Slide 1: Q4 2025 Update
Q4 2025 Update February 10th, 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 We finished 2025 with strong performance, as all Q4 KPIs USER & FINANCIAL SUMMARY Q4 2024 Q3 2025 Q4 2025 Y/Y Q/Q met or exceeded guidance to deliver strong Free Cash Flow*. The business added a record 38 million MAU vs. USERS (M) Total Monthly Active Users ("MAUs") 675 713 751 11%
Slide 4: Key Highlights
Key Highlights Double-digit Y/Y growth in Accelerating revenue growth Largest ever Wrapped, expanding MAU and Subs, with record with continued profitability video and audiobooks, driving Q4 MAU net adds improvement deeper personalization with AI ● Record Q4 MAU net adds of 38M ● Total Revenue grew 7
Slide 5: Key Highlights: Actuals vs. Guidance
Key Highlights: Actuals vs. Guidance Results Q4 2025 Actuals Guidance Monthly Active Users (M) Above 751 745 Users Premium Subscribers (M) Above 290 289 Results Q4 2025 Actuals Guidance Total Revenue (€B) In-Line €4.5 €4.5 Financials Gross Margin Above 33.1% 32.9% Operating Income (€M)* Above €701 €
Slide 6: Financial Summary
FINANCIAL SUMMARY
Slide 7: Financial Summary
Financial Summary USER, FINANCIAL & LIQUIDITY SUMMARY Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 675 678 696 713 751 11% -- Premium Subscribers 263 268 276 281 290 10% -- Ad-Supported MAUs 425 423 433 446 476 12% -- FINANCIALS (€M) Premium 3,70
Slide 8: Financial Summary
Financial Summary Revenue of €4,531 million grew 7% Y/Y in Q4 (or 13% Y/Y constant currency*), reflecting: Revenue ● Premium Revenue growth of 8% Y/Y (or 14% Y/Y constant currency*), driven by subscriber gains; and ● Ad-Supported Revenue decline of -4% Y/Y (or 4% Y/Y constant currency*) ● Unfavorabl
Slide 9: Revenue
Revenue Premium growth driven by Subscriber gains Premium Revenue grew 8% Y/Y to €4,013 million (or 14% Y/Y constant currency*), reflecting subscriber growth of 10% Y/Y and a Premium ARPU** decline of -3% Y/Y to €4.70 (or up 2% Y/Y constant currency). Excluding the impact of FX, ARPU performance was
Slide 10: Gross Margin
Gross Margin Healthy Y/Y improvement driven primarily by Ad-Supported gains Gross Margin finished at 33.1% in Q4, up 83 Premium Gross Margin was 34.8% in Q4, up Ad-Supported Gross Margin was 19.5% in Q4, bps Y/Y. The Y/Y trend was primarily driven by 10 bps Y/Y. The Y/Y trend was driven by up 441 bp
Slide 11: Operating Expenses
Operating Expenses Y/Y trend led by marketing spend Operating Expenses declined 10% Y/Y in Q4. Absent the effects of Y/Y movements in currency and Social Charges, the ~13% Y/Y increase in Operating Expenses was driven primarily by an increase in marketing and personnel and related spend. As a remind
Slide 12: Free Cash Flow
Free Cash Flow Delivering record Free Cash Flow in 2025 Free Cash Flow* was €834 million in Q4, bringing full year 2025 Free Cash Flow generation to €2.9 billion. Q4 Free Cash Flow reflected higher Net Income adjusted for non-cash items, more than offset by movements in net working capital. Capital
Slide 13: MAUs & Subscribers
MAUS & SUBSCRIBERS
Slide 14: Monthly Active Users (MAUs)
Monthly Active Users (MAUs) Total MAUs grew 11% Y/Y to 751 million, up from 713 million last quarter and 6M above our guidance. Quarterly performance reflected: ● Y/Y and Q/Q growth across all regions, with outperformance led by Rest of World, Latin America and Europe ● Global launch of mobile free
Slide 15: Premium Subscribers
Premium Subscribers Our Premium Subscribers grew 10% Y/Y to 290 million, up from 281 million last quarter and 1M above our guidance. Quarterly performance reflected: ● Y/Y and Q/Q growth across all regions, with outperformance led by Rest of World and North America ● Strong holiday promotional campa
Slide 16: Product & Platform
PRODUCT & PLATFORM
Slide 17: Fueling Culture and Connection Between Fans, Creators and Artists
Fueling Culture and Connection Between Fans, Creators and Artists Celebrated our biggest Wrapped yet. Prompted Playlist puts the power of the Enabling users to search for and follow their Our 11th annual Wrapped was bigger and algorithm directly into the hands of listeners, favorite venues, the Live
Slide 18: Supporting Creators, Authors and Partners Across the Ecosystem
Supporting Creators, Authors and Partners Across the Ecosystem Expanded audiobooks to more markets, Paid out more than $11 billion to the music Launched music videos in beta for Premium adding hundreds of thousands of titles in industry in 2025 - the largest annual payment to users in North America,
Slide 19: Outlook
OUTLOOK
Slide 20: Outlook for Q1'26
Outlook for Q1’26 The following forward-looking statements reflect Spotify’s expectations for Q1 2026 as of February 10, 2026 and are subject to substantial uncertainty. Total MAUs 759 million Implies the addition of approximately 8 million net new MAUs in the quarter Total Premium Subscribers 293 m
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. Daniel Ek, our Founder and Executive Chairman, Alex Norström and Gustav Söderström, our Co-Chief Executive Officers and Christian Luiga, our Chief Financial Officer will be on
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.
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: Consolidated statement of operations
Consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended Twelve months ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenue 4,531 4,272 4,242 17,186 15,673 Cost of revenue 3,032 2,921 2,87
Slide 26: Consolidated statement of financial position
Consolidated statement of financial position (Unaudited) (in € millions) December 31, 2025 December 31, 2024 Assets Non-current assets Lease right-of-use assets 234 226 Property and equipment 188 188 Goodwill 1,083 1,201 Intangible assets 41 48 Long term investments 2,181 1,635 Restricted cash and o
Slide 27: Consolidated statement of cash flows
Consolidated statement of cash flows (Unaudited) (in € millions) Three months ended Twelve months ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating activities Net income 1,174 899 367 2,212 1,138 Adjustments to reconcile net income to net cash
Slide 28: Calculation of basic and diluted earnings per share
Calculation of basic and diluted earnings per share (Unaudited) (in € millions, except share and per share data) Three months ended Twelve months ended December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Basic earnings per share Net income attributable to owner
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 Twelve months ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 IFRS revenue 4,531 4,242 17,186 15,673 Foreign exchange effec
Slide 30: 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 Twelve months ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 IFRS Operating expenses 798 891 3,298 3,359 Foreig
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 December 31, 2025 December 31, 2024 IFRS operating income 701 477 Foreign exchange effect on 2025 operating income using 2024 rates 31 Operating
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 June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December 2022 30, 2022 31, 2022 2023 2023 30, 2023 31, 2023 20
Slide 33: Appendix
APPENDIX
Slide 34: Annual Financial Summary
Annual Financial Summary USER, FINANCIAL & LIQUIDITY SUMMARY 2021 2022 2023 2024 2025 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 406 489 602 675 751 11% -- Premium Subscribers 180 205 236 263 290 10% -- Ad-Supported MAUs 236 295 379 425 476 12% -- FINANCIALS (€M) Premium 8,460 10,251
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
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