Nevertheless, UMG generated earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.81 billion euros ($1.37 billion), versus 1.214 billion euros ($1.382 billion) in the year-earlier period. Meanwhile, EBITDA almost held steady, coming in at 610 million euros, versus 611 million euros in 2025’s second quarter. However, adjusted EBITDA grew to 674 million euros versus 676 million euros, which on a constant currency basis was actually a 1.5% increase. By division, recorded music grew by 6.83% to 4.769 billion euros ($5.539 billion), up from the prior year first-half revenue total of 4.464 billion euros ($5.081 billion); and music publishing totaled 1.168 billion euros ($1.357 billion),up 3.82% from the corresponding period in 2025 when publishing revenue was 1.125 billion euros ($1.28 billion). Meanwhile, the merch and other revenue category fell to 268 million euros ($311 million) from 311 million euros ($347 million), or a 12.13% decline, due to a softer release schedule and less touring activity.