Warner Music Group Corp (WMG) 2025 Q4 法說會逐字稿

Welcome to Warner Music Group's fourth quarter earnings call for the period and fiscal year ended September 30, 2025. At the request of Warner Music Group, today's call is being recorded for replay purposes. And if you object, you may disconnect at any time.

歡迎參加華納音樂集團截至 2025 年 9 月 30 日的第四季及本財年財報電話會議。應華納音樂集團的要求，今天的電話會議將被錄音，以便日後重播。如果您有異議，可以隨時斷開連接。

Now, I would like to turn today's call over to your host, Mr. Kareem Chin, Head of Investor Relations. You may begin.

現在，我謹將今天的電話會議交給主持人，投資者關係主管卡里姆·欽先生。你可以開始了。

Good morning, everyone, and welcome to Warner Music Group's fiscal fourth quarter and full year earnings conference call. Please note that our earnings press release, earnings snapshot and Form 10-K are available on our website. On today's call, we have our CEO, Robert Kyncl; and our CFO, Armin Zerza, who will take you through our results, and then we'll answer your questions.

各位早安，歡迎參加華納音樂集團第四財季及全年業績電話會議。請注意，我們的獲利新聞稿、獲利快照和 10-K 表格均可在我們的網站上找到。在今天的電話會議上，我們的執行長羅伯特·金克爾和財務長阿明·澤爾扎將向大家介紹我們的業績，然後我們將回答大家的問題。

Before our prepared remarks, I would like to refer you to the second slide of the earnings snapshot to remind you that this communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance.

在我們正式發言之前，我想請各位注意收益概覽的第二張投影片，提醒各位，本通訊包含前瞻性陳述，反映了華納音樂集團目前對未來事件和財務表現的看法。

We plan to present certain non-GAAP results during this conference call and in our earnings snapshot slides and have provided schedules reconciling these results to our GAAP results in our earnings press release. All of these materials are posted on our website. Also, please note that all revenue figures and comparisons discussed today will be presented in constant currency unless otherwise noted.

我們計劃在本次電話會議和盈利概覽幻燈片中公佈一些非GAAP業績，並在盈利新聞稿中提供了將這些業績與GAAP業績進行調節的附表。所有這些資料都發佈在我們的網站上。另外，請注意，除非另有說明，今天討論的所有收入數據和比較均以固定匯率表示。

All forward statements are made as of today, and we disclaim any duty to update such statements. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved.

所有前瞻性聲明均截至今日，我們不承擔更新此類聲明的任何義務。我們的期望、信念和預測都是出於善意，我們相信它們有合理的依據。然而，並不能保證管理層的期望、信念和預測會實現或發生。

Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that can cause actual results that differ materially from our expectations. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our filings with the SEC.

投資人不應依賴前瞻性陳述，因為這些陳述受到各種風險、不確定性和其他因素的影響，可能導致實際結果與我們的預期有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的信息，請參閱我們向美國證券交易委員會提交的文件。

And with that, I'll turn it over to Robert.

那麼，接下來就交給羅伯特了。

Thanks, Kareem, and hello, everyone. If you hopped on the call early, you just got a taste of the range of our artist roster. From the massive breakout track from Sombr to the latest chart toppers from Cardi B and Twenty One Pilots to the resurgent Goo Goo Dolls 1998 hit Iris, which currently sits in the global top 15 on Spotify. It's an incredibly exciting time to be at Warner Music Group.

謝謝你，卡里姆，大家好。如果你提早參與了電話會議，那你就能初步了解我們藝術家陣容的豐富多樣性。從 Sombr 的爆款單曲，到 Cardi B 和 Twenty One Pilots 的最新熱門歌曲，再到 Goo Goo Dolls 1998 年的熱門歌曲《Iris》（目前在 Spotify 全球排行榜上位列前 15 名），都展現了 Goo Goo Dolls 的音樂風格。現在加入華納音樂集團真是令人無比興奮。

Against the backdrop of a rapidly changing landscape, we've improved our market share and delivered profitable growth, all while realigning our company to capitalize on the tremendous set of opportunities we have ahead. Our growth plan continues to bear fruit, and we've seen steady global market share gains over the past year. In the United States, we're up 0.6 percentage points over the prior year quarter according to Luminate. Globally, our share of the Spotify top 200 has jumped by around 6 percentage points versus fiscal 2024. And for the entire quarter, we had the number two market share.

在瞬息萬變的市場環境下，我們提高了市場份額，實現了獲利成長，同時調整了公司策略，以抓住未來巨大的發展機會。我們的成長計畫持續取得成效，過去一年來，我們在全球市場份額穩步成長。根據 Luminate 的數據，在美國，我們比上一季成長了 0.6 個百分點。在全球範圍內，我們在 Spotify 前 200 名中的份額與 2024 財年相比增長了約 6 個百分點。整個季度，我們的市佔率都位居第二。

Importantly, we're carrying this momentum into fiscal '26 as we continue to execute on our strategy. I'll dig into this in more depth. But first, let's cover our Q4 highlights. I'm pleased to say that we've seen acceleration on the top and bottom lines, driven by impressive performance across the company. Total revenue grew 13% and on an adjusted basis, Recorded Music subscription streaming increased 8.4%. These results prove that our strategy is working.

重要的是，我們將把這種勢頭延續到 2026 財年，繼續執行我們的策略。我會對此進行更深入的研究。但首先，讓我們回顧一下第四季的亮點。我很高興地告訴大家，在公司整體優異表現的推動下，我們的營收和利潤都實現了加速成長。總收入成長了 13%，經調整後，錄製音樂訂閱串流成長了 8.4%。這些結果證明我們的策略是有效的。

Let me paint you a picture from just a year ago when both the industry and WMG were in a much different place. A year ago, WMG was facing market share pressure. Today, we've laser-focused our resources and investment on the highest return areas of our core music business. This has led to market share gains that have translated into strong measurable improvement in our financial performance.

讓我來描述一下一年前的情況，當時整個產業和華納音樂集團都處於截然不同的境地。一年前，WMG面臨市場佔有率壓力。如今，我們已將資源和投資精準地集中到核心音樂業務中回報最高的領域。這帶來了市場份額的成長，並轉化為我們財務表現的顯著改善。

A year ago, the music industry was navigating the transition from just volume-driven streaming growth to growth that is driven by volume and wholesale price increases. Today, our new agreements with key DSP partners better reflect music's ever-growing value and provide greater certainty around our economics.

一年前，音樂產業正在經歷從單純依靠串流媒體播放量成長到依靠批發價格上漲和銷售成長的轉變。今天，我們與主要數位音樂服務提供者合作夥伴達成的新協議更好地反映了音樂日益增長的價值，並為我們的經濟效益提供了更大的確定性。

A year ago, our operational structure wasn't optimized to navigate a more globalized and digital environment. Today, we focused and simplified our organization to deliver greater intensity and impact. I'm pleased with the progress that we've made, and I'm truly grateful to our leadership team and our operators across the globe and our amazing artists and songwriters for pushing WMG to new heights. All of these actions have better positioned us to execute quickly and effectively on the opportunities we see ahead and to maximize the value we deliver to artists, songwriters, fans and shareholders.

一年前，我們的營運結構還沒有優化到足以應對更全球化和數位化的環境。今天，我們精簡並優化了組織架構，以期提高工作效率和影響力。我對我們的進展感到滿意，我衷心感謝我們的領導團隊、遍布全球的營運人員以及我們傑出的藝術家和詞曲作者，是他們推動 WMG 達到了新的高度。所有這些舉措都使我們能夠更好地快速有效地抓住未來機遇，並最大限度地為藝術家、詞曲作者、粉絲和股東創造價值。

Let's turn to the impressive run of hits we've been seeing with our new releases as well as our catalog successes. On new releases, in September alone, we had back-to-back number one albums in two of the world's biggest music markets, thanks to Cardi B and Twenty One Pilots in the United States and Ed Sheeran and Biffy Clyro in the U.K. On the international front, we had number one in China, India, Finland, Italy and Spain and on Billboard's Latin Airplay chart. And in a terrific vote of confidence, one of our legendary superstars, Madonna has returned to where it all began for her, Warner Records, with a new album coming in 2026.

讓我們來看看我們新發行的專輯以及我們經典專輯的輝煌成績。光是在九月份，我們就憑藉著新發行專輯，在世界兩大音樂市場——美國、英國和世界上最大的兩個音樂市場——連續推出了兩張冠軍專輯，分別是 Cardi B 和 Twenty One Pilots 的專輯，以及 Ed Sheeran 和 Biffy Clyro 的專輯。在國際方面，我們在中國、印度、芬蘭、義大利和西班牙以及公告牌拉丁電台榜上都獲得了冠軍。而作為對華納唱片公司投下的巨大信任票，我們的一位傳奇巨星麥當娜重返她事業的起點——華納唱片公司，並將於 2026 年發行一張新專輯。

The performance of our global catalog division in Q4 showcased our ability to revitalize our timeless legacy, making it relevant to a range of new audiences. A major highlight was the release of Buckingham Nicks, the long out of print 1973 album by Fleetwood Mac, Stevie Nicks and Lindsey Buckingham. A targeted marketing campaign capitalized on fan demand, sending it to number 11 on the main Billboard album chart and number 6 in the U.K., a remarkable achievement for an album more than half a century old.

第四季我們全球目錄部門的業績表明，我們有能力重振我們永恆的遺產，使其與一系列新的受眾群體產生關聯。其中一大亮點是發行了 Buckingham Nicks 的專輯，這張專輯是 Fleetwood Mac、Stevie Nicks 和 Lindsey Buckingham 於 1973 年發行的，早已絕版。一場有針對性的行銷活動充分利用了粉絲的需求，使這張專輯在公告牌專輯榜上排名第 11 位，在英國專輯榜上排名第 6 位，對於一張發行超過半個世紀的專輯來說，這是一個了不起的成就。

Warner Chappell continued its resurgence with our songwriters contributing to 7 of Luminate's midyear top 10 most streamed songs in the world and in the United States. And multi-grammy winner, Amy Allen, held the top spot on the Billboard Hot 100 songwriters chart for nine weeks in 2025. These Q4 success stories capped off a year of achievements. During fiscal '25, our recording artists set a top the Billboard Global 200 for 22 weeks. That's 42% share of the number one spot on the chart. With Atlantic, Warner Records and Warner Chappell hotter than ever, we're delivering success across geographies and genres.

華納查佩爾音樂公司繼續復興，旗下詞曲作者為 Luminate 評選的年中全球及美國十大最熱門歌曲中的 7 首貢獻了作品。多次獲得葛萊美獎的艾米艾倫 (Amy Allen) 在 2025 年連續九週佔據公告牌百大單曲創作人排行榜榜首。第四季的這些成功案例為這一年的輝煌成就畫上了圓滿的句號。在 2025 財年，我們的唱片藝人連續 22 週位居 Billboard 全球 200 強榜首。這意味著它佔據了排行榜第一名42%的份額。Atlantic、Warner Records 和 Warner Chappell 的勢頭比以往任何時候都更加強勁，我們在各個地區和各種音樂類型中都取得了成功。

Next, I'd like to cover our focus on increasing the value of music. Streaming's growth formula is made up of three components: market share, global subscriber growth and the wholesale price. Against the backdrop of healthy subscriber growth and a market share improvement, we've also made progress on wholesale price.

接下來，我想談談我們如何著重提升音樂的價值。串流媒體的成長公式由三個部分組成：市場份額、全球用戶成長和批發價格。在用戶數量健康成長和市場份額提升的背景下，我們在批發價格方面也取得了進展。

Since the beginning of 2025, we've signed renewals with four of the largest DSPs. All of these deals have wholesale price increases, providing certainty around economics and setting up monetization models for the future use cases. A critical component of ensuring we grow the value of music is addressing the promise as well as the potential risks of generative AI.

自 2025 年初以來，我們已經與四家最大的 DSP 簽署了續約協議。所有這些交易都涉及批發價格上漲，從而為經濟效益提供了確定性，並為未來的應用場景建立了貨幣化模式。確保音樂價值成長的關鍵在於正視生成式人工智慧的前景和潛在風險。

First, we need to acknowledge the reality that generative AI technology has arrived and it is not going away. So we need to be proactive and lean into the future. The music industry is no stranger to disruption. From the invention of the phonograph to the Napster era to the rise of today's streaming ecosystem, the introduction of new technologies over many decades has posed both challenges and opportunities. AI represents another defining moment. And as always, our focus remains on protecting the rights of our artists and songwriters while simultaneously growing new revenue streams on their behalf.

首先，我們需要承認生成式人工智慧技術已經到來，並且不會消失。所以我們需要積極主動，擁抱未來。音樂產業對改變並不陌生。從留聲機的發明到 Napster 時代，再到如今串流生態系統的興起，幾十年來新技術的引入既帶來了挑戰，也帶來了機會。人工智慧代表著又一個具有里程碑意義的時刻。和以往一樣，我們的重點仍然是保護我們藝術家和詞曲作者的權利，同時為他們開發新的收入來源。

With this in mind, we've developed a set of principles that will govern how we engage with AI platforms. We will only make agreements with partners who commit to licensed models while securing economic terms that properly reflect the value of music. Crucially, our artists and songwriters will have a choice to opt in to any use of their name, image, likeness or voice in new AI-generated songs. We believe that the combined power of our music with innovative technology will drive greater engagement and interactivity for fans and will result in significant incremental revenue over time.

基於此，我們制定了一套原則來指導我們與人工智慧平台的互動方式。我們只會與那些承諾採用授權模式，同時確保經濟條款能適當反映音樂價值的合作夥伴達成協議。至關重要的是，我們的藝術家和詞曲作者可以選擇是否允許在新的 AI 生成歌曲中使用他們的名字、圖像、肖像或聲音。我們相信，將我們的音樂與創新技術相結合，將提升粉絲的參與和互動性，並隨著時間的推移帶來顯著的收入成長。

I'm pleased to say that we've already done deals with partners like Udio, Stability AI and Klay that are consistent with these principles that I just outlined. Our ability to sign three deals with three new companies in quick succession highlights the attractiveness of the music business and the opportunity to create value through new technology. These agreements enable us to get ahead of the game, ensuring that our artists and songwriters participate fairly in the AI revolution.

我很高興地告訴大家，我們已經與 Udio、Stability AI 和 Klay 等合作夥伴達成了協議，這些協議都符合我剛才概述的這些原則。我們能夠在短時間內與三家新公司簽署三項協議，凸顯了音樂產業的吸引力以及透過新技術創造價值的機會。這些協議使我們能夠搶佔先機，確保我們的藝術家和詞曲作者公平地參與人工智慧革命。

As I mentioned earlier, we've taken major steps to optimize our organization to drive efficiency and effectiveness, all while reaccelerating growth and gaining market share. Among our recent changes are some moves designed to foster closer collaboration. We've directly aligned Atlantic and Warner Records in the U.K. with their counterparts in the U.S., creating a more seamless transatlantic approach to breaking artists globally.

正如我之前提到的，我們已經採取了重大措施來優化我們的組織，以提高效率和效益，同時重新加速成長並獲得市場份額。我們近期做出的一些改變旨在促進更緊密的合作。我們已將英國的 Atlantic 唱片公司和華納唱片公司與其在美國的同行直接對接，從而打造了一種更加無縫的跨大西洋方式，在全球範圍內推廣藝人。

In Italy, we've organized our operations into two frontline labels, Atlantic and Warner Records, mirroring the label structure in the U.S. and U.K. We've also unified our Australasia and Southeast Asia businesses to create bigger opportunities in this region. Additionally, we streamlined operations and strengthened impact for artists in Central Europe by merging Benelux with Germany, Switzerland and Austria.

在義大利，我們已將業務組織成兩個主要廠牌：Atlantic Records 和 Warner Records，與美國和英國的廠牌結構相呼應。我們也整合了澳洲和東南亞的業務，以在該地區創造更大的機會。此外，我們將比荷盧經濟聯盟與德國、瑞士和奧地利合併，簡化了營運流程，增強了對中歐藝術家的影響力。

On the tech front, we've continued to modernize our infrastructure, including strengthening our global digital supply chain to position the company for further scale and growth. We've implemented tools to help artists and songwriters make faster and smarter data-driven decisions about their careers as well as tools for employees to be better informed and more effective. Our emerging stars are building the catalogs of tomorrow, laying the foundation for future stability, while our recent superstar releases have set us up well for 2026.

在技​​術方面，我們不斷推動基礎設施現代化，包括加強全球數位供應鏈，以使公司能夠進一步擴大規模並實現成長。我們已實施相關工具，幫助藝術家和詞曲作者更快、更明智地做出有關其職業生涯的數據驅動型決策，同時也為員工提供了工具，使他們能夠更好地了解情況並提高工作效率。我們冉冉升起的新星正在建立未來的音樂庫，為未來的穩定奠定基礎，而我們最近推出的超級巨星作品也為 2026 年做好了充分的準備。

In Q1, we have highly anticipated new albums from Fred Again, FKA twigs, Aya Nakamura, and Robert Plant, along with Deluxe album additions from Ed Sheeran, Cardi B and PinkPantheress. We also have new singles from Charli XCX, Charlie Puth, Gesu, Hilary Duff, Tiesto, Alex Warren, David Guetta and Teddy Swims and many, many more. We're proud of the progress we've made in 2025, and I look forward to carrying this momentum into 2026 and beyond.

第一季度，我們迎來了備受期待的 Fred Again、FKA twigs、Aya Nakamura 和 Robert Plant 的新專輯，以及 Ed Sheeran、Cardi B 和 PinkPantheress 的豪華版專輯。我們還有 Charli XCX、Charlie Puth、Gesu、Hilary Duff、Tiesto、Alex Warren、David Guetta 和 Teddy Swims 等眾多藝人的新單曲。我們為 2025 年的進展感到自豪，我期待將這種勢頭保持到 2026 年及以後。

And now I'll pass it over to Armin.

現在我把麥克風交給阿爾敏。

Thank you, Robert, and good morning, everyone. First, I'd like to thank our teams around the world for the tremendous work they have been doing to accelerate top and bottom-line growth while we organize our company for the future. As Robert mentioned, Q4 has been a quarter of acceleration as we delivered record high quarterly revenue as well as our highest year-over-year growth in nearly two years. This reflects steady progress on market share with notable improvement in the second half of the fiscal year.

謝謝你，羅伯特，大家早安。首先，我要感謝我們世界各地的團隊，感謝他們為加速公司營收和利潤成長所做的巨大努力，同時我們也為公司的未來發展進行調整。正如羅伯特所提到的，第四季是一個加速成長的季度，我們實現了創紀錄的季度收入，以及近兩年來最高的年成長率。這反映出市佔率穩定成長，尤其是在下半年財年取得了顯著改善。

In quarter four, total revenue growth of 13% reflects double-digit growth across Recorded Music and Music Publishing. This was highlighted by a sequential improvement in Recorded Music streaming and 64% growth in artist services as WMX led merch campaigns for Oasis and My Chemical Romance. These projects demonstrate our capabilities to support our artists and capitalize on the opportunities to grow revenue streams beyond core music, more on that to come.

第四季總營收成長 13%，其中錄製音樂和音樂出版業務均實現了兩位數成長。錄製音樂串流播放量持續成長，藝人服務成長 64%，這主要得益於 WMX 為 Oasis 和 My Chemical Romance 主導的周邊產品推廣活動。這些項目展現了我們支持藝術家並抓住機會拓展核心音樂以外收入來源的能力，更多詳情敬請期待。

Recorded Music subscription streaming grew 8.4%, underpinned by global subscriber growth and supported by our strong market and charge share performance. As a reminder, in calendar year 2026, we will start to see the impact of wholesale price increases from our new DSP deals, which should provide incremental tailwinds. Ad-supported streaming grew 3% on an adjusted basis, driven by the performance of our music and the timing of certain DSP payments. Music Publishing grew 13%, driven by double-digit growth across performance, mechanical and sync.

錄製音樂訂閱串流服務成長了 8.4%，這主要得益於全球用戶成長，以及我們強勁的市場份額和收費份額表現。提醒大家，從 2026 年起，我們將開始感受到新的 DSP 協議帶來的批發價格上漲的影響，這應該會帶來一些利多因素。經過調整後，廣告支援的串流媒體收入成長了 3%，這主要得益於我們音樂的出色表現以及某些 DSP 付款的時間表。音樂出版業務成長了 13%，其中表演、機械和同步領域的兩位數成長是推動成長的主要動力。

Adjusted OIBDA rose by 12%, and our margins declined slightly due to revenue mix as a significant growth in artist service revenue carries a lower margin profile. For full year 2025, we delivered total revenue and adjusted OIBDA growth of 8% on an adjusted basis, reflecting our impressive recovery from the first half. This was spotlighted by high single-digit recorded music subscription streaming growth. We also achieved operating cash flow conversion of 47% as we increased our A&R investments. We remain committed to delivering our target conversion range of 50% to 60% over the long term.

調整後的 OIBDA 成長了 12%，但由於藝術家服務收入的大幅成長導致利潤率降低，我們的利潤率略有下降。2025 年全年，我們實現了總收入和調整後 OIBDA 成長 8%（經調整後），反映了我們從上半年的強勁復甦。這一點在錄製音樂訂閱串流播放量實現個位數高速成長的案例中得到了充分體現。隨著我們增加對藝人和資源的投入，我們的經營現金流轉換率也達到了 47%。我們始終致力於在長期內實現 50% 至 60% 的目標轉換率。

As of September 30, we had a cash balance of $532 million, total debt of $4.4 billion and net debt of $3.8 billion. Our weighted average cost of debt was 4.1% and our nearest maturity date remains 2028. With our strategy in place and a clear road map to deliver higher, more consistent growth and drive shareholder value, we are extremely excited about the opportunities ahead. We're operationalizing the strategic pillars that Robert laid out through several key priorities and initiatives, which I shared on our last earnings call, and I'd like to provide an update on our progress.

截至9月30日，我們的現金餘額為5.32億美元，總債務為44億美元，淨債務為38億美元。我們的加權平均債務成本為 4.1%，最近的到期日仍為 2028 年。憑藉我們既定的策略和清晰的路線圖，我們將實現更高、更穩定的成長，並提升股東價值，我們對未來的機會感到無比興奮。我們正在透過幾項關鍵優先事項和舉措來落實羅伯特提出的戰略支柱，這些優先事項和舉措我在上次財報電話會議上分享過，我想就我們的進展情況提供一些最新信息。

First, on investing into core music to accelerate growth, we're making progress across geographies and vintages. Recall, we prioritized investments in markets with the most attractive return profiles. As a result, we are now growing market share in every key region, including the U.S., the largest music market of the world. Additionally, our balanced approach to driving performance across vintages has resulted in higher new release market share led by Atlantic as well as a jump in global catalog share. As Robert mentioned, this has improved our Spotify top 200 share by 6 percentage points.

首先，在投資核心音樂以加速成長方面，我們在各個地區和各個時期都取得了進展。請記住，我們優先投資回報率最高的市場。因此，我們在包括全球最大的音樂市場——美國在內的每個主要地區的市場份額都在不斷增長。此外，我們採取均衡的策略來推動各年份的業績成長，使得大西洋唱片公司的新發行市場份額更高，全球目錄份額也大幅提升。正如羅伯特所提到的，這使我們在 Spotify 前 200 名中的份額提高了 6 個百分點。

In addition to these investments in our core, we see tremendous opportunity to accelerate growth in distribution and direct-to-consumer. We have a large and growing distribution business today. And under new leadership, we have been building or acquiring new capabilities to accelerate profitable growth in 2026. We also see tremendous opportunities to capitalize on the passionate demand from fans all over the world for physical music and direct-to-consumer offerings, areas adjacent to our core music business. More on this in upcoming quarters.

除了對核心業務的這些投資之外，我們還看到了在分銷和直接面向消費者業務方面加速成長的巨大機會。如今，我們的分銷業務規模龐大且不斷成長。在新領導層的帶領下，我們一直在建立或獲取新的能力，以加速2026年的獲利成長。我們也看到了巨大的機會，可以利用世界各地粉絲對實體音樂和直接面向消費者的產品的熱情需求，這些領域與我們的核心音樂業務密切相關。接下來幾季會有更多相關資訊。

Second, on our commitment to driving efficiency to free up more capital to invest and enhance our margins, we are on track to deliver against our reorganization and related cost savings program of $200 million in annualized savings in 2026, increasing to $300 million in 2027. Third, we committed to driving incremental growth and value creation through accretive M&A. We have developed a robust deal pipeline and look forward to sharing updates in the near future. These efforts will be turbocharged in a capital-efficient manner through our joint venture with Bain, but also through organic investments as we improve free cash flow.

其次，我們致力於提高效率，釋放更多資金用於投資和提高利潤率，目前我們正按計劃推進重組和相關成本節約計劃，目標是在 2026 年實現每年 2 億美元的節約，並在 2027 年增加到 3 億美元。第三，我們致力於透過增值併購來推動漸進式成長和價值創造。我們已經建立了穩健的交易管道，期待在不久的將來與大家分享最新進展。我們將透過與貝恩資本的合資企業以資本高效的方式加速這些努力，同時隨著自由現金流的改善，我們也將透過內部投資來實現這一目標。

Finally, our focus on thoughtful capital allocation is delivering as the investments we are making in the highest repertoire markets, which include the U.S., U.K., Mexico, China and Japan are delivering share growth. In addition, we're improving capital spend efficiency and with the bulk of our major tech investments behind us, we should see an improvement in our free cash flow starting in 2026.

最後，我們對審慎的資本配置的重視正在取得成效，因為我們在美國、英國、墨西哥、中國和日本等高曲目市場進行的投資正在帶來份額成長。此外，我們正在提高資本支出效率，隨著大部分重大技術投資的完成，我們應該會在 2026 年開始看到自由現金流的改善。

Looking forward, we see an attractive formula for us to drive shareholder value and are excited to be operating in a healthy industry with an immense set of opportunities. The macro factors that underpin our outlook include: robust global subscriber growth, a rising wholesale price environment underpinned by contracts that better reflect music's increasing value, new premium offerings from DSPs and AI is emerging as an incremental top and bottom-line opportunity for the music industry and our artists and songwriters. We are poised to capitalize on this environment with a strategy that will see us intensify our investments to deliver more consistent, higher growth, improve margin and drive shareholder value.

展望未來，我們看到了一個能夠提升股東價值的極具吸引力的模式，並且很高興能夠在一個擁有巨大機會的健康產業中運作。支撐我們前景的宏觀因素包括：全球用戶數量強勁增長，批發價格環境不斷上漲（這得益於合約更好地反映了音樂日益增長的價值），數位服務提供商 (DSP) 推出新的高級產品，以及人工智慧正在成為音樂產業及其藝術家和詞曲作者增加收入和利潤的機會。我們已做好準備，利用這個環境，透過加大投資力度，實現更穩定、更高的成長，提高利潤率，並提升股東價值。

For 2026, we expect to see strong top line growth, which we look to bolster through focused organic investments and initiatives in our core music business and high-impact accretive M&A as well as contribution from adjacent areas such as distribution and direct-to-consumer offerings. In addition, we will drive bottom line growth via operating leverage and our cost savings plan, which will contribute 150 basis points to 200 basis points of adjusted OIBDA margin improvement. We expect savings to increase sequentially as we progress through the year.

2026 年，我們預計營收將實現強勁成長，我們將透過在核心音樂業務中進行有針對性的有機投資和舉措、進行高影響力增值併購以及來自分銷和直接面向消費者產品等鄰近領域的貢獻來鞏固這一增長。此外，我們將透過經營槓桿和成本節約計畫來推動利潤成長，這將使調整後的 OIBDA 利潤率提高 150 至 200 個基點。我們預計隨著時間的推移，節省的金額將逐年增加。

And finally, we see tremendous potential in new incremental growth areas, particularly in AI licensing deals, which we plan to discuss in future calls. In conclusion, we are proud of how we rebounded from a challenging first half in 2025 to deliver solid top and bottom line growth in the second half with strong momentum as we head into 2026. We look forward to providing regular updates as we meet our milestones.

最後，我們看到了新的增量成長領域的巨大潛力，尤其是在人工智慧授權交易方面，我們計劃在未來的電話會議中討論這些內容。總而言之，我們為公司在經歷了 2025 年上半年的挑戰後，在下半年實現了穩健的營收和利潤增長而感到自豪，並保持了強勁的勢頭邁入 2026 年。我們將在達成各項里程碑後定期向大家報告最新進展。

With that, we'll take your questions.

接下來，我們將回答您的問題。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great. There's a lot to unpack, but one area that I'd love to get your updated outlook on is with rights monetization, especially in the context of rising music engagement across platforms. We've seen the pace of innovation and product rollouts across the DSPs accelerate meaningfully and everyone from the streaming services to artists to even ticketing platforms like Ticketmaster is exploring new ways to leverage AI, all with the goal of driving deeper engagement.

偉大的。有很多內容需要探討，但我很想了解您對版權貨幣化的最新看法，尤其是在各平台音樂參與度不斷提高的背景下。我們看到，數位音樂服務提供商 (DSP) 的創新和產品推出速度顯著加快，從串流媒體服務到藝術家，甚至像 Ticketmaster 這樣的票務平台，都在探索利用人工智慧的新方法，所有這些都是為了推動更深層的用戶參與。

That said, there's an ongoing debate between those who see the labels as uniquely positioned to benefit from these innovations and those who believe that the labels will remain maybe more passive beneficiaries and therefore, not necessarily see upside. So Robert, you've already touched on parts of this, but as you've gone through the latest round of DSP renewals and clearly continue to engage with other partners across the ecosystem, how are you thinking about WMG's role in capturing incremental value in this next chapter of industry growth?

也就是說，目前存在著一種爭論，一方認為唱片公司具有獨特的優勢，可以從這些創新中受益；另一方則認為唱片公司可能只是被動的受益者，因此未必能從中獲益。羅伯特，你已經談到了其中的一些方面，但是隨著你完成了最新一輪的 DSP 續約，並且顯然繼續與生態系統中的其他合作夥伴進行互動，你如何看待 WMG 在行業增長的下一個階段中獲取增量價值的作用？

Thank you. I will start with the word incremental that you just mentioned. We see this as an increment -- we see this as an incremental opportunity for -- not just for WMG, but for the music industry as a whole. Secondly, we are determined and have decided that we're the drivers, not the passengers of this incremental opportunity. The reason for that is the space is moving lightning fast.

謝謝。我先從你剛才提到的「漸進式」這個詞說起。我們認為這是一個進步——我們認為這是一個進步的機會——不僅對華納音樂集團而言，而且對整個音樂產業而言也是如此。其次，我們決心要把握住這個漸進式機遇，而不是被動地接受它。原因在於太空運動速度極快。

There's a great demand for IP. There's a great demand for stardom and companies like ours who are working to represent both of those need to drive this change, and that's exactly what we decided to do. I posted a blog post last night in case not all of you got a chance to read it, please do. It's listed on our website, and it outlines our principles under which we focus and guide our dealmaking in the age of AI.

市場對智慧財產權的需求很大。人們對明星地位有著巨大的需求，而像我們這樣致力於同時代表這兩種需求的公司的需要推動這種變革，而這正是我們決定要做的事情。我昨晚發布了一篇部落格文章，如果您還來不及閱讀，請務必閱讀。它已列在我們的網站上，概述了我們在人工智慧時代開展交易時所關注和指導的原則。

There are three simple principles. We'll do agreements with partners who commit to licensed models. We'll do it on economic terms that properly reflect the value of music. And what I mean by that is that our deal terms are tied to usage and revenue growth. And importantly, that artists and songwriters have the opportunity and right to opt in for any new songs that implicate their name, image, likeness and voice.

有三個簡單的原則。我們將與承諾採用授權模式的合作夥伴簽訂協議。我們將以能恰當反映音樂價值的經濟條款來做這件事。我的意思是，我們的交易條款與使用量和收入成長掛鉤。更重要的是，藝術家和詞曲作者有機會和權利選擇是否同意任何涉及他們的名字、形象、肖像和聲音的新歌。

We see this as an incremental opportunity because the past has shown us that changes like this always create one. If you go back 20, 25 years with the democratization of distribution, it has unlocked unlimited shelf space, which has unlocked deep personalization of music for users, which has unlocked growth in volume of people signing up for subscription services and enjoying them. And it has unlocked tremendous value in catalogs and music IP overall for all of us. So it has been a net positive force that has created a lot of value. We see AI as the democratization of creation -- and we believe that it brings what we've lacked, which is interactivity, which is generally correlated with value creation.

我們認為這是一個漸進的機會，因為過去的經驗告訴我們，這樣的改變總是會帶來新的機會。回顧 20、25 年前發行管道的民主化，它釋放了無限的貨架空間，從而為用戶實現了音樂的深度個性化，進而推動了訂閱服務用戶數量的增長，並促進了訂閱服務的普及。它為我們所有人釋放了音樂目錄和音樂知識產權方面的巨大價值。因此，它一直是一股正面的力量，創造了巨大的價值。我們認為人工智慧是創造的民主化——我們相信它帶來了我們所缺乏的東西，那就是互動性，而互動性通常與價值創造有關。

If you look at across all kinds of media industries, the more lean forward you are with your content, whether you're focused on it and watching it or whether you're interacting with your hands and your fingers or whether you go in person and engage, the value per hour goes up. That's why we're focused on it. That's why I believe this is a tremendous incremental opportunity for us, and we are going to be in the driver's seat.

如果你縱觀所有媒體產業，你會發現，你越積極主動地投入內容中，無論是專注於觀看，還是用手和手指進行互動，或是親自參與其中，每​​小時的價值都會提高。這就是我們關注它的原因。正因如此，我認為這對我們來說是一個巨大的發展機遇，我們將掌握主動權。

In terms of our approach, in addition to our three principles, our strategy is simple. We have three Ls: Legislate, Litigate and License. And you're familiar with our legislation efforts like the NO FAKES Act that we're working on in D.C.. On the litigation front, you're also familiar with the various lawsuits, which have been out there. But we use those first two in order to achieve the third, which is license because that is the most powerful lever to chart the path for the future for our artists and songwriters to drive the incremental value and to make sure that we have our fair and correlated share to usage and revenue driving. So we're really excited about this. The company is energized and -- on work.

就我們的方法而言，除了我們的三大原則之外，我們的策略很簡單。我們有三項「L」：立法、訴訟和許可。您也了解我們正在華盛頓特區推動的立法工作，例如《禁止假法案》。在訴訟方面，你也熟悉各種訴訟案件。但我們利用前兩項來實現第三項，即授權，因為授權是為我們的藝術家和詞曲作者規劃未來道路的最有力槓桿，可以推動增量價值，並確保我們獲得公平且相關的份額，從而推動使用和收入增長。我們對此感到非常興奮。公司充滿活力，正在全力以赴地工作。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Two for Armin. Armin, could you talk about the building blocks behind your expectations for top line growth in 2026? Maybe dig into how you're thinking about paid streaming growth, just given the broader expectation for wholesale or parts of minimum increases beginning in calendar 2026.

給阿明兩個。Armin，可以談談你對 2026 年營收成長預期背後的構成要素嗎？或許應該深入探討你對付費串流成長的看法，因為從 2026 年開始，批發或部分最低價格上漲的預期更為普遍。

And then secondly, on margins, cost savings aside, how much margin expansion do you expect to deliver organically next year I mean what's your -- what's your longer-term margin target, perhaps sort of talk us through the puts and takes in achieving that as you look to drive incremental revenue growth in lower-margin areas like distribution and D2C?

其次，關於利潤率，撇開成本節約不談，您預計明年能實現多少利潤率的自然成長？我的意思是，您的長期利潤率目標是什麼？能否請您談談在實現這一目標的過程中，您在分銷和 D2C 等低利潤率領域推動收入成長時所面臨的挑戰和機會？

Well, first of all, Ben, we are first very, very happy with the results we delivered in the last two quarters, not just the last quarter. And as it relates to streaming, we believe that these results are pretty much reflective of what we should expect in the first quarter of '26.

首先，本，我們對過去兩個季度的業績非常非常滿意，不僅僅是最後一個季度。至於串流媒體方面，我們認為這些結果基本上反映了我們對 2026 年第一季的預期。

Now to your question on additional growth building blocks starting in calendar year '27 -- sorry, '26, there are a few that I'd like to mention. The first one is that in addition to the market share momentum that we have seen in global subscriber growth, we will, of course, benefit from the contractual wholesale price increases that we have agreed now with several top DSPs. As Robert mentioned, we have actually agreements now with four of the five top DSPs in 2026 to start to increase wholesale prices starting in calendar year '26.

現在回答你關於從 2027 年（抱歉，是 2026 年）開始的額外成長基石的問題，我想提一下幾個面向。首先，除了我們在全球用戶成長方面看到的市場份額成長勢頭之外，我們當然也會受益於我們目前與幾家頂級DSP達成的批發價格合約上漲。正如羅伯特所提到的，我們實際上已經與 2026 年排名前五的 DSP 中的四家達成協議，從 2026 年開始提高批發價格。

The second area is that in addition to the investments that we have been doing on high ROI markets and projects, we have a very robust pipeline of accretive M&A that will start to materialize in 2026, including on many projects that we have been working on through our joint venture with Bain.

第二個面向是，除了我們在高投資報酬率市場和專案上進行的投資外，我們還有非常強大的增值併購專案儲備，這些專案將於 2026 年開始實現，其中包括我們透過與貝恩的合資企業開展的許多專案。

The third area is that we are working or have been working on expanding adjacent areas. One area I'd like to mention is distribution. As you know, we have a new leader there, and we've done a lot of work to better understand how we can accelerate growth in this area. We really now feel confident that we can accelerate growth in that area starting in calendar year '26. And last but not least, there are many upside opportunities that are not included in our guide, like premium offerings from DSPs. And obviously, AI is an opportunity, as Robert just discussed.

第三個面向是我們正在或一直在努力拓展鄰近領域。我想提一下分銷方面的問題。如您所知，我們在那裡有了一位新領導，我們也做了很多工作來更好地了解如何加快該領域的成長。我們現在確實有信心從 2026 年開始加速該領域的成長。最後但同樣重要的是，我們的指南中沒有包含許多潛在的成長機會，例如 DSP 提供的優質服務。顯然，人工智慧是一個機遇，正如羅伯特剛才所說。

Finally, from a leadership perspective, we are very confident that we have now leadership in place across the company that will help us deliver and accelerate growth. Now to your margin question, Ben, we have a very strong program to improve margin over time. The first program we are implementing is a big strategic reorganization. And as you have seen, while we're doing this reorganization, we're actually accelerating growth. That program will deliver $200 million of savings in fiscal year '26 and up to $300 million in fiscal year '27. So we're actually very, very comfortable with our guide of margin expansion of 150 to 200 basis points next fiscal year.

最後，從領導角度來看，我們非常有信心，我們公司現在擁有了能夠幫助我們實現並加速成長的領導團隊。現在回答你的利潤率問題，本，我們有一個非常強大的計劃來逐步提高利潤率。我們實施的第一個專案是一項大型策略重組。正如你所看到的，在我們進行重組的同時，我們實際上正在加速成長。該計劃將在 2026 財年節省 2 億美元，在 2027 財年節省高達 3 億美元。因此，我們對下一財年利潤率擴張 150 至 200 個基點的預期非常有信心。

In addition to that, we will improve margin through operating leverage. There are a few areas which we are leveraging. The first one is as we accelerate our high-margin streaming business, margin will improve. The second one is through our work on accretive M&A, especially catalog M&A, which is higher margin accretive businesses will improve margin. And last but not least, DSP pricing will flow through to margin. So net, we're really, really confident in our margin building block, not just from a cost savings perspective, but also overall from our organic perspective.

除此之外，我們將透過經營槓桿來提高利潤率。我們正在利用幾個方面的優勢。第一點是，隨著我們加速發展高利潤的串流業務，利潤率將會提高。第二點是透過我們對增值型併購，特別是目錄型併購的工作，這類高利潤增值型業務將提高利潤率。最後但同樣重要的是，DSP定價將直接影響利潤。總的來說，我們對我們的利潤成長基礎非常有信心，不僅是從節省成本的角度來看，而且從我們整體的有機成長角度來看也是如此。

In fact, in the mid- to long term, we are targeting margins in the mid- to high 20s. And you shouldn't be surprised about that when you look at our EBITDA margins in fiscal year '25, we closed '25 with an EBITDA margin of about 25%. As you know, EBITDA includes our normalized cost savings, we're now basically delivering over the next couple of years. And so you should expect over time that our adjusted OIBDA will approach our adjusted EBITDA margins in the mid-20s and then we'll start to move on that to continue to growth margins.

事實上，從中長期來看，我們的目標是利潤率達到 20% 到 20% 以上。當你查看我們在 2025 財年的 EBITDA 利潤率時，你就不應該對此感到驚訝了，我們在 2025 年結束時的 EBITDA 利潤率約為 25%。如您所知，EBITDA 包括我們標準化的成本節約，我們基本上將在未來幾年內實現這些節約。因此，隨著時間的推移，你們應該預期我們調整後的 OIBDA 將接近我們調整後的 EBITDA 利潤率在 20% 左右，然後我們將開始朝著利潤率持續增長的目標邁進。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

I wondered if you would talk about your successful market share gains over the last year. Maybe discuss what you're doing differently? And if you could provide any context on how each of your flagship frontline labels are performing?

我想請您談談過去一年來貴公司在市場佔有率上的成功成長。或許可以討論一下你做了哪些不同的嘗試？您能否提供一下貴公司旗下每個旗艦前線品牌的業績表現狀況？

Sure. Thank you. So first, I'm just pleased to say and keep on reiterating that our strategy is working. It's great for it to show up in the results and see the progress that we're making. Our market share hasn't grown just in one or two places. It's really been broad-based across both our flagship labels as well as all of our regions. In the U.S., we've increased by 0.6% in the U.S. year-on-year in Q4 '25. This is according to Luminate. And we had similar improvement around the world in EMEA, LatAm and APAC. and plus 6 percentage points on Spotify Top 200 in fiscal '25.

當然。謝謝。首先，我很高興地告訴大家，我們的策略是有效的，我會一直重申這一點。很高興看到它出現在結果中，讓我們看到所取得的進展。我們的市佔率成長並非只發生在一、兩個地方。這種趨勢確實已經波及到我們的兩大旗艦品牌以及所有地區。在美國，我們在 2025 年第四季年增了 0.6%。這是Luminate公司的說法。我們在 EMEA、拉丁美洲和亞太地區也取得了類似的進步，在 2025 財年 Spotify Top 200 排行榜上成長了 6 個百分點。

And notably, we've occupied the number two spot for nearly half the year there, which is incredible. So it is really great to see the company firing on all cylinders creatively as well as financially. And it really has come down to a lot of focus on artist development, which obviously has been there for a long time. It's in our DNA, and we continue to lean into it. But we also focus on our distribution business.

值得一提的是，我們在過去近半年的時間裡一直佔據著第二名的位置，這真是令人難以置信。看到公司在創意和財務方面都火力全開，真是太好了。而這其實歸根究底是對藝人培養的重視，這一點顯然已經存在很久了。這已經融入我們的基因，我們將繼續發揮這種特質。但我們也十分重視分銷業務。

We focus on our catalog. We've had a lot of success in terms of revitalizing our catalogs, seeing the excess of Buckingham Nicks, which was originally released in 1973, being number 11 on Billboard Album Chart and number six in the U.S. It's incredible to see the Power of IP and what it is that we can do with it.

我們專注於我們的產品目錄。我們在重振曲庫方面取得了巨大的成功，例如，1973 年發行的《白金漢·尼克斯》專輯在公告牌專輯榜上排名第 11 位，在美國排名第 6 位。智慧財產權的力量以及我們利用智慧財產權所能做的事情，真是令人難以置信。

In terms of our returning artists, Cardi B and Twenty One Pilots being number one with our albums in the U.S. and Ed Sheeran and Biffy Clyro in the U.K. And obviously, I mentioned our artist development stories with Alex Warren spending 10 weeks on number one -- at number one on Billboard Hot 100 and Global 200 and Sombr hitting number one on Spotify Global Chart and set for -- set in the top 3 for over 10 weeks. So it's just broad-based, artist development, returning artists, catalogs, all regions, all divisions. So it's just been a lot of work that really started to hit together.

就回歸藝人而言，Cardi B 和 Twenty One Pilots 的專輯在美國都取得了第一名的好成績，Ed Sheeran 和 Biffy Clyro 的專輯在英國也取得了同樣的成績。當然，我還提到了我們的藝人培養故事，Alex Warren 連續 10 週位居 Billboard Hot 100 和 Global 200 榜首，Sombr 也登上了 Spotify 全球排行榜榜首，並在前三名停留了 10 週以上。所以它涵蓋範圍很廣，包括藝術家發展、回歸藝術家、產品目錄、所有地區、所有部門。所以，這其實是很多努力的結晶，最後匯聚到了一起。

And we just -- we have really focused on our operations, making sure that we're making the right decisions around capital allocation. And that we have strong pipelines, both for our artist releases as well as for M&A, as Armin mentioned. So our playbook is working and our investment as our investment is a key priority in markets, and it's really bearing fruit.

我們一直專注於運營，確保在資本配置方面做出正確的決策。正如 Armin 所提到的，我們在藝人發行和併購方面都有強大的管道。所以我們的策略奏效了，我們的投資作為市場中的關鍵優先事項，並且確實取得了成效。

Michael Morris, Guggenheim Securities.

邁克爾·莫里斯，古根漢證券。

I wanted to follow up on some of the growth components that you highlighted as we look into '26 and beyond. First, on your M&A plans, Armin, you alluded to M&A as a potential accelerant to growth in the coming year. And can you share more detail on what we can look forward to and how much of an incremental growth driver this can be for you?

我想就您提到的一些成長要素進行後續探討，以便我們展望 2026 年及以後的發展。首先，關於你的併購計劃，阿明，你曾暗示併購是來年成長的潛在加速器。您能否詳細介紹一下我們可以期待些什麼，以及這能為貴公司帶來多大的成長動力？

And then also, you just mentioned distribution as a strategic focus area and a potential driver of growth as early as '26 as well. So can you expand on this a bit? What changed about your strategy, if anything? And what gives you confidence that this can be a bigger contributor to growth in the coming year?

而且，您剛才也提到，分銷是策略重點領域，也是 2026 年的潛在成長驅動力。能再詳細說說嗎？你的策略有哪些改變？如果有的話。您為何確信這能在來年對成長做出更大的貢獻？

Thank you. So on the M&A side, we have a very strong pipeline in place, which, as I mentioned, we expect to start to materialize starting in calendar year '26. As you probably know, we are focused on a few large opportunities where we, as a publisher, can add value in a way that creates value not just for artists and songwriters, but also in a way that delivers a strong return for us. The key focus simply is our catalog business or a couple of businesses out there in the market. Why?

謝謝。因此，在併購方面，我們已經建立了非常強大的專案儲備，正如我所提到的，我們預計這些專案將從 2026 年開始逐步實現。正如您可能知道的那樣，我們專注於幾個大型機遇，作為出版商，我們可以以一種不僅為藝術家和詞曲作者創造價值，而且為我們帶來豐厚回報的方式來增加價值。我們的主要關注點就是我們的產品目錄業務，或是市場上其他幾家公司。為什麼？

Because they are highly accretive and therefore, deliver top and bottom line growth. We'll do this in a very capital-efficient way, as we mentioned before, by our joint venture with Bain, which will provide us with more than $1 billion of funding, and it's obviously a key enabler to accelerate growth in this area.

因為它們具有很高的增值潛力，因此能夠帶來營收和利潤的成長。我們將以非常節約資本的方式實現這一目標，正如我們之前提到的，透過與貝恩資本的合資企業，這將為我們提供超過 10 億美元的資金，這顯然是加速該領域成長的關鍵推動因素。

Now, from a status perspective, we've been working very well with Bain as a partner, and we are very pleased with the progress that we have been making. So you'll hear from us soon starting in calendar '26 about some of those acquisitions, which gives us confidence that this can accelerate growth in addition to the other building blocks I discussed before.

從現狀來看，我們與貝恩公司作為合作夥伴的合作非常順利，我們對所取得的進展感到非常滿意。因此，從 2026 年日曆年開始，您很快就會聽到我們關於其中一些收購的消息，這讓我們相信，除了我之前討論過的其他組成部分之外，這還可以加速增長。

From a distribution perspective, look, distribution is a significant part of our industry and very often a source of new talent and in fact, we haven't talked too much about this, but we actually have a large growing and profitable distribution business today. And as we have announced before, we have recently appointed a new leader with Alejandro, who, as you know, has been leading our Latin America business for many years.

從分銷的角度來看，分銷是我們行業的重要組成部分，而且通常是新人才的來源。事實上，我們還沒有過多地談論這一點，但我們現在確實擁有一個龐大、不斷增長且盈利的分銷業務。正如我們之前宣布的那樣，我們最近任命了 Alejandro 為新領導人，正如您所知，他多年來一直領導著我們的拉丁美洲業務。

And as you probably know, this business is heavily distribution focused yet Alejandro and his team grew this business double digit and frankly, at attractive margins for a long time now. So really encouraged by what he has done with his business, and therefore, he is the perfect leader for our distribution business. We have spent a lot of time with him to better understand what we need to win in this marketplace, not just in Latin America and here in the U.S., but also globally.

正如你可能知道的那樣，這項業務非常注重分銷，但 Alejandro 和他的團隊實現了兩位數的增長，坦白說，長期以來利潤率都很可觀。我對他在公司的成就感到非常鼓舞，因此，他是我們分銷業務的完美領導者。我們花了很多時間和他在一起，以便更好地了解我們需要在這個市場中取得勝利需要什麼，不僅是在拉丁美洲和美國，而且是在全球範圍內。

And we have spent quite some time now to build capabilities that allow us to provide better customer service on the one hand but also to integrate clients faster and more efficiently so we can grow this business profitably.

我們已經花了相當長的時間來建立各種能力，一方面使我們能夠提供更好的客戶服務，另一方面能夠更快、更有效率地整合客戶，使我們能夠獲利地發展這項業務。

So we're now at a point where we are really, really confident that we can accelerate growth on this business, particularly starting in 2026. Now having said all of this, as I talked before many times, we're looking at our business from a portfolio planning perspective. So we'll do this in a way that grows our business on the one hand, but also enhances margin. So net, both the strategy are really perfect for our portfolio strategy to accelerate growth and enhance margin over time.

所以我們現在非常有信心能夠加速這項業務的成長，特別是從 2026 年開始。說了這麼多，正如我之前多次提到的，我們正在從投資組合規劃的角度來審視我們的業務。因此，我們將以一種既能發展業務又能提高利潤率的方式來實現這一目標。綜上所述，這兩種策略都非常適合我們的投資組合策略，可以隨著時間的推移加速成長並提高利潤率。

Doug Creutz, TD Cowen.

道格·克魯茨，TD Cowen。

Robert, I know one of your priorities has been to make sure the company is investing in the right technologies to position for future growth. And I wondered if you could share some color on how those investments are contributing to the growth outlook you've laid out today. And then also whether some of those priorities might be changing given the rapidly evolving landscape.

羅伯特，我知道你的首要任務之一是確保公司投資正確的技術，為未來的成長做好準備。我想請您詳細介紹一下，這些投資是如何助力您今天提出的成長前景的。此外，還要考慮鑑於情勢的快速變化，其中一些優先事項是否可能會發生變化。

Sure. Thank you. Yes, the priorities are not changing. They remain the same. We're focused on -- as you think about our business, it's a large-scale business with lots of SKUs, lots of albums, lots of songs, lots of artists, and they have to be managed across a large number of DSPs. And so we're in a high-volume business, and it requires infrastructure, solid, strong infrastructure that is scalable. And -- so we focused on that. We strengthened our digital supply chain. We sped up our songwriter payments, introduced more transparent accounting.

當然。謝謝。是的，優先事項沒有改變。它們保持不變。我們專注於——正如您所想，我們的業務規模龐大，擁有大量的 SKU、專輯、歌曲和藝術家，而且它們必須在大量的 DSP 上進行管理。因此，我們身處一個高交易量產業，這需要基礎設施，需要強大且可擴展的基礎設施。所以——我們就把重點放在了這一點上。我們加強了數位化供應鏈。我們加快了詞曲作者的付款速度，並引入了更透明的會計系統。

In publishing, we stabilized and upgraded our core systems, which would include royalty processing and sync licensing systems. And we're nearly fully live with our financial transformation initiative, which unlocks a whole host of benefits and a better and more insightful P&L, more transparency for artists and songwriters, etc.

在出版方面，我們穩定並升級了核心系統，其中包括版稅處理和同步授權系統。我們的財務轉型計劃已基本全面啟動，這將帶來一系列好處，並帶來更好、更深入的損益表，提高藝術家和詞曲作者的透明度等等。

So we've really focused a lot on core infrastructure so that we can accelerate the business and handle the volume. Armin mentioned the deal pipelines that we have, whether it's organic ones or M&A, all of that requires infrastructure. So we've been focusing on that, preparing the company for growth, and that will continue. And we've made a lot of progress in that area. So that's why we feel confident about our acceleration.

因此，我們非常注重核心基礎設施，以便能夠加速業務發展並處理業務量。阿明提到了我們現有的交易管道，無論是內部成長還是併購，所有這些都需要基礎設施。所以我們一直專注於此，為公司的發展做好準備，而這種情況還會持續下去。我們在這一領域取得了很大進展。所以這就是我們對加速發展充滿信心的原因。

I just want to add to that. Obviously, this also helps us scale many of our services globally. It is a key enabler also for the cost savings program -- that we discussed last time.

我只想補充一點。顯然，這也有助於我們在全球範圍內擴展許多服務。這也是我們上次討論的成本節約計畫的關鍵推動因素。

Cameron Mansson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

You highlighted having deals with four of the top 5 DSPs and having secured kind of wholesale rate increases across all of those platforms. I'm wondering, Robert, you've talked in the past about kind of the benefits of variability in licensing terms across platform partners and that being a positive with regard to facilitating experimentation. Is that still -- would you say that's still the case across the new platforms that you've locked in deals with? Or have we reached kind of more of a standardized type of deal structure at this point in time?

您重點提到與排名前五的DSP中的四家達成了協議，並在所有這些平台上都獲得了某種程度的批發價格上漲。羅伯特，我想問一下，你過去曾談到過平台合作夥伴之間授權條款的多樣性帶來的好處，以及這種多樣性對促進實驗的積極作用。您認為在您已達成合作協議的新平台上，情況是否仍然如此？或者說，我們目前是否已經形成了一個更標準化的交易結構？

Can I just clarify your question? You were talking about existing DSPs or new platforms?

我可以再確認一下您的問題嗎？您指的是現有的DSP平台還是新的平台？

The existing -- the four of the five larger existing ones.

現有的－五個較大的現有建築中的四個。

Right. And the question is on -- sorry, I couldn't really fully understand the question.

正確的。問題是──抱歉，我沒能完全理解這個問題。

I was really just trying to -- Yes. Really just trying to clarify, in the past, you've talked about the benefits of having kind of variation in your DSP deals. I'm wondering if that's still the case or if there is more standardization kind of in conjunction with locking in wholesale rate increases.

我其實只是想——是的。我只是想澄清一下，過去您曾談到在 DSP 交易中保持一定多樣性的好處。我想知道這種情況是否仍然如此，或者在鎖定批發價格上漲的同時，是否出現了更多標準化措施。

Got it. Thank you for the clarification. Look, we -- generally, when you begin, you have different partners, which have different objectives and you strike slightly different deals. As time goes by, businesses grow, things standardize more and so do the deal terms. Obviously, different platforms are slightly different.

知道了。謝謝你的解釋。你看，我們——通常情況下，創業之初，你會有不同的合作夥伴，他們有不同的目標，你們會達成略有不同的協議。隨著時間的推移，企業不斷發展壯大，事物日趨標準化，交易條款也隨之標準化。顯然，不同的平台略有不同。

Some have free funnels, some don't, etc. So that kind of variability. However, we strive for a fair marketplace where people -- where our partners pay the same prices for the content that we license to them. So consistency is very important for us and making sure that no partner feels disadvantaged versus another one and that we have a very healthy competition on fair and square term. So there is much more standardization in place than it was in the past.

有些網站提供免費的銷售漏斗，有些則不提供，等等。所以存在這種差異。但是，我們努力打造一個公平的市場，讓合作夥伴為我們授權給他們的內容支付相同的價格。因此，一致性對我們來說非常重要，我們要確保任何合作夥伴都不會感到比其他合作夥伴處於劣勢，並且我們要在公平公正的條件下進行非常健康的競爭。因此，現在的標準化程度比過去高得多。

Got it. And then if I could follow up on the market share gains that you've had and been able to deliver on this year, how do you think with regard to the savings initiatives, like how do you balance those 2 in terms of trying to deliver on your savings initiatives and reinvesting to continue to drive market share gains in the future?

知道了。然後，如果我能進一步了解您今年取得的市佔率成長和實現情況，您是如何看待節約計畫的？您是如何平衡這兩者，既要努力實現節約計劃，又要進行再投資以在未來繼續推動市場份額成長？

Yes, maybe I can take that. We are very focused on ensuring that we actually invest more in our core repertoire markets and key genres as well as in the most promising projects. So from a savings perspective, we are not cutting our spending on the front line as we call it. So we're actually increasing our investments. The savings are mostly reflective of us becoming more efficient on the back office side.

是的，或許我可以接受。我們非常注重確保增加對核心曲目市場、關鍵類型以及最有前途的項目的投資。所以從節約的角度來看，我們並沒有削減所謂的「一線」支出。所以，我們實際上正在增​​加投資。節省的成本主要反映了我們在後台營運方面效率的提升。

Robert mentioned technology as a key enabler. So I'll give you a few examples. In finance, we have just introduced SAP, and we're obviously dealing with millions of transactions. This will enable us to become more efficient as a finance organization.

羅伯特提到科技是關鍵推動因素。我舉幾個例子。在財務方面，我們剛剛引入了 SAP 系統，顯然我們正在處理數百萬筆交易。這將使我們的財務機構更有效率。

In marketing, as we kind of organize our data, we are leveraging more and more the standard data set we have to drive marketing efficiencies. On deal making, we're now introducing AI. We actually have introduced the deal office globally and working with an AI company to help us optimize our deal making. So think about the savings really coming from becoming more operationally efficient as a company and back office savings, which we leverage to invest more in the most promising markets, more in the most promising artists and more in the most promising genres. And that's really how we balance this.

在行銷中，隨著我們對數據的整理，我們越來越多地利用現有的標準數據集來提高行銷效率。在交易達成方面，我們現在引入人工智慧。我們實際上已經在全球範圍內設立了交易辦公室，並與一家人工智慧公司合作，以幫助我們優化交易流程。所以，想想看，節省下來的錢實際上來自於公司營運效率的提高和後台運營的節省，我們可以利用這些節省下來的錢，對最有前途的市場、最有前途的藝術家和最有前途的音樂類型進行更多投資。這就是我們平衡各方利益的方式。

Ian Moore, Bernstein.

伊恩·摩爾，伯恩斯坦。

So looking through the AI licensing announcements that have come out in the past couple of weeks, it looks like these services kind of point to different -- very different parts of the value chain. You got some professional-grade production tools in there, some more like listening discovery platforms. I was wondering how you could -- if you could maybe bucket the commercial opportunity you see across like the spectrum of new services that you're licensing to.

因此，縱觀過去幾週發布的 AI 授權公告，這些服務似乎指向價值鏈中不同的——非常不同的部分。裡面有一些專業級的製作工具，也有一些比較像是音樂發現平台之類的工具。我想知道您能否—或許您可以將您看到的商業機會，像您正在授權的各種新服務一樣進行歸類。

Sure. So first, I'd like to say it's a very energizing moment in the industry when you see so many new companies popping up, attracting venture capital. We have not had this in the last 10 to 15 years, all of the players that have been established in the first decade, really. And now there's a crop of new companies, new investment, new excitement, new talent, just tremendous momentum. So we decided that we are going to seize this opportunity.

當然。首先，我想說，看到這麼多新公司湧現，吸引創投，這對整個產業來說是一個非常令人振奮的時刻。在過去 10 到 15 年裡，我們沒有遇到過這種情況，所有在第一個十年建立的球員都是如此。現在湧現一批新公司、新的投資、新的活力、新的人才，發展動能非常強勁。所以我們決定抓住這個機會。

We're not going to be a passenger. We're going to be the driver because it is important to get in early, set the terms and define the future for us rather than let other people define it for us. That means that this will cut across all the different segments that you highlighted. There may be professional content, there may be user content. There's all kinds of consumption creation.

我們不會做乘客。我們將成為主導者，因為儘早進入市場、設定條件並定義我們自己的未來，而不是讓其他人定義我們，這一點非常重要。這意味著這將涵蓋你重點提到的所有不同部分。可能包含專業內容，也可能包含使用者內容。消費創造的形式多元。

It's certainly a lot of work for our teams, but it's very exciting and energizing. And the opportunity that we see is one of interactivity. Interactivity is something that drives value. It's been proven over and over, whether it's in the video gaming industry, even going to a concert is interactive. The revenue per hour is always higher when somebody is looking at something with their eyes and using their fingers and their hands to create something.

這無疑會為我們的團隊帶來很多工作，但也令人非常興奮和充滿活力。我們看到的機會在於互動性。互動性是創造價值的關鍵因素。這一點已經被反覆證明，無論是在電子遊戲產業，還是去聽音樂會，都具有互動性。當有人用眼睛觀察事物，並用手指和雙手去創造事物時，每小時的收入總是更高的。

So the value gets created and we'll capture it. And what happens is also that there's a very, very high correlation between interactivity and iconic familiarity. It thrives on it. What does that mean? It means that Stars will get bigger and that will be -- will benefit from this trend and that iconic IP will benefit from this trend.

這樣一來，價值就被創造出來了，而我們將獲取它。而且，互動性和標誌性事物熟悉度之間也存在著非常非常高的相關性。它靠它茁壯成長。這意味著什麼？這意味著明星會越來越紅，標誌性IP也會從這個趨勢中受益。

So we're focusing on all of the elements here, and we want to make sure that we capture this incremental and expensive opportunity. And I think of it a bit more like user-generated content early on YouTube that started and it was seen as a threat. And in fact, it has actually developed in something that was very, very positive and commercially successful for all parties involved. So we're very excited about this, and we're open for business.

因此，我們正在關注這裡的所有要素，我們希望確保抓住這個漸進且昂貴的機會。我覺得它更像是 YouTube 早期用戶生成的內容，它剛出現時被視為一種威脅。事實上，它已經發展成對所有相關方都非常積極且商業上非常成功的局面。我們對此感到非常興奮，並且我們已經正式開業。

Kannan Venkat, Barclays.

Kannan Venkat，巴克萊銀行。

Robert, maybe just following up on that point and maybe presenting a little bit of a pushback to see what your reaction would be. But why isn't AI a threat to an equal measure given that, obviously, your content can be used, yours and other label content can be used to create new forms of content or at least the models can be trained on it. And over the longer time horizon, that could completely bypass content creators theoretically, and that's obviously a big debate. So I would love to get your reaction on that.

羅伯特，或許我只是想就這一點繼續追問，提出一些反對意見，看看你的反應是什麼。但既然你的內容顯然可以被利用，你和其他標籤的內容可以被用來創造新的內容形式，或者至少模型可以基於這些內容進行訓練，那麼為什麼人工智慧就不是同等程度的威脅呢？從長遠來看，這在理論上可能會完全繞過內容創作者，這顯然是一個很大的爭議點。我很想聽聽你的看法。

And then more on the financials. I mean, if you look at the guidance for next year in terms of margin expansion, I think the growth in EBITDA that's implied by that is roughly equal to or most of the growth seems to be coming from the cost cuts. And so in terms of operating leverage, it would be great to understand, I mean, the underlying trends, excluding things like M&A, for instance, or cost savings, how you guys are trending? If you could just get some more details, that would be helpful.

接下來是關於財務方面的更多內容。我的意思是，如果你看看明年利潤率擴張的預期，我認為由此隱含的 EBITDA 成長大致等於或大部分成長似乎來自成本削減。因此，就營運槓桿而言，我很想了解一下，例如，撇開併購或成本節約等因素不談，你們的營運趨勢如何？如果您能提供更多細節，那就太好了。

Sounds good. I'll take the first part, and Armin will take the second. So, of course, with every change, every technology change, there's always a threat and an opportunity. The marketization of distribution was a threat. Everybody was predicting our demise and sidestepping major music companies.

聽起來不錯。第一部分由我來做，第二部分由阿爾敏來做。當然，每一次變革，每一次技術變革，都伴隨著威脅和機會。分銷通路的市場化構成了一種威脅。所有人都預言我們會失敗，並且避開大型音樂公司。

And obviously, the opposite has proven to be true over time. And we believe the same happens here. Of course, we look at the threat that this could pose in terms of dilution, etc. But at the same time, we need to focus on how do we actually turn this into an advantage for all of us and drive the value of the industry and the value that we provide.

顯然，隨著時間的推移，事實恰恰相反。我們相信這裡的情況也是如此。當然，我們會考慮這可能帶來的稀釋等威脅。但同時，我們需要專注於如何真正將其轉化為我們所有人的優勢，並推動產業價值和我們所提供價值的提升。

It's also important to know that and I've said this many times before, the value of the large music companies and the contribution that we have to the industry is rising, not declining. With all of these challenges, this is becoming much more of a big business to big business interaction. It is very hard for individual creators to deal with large technology companies.

還有一點很重要，我以前也說過很多次，大型音樂公司的價值以及我們對產業的貢獻正在上升，而不是下降。面對這些挑戰，這正變得越來越像是大企業之間的互動。個人創作者很難與大型科技公司打交道。

It is much better for these matters to be handled by large music companies, large IP companies who have the capabilities, the know-how, the technology, the scale to ensure the right outcomes. So we view this as this is our role. This is our role is to shape the industry and make sure that it benefits artists and songwriters as well as us and our shareholders.

這些事情最好由大型音樂公司、大型智慧財產權公司來處理，因為他們擁有能力、專業知識、技術和規模，可以確保正確的結果。所以我們認為這是我們的職責。我們的職責是塑造產業格局，確保它不僅惠及藝術家和詞曲作者，也惠及我們和我們的股東。

Armin?

阿明？

Yeah. On the margin, I think it's important to note that our guide is, of course, after investments we make into the business. It's really a net margin guide. The guide is also mostly focused on two areas. One is the cost savings program that we delivered and two is the organic margin growth that we plan to deliver. And there are really three drivers that will help us do that. One is as we start to accelerate our streaming business, that is a higher-margin business that is actually driving margin growth already for us.

是的。另外，我認為需要指出的是，我們的指導原則當然是在我們對企業進行投資之後製定的。這實際上是一個淨利潤率指南。該指南也主要側重於兩個方面。一是我們已實施的成本節約計劃，二是我們計劃實現的有機利潤成長。而真正能幫助我們實現這目標的，就是三個關鍵因素。一方面，隨著我們開始加速發展串流媒體業務，這是一個利潤率更高的業務，實際上已經為我們帶來了利潤成長。

Two PSM price increases will flow to the bottom line and will help us improve margin. And three, there are certain inorganic areas. So think about this as a net margin guide, but the biggest organic drivers for us will be, one, streaming growth and two, the PSM price increases that we'll see.

PSM價格的兩次上漲將直接影響利潤，並有助於我們提高利潤率。第三，還有一些無機區域。所以，你可以把這看作是淨利潤率的參考指標，但對我們來說，最大的有機成長動力將是：一是串流媒體成長，二是我們將看到的PSM價格上漲。

That is all the time we have for questions. I will turn the call to Robert Kyncl for closing remarks.

我們提問時間到此結束。接下來我將把發言權交給羅伯特·金克爾，請他作總結發言。

So thank you for your attention today. I just want to reiterate that it's evident from our results that our strategy is working. It's a labor of quite a few years of work, both on the technology front, on the investment front, on artist development administration. It's really all divisions at the company have been firing on all cylinders, and it's great to see it all come together through a sustained growth, market share expansion.

謝謝大家今天的關注。我只想重申，從我們的結果來看，很明顯我們的策略是有效的。這是多年努力的成果，包括技術面、投資面以及藝術家發展管理面。公司各部門都火力全開，看到這一切透過持續成長和市場佔有率擴張而匯聚在一起，真是令人欣慰。

And on top of it now is accelerating and seizing the opportunity to shape the AI future and create new incremental business that will be set up the right way for the future to capture the right possibilities both creative and economic for artists and songwriters and our shareholders.

而且，現在我們正在加速並抓住機會，塑造人工智慧的未來，創造新的增量業務，以正確的方式為未來做好準備，從而為藝術家、詞曲作者和我們的股東抓住創意和經濟上的機會。

Thank you so much for being here. Talk to you in 90 days.

非常感謝你們的到來。90天後再聯絡你。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。