Slide 1: Q2 2026 Update
Q2 2026 Update August 4th, 2026
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.19 Financial Statements p.22 2
Slide 3: Executive Summary
Executive Summary Our business performed well in Q2, led by strength in USER & FINANCIAL SUMMARY Q2 2025 Q1 2026 Q2 2026 Y/Y Q/Q Subscribers and profitability. Similar to last quarter, MAUs grew 12% Y/Y, with net additions of 16 million slightly below USERS (M) Total Monthly Active Users ("MAUs") 69
Slide 4: Key Highlights
Key Highlights Reaching 300 million Accelerating revenue growth Powering the next generation of Subscriber milestone with expanding profitability music, podcast and audiobook alongside healthy MAU growth engagement ● Premium Subscribers grew 9% Y/Y ● Total Revenue of €4.8 billion ● Launched Reserved
Slide 5: Key Highlights: Actuals vs. Guidance
Key Highlights: Actuals vs. Guidance Results Q2 2026 Actuals Guidance Monthly Active Users (M) Below 777 778 Users Premium Subscribers (M) Above 300 299 Results Q2 2026 Actuals Guidance Total Revenue (€B) In-Line €4.8 €4.8 Financials Gross Margin Above 33.4% 33.1% Operating Income (€M)* Above €655 €
Slide 6: Financial Summary
FINANCIAL SUMMARY
Slide 7: Financial Summary
Financial Summary USER, FINANCIAL & LIQUIDITY SUMMARY Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 696 713 751 761 777 12% -- Premium Subscribers 276 281 290 293 300 9% -- Ad-Supported MAUs 433 446 476 483 494 14% -- FINANCIALS (€M) Premium* 3,75
Slide 8: Financial Summary
Financial Summary Revenue of €4,777 million grew 14% Y/Y in Q2 (or 15% Y/Y constant currency*), reflecting: Revenue ● Premium Revenue growth of 15% Y/Y (or 16% Y/Y constant currency*), driven by subscriber and ARPU gains; and ● Ad-Supported Revenue growth of 1% Y/Y (or 3% Y/Y constant currency*) ● U
Slide 9: Revenue
Revenue Premium growth driven by Subscriber and ARPU gains Premium Revenue* grew 15% Y/Y to €4,331 million (or 16% Y/Y constant currency**), reflecting 9% Y/Y Subscriber growth and Premium Average Revenue per User (ARPU) of €4.89, up 7% Y/Y (or 7.4% Y/Y constant currency**). Excluding the impact of
Slide 10: Gross Margin
Gross Margin Y/Y improvement driven by Premium and Ad-Supported gains Gross Margin finished at 33.4% in Q2, up 193 Premium Gross Margin* was 34.9% in Q2, Ad-Supported Gross Margin* was 19.1% in bps Y/Y. The Y/Y trend was driven by up 174 bps Y/Y. The Y/Y trend was driven by Q2, up 179 bps Y/Y. The Y
Slide 11: Operating Expenses
Operating Expenses Y/Y trend led by marketing and cloud spend Operating Expenses increased 3% Y/Y in Q2. Absent the effects of Y/Y movements in currency and Social Charges, the 19% Y/Y increase in Operating Expenses was primarily driven by an increase in marketing alongside cloud and AI spend in sup
Slide 12: Free Cash Flow
Free Cash Flow Record Q2 performance aids balance sheet strength Free Cash Flow* was €797 million in Q2, a record high Q2 as a result of higher Net Income adjusted for non-cash items, partially offset by movements in net working capital. Capital expenditures increased €11 million Y/Y to €21 million.
Slide 13: MAUs & Subscribers
MAUS & SUBSCRIBERS
Slide 14: Monthly Active Users (MAUs)
777M Monthly Active 696M Users (MAUs) 551M 626M Total MAUs grew 12% Y/Y to 777 million, up from 761 million last quarter and 1 million below our guidance. Quarterly performance reflected: 433M ● Y/Y and Q/Q growth across all regions ● Growth was driven by Q/Q gains in Rest of World, Europe, North Am
Slide 15: Premium Subscribers
Premium Subscribers 276M 300M Our Premium Subscribers grew 9% Y/Y to 300 million, 246M up from 293 million last quarter and 1 million above 220M our guidance. Quarterly performance reflected: 188M ● Y/Y and Q/Q growth across all regions ● Growth was driven by Q/Q gains in Europe, Rest of World, Lati
Slide 16: Product & Platform
PRODUCT & PLATFORM
Slide 17: Powering the next generation of music fandom, listening and discovery
Powering the next generation of music fandom, listening and discovery Reserved launched in the U.S., giving artists' Unveiled a special in-app experience to celebrate Expanded DJ to four new languages - French, most dedicated fans early access to concert Spotify's 20th anniversary, giving users a no
Slide 18: Deepening podcast and audiobook engagement through new formats and tiers
Deepening podcast and audiobook engagement through new formats and tiers Launched Narrated Articles, bringing Announced the expansion of Audiobooks+ with new Introduced Personal Podcasts, a tool that allows hundreds of narrated long-form magazine add-on tiers launching soon, giving our most engaged
Slide 19: Outlook
OUTLOOK
Slide 20: Outlook for Q3'26
Outlook for Q3’26 The following forward-looking statements reflect Spotify’s expectations for Q3 2026 as of August 4, 2026 and are subject to substantial uncertainty. Total MAUs 788 million Implies the addition of approximately 11 million net new MAUs in the quarter Total Premium Subscribers 305 mil
Slide 21: 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. Alex Norström and Gustav Söderström, our Co-Chief Executive Officers, and Christian Luiga, our Chief Financial Officer will be on hand to answer questions. Questions can be su
Slide 22: Financial Statements
FINANCIAL STATEMENTS
Slide 23: 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. ** Effective January 1, 2026, certain revenue-generating activities previously reporte
Slide 24: 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 25: Interim condensed consolidated statement of operations
Interim condensed consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended June 30, 2026 March 31, 2026 June 30, 2025 Revenue 4,777 4,533 4,193 Cost of revenue 3,181 3,038 2,873 Gross profit 1,596 1,495 1,320 Research and development 403 33
Slide 26: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position (Unaudited) (in € millions) June 30, 2026 December 31, 2025 Assets Non-current assets Lease right-of-use assets 225 234 Property and equipment 193 188 Goodwill 1,110 1,083 Intangible assets 36 41 Long term investments 1,118 2,181 Restric
Slide 27: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (Unaudited) (in € millions) Three months ended June 30, 2026 March 31, 2026 June 30, 2025 Operating activities Net income/(loss) 545 721 (86) Adjustments to reconcile net income/(loss) to net cash flows Depreciation of property and equipment and
Slide 28: 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 June 30, 2026 March 31, 2026 June 30, 2025 Basic earnings/(loss) per share Net income/(loss) attributable to owners of the parent 545 721 (86) Shares used in com
Slide 29: 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 June 30, 2026 June 30, 2025 IFRS Revenue 4,777 4,193 Foreign exchange effect on 2026 revenue using 2025 rates 30 Revenue excluding foreign exchange effec
Slide 30: Reconciliation of IFRS to non-IFRS results
Reconciliation of IFRS to non-IFRS results Operating expense on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended June 30, 2026 June 30, 2025 IFRS Operating expense 941 914 Foreign exchange effect on 2026 operating expense using 2025 rates 14 Operating expe
Slide 31: 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 June 30, 2026 June 30, 2025 IFRS Operating income 655 406 Foreign exchange effect on 2026 operating income using 2025 rates (8) Operating income
Slide 32: Reconciliation of IFRS to non-IFRS results
Reconciliation of IFRS to non-IFRS results Free Cash Flow (Unaudited) (in € millions) Three months ended December March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, June 30, 31, 2022 2023 2023 30, 2023 31, 2023 2024 2024 30, 20
Slide 33: Appendix
APPENDIX
Slide 34: 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 on share-based compensation, the vast majority of which appear in Operating Expenses. The amount of Social Charges we accrue for and ultimately
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