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UNIVERSAL MUSIC GROUP N.V. first quarter 2023 revenue rose 11.5% year-over-year to €2.451 billion, with EBITDA falling 42.5% (43.4% in constant currency) to €261 million, driven by €261 million in non-cash share-based compensation expenses in 2023, compared to €1 million in 2022. Adjusted EBITDA was yo 14.6% to €522 million (13% in constant currency).Recorded Music revenue rose 11.7% to €1.923 billion (9.6% in constant currency)., with subscription revenue up .