'Music keeps playing' as UMG beats Q1 forecasts, shares rise

Shares in Universal Music Group UMG.AS rise 5%, paring earlier gains of more than 7%, after the world's biggest music label beat Q1 sales expectations

UMG reports streaming and subscription revenues, which account for more than a half of total sales, rising 9.5% to 1.60 billion euros ($1.82 billion)

"Music keeps playing over tariff headlines," Jefferies says, adding it's "positive on UMG's rare acceleration story in a tougher macro"

It points to "especially impressive" subscription revenue growth of 9%, vs Street expectation of 7%, "given it was in line with the 5YR guide ... even before pricing benefits accrue in FY26"

"A big beat!" J.P. Morgan says, adding Q1 is "another strong quarter" to help rebuild confidence and share price momentum

The broker expects UMG's subscription growth to further benefit from a step up in the wholesale price and the launch of tiers in 2026

The stock sits atop Amsterdam's blue chip index AEX .AEX

($1 = 0.8782 euros)