Operator
Good evening, and welcome to Universal Music Group’s Second Quarter and First Half Earnings Call for the period ended June 30, 2026. My name is Gavin, and I’ll be your conference operator today. Your speakers for today’s call will be Lucian Grainge, Chairman and CEO of Universal Music Group; and Matt Ellis, Chief Financial Officer. They will be joined during Q&A by Michael Nash, Chief Digital Officer; and Boyd Muir, Chief Operating Officer. [Operator Instructions] As a reminder, this call is being recorded. Please also let me remind you that management’s commentary and responses to questions on today’s call may include forward-looking statements, which, by their nature, are uncertain and outside of the company’s control.
Although these forward-looking statements are based on management’s current expectations and beliefs, actual results may vary in a material way. For a discussion of some of the factors that could cause actual results to differ from expected results, please see the Risk Factors section of UMG’s 2025 annual report, which is available on the Investor Relations page of UMG’s website at universalmusic.com. Management’s commentary will also refer to non-IFRS measures on today’s call. Reconciliations are available in the interim financial review and unaudited condensed consolidated interim financial statements for the 6-month period ended June 30, 2026, on the Investor Relations page of UMG’s website. Thank you, Lucian. You may begin your conference.