# EDGAR Filing Document

**Accession Number:** 0001639920
**File Stem:** 0001140361-26-017211
**Filing Date:** 2026-4
**Character Count:** 43159
**Document Hash:** 3a69666a3c29dd3016ed2185bf962562
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-017211.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001140361-26-017211

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260428

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spotify Technology S.A.
- **CENTRAL INDEX KEY:** 0001639920
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO BROADCASTING STATIONS [4832]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38438
- **FILM NUMBER:** 26902980

**BUSINESS ADDRESS:**
- **STREET 1:** 33 BOULEVARD PRINCE HENRI
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-1724
- **BUSINESS PHONE:** 46 (70) 220-4607

**MAIL ADDRESS:**
- **STREET 1:** 33 BOULEVARD PRINCE HENRI
- **CITY:** LUXEMBOURG
- **STATE:** N4
- **ZIP:** L-1724

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER

#### PURSUANT TO RULE 13a-16 OR 15d-16

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### For the month of April, 2026

#### Commission File Number: 001-38438

## Spotify Technology S.A.

#### (Translation of registrant's name into English)

#### 33 Boulevard Prince Henri

#### L-1724 Luxembourg

#### Grand Duchy of Luxembourg

#### (Address of principal executive office)

#### <br>

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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#### INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

#### Letter to Shareholders

On April 28, 2026, Spotify Technology S.A. released its results for the quarter ended March 31, 2026 by posting its Q1 2026 Update ("Update") on its website at investors.spotify.com. A copy of the Update is furnished herewith as Exhibit 99.1 to this Report on Form 6-K.

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#### EXHIBIT INDEX

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>**Description**</u> |
| [99.1](ef20071303_ex99-1.htm) | Q1 2026 Update dated April 28, 2026 |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Spotify Technology S.A.** | **Spotify Technology S.A.** |
| Date: April 28, 2026 | By: | /s/ Christian Luiga |
|  | Name: | Christian Luiga |
|  | Title: | Chief Financial Officer |

---

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## Exhibit 99.1

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#### Exhibit 99.1

**![](image00001.jpg)

Q1 2026 Update April 28th, 2026

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**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

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Executive Summary USER & FINANCIAL SUMMARY Q1 2025 Q4 2025 Q1 2026 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 678 751 761 12% 1% Premium Subscribers 268 290 293 9% 1% Ad-Supported MAUs 423 476 483 14% 1% FINANCIALS (€M) Premium\*\* 3,783 4,020 4,148 10% 3% Ad-Supported\*\* 407 511 385 -5% -25% Total Revenue 4,190 4,531 4,533 8% 0% Gross Profit 1,326 1,499 1,495 13% 0% Gross Margin 31.6% 33.1% 33.0% -- -- Operating Income 509 701 715 40% 2% Operating Margin 12.1% 15.5% 15.8% -- -- Net Cash Flows From Operating Activities 539 856 836 55% -2% Free Cash Flow\* 534 834 824 54% -1% \* 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. \*\* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts have been reclassified to conform to current period presentation. See Appendix for reclassified and recast segment Gross Profit amounts. \*\*\* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. We are pleased with our performance in Q1, as all of our KPIs met or exceeded guidance. The business added 10 million MAUs vs. guidance for 8 million, while Subscriber net additions of 3 million were in-line. Revenue was in-line with guidance and grew at an accelerated 14% Y/Y on a constant currency\* basis. Gross Margin of 33.0% exceeded guidance and expanded 133 bps Y/Y, while Operating Income of €715 million outperformed due to lower Social Charges and Gross Margin strength. Social Charges were €49 million below forecast due to share price movement 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 €824 million in Q1, bringing LTM\*\*\* Free Cash Flow to €3.2 billion. Overall, we view the business as well positioned to deliver improved growth and margins in 2026 as we reinvest to support our long-term potential.

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\* 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. Accelerating MAU growth with continued Subscriber momentum Advanced AI-powered personalization with the beta launches of Taste Profile and Prompted Playlist in select markets, giving Premium users greater control over their preferences and recommendations Deepened music insights and context with the beta rollouts of About the Song in select markets and SongDNA globally, offering richer insights into the stories, creators and connections behind the music Expanded audiobook discovery with the launch of Audiobook Charts in the U.S. and U.K., highlighting trending and popular titles through weekly rankings Key Highlights Improving revenue growth alongside strengthening profitability Total Revenue of €4.5 billion accelerated to 8% Y/Y or 14% Y/Y on a constant currency\* basis Gross Margin finished at a Q1 record high of 33.0% (up 133 bps Y/Y) Operating Income finished at a record €715 million (15.8% margin) Free Cash Flow\* finished at a Q1 record high of €824 million Enhancing user control, enriching music insights and expanding audiobook discovery Q1 MAU net adds of 10 million drove total MAUs to 761 million, accelerating to 12% Y/Y growth Premium Subscribers grew 9% Y/Y to 293 million, reflecting 3 million quarterly net adds

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Results Q1 2026 Actuals Guidance Total Revenue (€B) In-Line €4.5 €4.5 Gross Margin Above 33.0% 32.8% Operating Income (€M)\* Above €715 €660 Key Highlights: Actuals vs. Guidance Users Results Q1 2026 Actuals Guidance Monthly Active Users (M) Above 761 759 Premium Subscribers (M) In-Line 293 293 Financials \* Includes (€39) million of Social Charges which were €49 million below forecast / guidance driven by share price movement during the quarter. As a reminder, we do not incorporate share price movements into our forecast since they are beyond our control.

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FINANCIAL SUMMARY

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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 3,753 3,835 4,020 4,148 10% 15% 3% 14% Ad-Supported 407 440 437 511 385 -5% Total Revenue 4,190 4,193 4,272 4,531 4,533 8% Gross Profit 1,326 1,320 1,351 1,499 1,495 13% 18% Gross Margin 31.6% 31.5% 31.6% 33.1% 33.0% -- -- Total Operating Expenses 817 914 769 798 780 -5% 1% Operating Income 509 406 582 701 715 40% 46% Operating Margin 12.1% 9.7% 13.6% 15.5% 15.8% -- -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 539 709 829 856 836 55% -- Free Cash Flow\* 534 700 806 834 824 54% -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 8.0 8.4 9.1 9.5 8.8 -- -- 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. \*\* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts have been reclassified to conform to current period presentation. See Appendix for reclassified and recast segment Gross Profit amounts.

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Revenue Profitability Free Cash Flow & Liquidity Gross Margin was 33.0% in Q1, up 133 bps Y/Y reflecting: Premium gains driven by Revenue growth outpacing music costs net of marketplace programs, audiobooks costs and video podcast costs; and Ad-Supported decline driven by music costs and Other Costs of Revenue resulting from higher engagement, which more than offset podcast favorability Operating Income was €715 million in Q1 and reflected the above, along with: Higher costs driven by marketing, as well as cloud and AI spend (excluding Social Charges) Operating Expenses included (€39) million in Social Charges At the end of Q1, our workforce consisted of 7,258 full-time employees globally Revenue of €4,533 million grew 8% Y/Y in Q1 (or 14% Y/Y constant currency\*), reflecting: 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\*) Unfavorable currency movements slowed Total Revenue Y/Y growth by ~600 bps vs. the ~670 bps incorporated into our guidance Free Cash Flow\* was €824 million in Q1. Our liquidity and balance sheet remained strong, with €8.8 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. \*\* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts have been reclassified to conform to current period presentation.

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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, ARPU performance was driven by price increase benefits, partially offset by product/market mix. Advertising business transformation continues Ad-Supported Revenue\* declined -5% Y/Y (or increased 3% Y/Y constant currency\*\*). On a constant currency basis, growth in music advertising was driven by growth in impressions sold, partially offset by softness in pricing. Podcasting growth was led by sponsorship gains within our Owned & Licensed portfolio. Automated sales channels remained the largest contributors to overall advertising growth. \* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation. Comparative amounts for 2022 have not been recast. See Appendix for reclassified and recast segment Gross Profit amounts. \*\* Constant Currency (FXN) adjusted measures are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. \*\*\*\* Auction-Based Revenue includes biddable sales within the Spotify Ad Exchange and Spotify Ads Manager.

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Premium Gross Margin\* was 34.8% in Q1, up 129 bps Y/Y. The Y/Y trend was driven by Revenue growth outpacing music costs net of marketplace programs, audiobooks costs and video podcast costs. Gross Margin Solid Y/Y improvement driven by Premium segment gains Gross Margin finished at 33.0% in Q1, up 133 bps Y/Y. The Y/Y trend was driven by improvement in our Premium segment. Ad-Supported Gross Margin\* was 13% in Q1, down 102 bps Y/Y. The Y/Y decline was due to music costs and Other Costs of Revenue resulting from higher engagement, which more than offset podcast favorability. \* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation. Comparative amounts for 2022 have not been recast. See Appendix for reclassified and recast segment Gross Profit amounts.

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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 in marketing was largely due to campaign timing. 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. Share price movements this quarter resulted in Social Charges coming in €49 million below forecast at (€39) million in current period Operating Expenses. Prior year period Operating Expenses included €75 million in Social Charges. Operating Expenses Y/Y trend led by marketing spend \* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.

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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 month Free Cash Flow expanded to €3.2 billion. On a cumulative basis, we have generated €8.0 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €8.8 billion in cash and cash equivalents, restricted cash and short term investments balance. In Q1, we repurchased €306 million ($361 million) of shares and retired €1.3 billion ($1.5 billion) of exchangeable notes. \* 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. Cume represents cumulative performance since the beginning of 2016. \*\* Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.

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MAUS & SUBSCRIBERS

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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 accelerated user growth Monthly Active Users (MAUs)

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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 Premium Subscribers

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PRODUCT & PLATFORM

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Empowering users to curate and control their experience on Spotify Released Taste Profile in beta to Premium listeners in New Zealand, offering users a clear view into how Spotify interprets their listening habits. Taste Profile enables users to actively refine how Spotify understands their preferences, giving them greater control over what appears on their homepage. Launched new video controls that let users better tailor their time on Spotify, either by choosing to maintain an audio-first experience or layer in a richer, video-enhanced one. In a world of passive scrolling, Spotify offers a more intentional experience that listeners can actively shape around what they love. Prompted Playlist in beta expanded to the U.S. and Canada, allowing Premium listeners to describe exactly what they want to hear in their own words. Prompted Playlist is also expanding to include podcasts, helping listeners discover new shows, go deep on a specific topic or build a curated lineup to match their mood.

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Driving deeper engagement through music insights and audiobook discovery Unveiled Audiobook Charts in the U.S. and U.K. to help users discover their next great listen. Similar to our Music and Podcast charts, Audiobook Charts showcase what's popular and trending on Spotify with weekly rankings of top audiobooks overall and by genre, giving listeners a clear view of what others are enjoying. SongDNA rolled out to Premium users globally in beta, letting fans explore the writers, producers, collaborators, samples, interpolations and covers behind the music they love. SongDNA is an immersive music experience that lets fans follow connections between tracks and see how artists, eras and genres intersect for a deeper understanding of the music. Launched About the Song in beta in select markets, enriching the listening experience through short, swipeable cards that highlight novel details about the music to deepen listeners' understanding of their favorite tracks and new discoveries.

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OUTLOOK

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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 million Implies the addition of approximately 6 million net new subscribers in the quarter Total Revenue €4.8 billion Assumes ~80 bps headwind to growth Y/Y (vs. ~600 bps in Q1) due to foreign exchange rate movements; based on currency rates as of Q1 close (e.g. USD:Euro of 0.8657 as of March 31 2026) Gross Margin 33.1% Primarily driven by Y/Y favorability within the Premium segment Operating Income €630 million Incorporates €10 million in Social Charges based on a Q1 close share price of $484.91 ,

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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 submitted by going to slido.com and using the code #SpotifyEarningsQ126. Participants also may join using the listen-only conference line by registering through the following site: https://registrations.events/direct/Q4I5705031. 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 Income 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 Income, 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 provide personalized content that our users enjoy; our ability to sustain our revenue growth rate; our ability to convince advertisers of the benefits of our advertising offerings; our ability to forecast, optimize, or sell advertising inventory amid evolving industry trends in digital advertising; our ability to successfully monetize and 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 audiovisual works 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, use of artificial intelligence, and third parties' intentional misuse of our products and services; our ability to maintain, protect, and enhance our brand; our ability to meet evolving stakeholder expectations relating to 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 slower growth or recession, inflation, changes in interest rates, changes in trade and tax policies, geopolitical conflicts, 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 10, 2026, 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.

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FINANCIAL STATEMENTS

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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 reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation. Comparative amounts for 2022 have not been recast. See Appendix for reclassified and recast segment Gross Profit amounts.

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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 preceding 12 months relative to the last day of the quarter. \*\* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts since 2023 have been reclassified to conform to current period presentation. Comparative amounts for 2022 have not been recast. See Appendix for reclassified and recast segment Gross Profit amounts.

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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 331 290 379 Sales and marketing 342 399 314 General and administrative 107 109 124 780 798 817 Operating income 715 701 509 Finance income 248 349 71 Finance costs (26) (29) (252) Finance income/(costs) - net 222 320 (181) Income before tax 937 1,021 328 Income tax expense/(benefit) 216 (153) 103 Net income attributable to owners of the parent 721 1,174 225 Earnings per share attributable to owners of the parent Basic 3.50 5.71 1.10 Diluted 3.45 4.43 1.07 Weighted-average ordinary shares outstanding Basic 205,716,853 205,771,982 204,467,927 Diluted 209,280,449 212,493,318 210,243,478

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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 Restricted cash and other non-current assets 59 61 Finance lease receivables 71 69 Deferred tax assets 596 662 3,469 4,519 Current assets Trade and other receivables 683 802 Income tax receivable 94 116 Short term investments 3,491 4,209 Cash and cash equivalents 5,255 5,258 Other current assets 136 111 9,659 10,496 Total assets 13,128 15,015 Equity and liabilities Equity Share capital — — Other paid in capital 6,560 6,496 Treasury shares (1,007) (701) Other reserves 2,581 3,366 Accumulated deficit (124) (832) Equity attributable to owners of the parent 8,010 8,329 Non-current liabilities Lease liabilities 414 433 Accrued expenses and other liabilities 2 2 Provisions 3 3 Deferred tax liabilities 11 163 430 601 Current liabilities Trade and other payables 1,250 1,194 Income tax payable 150 72 Deferred revenue 750 711 Accrued expenses and other liabilities 2,471 2,589 Exchangeable Notes — 1,458 Provisions 49 51 Derivative liabilities 18 10 4,688 6,085 Total liabilities 5,118 6,686 Total equity and liabilities 13,128 15,015 Interim condensed consolidated statement of financial position (Unaudited) (in € millions)

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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 right-of-use assets 20 20 20 Amortization of intangible assets 6 5 7 Impairment charge on real estate assets 4 — 2 Share-based compensation expense 56 57 42 Finance income (248) (349) (71) Finance costs 26 29 252 Income tax expense/(benefit) 216 (153) 103 Other (2) 1 — Changes in working capital: Decrease/(increase) in trade receivables and other assets 91 (66) (4) (Decrease)/increase in trade and other liabilities (94) 70 (90) Increase in deferred revenue 35 20 3 (Decrease)/increase in provisions (3) — 12 Interest paid (8) (6) (13) Interest received 52 58 70 Income tax paid (36) (4) (19) Net cash flows from operating activities 836 856 539 Investing activities Business combinations, net of cash acquired — (9) — Payment of deferred consideration pertaining to business combinations — — (7) Purchases of property and equipment (5) (22) (6) Purchases of short term investments (6,740) (5,916) (3,929) Sales and maturities of short term investments 7,484 5,318 3,630 Change in restricted cash 1 — 1 Other (8) — (3) Net cash flows from/(used in) investing activities 732 (629) (314) Financing activities Proceeds from exercise of stock options 64 37 204 Repurchases of ordinary shares (306) (381) — Payments of lease liabilities (20) (14) (22) Repayment of Exchangeable Notes (1,304) — — Payments for employee taxes withheld from restricted stock unit releases (45) (60) (56) Net cash flows (used in)/from financing activities (1,611) (418) 126 Net (decrease)/increase in cash and cash equivalents (43) (191) 351 Cash and cash equivalents at beginning of the period 5,258 5,456 4,781 Net foreign exchange gains/(losses) on cash and cash equivalents 40 (7) (113) Cash and cash equivalents at period end 5,255 5,258 5,019 (Unaudited) (in € millions) Three months ended Interim condensed consolidated statement of cash flows

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Diluted earnings per share Net income attributable to owners of the parent 721 1,174 225 Fair value gains on dilutive Exchangeable Notes — (232) — Net income used in the computation of diluted earnings per share 721 942 225 Shares used in computation: Weighted-average ordinary shares outstanding 205,716,853 205,771,982 204,467,927 Exchangeable Notes — 2,373,333 — Stock options 2,772,641 3,283,972 4,160,039 Restricted stock units 787,102 1,056,325 1,600,055 Other contingently issuable shares 3,853 7,706 15,457 Diluted weighted-average ordinary shares 209,280,449 212,493,318 210,243,478 Diluted earnings per share attributable to owners of the parent 3.45 4.43 1.07 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: Weighted-average ordinary shares outstanding 205,716,853 205,771,982 204,467,927 Basic earnings per share attributable to owners of the parent 3.50 5.71 1.10 (Unaudited) (in € millions, except share and per share data) Three months ended Calculation of basic and diluted earnings per share

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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 effect 4,783 IFRS Revenue year-over-year change % 8 % Revenue excluding foreign exchange effect year-over-year change % 14 % IFRS Premium revenue 4,148 3,783 Foreign exchange effect on 2026 Premium revenue using 2025 rates 214 Premium revenue excluding foreign exchange effect 4,362 IFRS Premium revenue year-over-year change % 10 % Premium revenue excluding foreign exchange effect year-over-year change % 15 % IFRS Ad-Supported revenue 385 407 Foreign exchange effect on 2026 Ad-Supported revenue using 2025 rates 36 Ad-Supported revenue excluding foreign exchange effect 421 IFRS Ad-Supported revenue year-over-year change % (5)% Ad-Supported revenue excluding foreign exchange effect year-over-year change % 3 % 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, 2026 March 31, 2025 IFRS Revenue 4,533 4,190 IFRS Cost of revenue 3,038 2,864 IFRS Gross profit 1,495 1,326 Foreign exchange effect on 2026 gross profit using 2025 rates 74 Gross profit excluding foreign exchange effect 1,569 IFRS Gross profit year-over-year change % 13 % Gross profit excluding foreign exchange effect year-over-year change % 18 %

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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 expense excluding foreign exchange effect 824 IFRS Operating expense year-over-year change % (5)% Operating expense excluding foreign exchange effect year-over-year change % 1 % Three months ended March 31, 2026 March 31, 2025 IFRS Research and development expense 331 379 Foreign exchange effect on 2026 expense using 2025 rates 17 Research and development expense excluding foreign exchange effect 348 IFRS Research and development expense year-over-year change % (13)% Research and development expense excluding foreign exchange effect year-over-year change % (8)% Three months ended March 31, 2026 March 31, 2025 IFRS Sales and marketing expense 342 314 Foreign exchange effect on 2026 expense using 2025 rates 23 Sales and marketing expense excluding foreign exchange effect 365 IFRS Sales and marketing expense year-over-year change % 9 % Sales and marketing expense excluding foreign exchange effect year-over-year change % 16 % Three months ended March 31, 2026 March 31, 2025 IFRS General and administrative expense 107 124 Foreign exchange effect on 2026 expense using 2025 rates 4 General and administrative expense excluding foreign exchange effect 111 IFRS General and administrative expense year-over-year change % (14)% General and administrative expense excluding foreign exchange effect year-over-year change % (10)% Reconciliation of IFRS to non-IFRS results

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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 income excluding foreign exchange effect 745 IFRS Operating income year-over-year change % 40 % Operating income excluding foreign exchange effect year-over-year change % 46 %

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Three months ended September 30, 2022 December March 31, June 30, September 31, 2022 2023 2023 30, 2023 December 31, 2023 March 31, 2024 June 30, September December 2024 30, 2024 31, 2024 March 31, June 30, September December 2025 2025 30, 2025 31, 2025 March 31, 2026 Net cash flows from/(used in) operating activities 40 (70) 59 13 211 397 211 492 715 883 539 709 829 856 836 Capital expenditures (5) (5) (2) (2) (1) (1) (5) (2) (4) (6) (6) (10) (23) (22) (13) Change in restricted cash — 2 — (2) 6 — 1 — — — 1 1 — — 1 Free Cash Flow 35 (73) 57 9 216 396 207 490 711 877 534 700 806 834 824 Last twelve months ended June 30, September December 2023 30, 2023 31, 2023 March 31, 2024 June 30, 2024 September December March 31, 30, 2024 31, 2024 2025 June 30, September December 2025 30, 2025 31, 2025 March 31, 2026 Net cash flows from operating activities 42 213 680 832 1,311 1,815 2,301 2,629 2,846 2,960 2,933 3,230 Capital expenditures (14) (10) (6) (9) (9) (12) (17) (18) (26) (45) (61) (68) Change in restricted cash — 6 4 5 7 1 1 1 2 2 2 2 Free Cash Flow 28 209 678 828 1,309 1,804 2,285 2,612 2,822 2,917 2,874 3,164 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, 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net cash flows from operating activities 179 344 573 259 361 46 680 2,301 2,933 Capital expenditures (36) (125) (135) (78) (85) (25) (6) (17) (61) Change in restricted cash (34) (10) 2 2 1 — 4 1 2 Free Cash Flow 109 209 440 183 277 21 678 2,285 2,874 Free Cash Flow (Unaudited) (in € millions)

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APPENDIX

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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 $484.91. In Q1, a 10% increase or decrease in our stock price compared to the quarter-end price would have an approximate +/- €23M impact on Social Charges.

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Segment Reclassification \* Effective January 1, 2026, certain revenue-generating activities previously reported within the Ad-Supported segment were transferred to the Premium segment to reflect changes in the financial information presented to the Group's new Co-Chief Executive Officers, who serve as the joint chief operating decision makers. Prior period amounts have been reclassified to conform to current period presentation. 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 1,798 407 440 437 511 1,795 385 Y/Y 19% 12% 5% 7% 10% 8% 0% -5% -2% 0% -5% Total Revenue 3,636 3,807 3,988 4,242 15,673 4,190 4,193 4,272 4,531 17,186 4,533 COST OF REVENUE (€M) Premium Cost of Revenue\* 2,274 2,307 2,346 2,425 9,352 2,514 2,509 2,561 2,623 10,207 2,703 Ad-Supported Cost of Revenue\* 358 388 402 449 1,597 350 364 360 409 1,483 335 Total Cost of Revenue 2,632 2,695 2,748 2,874 10,949 2,864 2,873 2,921 3,032 11,690 3,038 GROSS PROFIT (€M) Premium Gross Profit\* 985 1,058 1,184 1,296 4,523 1,269 1,244 1,274 1,397 5,184 1,445 Gross Margin (%) 30.2% 31.4% 33.5% 34.8% 32.6% 33.5% 33.1% 33.2% 34.8% 33.7% 34.8% Ad-Supported Gross Profit\* 19 54 56 72 201 57 76 77 102 312 50 Gross Margin (%) 5.0% 12.2% 12.2% 13.8% 11.2% 14.0% 17.3% 17.6% 20.0% 17.4% 13.0% Total Gross Profit 1,004 1,112 1,240 1,368 4,724 1,326 1,320 1,351 1,499 5,496 1,495 Total Gross Margin (%) 27.6% 29.2% 31.1% 32.2% 30.1% 31.6% 31.5% 31.6% 33.1% 32.0% 33.0%

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