Slide 1: Q1 2026 Update
Q1 2026 Update April 28th, 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 are pleased with our performance in Q1, as all of our USER & FINANCIAL SUMMARY Q1 2025 Q4 2025 Q1 2026 Y/Y Q/Q KPIs met or exceeded guidance. The business added 10 million MAUs vs. guidance for 8 million, while Subscriber USERS (M) Total Monthly Active Users ("MAUs") 678 751 761
Slide 4: Key Highlights
Key Highlights Accelerating MAU growth Improving revenue growth Enhancing user control, enriching with continued Subscriber alongside strengthening music insights and expanding momentum profitability audiobook discovery ● Q1 MAU net adds of 10 million ● Total Revenue of €4.5 billion ● Advanced AI-po
Slide 5: Key Highlights: Actuals vs. Guidance
Key Highlights: Actuals vs. Guidance Results Q1 2026 Actuals Guidance Monthly Active Users (M) Above 761 759 Users Premium Subscribers (M) In-Line 293 293 Results Q1 2026 Actuals Guidance Total Revenue (€B) In-Line €4.5 €4.5 Financials Gross Margin Above 33.0% 32.8% Operating Income (€M)* Above €715
Slide 6: Financial Summary
FINANCIAL SUMMARY
Slide 7: Financial Summary
Financial Summary USER, FINANCIAL & LIQUIDITY SUMMARY Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 678 696 713 751 761 12% -- Premium Subscribers 268 276 281 290 293 9% -- Ad-Supported MAUs 423 433 446 476 483 14% -- FINANCIALS (€M) Premium 3,783
Slide 8: Financial Summary
Financial Summary Revenue of €4,533 million grew 8% Y/Y in Q1 (or 14% Y/Y constant currency*), reflecting: Revenue ● Premium Revenue growth of 10% Y/Y (or 15% Y/Y constant currency*), driven by subscriber gains; and ● Ad-Supported Revenue decline of 5% Y/Y (or increase of 3% Y/Y constant currency*)
Slide 9: Revenue
Revenue Premium growth driven by ARPU gains Premium Revenue* grew 10% Y/Y to €4,148 million (or 15% Y/Y constant currency**), reflecting subscriber growth of 9% Y/Y and roughly flat Y/Y Premium Average Revenue per User (ARPU) of €4.76 (or up 5.7% Y/Y constant currency). Excluding the impact of FX, A
Slide 10: Gross Margin
Gross Margin Solid Y/Y improvement driven by Premium segment gains Gross Margin finished at 33.0% in Q1, up 133 Premium Gross Margin* was 34.8% in Q1, Ad-Supported Gross Margin* was 13% in Q1, bps Y/Y. The Y/Y trend was driven by up 129 bps Y/Y. The Y/Y trend was driven by down 102 bps Y/Y. The Y/Y
Slide 11: Operating Expenses
Operating Expenses Y/Y trend led by marketing spend Operating Expenses declined 5% Y/Y in Q1. Absent the effects of Y/Y movements in currency and Social Charges, the 17% Y/Y increase in Operating Expenses was primarily driven by an increase in marketing alongside cloud and AI spend. The Y/Y increase
Slide 12: Free Cash Flow
Free Cash Flow Record Q1 performance aids balance sheet strength Free Cash Flow* was €824 million in Q1, a record high Q1 as a result of higher Net Income adjusted for non-cash items and improving net working capital. Capital expenditures increased €7 million Y/Y to €13 million. In Q1, trailing 12 m
Slide 13: MAUs & Subscribers
MAUS & SUBSCRIBERS
Slide 14: Monthly Active Users (MAUs)
Monthly Active Users (MAUs) Total MAUs grew 12% Y/Y to 761 million, up from 751 million last quarter and 2 million above our guidance. Quarterly performance reflected: ● Broad-based regional growth, with outperformance led by Rest of World and North America ● Mobile free tier enhancements driving ac
Slide 15: Premium Subscribers
Premium Subscribers Our Premium Subscribers grew 9% Y/Y to 293 million, up from 290 million last quarter and in-line with our guidance. Quarterly performance reflected: ● Broad-based regional growth, led by Latin America and Europe ● Strong global promotional campaign intake
Slide 16: Product & Platform
PRODUCT & PLATFORM
Slide 17: Empowering users to curate and control their experience on Spotify
Empowering users to curate and control their experience on Spotify Released Taste Profile in beta to Premium Prompted Playlist in beta expanded to the U.S. Launched new video controls that let users listeners in New Zealand, offering users a and Canada, allowing Premium listeners to describe better
Slide 18: Driving deeper engagement through music insights and audiobook discovery
Driving deeper engagement through music insights and audiobook discovery Launched About the Song in beta in select SongDNA rolled out to Premium users globally in Unveiled Audiobook Charts in the U.S. and markets, enriching the listening experience beta, letting fans explore the writers, producers,
Slide 19: Outlook
OUTLOOK
Slide 20: Outlook for Q2'26
Outlook for Q2’26 The following forward-looking statements reflect Spotify’s expectations for Q2 2026 as of April 28, 2026 and are subject to substantial uncertainty. Total MAUs 778 million Implies the addition of approximately 17 million net new MAUs in the quarter Total Premium Subscribers 299 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 March 31, 2026 December 31, 2025 March 31, 2025 Revenue 4,533 4,531 4,190 Cost of revenue 3,038 3,032 2,864 Gross profit 1,495 1,499 1,326 Research and development 3
Slide 26: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position (Unaudited) (in € millions) March 31, 2026 December 31, 2025 Assets Non-current assets Lease right-of-use assets 227 234 Property and equipment 182 188 Goodwill 1,099 1,083 Intangible assets 41 41 Long term investments 1,194 2,181 Restri
Slide 27: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (Unaudited) (in € millions) Three months ended March 31, 2026 December 31, 2025 March 31, 2025 Operating activities Net income 721 1,174 225 Adjustments to reconcile net income to net cash flows Depreciation of property and equipment and lease r
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 March 31, 2026 December 31, 2025 March 31, 2025 Basic earnings per share Net income attributable to owners of the parent 721 1,174 225 Shares used in computation: Weigh
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 March 31, 2026 March 31, 2025 IFRS Revenue 4,533 4,190 Foreign exchange effect on 2026 revenue using 2025 rates 250 Revenue excluding foreign exchange ef
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 March 31, 2026 March 31, 2025 IFRS Operating expense 780 817 Foreign exchange effect on 2026 operating expense using 2025 rates 44 Operating ex
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 March 31, 2026 March 31, 2025 IFRS Operating income 715 509 Foreign exchange effect on 2026 operating income using 2025 rates 30 Operating incom
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 September December March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, 30, 2022 31, 2022 2023 2023 30, 2023 31, 2023 2024 2
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, 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 35: Segment Reclassification
Segment Reclassification SEGMENT RECLASSIFICATION Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Q1 2026 REVENUE (€M) Premium* 3,259 3,365 3,530 3,721 13,875 3,783 3,753 3,835 4,020 15,391 4,148 Y/Y 20% 21% 21% 17% 19% 16% 12% 9% 8% 11% 10% Ad-Supported* 377 442 458 521 1,
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