March 5 - Universal Music Group, the world's biggest music label, on Thursday shelved plans for a stock market listing in the United States, citing market uncertainty. UMG reported full-year 2025
Universal Music puts US listing on hold, citing market uncertainty
Universal Music Group Delays US Stock Market Listing Amid Market Volatility
By Leo Marchandon
March 5 - Universal Music Group, the world's biggest music label, on Thursday put plans for a stock market listing in the United States on hold, citing market uncertainty.
Company Valuation and Market Conditions
UMG said market conditions had pushed its valuation to a level it considered to be lower than what it is worth. The company said it would provide an update should conditions change.
Impact on Investor Agreements
The decision walks back on an agreement with billionaire investor Bill Ackman's Pershing Square, which had exercised its right to request a U.S. offering and had argued a New York listing would boost UMG's share price and liquidity.
Financial Performance in 2025
UMG reported full-year 2025 revenue of 12.5 billion euros ($14.5 billion), up 8.7% year-on-year at constant currency rates.
Global Chart Dominance
The group's artists dominated global charts in 2025 for the third consecutive year, claiming 9 of the top 10 spots on the IFPI Global Artist Chart, led by Taylor Swift, KPop band Stray Kids, and Drake, while the KPop Demon Hunters soundtrack was among the year's biggest sellers.
New Streaming Deals and Revenue Growth
Streaming 2.0 Agreements
NEW STREAMING DEALS
UMG said that it had secured new "Streaming 2.0" agreements with Spotify and Alphabet's YouTube in 2025, advancing on its strategy to boost revenue from dedicated "superfans" over casual listeners by emphasizing merchandise sales and premium subscription tiers.
Premium Subscriptions and Streaming Revenue
Premium subscriptions' revenue grew 5.6% to 4.88 billion euros, outpacing overall streaming revenue growth of 1.5%.
Adjusted Earnings and Net Profit
UMG's adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) rose 5.6% to 2.81 billion euros in 2025.
Net profit attributable to shareholders fell 26.5% to 1.53 billion euros. The company said the drop was driven by the revaluation of its stakes in companies including Spotify and Tencent Music. Stripping out those items, adjusted net profit rose 7.0% to 1.91 billion euros.
Exchange Rate and Reporting Notes
($1 = 0.8640 euros)
(Reporting by Leo Marchandon in Gdansk; Editing by Matt Scuffham)
