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Universal Music Group Beats On Q4, Announces Cost-Cutting In Wake Of TikTok Fallout

TECHNOLOGY


  • Q4 results posted last night look like a beat on Rev (+9% YoY, +7% vs. consensus) with in-line adj-EBITDA (+9% YoY).
  • FY Rev looks like a beat (+7.4% YoY, +1% vs. consensus) while equity investors will be happy with adj-EPS close to 5% ahead of consensus and the in-line DPS of 51c.
  • Credit metrics looks steady; EBITDA leverage and FY FCF both flat to FY22.
  • Cost cutting announced; run-rate savings of EUR 250mn by end-2026 with EUR 100mn restructuring charge in Q124.
  • No info on TikTok situation; the platform yesterday started removing UMG music while indicating commitment to reaching an agreement, having accounted for ~1% of UMG revenue until their license expired in January.
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