EX-99.1 2 ef20047937_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1
Q1 2025 Update April 29th, 2025

Table of Contents Key Highlights Financial Summary MAUs & Subscribers Product & Platform Outlook Financial Statements Executive Summary p.03 p.04 p.06 p.13 p.16 p.19 p.22

Executive Summary USER & FINANCIAL SUMMARY Q1 2024 Q4 2024 Q1 2025 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 615 675 678 10% 0% Premium Subscribers 239 263 268 12% 2% Ad-Supported MAUs 388 425 423 9% 0% FINANCIALS (€M) Premium 3,247 3,705 3,771 16% 2% Ad-Supported 389 537 419 8% -22% Total Revenue 3,636 4,242 4,190 15% -1% Gross Profit 1,004 1,368 1,326 32% -3% Gross Margin 27.6% 32.2% 31.6% -- -- Operating Income 168 477 509 203% 7% Operating Margin 4.6% 11.2% 12.1% -- -- Net Cash Flows From Operating Activities 211 883 539 155% -39% Free Cash Flow* 207 877 534 158% -39% * 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. We are pleased with our performance in Q1, as nearly all of our KPIs were in-line to ahead of guidance. The business added 3 million MAU during the quarter, in-line with our expectations for a seasonally small quarter, while Subscriber net additions of 5 million significantly outperformed guidance by 3 million. Revenue was in-line, as Premium and Ad-Supported outperformance was offset by unfavorable currency movements. Gross Margin of 31.6% was modestly above guidance and reflected 403 bps of Y/Y expansion. Operating Income of €509 million was below guidance as Gross Profit strength and lower personnel and related and marketing costs were more than offset by €76 million in Social Charges. Social Charges were €58 million above forecast due to share price appreciation during the quarter. As a reminder, we do not incorporate share price movements into our forecast since they are beyond our control. Free Cash Flow* reached €534 million in Q1, bringing LTM Free Cash Flow generation to €2.6 billion. Overall, we continue to view the business as well-positioned to deliver growth and improving margins in 2025 as we reinvest to support our long-term potential.

* Constant Currency adjusted measures and Free Cash Flow are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Continued double-digit Y/Y growth in MAU and Premium Subscribers Successfully launched the Spotify Partner Program for video podcast creators in the U.S., U.K., Canada and Australia; expanding to nine new markets in late April Expanded Spotify Ad Exchange partnerships beyond The Trade Desk to include leading DSPs and technology partners such as Google’s DV360 and LiveRamp Rolled out Concerts Near You, a new playlist to help drive more concert discovery for our users based on listening habits Key Highlights Strong revenue growth with sustained profitability improvement Total Revenue grew 15% Y/Y to €4.2 billion; on a constant currency* basis, Total Revenue grew 15% Y/Y Gross Margin finished at a Q1 high of 31.6% (up 403 bps Y/Y) Operating Income finished at a record high of €509 million (a 12.1% margin) Free Cash Flow* finished at a Q1 record high of €534 million Expanding Spotify Partner Program, automated ads solutions and concert discovery MAUs grew 10% Y/Y to 678 million, reflecting Y/Y growth across all regions, led by Rest of World and Latin America Premium Subscribers grew 12% Y/Y to 268 million, reflecting Y/Y and Q/Q growth across all regions; this marked the highest Q1 net additions since 2020 and the second-highest Q1 in Spotify’s history

Results Q1 2025 Actuals Guidance Total Revenue (€B) In-Line €4.2 €4.2 Gross Margin Above 31.6% 31.5% Operating Income (€M)* Below €509 €548 Key Highlights: Actuals vs. Guidance Users Results Q1 2025 Actuals Guidance Monthly Active Users (M) In-Line 678 678 Premium Subscribers (M) Above 268 265 Financials *Includes €76 million of Social Charges which were €58 million higher than forecast / guidance driven by share price appreciation during the quarter. As a reminder, we do not incorporate share price movements into our forecast since they are beyond our control.

FINANCIAL SUMMARY

USER, FINANCIAL & LIQUIDITY SUMMARY Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 615 626 640 675 678 10% -- Premium Subscribers 239 246 252 263 268 12% -- Ad-Supported MAUs 388 393 402 425 423 9% -- FINANCIALS (€M) Premium 3,247 3,351 3,516 3,705 3,771 16% 16% Ad-Supported 389 456 472 537 419 8% 5% Total Revenue 3,636 3,807 3,988 4,242 4,190 15% 15% Gross Profit 1,004 1,112 1,240 1,368 1,326 32% 31% Gross Margin 27.6% 29.2% 31.1% 32.2% 31.6% -- -- Total Operating Expenses 836 846 786 891 817 -2% -3% Operating Income 168 266 454 477 509 203% -- Operating Margin 4.6% 7.0% 11.4% 11.2% 12.1% -- -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 211 492 715 883 539 155% -- Free Cash Flow* 207 490 711 877 534 158% -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 4.7 5.4 6.1 7.5 8.0 -- -- Financial Summary * Free Cash Flow and Constant Currency adjusted measures (FXN) are non-IFRS measures. See “Use of Non-IFRS Measures” and “Reconciliation of IFRS to Non-IFRS Results” for additional information.

Revenue Profitability Free Cash Flow & Liquidity Gross Margin was 31.6% in Q1, up 403 bps Y/Y reflecting: Premium gains driven by audiobooks and music; and Ad-Supported gains driven by podcasts, music and Other Costs of Revenue Operating Income was €509 million in Q1 and reflected the above, along with: Lower personnel and related costs and lower marketing spend Operating Expenses included €75 million in Social Charges At the end of Q1, our workforce consisted of 7,258 full-time employees globally Revenue of €4,190 million grew 15% Y/Y in Q1 (or 15% Y/Y constant currency*), reflecting: Premium Revenue growth of 16% Y/Y (or 16% Y/Y constant currency*), driven by subscriber gains and ARPU increases; and Ad-Supported Revenue growth of 8% Y/Y (or 5% Y/Y constant currency*) Currency movements aided Total Revenue Y/Y growth by ~20 bps vs. the ~90 bps incorporated into our guidance Free Cash Flow* was €534 million in Q1. Our liquidity and balance sheet remained strong, with €8.0 billion in cash and cash equivalents, restricted cash and short term investments. Financial Summary * Constant Currency adjusted measures and Free Cash Flow are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information.

Revenue Constant Currency adjusted measures are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. ARPU means Premium Average Revenue per User. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Premium growth driven by Subscriber and ARPU gains Premium Revenue grew 16% Y/Y to €3,771 million (or 16% Y/Y constant currency*), reflecting subscriber growth of 12% Y/Y and a Premium ARPU increase of 4% Y/Y to €4.73 (or up 4% Y/Y constant currency*). Excluding the impact of FX, ARPU performance was driven by price increase benefits, partially offset by product/market mix. Advertising growth across music and podcasting Ad-Supported Revenue grew 8% Y/Y (or 5% Y/Y constant currency*). Music and podcast advertising was driven by growth in impressions sold, partially offset by softness in pricing and optimization of our podcasting inventory in our Owned & Licensed portfolio. Our automated sales channels were the largest contributors to overall advertising growth.

Premium Gross Margin was 33.5% in Q1, up 332 bps Y/Y. The Y/Y trend was driven by favorability from audiobooks and music. Gross Margin Driven by continued improvement across Premium and Ad-Supported segments Gross Margin finished at 31.6% in Q1, up 403 bps Y/Y. The Y/Y trend was driven by improvements in our Premium and Ad-Supported segments. Ad-Supported Gross Margin was 15.3% in Q1, up 885 bps Y/Y. The Y/Y trend was driven by favorability from podcasts, music and Other Costs of Revenue.

Operating Expenses declined 2% Y/Y in Q1. Absent the effects of Y/Y movements in currency and Social Charges, the 3% Y/Y decline in Operating Expenses was driven primarily by a decrease in personnel and related costs and lower marketing spend. The decrease in personnel and related costs was primarily driven by a shift in the timing of annual equity grants from Q1 to Q2. As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue. This resulted in Social Charges related to share-based compensation of €75 million in current period Operating Expenses. Prior year period Operating Expenses included €82 million in Social Charges. Operating Expenses Y/Y declines led by timing factors Constant Currency adjusted measures are non-IFRS measures. 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 preceding 12 months relative to the last day of the quarter. ** Social Charges Related to Equity Awards is net of FX movements, which had an approximate 900 bps favorable impact to the Y/Y change of this line item.

Free Cash Flow Record Q1 performance aids balance sheet strength Free Cash Flow* was €534 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 rose €1 million Y/Y to €6 million. While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged €857 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. In Q1, trailing 12 month Free Cash Flow expanded to €2.6 billion. On a cumulative basis, we have generated €4.8 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €8.0 billion in cash and cash equivalents, restricted cash and short term investments balance. * 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" to be consistent with other slides. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Cume represents cumulative performance since the beginning of 2016.

MAUS & SUBSCRIBERS

Total MAUs grew 10% Y/Y to 678 million, up from 675 million last quarter and in-line with our guidance. Quarterly performance reflected: Y/Y growth across all regions, led by Rest of World and Latin America Quarterly performance reflected anticipated lighter volumes of net adds due to the later campaign timing of 2024 Wrapped as well as moderated marketing activity in-quarter Monthly Active Users (MAUs)

Our Premium Subscribers grew 12% Y/Y to 268 million, up from 263 million last quarter and 3 million above guidance. Quarterly performance reflected: Y/Y and Q/Q growth across all regions, with outperformance led by Rest of World, Latin America and Europe Successful regional promotional campaigns Net additions marked the highest Q1 since 2020 and the second-highest Q1 in our history Premium Subscribers

PRODUCT & PLATFORM

Accelerating Value for Creators and Advertisers Worldwide Introduced Automated Ad Solutions to Transform Buying, Measurement and Creativity. These enhanced tools — which include Spotify Ad Exchange, Gen AI Ads and Spotify Ads Manager — make it easier than ever for advertisers to buy, create and measure impactful campaigns. Expanded Spotify Ad Exchange partnerships beyond The Trade Desk to include leading DSPs and technology partners such as Google’s DV360 and LiveRamp. These collaborations enhance advertisers' ability to efficiently access Spotify inventory, reach their target audiences and measure campaign performance. The Spotify Partner Program Expanded to 9 New Markets following the successful January launch of the Spotify Partner Program in the US, UK, Canada and Australia. Starting April 29, eligible creators in France, Belgium, Luxembourg, Netherlands, Ireland, New Zealand, Germany, Austria and Switzerland are able to enroll.

Driving Growth and Connection Between Artists, Fans and Creators Launched first-ever Spotify Creator Milestone Award, which will be given to podcasts that reach streaming milestones and set new standards for podcast achievements. More than one billion people have listened to a podcast on Spotify since we entered the space in 2019. Rolled out our Concerts Near You playlist, which helps listeners find local concerts, with weekly updates based on their listening habits. It includes event details, ticket links and sharing options for easy planning. Expanded AI-Narrated Audiobooks with ElevenLabs, allowing authors to tap into ElevenLabs’ high-quality AI voice narration to create audiobooks in 29 languages and make it easier to reach new listeners.

OUTLOOK

Outlook for Q2’25 The following forward-looking statements reflect Spotify’s expectations for Q2 2025 as of April 29, 2025 and are subject to substantial uncertainty. Total MAUs 689 million Implies the addition of approximately 11 million net new MAUs in the quarter Total Premium Subscribers 273 million Implies the addition of approximately 5 million net new subscribers in the quarter Total Revenue €4.3 billion Assumes approximately ~170 bps headwind to growth Y/Y due to foreign exchange rate movements; based on currency rates as of the Q1 close Gross Margin 31.5% Primarily driven by Y/Y favorability across Premium and Ad-Supported segments Operating Income €539 million Incorporates €18 million in Social Charges based on a Q1 close share price of $550.03

Webcast Information We will host a live question and answer session starting at 8:00 a.m. ET today on investors.spotify.com. The session will be led by Daniel Ek, our Co-Founder and Chief Executive Officer, and Christian Luiga, our Chief Financial Officer. Questions can be submitted by going to slido.com and using the code #SpotifyEarningsQ125. Participants also may join using the listen-only conference line by registering through the following site: https://registrations.events/direct/Q4I570500 We use investors.spotify.com and newsroom.spotify.com websites as well as other social media listed in the “Resources – Social Media” tab of our Investors website to disclose material company information. Use of Non-IFRS Measures To supplement our financial information presented in accordance with IFRS, we use the following non-IFRS financial measures: Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, gross profit excluding foreign exchange effect, Operating expense excluding foreign exchange effect, and Free Cash Flow. Management believes that Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, gross profit excluding foreign exchange effect, and Operating expense excluding foreign exchange effect, are useful to investors because they present measures that facilitate comparison to our historical performance. However, these should be considered in addition to, not as a substitute for or superior to, Revenue, Premium revenue, Ad-Supported revenue, Gross Profit, Operating expense, or other financial measures prepared in accordance with IFRS. Management believes that Free Cash Flow is useful to investors because it presents a measure that approximates the amount of cash generated that is available to repay debt obligations, to make investments, and for certain other activities that exclude certain infrequently occurring and/or non-cash items. However, Free Cash Flow should be considered in addition to, not as a substitute for or superior to, net cash flows (used in)/from operating activities or other financial measures prepared in accordance with IFRS. For more information on these non-IFRS financial measures, please see “Reconciliation of IFRS to Non-IFRS Results” section below. Forward Looking Statements This shareholder update contains estimates and forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” and similar words are intended to identify estimates and forward-looking statements. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous risks and uncertainties and are made in light of information currently available to us. Many important factors may adversely affect our results as indicated in forward-looking statements. These factors include, but are not limited to: our ability to attract prospective users, retain existing users, and monetize our products and services; competition for users, their time, and advertisers; risks associated with our international operations and our ability to manage our growth and the scope and complexity of our business; risks associated with our new products or services and our emphasis on long-term user engagement over short-term results; our ability to predict, recommend, and play content that our users enjoy; our ability to generate profit or positive cash flow on a sustained basis; our ability to convince advertisers of the benefits of our advertising offerings; our ability to forecast or optimize advertising inventory amid evolving industry trends in digital advertising; our ability to generate revenues from podcasts, audiobooks, and other non-music content; potential disputes or liabilities associated with content made available on our premium service and ad-supported service (collectively, the “Service”); risks relating to acquisitions, investments, and divestitures; our dependence upon third-party licenses for most of the content we stream; our lack of control over third-party content providers who are concentrated and can unilaterally affect our access to content; our ability to comply with complex license agreements; our ability to accurately estimate royalty payments under our license agreements and relevant statutes; the limitations on our operating flexibility due to financial commitments required under certain of our license agreements; our ability to identify the compositions embodied in sound recordings and ownership thereof in order to obtain licenses or comply with existing license agreements; assertions by third parties of infringement or other violations by us of their intellectual property rights; our ability to protect our intellectual property; the dependence of streaming on operating systems, online platforms, hardware, networks, regulations, and standards that we do not control; our ability to maintain the integrity of our technology infrastructure and systems or the security of confidential information; undetected errors, misconfigurations, bugs, or vulnerabilities in our products and services; interruptions, delays, or discontinuations in service arising from our systems or systems of third parties; changes in laws or regulations affecting us; risks relating to privacy and data security, content moderation, and use of artificial intelligence; our ability to maintain, protect, and enhance our brand; risks associated with increased scrutiny of environmental, social, and governance matters; payment acceptance-related risks; our dependence on key personnel and ability to attract, retain, and motivate highly skilled employees; our ability to access additional capital to support strategic objectives; risks relating to currency exchange rate fluctuations and foreign exchange controls; the impact of economic, social, or political conditions, including inflation, changes in interest rates, changes in trade policies, geopolitical conflicts in Europe and the Middle East, and related market uncertainty; our ability to accurately estimate user metrics and other estimates; our ability to manage and remediate attempts to manipulate streams and attempts to gain or provide unauthorized access to certain features of our Service; risks related to our indebtedness, including risks related to our Exchangeable Notes; fluctuation of our operating results and fair market value of ordinary shares; tax-related risks; the concentration of voting power among our founders, which limits shareholders’ ability to influence our governance and business; and risks related to our status as a foreign private issuer and a Luxembourg company. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from our estimates and forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F filed with the SEC on February 5, 2025, as updated by subsequent reports filed with the SEC. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this shareholder update. Rounding Certain monetary amounts, percentages, and other figures included in this update have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding.

FINANCIAL STATEMENTS

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.

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" to be consistent with other slides. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.

Interim condensed consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended March 31, 2025 December 31, 2024 March 31, 2024 Revenue 4,190 4,242 3,636 Cost of revenue 2,864 2,874 2,632 Gross profit 1,326 1,368 1,004 Research and development 379 376 389 Sales and marketing 314 393 324 General and administrative 124 122 123 817 891 836 Operating income 509 477 168 Finance income 71 127 59 Finance costs (252) (105) (53) Finance (costs)/income - net (181) 22 6 Income before tax 328 499 174 Income tax expense/(benefit) 103 132 (23) Net income attributable to owners of the parent 225 367 197 Earnings per share attributable to owners of the parent Basic 1.10 1.81 0.99 Diluted 1.07 1.76 0.97 Basic 204,467,927 202,907,480 198,025,456 Weighted-average ordinary shares outstanding Diluted 210,243,478 209,012,505 203,773,043

March 31, 2025 December 31, 2024 Assets Non-current assets Lease right-of-use assets 223 226 Property and equipment 178 188 Goodwill 1,156 1,201 Intangible assets 43 48 Long term investments 1,958 1,635 Restricted cash and other non-current assets 65 68 Finance lease receivables 74 74 Deferred tax assets 136 186 3,833 3,626 Current assets Trade and other receivables 749 771 Income tax receivable 46 28 Short term investments 2,894 2,667 Cash and cash equivalents 5,019 4,781 Other current assets 146 132 8,854 8,379 Total assets 12,687 12,005 Equity and liabilities Equity Share capital — — Other paid in capital 6,328 6,124 Treasury shares (262) (262) Other reserves 3,000 2,707 Accumulated deficit (2,819) (3,044) Equity attributable to owners of the parent 6,247 5,525 Non-current liabilities Exchangeable Notes — 1,539 Lease liabilities 448 462 Accrued expenses and other liabilities 4 5 Provisions 2 3 Deferred tax liabilities 21 21 475 2,030 Current liabilities Trade and other payables 1,064 1,342 Income tax payable 40 33 Deferred revenue 675 683 Accrued expenses and other liabilities 2,471 2,347 Exchangeable Notes 1,654 — Provisions 39 25 Derivative liabilities 22 20 5,965 4,450 Total liabilities 6,440 6,480 Total equity and liabilities 12,687 12,005 Interim condensed consolidated statement of financial position (Unaudited) (in € millions)

March 31, 2025 December 31, 2024 March 31, 2024 Operating activities Net income 225 367 197 Adjustments to reconcile net income to net cash flows Depreciation of property and equipment 20 21 22 Amortization of intangible assets 7 9 9 Impairment charges on real estate assets 2 25 4 Share-based compensation expense 42 54 69 Finance income (71) (127) (59) Finance costs 252 105 53 Income tax expense/(benefit) 103 132 (23) Other — 3 — Changes in working capital: (Increase)/decrease in trade receivables and other assets (4) 29 80 (Decrease)/increase in trade and other liabilities (90) 240 (171) Increase/(decrease) in deferred revenue 3 (16) 7 Increase/(decrease) in provisions 12 (1) — Interest paid (13) (9) (9) Interest received 70 61 37 Income tax paid (19) (10) (5) Net cash flows from operating activities 539 883 211 Investing activities Payment of deferred consideration pertaining to business combinations (7) — (7) Purchases of property and equipment (6) (6) (5) Purchases of short term investments (3,929) (3,553) (998) Sales and maturities of short term investments 3,630 2,361 900 Dividends recieved — 1 — Change in restricted cash 1 — 1 Other (3) (1) (5) Net cash flows used in investing activities (314) (1,198) (114) Financing activities Proceeds from exercise of stock options 204 299 242 Payments of lease liabilities (22) (12) (15) Payments for employee taxes withheld from restricted stock unit releases (56) (43) (25) Net cash flows from financing activities 126 244 202 Net increase/(decrease) in cash and cash equivalents 351 (71) 299 Cash and cash equivalents at beginning of the period 4,781 4,688 3,114 Net foreign exchange (losses)/gains on cash and cash equivalents (113) 164 38 Cash and cash equivalents at period end 5,019 4,781 3,451 (Unaudited) (in € millions) Three months ended Interim condensed consolidated statement of cash flows

March 31, 2025 December 31, 2024 March 31, 2024 Basic earnings per share Net income attributable to owners of the parent 225 367 197 Shares used in computation: Weighted-average ordinary shares outstanding 204,467,927 202,907,480 198,025,456 Basic earnings per share attributable to owners of the parent 1.10 1.81 0.99 Diluted earnings per share Net income attributable to owners of the parent 225 367 197 Net income used in the computation of diluted earnings per share 225 367 197 Shares used in computation: Weighted-average ordinary shares outstanding 204,467,927 202,907,480 198,025,456 Stock options 4,160,039 4,332,408 3,684,589 Restricted stock units 1,600,055 1,751,801 2,038,363 Other contingently issuable shares 15,457 20,816 24,635 Diluted weighted-average ordinary shares 210,243,478 209,012,505 203,773,043 Diluted earnings per share attributable to owners of the parent 1.07 1.76 0.97 (Unaudited) (in € millions, except share and per share data) Three months ended Calculation of basic and diluted earnings per share

Three months ended March 31, 2025 March 31, 2024 IFRS revenue 4,190 3,636 Foreign exchange effect on 2025 revenue using 2024 rates 9 Revenue excluding foreign exchange effect 4,181 IFRS revenue year-over-year change % 15% Revenue excluding foreign exchange effect year-over-year change % 15% IFRS Premium revenue 3,771 3,247 Foreign exchange effect on 2025 Premium revenue using 2024 rates — Premium revenue excluding foreign exchange effect 3,771 IFRS Premium revenue year-over-year change % 16% Premium revenue excluding foreign exchange effect year-over-year change % 16% IFRS Ad-Supported revenue 419 389 Foreign exchange effect on 2025 Ad-Supported revenue using 2024 rates 9 Ad-Supported revenue excluding foreign exchange effect 410 IFRS Ad-Supported revenue year-over-year change % 8% Ad-Supported revenue excluding foreign exchange effect year-over-year change % 5% Revenue on a constant currency basis (Unaudited) (in € millions, except percentages) Reconciliation of IFRS to non-IFRS results Gross profit on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended March 31, 2025 March 31, 2024 IFRS revenue 4,190 3,636 IFRS cost of revenue 2,864 2,632 IFRS gross profit 1,326 1,004 Foreign exchange effect on 2025 gross profit using 2024 rates 7 Gross profit excluding foreign exchange effect 1,319 IFRS gross profit year-over-year change % 32% Gross profit excluding foreign exchange effect year-over-year change % 31%

Operating expenses on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended March 31, 2025 March 31, 2024 IFRS Research and development expenses 379 389 Foreign exchange effect on 2025 expenses using 2024 rates 1 Research and development expenses excluding foreign exchange effect 378 IFRS Research and development expenses year over year change % (3)% Research and development expenses excluding foreign exchange effect year-over-year change % (3)% Reconciliation of IFRS to non-IFRS results Three months ended March 31, 2025 March 31, 2024 IFRS Sales and marketing expenses 314 324 Foreign exchange effect on 2025 expenses using 2024 rates 2 Sales and marketing expenses excluding foreign exchange effect 312 IFRS Sales and marketing expenses year over year change % (3)% Sales and marketing expenses excluding foreign exchange effect year-over-year change % (4)% Three months ended March 31, 2025 March 31, 2024 IFRS General and administrative expenses 124 123 Foreign exchange effect on 2025 expenses using 2024 rates 2 General and administrative expenses excluding foreign exchange effect 122 IFRS General and administrative expenses year over year change % 1 % General and administrative expenses excluding foreign exchange effect year-over-year change % (1)% Three months ended March 31, 2025 March 31, 2024 IFRS Operating expenses 817 836 Foreign exchange effect on 2025 operating expenses using 2024 rates 5 Operating expenses excluding foreign exchange effect 812 IFRS Operating expenses year over year change % (2)% Operating expenses excluding foreign exchange effect year-over-year change % (3)%

Three months ended September 30, 2021 December March 31, June 30, September 31, 2021 2022 2022 30, 2022 December 31, 2022 March 31, 2023 June 30, September December 2023 30, 2023 31, 2023 March 31, June 30, September December 2024 2024 30, 2024 31, 2024 March 31, 2025 Net cash flows from/(used in) operating activities 123 119 37 39 40 (70) 59 13 211 397 211 492 715 883 539 Capital expenditures (25) (16) (10) (5) (5) (5) (2) (2) (1) (1) (5) (2) (4) (6) (6) Change in restricted cash 1 — (5) 3 — 2 — (2) 6 — 1 — — — 1 Free Cash Flow 99 103 22 37 35 (73) 57 9 216 396 207 490 711 877 534 Last twelve months ended June 30, September December 2022 30, 2022 31, 2022 March 31, 2023 June 30, 2023 September December March 31, 30, 2023 31, 2023 2024 June 30, September December 2024 30, 2024 31, 2024 March 31, 2025 Net cash flows from operating activities 318 235 46 68 42 213 680 832 1,311 1,815 2,301 2,629 Capital expenditures (56) (36) (25) (17) (14) (10) (6) (9) (9) (12) (17) (18) Change in restricted cash (1) (2) — 5 — 6 4 5 7 1 1 1 Free Cash Flow 261 197 21 56 28 209 678 828 1,309 1,804 2,285 2,612 Free Cash Flow (Unaudited) (in € millions) Reconciliation of IFRS to non-IFRS results Free Cash Flow (Unaudited) (in € millions) Twelve months ended December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 Net cash flows from operating activities 101 179 344 573 259 361 46 680 2,301 Capital expenditures (27) (36) (125) (135) (78) (85) (25) (6) (17) Change in restricted cash (1) (34) (10) 2 2 1 — 4 1 Free Cash Flow 73 109 209 440 183 277 21 678 2,285 Free Cash Flow (Unaudited) (in € millions)

APPENDIX

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 they are tied to the value of our share price. Since we do not forecast stock price changes in our guidance, meaningful movements in our stock price over the course of a quarter can lead to meaningful changes in Social Charges. As an example, at the Q1 close, our stock price was $550.03. In Q1, a 10% increase or decrease in our stock price compared to the quarter-end price would have an approximate +/- €33M impact on Social Charges.