\u2022
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures
The IASB issued amendments to IFRS 9 classification and measurement requirements and IFRS 7
disclosures effective for UMG on 1 January 2026. The amendments include:
\u2022
The amendments clarify that a financial liability is derecognized on \u2018settlement date\u2019 and
introduce an accounting policy choice to derecognise financial liabilities settled using an
electronic payment system before the settlement date if certain criteria are met;
\u2022
The classification of financial assets with ESG linked features has been clarified via additional
guidance on the assessment of contingent features;
\u2022
Clarifications have been made on non-recourse loans and contractually linked instruments;
\u2022
Additional disclosures are introduced for financial instruments with contingent features and
equity instruments classified at fair value through OCI.
UMG does not expect that adoption of these amendments will have a material impact on the
Consolidated financial statements.
IFRS 18 Presentation and Disclosures in Financial Statements
On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements. IFRS 18, effective for UMG on 1 January
2027, introduces new requirements on presentation within the statement of profit or loss, including
specified subtotals. It also requires disclosure of management-defined performance measures and
includes enhanced requirements for aggregation and disaggregation of financial information in the
primary financial statements and the notes. The IASB also issued narrow scope amendments to IAS 7
Statement of Cash Flows, and some requirements previously included within IAS 1 have been moved
to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which has been renamed
IAS 8 Basis of Preparation of Financial Statements. Other minor amendments were made to other
standards. IFRS 18 and the other amendments are effective for reporting periods beginning on or
after 1 January 2027 and may be adopted early. UMG is currently assessing the impact that IFRS 18
and the other amendments will have on UMG\u2019s consolidated financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Subsidiaries without public accountability of a parent that prepares consolidated financial
statements available for public use are eligible to apply IFRS 19. This standard will not impact UMG\u2019s
Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "2.4.2.\u00a0Impact of standards issued but not yet effective
New and amended standards and interpretations that are issued, but not yet effective, up to the date
of issuance of UMG's financial statements are disclosed below. UMG expects to adopt these new and
amended standards and interpretations, if applicable, when they become effective.
\u2022
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures,
effective 1 January 2026
\u2022
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
\u2022
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
Amendments to IFRS 9 Classification and Measurement Requirements and IFRS 7 Disclosures
The IASB issued amendments to IFRS 9 classification and measurement requirements and IFRS 7
disclosures effective for UMG on 1 January 2026. The amendments include:
\u2022
The amendments clarify that a financial liability is derecognized on \u2018settlement date\u2019 and
introduce an accounting policy choice to derecognise financial liabilities settled using an
electronic payment system before the settlement date if certain criteria are met;
\u2022
The classification of financial assets with ESG linked features has been clarified via additional
guidance on the assessment of contingent features;
\u2022
Clarifications have been made on non-recourse loans and contractually linked instruments;
\u2022
Additional disclosures are introduced for financial instruments with contingent features and
equity instruments classified at fair value through OCI.
UMG does not expect that adoption of these amendments will have a material impact on the
Consolidated financial statements.
IFRS 18 Presentation and Disclosures in Financial Statements
On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements,
which replaces IAS 1 Presentation of Financial Statements. IFRS 18, effective for UMG on 1 January
2027, introduces new requirements on presentation within the statement of profit or loss, including
specified subtotals. It also requires disclosure of management-defined performance measures and
includes enhanced requirements for aggregation and disaggregation of financial information in the
primary financial statements and the notes. The IASB also issued narrow scope amendments to IAS 7
Statement of Cash Flows, and some requirements previously included within IAS 1 have been moved
to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which has been renamed
IAS 8 Basis of Preparation of Financial Statements. Other minor amendments were made to other
standards. IFRS 18 and the other amendments are effective for reporting periods beginning on or
after 1 January 2027 and may be adopted early. UMG is currently assessing the impact that IFRS 18
and the other amendments will have on UMG\u2019s consolidated financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
Subsidiaries without public accountability of a parent that prepares consolidated financial
statements available for public use are eligible to apply IFRS 19. This standard will not impact UMG\u2019s
Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Note 3.\u00a0Segment data
Operating segment data
The segment reporting that follows is aligned with internal reporting used by UMG Management
to assess UMG\u2019s performance. UMG\u2019s operating segments are organised by nature of the business
and are the same as its reportable segments: Recorded Music, Music Publishing and Merchandising
and Other. Each of these is described at Note
1
. Corporate centre represent amounts not allocated
to the operating segments and includes certain costs related to central activities as well as group
enabling functions. Management also receives information about segment's revenue and assets.
Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities
include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis.
Segment Adjusted EBITDA is included in these disclosures because it is the primary measure of
profit or loss used by UMG Management to assess each segment\u2019s performance and make decisions
about allocating resources. Adjusted EBITDA is a non-IFRS measure. Adjusted EBITDA is calculated
as Operating Profit excluding amortisation of intangible assets, impairment of goodwill and other
intangibles, depreciation of tangible assets including right of use assets, gains/losses on the sale
of tangible assets including right of use assets and intangible assets, restructuring expenses,
non-cash share-based compensation expenses and certain one-time items that are deemed by
management to be significant and incidental to normal business activity.
UMG consider Adjusted EBITDA to be a relevant measure to assess performance of UMG's operating
activities excluding items that may be incidental to normal business activity and excluding
restructuring expenses and non-cash share-based compensation which may impact period-to-
period comparability.
Main aggregates of the Statement of profit or loss
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Elimination of
\u00a0
\u00a0\u00a0
Recorded
Music
Merchandising
Corporate
intersegment
\u00a0
(millions of euros)
Note
Music
Publishing
and other
centre
transactions
Total
Year ended December
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31, 2025
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
External revenue
\u00a0
9,454
2,244
809
-
-
12,507
Intercompany revenue
\u00a0
2
16
2
-
(20)
-
Revenues
\u00a0
9,456
2,260
811
-
(20)
12,507
Operating profit
\u00a0
1,985
371
12
(370)
-
1,998
Amortisation and
\u00a0\u00a0
228
\u00a0
159
\u00a0
2
\u00a0
57
\u00a0
-
\u00a0
446
depreciation expense
\u00a0
Restructuring expenses
1
\u00a0
69
1
2
23
-
95
(Gain)/loss on sale
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
of tangible and
\u00a0
(3)
-
-
(1)
-
(4)
intangible assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Impairment on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
intangible assets
\u00a0
3
-
-
-
-
3
Non-cash share-based
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
compensation expense
24
135
18
-
74
-
227
Certain one-time items
2
\u00a0
6
-
-
39
-
45
Adjusted EBITDA
\u00a0
2,423
549
16
(178)
-
2,810
\n
1
Restructuring expenses include employee termination costs and other related expenses that result from a material change in the
scope of a UMG business or the manner in which a UMG business is conducted.
2
Certain one-time items consists of US listing preparation costs and certain M&A advisory costs.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Elimination of
\u00a0
\u00a0\u00a0
Recorded
Music
Merchandising
Corporate
intersegment
\u00a0
(millions of euros)
Note
Music
Publishing
and other
centre
transactions
Total
Year ended December
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
31, 2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
External revenue
\u00a0
8,900
2,100
834
-
-
11,834
Intercompany revenue
\u00a0
1
21
8
-
(30)
-
Revenues
\u00a0
8,901
2,121
842
-
(30)
11,834
Operating profit
\u00a0
1,752
321
38
(336)
-
1,775
Amortisation and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
depreciation expense
\u00a0
205
161
2
41
-
409
Restructuring expenses
1
\u00a0
138
4
2
25
-
169
(Gain)/loss on sale
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
of tangible and
\u00a0
(24)
-
-
1
-
(23)
intangible assets
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Impairment on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
intangible assets
\u00a0
2
-
-
-
-
2
Non-cash share-based
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
compensation expense
24
202
25
1
101
-
329
Certain one-time items
2
\u00a0
-
-
-
-
-
-
Adjusted EBITDA
\u00a0
2,275
511
43
(168)
-
2,661
\n
1
Restructuring expenses include employee termination costs and other related expenses that result from a material change in the
scope of a UMG business or the manner in which a UMG business is conducted.
2
Certain one-time items consists of US listing preparation costs and certain M&A advisory costs.
Revenues by geographic area
UMG has a global network and operates in local countries, which enables it to maintain the
relationships with clients and to understand the local market, legal and other conditions. As a result,
the geographic basis of the operating companies is the basis in determining the split of revenues
from external customers per geographical areas.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Year ended December 31,
(millions of euros)
2025
2024
U.S.
6,056
48%
5,971
51%
UK
1,200
10%
1,065
9%
Japan
908
7%
761
6%
Germany
626
5%
604
5%
France
483
4%
459
4%
Rest of the world
1
3,234
26%
2,974
25%
Total revenues
12,507
100%
11,834
100%
\n
1
Revenues for the Netherlands was \u20ac176 million in 2025 (\u20ac178 million in 2024).
Disaggregated revenue information\u00a0
Recorded Music
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(in millions of euros)
2025
2024
Streaming revenue
1,435
1,414
Subscription revenue
4,884
4,624
Downloads and other digital revenue
234
180
Physical revenue
1,475
1,358
License and other revenue
1,428
1,325
Recorded Music revenue
9,456
8,901
Music Publishing
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(in millions of euros)
2025
2024
Performance revenue
456
442
Synchronisation revenue
272
253
Digital revenue
1,371
1,268
Mechanical revenue
107
103
Other revenue
54
55
Music Publishing revenue
2,260
2,121
\n
Subscriptions and streaming represents the largest type of recorded music revenue and is
recognised over time and is 51% (51% in 2024) of total UMG revenues. Physical recorded music
revenues are recognised at a point in time and represent 12% (12% in 2024) of total UMG revenues.
Other Recorded Music revenues mostly include neighbouring rights income which are recognized
over time.
Merchandising revenue is recognised at a point in time. Music Publishing revenue is mostly
recognised over time.
In 2025, UMG had 3 customers that each individually represented over 10% of total revenues
(3 customers in 2024) and which represented total revenues of 20%, 11% and 11% respectively
(20%, 11% and 10% in 2024). Each customer reports revenues in both Recorded Music and Music
Publishing segments.
The amount of revenue recognized for the year ended December 31, 2025 from performance
obligations satisfied (or partially satisfied) in previous periods amounts to \u20ac226 million (2024:
\u20ac142 million).
Segment assets
Segment assets by Segment
Segment assets that are reported to the executive board include items that are directly attributable
to a segment as well as those that can be allocated on a reasonable basis. Unallocated assets mainly
comprise of cash and deferred tax assets which are managed at the Group level.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Recorded
Music
Merchandising
Corporate
\u00a0
(millions of euros)
Note
Music
Publishing
and other
centre
Total
Year ended December 31, 2025
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Goodwill
9
959
698
97
-
1,754
Royalty
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
advances, non-current
10
1,242
566
182
-
1,990
Catalogues
10
1,696
1,354
-
-
3,050
Property, plant
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
& equipment
11
238
6
-
11
255
Other intangible assets
10
50
41
-
171
262
Right of use relating
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
to leases
12
454
9
-
3
466
Royalty
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
advances, current
10
580
478
88
-
1,146
Other assets
\u00a0
5,649
909
114
688
7,360
Total segment assets
1
\u00a0
10,868
4,061
481
873
16,283
Unallocated assets
\u00a0\u00a0\u00a0\u00a0\u00a0
1,173
Total assets
\u00a0\u00a0\u00a0\u00a0\u00a0
17,456
\n
1
Total segment assets in the Netherlands was \u20ac3,941 million in 2025 (\u20ac3,558 million in 2024).
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Recorded
Music
Merchandising
Corporate
\u00a0
(millions of euros)
Note
Music
Publishing
and other
centre
Total
Year ended December 31, 2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Goodwill
9
1,003
788
104
-
1,895
Royalty
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
advances, non-current
10
1,138
730
217
-
2,085
Catalogues
10
1,732
1,661
-
-
3,393
Property, plant
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
& equipment
11
227
5
-
10
242
Other intangible assets
10
52
40
-
140
232
Right of use relating
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
to leases
12
442
4
-
-
446
Royalty
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
advances, current
10
566
551
94
-
1,211
Other assets
\u00a0
5,112
821
132
543
6,608
Total segment assets
1
\u00a0
10,272
4,600
547
693
16,112
Unallocated assets
\u00a0\u00a0\u00a0\u00a0\u00a0
1,208
Total assets
\u00a0\u00a0\u00a0\u00a0\u00a0
17,320
\n
Content assets by segment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
December 31, 2025
\u00a0 \u00a0
Recorded
Music
Merchandising
\u00a0
(millions of euros)
Note
Music
Publishing
and other
Total
Catalogues (of music and publishing rights)
\u00a0
1,696
1,354
-
3,050
Royalty advances (to artists and
\u00a0
1,822
1,044
270
3,136
repertoire owners)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Of which:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0
1,242
566
182
1,990
Current
\u00a0
580
478
88
1,146
Content assets, net
10
3,518
2,398
270
6,186
Current content assets
\u00a0
580
478
88
1,146
Non-current content assets
\u00a0
2,938
1,920
182
5,040
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
December 31, 2024
\u00a0 \u00a0
Recorded
Music
Merchandising
\u00a0
(millions of euros)
Note
Music
Publishing
and other
Total
Catalogues (of music and publishing rights)
\u00a0
1,732
1,661
-
3,393
Royalty advances (to artists and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
repertoire owners)
\u00a0
1,704
1,281
311
3,296
Of which:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Non-current
\u00a0
1,138
730
217
2,085
Current
\u00a0
566
551
94
1,211
Content assets, net
10
3,436
2,942
311
6,689
Current content assets
\u00a0
566
551
94
1,211
Non-current content assets
\u00a0
2,870
2,391
217
5,478
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Note 3.\u00a0Segment data
Operating segment data
The segment reporting that follows is aligned with internal reporting used by UMG Management
to assess UMG\u2019s performance. UMG\u2019s operating segments are organised by nature of the business
and are the same as its reportable segments: Recorded Music, Music Publishing and Merchandising
and Other. Each of these is described at Note
1
. Corporate centre represent amounts not allocated
to the operating segments and includes certain costs related to central activities as well as group
enabling functions. Management also receives information about segment's revenue and assets.
Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities
include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Revenues by geographic area
UMG has a global network and operates in local countries, which enables it to maintain the
relationships with clients and to understand the local market, legal and other conditions. As a result,
the geographic basis of the operating companies is the basis in determining the split of revenues
from external customers per geographical areas.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Year ended December 31,
(millions of euros)
2025
2024
U.S.
6,056
48%
5,971
51%
UK
1,200
10%
1,065
9%
Japan
908
7%
761
6%
Germany
626
5%
604
5%
France
483
4%
459
4%
Rest of the world
1
3,234
26%
2,974
25%
Total revenues
12,507
100%
11,834
100%
\n
1
Revenues for the Netherlands was \u20ac176 million in 2025 (\u20ac178 million in 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "Revenues by geographic area
UMG has a global network and operates in local countries, which enables it to maintain the
relationships with clients and to understand the local market, legal and other conditions. As a result,
the geographic basis of the operating companies is the basis in determining the split of revenues
from external customers per geographical areas.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Year ended December 31,
(millions of euros)
2025
2024
U.S.
6,056
48%
5,971
51%
UK
1,200
10%
1,065
9%
Japan
908
7%
761
6%
Germany
626
5%
604
5%
France
483
4%
459
4%
Rest of the world
1
3,234
26%
2,974
25%
Total revenues
12,507
100%
11,834
100%
\n
1
Revenues for the Netherlands was \u20ac176 million in 2025 (\u20ac178 million in 2024).
Disaggregated revenue information\u00a0
Recorded Music
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(in millions of euros)
2025
2024
Streaming revenue
1,435
1,414
Subscription revenue
4,884
4,624
Downloads and other digital revenue
234
180
Physical revenue
1,475
1,358
License and other revenue
1,428
1,325
Recorded Music revenue
9,456
8,901
Music Publishing
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(in millions of euros)
2025
2024
Performance revenue
456
442
Synchronisation revenue
272
253
Digital revenue
1,371
1,268
Mechanical revenue
107
103
Other revenue
54
55
Music Publishing revenue
2,260
2,121
\n
Subscriptions and streaming represents the largest type of recorded music revenue and is
recognised over time and is 51% (51% in 2024) of total UMG revenues. Physical recorded music
revenues are recognised at a point in time and represent 12% (12% in 2024) of total UMG revenues.
Other Recorded Music revenues mostly include neighbouring rights income which are recognized
over time.
Merchandising revenue is recognised at a point in time. Music Publishing revenue is mostly
recognised over time.
In 2025, UMG had 3 customers that each individually represented over 10% of total revenues
(3 customers in 2024) and which represented total revenues of 20%, 11% and 11% respectively
(20%, 11% and 10% in 2024). Each customer reports revenues in both Recorded Music and Music
Publishing segments.
The amount of revenue recognized for the year ended December 31, 2025 from performance
obligations satisfied (or partially satisfied) in previous periods amounts to \u20ac226 million (2024:
\u20ac142 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Revenues by geographic area
UMG has a global network and operates in local countries, which enables it to maintain the
relationships with clients and to understand the local market, legal and other conditions. As a result,
the geographic basis of the operating companies is the basis in determining the split of revenues
from external customers per geographical areas.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
Year ended December 31,
(millions of euros)
2025
2024
U.S.
6,056
48%
5,971
51%
UK
1,200
10%
1,065
9%
Japan
908
7%
761
6%
Germany
626
5%
604
5%
France
483
4%
459
4%
Rest of the world
1
3,234
26%
2,974
25%
Total revenues
12,507
100%
11,834
100%
\n
1
Revenues for the Netherlands was \u20ac176 million in 2025 (\u20ac178 million in 2024).
Disaggregated revenue information\u00a0
Recorded Music
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(in millions of euros)
2025
2024
Streaming revenue
1,435
1,414
Subscription revenue
4,884
4,624
Downloads and other digital revenue
234
180
Physical revenue
1,475
1,358
License and other revenue
1,428
1,325
Recorded Music revenue
9,456
8,901
Music Publishing
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(in millions of euros)
2025
2024
Performance revenue
456
442
Synchronisation revenue
272
253
Digital revenue
1,371
1,268
Mechanical revenue
107
103
Other revenue
54
55
Music Publishing revenue
2,260
2,121
\n
Subscriptions and streaming represents the largest type of recorded music revenue and is
recognised over time and is 51% (51% in 2024) of total UMG revenues. Physical recorded music
revenues are recognised at a point in time and represent 12% (12% in 2024) of total UMG revenues.
Other Recorded Music revenues mostly include neighbouring rights income which are recognized
over time.
Merchandising revenue is recognised at a point in time. Music Publishing revenue is mostly
recognised over time.
In 2025, UMG had 3 customers that each individually represented over 10% of total revenues
(3 customers in 2024) and which represented total revenues of 20%, 11% and 11% respectively
(20%, 11% and 10% in 2024). Each customer reports revenues in both Recorded Music and Music
Publishing segments.
The amount of revenue recognized for the year ended December 31, 2025 from performance
obligations satisfied (or partially satisfied) in previous periods amounts to \u20ac226 million (2024:
\u20ac142 million).Note 16.\u00a0Trade and other accounts payable
Year ended December 31,
(millions of euros)
2025
2024
Trade accounts payable
174
168
Music royalties to artists and repertoire owners
4,383
4,327
Accrued expenses
480
424
Creative talent and content liabilities
344
533
Other payables
1
452
530
Trade and other accounts payable
5,833
5,982
Current contract liabilities
396
412
Trade accounts payable and other
6,229
6,394
\n
1
Other payables includes accrued liabilities and payables related to employee, taxes and other costs.
\n
The total amount of current and non-current contract liabilities as at December 31, 2025 is
\n
\u20ac403 million (2024: \u20ac424 million).
\n
Out of the total amount of \u20ac424 million recognized in contract liabilities at the beginning of
\n
2025, \u20ac379 million has been recognized as revenue for the year ended December 31, 2025 (2024:
\n
\u20ac365 million recognized as revenue out of a total of \u20ac428 million recognized in contract liabilities at
\nthe beginning of 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Note 4.\u00a0Acquisitions and divestments
UMG did not complete any material acquisitions of interests in equity affiliates or business
combinations during 2025. During 2024, UMG completed investments in Chord Music Partners
(\"Chord\"), NTWRK, Mavin Global (\"Mavin\") and [PIAS]. Total cash used in 2024 for these investments
was \u20ac528 million. UMG accounts for its investments in Chord and NTWRK as associates using
the equity method while the investments in Mavin and [PIAS] were recognised as business
combinations. The NTWRK and Chord transactions closed in March 2024. The Mavin and [PIAS]
acquisitions occurred in May 2024 and October 2024, respectively.
UMG did not have any material divestments in 2025 or 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Note 5.\u00a0Cost of revenues and selling, general and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Included in cost of revenues:
\u00a0 \u00a0 \u00a0
Artist costs
\u00a0
5,836
5,464
Product costs
\u00a0
1,360
1,282
Of which:
\u00a0 \u00a0 \u00a0
Personnel costs
\u00a0
30
33
Included in selling, general and administrative expenses:
\u00a0 \u00a0 \u00a0
Depreciation of tangible assets
11
36
34
Depreciation of right of use assets
12
82
79
Personnel costs
\u00a0
1,674
1,755
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Note 5.\u00a0Cost of revenues and selling, general and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Included in cost of revenues:
\u00a0 \u00a0 \u00a0
Artist costs
\u00a0
5,836
5,464
Product costs
\u00a0
1,360
1,282
Of which:
\u00a0 \u00a0 \u00a0
Personnel costs
\u00a0
30
33
Included in selling, general and administrative expenses:
\u00a0 \u00a0 \u00a0
Depreciation of tangible assets
11
36
34
Depreciation of right of use assets
12
82
79
Personnel costs
\u00a0
1,674
1,755
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Note 5.\u00a0Cost of revenues and selling, general and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Included in cost of revenues:
\u00a0 \u00a0 \u00a0
Artist costs
\u00a0
5,836
5,464
Product costs
\u00a0
1,360
1,282
Of which:
\u00a0 \u00a0 \u00a0
Personnel costs
\u00a0
30
33
Included in selling, general and administrative expenses:
\u00a0 \u00a0 \u00a0
Depreciation of tangible assets
11
36
34
Depreciation of right of use assets
12
82
79
Personnel costs
\u00a0
1,674
1,755
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Note 5.\u00a0Cost of revenues and selling, general and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Included in cost of revenues:
\u00a0 \u00a0 \u00a0
Artist costs
\u00a0
5,836
5,464
Product costs
\u00a0
1,360
1,282
Of which:
\u00a0 \u00a0 \u00a0
Personnel costs
\u00a0
30
33
Included in selling, general and administrative expenses:
\u00a0 \u00a0 \u00a0
Depreciation of tangible assets
11
36
34
Depreciation of right of use assets
12
82
79
Personnel costs
\u00a0
1,674
1,755
\n
Personnel costs and average employee numbers
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Salaries
\u00a0
1,175
1,156
Social security and other employment expenses
\u00a0
192
196
Wages and expenses
\u00a0
1,367
1,352
Share-based compensation plans
24
256
360
Employee defined contribution plans
\u00a0
54
52
Employee defined benefit plans
23
2
1
Other
\u00a0
25
23
Personnel costs
\u00a0
1,704
1,788
Annual average number of full-time equivalent employees
\u00a0\u00a0\u00a0
(in thousands)
\u00a0
10.0
9.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Note 5.\u00a0Cost of revenues and selling, general and administrative expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Included in cost of revenues:
\u00a0 \u00a0 \u00a0
Artist costs
\u00a0
5,836
5,464
Product costs
\u00a0
1,360
1,282
Of which:
\u00a0 \u00a0 \u00a0
Personnel costs
\u00a0
30
33
Included in selling, general and administrative expenses:
\u00a0 \u00a0 \u00a0
Depreciation of tangible assets
11
36
34
Depreciation of right of use assets
12
82
79
Personnel costs
\u00a0
1,674
1,755
\n
Personnel costs and average employee numbers
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Salaries
\u00a0
1,175
1,156
Social security and other employment expenses
\u00a0
192
196
Wages and expenses
\u00a0
1,367
1,352
Share-based compensation plans
24
256
360
Employee defined contribution plans
\u00a0
54
52
Employee defined benefit plans
23
2
1
Other
\u00a0
25
23
Personnel costs
\u00a0
1,704
1,788
Annual average number of full-time equivalent employees
\u00a0\u00a0\u00a0
(in thousands)
\u00a0
10.0
9.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Personnel costs and average employee numbers \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Salaries
\u00a0
1,175
1,156
Social security and other employment expenses
\u00a0
192
196
Wages and expenses
\u00a0
1,367
1,352
Share-based compensation plans
24
256
360
Employee defined contribution plans
\u00a0
54
52
Employee defined benefit plans
23
2
1
Other
\u00a0
25
23
Personnel costs
\u00a0
1,704
1,788
Annual average number of full-time equivalent employees
\u00a0\u00a0\u00a0
(in thousands)
\u00a0
10.0
9.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Personnel costs and average employee numbers \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Salaries
\u00a0
1,175
1,156
Social security and other employment expenses
\u00a0
192
196
Wages and expenses
\u00a0
1,367
1,352
Share-based compensation plans
24
256
360
Employee defined contribution plans
\u00a0
54
52
Employee defined benefit plans
23
2
1
Other
\u00a0
25
23
Personnel costs
\u00a0
1,704
1,788
Annual average number of full-time equivalent employees
\u00a0\u00a0\u00a0
(in thousands)
\u00a0
10.0
9.7
\nNote 23.\u00a0Post-retirement employee benefits
In accordance with the laws and practices of each country in which it operates, UMG participates
in, or maintains, employee benefit plans providing retirement pensions, post-retirement health
care, life insurance and other post-employment benefits to eligible (former) employees and such
of their beneficiaries who meet the required conditions. Post-retirement benefits are provided for
substantially all employees through defined contribution plans, which are integrated with local
social security, or defined benefit plans, which are generally managed via group pension plans.
The plan funding policy implemented by UMG is consistent with applicable government funding
requirements and regulations. Refer to Note
5
for the contribution to defined contribution plans.
Post-employment benefits covered in this note relate to defined-benefit pension and other post-
retirement defined benefit plans, including medical plans and life insurance. The benefits provided
by these plans are based on employees\u2019 years of service and compensation levels.
Refer to the table below for the present value of the net defined benefit obligations and plan assets
per country as at December 31.
\n \n
2025
2024
Fair value
Net obligation/
Fair value
Net obligation/
(millions of euros)
Obligation
of plan assets
(asset)
Obligation
of plan assets
(asset)
Germany
134
(1)
133
147
(1)
146
U.S.
18
-
18
19
-
19
Other
35
(34)
1
38
(36)
2
Total
187
(35)
152
204
(37)
167
of which
assets related
to employee
benefit plans
(12)
(11)
liabilities for
employee
benefit plans
164
178
Germany
The post-retirement benefit plans in Germany aim to provide pension benefits to eligible (former)
employees and such of their beneficiaries who meet certain conditions. The total obligation as
presented above includes multiple plans, of which three are material. These plans are closed to new
entrants since 2003 and earlier. In accordance with current regulations, these plans are not funded
and are not covered by the plan assets. The main risks for UMG relate to changes in discount rates
and inflation rates.
United States
The defined benefit liability in the United States mainly relates to the post-retirement medical care
benefits. Post-retirement medical benefit plans in the United States are not covered by plan assets in
accordance with local laws and practices.
Cash flow impact for 2026
In 2026 UMG expects a cash outflow of \u20ac15 million in relation to all defined benefit plans.
Net defined benefit obligations/(assets)
Movements of the net defined benefit obligations and plan assets for the year ended on December
31, are presented in the following tables.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n \n
2025
Fair value
Net obligation/
(millions of euros)
Note
Obligation
of plan assets
(asset)
Opening balance
204
(37)
167
Current service cost
5
2
-
2
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
2
-
2
Interest cost
6
6
-
6
Expected return on plan assets
6
-
-
-
Impact on other financial income
6
-
6
Included in the statement of profit or loss
8
-
8
Actuarial losses/(gains) related to:
Experience adjustments
(2)
-
(2)
Financial assumptions
(7)
-
(7)
Demographic assumptions
-
-
-
Included in other comprehensive income
21
(9)
-
(9)
Contributions by employers
-
(12)
(12)
Benefits paid by the fund
(3)
3
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
(1)
(1)
(2)
Closing balance
187
(35)
152
of which
wholly or partly funded benefits
29
wholly unfunded benefits
1
158
assets related to employee benefit plans
(12)
liabilities for employee benefit plans
164
\n
1
Included a current liability of \u20ac14 million as of December 31, 2025
\n\n \n
2024
Fair value
Net obligation/
(millions of euros)
Note
Obligation
of plan assets
(asset)
Opening balance
192
(36)
156
Current service cost
5
1
-
1
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
1
-
1
Interest cost
6
6
-
6
Expected return on plan assets
6
-
(1)
(1)
Impact on other financial income
6
(1)
5
Included in the statement of profit or loss
7
(1)
6
Actuarial losses/(gains) related to:
Experience adjustments
14
(3)
11
Financial assumptions
6
-
6
Demographic assumptions
-
-
-
Included in other comprehensive income
21
20
(3)
17
Contributions by employers
-
(13)
(13)
Benefits paid by the fund
(3)
3
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
-
1
1
Closing balance
204
(37)
167
of which
wholly or partly funded benefits
33
wholly unfunded benefits
1
171
assets related to employee benefit plans
(11)
liabilities for employee benefit plans
178
\n
1
Included a current liability of \u20ac15 million as of December 31, 2024
Assumptions used in the valuation of the net defined benefit liability
The mortality tables used for UMG\u2019s major defined benefit schemes in Germany are Richttafeln 2018
G K. Heubeck.
Other key assumptions used in the valuation of the net defined benefit plans liability are: rate of
compensation increase, discount rate, and expected return on plan assets. The weighted-average
assumptions used to calculate the defined benefit obligation as of December 31 were as follows:
\n \n
Germany
U.S.
Weighted average of all plans
2025
2024
2025
2024
2025
2024
Discount rate
3.80%
3.30%
5.15%
5.47%
3.81%
3.33%
Inflation rate
2.00%
2.00%
na
na
1.99%
2.00%
Duration of the benefit obligation
(in years)
9.7
9.9
na: not applicable.
Defined benefit obligation sensitivity
A 50 basis point change in the key assumptions, assuming all other assumptions remain
unchanged, would result in the following impact to the defined benefit obligation:
\n \n
2025
2024
50 basis point
50 basis point
(millions of euros)
Increase
Decrease
Increase
Decrease
Discount rate
(8)
9
(10)
10
Inflation rate
6
(6)
8
(7)
Pension plan assets allocation
\n \n
Year ended December 31,
(millions of euros)
2025
2024
Insurance contracts
54%
55%
Equity securities
23%
22%
Debt securities
14%
14%
Diversified funds
0%
0%
Cash and other
9%
9%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.Changes in working capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2024
capital
1
combinations
adjustments
Other
2
2025
Inventories
3
255
35
(3)
(24)
-
263
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,497
291
8
(169)
(20)
2,607
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
813
(107)
5
(45)
7
673
Expected credit losses
(42)
(1)
-
2
-
(41)
Working capital assets
2,752
326
5
(193)
(20)
2,870
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(6,394)
(369)
(15)
521
28
(6,229)
Other non-
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
current liabilities
(1,456)
5
(1)
41
(38)
(1,449)
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(7,850)
(364)
(16)
562
(10)
(7,678)
Net working capital
(5,098)
(38)
(11)
369
(30)
(4,808)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac44 million.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2023
capital
1
combinations
adjustments
Other
2
2024
Inventories
3
210
32
5
8
-
255
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,246
110
40
51
50
2,497
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
646
107
35
18
7
813
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(5,711)
(137)
(75)
(214)
(257)
(6,394)
Other non-
\u00a0
(715)
\u00a0
-
\u00a0
(30)
\u00a0
(23)
\u00a0
(688)
\u00a0
(1,456)
current liabilities
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac68 million.
Financial risk management
UMG business activities expose the Group to financial risks, including credit risk, liquidity risk, and
market risk. Market risk comprises three types of risk: interest rate risk, foreign currency risk and
other price risks.
These risks are inherent to how UMG operates as a multinational with locally operating subsidiaries.
To manage these risks, UMG has developed specific policies. The essence of measuring the
performance of these policies is to strike a balance between managing risks and contributing to
the financial results of UMG. UMG policies are risk-averse in that regard. Enforcement of procedures
related to financial risk management is carried out by UMG Group Treasury in line with the guiding
principles of the Group Treasury Policies.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other
party by falling to discharge an obligation.
UMG's maximum credit risk exposure is equal to the carrying amounts of Trade and other
receivables, refer to Note
15
, and Cash position and borrowings, refer to Note
17
, as presented in
the Statement of Financial Position. Also, for the derivatives and assets at fair value via profit and
loss, the maximum exposure to credit risk at the end of the reporting period is equal to the carrying
amount, refer to Note
19
. The maximum credit risk exposure on guarantees issued corresponds to
their nominal amounts, as presented in Note
18
.
UMG aims to centralize its cash management with its Tier 1 banks, of which all the banks have credit
ratings of minimum of A-.
UMG performs ongoing evaluations of the financial and non-financial condition of UMG customers
and adjusts credit limits when appropriate. In instances where a customer's creditworthiness is
determined not to be sufficient to grant the required credit limit, there are several mitigation
tools that can be utilized to close the gap, including reducing payment terms, cash on delivery,
prepayments and pledges on assets.
UMG\u2019s operational subsidiaries have set up procedures and systems to track their trade accounts
receivable and recover outstanding amounts. In addition, some subsidiaries have insured their main
client credit risks worldwide with a leading credit insurer.
Liquidity risk
Liquidity risk is the risk that UMG will not be able to meet its financial obligations as they fall due.
The primary objective of liquidity management is providing sufficient cash to enable UMG to meet its
liabilities when due, under normal and stressed conditions, without incurring losses.
Neither the aged receivables of individual customers, nor the profile of the accounts receivable
portfolio per segment, impose a significant threat to UMG\u2019s liquidity planning.
UMG Treasury provides for the short-term day-to-day cash management needs of the Group by
organizing sweeps between international cash poolings. For medium term financing requirements,
UMG Group Treasury determines the Group's overall debt position and its planned evolution based
on the Group\u2019s 13-month rolling cash forecast. A liquidity analysis is performed to ensure the proper
funding is in place to face medium-term needs.
Cash is pooled up to UMG NV from all territories participating in the international cash pooling
arrangement. Cash is extracted from countries outside the cash pooling through dividends or
upstream loans.
The objectives of liquidity management are to repay UMG's external debt and to pay UMG's dividend
to the Group's shareholders. The list of permitted banks for liquidity management includes nine
banks with minimum rating of A-.
The liquidity analysis includes a buffer of \u20ac400 million to provide for intra-month treasury
swings and the incompressible treasury float. Adequate bank facilities are available as backup
for Commercial paper. The maturity schedule for long-term external debt is maintained above
3 years and the current average maturity for long term external debt is 3.73 years (2024: 4.5
years). UMG Treasury ensures central compliance with financial covenants, pari-passu, and negative
pledge clauses.
Total cash and cash equivalents position as at December 31, 2025, is disclosed in Note
17
.
Contractual obligations and their timing are disclosed in Note
18
.
In addition, as at December 31,
2025, UMG has undrawn Revolving Credit Facilities (RCF) of \u20ac1,615 million (2024: \u20ac1,250 million). The
\u20ac2,000 million RCF serves as a liquidity backstop for the NEU Commercial Paper program.
Market risk
Market risk is the possibility that an entity will experience losses due to factors that affect
the financial markets. Market risk includes currency risk and interest rate risk as addressed below,
but also risk of change in fair value of the financial instruments, including those traded on the active
markets. At December 31, 2025, UMG held financial instruments measured at fair value as disclosed
in Note
19
, where the exposure of the risk and sensitivity are presented.
UMG risk management policies cover refinancing risk to ensure that under any market
circumstances, UMG can refinance its debt on time and a reasonable cost. The objectives of
refinancing risk management are to benefit from sufficient flexibility granted by the access to capital
markets (in particular, Euro commercial papers, private placement and bond markets) and not rely
solely on bank borrowings.
Interest rate risk
Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating
because of changes in the market interest rates. Financial instruments included in borrowings
create an inherent interest rate risk.
UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings.
The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of
interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes
interest rate swaps, FRAs, caps, and floors.
As for currency risk management, interest rate hedging operations are handled solely by UMG
Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The
speculative use of interest rate derivatives is strictly prohibited.
As of December 31, 2025, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately
80% (2024: 68%). A sensitivity analysis conducted in January 2026 on the gross debt portfolio shows
that if short term EURIBOR were to increase instantaneously by 0.5% from their level of December 31,
2025, with all other variables held constant, the total change in annualized interest expense result
would be \u20ac2 million (2024: \u20ac4 million).
Foreign currency risk
As any multinational group, UMG is exposed to transactional foreign currency risk on committed
and forecast cash flows, that are denominated in a currency other than the transacting entity's
functional currency. UMG is also exposed to translational risk, resulting from the translation of
foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S.
Dollar, British Pound and Japanese Yen.
UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting
of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG
Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash
concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG
Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities
denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate
contracts and foreign exchange swaps to manage this exposure. All material foreign currency
balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations
as of December 31, 2025 would have no significant impacts on UMG\u2019s financial results. UMG did not
apply hedge accounting to these derivatives in 2025 or 2024. Currency derivatives are not used for
speculative purposes. The average maturity of these contracts is one month.
The table below summarises the net nominal value of the foreign currency balance sheet exposure
and foreign exchange rate derivatives used to offset it as of December 31, 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
225
(165)
(138)
(403)
(481)
Foreign exchange rate derivatives
(225)
165
138
403
481
Net exposure
-
-
-
-
-
\n
Foreign currency translation risks are hedged to a limited extent, as the underlying currency
positions are generally considered to be long-term in nature. If a hedge is entered into, it is
accounted for as a net investment hedge.
Note 15.\u00a0Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Trade receivables and accrued income
2,299
2,244
Other receivables
308
253
Trade and other receivables
2,607
2,497
\n
Year ended December 31,
(millions of euros)
2025
2024
Current
2,205
2,160
Overdue 0-30 days
52
44
Overdue 31-150 days
24
25
Overdue >150 days
18
15
Trade receivables and accrued income
2,299
2,244
Trade and other receivables are presented net of valuation allowances. For changes in the expected
credit loss allowance and the credit risk management policies and procedures of UMG please refer to
Note
14
.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
Note 16.\u00a0Trade and other accounts payable
Year ended December 31,
(millions of euros)
2025
2024
Trade accounts payable
174
168
Music royalties to artists and repertoire owners
4,383
4,327
Accrued expenses
480
424
Creative talent and content liabilities
344
533
Other payables
1
452
530
Trade and other accounts payable
5,833
5,982
Current contract liabilities
396
412
Trade accounts payable and other
6,229
6,394
\n
1
Other payables includes accrued liabilities and payables related to employee, taxes and other costs.
\n
The total amount of current and non-current contract liabilities as at December 31, 2025 is
\n
\u20ac403 million (2024: \u20ac424 million).
\n
Out of the total amount of \u20ac424 million recognized in contract liabilities at the beginning of
\n
2025, \u20ac379 million has been recognized as revenue for the year ended December 31, 2025 (2024:
\n
\u20ac365 million recognized as revenue out of a total of \u20ac428 million recognized in contract liabilities at
\n
the beginning of 2024).
\n
Note 17.\u00a0Cash position and borrowings
\n
Cash position
Year ended December 31,
(millions of euros)
2025
2024
Cash and cash equivalents
451
553
Bank overdrafts
(74)
(8)
Cash and cash equivalents in the statement of cash flows
377
545
\n
UMG operates in a number of territories where regulations do not authorise participation of local
\n
entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to
\n
extract cash from these territories. The amount of cash held by UMG entities in these countries
\n
amounted to \u20ac412 million as of December 31, 2025 (2024: \u20ac466 million).
\n
Borrowings and other financial liabilities
December 31, 2025
December 31, 2024
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
2,293
2,251
42
1,810
1,776
34
Drawn revolving
credit facilities
8
8
-
-
-
-
Commercial papers
384
-
384
746
-
746
Bank overdrafts
74
-
74
8
-
8
Other
87
38
49
87
2
85
Borrowings at
amortized cost
2,846
2,297
549
2,651
1,778
873
Cash and
cash equivalents
(451)
-
(451)
(553)
-
(553)
Derivative
financial assets
(5)
-
(5)
-
-
-
Net debt
2,390
2,098
\n
Borrowings include the following:
\n
\u2022
\n
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2027 with a coupon
\n
of 3.00%.
\n
\u2022
\n
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2032 with a coupon
\n
of 3.75%.
\n
\u2022
\n
\u20ac750 million of senior unsecured notes issued in June 2023, due on June 13, 2031 with a coupon
\n
of 4.00%.
\n
\u2022
\n
\u00a57 billion (\u20ac45 million) of senior notes issued in July 2023 and due on July 5, 2038 with a coupon
\n
of 1.61%.
\n
\u2022
\n
\u20ac300 million of senior unsecured notes issued in May 2025, due on June 30, 2032 with a coupon
\n
of 3.75%.
\n
\u2022
\n
\u20ac100 million of senior unsecured notes issued in June 2025, due on June 13, 2031 with a coupon
\n
of 4.00%.
\n
\u2022
\n
\u00a57 billion (\u20ac41 million) of senior notes issued in September 2025 and due on September 25, 2035
\n
with a coupon of 2.25%.
\n
\u2022
\n
\u20ac40 million of senior unsecured notes issued in December 2025, due on December 15, 2038 with a
\n
coupon of 4.00%.
\n
\u2022
\n
\u20ac2 billion revolving credit facility extended in February 2023 to April 26, 2028.
\n
\u2022
\n
Up to \u20ac2 billion NEU commercial paper program established in July 2022.
\n
\u2022
\n
USD $500 million short-term bilateral floating rate revolving credit facility entered into in April
\n
2025, which expires in April 2028.
\n
Movements of borrowings
Drawn
revolving
credit
Bank
Commercial
(millions of euros)
facilities
Bonds
overdrafts
papers
Other debt
Total
Balance December
31, 2023
-
1,808
26
197
73
2,104
New borrowings
300
-
8
3,897
124
4,329
Repayments
(300)
-
(26)
(3,351)
(104)
(3,781)
Translation differences
and other movements
-
2
-
3
(6)
(1)
Balance December
31, 2024
-
1,810
8
746
87
2,651
New borrowings
317
481
74
3,689
19
4,580
Repayments
(309)
-
(8)
(4,048)
(12)
(4,377)
Translation differences
and other movements
-
2
-
(3)
(7)
(8)
Balance December
31, 2025
8
2,293
74
384
87
2,846
Contractual obligations
The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their
\n
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
\n
flows. Balances due within 12 months equal their carrying balances as the impact of discounting
\n
is not significant. Interest on long-term debt is based on floating rate adjustments according to
\n
market expectations.
Minimum future payments as of December 31, 2025
Total minimum future
Payments due in
payments as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2024
Borrowings and other
financial liabilities
3,281
480
871
1,930
3,086
Lease liabilities
695
102
307
287
664
Music royalties to artists and
repertoire owners
4,396
4,383
13
-
4,343
Creative talent and
content liabilities
583
344
237
2
944
Other payables
2,251
1,054
61
1,136
2,094
Consolidated statement of
financial position items
11,206
6,363
1,489
3,355
11,131
Contractual
content commitments
1,614
791
753
70
1,707
Other commitments
1
1,571
859
122
590
875
Total off-balance
sheet commitments
3,185
1,650
875
660
2,582
Total
14,391
8,013
2,364
4,015
13,713
\n
1
In December 2024, UMG entered into a definitive agreement to acquire Downtown Music Holdings LLC. The acquisition was
\n
approved by the European Commission on February 13, 2026 and completed on February 20, 2026. Refer to Note 30 of the
\n
Consolidated Financial Statements for additional information. Total cash outflows resulting from the acquisition are $898 million,
\n
which includes cash paid to the selling shareholder and payments to settle certain of Downtown's third-party debt obligations.
\n
Note 19.\u00a0Financial assets and liabilities
\n
The following table shows the carrying amounts and fair values of financial assets and liabilities
\n
according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the
\n
amounts, UMG considers that the fair value of trade and other receivables, short-term deposits,
\n
loans receivable, borrowings, trade and other payables are not materially different from their
\n
carrying value.
\n
Fair value hierarchy is based on the transparency of the inputs used and is as follows:
\n
\u2022
\n
Level 1: fair value measurement based on quoted prices in active markets for identical assets
\n
or liabilities;
\n
\u2022
\n
Level 2: fair value measurement based on observable market data (other than quoted prices
\n
included under Level 1), being for example, price on the last transactions on over-the-counter
\n
(OTC) markets; and
\n
\u2022
\n
Level 3: fair value measurement based on valuation techniques using inputs for the asset or
\n
liability that are not based on observable market data.
\n\n \n
December 31, 2025
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
3,404
3,404
-
-
Other financial assets
133
-
18
115
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
34
-
-
34
Financial assets at amortised cost
Trade and other receivables
2,607
-
-
-
Other financial assets
215
-
-
-
Total financial assets
6,393
3,404
18
149
Financial liabilities at fair value through profit
and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(51)
(5)
-
(46)
Financial liabilities at amortised cost
Trade and other payables
(6,225)
-
-
-
Bonds
(2,293)
(2,181)
-
-
Borrowings, excluding bank overdrafts and bonds
(479)
-
-
-
Other non-current liabilities
(1,398)
-
-
-
Total financial liabilities
(10,450)
(2,190)
-
(46)
\n\n \n
December 31, 2024
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit
and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
Listed equity portfolio
Change
Cumulative
Number
Average
Stock
in value
unrealized
Sensitivity
of shares
Ownership
purchase
market
Carrying
over
capital
at +/- 10
held
interest
price
1,2
price
value
the period
gain/(loss)
3
pts
(thousands)
(\u20ac/share)
(millions of euros)
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
Music Entertainment
12,246
0.79%
na
10.96
134
33
134
+13/-13
Other
9
(5)
9
Total at December
31, 2024
2,945
1,718
2,902
Spotify
6,487
3.10%
6.58
495.47
3,214
412
3,171
+321/-321
Tencent
Music Entertainment
12,246
0.80%
na
14.96
183
49
183
+18/-18
Other
7
(2)
7
Total at December
31, 2025
3,404
459
3,361
1
Includes acquisition fees and taxes.
2
na: not applicable.
3
Includes revaluation gains, net of liabilities, of \u20ac283 million in 2025 (\u20ac1,163 million in 2024) as recognized in Note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "Note 6.\u00a0Financial income and expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Interest income from cash, cash equivalents and other
\u00a0
25
19
Change in fair value of financial instruments through profit or loss
19
285
1,170
Remeasurement on investment for step acquisition
13
-
62
Expected return on plan assets related to employee benefit plans
23
-
1
Gain on derivative instruments at fair value through profit or loss
1
\u00a0
27
24
Income from investments
\u00a0
2
3
Financial income
\u00a0
339
1,279
Interest expense on borrowings
\u00a0
(108)
(107)
Change in fair value of financial instruments through profit or loss
19
(37)
(17)
Unwinding of interest component
\u00a0
(2)
(2)
Interest cost related to employee benefit plans
23
(6)
(6)
Interest expenses on lease liabilities
12
(21)
(20)
Foreign exchange loss
\u00a0
(1)
(3)
Loss on derivative instruments at fair value through profit or loss
1
\u00a0
(21)
(19)
Cost of finance
\u00a0
(8)
(4)
Other
\u00a0
(29)
(9)
Financial expenses
\u00a0
(233)
(187)
Net total financial income and (expenses)
\u00a0
106
1,092
\n
1
The net gain/(loss) on derivative instruments at fair value through profit or loss relates to foreign exchange forward contracts that
did not qualify for hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Note 7.\u00a0Income taxes
Income taxes expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
(Expense)/income
\u00a0\u00a0
Current tax
\u00a0\u00a0
Current year
(455)
(389)
Over/(under) provided in previous years
28
(6)
Uncertain tax positions
(27)
-
Withholding tax
(84)
(83)
\u00a0
(538)
(478)
Deferred tax
\u00a0\u00a0
Origination and reversal of temporary difference and tax attributes
1
(34)
(310)
Recognition/(de-recognition) of deferred tax assets
43
7
Effect of changes in tax rates
(4)
(3)
Over/(under) provided in previous years
(13)
6
\u00a0
(8)
(300)
Total income tax expense in statement of profit and loss
(546)
(778)
\n
1
Included the deferred tax charge relating to the revaluation gain recorded through profit or loss related to the investments in
Spotify, Tencent Music Entertainment and other listed investments for an aggregate expense amount of \u20ac67 million in 2025,
compared to \u20ac301 million expense in 2024.
\n
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\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
(Expense)/income
\u00a0\u00a0
Current tax related to items recognized during the year:
\u00a0\u00a0
To Equity
\u00a0\u00a0
Share based compensation
-
1
\u00a0
-
1
Deferred tax related to items recognized during the year:
\u00a0\u00a0
To Equity
\u00a0\u00a0
Share based compensation
4
12
To Other Comprehensive Income
\u00a0\u00a0
Net (gain)/loss on equity instruments designated at fair value through OCI
-
-
Remeasurement (gain)/loss on actuarial gains and losses
(3)
5
Foreign currency translation and (gain)/loss on hedge of net investments and cash
\u00a0\u00a0
flow hedges
10
(6)
\u00a0
11
11
Total income tax charged to equity and other comprehensive income
11
12
\n
Effective tax rate
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Net profit /(loss) from continuing operations
1,540
2,093
Income taxes
546
778
Profit before income taxes
2,086
2,871
Dutch statutory tax rate
25.8%
25.8%
Theoretical provision for income taxes based on Dutch statutory tax rate
(538)
(741)
Reconciliation of the theoretical and effective provision for income taxes
\u00a0\u00a0
Corporate tax rate differences
13
8
Impacts of the changes in tax rates
(4)
(3)
Recognition/(de-recognition) of deferred tax assets
43
7
Adjustments to tax expense from previous years
15
-
Outside basis differences
(1)
(6)
Non-deductible expenses
(24)
(15)
Withholding taxes (net of Corporate Income tax benefit)
(66)
(64)
Uncertain tax positions
(27)
-
Foreign Derived Intangible Income (FDII) deduction (United States)
47
33
Other
(4)
3
Provision for income taxes
(546)
(778)
Effective tax rate
26.2%
27.1%
Current tax receivables and payables
Changes in current tax receivables/(payables), net
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance of current income tax receivables/(payables)
(66)
(34)
Income tax expense in statement of profit and loss
(427)
(395)
Income tax charged to equity and other comprehensive income
-
1
Income tax paid/(received)
403
349
Changes in foreign currency translation adjustments and other
(13)
13
Closing balance of current income tax receivables/(payables), net
(103)
(66)
Reflected in the statement of financial position as follows:
\u00a0 \u00a0
Current tax receivables
65
30
Current tax payables
(168)
(96)
\n
Deferred tax assets and liabilities
Changes in deferred tax assets/(liabilities), net
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance of deferred tax assets/(liabilities)
(545)
(197)
Income taxes
(8)
(300)
Expenses and income directly recorded in equity and other comprehensive income
11
11
Business combinations
5
(57)
Changes in foreign currency translation adjustments and other
(20)
(2)
Closing balance of deferred tax assets/(liabilities), net
(557)
(545)
\n
Components of deferred tax assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Statement of financial position
Statement of profit or loss
(millions of euros)
2025
2024
2025
2024
Deferred tax
\u00a0\u00a0\u00a0\u00a0
Tax attributes
35
22
(13)
10
Non-deductible provisions
116
100
(23)
(23)
Employee benefits
85
114
22
25
Lease liabilities
91
106
23
(29)
Asset revaluations
(133)
(188)
(18)
(20)
Financial instruments
1
(837)
(727)
111
440
Right of use assets
(95)
(85)
(19)
29
Working capital and other
181
113
(75)
(132)
Deferred tax expense/(benefit)
\u00a0\u00a0
8
300
Net deferred tax assets/(liabilities)
(557)
(545)
\u00a0\u00a0
Reflected in the statement of financial
\u00a0\u00a0\u00a0\u00a0
position as follows:
\u00a0\u00a0\u00a0\u00a0
Deferred tax assets
657
625
\u00a0\u00a0
Deferred tax liabilities
(1,214)
(1,170)
\u00a0\u00a0
\n
1
Primarily related to the deferred tax liabilities stemming from the revaluation of the investments in Spotify, Tencent Music
Entertainment and other investments.
The amounts of tax attributes (including tax losses and tax credits) were estimated at the end of the
relevant fiscal years. As a result, the amount of tax attributes shown in this table and the amount
reported to tax authorities at the time of the filing of the tax returns may differ, and if necessary, may
need to be adjusted in this table at the end of the following year. UMG's forward-looking assumptions
support that it is probable that future operational results will generate sufficient taxable income to
utilize these tax attributes. Relevant developments potentially impacting the period and probability
of recovery will be monitored closely.
Deferred tax assets have not been recognized in respect of gross tax attributes for \u20ac1,026 million
(2024: \u20ac1,194 million), as it is not probable that there will be future taxable profits within the entities
against which these can be utilized. \u20ac10 million of the unrecognized gross tax attributes will expire
within 5 years and \u20ac988 million will not expire.
There are no income tax consequences attached for the Company to the payment of dividends in
either 2025 or 2024 by the Company to its shareholders.
Pillar Two
UMG has carried out a study on the financial impact of the Pillar Two rules on 2025 and future years.
Based on the currently available information UMG estimates that this impact is not material. UMG
will closely monitor the legislative developments and guidance issued to assess potential changes
in the impact on the Pillar Two rules.
For 2025 an accrual of less than \u20ac1 million (2024: less than \u20ac1 million) has been recorded regarding
top-up tax in jurisdictions which base income tax rate is lower than 15%.
Tax audits and uncertain tax positions
In the normal course of their business, UMG is subject to tax audits by the relevant tax authorities in
the countries in which it conducts or has conducted business. Various tax authorities have proposed
ordinary adjustments to the financial results reported by UMG in prior years, under statutes of
limitation applicable to UMG. Regarding ongoing tax audits, a provision is recorded where the impact
that could result from an unfavourable outcome can reliably be assessed.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "Income taxes expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
(Expense)/income
\u00a0\u00a0
Current tax
\u00a0\u00a0
Current year
(455)
(389)
Over/(under) provided in previous years
28
(6)
Uncertain tax positions
(27)
-
Withholding tax
(84)
(83)
\u00a0
(538)
(478)
Deferred tax
\u00a0\u00a0
Origination and reversal of temporary difference and tax attributes
1
(34)
(310)
Recognition/(de-recognition) of deferred tax assets
43
7
Effect of changes in tax rates
(4)
(3)
Over/(under) provided in previous years
(13)
6
\u00a0
(8)
(300)
Total income tax expense in statement of profit and loss
(546)
(778)
\n
1
Included the deferred tax charge relating to the revaluation gain recorded through profit or loss related to the investments in
Spotify, Tencent Music Entertainment and other listed investments for an aggregate expense amount of \u20ac67 million in 2025,
compared to \u20ac301 million expense in 2024.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
(Expense)/income
\u00a0\u00a0
Current tax related to items recognized during the year:
\u00a0\u00a0
To Equity
\u00a0\u00a0
Share based compensation
-
1
\u00a0
-
1
Deferred tax related to items recognized during the year:
\u00a0\u00a0
To Equity
\u00a0\u00a0
Share based compensation
4
12
To Other Comprehensive Income
\u00a0\u00a0
Net (gain)/loss on equity instruments designated at fair value through OCI
-
-
Remeasurement (gain)/loss on actuarial gains and losses
(3)
5
Foreign currency translation and (gain)/loss on hedge of net investments and cash
\u00a0\u00a0
flow hedges
10
(6)
\u00a0
11
11
Total income tax charged to equity and other comprehensive income
11
12
\nDeferred tax assets and liabilities
Changes in deferred tax assets/(liabilities), net
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance of deferred tax assets/(liabilities)
(545)
(197)
Income taxes
(8)
(300)
Expenses and income directly recorded in equity and other comprehensive income
11
11
Business combinations
5
(57)
Changes in foreign currency translation adjustments and other
(20)
(2)
Closing balance of deferred tax assets/(liabilities), net
(557)
(545)
\n
Components of deferred tax assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Statement of financial position
Statement of profit or loss
(millions of euros)
2025
2024
2025
2024
Deferred tax
\u00a0\u00a0\u00a0\u00a0
Tax attributes
35
22
(13)
10
Non-deductible provisions
116
100
(23)
(23)
Employee benefits
85
114
22
25
Lease liabilities
91
106
23
(29)
Asset revaluations
(133)
(188)
(18)
(20)
Financial instruments
1
(837)
(727)
111
440
Right of use assets
(95)
(85)
(19)
29
Working capital and other
181
113
(75)
(132)
Deferred tax expense/(benefit)
\u00a0\u00a0
8
300
Net deferred tax assets/(liabilities)
(557)
(545)
\u00a0\u00a0
Reflected in the statement of financial
\u00a0\u00a0\u00a0\u00a0
position as follows:
\u00a0\u00a0\u00a0\u00a0
Deferred tax assets
657
625
\u00a0\u00a0
Deferred tax liabilities
(1,214)
(1,170)
\u00a0\u00a0
\n
1
Primarily related to the deferred tax liabilities stemming from the revaluation of the investments in Spotify, Tencent Music
Entertainment and other investments.
The amounts of tax attributes (including tax losses and tax credits) were estimated at the end of the
relevant fiscal years. As a result, the amount of tax attributes shown in this table and the amount
reported to tax authorities at the time of the filing of the tax returns may differ, and if necessary, may
need to be adjusted in this table at the end of the following year. UMG's forward-looking assumptions
support that it is probable that future operational results will generate sufficient taxable income to
utilize these tax attributes. Relevant developments potentially impacting the period and probability
of recovery will be monitored closely.
Deferred tax assets have not been recognized in respect of gross tax attributes for \u20ac1,026 million
(2024: \u20ac1,194 million), as it is not probable that there will be future taxable profits within the entities
against which these can be utilized. \u20ac10 million of the unrecognized gross tax attributes will expire
within 5 years and \u20ac988 million will not expire.
There are no income tax consequences attached for the Company to the payment of dividends in
either 2025 or 2024 by the Company to its shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "Current tax receivables and payables
Changes in current tax receivables/(payables), net
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance of current income tax receivables/(payables)
(66)
(34)
Income tax expense in statement of profit and loss
(427)
(395)
Income tax charged to equity and other comprehensive income
-
1
Income tax paid/(received)
403
349
Changes in foreign currency translation adjustments and other
(13)
13
Closing balance of current income tax receivables/(payables), net
(103)
(66)
Reflected in the statement of financial position as follows:
\u00a0 \u00a0
Current tax receivables
65
30
Current tax payables
(168)
(96)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Note 8.\u00a0Earnings per share \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros and shares, except per share data)
2025
2024
Net profit attributable to equity holders of the parent
1,533
2,086
Weighted average number of shares outstanding (after deduction of treasury
\u00a0\u00a0
shares) during the year
1,833
1,827
Potential dilutive effects related to share-based compensation
20
25
Diluted weighted average number of shares
1,853
1,852
Earnings per share
(in euros)
\u00a0\u00a0
Basic earnings per share
0.84
1.14
Diluted earnings per share
0.83
1.13
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "Note 9.\u00a0Goodwill
Changes in goodwill
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
2025
2024
Balance as at January 1
\u00a0 \u00a0
Goodwill, gross
1,997
1,720
Accumulated impairment losses
(102)
(96)
Goodwill, net
1,895
1,624
Changes in book value:
\u00a0 \u00a0
Acquisitions
56
180
Foreign currency translation adjustments
(197)
91
Total changes
(141)
271
Balance as at December 31
\u00a0 \u00a0
Goodwill, gross
1,845
1,997
Accumulated impairment losses
(91)
(102)
Goodwill, net
1,754
1,895
\n
In 2024, UMG recognised additional goodwill of \u20ac165 million as a result of the Mavin and [PIAS]
business combinations, refer to Note
4
.
Goodwill by cash generating unit
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Recorded Music
959
1,003
Music Publishing
698
788
Merchandising & Other
97
104
Closing balance
1,754
1,895
\n
Cash generating units
For impairment testing, goodwill is allocated to cash-generating units, which represent the lowest
level at which the goodwill is monitored internally for management purposes. The cash-generating
units correspond to the operating segments as disclosed in Note
3
above.
Goodwill impairment test
UMG conducted the full annual impairment test in the fourth quarter of 2025.
The goodwill was tested for impairment by comparing it with a recoverable amount. The recoverable
amount is determined as the higher of the value in use determined by the discounted value
of future cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell),
determined on the basis of market data (stock market prices, comparable listed companies,
comparison with the value attributed to similar assets or companies in recent acquisition
transactions). For a description of the methods used for the impairment test, please refer to Note
2
. In 2025 and 2024, the recoverable amounts of cash generating units were determined using their
value in use.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Key assumptions used in the impairment tests for the cash-generating units were sales growth
rates and the rates used for discounting the projected cash flows. These cash flow projections were
determined using management's internal forecasts that cover an initial period of 2025 to 2028 (2024:
initial period of 2024 to 2028) that matches the period used for our strategic planning process with
an additional two-year extrapolation until 2030 (2024: extrapolation until 2029), after which a terminal
value was calculated.
The sales growth rates used to estimate cash flows are based on:
\u2022
past performance, including the label pool revenue forecasts derived from commercial
agreements with customers;
\u2022
external market growth assumptions among which is the overall population and corresponding
growth in streaming penetration rate among the population;
\u2022
expected market share developments;
\u2022
industry long-term growth averages.
Key assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Compound
\u00a0 \u00a0
Compound
\u00a0 \u00a0
\u00a0
Annual
Extrapolation
\u00a0
Annual
Extrapolation
\u00a0
\u00a0
Revenue
revenue
\u00a0
Revenue
revenue
\u00a0
\u00a0
Growth
growth rate
Pre-tax
Growth
growth rate
Pre-tax
In % per year
2025-2028
after 2028
discount rates
2024-2028
after 2028
discount rates
Recorded Music
6.9%
3.3%
10.3%
7.0%
3.3%
10.2%
Music Publishing
7.9%
3.3%
10.3%
7.0%
3.3%
10.2%
Merchandising
8.4%
2.2%
10.3%
13.4%
2.1%
10.2%
\n
The annual impairment test for Recorded Music, Music Publishing and Merchandising showed
significant headroom and management did not identify an impairment for these CGUs. The
sensitivity analysis around the key assumptions in the impairment tests have indicated that a
reasonably possible change in any of the assumptions would not cause the recoverable amount to
be less than the carrying value.
Note 10.\u00a0Content assets (catalogues and royalty advances) and other intangibles
Net book value 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2025
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,190
(3,140)
3,050
Royalty advances (to artists and repertoire owners)
3,136
-
3,136
Content assets
9,326
(3,140)
6,186
Other intangible assets
735
(473)
262
\n
Net book value 2024
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2024
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
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\n\n
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\n\n
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\n
\n\n
\n
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\n\n
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\n\n
\n
\n
\n\n
\n
\n
Changes in content assets and other intangibles
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Catalogues (of
Royalty advances
\u00a0
Total intangible
\u00a0
music and
(to artists and
\u00a0
assets
(millions of euros)
publishing rights)
repertoire owners)
Other intangibles
& advances
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2024
3,393
3,296
232
6,921
Amortisation
(256)
-
(72)
(328)
Impairment
(3)
-
-
(3)
Additions
275
1,551
125
1,951
Disposals
(36)
-
-
(36)
Recoupments
-
(1,350)
-
(1,350)
Business combinations
23
(10)
-
13
Changes in foreign currency translation
(346)
(351)
(23)
(720)
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2025
3,050
3,136
262
6,448
\n
Cash movements from additions and recoupments detailed in the changes in content assets table
above are included net on the Consolidated Statement of Cash Flows.
The significant music catalogues and publishing rights were acquired through business
combinations of BMG Publishing (BMG) and EMI Recorded Music (EMI). The BMG catalogue was
acquired in 2007 with a fair value of \u20ac1,241 million and has carrying amount of \u20ac181 million (2024:
\u20ac265 million) with a remaining useful life of 2 and 32 years for the respective catalogue components.
The EMI catalogue was acquired in 2012 with a fair value of \u20ac1,046 million, and has a carrying
amount of \u20ac434 million (2024: \u20ac541 million) with a remaining useful life of 7 and 37 years for the
respective catalogue components.
In 2024, UMG recognised additional catalogue assets of \u20ac227 million as a result of the Mavin and PIAS
business combinations, refer to Note
4
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "Note 9.\u00a0Goodwill
Changes in goodwill
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
2025
2024
Balance as at January 1
\u00a0 \u00a0
Goodwill, gross
1,997
1,720
Accumulated impairment losses
(102)
(96)
Goodwill, net
1,895
1,624
Changes in book value:
\u00a0 \u00a0
Acquisitions
56
180
Foreign currency translation adjustments
(197)
91
Total changes
(141)
271
Balance as at December 31
\u00a0 \u00a0
Goodwill, gross
1,845
1,997
Accumulated impairment losses
(91)
(102)
Goodwill, net
1,754
1,895
\n
In 2024, UMG recognised additional goodwill of \u20ac165 million as a result of the Mavin and [PIAS]
business combinations, refer to Note
4
.
Goodwill by cash generating unit
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Recorded Music
959
1,003
Music Publishing
698
788
Merchandising & Other
97
104
Closing balance
1,754
1,895
\n
Cash generating units
For impairment testing, goodwill is allocated to cash-generating units, which represent the lowest
level at which the goodwill is monitored internally for management purposes. The cash-generating
units correspond to the operating segments as disclosed in Note
3
above.
Goodwill impairment test
UMG conducted the full annual impairment test in the fourth quarter of 2025.
The goodwill was tested for impairment by comparing it with a recoverable amount. The recoverable
amount is determined as the higher of the value in use determined by the discounted value
of future cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell),
determined on the basis of market data (stock market prices, comparable listed companies,
comparison with the value attributed to similar assets or companies in recent acquisition
transactions). For a description of the methods used for the impairment test, please refer to Note
2
. In 2025 and 2024, the recoverable amounts of cash generating units were determined using their
value in use.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Key assumptions used in the impairment tests for the cash-generating units were sales growth
rates and the rates used for discounting the projected cash flows. These cash flow projections were
determined using management's internal forecasts that cover an initial period of 2025 to 2028 (2024:
initial period of 2024 to 2028) that matches the period used for our strategic planning process with
an additional two-year extrapolation until 2030 (2024: extrapolation until 2029), after which a terminal
value was calculated.
The sales growth rates used to estimate cash flows are based on:
\u2022
past performance, including the label pool revenue forecasts derived from commercial
agreements with customers;
\u2022
external market growth assumptions among which is the overall population and corresponding
growth in streaming penetration rate among the population;
\u2022
expected market share developments;
\u2022
industry long-term growth averages.
Key assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Compound
\u00a0 \u00a0
Compound
\u00a0 \u00a0
\u00a0
Annual
Extrapolation
\u00a0
Annual
Extrapolation
\u00a0
\u00a0
Revenue
revenue
\u00a0
Revenue
revenue
\u00a0
\u00a0
Growth
growth rate
Pre-tax
Growth
growth rate
Pre-tax
In % per year
2025-2028
after 2028
discount rates
2024-2028
after 2028
discount rates
Recorded Music
6.9%
3.3%
10.3%
7.0%
3.3%
10.2%
Music Publishing
7.9%
3.3%
10.3%
7.0%
3.3%
10.2%
Merchandising
8.4%
2.2%
10.3%
13.4%
2.1%
10.2%
\n
The annual impairment test for Recorded Music, Music Publishing and Merchandising showed
significant headroom and management did not identify an impairment for these CGUs. The
sensitivity analysis around the key assumptions in the impairment tests have indicated that a
reasonably possible change in any of the assumptions would not cause the recoverable amount to
be less than the carrying value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "Note 9.\u00a0Goodwill
Changes in goodwill
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
2025
2024
Balance as at January 1
\u00a0 \u00a0
Goodwill, gross
1,997
1,720
Accumulated impairment losses
(102)
(96)
Goodwill, net
1,895
1,624
Changes in book value:
\u00a0 \u00a0
Acquisitions
56
180
Foreign currency translation adjustments
(197)
91
Total changes
(141)
271
Balance as at December 31
\u00a0 \u00a0
Goodwill, gross
1,845
1,997
Accumulated impairment losses
(91)
(102)
Goodwill, net
1,754
1,895
\n
In 2024, UMG recognised additional goodwill of \u20ac165 million as a result of the Mavin and [PIAS]
business combinations, refer to Note
4
.
Goodwill by cash generating unit
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Recorded Music
959
1,003
Music Publishing
698
788
Merchandising & Other
97
104
Closing balance
1,754
1,895
\n
Cash generating units
For impairment testing, goodwill is allocated to cash-generating units, which represent the lowest
level at which the goodwill is monitored internally for management purposes. The cash-generating
units correspond to the operating segments as disclosed in Note
3
above.
Goodwill impairment test
UMG conducted the full annual impairment test in the fourth quarter of 2025.
The goodwill was tested for impairment by comparing it with a recoverable amount. The recoverable
amount is determined as the higher of the value in use determined by the discounted value
of future cash flows (Discounted Cash Flow method (DCF)) and the fair value (less costs to sell),
determined on the basis of market data (stock market prices, comparable listed companies,
comparison with the value attributed to similar assets or companies in recent acquisition
transactions). For a description of the methods used for the impairment test, please refer to Note
2
. In 2025 and 2024, the recoverable amounts of cash generating units were determined using their
value in use.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Key assumptions used in the impairment tests for the cash-generating units were sales growth
rates and the rates used for discounting the projected cash flows. These cash flow projections were
determined using management's internal forecasts that cover an initial period of 2025 to 2028 (2024:
initial period of 2024 to 2028) that matches the period used for our strategic planning process with
an additional two-year extrapolation until 2030 (2024: extrapolation until 2029), after which a terminal
value was calculated.
The sales growth rates used to estimate cash flows are based on:
\u2022
past performance, including the label pool revenue forecasts derived from commercial
agreements with customers;
\u2022
external market growth assumptions among which is the overall population and corresponding
growth in streaming penetration rate among the population;
\u2022
expected market share developments;
\u2022
industry long-term growth averages.
Key assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Compound
\u00a0 \u00a0
Compound
\u00a0 \u00a0
\u00a0
Annual
Extrapolation
\u00a0
Annual
Extrapolation
\u00a0
\u00a0
Revenue
revenue
\u00a0
Revenue
revenue
\u00a0
\u00a0
Growth
growth rate
Pre-tax
Growth
growth rate
Pre-tax
In % per year
2025-2028
after 2028
discount rates
2024-2028
after 2028
discount rates
Recorded Music
6.9%
3.3%
10.3%
7.0%
3.3%
10.2%
Music Publishing
7.9%
3.3%
10.3%
7.0%
3.3%
10.2%
Merchandising
8.4%
2.2%
10.3%
13.4%
2.1%
10.2%
\n
The annual impairment test for Recorded Music, Music Publishing and Merchandising showed
significant headroom and management did not identify an impairment for these CGUs. The
sensitivity analysis around the key assumptions in the impairment tests have indicated that a
reasonably possible change in any of the assumptions would not cause the recoverable amount to
be less than the carrying value.
Note 10.\u00a0Content assets (catalogues and royalty advances) and other intangibles
Net book value 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2025
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,190
(3,140)
3,050
Royalty advances (to artists and repertoire owners)
3,136
-
3,136
Content assets
9,326
(3,140)
6,186
Other intangible assets
735
(473)
262
\n
Net book value 2024
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2024
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Changes in content assets and other intangibles
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Catalogues (of
Royalty advances
\u00a0
Total intangible
\u00a0
music and
(to artists and
\u00a0
assets
(millions of euros)
publishing rights)
repertoire owners)
Other intangibles
& advances
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2024
3,393
3,296
232
6,921
Amortisation
(256)
-
(72)
(328)
Impairment
(3)
-
-
(3)
Additions
275
1,551
125
1,951
Disposals
(36)
-
-
(36)
Recoupments
-
(1,350)
-
(1,350)
Business combinations
23
(10)
-
13
Changes in foreign currency translation
(346)
(351)
(23)
(720)
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2025
3,050
3,136
262
6,448
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Note 10.\u00a0Content assets (catalogues and royalty advances) and other intangibles
Net book value 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2025
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,190
(3,140)
3,050
Royalty advances (to artists and repertoire owners)
3,136
-
3,136
Content assets
9,326
(3,140)
6,186
Other intangible assets
735
(473)
262
\n
Net book value 2024
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2024
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Changes in content assets and other intangibles
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Catalogues (of
Royalty advances
\u00a0
Total intangible
\u00a0
music and
(to artists and
\u00a0
assets
(millions of euros)
publishing rights)
repertoire owners)
Other intangibles
& advances
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2024
3,393
3,296
232
6,921
Amortisation
(256)
-
(72)
(328)
Impairment
(3)
-
-
(3)
Additions
275
1,551
125
1,951
Disposals
(36)
-
-
(36)
Recoupments
-
(1,350)
-
(1,350)
Business combinations
23
(10)
-
13
Changes in foreign currency translation
(346)
(351)
(23)
(720)
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2025
3,050
3,136
262
6,448
\n
Cash movements from additions and recoupments detailed in the changes in content assets table
above are included net on the Consolidated Statement of Cash Flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Note 10.\u00a0Content assets (catalogues and royalty advances) and other intangibles
Net book value 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2025
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,190
(3,140)
3,050
Royalty advances (to artists and repertoire owners)
3,136
-
3,136
Content assets
9,326
(3,140)
6,186
Other intangible assets
735
(473)
262
\n
Net book value 2024
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31, 2024
\u00a0\u00a0
Accumulated
\u00a0
\u00a0\u00a0
amortisation and
\u00a0
\u00a0\u00a0
impairment
\u00a0
(millions of euros)
Asset value, gross
losses
Net book value
Catalogues (of music and publishing rights)
6,623
(3,230)
3,393
Royalty advances (to artists and repertoire owners)
3,296
-
3,296
Content assets
9,919
(3,230)
6,689
Other intangible assets
684
(452)
232
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Changes in content assets and other intangibles
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Catalogues (of
Royalty advances
\u00a0
Total intangible
\u00a0
music and
(to artists and
\u00a0
assets
(millions of euros)
publishing rights)
repertoire owners)
Other intangibles
& advances
Balance December 31, 2023
3,020
2,634
180
5,834
Amortisation
(245)
-
(51)
(296)
Impairment
(2)
-
-
(2)
Additions
217
1,965
92
2,274
Disposals
(4)
-
(1)
(5)
Recoupments
-
(1,445)
-
(1,445)
Business combinations
245
36
2
283
Changes in foreign currency translation
162
106
10
278
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2024
3,393
3,296
232
6,921
Amortisation
(256)
-
(72)
(328)
Impairment
(3)
-
-
(3)
Additions
275
1,551
125
1,951
Disposals
(36)
-
-
(36)
Recoupments
-
(1,350)
-
(1,350)
Business combinations
23
(10)
-
13
Changes in foreign currency translation
(346)
(351)
(23)
(720)
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0
Balance December 31, 2025
3,050
3,136
262
6,448
\n
Cash movements from additions and recoupments detailed in the changes in content assets table
above are included net on the Consolidated Statement of Cash Flows.
The significant music catalogues and publishing rights were acquired through business
combinations of BMG Publishing (BMG) and EMI Recorded Music (EMI). The BMG catalogue was
acquired in 2007 with a fair value of \u20ac1,241 million and has carrying amount of \u20ac181 million (2024:
\u20ac265 million) with a remaining useful life of 2 and 32 years for the respective catalogue components.
The EMI catalogue was acquired in 2012 with a fair value of \u20ac1,046 million, and has a carrying
amount of \u20ac434 million (2024: \u20ac541 million) with a remaining useful life of 7 and 37 years for the
respective catalogue components.
In 2024, UMG recognised additional catalogue assets of \u20ac227 million as a result of the Mavin and PIAS
business combinations, refer to Note
4
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "Note 11.\u00a0Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Equipment
\u00a0 \u00a0 \u00a0
\u00a0
Land and
and
Other fixed
Assets under
\u00a0
(millions of euros)
buildings
machinery
assets
construction
Total
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance as at January 1, 2025
272
125
77
45
519
Additions
13
6
6
45
70
Transfers and reclassifications
12
37
2
(51)
-
Disposals
(14)
(9)
(19)
-
(42)
Changes in foreign currency translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustments and other
(21)
(11)
(7)
(3)
(42)
Balance as at December 31, 2025
262
148
59
36
505
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance as at January 1, 2025
(126)
(94)
(57)
-
(277)
Depreciation during the year
(18)
(12)
(6)
-
(36)
Disposals
14
9
19
-
42
Changes in foreign currency translation
10
6
5
-
21
adjustments and other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance as at December 31, 2025
(120)
(91)
(39)
-
(250)
Carrying amount
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at January 1
146
31
20
45
242
As at December 31
142
57
20
36
255
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Equipment
\u00a0\u00a0\u00a0
\u00a0
Land and
and
Other fixed
Assets under
\u00a0\u00a0
(millions of euros)
buildings
machinery
assets
construction
\u00a0
Total
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
Balance as at January 1, 2024
242
122
74
24
462
Additions
32
2
3
54
91
Transfers and reclassifications
20
7
7
(34)
-
Disposals
(31)
(8)
(9)
-
(48)
Changes in foreign currency translation
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments and other
9
2
2
1
14
Balance as at December 31, 2024
272
125
77
45
519
Depreciation and impairment losses
\u00a0\u00a0\u00a0\u00a0\u00a0
Balance as at January 1, 2024
(136)
(92)
(57)
-
(285)
Depreciation during the year
(18)
(10)
(6)
-
(34)
Disposals
31
10
8
-
49
Changes in foreign currency translation
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments and other
(3)
(2)
(2)
-
(7)
Balance as at December 31, 2024
(126)
(94)
(57)
-
(277)
Carrying amount
\u00a0\u00a0\u00a0\u00a0\u00a0
As at January 1
106
30
17
24
177
As at December 31
146
31
20
45
242
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "Note 12.\u00a0Leases
Changes in the rights-of-use
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance
446
316
Depreciation
(82)
(79)
Additions
147
220
Disposals
(5)
(24)
Foreign currency translations and other
(40)
13
Closing balance
466
446
\n
Lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Year ended December 31,
(millions of euros)
Note
2025
2024
Opening balance
\u00a0
541
410
Additions
\u00a0
146
219
Disposals
\u00a0
(5)
(24)
Accretion of interest
6
21
20
Payments
\u00a0
(93)
(102)
Of which interest
\u00a0
(21)
(21)
Of which principal
\u00a0
(72)
(81)
Foreign currency translations and other
\u00a0
(49)
18
Closing balance
\u00a0
561
541
\n
Maturity of lease liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Maturity
\u00a0\u00a0
< 1 year
81
66
Between 1 and 5 years
241
252
> 5 years
239
223
Lease liabilities
561
541
\n
Cash outflow for leases and lease-related expenses
Total cash outflow and expenses for the leases of real-estate with maturity shorter than 12 months
and expense relating to low-value assets recorded in the Statement of Profit or Loss amounted
to \u20ac21 million for the year ended December 31, 2025 (compared to \u20ac19 million for the year ended
December 31, 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "Changes in the rights-of-use \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance
446
316
Depreciation
(82)
(79)
Additions
147
220
Disposals
(5)
(24)
Foreign currency translations and other
(40)
13
Closing balance
466
446
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "Note 13.\u00a0Investments in equity affiliates
UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method
include investments in:
\u2022
Vevo LLC, a global music videos and entertainment services platform incorporated in the
United States;
\u2022
Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music
intellectual property; and,
\u2022
NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the
United States.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
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\n\n
\n
\n
\n\n
\n
\n
UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.5% and 34.1%, respectively.
As of December 31, 2025, the total carrying amount of these investments was \u20ac541 million (2024:
\u20ac474 million).
Change in value of investments in equity affiliates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance
578
222
Acquisitions
1
220
395
Business combinations
2
-
(56)
Write-downs
(1)
-
(Loss)/income from equity affiliates
(18)
4
Change in other comprehensive income
(66)
25
Dividends
(18)
(12)
Closing balance
695
578
\n
1
Investments were acquired in Chord and NTWRK during 2024. Refer to Note 4. During 2025 additional investments were made in
both companies.
2
In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS],
previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "Note 13.\u00a0Investments in equity affiliates
UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method
include investments in:
\u2022
Vevo LLC, a global music videos and entertainment services platform incorporated in the
United States;
\u2022
Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music
intellectual property; and,
\u2022
NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the
United States.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
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\n\n
\n
\n
UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.5% and 34.1%, respectively.
As of December 31, 2025, the total carrying amount of these investments was \u20ac541 million (2024:
\u20ac474 million).
Change in value of investments in equity affiliates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance
578
222
Acquisitions
1
220
395
Business combinations
2
-
(56)
Write-downs
(1)
-
(Loss)/income from equity affiliates
(18)
4
Change in other comprehensive income
(66)
25
Dividends
(18)
(12)
Closing balance
695
578
\n
1
Investments were acquired in Chord and NTWRK during 2024. Refer to Note 4. During 2025 additional investments were made in
both companies.
2
In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS],
previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "Note 13.\u00a0Investments in equity affiliates
UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method
include investments in:
\u2022
Vevo LLC, a global music videos and entertainment services platform incorporated in the
United States;
\u2022
Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music
intellectual property; and,
\u2022
NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the
United States.
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UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.5% and 34.1%, respectively.
As of December 31, 2025, the total carrying amount of these investments was \u20ac541 million (2024:
\u20ac474 million).
Change in value of investments in equity affiliates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance
578
222
Acquisitions
1
220
395
Business combinations
2
-
(56)
Write-downs
(1)
-
(Loss)/income from equity affiliates
(18)
4
Change in other comprehensive income
(66)
25
Dividends
(18)
(12)
Closing balance
695
578
\n
1
Investments were acquired in Chord and NTWRK during 2024. Refer to Note 4. During 2025 additional investments were made in
both companies.
2
In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS],
previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Note 13.\u00a0Investments in equity affiliates
UMG\u2019s investments in associates and joint ventures that are accounted for using the equity method
include investments in:
\u2022
Vevo LLC, a global music videos and entertainment services platform incorporated in the
United States;
\u2022
Chord, an investment entity formed in Canada that holds a pure-play catalogue of premier music
intellectual property; and,
\u2022
NTWRK, a premium live-video shopping platform and curated marketplace incorporated in the
United States.
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UMG\u2019s holds ownership interests in Vevo, Chord and NTWRK of 49.2%, 25.5% and 34.1%, respectively.
As of December 31, 2025, the total carrying amount of these investments was \u20ac541 million (2024:
\u20ac474 million).
Change in value of investments in equity affiliates
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Opening balance
578
222
Acquisitions
1
220
395
Business combinations
2
-
(56)
Write-downs
(1)
-
(Loss)/income from equity affiliates
(18)
4
Change in other comprehensive income
(66)
25
Dividends
(18)
(12)
Closing balance
695
578
\n
1
Investments were acquired in Chord and NTWRK during 2024. Refer to Note 4. During 2025 additional investments were made in
both companies.
2
In connection with the [PIAS] business combination, a step acquisition, UMG derecognised its pre-acquisition investment in [PIAS],
previously accounted for using the equity method, on the October 2024 acquisition date. Refer to Notes 4 and 6. Note 27.\u00a0List of consolidated entities
The Consolidated financial statements comprise the assets and liabilities of 435 legal entities. Set out
below is a list of material holding companies and subsidiaries.
All the entities are 100% owned.
Legal entity name
Principal country of business
Universal Music Group N.V.
Netherlands
Universal Music Group, Inc.
United States
Universal Music Group Holdings, Inc.
United States
UMG Recordings Inc.
United States
Universal Music Corp .
United States
Universal International Music B.V.
Netherlands
CMHL B.V.
Netherlands
Universal Music LLC
Japan
Universal Music Entertainment GmbH
Germany
Universal Music Limited
Hong Kong
Universal Music Holdings Limited
United Kingdom
Universal Music (UK) Holdings Limited
United Kingdom
Universal Music Leisure Limited
United Kingdom
Universal Music Publishing International Limited
United Kingdom
EMI Group Worldwide Holdings Limited
United Kingdom
EMI Group (Newco) Limited
United Kingdom
EMI Group Limited
United Kingdom
Virgin Music Group
United Kingdom
Virgin Records Limited
United Kingdom
UMG does not have subsidiaries that have non-controlling interests that are material for its
Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Note 14.\u00a0Capital and financial risk management
Capital risk management
UMG objectives when managing capital are to safeguard UMG\u2019s ability to continue to create value
for shareholders, support the sustainable growth of the Group, and maintain a capital structure that
optimizes its cost of capital. As a result, UMG endeavours to maintain a satisfactory economic return
for its shareholders and guarantee economic access to external sources of funds.
During 2025, UMG maintained its Baa1 (with Moody\u2019s) and BBB+ (with S&P - Long Term Credit Ratings).
The syndicated RCF financial covenant requires that UMG maintain Baa2/BBB long term ratings with
Moody\u2019s and S&P.
UMG and its subsidiaries are not subject to external capital requirements, other than the financial
covenants as disclosed above.
To support this strategic goal, UMG management remains focused on the robust performance of the
Free Cash Flow, a non-IFRS measure, and effective Working Capital management, details on both are
presented below.
Free Cash Flow is calculated as net cash provided by/(used for) operating activities plus net cash
provided by/(used for) investing activities, less repayment of lease liabilities and related interest
expense, interest paid, net and other cash items related to financing activities. UMG considers Free
Cash Flow to be a relevant indicator of its cash flow generated to fund dividend payments and
repayment of debt. Free Cash Flow does not necessarily represent funds available for discretionary
use and is not necessarily a measure of our ability to fund our cash needs.
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Free cash flow
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Operating profit
1,998
1,775
Amortisation and depreciation expense
446
409
Non-cash share-based compensation expense, net of employees tax withheld
111
131
Impairment on intangible assets
3
2
Changes in provision, net
(48)
1
(Gain)/loss on sale of assets
(4)
(23)
Adjustments
508
520
Royalty advance payments, net of recoupments
(402)
(186)
Other changes in net working capital
38
(5)
Net cash provided by/(used for) operating activities before income tax paid
2,142
2,104
Income tax paid
(403)
(349)
Net cash provided by/(used for) operating activities
1,739
1,755
Net cash provided by/(used for) investing activities
(854)
(1,051)
Repayment of lease liabilities and related interest expenses
(93)
(102)
Interest, net
(81)
(81)
Other cash items related to financing activities
(9)
2
Free cash flow
702
523
\n
Changes in working capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2024
capital
1
combinations
adjustments
Other
2
2025
Inventories
3
255
35
(3)
(24)
-
263
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,497
291
8
(169)
(20)
2,607
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
813
(107)
5
(45)
7
673
Expected credit losses
(42)
(1)
-
2
-
(41)
Working capital assets
2,752
326
5
(193)
(20)
2,870
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(6,394)
(369)
(15)
521
28
(6,229)
Other non-
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
current liabilities
(1,456)
5
(1)
41
(38)
(1,449)
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(7,850)
(364)
(16)
562
(10)
(7,678)
Net working capital
(5,098)
(38)
(11)
369
(30)
(4,808)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac44 million.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2023
capital
1
combinations
adjustments
Other
2
2024
Inventories
3
210
32
5
8
-
255
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,246
110
40
51
50
2,497
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
646
107
35
18
7
813
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(5,711)
(137)
(75)
(214)
(257)
(6,394)
Other non-
\u00a0
(715)
\u00a0
-
\u00a0
(30)
\u00a0
(23)
\u00a0
(688)
\u00a0
(1,456)
current liabilities
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac68 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Capital risk managementDuring 2025, UMG maintained its Baa1 (with Moody\u2019s) and BBB+ (with S&P - Long Term Credit Ratings).
The syndicated RCF financial covenant requires that UMG maintain Baa2/BBB long term ratings with
Moody\u2019s and S&P.
UMG and its subsidiaries are not subject to external capital requirements, other than the financial
covenants as disclosed above. Note 17.\u00a0Cash position and borrowings
Cash position
Year ended December 31,
(millions of euros)
2025
2024
Cash and cash equivalents
451
553
Bank overdrafts
(74)
(8)
Cash and cash equivalents in the statement of cash flows
377
545
Borrowings and other financial liabilities
December 31, 2025
December 31, 2024
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
2,293
2,251
42
1,810
1,776
34
Drawn revolving
credit facilities
8
8
-
-
-
-
Commercial papers
384
-
384
746
-
746
Bank overdrafts
74
-
74
8
-
8
Other
87
38
49
87
2
85
Borrowings at
amortized cost
2,846
2,297
549
2,651
1,778
873
Cash and
cash equivalents
(451)
-
(451)
(553)
-
(553)
Derivative
financial assets
(5)
-
(5)
-
-
-
Net debt
2,390
2,098
\n
Borrowings include the following:
\n
\u2022
\n
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2027 with a coupon
\n
of 3.00%.
\n
\u2022
\n
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2032 with a coupon
\n
of 3.75%.
\n
\u2022
\n
\u20ac750 million of senior unsecured notes issued in June 2023, due on June 13, 2031 with a coupon
\n
of 4.00%.
\n
\u2022
\n
\u00a57 billion (\u20ac45 million) of senior notes issued in July 2023 and due on July 5, 2038 with a coupon
\n
of 1.61%.
\n
\u2022
\n
\u20ac300 million of senior unsecured notes issued in May 2025, due on June 30, 2032 with a coupon
\n
of 3.75%.
\n
\u2022
\n
\u20ac100 million of senior unsecured notes issued in June 2025, due on June 13, 2031 with a coupon
\n
of 4.00%.
\n
\u2022
\n
\u00a57 billion (\u20ac41 million) of senior notes issued in September 2025 and due on September 25, 2035
\n
with a coupon of 2.25%.
\n
\u2022
\n
\u20ac40 million of senior unsecured notes issued in December 2025, due on December 15, 2038 with a
\n
coupon of 4.00%.
\n
\u2022
\n
\u20ac2 billion revolving credit facility extended in February 2023 to April 26, 2028.
\n
\u2022
\n
Up to \u20ac2 billion NEU commercial paper program established in July 2022.
\n
\u2022
\n
USD $500 million short-term bilateral floating rate revolving credit facility entered into in April
\n
2025, which expires in April 2028.
\n
Movements of borrowings
Drawn
revolving
credit
Bank
Commercial
(millions of euros)
facilities
Bonds
overdrafts
papers
Other debt
Total
Balance December
31, 2023
-
1,808
26
197
73
2,104
New borrowings
300
-
8
3,897
124
4,329
Repayments
(300)
-
(26)
(3,351)
(104)
(3,781)
Translation differences
and other movements
-
2
-
3
(6)
(1)
Balance December
31, 2024
-
1,810
8
746
87
2,651
New borrowings
317
481
74
3,689
19
4,580
Repayments
(309)
-
(8)
(4,048)
(12)
(4,377)
Translation differences
and other movements
-
2
-
(3)
(7)
(8)
Balance December
31, 2025
8
2,293
74
384
87
2,846
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "Changes in working capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2024
capital
1
combinations
adjustments
Other
2
2025
Inventories
3
255
35
(3)
(24)
-
263
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,497
291
8
(169)
(20)
2,607
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
813
(107)
5
(45)
7
673
Expected credit losses
(42)
(1)
-
2
-
(41)
Working capital assets
2,752
326
5
(193)
(20)
2,870
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(6,394)
(369)
(15)
521
28
(6,229)
Other non-
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
current liabilities
(1,456)
5
(1)
41
(38)
(1,449)
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(7,850)
(364)
(16)
562
(10)
(7,678)
Net working capital
(5,098)
(38)
(11)
369
(30)
(4,808)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac44 million.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2023
capital
1
combinations
adjustments
Other
2
2024
Inventories
3
210
32
5
8
-
255
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,246
110
40
51
50
2,497
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
646
107
35
18
7
813
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(5,711)
(137)
(75)
(214)
(257)
(6,394)
Other non-
\u00a0
(715)
\u00a0
-
\u00a0
(30)
\u00a0
(23)
\u00a0
(688)
\u00a0
(1,456)
current liabilities
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac68 million.Note 15.\u00a0Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended December 31,
(millions of euros)
2025
2024
Trade receivables and accrued income
2,299
2,244
Other receivables
308
253
Trade and other receivables
2,607
2,497
\n
Year ended December 31,
(millions of euros)
2025
2024
Current
2,205
2,160
Overdue 0-30 days
52
44
Overdue 31-150 days
24
25
Overdue >150 days
18
15
Trade receivables and accrued income
2,299
2,244
Trade and other receivables are presented net of valuation allowances. For changes in the expected
credit loss allowance and the credit risk management policies and procedures of UMG please refer to
Note
14
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Changes in working capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2024
capital
1
combinations
adjustments
Other
2
2025
Inventories
3
255
35
(3)
(24)
-
263
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,497
291
8
(169)
(20)
2,607
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
813
(107)
5
(45)
7
673
Expected credit losses
(42)
(1)
-
2
-
(41)
Working capital assets
2,752
326
5
(193)
(20)
2,870
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(6,394)
(369)
(15)
521
28
(6,229)
Other non-
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
current liabilities
(1,456)
5
(1)
41
(38)
(1,449)
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(7,850)
(364)
(16)
562
(10)
(7,678)
Net working capital
(5,098)
(38)
(11)
369
(30)
(4,808)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac44 million.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Changes
\u00a0\u00a0
\u00a0\u00a0
Changes
\u00a0
in foreign
\u00a0\u00a0
\u00a0\u00a0
in operating
\u00a0
currency
\u00a0\u00a0
\u00a0
December 31,
working
Business
translation
\u00a0
December 31,
(millions of euros)
2023
capital
1
combinations
adjustments
Other
2
2024
Inventories
3
210
32
5
8
-
255
Trade accounts
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivable and other
2,246
110
40
51
50
2,497
Of which:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
accounts receivable
646
107
35
18
7
813
Expected credit losses
(49)
4
-
-
3
(42)
Working capital assets
2,456
142
45
59
50
2,752
Trade accounts payable
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
and other
(5,711)
(137)
(75)
(214)
(257)
(6,394)
Other non-
\u00a0
(715)
\u00a0
-
\u00a0
(30)
\u00a0
(23)
\u00a0
(688)
\u00a0
(1,456)
current liabilities
Working
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
capital liabilities
(6,426)
(137)
(105)
(237)
(945)
(7,850)
Net working capital
(3,970)
5
(60)
(178)
(895)
(5,098)
\n
1
Excludes content investments.
2
Mainly includes the change in net working capital relating to content investments, capital expenditures and other investments.
3
Total inventory obsolescence expense for the period was \u20ac68 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Financial risk management
UMG business activities expose the Group to financial risks, including credit risk, liquidity risk, and
market risk. Market risk comprises three types of risk: interest rate risk, foreign currency risk and
other price risks.
These risks are inherent to how UMG operates as a multinational with locally operating subsidiaries.
To manage these risks, UMG has developed specific policies. The essence of measuring the
performance of these policies is to strike a balance between managing risks and contributing to
the financial results of UMG. UMG policies are risk-averse in that regard. Enforcement of procedures
related to financial risk management is carried out by UMG Group Treasury in line with the guiding
principles of the Group Treasury Policies.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other
party by falling to discharge an obligation.
UMG's maximum credit risk exposure is equal to the carrying amounts of Trade and other
receivables, refer to Note
15
, and Cash position and borrowings, refer to Note
17
, as presented in
the Statement of Financial Position. Also, for the derivatives and assets at fair value via profit and
loss, the maximum exposure to credit risk at the end of the reporting period is equal to the carrying
amount, refer to Note
19
. The maximum credit risk exposure on guarantees issued corresponds to
their nominal amounts, as presented in Note
18
.
UMG aims to centralize its cash management with its Tier 1 banks, of which all the banks have credit
ratings of minimum of A-.
UMG performs ongoing evaluations of the financial and non-financial condition of UMG customers
and adjusts credit limits when appropriate. In instances where a customer's creditworthiness is
determined not to be sufficient to grant the required credit limit, there are several mitigation
tools that can be utilized to close the gap, including reducing payment terms, cash on delivery,
prepayments and pledges on assets.
UMG\u2019s operational subsidiaries have set up procedures and systems to track their trade accounts
receivable and recover outstanding amounts. In addition, some subsidiaries have insured their main
client credit risks worldwide with a leading credit insurer.
Liquidity risk
Liquidity risk is the risk that UMG will not be able to meet its financial obligations as they fall due.
The primary objective of liquidity management is providing sufficient cash to enable UMG to meet its
liabilities when due, under normal and stressed conditions, without incurring losses.
Neither the aged receivables of individual customers, nor the profile of the accounts receivable
portfolio per segment, impose a significant threat to UMG\u2019s liquidity planning.
UMG Treasury provides for the short-term day-to-day cash management needs of the Group by
organizing sweeps between international cash poolings. For medium term financing requirements,
UMG Group Treasury determines the Group's overall debt position and its planned evolution based
on the Group\u2019s 13-month rolling cash forecast. A liquidity analysis is performed to ensure the proper
funding is in place to face medium-term needs.
Cash is pooled up to UMG NV from all territories participating in the international cash pooling
arrangement. Cash is extracted from countries outside the cash pooling through dividends or
upstream loans.
The objectives of liquidity management are to repay UMG's external debt and to pay UMG's dividend
to the Group's shareholders. The list of permitted banks for liquidity management includes nine
banks with minimum rating of A-.
The liquidity analysis includes a buffer of \u20ac400 million to provide for intra-month treasury
swings and the incompressible treasury float. Adequate bank facilities are available as backup
for Commercial paper. The maturity schedule for long-term external debt is maintained above
3 years and the current average maturity for long term external debt is 3.73 years (2024: 4.5
years). UMG Treasury ensures central compliance with financial covenants, pari-passu, and negative
pledge clauses.
Total cash and cash equivalents position as at December 31, 2025, is disclosed in Note
17
.
Contractual obligations and their timing are disclosed in Note
18
.
In addition, as at December 31,
2025, UMG has undrawn Revolving Credit Facilities (RCF) of \u20ac1,615 million (2024: \u20ac1,250 million). The
\u20ac2,000 million RCF serves as a liquidity backstop for the NEU Commercial Paper program.
Market risk
Market risk is the possibility that an entity will experience losses due to factors that affect
the financial markets. Market risk includes currency risk and interest rate risk as addressed below,
but also risk of change in fair value of the financial instruments, including those traded on the active
markets. At December 31, 2025, UMG held financial instruments measured at fair value as disclosed
in Note
19
, where the exposure of the risk and sensitivity are presented.
UMG risk management policies cover refinancing risk to ensure that under any market
circumstances, UMG can refinance its debt on time and a reasonable cost. The objectives of
refinancing risk management are to benefit from sufficient flexibility granted by the access to capital
markets (in particular, Euro commercial papers, private placement and bond markets) and not rely
solely on bank borrowings.
Interest rate risk
Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating
because of changes in the market interest rates. Financial instruments included in borrowings
create an inherent interest rate risk.
UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings.
The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of
interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes
interest rate swaps, FRAs, caps, and floors.
As for currency risk management, interest rate hedging operations are handled solely by UMG
Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The
speculative use of interest rate derivatives is strictly prohibited.
As of December 31, 2025, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately
80% (2024: 68%). A sensitivity analysis conducted in January 2026 on the gross debt portfolio shows
that if short term EURIBOR were to increase instantaneously by 0.5% from their level of December 31,
2025, with all other variables held constant, the total change in annualized interest expense result
would be \u20ac2 million (2024: \u20ac4 million).
Foreign currency risk
As any multinational group, UMG is exposed to transactional foreign currency risk on committed
and forecast cash flows, that are denominated in a currency other than the transacting entity's
functional currency. UMG is also exposed to translational risk, resulting from the translation of
foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S.
Dollar, British Pound and Japanese Yen.
UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting
of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG
Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash
concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG
Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities
denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate
contracts and foreign exchange swaps to manage this exposure. All material foreign currency
balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations
as of December 31, 2025 would have no significant impacts on UMG\u2019s financial results. UMG did not
apply hedge accounting to these derivatives in 2025 or 2024. Currency derivatives are not used for
speculative purposes. The average maturity of these contracts is one month.
The table below summarises the net nominal value of the foreign currency balance sheet exposure
and foreign exchange rate derivatives used to offset it as of December 31, 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
225
(165)
(138)
(403)
(481)
Foreign exchange rate derivatives
(225)
165
138
403
481
Net exposure
-
-
-
-
-
\n
Foreign currency translation risks are hedged to a limited extent, as the underlying currency
positions are generally considered to be long-term in nature. If a hedge is entered into, it is
accounted for as a net investment hedge. Contractual obligations
The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their
\n
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
\n
flows. Balances due within 12 months equal their carrying balances as the impact of discounting
\n
is not significant. Interest on long-term debt is based on floating rate adjustments according to
\n
market expectations.
Minimum future payments as of December 31, 2025
Total minimum future
Payments due in
payments as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2024
Borrowings and other
financial liabilities
3,281
480
871
1,930
3,086
Lease liabilities
695
102
307
287
664
Music royalties to artists and
repertoire owners
4,396
4,383
13
-
4,343
Creative talent and
content liabilities
583
344
237
2
944
Other payables
2,251
1,054
61
1,136
2,094
Consolidated statement of
financial position items
11,206
6,363
1,489
3,355
11,131
Contractual
content commitments
1,614
791
753
70
1,707
Other commitments
1
1,571
859
122
590
875
Total off-balance
sheet commitments
3,185
1,650
875
660
2,582
Total
14,391
8,013
2,364
4,015
13,713
\n
1
In December 2024, UMG entered into a definitive agreement to acquire Downtown Music Holdings LLC. The acquisition was
\n
approved by the European Commission on February 13, 2026 and completed on February 20, 2026. Refer to Note 30 of the
\n
Consolidated Financial Statements for additional information. Total cash outflows resulting from the acquisition are $898 million,
\nwhich includes cash paid to the selling shareholder and payments to settle certain of Downtown's third-party debt obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other
party by falling to discharge an obligation.
UMG's maximum credit risk exposure is equal to the carrying amounts of Trade and other
receivables, refer to Note
15
, and Cash position and borrowings, refer to Note
17
, as presented in
the Statement of Financial Position. Also, for the derivatives and assets at fair value via profit and
loss, the maximum exposure to credit risk at the end of the reporting period is equal to the carrying
amount, refer to Note
19
. The maximum credit risk exposure on guarantees issued corresponds to
their nominal amounts, as presented in Note
18
.
UMG aims to centralize its cash management with its Tier 1 banks, of which all the banks have credit
ratings of minimum of A-.
UMG performs ongoing evaluations of the financial and non-financial condition of UMG customers
and adjusts credit limits when appropriate. In instances where a customer's creditworthiness is
determined not to be sufficient to grant the required credit limit, there are several mitigation
tools that can be utilized to close the gap, including reducing payment terms, cash on delivery,
prepayments and pledges on assets.
UMG\u2019s operational subsidiaries have set up procedures and systems to track their trade accounts
receivable and recover outstanding amounts. In addition, some subsidiaries have insured their main
client credit risks worldwide with a leading credit insurer. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "Liquidity risk
Liquidity risk is the risk that UMG will not be able to meet its financial obligations as they fall due.
The primary objective of liquidity management is providing sufficient cash to enable UMG to meet its
liabilities when due, under normal and stressed conditions, without incurring losses.
Neither the aged receivables of individual customers, nor the profile of the accounts receivable
portfolio per segment, impose a significant threat to UMG\u2019s liquidity planning.
UMG Treasury provides for the short-term day-to-day cash management needs of the Group by
organizing sweeps between international cash poolings. For medium term financing requirements,
UMG Group Treasury determines the Group's overall debt position and its planned evolution based
on the Group\u2019s 13-month rolling cash forecast. A liquidity analysis is performed to ensure the proper
funding is in place to face medium-term needs.
Cash is pooled up to UMG NV from all territories participating in the international cash pooling
arrangement. Cash is extracted from countries outside the cash pooling through dividends or
upstream loans.
The objectives of liquidity management are to repay UMG's external debt and to pay UMG's dividend
to the Group's shareholders. The list of permitted banks for liquidity management includes nine
banks with minimum rating of A-.
The liquidity analysis includes a buffer of \u20ac400 million to provide for intra-month treasury
swings and the incompressible treasury float. Adequate bank facilities are available as backup
for Commercial paper. The maturity schedule for long-term external debt is maintained above
3 years and the current average maturity for long term external debt is 3.73 years (2024: 4.5
years). UMG Treasury ensures central compliance with financial covenants, pari-passu, and negative
pledge clauses.
Total cash and cash equivalents position as at December 31, 2025, is disclosed in Note
17
.
Contractual obligations and their timing are disclosed in Note
18
.
In addition, as at December 31,
2025, UMG has undrawn Revolving Credit Facilities (RCF) of \u20ac1,615 million (2024: \u20ac1,250 million). The
\u20ac2,000 million RCF serves as a liquidity backstop for the NEU Commercial Paper program.Contractual obligations
The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their
\n
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
\n
flows. Balances due within 12 months equal their carrying balances as the impact of discounting
\n
is not significant. Interest on long-term debt is based on floating rate adjustments according to
\n
market expectations.
Minimum future payments as of December 31, 2025
Total minimum future
Payments due in
payments as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2024
Borrowings and other
financial liabilities
3,281
480
871
1,930
3,086
Lease liabilities
695
102
307
287
664
Music royalties to artists and
repertoire owners
4,396
4,383
13
-
4,343
Creative talent and
content liabilities
583
344
237
2
944
Other payables
2,251
1,054
61
1,136
2,094
Consolidated statement of
financial position items
11,206
6,363
1,489
3,355
11,131
Contractual
content commitments
1,614
791
753
70
1,707
Other commitments
1
1,571
859
122
590
875
Total off-balance
sheet commitments
3,185
1,650
875
660
2,582
Total
14,391
8,013
2,364
4,015
13,713
\n
1
In December 2024, UMG entered into a definitive agreement to acquire Downtown Music Holdings LLC. The acquisition was
\n
approved by the European Commission on February 13, 2026 and completed on February 20, 2026. Refer to Note 30 of the
\n
Consolidated Financial Statements for additional information. Total cash outflows resulting from the acquisition are $898 million,
\nwhich includes cash paid to the selling shareholder and payments to settle certain of Downtown's third-party debt obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Market risk
Market risk is the possibility that an entity will experience losses due to factors that affect
the financial markets. Market risk includes currency risk and interest rate risk as addressed below,
but also risk of change in fair value of the financial instruments, including those traded on the active
markets. At December 31, 2025, UMG held financial instruments measured at fair value as disclosed
in Note
19
, where the exposure of the risk and sensitivity are presented.
UMG risk management policies cover refinancing risk to ensure that under any market
circumstances, UMG can refinance its debt on time and a reasonable cost. The objectives of
refinancing risk management are to benefit from sufficient flexibility granted by the access to capital
markets (in particular, Euro commercial papers, private placement and bond markets) and not rely
solely on bank borrowings.
Interest rate risk
Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating
because of changes in the market interest rates. Financial instruments included in borrowings
create an inherent interest rate risk.
UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings.
The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of
interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes
interest rate swaps, FRAs, caps, and floors.
As for currency risk management, interest rate hedging operations are handled solely by UMG
Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The
speculative use of interest rate derivatives is strictly prohibited.
As of December 31, 2025, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately
80% (2024: 68%). A sensitivity analysis conducted in January 2026 on the gross debt portfolio shows
that if short term EURIBOR were to increase instantaneously by 0.5% from their level of December 31,
2025, with all other variables held constant, the total change in annualized interest expense result
would be \u20ac2 million (2024: \u20ac4 million).
Foreign currency risk
As any multinational group, UMG is exposed to transactional foreign currency risk on committed
and forecast cash flows, that are denominated in a currency other than the transacting entity's
functional currency. UMG is also exposed to translational risk, resulting from the translation of
foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S.
Dollar, British Pound and Japanese Yen.
UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting
of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG
Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash
concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG
Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities
denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate
contracts and foreign exchange swaps to manage this exposure. All material foreign currency
balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations
as of December 31, 2025 would have no significant impacts on UMG\u2019s financial results. UMG did not
apply hedge accounting to these derivatives in 2025 or 2024. Currency derivatives are not used for
speculative purposes. The average maturity of these contracts is one month.
The table below summarises the net nominal value of the foreign currency balance sheet exposure
and foreign exchange rate derivatives used to offset it as of December 31, 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
225
(165)
(138)
(403)
(481)
Foreign exchange rate derivatives
(225)
165
138
403
481
Net exposure
-
-
-
-
-
\n
Foreign currency translation risks are hedged to a limited extent, as the underlying currency
positions are generally considered to be long-term in nature. If a hedge is entered into, it is
accounted for as a net investment hedge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Interest rate risk
Interest rate risk is the risk of the fair value or future cash flows of a financial instrument fluctuating
because of changes in the market interest rates. Financial instruments included in borrowings
create an inherent interest rate risk.
UMG seeks to limit the period over which it is exposed to interest rate risk on the Group's borrowings.
The preferred method of hedging interest rate risk is issuing long-term fixed-rate bonds. The use of
interest-rate plain vanilla derivatives is also authorized. The list of authorized instruments includes
interest rate swaps, FRAs, caps, and floors.
As for currency risk management, interest rate hedging operations are handled solely by UMG
Treasury according to the Group\u2019s strategic goals set by the Group Chief Financial Officer. The
speculative use of interest rate derivatives is strictly prohibited.
As of December 31, 2025, UMG had a ratio of fixed-rate debt to total outstanding debt of approximately
80% (2024: 68%). A sensitivity analysis conducted in January 2026 on the gross debt portfolio shows
that if short term EURIBOR were to increase instantaneously by 0.5% from their level of December 31,
2025, with all other variables held constant, the total change in annualized interest expense result
would be \u20ac2 million (2024: \u20ac4 million).
Foreign currency risk
As any multinational group, UMG is exposed to transactional foreign currency risk on committed
and forecast cash flows, that are denominated in a currency other than the transacting entity's
functional currency. UMG is also exposed to translational risk, resulting from the translation of
foreign operations into Euros. The main currencies that drive UMG's foreign currency risk are U.S.
Dollar, British Pound and Japanese Yen.
UMG\u2019s exposure to foreign exchange transactional risk is greatly limited due to the offsetting
of inflows and outflows in local currencies to the extent possible as a natural hedge. UMG
Treasury mainly manages foreign currency risk exposure on balance sheet positions, primarily cash
concentrations in non-Euro currencies held under the Group's cash pooling arrangements. UMG
Treasury's foreign currency risk management policy is to hedge recognized assets and liabilities
denominated in foreign currencies above a predefined threshold. UMG uses forward exchange rate
contracts and foreign exchange swaps to manage this exposure. All material foreign currency
balance sheet exposures are offset by derivatives, so potential foreign currency rate fluctuations
as of December 31, 2025 would have no significant impacts on UMG\u2019s financial results. UMG did not
apply hedge accounting to these derivatives in 2025 or 2024. Currency derivatives are not used for
speculative purposes. The average maturity of these contracts is one month.
The table below summarises the net nominal value of the foreign currency balance sheet exposure
and foreign exchange rate derivatives used to offset it as of December 31, 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
(millions of euros)
USD
GBP
JPY
Other
Total
Nominal value of Balance sheet exposure
225
(165)
(138)
(403)
(481)
Foreign exchange rate derivatives
(225)
165
138
403
481
Net exposure
-
-
-
-
-
\n
Foreign currency translation risks are hedged to a limited extent, as the underlying currency
positions are generally considered to be long-term in nature. If a hedge is entered into, it is
accounted for as a net investment hedge. Borrowings and other financial liabilities
December 31, 2025
December 31, 2024
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
2,293
2,251
42
1,810
1,776
34
Drawn revolving
credit facilities
8
8
-
-
-
-
Commercial papers
384
-
384
746
-
746
Bank overdrafts
74
-
74
8
-
8
Other
87
38
49
87
2
85
Borrowings at
amortized cost
2,846
2,297
549
2,651
1,778
873
Cash and
cash equivalents
(451)
-
(451)
(553)
-
(553)
Derivative
financial assets
(5)
-
(5)
-
-
-
Net debt
2,390
2,098
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "Note 16.\u00a0Trade and other accounts payable
Year ended December 31,
(millions of euros)
2025
2024
Trade accounts payable
174
168
Music royalties to artists and repertoire owners
4,383
4,327
Accrued expenses
480
424
Creative talent and content liabilities
344
533
Other payables
1
452
530
Trade and other accounts payable
5,833
5,982
Current contract liabilities
396
412
Trade accounts payable and other
6,229
6,394
\n
1
Other payables includes accrued liabilities and payables related to employee, taxes and other costs.
\n
The total amount of current and non-current contract liabilities as at December 31, 2025 is
\n
\u20ac403 million (2024: \u20ac424 million).
\n
Out of the total amount of \u20ac424 million recognized in contract liabilities at the beginning of
\n
2025, \u20ac379 million has been recognized as revenue for the year ended December 31, 2025 (2024:
\n
\u20ac365 million recognized as revenue out of a total of \u20ac428 million recognized in contract liabilities at
\nthe beginning of 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Note 16.\u00a0Trade and other accounts payable
Year ended December 31,
(millions of euros)
2025
2024
Trade accounts payable
174
168
Music royalties to artists and repertoire owners
4,383
4,327
Accrued expenses
480
424
Creative talent and content liabilities
344
533
Other payables
1
452
530
Trade and other accounts payable
5,833
5,982
Current contract liabilities
396
412
Trade accounts payable and other
6,229
6,394
\n
1
Other payables includes accrued liabilities and payables related to employee, taxes and other costs.
\n
The total amount of current and non-current contract liabilities as at December 31, 2025 is
\n
\u20ac403 million (2024: \u20ac424 million).
\n
Out of the total amount of \u20ac424 million recognized in contract liabilities at the beginning of
\n
2025, \u20ac379 million has been recognized as revenue for the year ended December 31, 2025 (2024:
\n
\u20ac365 million recognized as revenue out of a total of \u20ac428 million recognized in contract liabilities at
\nthe beginning of 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "Note 16.\u00a0Trade and other accounts payable
Year ended December 31,
(millions of euros)
2025
2024
Trade accounts payable
174
168
Music royalties to artists and repertoire owners
4,383
4,327
Accrued expenses
480
424
Creative talent and content liabilities
344
533
Other payables
1
452
530
Trade and other accounts payable
5,833
5,982
Current contract liabilities
396
412
Trade accounts payable and other
6,229
6,394
\n
1
Other payables includes accrued liabilities and payables related to employee, taxes and other costs.
\n
The total amount of current and non-current contract liabilities as at December 31, 2025 is
\n
\u20ac403 million (2024: \u20ac424 million).
\n
Out of the total amount of \u20ac424 million recognized in contract liabilities at the beginning of
\n
2025, \u20ac379 million has been recognized as revenue for the year ended December 31, 2025 (2024:
\n
\u20ac365 million recognized as revenue out of a total of \u20ac428 million recognized in contract liabilities at
\nthe beginning of 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "Note 17.\u00a0Cash position and borrowings
Cash position
Year ended December 31,
(millions of euros)
2025
2024
Cash and cash equivalents
451
553
Bank overdrafts
(74)
(8)
Cash and cash equivalents in the statement of cash flows
377
545
\n
UMG operates in a number of territories where regulations do not authorise participation of local
\n
entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to
\n
extract cash from these territories. The amount of cash held by UMG entities in these countries
\namounted to \u20ac412 million as of December 31, 2025 (2024: \u20ac466 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "Note 17.\u00a0Cash position and borrowings
Cash position
Year ended December 31,
(millions of euros)
2025
2024
Cash and cash equivalents
451
553
Bank overdrafts
(74)
(8)
Cash and cash equivalents in the statement of cash flows
377
545
\n
UMG operates in a number of territories where regulations do not authorise participation of local
\n
entities to the UMG global cash pooling. Only dividends and intra-group invoices are available to
\n
extract cash from these territories. The amount of cash held by UMG entities in these countries
\namounted to \u20ac412 million as of December 31, 2025 (2024: \u20ac466 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "Borrowings and other financial liabilities
December 31, 2025
December 31, 2024
(millions of euros)
Total
Long-term
Short-term
Total
Long-term
Short-term
Bonds
2,293
2,251
42
1,810
1,776
34
Drawn revolving
credit facilities
8
8
-
-
-
-
Commercial papers
384
-
384
746
-
746
Bank overdrafts
74
-
74
8
-
8
Other
87
38
49
87
2
85
Borrowings at
amortized cost
2,846
2,297
549
2,651
1,778
873
Cash and
cash equivalents
(451)
-
(451)
(553)
-
(553)
Derivative
financial assets
(5)
-
(5)
-
-
-
Net debt
2,390
2,098
\n
Borrowings include the following:
\n
\u2022
\n
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2027 with a coupon
\n
of 3.00%.
\n
\u2022
\n
\u20ac500 million of senior unsecured notes issued in June 2022, due on June 30, 2032 with a coupon
\n
of 3.75%.
\n
\u2022
\n
\u20ac750 million of senior unsecured notes issued in June 2023, due on June 13, 2031 with a coupon
\n
of 4.00%.
\n
\u2022
\n
\u00a57 billion (\u20ac45 million) of senior notes issued in July 2023 and due on July 5, 2038 with a coupon
\n
of 1.61%.
\n
\u2022
\n
\u20ac300 million of senior unsecured notes issued in May 2025, due on June 30, 2032 with a coupon
\n
of 3.75%.
\n
\u2022
\n
\u20ac100 million of senior unsecured notes issued in June 2025, due on June 13, 2031 with a coupon
\n
of 4.00%.
\n
\u2022
\n
\u00a57 billion (\u20ac41 million) of senior notes issued in September 2025 and due on September 25, 2035
\n
with a coupon of 2.25%.
\n
\u2022
\n
\u20ac40 million of senior unsecured notes issued in December 2025, due on December 15, 2038 with a
\n
coupon of 4.00%.
\n
\u2022
\n
\u20ac2 billion revolving credit facility extended in February 2023 to April 26, 2028.
\n
\u2022
\n
Up to \u20ac2 billion NEU commercial paper program established in July 2022.
\n
\u2022
\n
USD $500 million short-term bilateral floating rate revolving credit facility entered into in April
\n
2025, which expires in April 2028.
\n
Movements of borrowings
Drawn
revolving
credit
Bank
Commercial
(millions of euros)
facilities
Bonds
overdrafts
papers
Other debt
Total
Balance December
31, 2023
-
1,808
26
197
73
2,104
New borrowings
300
-
8
3,897
124
4,329
Repayments
(300)
-
(26)
(3,351)
(104)
(3,781)
Translation differences
and other movements
-
2
-
3
(6)
(1)
Balance December
31, 2024
-
1,810
8
746
87
2,651
New borrowings
317
481
74
3,689
19
4,580
Repayments
(309)
-
(8)
(4,048)
(12)
(4,377)
Translation differences
and other movements
-
2
-
(3)
(7)
(8)
Balance December
31, 2025
8
2,293
74
384
87
2,846
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Note 18.\u00a0Contractual obligations and other commitments
UMG\u2019s material contractual obligations and contingent assets and liabilities include:
\n
\u2022
\n
Contractual content commitments. UMG routinely commits to pay agreed amounts to artists and
\n
other parties upon delivery of content or other products. Until the artist or the other party has
\n
delivered his or her content or until the recoupment of an advance, UMG discloses its obligation
\n
as an off-balance sheet commitment;
\n
\u2022
\n
Certain contractual obligations relating to the UMG\u2019s business operations, including leases and
\n
off-balance sheet commercial commitments, such as long-term service contracts and purchase
\n
or investment commitments; and
\n
\u2022
\n
Commitments related to UMG\u2019s financing: term loan and drawn committed bank credit facilities.
\n
Contractual obligations
\n
The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their
\n
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
\n
flows. Balances due within 12 months equal their carrying balances as the impact of discounting
\n
is not significant. Interest on long-term debt is based on floating rate adjustments according to
\n
market expectations.
Minimum future payments as of December 31, 2025
Total minimum future
Payments due in
payments as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2024
Borrowings and other
financial liabilities
3,281
480
871
1,930
3,086
Lease liabilities
695
102
307
287
664
Music royalties to artists and
repertoire owners
4,396
4,383
13
-
4,343
Creative talent and
content liabilities
583
344
237
2
944
Other payables
2,251
1,054
61
1,136
2,094
Consolidated statement of
financial position items
11,206
6,363
1,489
3,355
11,131
Contractual
content commitments
1,614
791
753
70
1,707
Other commitments
1
1,571
859
122
590
875
Total off-balance
sheet commitments
3,185
1,650
875
660
2,582
Total
14,391
8,013
2,364
4,015
13,713
\n
1
In December 2024, UMG entered into a definitive agreement to acquire Downtown Music Holdings LLC. The acquisition was
\n
approved by the European Commission on February 13, 2026 and completed on February 20, 2026. Refer to Note 30 of the
\n
Consolidated Financial Statements for additional information. Total cash outflows resulting from the acquisition are $898 million,
\nwhich includes cash paid to the selling shareholder and payments to settle certain of Downtown's third-party debt obligations. Note 26.\u00a0Litigation
In the normal course of its business, Universal Music Group is subject to various lawsuits,
arbitrations and governmental, administrative or other proceedings (collectively referred to herein
as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the
outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results
of operations and financial position. Note 29.\u00a0Audit exemptions
UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under
the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these
companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are
allowed to prepare abridged financial statements which are exempt from publication and audit.
Name
Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
UMG Supply Chain Europe B.V.
97258199
8Ball Music B.V.
32118927
Virgin Music Group B.V.
60386304
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany,
under the registered number indicated, under section 264 paragraph 3 of the German Commercial
Code. The financial data for these companies are also consolidated within these financial statements
therefore the German entities are allowed to prepare abridged financial statements which are
exempt from publication and audit.
Name
Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Note 18.\u00a0Contractual obligations and other commitments
UMG\u2019s material contractual obligations and contingent assets and liabilities include:
\n
\u2022
\n
Contractual content commitments. UMG routinely commits to pay agreed amounts to artists and
\n
other parties upon delivery of content or other products. Until the artist or the other party has
\n
delivered his or her content or until the recoupment of an advance, UMG discloses its obligation
\n
as an off-balance sheet commitment;
\n
\u2022
\n
Certain contractual obligations relating to the UMG\u2019s business operations, including leases and
\n
off-balance sheet commercial commitments, such as long-term service contracts and purchase
\n
or investment commitments; and
\n
\u2022
\n
Commitments related to UMG\u2019s financing: term loan and drawn committed bank credit facilities.
\n
Contractual obligations
\n
The table below analyses UMG\u2019s financial liabilities into relevant maturity groupings based on their
\n
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
\n
flows. Balances due within 12 months equal their carrying balances as the impact of discounting
\n
is not significant. Interest on long-term debt is based on floating rate adjustments according to
\n
market expectations.
Minimum future payments as of December 31, 2025
Total minimum future
Payments due in
payments as of
(millions of euros)
Total
1 year
2-5 years
After 5 years
December 31, 2024
Borrowings and other
financial liabilities
3,281
480
871
1,930
3,086
Lease liabilities
695
102
307
287
664
Music royalties to artists and
repertoire owners
4,396
4,383
13
-
4,343
Creative talent and
content liabilities
583
344
237
2
944
Other payables
2,251
1,054
61
1,136
2,094
Consolidated statement of
financial position items
11,206
6,363
1,489
3,355
11,131
Contractual
content commitments
1,614
791
753
70
1,707
Other commitments
1
1,571
859
122
590
875
Total off-balance
sheet commitments
3,185
1,650
875
660
2,582
Total
14,391
8,013
2,364
4,015
13,713
\n
1
In December 2024, UMG entered into a definitive agreement to acquire Downtown Music Holdings LLC. The acquisition was
\n
approved by the European Commission on February 13, 2026 and completed on February 20, 2026. Refer to Note 30 of the
\n
Consolidated Financial Statements for additional information. Total cash outflows resulting from the acquisition are $898 million,
\nwhich includes cash paid to the selling shareholder and payments to settle certain of Downtown's third-party debt obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Note 19.\u00a0Financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and liabilities
\n
according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the
\n
amounts, UMG considers that the fair value of trade and other receivables, short-term deposits,
\n
loans receivable, borrowings, trade and other payables are not materially different from their
\n
carrying value.
\n
Fair value hierarchy is based on the transparency of the inputs used and is as follows:
\n
\u2022
\n
Level 1: fair value measurement based on quoted prices in active markets for identical assets
\n
or liabilities;
\n
\u2022
\n
Level 2: fair value measurement based on observable market data (other than quoted prices
\n
included under Level 1), being for example, price on the last transactions on over-the-counter
\n
(OTC) markets; and
\n
\u2022
\n
Level 3: fair value measurement based on valuation techniques using inputs for the asset or
\n
liability that are not based on observable market data.
\n\n \n
December 31, 2025
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
3,404
3,404
-
-
Other financial assets
133
-
18
115
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
34
-
-
34
Financial assets at amortised cost
Trade and other receivables
2,607
-
-
-
Other financial assets
215
-
-
-
Total financial assets
6,393
3,404
18
149
Financial liabilities at fair value through profit
and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(51)
(5)
-
(46)
Financial liabilities at amortised cost
Trade and other payables
(6,225)
-
-
-
Bonds
(2,293)
(2,181)
-
-
Borrowings, excluding bank overdrafts and bonds
(479)
-
-
-
Other non-current liabilities
(1,398)
-
-
-
Total financial liabilities
(10,450)
(2,190)
-
(46)
\n\n \n
December 31, 2024
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit
and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
Listed equity portfolio
Change
Cumulative
Number
Average
Stock
in value
unrealized
Sensitivity
of shares
Ownership
purchase
market
Carrying
over
capital
at +/- 10
held
interest
price
1,2
price
value
the period
gain/(loss)
3
pts
(thousands)
(\u20ac/share)
(millions of euros)
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
Music Entertainment
12,246
0.79%
na
10.96
134
33
134
+13/-13
Other
9
(5)
9
Total at December
31, 2024
2,945
1,718
2,902
Spotify
6,487
3.10%
6.58
495.47
3,214
412
3,171
+321/-321
Tencent
Music Entertainment
12,246
0.80%
na
14.96
183
49
183
+18/-18
Other
7
(2)
7
Total at December
31, 2025
3,404
459
3,361
1
Includes acquisition fees and taxes.
2
na: not applicable.
3
Includes revaluation gains, net of liabilities, of \u20ac283 million in 2025 (\u20ac1,163 million in 2024) as recognized in Note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Note 19.\u00a0Financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and liabilities
\n
according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the
\n
amounts, UMG considers that the fair value of trade and other receivables, short-term deposits,
\n
loans receivable, borrowings, trade and other payables are not materially different from their
\n
carrying value.
\n
Fair value hierarchy is based on the transparency of the inputs used and is as follows:
\n
\u2022
\n
Level 1: fair value measurement based on quoted prices in active markets for identical assets
\n
or liabilities;
\n
\u2022
\n
Level 2: fair value measurement based on observable market data (other than quoted prices
\n
included under Level 1), being for example, price on the last transactions on over-the-counter
\n
(OTC) markets; and
\n
\u2022
\n
Level 3: fair value measurement based on valuation techniques using inputs for the asset or
\n
liability that are not based on observable market data.
\n\n \n
December 31, 2025
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
3,404
3,404
-
-
Other financial assets
133
-
18
115
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
34
-
-
34
Financial assets at amortised cost
Trade and other receivables
2,607
-
-
-
Other financial assets
215
-
-
-
Total financial assets
6,393
3,404
18
149
Financial liabilities at fair value through profit
and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(51)
(5)
-
(46)
Financial liabilities at amortised cost
Trade and other payables
(6,225)
-
-
-
Bonds
(2,293)
(2,181)
-
-
Borrowings, excluding bank overdrafts and bonds
(479)
-
-
-
Other non-current liabilities
(1,398)
-
-
-
Total financial liabilities
(10,450)
(2,190)
-
(46)
\n\n \n
December 31, 2024
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit
and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
Listed equity portfolio
Change
Cumulative
Number
Average
Stock
in value
unrealized
Sensitivity
of shares
Ownership
purchase
market
Carrying
over
capital
at +/- 10
held
interest
price
1,2
price
value
the period
gain/(loss)
3
pts
(thousands)
(\u20ac/share)
(millions of euros)
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
Music Entertainment
12,246
0.79%
na
10.96
134
33
134
+13/-13
Other
9
(5)
9
Total at December
31, 2024
2,945
1,718
2,902
Spotify
6,487
3.10%
6.58
495.47
3,214
412
3,171
+321/-321
Tencent
Music Entertainment
12,246
0.80%
na
14.96
183
49
183
+18/-18
Other
7
(2)
7
Total at December
31, 2025
3,404
459
3,361
1
Includes acquisition fees and taxes.
2
na: not applicable.
3
Includes revaluation gains, net of liabilities, of \u20ac283 million in 2025 (\u20ac1,163 million in 2024) as recognized in Note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Note 19.\u00a0Financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and liabilities
\n
according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the
\n
amounts, UMG considers that the fair value of trade and other receivables, short-term deposits,
\n
loans receivable, borrowings, trade and other payables are not materially different from their
\n
carrying value.
\n
Fair value hierarchy is based on the transparency of the inputs used and is as follows:
\n
\u2022
\n
Level 1: fair value measurement based on quoted prices in active markets for identical assets
\n
or liabilities;
\n
\u2022
\n
Level 2: fair value measurement based on observable market data (other than quoted prices
\n
included under Level 1), being for example, price on the last transactions on over-the-counter
\n
(OTC) markets; and
\n
\u2022
\n
Level 3: fair value measurement based on valuation techniques using inputs for the asset or
\n
liability that are not based on observable market data.
\n\n \n
December 31, 2025
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
3,404
3,404
-
-
Other financial assets
133
-
18
115
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
34
-
-
34
Financial assets at amortised cost
Trade and other receivables
2,607
-
-
-
Other financial assets
215
-
-
-
Total financial assets
6,393
3,404
18
149
Financial liabilities at fair value through profit
and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(51)
(5)
-
(46)
Financial liabilities at amortised cost
Trade and other payables
(6,225)
-
-
-
Bonds
(2,293)
(2,181)
-
-
Borrowings, excluding bank overdrafts and bonds
(479)
-
-
-
Other non-current liabilities
(1,398)
-
-
-
Total financial liabilities
(10,450)
(2,190)
-
(46)
\n\n \n
December 31, 2024
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit
and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
Listed equity portfolio
Change
Cumulative
Number
Average
Stock
in value
unrealized
Sensitivity
of shares
Ownership
purchase
market
Carrying
over
capital
at +/- 10
held
interest
price
1,2
price
value
the period
gain/(loss)
3
pts
(thousands)
(\u20ac/share)
(millions of euros)
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
Music Entertainment
12,246
0.79%
na
10.96
134
33
134
+13/-13
Other
9
(5)
9
Total at December
31, 2024
2,945
1,718
2,902
Spotify
6,487
3.10%
6.58
495.47
3,214
412
3,171
+321/-321
Tencent
Music Entertainment
12,246
0.80%
na
14.96
183
49
183
+18/-18
Other
7
(2)
7
Total at December
31, 2025
3,404
459
3,361
1
Includes acquisition fees and taxes.
2
na: not applicable.
3
Includes revaluation gains, net of liabilities, of \u20ac283 million in 2025 (\u20ac1,163 million in 2024) as recognized in Note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Note 19.\u00a0Financial assets and liabilities
The following table shows the carrying amounts and fair values of financial assets and liabilities
\n
according to their fair value hierarchy. Based on the nature, maturity or the magnitude of the
\n
amounts, UMG considers that the fair value of trade and other receivables, short-term deposits,
\n
loans receivable, borrowings, trade and other payables are not materially different from their
\n
carrying value.
\n
Fair value hierarchy is based on the transparency of the inputs used and is as follows:
\n
\u2022
\n
Level 1: fair value measurement based on quoted prices in active markets for identical assets
\n
or liabilities;
\n
\u2022
\n
Level 2: fair value measurement based on observable market data (other than quoted prices
\n
included under Level 1), being for example, price on the last transactions on over-the-counter
\n
(OTC) markets; and
\n
\u2022
\n
Level 3: fair value measurement based on valuation techniques using inputs for the asset or
\n
liability that are not based on observable market data.
\n\n \n
December 31, 2025
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
3,404
3,404
-
-
Other financial assets
133
-
18
115
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
34
-
-
34
Financial assets at amortised cost
Trade and other receivables
2,607
-
-
-
Other financial assets
215
-
-
-
Total financial assets
6,393
3,404
18
149
Financial liabilities at fair value through profit
and loss
Trade and other payables
(4)
(4)
-
-
Other non-current liabilities
(51)
(5)
-
(46)
Financial liabilities at amortised cost
Trade and other payables
(6,225)
-
-
-
Bonds
(2,293)
(2,181)
-
-
Borrowings, excluding bank overdrafts and bonds
(479)
-
-
-
Other non-current liabilities
(1,398)
-
-
-
Total financial liabilities
(10,450)
(2,190)
-
(46)
\n\n \n
December 31, 2024
Fair value
Carrying
(millions of euros)
amount
Level 1
Level 2
Level 3
Financial assets at fair value through profit and loss
Listed equity securities
2,945
2,945
-
-
Other financial assets
112
-
7
105
Financial assets at fair value through other
comprehensive income
Unlisted equity securities
18
-
-
18
Financial assets at amortised cost
Trade and other receivables
2,497
-
-
-
Other financial assets
197
-
-
-
Total financial assets
5,769
2,945
7
123
Financial liabilities at fair value through profit
and loss
Trade and other payables
(3)
(3)
-
-
Other non-current liabilities
(63)
(8)
-
(55)
Financial liabilities at amortised cost
Trade and other payables
(6,391)
-
-
-
Bonds
(1,810)
(1,791)
-
-
Borrowings, excluding bank overdrafts and bonds
(833)
-
-
-
Other non-current liabilities
(1,393)
-
-
-
Total financial liabilities
(10,493)
(1,802)
-
(55)
Listed equity portfolio
Change
Cumulative
Number
Average
Stock
in value
unrealized
Sensitivity
of shares
Ownership
purchase
market
Carrying
over
capital
at +/- 10
held
interest
price
1,2
price
value
the period
gain/(loss)
3
pts
(thousands)
(\u20ac/share)
(millions of euros)
Spotify
6,487
3.16%
6.58
431.90
2,802
1,690
2,759
+280/-280
Tencent
Music Entertainment
12,246
0.79%
na
10.96
134
33
134
+13/-13
Other
9
(5)
9
Total at December
31, 2024
2,945
1,718
2,902
Spotify
6,487
3.10%
6.58
495.47
3,214
412
3,171
+321/-321
Tencent
Music Entertainment
12,246
0.80%
na
14.96
183
49
183
+18/-18
Other
7
(2)
7
Total at December
31, 2025
3,404
459
3,361
1
Includes acquisition fees and taxes.
2
na: not applicable.
3
Includes revaluation gains, net of liabilities, of \u20ac283 million in 2025 (\u20ac1,163 million in 2024) as recognized in Note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Note 20.\u00a0Equity
Share capital
UMG has an authorized share capital of \u20ac27,000 million divided into 2,700,000,000 ordinary shares
with a nominal value of \u20ac10 per share. On December 31, 2025, the issued and fully paid share
capital consisted of 1,834,181,772 ordinary shares with a nominal value of \u20ac10 per share (2024:
1,829,281,171 ordinary shares with a nominal value of \u20ac10 per share).
Additional paid-in capital
Additional paid-in capital represents the premium paid in excess of the par value of shares at the
time of the issuance of new shares.
Treasury shares
As at December 31, 2025, UMG held 214,235 shares (2024: 214,235 shares) as Treasury shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "Share capital
UMG has an authorized share capital of \u20ac27,000 million divided into 2,700,000,000 ordinary shares
with a nominal value of \u20ac10 per share. On December 31, 2025, the issued and fully paid share
capital consisted of 1,834,181,772 ordinary shares with a nominal value of \u20ac10 per share (2024:
1,829,281,171 ordinary shares with a nominal value of \u20ac10 per share).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Additional paid-in capital
Additional paid-in capital represents the premium paid in excess of the par value of shares at the
time of the issuance of new shares.", "dimensions": { "concept": "umg:DisclosureOfAdditionalPaidInCapital", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Treasury shares As at December 31, 2025, UMG held 214,235 shares (2024: 214,235 shares) as Treasury shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Dividend Distribution
On May 14, 2025 the shareholders approved a dividend distribution of \u20ac0.28 per ordinary share,
corresponding to a total distribution of \u20ac513 million, paid in June 2025, except for withholding tax
which was settled in July 2025.
On July 30, 2025 the directors approved an interim dividend distribution of \u20ac0.24 per ordinary share,
corresponding to a total distribution of \u20ac440 million paid in October 2025.
UMG plans to annually declare and pay dividends to all holders of the Shares on a pro-rata basis
in two semi-annual instalments, in the aggregate amount of no less than 50% of UMG's net profits
realized during the relevant financial year, subject to agreed non-cash items. UMG intends to pay an
interim dividend in the fourth quarter of each financial year, after the publication of the half-year
figures of the Group, and a final dividend in the second quarter of the following financial year, to be
paid following approval of the UMG's financial statements at its Annual General Meeting.
A proposal will be submitted to the 2026 Annual General Meeting of Shareholders to pay a final
dividend of \u20ac
0.28
per ordinary share corresponding to a distribution of \u20ac
514
million, in cash, from
the 2025 retained earnings, payable in Q2 2026. This would bring the total dividend for 2025 to
\u20ac954 million, or \u20ac0.52 per ordinary share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "0.28", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "514000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Note 22.\u00a0Provisions \n \n
Year ended December 31,
(millions of euros)
Note
2025
2024
Post-retirement employee benefits
23
164
178
Royalty audit claims
102
118
Deferred employee compensation
29
31
Restructuring costs
51
53
Litigations
20
19
Other
55
62
Provisions
421
461
Deduction of current provisions
(179)
(195)
Non-current provisions
242
266
Based on the historical utilisation rate, UMG expects the royalty audit claims provision will be utilized
mainly within the next 3 years.
Movements in provisions
\n \n
Royalty
(millions of euros)
Restructuring
Litigation
audit claims
Other
Total
Balance as at January 1, 2025
53
19
118
62
252
Additions
51
1
42
1
95
Utilizations
(52)
-
(36)
(32)
(120)
Releases
(1)
(1)
(13)
(7)
(22)
Business combinations
-
-
1
27
28
Changes in foreign currency translation
adjustments and other
-
1
(10)
4
(5)
Balance as at December 31, 2025
51
20
102
55
228
Current
49
15
60
33
157
Non-current
2
5
42
22
71
Note 26.\u00a0Litigation
In the normal course of its business, Universal Music Group is subject to various lawsuits,
arbitrations and governmental, administrative or other proceedings (collectively referred to herein
as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the
outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results
of operations and financial position. Note 29.\u00a0Audit exemptions
UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under
the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these
companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are
allowed to prepare abridged financial statements which are exempt from publication and audit.
Name
Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
UMG Supply Chain Europe B.V.
97258199
8Ball Music B.V.
32118927
Virgin Music Group B.V.
60386304
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany,
under the registered number indicated, under section 264 paragraph 3 of the German Commercial
Code. The financial data for these companies are also consolidated within these financial statements
therefore the German entities are allowed to prepare abridged financial statements which are
exempt from publication and audit.
Name
Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Note 22.\u00a0Provisions \n \n
Year ended December 31,
(millions of euros)
Note
2025
2024
Post-retirement employee benefits
23
164
178
Royalty audit claims
102
118
Deferred employee compensation
29
31
Restructuring costs
51
53
Litigations
20
19
Other
55
62
Provisions
421
461
Deduction of current provisions
(179)
(195)
Non-current provisions
242
266
Based on the historical utilisation rate, UMG expects the royalty audit claims provision will be utilized
mainly within the next 3 years.
Movements in provisions
\n \n
Royalty
(millions of euros)
Restructuring
Litigation
audit claims
Other
Total
Balance as at January 1, 2025
53
19
118
62
252
Additions
51
1
42
1
95
Utilizations
(52)
-
(36)
(32)
(120)
Releases
(1)
(1)
(13)
(7)
(22)
Business combinations
-
-
1
27
28
Changes in foreign currency translation
adjustments and other
-
1
(10)
4
(5)
Balance as at December 31, 2025
51
20
102
55
228
Current
49
15
60
33
157
Non-current
2
5
42
22
71
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Note 23.\u00a0Post-retirement employee benefits
In accordance with the laws and practices of each country in which it operates, UMG participates
in, or maintains, employee benefit plans providing retirement pensions, post-retirement health
care, life insurance and other post-employment benefits to eligible (former) employees and such
of their beneficiaries who meet the required conditions. Post-retirement benefits are provided for
substantially all employees through defined contribution plans, which are integrated with local
social security, or defined benefit plans, which are generally managed via group pension plans.
The plan funding policy implemented by UMG is consistent with applicable government funding
requirements and regulations. Refer to Note
5
for the contribution to defined contribution plans.
Post-employment benefits covered in this note relate to defined-benefit pension and other post-
retirement defined benefit plans, including medical plans and life insurance. The benefits provided
by these plans are based on employees\u2019 years of service and compensation levels.
Refer to the table below for the present value of the net defined benefit obligations and plan assets
per country as at December 31.
\n \n
2025
2024
Fair value
Net obligation/
Fair value
Net obligation/
(millions of euros)
Obligation
of plan assets
(asset)
Obligation
of plan assets
(asset)
Germany
134
(1)
133
147
(1)
146
U.S.
18
-
18
19
-
19
Other
35
(34)
1
38
(36)
2
Total
187
(35)
152
204
(37)
167
of which
assets related
to employee
benefit plans
(12)
(11)
liabilities for
employee
benefit plans
164
178
Germany
The post-retirement benefit plans in Germany aim to provide pension benefits to eligible (former)
employees and such of their beneficiaries who meet certain conditions. The total obligation as
presented above includes multiple plans, of which three are material. These plans are closed to new
entrants since 2003 and earlier. In accordance with current regulations, these plans are not funded
and are not covered by the plan assets. The main risks for UMG relate to changes in discount rates
and inflation rates.
United States
The defined benefit liability in the United States mainly relates to the post-retirement medical care
benefits. Post-retirement medical benefit plans in the United States are not covered by plan assets in
accordance with local laws and practices.
Cash flow impact for 2026
In 2026 UMG expects a cash outflow of \u20ac15 million in relation to all defined benefit plans.
Net defined benefit obligations/(assets)
Movements of the net defined benefit obligations and plan assets for the year ended on December
31, are presented in the following tables.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n \n
2025
Fair value
Net obligation/
(millions of euros)
Note
Obligation
of plan assets
(asset)
Opening balance
204
(37)
167
Current service cost
5
2
-
2
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
2
-
2
Interest cost
6
6
-
6
Expected return on plan assets
6
-
-
-
Impact on other financial income
6
-
6
Included in the statement of profit or loss
8
-
8
Actuarial losses/(gains) related to:
Experience adjustments
(2)
-
(2)
Financial assumptions
(7)
-
(7)
Demographic assumptions
-
-
-
Included in other comprehensive income
21
(9)
-
(9)
Contributions by employers
-
(12)
(12)
Benefits paid by the fund
(3)
3
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
(1)
(1)
(2)
Closing balance
187
(35)
152
of which
wholly or partly funded benefits
29
wholly unfunded benefits
1
158
assets related to employee benefit plans
(12)
liabilities for employee benefit plans
164
\n
1
Included a current liability of \u20ac14 million as of December 31, 2025
\n\n \n
2024
Fair value
Net obligation/
(millions of euros)
Note
Obligation
of plan assets
(asset)
Opening balance
192
(36)
156
Current service cost
5
1
-
1
(Gain)/loss on settlements
-
-
-
Other
-
-
-
Impact on selling & administrative expenses
1
-
1
Interest cost
6
6
-
6
Expected return on plan assets
6
-
(1)
(1)
Impact on other financial income
6
(1)
5
Included in the statement of profit or loss
7
(1)
6
Actuarial losses/(gains) related to:
Experience adjustments
14
(3)
11
Financial assumptions
6
-
6
Demographic assumptions
-
-
-
Included in other comprehensive income
21
20
(3)
17
Contributions by employers
-
(13)
(13)
Benefits paid by the fund
(3)
3
-
Benefits paid by the employer
(12)
12
-
Foreign currency and other
-
1
1
Closing balance
204
(37)
167
of which
wholly or partly funded benefits
33
wholly unfunded benefits
1
171
assets related to employee benefit plans
(11)
liabilities for employee benefit plans
178
\n
1
Included a current liability of \u20ac15 million as of December 31, 2024
Assumptions used in the valuation of the net defined benefit liability
The mortality tables used for UMG\u2019s major defined benefit schemes in Germany are Richttafeln 2018
G K. Heubeck.
Other key assumptions used in the valuation of the net defined benefit plans liability are: rate of
compensation increase, discount rate, and expected return on plan assets. The weighted-average
assumptions used to calculate the defined benefit obligation as of December 31 were as follows:
\n \n
Germany
U.S.
Weighted average of all plans
2025
2024
2025
2024
2025
2024
Discount rate
3.80%
3.30%
5.15%
5.47%
3.81%
3.33%
Inflation rate
2.00%
2.00%
na
na
1.99%
2.00%
Duration of the benefit obligation
(in years)
9.7
9.9
na: not applicable.
Defined benefit obligation sensitivity
A 50 basis point change in the key assumptions, assuming all other assumptions remain
unchanged, would result in the following impact to the defined benefit obligation:
\n \n
2025
2024
50 basis point
50 basis point
(millions of euros)
Increase
Decrease
Increase
Decrease
Discount rate
(8)
9
(10)
10
Inflation rate
6
(6)
8
(7)
Pension plan assets allocation
\n \n
Year ended December 31,
(millions of euros)
2025
2024
Insurance contracts
54%
55%
Equity securities
23%
22%
Debt securities
14%
14%
Diversified funds
0%
0%
Cash and other
9%
9%
Total
100%
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Note 24.\u00a0Share-based compensation plans
In 2022, UMG received formal approval from its shareholders to implement an equity plan, the UMG
Global Equity Plan. Under the plan, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs)
are granted to senior executives to align the interests of the employees of UMG with its shareholders\u2019
interests by providing them with an additional incentive to improve UMG's performance and
increase its share price on a long-term basis. In addition, the Annual Incentive Plan (AIP) for these
senior executives was modified such that all or a portion of the payment under the plan may be
settled in equity at the discretion of UMG. Subsequently, the equity plan was extended to additional
executives, certain non-executive board directors and a number of senior management personnel,
resulting in the issuance of additional RSUs, PSUs and also Performance Stock Options (PSOs).
UMG Restricted Stock Units (RSUs)
Starting in the last quarter of 2022, and continuing for each year of service under the term of their
contracts, certain senior executives and senior management are granted RSUs, being a right to
receive shares upon vesting. These RSU awards have final vesting periods typically of 3 to 5 years
and will vest in 3 equal instalments during that period if the service condition is fulfilled.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n
In addition, one-off RSU awards were granted to certain senior executives and senior management
\n
and have final vesting periods typically of 3 to 5 years and will typically vest in 4 to 5 equal
\n
instalments during that period.
\n
The RSUs granted to certain non-executive board directors have vesting periods of 1 to 2 years
\n
vesting in 1 instalment.
\n
The grant-date fair value of each RSU is determined based on the closing UMG share price on that
\n
date. The share rights are dividend-bearing during the service period.
\n
UMG Performance Stock Units (PSUs)
\n
Starting in the last quarter of 2022, and continuing for each year of service under the term of
\n
their contracts, certain senior executives and senior management are granted PSUs, being a right
\n
to receive shares upon vesting. The vesting of these rights is subject to service, market and non-
\n
market performance conditions.
\n
For these PSUs, the total number of shares delivered will range from 0% to 200% of the number of
\n
PSUs granted based on certain performance conditions tailored to each participant. For PSUs granted
\n
in 2022, 2023 and 2024, these include non-market performance conditions: target compound annual
\n
growth rate for revenues (Revenue CAGR) and Adjusted EBITDA (Adjusted EBITDA CAGR) and a market
\n
performance condition: relative total shareholder return (TSR). For PSUs granted in 2025, the same
\n
performance conditions apply with the exception of Adjusted EBITDA CAGR being replaced by Revised
\n
Earnings per Share compound annual ground rate (Revised EPS CAGR). In addition, the employee
\n
must remain in continued service for a three-year period.
\n
Subsequent to 2022, there was a small number of PSU awards granted with service conditions and
\n
performance conditions that vary slightly from the PSU awards described above.
\n
The grant-date fair value of each PSU is determined based on the closing UMG share price on that
\n
date, adjusted to reflect the fair value of the market performance condition. The share rights are
\n
dividend-bearing during the performance period.
\n
Annual Incentive Program (AIP)
\n
In 2022, the AIP for senior executives, which was previously settled only in cash and accrued
\n
throughout the year, was modified to allow UMG the choice of whether to settle in cash, shares,
\n
or a combination of the two. Such modification did not change the fair value of the award compared
\n
to the previously accrued AIP payable. UMG expects to settle 50% of the AIP in cash and 50% in
\n
shares. UMG has a constructive obligation to settle 50% of the award in cash. The total AIP expense
\n
for the full calendar year starting January 1, 2025, being the start of the service period for the 2025
\n
award, was \u20ac56 million (2024: \u20ac61 million) with the cash-settled AIP accrual amounting to 50% of the
\n
total expense.
\n
The vesting conditions of the AIP awards are a one-year service period and certain internally
\n
measured performance conditions including Adjusted EBITDA, revenue and cash flow from
\n
operations (CFFO). The amount received can vary between 0% and 200% of the on-target amount
\n
based on the actual performance against these performance criteria.
\n
The number of shares granted is based on the total value of the award and UMG\u2019s share price on
\n
March 15.
\n
UMG Performance Stock Options (PSOs)
\n
In 2023, PSOs were granted to a senior executive. The PSOs are subject to a service condition and
\n
a market condition. Under the service condition, the options will vest annually in four substantially
\n
equal instalments on each of the first four anniversaries of the grant date, subject to the senior
\n
executive\u2019s continued employment by UMG on those dates. The market condition requires that
\n
certain stock price hurdles be met before the PSOs become exercisable. The stock price hurdles
\n
are met as follows: one-third of the PSOs each becomes exercisable at hurdle prices of \u20ac26.50, \u20ac30.00
\n
and \u20ac38.00, respectively, based on the preceding 30-day average closing price of UMG N.V. shares.
\n
The PSOs were granted on March 30, 2023 at a total fair value of \u20ac45.9 million ($50 million), the grant
\n
date fair value used for recognising the expense on these awards. In accordance with the PSO terms,
\n
the number of options issued was determined at a later valuation date, April 30, 2023.
\n
In 2024, PSOs were granted to another senior executive. The PSOs are subject to a service condition
\n
and a market condition. The terms of the service conditions and market condition are the same as
\n
the previously granted PSOs with the exception of the stock price hurdles. The stock price hurdles
\n
are met as follows: one-third of the PSOs each becomes exercisable at hurdle prices of \u20ac30.00, \u20ac34.00
\n
and \u20ac38.00, respectively, based on the preceding 30-day average closing price of UMG N.V. shares.
\n
The PSOs were granted on May 30, 2024 at a total fair value of \u20ac4.6 million ($5 million), the grant date
\n
fair value used for recognising the expense on these awards. In accordance with the PSO terms, the
\n
number of options issued was determined at a later valuation date, May 31, 2024.
\n
Both senior executives must be employed by UMG on the occurrence of the stock price hurdles. As a
\n
result, the PSOs vest at the later of completion of service condition or the stock price hurdle. Awards
\n
will forfeit if the relevant stock price hurdle is not met in the five-year period following the grant date.
\n
The PSOs will be equity-settled.
\n
As of each respective valuation date, a Monte Carlo simulation was performed to determine the
\n
number of options to be issued so that the per unit fair values summed in total to the grant
\n
date fair value. The valuation exercise simulated the stock price of UMG over the contractual term,
\n
taking into account the terms and conditions on which the options were granted, expected dividend
\n
distributions and the historical volatility of UMG. UMG\u2019s historical volatility was also benchmarked
\n
against the long-term volatility of other listed groups considered comparable to UMG.
\n
The number and weighted average exercise price (WAEP) of, and movements in, share options were
\n
as follows:
\n
Weighted average exercise price (WAEP)
\n\n \n
2025
2024
Number
Number
(thousands)
WAEP (euros)
(thousands)
WAEP (euros)
Outstanding at January 1
9,235
20.61
8,625
19.81
Granted during the year
-
na
610
28.58
Forfeited during the year
-
na
-
na
Exercised during the year
-
na
-
na
Expired during the year
-
na
-
na
Outstanding at December 31
9,235
20.61
9,235
20.61
Exercisable at 31 December
1,438
19.81
719
19.81
\n
The weighted average remaining contractual life for the share options outstanding as at December
\n
31, 2025 was 2.34 years (2024: 3.34 years).
\n
The weighted average fair value of options granted during the year was nil as no new options were
\n
granted (2024: \u20ac7.6).
\n
The range of exercise prices for options outstanding at the end of the year was \u20ac19.81 to \u20ac28.58 (2024:
\n
\u20ac19.81 to \u20ac28.58).
The following table lists additional weighted average inputs to the Monte Carlo model used for the
PSOs for the awards granted during the period:
\n \n
2025
2024
Dividend yield (%)
-
2.00
Expected volatility (%)
-
30.70
Risk free interest rate (%)
-
2.93
Weighted average share price at valuation date (euros)
-
28.58
The dividend distribution during the lifetime of the option has been estimated based on historical
and forecasted data and is not necessarily indicative of yield patterns that may occur. The expected
volatility reflects the assumption that the historical volatility over a period similar to the life of the
options is indicative of future trends, which also may not necessarily be the actual outcome.
Equity-settled detail by type
The weighted average grant-date fair value per instrument and total fair value for the awards
outstanding vesting as at period end were as follows:
\n \n
Weighted average grant-
date fair value per
instrument outstanding
Total fair value outstanding
(euros)
(millions of euros)
Year ended December 31,
2025
2024
2025
2024
RSUs
23.12
22.30
369
395
PSUs
26.89
25.00
196
186
AIP
22.23
25.13
28
31
PSOs
5.50
5.99
43
51
The total expense for these awards recognised were as follows:
\n \n
Year ended December 31,
(millions of euros)
2025
2024
RSUs
102
185
PSUs
85
96
AIP
28
31
PSOs
12
17
Total
227
329
The total equity reserve for these awards recognised were as follows:
\n \n
Year ended December 31,
(millions of euros)
2025
2024
RSUs
200
203
PSUs
145
141
AIP
28
31
PSOs
39
28
Total
412
403
Estimated future tax obligation
An estimate of the amount that UMG expects to transfer to tax authorities to settle the employees\u2019
tax obligations in relation to all RSU, PSU, PSO and AIP is \u20ac263 million (2024: \u20ac335 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Note 25.\u00a0Related parties
UMG\u2019s related parties include the Corporate Executives and non-executive board members.
Corporate Executive compensation
As of December 31, 2025, UMG's Corporate Executives are comprised of 10 (2024: 9) members, of which
2 (2024: 2) were Executive Directors on the UMG N.V. board. The Corporate executives are as defined in
the Appendix of the Annual Report. The Executive directors are also members of the UMG N.V. board.
Their aggregate compensation is presented in the table below.
\n \n
Year ended December 31, 2025
Other
Corporate
Executive
Corporate
(millions of euros)
Executives
Directors
Executives
Short-term employee benefits
17
25
42
Post-employment benefits
1
-
1
Other long-term benefits
-
-
-
Termination benefits
-
-
-
Share-based payments
46
41
87
Corporate Executives
64
66
130
\n \n
Year ended December 31, 2024
Other
Corporate
Executive
Corporate
(millions of euros)
Executives
Directors
Executives
Short-term employee benefits
20
20
40
Post-employment benefits
1
-
1
Other long-term benefits
-
-
-
Termination benefits
-
-
-
Share-based payments
66
51
117
Corporate Executives
87
71
158
Refer to the Remuneration Report section in the Annual Report for more detail.
Non-executive board compensation
As of December 31, 2025 UMG's non-executive board received director fees of \u20ac1 million (2024:
\u20ac1 million) and share-based compensation of \u20ac1 million (2024: \u20ac1 million).
Other related-party transactions
Other related parties include:
\u2022
companies fully consolidated by UMG. The transactions between these companies have been
eliminated for the preparation of UMG\u2019s Annual Financial Statements;
\u2022
companies over which UMG exercises a significant influence or has joint control;
\u2022
all companies that are controlled or jointly controlled by Corporate Executives or their close
relatives; and
\u2022
all companies that have a significant influence over UMG.
UMG distributes its cash surpluses to shareowners through dividends and share capital reductions
(please refer to Note
20
).
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
The balances and transactions with the parties described above are summarised in the table below:
\n \n
December 31, 2025
(millions of euros)
Associates
Joint Ventures
Shareholders
Other
Total
Statement of Financial Position
Assets
Trade accounts receivable
38
-
-
-
38
Loans and other receivables
18
116
-
-
134
Other financial assets
51
-
-
-
51
Royalty advances
17
-
-
-
17
Liabilities
Trade accounts payable
(13)
-
-
-
(13)
Lease liabilities
-
(116)
-
-
(116)
Statement of Profit or Loss
Revenue
250
-
1
-
251
Cost of revenues
(116)
-
-
-
(116)
Selling, general and
administrative expenses
-
-
-
-
-
Other financial income
4
7
-
-
11
Other financial expenses
-
(3)
-
-
(3)
\n \n
December 31, 2024
(millions of euros)
Associates
Joint Ventures
Shareholders
Other
Total
Statement of Financial Position
Assets
Trade accounts receivable
89
-
2
-
91
Loans and other receivables
10
91
-
-
101
Other financial assets
58
-
-
-
58
Royalty advances
-
-
-
-
-
Liabilities
Trade accounts payable
(1)
-
-
-
(1)
Lease liabilities
-
(63)
-
-
(63)
Statement of Profit or Loss
Revenue
286
-
9
-
295
Cost of revenues
-
-
-
-
-
Selling, general and
administrative expenses
(20)
-
(2)
(1)
(23)
Other financial income
-
6
-
-
6
Other financial expenses
-
(4)
-
-
(4)
Note 27.\u00a0List of consolidated entities
The Consolidated financial statements comprise the assets and liabilities of 435 legal entities. Set out
below is a list of material holding companies and subsidiaries.
All the entities are 100% owned.
Legal entity name
Principal country of business
Universal Music Group N.V.
Netherlands
Universal Music Group, Inc.
United States
Universal Music Group Holdings, Inc.
United States
UMG Recordings Inc.
United States
Universal Music Corp .
United States
Universal International Music B.V.
Netherlands
CMHL B.V.
Netherlands
Universal Music LLC
Japan
Universal Music Entertainment GmbH
Germany
Universal Music Limited
Hong Kong
Universal Music Holdings Limited
United Kingdom
Universal Music (UK) Holdings Limited
United Kingdom
Universal Music Leisure Limited
United Kingdom
Universal Music Publishing International Limited
United Kingdom
EMI Group Worldwide Holdings Limited
United Kingdom
EMI Group (Newco) Limited
United Kingdom
EMI Group Limited
United Kingdom
Virgin Music Group
United Kingdom
Virgin Records Limited
United Kingdom
UMG does not have subsidiaries that have non-controlling interests that are material for its
Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Note 25.\u00a0Related parties
UMG\u2019s related parties include the Corporate Executives and non-executive board members.
Corporate Executive compensation
As of December 31, 2025, UMG's Corporate Executives are comprised of 10 (2024: 9) members, of which
2 (2024: 2) were Executive Directors on the UMG N.V. board. The Corporate executives are as defined in
the Appendix of the Annual Report. The Executive directors are also members of the UMG N.V. board.
Their aggregate compensation is presented in the table below.
\n \n
Year ended December 31, 2025
Other
Corporate
Executive
Corporate
(millions of euros)
Executives
Directors
Executives
Short-term employee benefits
17
25
42
Post-employment benefits
1
-
1
Other long-term benefits
-
-
-
Termination benefits
-
-
-
Share-based payments
46
41
87
Corporate Executives
64
66
130
\n \n
Year ended December 31, 2024
Other
Corporate
Executive
Corporate
(millions of euros)
Executives
Directors
Executives
Short-term employee benefits
20
20
40
Post-employment benefits
1
-
1
Other long-term benefits
-
-
-
Termination benefits
-
-
-
Share-based payments
66
51
117
Corporate Executives
87
71
158
Refer to the Remuneration Report section in the Annual Report for more detail.
Non-executive board compensation
As of December 31, 2025 UMG's non-executive board received director fees of \u20ac1 million (2024:
\u20ac1 million) and share-based compensation of \u20ac1 million (2024: \u20ac1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Note 26.\u00a0Litigation
In the normal course of its business, Universal Music Group is subject to various lawsuits,
arbitrations and governmental, administrative or other proceedings (collectively referred to herein
as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the
outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results
of operations and financial position. ", "dimensions": { "concept": "umg:DisclosureOfLitigation", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Note 26.\u00a0Litigation
In the normal course of its business, Universal Music Group is subject to various lawsuits,
arbitrations and governmental, administrative or other proceedings (collectively referred to herein
as \u201cLegal Proceedings\u201d). However, based on the information currently available, UMG believes that the
outcome from these Legal Proceedings will not have a material impact on UMG's consolidated results
of operations and financial position. Note 29.\u00a0Audit exemptions
UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under
the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these
companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are
allowed to prepare abridged financial statements which are exempt from publication and audit.
Name
Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
UMG Supply Chain Europe B.V.
97258199
8Ball Music B.V.
32118927
Virgin Music Group B.V.
60386304
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany,
under the registered number indicated, under section 264 paragraph 3 of the German Commercial
Code. The financial data for these companies are also consolidated within these financial statements
therefore the German entities are allowed to prepare abridged financial statements which are
exempt from publication and audit.
Name
Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Note 27.\u00a0List of consolidated entities
The Consolidated financial statements comprise the assets and liabilities of 435 legal entities. Set out
below is a list of material holding companies and subsidiaries.
All the entities are 100% owned.
Legal entity name
Principal country of business
Universal Music Group N.V.
Netherlands
Universal Music Group, Inc.
United States
Universal Music Group Holdings, Inc.
United States
UMG Recordings Inc.
United States
Universal Music Corp .
United States
Universal International Music B.V.
Netherlands
CMHL B.V.
Netherlands
Universal Music LLC
Japan
Universal Music Entertainment GmbH
Germany
Universal Music Limited
Hong Kong
Universal Music Holdings Limited
United Kingdom
Universal Music (UK) Holdings Limited
United Kingdom
Universal Music Leisure Limited
United Kingdom
Universal Music Publishing International Limited
United Kingdom
EMI Group Worldwide Holdings Limited
United Kingdom
EMI Group (Newco) Limited
United Kingdom
EMI Group Limited
United Kingdom
Virgin Music Group
United Kingdom
Virgin Records Limited
United Kingdom
UMG does not have subsidiaries that have non-controlling interests that are material for its
Consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Note 28.\u00a0Statutory auditors fees
Fees for audit services include the audit of the financial statements of the UMG and its subsidiaries.
Fees for other audit services include review of interim financial statements, sustainability, and
other audits. Fees for tax services include tax compliance and tax advice. Fees for other non-audit
services include agreed-upon procedures and advisory services. Fees for tax and other non-audit
services are related to the network outside the Netherlands and are in accordance with local
independence regulation.
Year ended December 31,
2025
2024
(millions of euros)
EY
EY
Audit of UMG and its subsidiaries
10
8
Other assurance-related fees
1
13
-
Tax services
-
-
Other non-audit services
-
-
Total
2
23
8
1
Other assurance-related fees consists of sustainability audit fees and assurance fees for US listing preparation. Total
sustainability audit fees was \u20ac0 million (2024: \u20ac0 million). Assurance fees for US listing preparation was \u20ac13 million (2024:
\u20ac0 million).
2
Total fees charged by the Dutch organization of EY Accountants B.V. was \u20ac3 million (2024: \u20ac3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Note 29.\u00a0Audit exemptions
UMG has provided guarantees to the following subsidiaries, incorporated in the Netherlands, under
the registered number indicated, under section 403 of Book 2 of the Dutch Civil Code. As these
companies\u2019 financial data is consolidated within these financial statements, the Dutch entities are
allowed to prepare abridged financial statements which are exempt from publication and audit.
Name
Company Number
Universal International Music B.V.
31018439
Universal Music Publishing International B.V.
31037866
Universal Music Publishing B.V.
32101966
CMHL B.V.
32140273
UMG Supply Chain Europe B.V.
97258199
8Ball Music B.V.
32118927
Virgin Music Group B.V.
60386304
Universal Production Music B.V.
85798479
In addition UMG has provided guarantees to the following subsidiaries, incorporated in Germany,
under the registered number indicated, under section 264 paragraph 3 of the German Commercial
Code. The financial data for these companies are also consolidated within these financial statements
therefore the German entities are allowed to prepare abridged financial statements which are
exempt from publication and audit.
Name
Company Number
Arabella Musikverlag GmbH
HRB 110271
Centre Stage Artist Management GmbH
HRB 66733
Deutsche Grammophon Gesellschaft mbH
HRB 138012
Dreiklang-Dreimasken, B\u00fchnen- und Musikverlag Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110736
G. RICORDI & Co. B\u00fchnen- und Musikverlag GmbH
HRB 153334
Musik Edition Discoton, Gesellschaft mit beschr\u00e4nkter Haftung
HRB 110249
Rob. Forberg Musikverlag GmbH
HRB 153343
Rondor Musikverlag G.m.b.H.
HRB 89705
Sheffield Music GmbH
HRB 221164
UNIVERSAL / MCA Music Publishing GmbH
HRB 85574
Universal Music Entertainment GmbH
HRB 86559
Universal Music GmbH
HRB 158632
Universal Music Publishing GmbH
HRB 87411
Universal Production Music GmbH
HRB 113037
", "dimensions": { "concept": "umg:DisclosureOfAuditExemptions", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Note 30.\u00a0Subsequent events
On February 13, 2026, the European Commission approved UMG\u2019s proposed acquisition of Downtown
Music Holdings LLC (\u201cDowntown\u201d) on the condition that UMG will fully divest of Downtown\u2019s
royalty accounting platform Curve Royalty Systems, Ltd. The transaction completed on February
20, 2026 when UMG acquired all of Downtown's issued and outstanding share capital, resulting in
UMG obtaining control of Downtown and its subsidiaries as of that date. UMG paid $730 million
(\u20ac621 million) cash to the selling shareholder and settled Downtown loans with third party banks
for an amount of $168 million (\u20ac143 million). Downtown is a global music services business
with operations in artist & label services, distribution services, royalties & financial services and
music publishing. The Downtown business combination enables UMG to enhance its offerings and
capabilities to serve the independent music community.
On the date these consolidated financial statements were authorised to be issued, UMG\u2019s
initial accounting for the Downtown business combination was not complete. This includes the
determination of amounts UMG will recognise for each major class of assets acquired and liabilities
assumed and the amount of goodwill arising from the business combination. As a result, these
amounts are not disclosed in the consolidated financial statements.
Effective March 1, 2026, UMG entered into a bridge financing facility with a total borrowing capacity of
\u20ac1 billion. This facility expires on July 31, 2026, subject to extension by UMG for up to an additional
5 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500GJBUL3D9TW9Y18", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }