(Reuters) -Universal Music Group said on Tuesday it expects annual core profit growth of more than 10% through to 2028 on higher subscription revenue and boosted by the superfans of its artists such as Taylor Swift.

The company, which announced its financial targets through 2028 ahead of a capital markets day, also said it expects compound annual growth of 7% in revenue in the period.

It expects a free cash flow conversion rate (before investing activity) of between 60% and 70%, it said.

For 2023, UMG reported an 11% increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.4 billion euros ($2.67 billion). At constant exchange rates, EBITDA gained 14.6%.

UMG shares were up 1.7% in early trading.

($1 = 0.8988 euros)