Slide 1: Q3 2025 Update
Q3 2025 Update November 4th, 2025
Slide 2: Contents
Executive Summary p.03 Key Highlights p.04 Financial Summary p.06 Table of MAUs & Subscribers p.13 Contents Product & Platform p.16 Outlook p.20 Financial Statements p.23 2
Slide 3: Executive Summary
Executive Summary Our business delivered strong results in Q3, as all KPIs met USER & FINANCIAL SUMMARY Q3 2024 Q2 2025 Q3 2025 Y/Y Q/Q or exceeded guidance to deliver strong Free Cash Flow*. The business added 17 million MAU vs. guidance for 14 USERS (M) Total Monthly Active Users ("MAUs") 640 696
Slide 4: Key Highlights
Key Highlights Sustained double-digit Y/Y Solid revenue growth with Accelerating execution and growth in MAU and Premium continued profitability laying the foundation for Subscribers improvement Spotify’s next chapter of growth ● MAUs surpassed 700 million during ● Total Revenue grew 7% Y/Y to €4.3
Slide 5: Key Highlights: Actuals vs. Guidance
Key Highlights: Actuals vs. Guidance Results Q3 2025 Actuals Guidance Monthly Active Users (M) Above 713 710 Users Premium Subscribers (M) In-Line 281 281 Results Q3 2025 Actuals Guidance Total Revenue (€B) Above €4.3 €4.2 Financials Gross Margin Above 31.6% 31.1% Operating Income (€M)* Above €582 €
Slide 6: Financial Summary
FINANCIAL SUMMARY
Slide 7: Financial Summary
Financial Summary USER, FINANCIAL & LIQUIDITY SUMMARY Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 640 675 678 696 713 11% -- Premium Subscribers 252 263 268 276 281 12% -- Ad-Supported MAUs 402 425 423 433 446 11% -- FINANCIALS (€M) Premium 3,51
Slide 8: Financial Summary
Financial Summary Revenue of €4,272 million grew 7% Y/Y in Q3 (or 12% Y/Y constant currency*), reflecting: Revenue ● Premium Revenue growth of 9% Y/Y (or 13% Y/Y constant currency*), driven by subscriber gains; and ● Ad-Supported Revenue decline of -6% Y/Y (or flat Y/Y constant currency*) ● Unfavora
Slide 9: Revenue
Revenue Premium growth driven by Subscriber gains Premium Revenue grew 9% Y/Y to €3,826 million (or 13% Y/Y constant currency*), reflecting subscriber growth of 12% Y/Y and a Premium ARPU** decline of -4% Y/Y to €4.53 (or flat Y/Y constant currency). Excluding the impact of FX, ARPU performance was
Slide 10: Gross Margin
Gross Margin Driven by continued improvement in Ad-Supported segment Gross Margin finished at 31.6% in Q3, up 53 Premium Gross Margin was 33.2% in Q3, Ad-Supported Gross Margin was 18.4% in Q3, bps Y/Y. The Y/Y trend was driven by down 34 bps Y/Y. The Y/Y trend was driven up 525 bps Y/Y. The Y/Y tre
Slide 11: Operating Expenses
Operating Expenses Y/Y trend led by marketing and personnel costs Operating Expenses declined 2% Y/Y in Q3. Absent the effects of Y/Y movements in currency and Social Charges, the ~11% Y/Y increase in Operating Expenses was driven primarily by an increase in marketing and personnel and related costs
Slide 12: Free Cash Flow
Free Cash Flow Record Q3 performance aids balance sheet strength Free Cash Flow* was €806 million in Q3, a record high Q3 as a result of higher Net Income adjusted for non-cash items, partially offset by movements in net working capital. Capital expenditures rose €19 million Y/Y to €23 million. Whil
Slide 13: MAUs & Subscribers
MAUS & SUBSCRIBERS
Slide 14: Monthly Active Users (MAUs)
Monthly Active Users (MAUs) Total MAUs grew 11% Y/Y to 713 million, up from 696 million last quarter and 3M above our guidance. Quarterly performance reflected: ● Y/Y and Q/Q growth across all regions, with outperformance led by Rest of World, Europe and North America ● Global launch of mobile free
Slide 15: Premium Subscribers
Premium Subscribers Our Premium Subscribers grew 12% Y/Y to 281 million, up from 276 million last quarter and in-line with guidance. Quarterly performance reflected: ● Y/Y and Q/Q growth across all regions, with outperformance led by Latin America and North America ● Strong global promotional campai
Slide 16: Product & Platform
PRODUCT & PLATFORM
Slide 17: Delivering on the Year of Accelerated Execution
Delivering on the Year of Accelerated Execution Launched lossless audio to Premium users Introduced Messages to Free and Premium users Leveled up playlists with mixing tools. Premium in more than 50 markets, allowing aged 16+ in select markets on mobile, allowing fans listeners can now take their pl
Slide 18: Setting up for the next chapter of growth
Setting up for the next chapter of growth Rolled out updates to Spotify’s Free Announced new DSP partnerships with Amazon Introduced Spotify in ChatGPT, allowing experience globally. These enhancements and Yahoo, granting programmatic access to users to receive personalized music and make it easier
Slide 19: Reaching new engagement milestones
Reaching new engagement milestones Celebrated two years of audiobooks in Jam hit 100 million monthly listening hours. Our Taylor Swift’s The Life of a Showgirl breaks Premium. Spotify has introduced millions of personalized, real-time group listening experience records, becoming Spotify’s most-strea
Slide 20: Outlook
OUTLOOK
Slide 21: Outlook for Q4'25
Outlook for Q4’25 The following forward-looking statements reflect Spotify’s expectations for Q4 2025 as of November 4, 2025 and are subject to substantial uncertainty. Total MAUs 745 million Implies the addition of approximately 32 million net new MAUs in the quarter Total Premium Subscribers 289 m
Slide 22: Webcast Information
Webcast Information We will host a live question and answer session starting at 8:00 a.m. ET today on investors.spotify.com. Daniel Ek, our Founder and Chief Executive Officer, Alex Norström, our Co-President and Chief Business Officer, Gustav Söderström, our Co-President and Chief Product & Technol
Slide 23: Financial Statements
FINANCIAL STATEMENTS
Slide 24: Trending Charts
Trending Charts MAUs, Ad-Supported Users, Premium Subscribers & Revenue By Segment * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.
Slide 25: Trending Charts
Trending Charts Gross Profit by Segment, Gross Margin by Segment & Free Cash Flow* * Free Cash Flow is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Last Twelve Months (LTM) represents annual performance covering the p
Slide 26: Interim condensed consolidated statement of operations
Interim condensed consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended September 30, 2025 June 30, 2025 September 30, 2024 Revenue 4,272 4,193 3,988 Cost of revenue 2,921 2,873 2,748 Gross profit 1,351 1,320 1,240 Research and developme
Slide 27: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position (Unaudited) (in € millions) September 30, 2025 December 31, 2024 Assets Non-current assets Lease right-of-use assets 242 226 Property and equipment 174 188 Goodwill 1,078 1,201 Intangible assets 33 48 Long term investments 2,888 1,635 Re
Slide 28: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (Unaudited) (in € millions) Three months ended September 30, 2025 June 30, 2025 September 30, 2024 Operating activities Net income/(loss) 899 (86) 300 Adjustments to reconcile net income/(loss) to net cash flows Depreciation of property and equi
Slide 29: Calculation of basic and diluted earnings/(loss) per share
Calculation of basic and diluted earnings/(loss) per share (Unaudited) (in € millions, except share and per share data) Three months ended September 30, 2025 June 30, 2025 September 30, 2024 Basic earnings/(loss) per share Net income/(loss) attributable to owners of the parent 899 (86) 300 Shares us
Slide 30: Reconciliation of IFRS to non-IFRS results
Reconciliation of IFRS to non-IFRS results Revenue on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended September 30, 2025 September 30, 2024 IFRS revenue 4,272 3,988 Foreign exchange effect on 2025 revenue using 2024 rates 178 Revenue excluding foreign exc
Slide 31: Reconciliation of IFRS to non-IFRS results
Reconciliation of IFRS to non-IFRS results Operating expenses on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended September 30, 2025 September 30, 2024 IFRS Operating expenses 769 786 Foreign exchange effect on 2025 operating expenses using 2024 rates 27 O
Slide 32: Reconciliation of IFRS to non-IFRS results
Reconciliation of IFRS to non-IFRS results Operating income on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended September 30, 2025 September 30, 2024 IFRS operating income 582 454 Foreign exchange effect on 2025 operating income using 2024 rates 23 Operati
Slide 33: Reconciliation of IFRS to non-IFRS results
Reconciliation of IFRS to non-IFRS results Free Cash Flow (Unaudited) (in € millions) Three months ended March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, June 30, September 2022 2022 30, 2022 31, 2022 2023 2023 30, 2023 31, 2
Slide 34: Appendix
APPENDIX
Slide 35: Social Charges Sensitivity
Social Charges Sensitivity Meaningful movements in our stock price can lead to Social Charge variance Our guidance incorporates the impact of Social Charges, the vast majority of which appear in Operating Expenses. The amount of Social Charges we accrue for and ultimately pay can be volatile, as the
Slide 36: Slide 36