Q1 2024 Results Highlights1 Revenue of €2,594 million increased 5.8% year-over-year, or 7.9% in constant currency, driven by solid growth in all segments. Recorded Music subscription revenue grew 10.7% year-over-year, or 12.5% in constant currency, and streaming revenue grew 8.9% year-over-year, or 10.3% in constant currency. Music Publishing revenue grew 16.7% year-over-year, or 18.4% in constant currency. Adjusted EBITDA of €591 million increased 13.2% year-over-year, or 15.9% in constant currency, and Adjusted EBITDA margin expanded 1.5 percentage points to 22.8%. Top sellers included Taylor Swift, Noah Kahan, Morgan Wallen, Ariana Grande and Olivia Rodrigo. 1  This press release includes certain alternative performance indicators which are not defined in the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board as endorsed by the EU. The descriptions of these alternative performance indicators and reconciliations of non-IFRS to IFRS measures are included in the Appendix to this press release. HILVERSUM, The Netherlands, May 2, 2024 /PRNewswire/ -- Universal Music Group N.V. ("UMG" or "the Company") today announced its financial results for the first quarter ended March 31, 2024. "UMG's continuing success is in large measure attributable to the fact that we always put artists at the center of everything we do and surround them with the industry's most experienced teams and our broad-based and strategically integrated portfolio of businesses,"  said UMG's Chairman and CEO Sir Lucian Grainge. "Our strategic plan is once again driving a strong start to the year, reflected in our results, as well as the exceptional performance of our artists around the world." Boyd Muir, UMG's EVP, CFO and President of Operations said, "2024 is off to a healthy start, with revenue growth in all segments as well as strong Adjusted EBITDA growth and margin expansion.  We remain encouraged by the trajectory of the business and with the execution of our plans for this year and the years ahead." UMG Results Three Months Ended March 31, % % (in millions of euros) 2024 2023 YoY const. (unaudited) (unaudited) Revenue 2,594 2,451 5.8 % 7.9 % EBITDA 490 261 87.7 % 95.2 % EBITDA margin 18.9 % 10.6 % 8.3pp Adjusted EBITDA 591 522 13.2 % 15.9 % Adjusted EBITDA margin 22.8 % 21.3 % 1.5pp Note: % YoY indicates % change year-over-year; % const. indicates % change year-over-year adjusted for constant currency. Constant currency is calculated by taking current year results and comparing against prior year results restated at current year rates. Q1 2024 ResultsRevenue for the first quarter of 2024 was €2,594 million, an increase of 5.8% year-over-year, or 7.9% in constant currency, driven by healthy growth in all segments, as discussed further below.  EBITDA for the quarter grew 87.7% year-over-year, or 95.2% in constant currency, to €490 million and EBITDA margin was 18.9%, compared to 10.6% in the first quarter of 2023. This increase reflects lower non-cash share-based compensation expenses of €101 million during the first quarter of 2024, compared to €261 million of non-cash share-based compensation expenses during the first quarter of 2023. Excluding non-cash share-based compensation expenses, Adjusted EBITDA for the quarter was €591 million, up 13.2% year-over-year, or 15.9% in constant currency, and Adjusted EBITDA margin expanded 1.5 percentage points to 22.8%, compared to 21.3% in the first quarter of 2023, as a result of revenue growth, operating leverage and incremental cash compensation savings of €12 million associated with the equity plan rollout compared to the first quarter of 2023. Recorded Music Three Months Ended March 31, % % (in millions of euros) 2024 2023 YoY const. (unaudited)