[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","dcdv5o65ko48fzys9ugk3nmrn","revision",2,"title","Spotify公布2026年第三季度及前三季度业绩：收入分别为€4,969百万和€14,279百万，第三季度净利润同比下降","originalTitle","6-K - Spotify Technology S.A. (0001639920) (Filer)","summary","Spotify Technology S.A.披露截至2026年9月30日的未经审计业绩：第三季度收入€4,969百万、净利润€518百万；前三季度收入€14,279百万、净利润€1,784百万。","reason","材料包含Spotify未经审计的第三季度及前三季度财务数据、现金流和回购信息，也披露税务及诉讼风险；阅读可了解利润、现金流与风险项目的变化。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-22T20:09:19.000Z","discoveredAt","2026-10-23T01:15:12.955Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",64,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fQ-uv3GDtCgc",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","d0f306fc-b3fc-44be-bb91-dd5d2948ed0b","Spotify公布2026年第三季度业绩",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

6-K 表

外国私人发行人报告

根据第 13a-16 条或第 15d-16 条

根据《1934 年证券交易法》

2026 年 10 月

委员会档案编号：001-38438

Spotify Technology S.A.

（注册人名称的英文译名）


33 Boulevard Prince Henri
L-1724 Luxembourg
卢森堡大公国
（主要行政办公室地址）

请勾选说明注册人是否提交或将提交 20-F 表或 40-F 表年度报告。

20-F 表 ☒ 40-F 表 ☐

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Spotify Technology S.A.

中期简明合并财务报表

截至 2026 年 9 月 30 日止三个月及九个月


		页码
第一部分 - 财务信息
第 1 项. 财务报表		1
中期简明合并经营报表		1
中期简明合并综合收益表		2
中期简明合并财务状况表		3
中期简明合并权益变动表		4
中期简明合并现金流量表		6
中期简明合并财务报表附注		7
第 2 项. 管理层对财务状况及经营业绩的讨论与分析		26
第 3 项. 关于市场风险的定量和定性披露		40
第二部分 - 其他信息
第 1 项. 法律诉讼		43
第 1A 项. 风险因素		43
第 2 项. 未注册股权证券的销售及所得款项用途		43
第 3 项. 对高级证券的违约		43
第 5 项. 其他信息		43
签名		44

第一部分 - 财务信息

第 1 项. 财务报表

中期简明合并经营报表

（未经审计）

（单位：百万欧元，股份及每股数据除外）


		截至 9 月 30 日止三个月	截至 9 月 30 日止九个月
	附注	2026	2025		2026	2025
收入	20	4,969		4,272		14,279	12,655
收入成本		3,330		2,921		9,549	8,658
毛利		1,639		1,351		4,730	3,997
研发		417		309		1,151	1,103
销售和营销		406		349		1,138	1,027
一般及行政		144		111		399	370
		967		769		2,688	2,500
经营收入		672		582		2,042	1,497
财务收入	4	62		262		396	422
财务成本	4	(29)		(17)		(76)	(716)
财务收入/（成本）-净额		33		245		320	(294)
税前收入		705		827		2,362	1,203
所得税费用/（收益）	5	187		(72)		578	165
归属于母公司所有者的净利润		518		899		1,784	1,038

归属于母公司所有者的每股收益
基本	6	2.52		4.36		8.67	5.06
稀释	6	2.48		3.28		8.54	4.93
加权平均已发行普通股数
基本	6	205,718,815		205,964,504		205,741,311	205,291,958
稀释	6	208,578,748		213,789,735		208,917,452	210,636,414

随附附注是中期简明合并财务报表不可分割的组成部分。

-1-

中期简明合并综合收益表

（未经审计）

（单位：百万欧元）


		截至 9 月 30 日止三个月	截至 9 月 30 日止九个月
	附注	2026	2025		2026	2025
归属于母公司所有者的净利润		518		899		1,784	1,038
其他综合收益/（亏损）
可能在以后重新分类至中期简明合并经营报表的项目（税后净额）：
短期投资净收益/（亏损）	13, 19	—		1		(1)	8
现金流量套期工具净收益/（亏损）	13, 19	1		(3)		(4)	13
外币折算调整变动		19		(1)		82	(215)
以后不得重新分类至中期简明合并经营报表的项目（税后净额）：
长期投资公允价值净（亏损）/收益	13, 19	(3)		374		(850)	1,002

本期其他综合收益/（亏损）（税后净额）		17		371		(773)	808
本期综合收益总额，归属于母公司所有者		535		1,270		1,011	1,846

随附附注是中期简明合并财务报表不可分割的组成部分。

- 2 -

中期简明合并财务状况表

（单位：百万欧元）


	附注	2026年9月30日	2025年12月31日
		（未经审计）
资产
非流动资产
租赁使用权资产	7	218		234
不动产及设备	8	190		188
商誉	9	1,118		1,083
无形资产	9	30		41
长期投资	19	1,066		2,181
受限现金及其他非流动资产	10	174		61
融资租赁应收款	7	69		69
递延所得税资产	5	548		662
		3,413		4,519
流动资产
贸易及其他应收款	11	817		802
应收所得税		48		116
短期投资	19	3,856		4,209
现金及现金等价物		6,032		5,258
其他流动资产	12	146		111
		10,899		10,496
资产总额		14,312		15,015
权益和负债
权益
股本		—		—
其他实缴资本		6,692		6,496
库存股	13	(1,566)		(701)
其他储备	13	2,630		3,366
留存收益／（累计亏损）		985		(832)
归属于母公司所有者的权益		8,741		8,329
非流动负债

租赁负债	7	391		433
应计费用及其他负债	17	2		2
预计负债	18	13		3
递延所得税负债	5	45		163
		451		601
流动负债
贸易及其他应付款	16	1,411		1,194
应付所得税		192		72
递延收入		794		711
应计费用及其他负债	17	2,652		2,589
可交换票据	15, 19	—		1,458
预计负债	18	48		51
衍生负债	19	23		10
		5,120		6,085
负债总额		5,571		6,686
权益和负债总额		14,312		15,015

随附附注是中期简明合并财务报表不可分割的组成部分。

- 3 -

中期简明合并权益变动表

（未经审计）

（单位：百万欧元）


	附注	股本	其他实缴资本		库存股	其他储备	（累计亏损）／留存收益		归属于母公司所有者的权益
2026年1月1日余额		—		6,496		(701)		3,366		(832)	8,329
本期收益		—		—		—		—		721	721
其他综合亏损		—		—		—		(756)		—	(756)


终止确认可交换票据时对归属于集团信用风险变化的净亏损进行重新分类（扣除税项后）	13	—		—		—		13		(13)	—
回购普通股	13	—		—		(306)		—		—	(306)
行使股票期权、限制性股票单位及或有可发行股份时发行股份	13	—		64		—		—		—	64

为缴纳员工税款而扣留的限制性股票单位		—		—		—		(46)		—	(46)
股份支付	14	—		—		—		56		—	56
与股份支付相关的所得税影响		—		—		—		(52)		—	(52)
2026年3月31日余额		—		6,560		(1,007)		2,581		(124)	8,010
本期收益		—		—		—		—		545	545
其他综合亏损		—		—		—		(34)		—	(34)


回购普通股	13	—		—		(241)		—		—	(241)
行使股票期权和限制性股票单位时发行股份	13	—		64		—		—		—	64

为缴纳员工税款而扣留的限制性股票单位		—		—		—		(33)		—	(33)
股份支付	14	—		—		—		86		—	86
与股份支付相关的所得税影响		—		—		—		(12)		—	(12)
2026年6月30日余额		—		6,624		(1,248)		2,588		421	8,385
本期收益		—		—		—		—		518	518
其他综合收益		—		—		—		17		—	17
终止确认长期投资时对收益进行重新分类（扣除税项后）	13, 19	—		—		—		(46)		46	—
回购普通股	13	—		—		(318)		—		—	(318)

行使股票期权和限制性股票单位时发行股份	13	—		68		—		—		—	68
为缴纳员工税款而扣留的限制性股票单位		—		—		—		(42)		—	(42)
股份支付	14	—		—		—		87		—	87
与股份支付相关的所得税影响		—		—		—		26		—	26
2026年9月30日余额		—		6,692		(1,566)		2,630		985	8,741

- 4 -


	附注	股本	其他实缴资本		库存股	其他储备	累计亏损		归属于母公司所有者的权益
2025年1月1日余额		—		6,124		(262)		2,707		(3,044)	5,525
本期收益		—		—		—		—		225	225
其他综合收益		—		—		—		197		—	197


行使股票期权、限制性股票单位及或有可发行股份时发行股份	13	—		204		—		—		—	204
为缴纳员工税款而扣留的限制性股票单位		—		—		—		(60)		—	(60)
股份支付	14	—		—		—		42		—	42
与股份支付相关的所得税影响		—		—		—		114		—	114
2025年3月31日余额		—		6,328		(262)		3,000		(2,819)	6,247
本期亏损		—		—		—		—		(86)	(86)
其他综合收益		—		—		—		240		—	240


行使股票期权和限制性股票单位时发行股份	13	—		92		—		—		—	92
为缴纳员工税款而扣留的限制性股票单位		—		—		—		(57)		—	(57)
股份支付	14	—		—		—		73		—	73
与股份支付相关的所得税影响		—		—		—		118		—	118
截至2025年6月30日的余额		—		6,420		(262)		3,374		(2,905)	6,627
本期收入		—		—		—		—		899	899
其他综合收益		—		—		—		371		—	371
回购普通股	13	—		—		(66)		—		—	(66)
行使股票期权和归属限制性股票单位时发行的股份	13	—		39		—		—		—	39

为缴纳员工税款而扣留的限制性股票单位		—		—		—		(66)		—	(66)
股份支付	14	—		—		—		75		—	75
与股份支付相关的所得税影响		—		—		—		(100)		—	(100)
截至2025年9月30日的余额		—		6,459		(328)		3,654		(2,006)	7,779

随附附注是中期简明合并财务报表不可分割的一部分。

- 5 -

中期简明合并现金流量表

（未经审计）

（百万欧元）


		截至9月30日的九个月期间，
	附注	2026	2025
经营活动
净利润		1,784		1,038
将净利润调节为经营活动现金净流量的调整项目
财产和设备以及租赁使用权资产折旧	7, 8	71		59
无形资产摊销	9	17		18
房地产资产减值费用	7, 8	3		8

股份支付费用	14	229		190
财务收入	4	(396)		(422)
财务费用	4	76		716
所得税费用	5	578		165
其他		(1)		9
营运资本变动：
贸易应收款项及其他资产增加		(183)		(49)
贸易应付款项及其他负债增加		208		211
递延收入增加		74		40
拨备（减少）/增加	18	(8)		22
已付利息	7	(20)		(30)
已收利息		156		184
已付所得税		(196)		(82)
经营活动产生的现金净流量		2,392		2,077
投资活动

支付与企业合并相关的递延对价		—		(9)
购置财产和设备	8	(31)		(39)
购入短期投资	19	(19,442)		(13,355)
出售及到期的短期投资	19	19,836		12,227
购入长期投资	19	(11)		(1)
出售长期投资	19	60		—
受限现金变动	10	4		2
收到的股息	4	29		23
其他		(5)		(4)
投资活动产生/（使用）的现金净流量		440		(1,156)
融资活动
行使股票期权所得款项	14	196		335

回购普通股	13	(851)		(58)
支付租赁负债款项	7	(56)		(59)
收到租赁激励款项	7	1		—

偿还可交换票据	15	(1,304)		—
支付为员工扣缴的限制性股票单位归属税款	14	(120)		(181)
融资活动（使用）/产生的现金净流量		(2,134)		37
现金及现金等价物净增加额		698		958
期初现金及现金等价物		5,258		4,781
现金及现金等价物的外汇净收益/（损失）		76		(283)
截至9月30日的现金及现金等价物		6,032		5,456
现金流量信息补充披露
非现金投资和融资活动
以租赁负债换取租赁使用权资产的确认	7	12		81
因资产弃置义务增加而确认的租赁使用权资产	7, 18	10		—
以融资租赁应收款换取处置房地产资产	7, 8	3		9
普通股回购变动计入贸易及其他负债	13	14		8

随附附注是中期简明合并财务报表不可分割的一部分。

- 6 -

中期简明合并财务报表附注

（未经审计）

1.公司信息

Spotify Technology S.A.（“公司”或“母公司”）是一家在卢森堡注册成立并以卢森堡为注册地的公众有限公司。公司的注册办事处位于卢森堡大公国卢森堡市 Prince Henri 大道 33 号，邮编 L-1724。

本公司及其子公司（统称“集团”、“我们”或“我们的”）的主要业务是音频流媒体。集团的高级服务（“高级服务”）为用户提供无限量的在线和离线高品质流媒体内容，涵盖其音乐和播客目录，部分市场还包括视频。高级服务提供无商业广告插播的音乐聆听体验。在部分市场，高级服务为符合条件的用户提供有限的在线和离线有声书目录流媒体服务，并可选择购买额外的有声书收听时长。在部分市场，高级服务用户可以观看符合条件的视频播客，且不会受到动态插入广告的打扰。集团的广告支持服务（“广告支持服务”，与高级服务及其他订阅产品合称“服务”）不收取订阅费用，为用户提供有限的音乐目录点播在线访问权限，以及无限量的播客目录在线和离线访问权限。集团依赖于从多家主要和次要内容所有者及其他权利持有人处取得内容许可，以提供其服务。

2.编制基础和重要会计政策摘要

Spotify Technology S.A.截至2026年和2025年9月30日止三个月及九个月的中期简明合并财务报表，按照国际会计准则理事会（“IASB”）发布的《国际会计准则第34号——中期财务报告》编制。中期财务信息未经审计。中期财务信息反映了管理层认为为公允列报本文所载信息所必需的所有正常经常性调整。中期简明合并财务报表应与集团截至2025年12月31日止年度的合并财务报表一并阅读，因为本报表未包含年度合并财务报表所要求的全部信息和披露。中期业绩不一定代表全年业绩。为符合本期列报方式，某些上期余额已作拆分。中期简明合并财务报表以百万欧元列报。

集团采用的新准则及经修订准则和解释

金融工具的分类和计量——《国际财务报告准则第9号》和《国际财务报告准则第7号》的修订

2026年1月1日，本集团采用了IASB发布的IFRS 9和IFRS 7修订《金融工具的分类和计量》。这些修订明确，金融负债在“结算日”终止确认，即相关义务已履行、取消、到期，或该负债以其他方式符合终止确认条件之日。这些修订还明确了如何评估包含环境、社会和治理（“ESG”）挂钩特征及其他类似或有特征的金融资产的合同现金流量特征，以及无追索权资产和合同挂钩工具的处理方式。此外，修订要求IFRS 7对合同条款涉及或有事件（包括ESG挂钩事件）的金融资产和负债，以及分类为以公允价值计量且其变动计入其他综合收益／（亏损）的权益工具作出额外披露。采用这些修订对中期简明合并财务报表没有重大影响。

截至2026年9月30日止九个月内生效的其他国际财务报告准则（“IFRS”）或IFRS解释委员会（“IFRIC”）解释，对中期简明合并财务报表均无重大影响。

已发布但尚未生效的新准则和解释

财务报表的列报和披露——IFRS 18

2024年4月，IASB发布IFRS 18《财务报表的列报和披露》（“IFRS 18”），该准则取代IAS 1《财务报表的列报》。IFRS 18要求主体将损益表中的所有收入和费用划分为五类：经营、投资、融资、所得税和终止经营。前三类为新增类别。这些类别还配合了列报“经营利润或亏损”“融资收入和税项前利润或亏损”以及“利润或亏损”小计和总计的要求。IFRS 18及对其他准则的修订适用于2027年1月1日或之后开始的报告期间，并须追溯应用。允许提前采用。

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本集团目前正在评估该新准则的影响。采用后，本集团预计其合并经营报表的列报将发生变化，包括将目前列于财务收入／（成本）中的某些外汇差额重新分类至经营类别。该重新分类将影响报告的经营收入，但采用该准则不会影响本集团的总收入或净利润。采用该准则还将影响合并现金流量表的列报，主要是因为将已付利息和已收利息分别重新分类至融资和投资活动。本集团还预计将增加附注披露，以满足该准则的其他要求。

没有其他尚未生效且预计会对中期简明合并财务报表产生重大影响的IFRS或IFRIC解释。

3.关键会计估计和判断

在编制这些中期简明合并财务报表时，管理层在应用本集团会计政策时作出的重大判断，以及估计和不确定性的主要来源，与编制截至2025年12月31日止年度的合并财务报表时相同；但对2026年到期的0%可交换优先票据（“可交换票据”）进行公允价值估计不再适用，因为可交换票据已于2026年3月15日到期并终止确认。

估计和判断会持续评估，并以历史经验及其他因素为依据，包括对未来事件的预期。

4.财务收入和成本


	截至9月30日止三个月	截至9月30日止九个月
	2026	2025		2026	2025
	（百万欧元）
财务收入

可交换票据公允价值变动（附注19）	—		197		184	197
利息收入	56		57		154	181
融资租赁应收款利息收入（附注7）	2		2		6	6
期末持有投资的股息收入	—		1		29	23
其他财务收入	4		5		23	15

合计	62		262		396	422
财务成本

可交换票据公允价值变动（附注19）	—		—		—	(601)
租赁负债利息支出	(5)		(8)		(20)	(24)
其他财务成本	(2)		—		(3)	(9)
汇兑损失	(22)		(9)		(53)	(82)
合计	(29)		(17)		(76)	(716)

5.所得税

截至2026年和2025年9月30日止三个月的有效税率分别为26.5%和(8.7%)。截至2026年和2025年9月30日止九个月的有效税率分别为24.5%和13.8%。本集团在全球经营，在卢森堡境外的多个司法管辖区开展重大业务。因此，合并有效税率是综合税率，反映本集团的收益以及其经营所在各司法管辖区适用的税率。

截至2026年9月30日止三个月的有效税率高于卢森堡23.87%的法定税率，主要是由于不确定税务状况准备金增加€24 million，以及€13 million不可抵扣费用所致。部分影响被以下因素抵销：产生税收抵免带来的€11 million税收优惠，以及在税率较低司法管辖区取得的收入组合带来的€10 million税收优惠。

截至2025年9月30日止三个月的有效税率低于卢森堡23.87%的法定税率，主要是由于提前扣除此前资本化且尚未摊销的国内Section 174研发（“R&D”）成本带来的€202 million优惠。此外，与可交换票据相关的不可抵扣亏损变动带来了€50 million优惠。

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截至2026年9月30日止九个月的有效税率高于卢森堡23.87%的法定税率，主要是由于不确定税务状况准备金增加€57 million，以及主要因股价重估股权薪酬递延所得税资产而产生的€31 million递延所得税费用所致。部分影响被以下因素抵销：与可交换票据相关的不可抵扣亏损减少带来的€47 million税收优惠，以及在税率较低司法管辖区取得的收入组合带来的€28 million税收优惠。

截至2025年9月30日的九个月，有效税率低于23.87%的卢森堡法定税率，主要是由于加速扣除此前已资本化且尚未摊销的国内《国内税收法典》第174条研发成本，产生了€198 million的收益。与可交换票据相关的不可扣除亏损变动产生€103 million费用，部分抵销了上述收益。

通过其他综合收益／（亏损）确认的交易（如适用）已按扣除税务影响后的净额列示。

本集团属于OECD第二支柱示范规则的适用范围。根据本集团最新可获得的财务信息，第二支柱所得税风险敞口的影响并不重大。

我们在多个司法管辖区持续接受税务审计，其中一些涉及转让定价、直接税或预扣税相关事项。某些司法管辖区的税务机关对我们的税务立场提出了质疑。我们定期评估这些审计可能的结果，并考虑任何可获得的新信息，以确定税务准备金是否适当。如果管理层认为某项税务立场很可能不会被接受，则会根据一系列可能结果，按最可能金额或预期值反映该不确定性的影响。

对于中期简明合并财务状况表中与不确定税务立场相关、且管理层认为很可能不会被接受的税务准备金，截至2026年9月30日为€128 million，截至2025年12月31日为€62 million。与不确定税务立场相关的准备金中，预计€5 million可在未来12个月内得到解决。所列各期间计入所得税费用的利息和罚款均不重大。由于我们的税务立场存在不确定性，未来与税务机关达成的任何协议都可能对我们的经营业绩、财务状况和现金流产生重大影响。

截至2026年9月30日和2025年12月31日，中期简明合并财务状况表中分别确认了€503 million和€499 million的递延所得税净资产。在评估递延所得税资产能否实现时，本集团考虑了有关未来应税利润的所有可获得的正面和负面证据。截至2026年9月30日和2025年12月31日，分别有€43 million和€41 million的递延所得税资产尚未确认。产生这些余额的司法管辖区盈利能力的变化等因素，可能会影响管理层对递延所得税确认的评估。

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6.每股收益

基本每股收益按该期间已发行普通股的加权平均数计算。稀释每股收益按该期间已发行普通股及潜在已发行普通股的加权平均数计算。潜在普通股基于已发行股票期权、限制性股票单位、其他有条件发行股份及可交换票据所对应普通股的加权平均数，并视具体情况采用库存股法或假设转换法计算；当其具有稀释作用时，纳入稀释每股收益的计算。各期间每股收益的计算如下：


	截至9月30日止三个月	截至9月30日止九个月
	2026	2025		2026	2025
	（单位：百万欧元，股份及每股数据除外）
基本每股收益
归属于母公司所有者的净利润	518		899		1,784	1,038
计算所用股份：
已发行普通股加权平均数	205,718,815		205,964,504		205,741,311	205,291,958
基本每股收益归属于母公司所有者	2.52		4.36		8.67	5.06

稀释每股收益
归属于母公司所有者的净利润	518		899		1,784	1,038

可交换票据的稀释性公允价值收益	—		(197)		—	—
计算稀释每股收益所用净收益	518		702		1,784	1,038
计算所用股份：
已发行普通股加权平均数	205,718,815		205,964,504		205,741,311	205,291,958

可交换票据	—		2,911,498		—	—
股票期权	2,154,663		3,614,107		2,439,285	3,898,154
限制性股票单位	705,270		1,292,184		735,572	1,436,221

其他有条件发行股份	—		7,442		1,284	10,081
稀释后普通股加权平均数	208,578,748		213,789,735		208,917,452	210,636,414
稀释每股收益归属于母公司所有者	2.48		3.28		8.54	4.93

以下潜在稀释性证券未计入所列期间稀释每股收益的计算，因为其在这些期间会产生反稀释作用，但未来可能稀释每股收益：


	截至9月30日止三个月	截至9月30日止九个月
	2026	2025		2026	2025
股票期权	1,123,906		335,500		1,125,657	339,134
限制性股票单位	17,091		—		17,091	17,738



可交换票据	—		—		—	2,911,483

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7.租赁

本集团根据不可撤销租赁协议租赁若干物业，主要为办公场所。预期租赁期限最长为10年。

以下为租赁使用权资产的变动情况：


使用权资产
	（单位：百万欧元）
成本
截至2026年1月1日	579
增加	23
减少	(24)
汇兑差额	12
截至2026年9月30日	590
累计折旧及减值损失
截至2026年1月1日	(345)
折旧费用	(38)
减值费用	(2)
减少	20
汇兑差额	(7)
截至2026年9月30日	(372)
成本，扣除累计折旧及减值损失后
截至2026年1月1日	234
截至2026年9月30日	218

以下为租赁负债的变动情况：


租赁负债	2026	2025
	（单位：百万欧元）
截至1月1日	498		537
增加	12		85

付款 (1)	(76)		(84)
利息费用	20		24
减少	(12)		(9)
收到的租赁激励	1		—
汇兑差额	9		(48)
截至9月30日	452		505

(1)截至2026年和2025年9月30日止九个月，租赁负债利息付款分别为€20 百万和€25 百万，计入中期简明合并现金流量表的经营活动；租赁负债付款分别为€56 百万和€59 百万，计入中期简明合并现金流量表的融资活动。

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以下为租赁负债的到期分析：


租赁负债	2026年9月30日
到期分析	（单位：百万欧元）
一年以内	89
一至五年	283
五年以上	188
租赁承诺总额	560
剩余租赁付款折现的影响	(108)

租赁负债总额	452
计入中期简明合并财务状况表的租赁负债
流动	61
非流动	391
总计	452

本集团已签订若干租赁协议，承诺金额约为 €51 million。截至 September 30, 2026，这些协议尚未开始，因此未在中期简明合并财务状况表中确认。

截至 September 30, 2026，计入中期简明合并财务状况表的租赁负债所采用的加权平均增量借款利率为 5.9%。

本集团已签订协议，将融资租赁项下部分租赁办公室转租。以下为融资租赁应收款的变动情况：


融资租赁应收款	2026	2025
	（单位：€ millions）
1月1日	81		76
新增	3		9
利息收入	6		6
收到的付款	(12)		(2)
汇兑差额	2		(8)
9月30日	80		81

以下为融资租赁应收款的到期分析：


融资租赁应收款	September 30, 2026
到期分析	（单位：€ millions）
一年以内	18
一至五年	58
五年以上	33
应收租赁付款总额	109
未实现融资收益	(29)
融资租赁应收款总额	80
计入中期简明合并财务状况表的融资租赁应收款
流动	11
非流动	69
总计	80

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8.不动产和设备


	不动产和设备	租赁物改良		总计
	（单位：€ millions）
成本
截至 January 1, 2026	136		348		484
新增	20		13		33
处置	(37)		(16)		(53)
汇兑差额	2		10		12
截至 September 30, 2026	121		355		476
累计折旧和减值损失
截至 January 1, 2026	(83)		(213)		(296)
折旧费用	(6)		(27)		(33)
减值费用	—		(1)		(1)
处置	37		13		50
汇兑差额	(1)		(5)		(6)
截至 September 30, 2026	(53)		(233)		(286)
成本减累计折旧和减值损失
截至 January 1, 2026	53		135		188
截至 September 30, 2026	68		122		190

截至 September 30, 2026 和 December 31, 2025，本集团分别有 €14 million 和 €39 million 的不动产和设备及租赁物改良尚未投入使用。

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9.商誉和无形资产


	内部开发成本及专利	收购的无形资产		总计	商誉	总计
	（单位：€ millions）
成本
截至 January 1, 2026	37		133		170		1,083	1,253
新增	2		3		5		—	5


终止确认已全额摊销的无形资产	(10)		(11)		(21)		—	(21)
汇兑差额	—		4		4		35	39
截至 September 30, 2026	29		129		158		1,118	1,276
累计摊销
截至 January 1, 2026	(25)		(104)		(129)		—	(129)
摊销费用	(5)		(12)		(17)		—	(17)

终止确认已全额摊销的无形资产	10		11		21		—	21
汇兑差额	—		(3)		(3)		—	(3)
截至 September 30, 2026	(20)		(108)		(128)		—	(128)
成本减累计摊销
截至 January 1, 2026	12		29		41		1,083	1,124
截至 September 30, 2026	9		21		30		1,118	1,148

截至 September 30, 2026 和 2025 的各三个月期间，每期 €5 million 的无形资产摊销费用计入中期简明合并经营报表中的研发费用。截至 September 30, 2026 和 2025 的九个月期间，分别有 €14 million 和 €16 million 的无形资产摊销费用计入中期简明合并经营报表中的研发费用。截至 September 30, 2026 和 2025 的三个月及九个月期间，商誉或无形资产均未计提减值费用。

10.受限现金及其他非流动资产


	September 30, 2026	December 31, 2025
	（单位：€ millions）
受限现金
租赁押金及保证金	41		42
其他	—		1
向权利持有人支付的预付款	120		—
其他非流动资产	13		18
总计	174		61

11.应收账款及其他应收款


	September 30, 2026	December 31, 2025
	（单位：€ millions）
应收账款	564		541
减：预期信用损失准备	(3)		(5)
应收账款净额	561		536
其他应收款	256		266
总计	817		802

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12.其他流动资产


	2026年9月30日	2025年12月31日
	（百万欧元）
内容资产	24		28
预付费用及其他	107		75
衍生资产	15		8
总计	146		111

截至2026年和2025年9月30日止三个月的中期简明合并经营报表中，内容资产摊销额分别为25百万欧元和29百万欧元，计入收入成本。截至2026年和2025年9月30日止九个月的中期简明合并经营报表中，内容资产摊销额分别为77百万欧元和95百万欧元，计入收入成本。

13.权益及其他储备

截至2026年9月30日和2025年12月31日，公司已发行并缴足的普通股分别为210,741,268股和209,485,215股，其中分别持有5,215,814股和3,652,688股普通股作为库存股。

2021年8月20日，公司宣布董事会已批准一项回购公司普通股的计划，金额最高为US$1.0 billion。2025年7月29日，公司宣布董事会已批准将公司的股份回购计划增加US$1.0 billion。2021年4月21日召开的公司股东大会授权回购最多10,000,000股公司普通股。在2026年4月15日举行的2026年度股东大会上，股东和受益凭证持有人续期授权，公司可在五年内回购其发行的10,000,000股普通股，价格由董事会在以下范围内确定：不低于面值且不高于公平市场价值。2026年8月20日，公司宣布董事会已批准将公司的股份回购计划再增加US$1.5 billion。截至2026年9月30日，公司根据该计划回购了3,287,031股，金额为€1,395 million (US$1,620 million)。截至2026年9月30日止三个月，公司回购了700,318股，金额为€318 million (US$367 million)；截至该日止九个月，公司回购了2,049,534股，金额为€865 million (US$1,005 million)。截至2026年9月30日，股份回购计划下尚可购买股份的最高金额约为US$1,880 million。此外，在报告期结束后至2026年10月21日营业结束时，公司根据该计划额外回购了181,622股，金额为€80 million (US$89 million)。

截至2026年9月30日止三个月和九个月，公司分别以面值从其荷兰子公司发行并回购了500,000股和1,250,000股自有普通股。截至2026年9月30日止三个月和九个月，公司分别在股票期权行权及限制性股票单位归属时重新发行了641,567股和1,736,408股库存股。

截至2025年9月30日止三个月和九个月，公司分别以面值从其荷兰子公司发行并回购了500,000股和1,500,000股自有普通股。截至2025年9月30日止三个月和九个月，公司分别因股票期权行权和限制性股票单位归属而重新发行了418,078股和2,341,348股库存股。

截至2026年9月30日和2025年12月31日，本集团创始人持有309,932,980份受益凭证。

- 15 -

其他储备


	2026	2025
	（百万欧元）
货币折算
截至1月1日	(69)		150
货币折算	82		(215)
截至9月30日	13		(65)
短期投资
截至1月1日	1		(7)
公允价值收益，可在以后重新分类至中期简明合并损益表	—		12
重新分类至中期简明合并损益表的收益	(2)		(1)
递延税项	1		(3)
截至9月30日	—		1
长期投资
截至1月1日	996		553
期末持有投资的公允价值净（亏损）/收益，不会在以后重新分类至中期简明合并损益表	(1,094)		1,262
本期终止确认投资的公允价值收益，不会在以后重新分类至中期简明合并损益表	27		—
终止确认时重新分类至留存收益的投资出售收益	(60)		—
终止确认时重新分类至留存收益的投资出售收益的税务影响	14		—
递延税项	217		(260)
截至9月30日	100		1,555
可交换票据
截至1月1日	(13)		(13)

终止确认时重新分类至留存收益的、归因于本集团信用风险变化的净亏损	17		—
归因于本集团信用风险变化的净亏损的税务影响，终止确认时重新分类至留存收益	(4)		—
截至9月30日	—		(13)
现金流量套期
截至1月1日	(2)		(5)
公允价值（亏损）/收益，可在以后重新分类至中期简明合并损益表	(23)		18
重新分类至收入的亏损/（收益）	49		(19)
重新分类至收入成本的（收益）/亏损	(31)		17
递延税项	1		(3)
截至9月30日	(6)		8
股份薪酬
截至1月1日	2,453		2,029
股份薪酬	229		190
与股份薪酬相关的所得税影响	(38)		132

为缴纳员工税款而扣留的限制性股票单位	(121)		(183)
截至9月30日	2,523		2,168
截至9月30日的其他储备	2,630		3,654

- 16 -

14.股份薪酬

中期简明合并损益表中确认的股份薪酬费用如下：


	截至9月30日止三个月	截至9月30日止九个月
	2026	2025		2026	2025
	（百万欧元）
收入成本	2		1		4	3
研发	45		43		115	107
销售和营销	16		18		41	48
一般及行政	24		13		69	32
总计	87		75		229	190

本集团未结清的限制性股票单位及其他或有发行股份的变动情况及相关信息如下：


	限制性股票单位		其他
	限制性股票单位数量	加权平均授予日公允价值		奖励数量		加权平均授予日公允价值
		US$				US$
截至2026年1月1日未结清	1,317,262	307.65			7,706		162.21
已授予	692,105	455.39			—		—
已没收	(114,886)	325.70			—		—
已归属	(637,558)	236.13			(7,706)		162.21
截至2026年9月30日未结清	1,256,923	423.63			—		—

上表中，已发放的 RSU 和其他或有可发行股份数量包括本集团为结清员工在 RSU 和其他或有可发行股份归属时应缴纳的税款而扣留的普通股。对于大多数员工，RSU 归属时，本集团会从原本应发行的股份总数中扣留一定数量的股份，其货币价值等于员工应缴纳的税款。本集团随后代表员工向税务机关汇缴现金。如果截至 September 30, 2026 尚未归属的所有 RSU 随后均归属，本集团估计，在 2026 至 2030 年的归属期间，将需要向税务机关汇缴约 €211 million。该估算采用了 Company 在 September 30, 2026 的普通股股价。实际汇缴金额取决于 Company 在各归属日的普通股股价以及最终归属的奖励数量。

本集团尚未行使的股票期权及相关信息变动如下：


	期权
	期权数量	加权平均行权价
		US$
截至 January 1, 2026 尚未行使	4,665,081	198.32
授予	786,991	523.40
没收	(81,487)	293.46
行使	(1,380,564)	167.08
到期	(17,281)	413.35
截至 September 30, 2026 尚未行使	3,972,740	270.69
截至 January 1, 2026 可行使	2,708,669	170.61
截至 September 30, 2026 可行使	2,593,102	182.43

- 17 -

截至 September 30, 2026，尚未行使股票期权的加权平均剩余合约期限为 2.1 年。截至 September 30, 2026 的九个月内，已行使期权的加权平均行权股价为 US$508.91。该九个月内授予期权的加权平均公允价值为每份期权 US$175.95。

下表列出了截至 September 30, 2026 和 2025 的三个月及九个月期间，股票期权所用 Black-Scholes 期权定价模型的输入参数：


	截至 September 30 日止三个月，	截至 September 30 日止九个月，
	2026	2025		2026	2025
预期波动率 (%)	42.4 - 47.6	42.2 - 48.9		39.5 - 47.9	42.2 - 54.0
无风险利率 (%)	4.2 - 4.5	3.6 - 3.8		3.4 - 4.5	3.6 - 4.4
股票期权预期存续期（年）	2.6 - 4.8	2.6 - 4.8		2.6 - 4.8	2.6 - 4.8
加权平均股价 (US$)	494.37		684.30		493.09	606.73

15.可交换票据

2021 年 3 月 2 日，本公司的全资子公司 Spotify USA Inc. 发行了本金总额为 US$1,500 million 的可交换票据，其中包括初始购买方全额行使其额外购买 US$200 million 本金可交换票据的选择权。

发行可交换票据所得净款项为 €1,223 million，已扣除 €18 million 的交易成本。交易成本立即费用化，并计入截至 2021 年 3 月 31 日止三个月的中期简明合并经营报表中的财务成本。

本集团根据 IFRS 9《金融工具》采用公允价值选择权，将可交换票据按以公允价值计量且其变动计入损益进行会计处理。自 2025 年 6 月 30 日起，契约（“契约”）所列允许票据持有人交换可交换票据的条件已满足。可交换票据可交换至 2026 年 3 月 12 日营业结束时。本集团选择以现金结算 2025 年 12 月 15 日或之后的所有交换。

截至2026年3月31日止三个月内，在到期前，部分集团可交换票据的持有人交换了本金为US$1,223 thousand的可交换票据。根据集团的选择，已交换的可交换票据以现金结算。

可交换票据于2026年3月15日到期；截至2026年3月31日止三个月内尚未偿还的可交换票据及已交换票据均已终止确认，并依照契约以现金结算，金额为€1,304 million (US$1,499 million)。

16.贸易及其他应付款项


	2026年9月30日	2025年12月31日
	（€百万）
贸易应付款项	958		783
应付增值税及销售税	411		380
其他流动负债	42		31
合计	1,411		1,194

- 18 -

17.应计费用及其他负债


	2026年9月30日	2025年12月31日
	（€百万）
非流动
其他应计负债	2		2
合计	2		2
流动
应计权利持有人费用	2,025		1,950
应计薪金、休假、遣散费及相关税费	111		100
应计期权及RSU社会成本	137		217
其他应计费用	318		257
租赁负债	61		65
合计	2,652		2,589

18.预计负债


	法律或有事项	其他		合计
	（€百万）
截至2026年1月1日的账面价值	18		36		54

新增预计负债	2		16		18
转回未使用金额	(3)		(2)		(5)
汇兑差额	—		2		2
已使用	(5)		(3)		(8)
截至2026年9月30日的账面价值	12		49		61
截至2026年1月1日
流动部分	18		33		51
非流动部分	—		3		3
截至2026年9月30日
流动部分	12		36		48
非流动部分	—		13		13

法律或有事项

集团目前涉及或可能被提起或指称涉及各种法律及监管诉讼、程序、索赔和调查。此类程序的结果难以预测，集团财务风险敞口的程度也难以估计。当负债很可能已经发生且损失金额能够合理估计时，集团会就或有损失计提预计负债。

其他

集团的预计负债主要涉及各司法管辖区可能产生的所得税以外的税务义务。当集团认定所得税以外税项的索赔很可能导致不利结果且损失金额能够合理估计时，便会就此确认预计负债。

- 19 -

19.金融工具

外汇远期合约

现金流量套期

集团用于现金流量套期的货币对包括欧元/美元、欧元/澳元、欧元/英镑、欧元/瑞典克朗、欧元/加元及欧元/挪威克朗。截至2026年9月30日，用于对冲中期简明合并经营报表中收入及收入成本项目的外汇合约名义本金分别为€1,912 million和€1,124 million；截至2025年12月31日，分别为€1,743 million和€1,050 million。

公允价值

某些金融工具的账面价值，包括现金及现金等价物、应收贸易账款及其他应收款、受限现金、应付贸易账款及其他应付款，以及应计费用和其他负债，因期限相对较短，其公允价值与账面价值近似。有关本集团融资租赁应收款计量的信息，请参阅截至2025年12月31日止年度的合并财务报表。截至2026年9月30日，我们融资租赁应收款的账面价值被认为与其公允价值近似。有关本集团租赁负债计量的信息，请参阅截至2025年12月31日止年度的合并财务报表。所有其他金融资产和负债均按公允价值入账。

下表按主要证券类型汇总了本集团按经常性基础以公允价值计量的金融资产和负债，以及其所属的公允价值层级类别：


	活跃市场中相同资产的报价（第 1 层级）	重要的其他可观察输入值（第 2 层级）		重要的不可观察输入值（第 3 层级）	2026年9月30日
	（单位：百万欧元）
以公允价值计量的金融资产
现金等价物：
货币市场基金	3,527		—		—	3,527
短期投资：
货币市场基金	369		—		—	369



有抵押反向回购协议	—		2,805		—	2,805
固定收益基金	682		—		—	682
衍生工具（指定为套期工具）：
外汇远期合约	—		15		—	15


长期投资	990		—		76	1,066
按层级划分的以公允价值计量的金融资产总额	5,568		2,820		76	8,464
以公允价值计量的金融负债



衍生工具（指定为套期工具）：
外汇远期合约	—		23		—	23
按层级划分的以公允价值计量的金融负债总额	—		23		—	23

- 20 -


	活跃市场中相同资产的报价（第 1 层级）	重要的其他可观察输入值（第 2 层级）		重要的不可观察输入值（第 3 层级）	2025年12月31日
	（单位：百万欧元）
以公允价值计量的金融资产
现金等价物：
货币市场基金	3,525		—		—	3,525
短期投资：
货币市场基金	826		—		—	826
政府证券	370		—		—	370
机构证券	—		2		—	2
公司票据	—		525		—	525
有抵押反向回购协议	—		1,751		—	1,751
固定收益基金	735		—		—	735
衍生工具（指定为套期工具）：
外汇远期合约	—		8		—	8
长期投资	2,111		—		70	2,181
按层级划分的以公允价值计量的金融资产总额	7,567		2,286		70	9,923
以公允价值计量的金融负债
可交换票据	—		—		1,458	1,458


衍生工具（指定为套期工具）：
外汇远期合约	—		10		—	10

按层级划分的以公允价值计量的金融负债总额	—		10		1,458	1,468

本集团的政策是在每个报告期末确认公允价值层级各层级之间的转入和转出。在截至2026年9月30日的九个月内，公允价值层级各层级之间没有发生转移。

经常性公允价值计量

长期投资——腾讯音乐娱乐集团

本集团在腾讯音乐娱乐集团（“TME”）约9%的投资按以公允价值计量且其变动计入其他综合收益／（损失）入账。TME普通股的公允价值依据纽约证券交易所美国存托股份收盘价确定。TME投资的公允价值可能随时间变化，并面临多种风险，包括公司业绩、宏观经济、监管、行业、美元兑欧元汇率以及整体股票市场的系统性风险。

下表列示了TME投资的变动情况：


	2026	2025
	（单位：百万欧元）
1月1日	2,111		1,550
计入其他综合收益／（损失）的公允价值变动	(1,121)		1,263
9月30日	990		2,813

TME股价下跌或上涨10%，将导致该集团对TME长期投资的公允价值在2026年9月30日介于€891 million至€1,089 million之间。

以下各节介绍了该集团用于经常性地按公允价值计量其第三级金融工具的估值方法。

- 21 -

长期投资——其他

该集团持有若干长期投资，其中最重要的是对 Dream HoldCo LLC（“DistroKid”）的股权投资。DistroKid 是一家独立的数字音乐发行服务商。本期，该集团出售了部分 DistroKid 投资，并将此前在其他综合收益中确认的相关累计收益重分类至留存收益。这些长期投资主要为按公允价值计量且其变动计入其他综合收益/(损失)的非上市权益证券。这些权益投资的公允价值通常根据市场交易确定企业价值，或将市场倍数应用于预测财务业绩来确定。估算这些权益投资公允价值所用的关键假设包括用于估算企业价值的可比公司收入或息税前利润、所得税、折旧及摊销前利润的市场倍数。

长期投资的公允价值可能随时间变化，并受到多种风险影响，包括公司业绩、宏观经济、监管、行业、美元兑欧元汇率以及整体股票市场的系统性风险。

下表列示其他长期投资的变动：


	2026	2025
	（€ millions）
1月1日	70		85
初始确认长期投资	11		1
期末持有的长期投资公允价值变动计入其他综合收益/(损失)	27		(1)
本期终止确认的长期投资公允价值变动计入其他综合收益/(损失)	27		—
公允价值变动在中期简明合并经营报表中确认	—		(1)

出售长期投资时终止确认	(60)		—
汇率变动的影响	1		(9)
9月30日	76		75

可交换票据

下表列示可交换票据的变动：


	2026	2025
	（€ millions）
1月1日	1,458		1,539
公允价值变动在中期简明合并经营报表中确认	(184)		404

终止确认并以现金结算	(1,304)		—
汇率变动的影响	30		(202)
9月30日	—		1,741

公允价值变动计入中期简明合并经营报表中的财务收入，但因该集团自身信用风险变化导致的公允价值变动除外；此类变动计入其他综合收益/(损失)，并在可交换票据终止确认时直接重分类至留存收益。

可交换票据于2026年3月15日到期。根据契约，未偿还的可交换票据以及截至2026年3月31日止三个月内发生的交换均已终止确认，并以€1,304 million（US$1,499 million）现金结算。

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20.分部信息

本集团有两个可报告分部：Premium 和 Ad-Supported。Premium 分部的收入主要来自订阅费。Ad-Supported 分部的收入主要来自在本集团的音乐和播客内容中销售广告。版税成本主要根据与权利持有人商定的各分部特定费率计入各分部。自 2025 年起，归属于订阅用户增强视频播客体验的播客内容成本计入 Premium 分部；该体验作为 Spotify Partner Program 计划的一部分推出。其他播客内容成本计入 Ad-Supported 分部。作为订阅服务一部分提供有声读物内容的成本计入 Premium 分部。未明确归属于任何一个分部的其余成本根据用户活动或各分部确认的收入进行分摊。没有将任何经营分部合并为可报告分部。

分部关键财务业绩指标包括收入、收入成本和毛利，具体如下：


	截至 9 月 30 日止三个月	截至 9 月 30 日止九个月
	2026	2025		2026	2025
	（单位：百万欧元）
Premium
收入	4,487		3,835		12,966	11,371
收入成本	2,938		2,561		8,461	7,584
毛利	1,549		1,274		4,505	3,787
Ad-Supported
收入	482		437		1,313	1,284
收入成本	392		360		1,088	1,074
毛利	90		77		225	210
合并
收入	4,969		4,272		14,279	12,655
收入成本	3,330		2,921		9,549	8,658
毛利	1,639		1,351		4,730	3,997

自 2026 年 1 月 1 日起，先前在 Ad-Supported 分部报告的某些创收活动转入 Premium 分部，以反映向本集团新任联席首席执行官（共同担任首席经营决策者）呈报的财务信息变化。以前期间的金额已重新分类，以符合本期列报方式。

分部毛利调节

经营费用、财务收入和财务成本未分配至各个分部，因为这些项目由本集团整体管理。可报告分部毛利与本集团税前收入之间的调节如下：


	截至 9 月 30 日止三个月	截至 9 月 30 日止九个月
	2026	2025		2026	2025
	（单位：百万欧元）
分部毛利	1,639		1,351		4,730	3,997
研发	(417)		(309)		(1,151)	(1,103)
销售和营销	(406)		(349)		(1,138)	(1,027)
一般和行政	(144)		(111)		(399)	(370)
财务收入	62		262		396	422
财务成本	(29)		(17)		(76)	(716)
税前收入	705		827		2,362	1,203

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按国家划分的收入


	截至 9 月 30 日止三个月	截至 9 月 30 日止九个月
	2026	2025		2026	2025
	（单位：百万欧元）
美国	1,819		1,587		5,145	4,829

卢森堡	3		3		10	9
其他国家	3,147		2,682		9,124	7,817
总计	4,969		4,272		14,279	12,655

Premium 收入按订阅发起地归属到相应国家。Ad-Supported 收入按广告活动投放地归属到相应国家。“其他国家”中不包含任何单独占总收入 10% 或以上的国家。

21.承诺和或有事项

承诺

本集团须承担以下与其服务内容相关的最低保证义务，其中大部分与许可协议项下使用授权内容所涉及的最低版税付款有关：


	2026 年 9 月 30 日	2025 年 12 月 31 日
	（单位：百万欧元）
不晚于一年	811		1,123
一年后但不超过五年	929		1,490

	1,740		2,613

此外，本集团还须履行各类不可取消的采购义务和服务协议中的最低支出承诺，包括与 Google 就使用 Google Cloud Platform 签订的服务协议，以及某些内容和营销承诺：


	2026 年 9 月 30 日	2025 年 12 月 31 日
	（单位：百万欧元）
不晚于一年	855		626
超过一年但不超过五年	1,100		896
超过五年	41		53
	1,996		1,575

或有事项

针对本集团的各种法律和监管行动、诉讼、索赔及调查正在进行中，也可能被提起或提出。这些事项包括但不限于与知识产权、数据保护、消费者保护、雇佣及合同权利相关的事项。

一般而言，本集团服务中提供的音乐及其他内容均由各类第三方授权给本集团。许多此类许可允许权利持有人或其他获授权方审计本集团的版税付款，任何此类审计都可能导致关于本集团是否已支付适当版税的争议。如果发生此类争议，本集团可能需要支付额外版税，涉及金额可能重大。本集团在法律费用发生时将其计入费用。

本集团在多个司法管辖区持续接受所得税以外税务义务的审计。某些司法管辖区的税务机关质疑我们的立场，包括就2019年第四季度至2020年底期间作出评估，金额总计€43 million（含相关罚款和利息），我们正在对此提出异议。截至2026年9月30日，本集团尚未收到与此事项相关的后续期间评估。对于评估之后的期间，无法切实估计任何未来评估的潜在金额，但该金额可能重大。我们不同意这些评估，并认为我们有充分的抗辩理由。因此，我们未就此事项计提任何准备金。

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当且仅当负债很可能已经发生且损失金额能够合理估计时，本集团才会为或有损失计提准备金。任何法律或税务事项的不利结果（如金额重大）都可能对本集团的运营、财务状况、流动性或经营业绩产生不利影响。

2024年5月16日，被指定负责管理美国法律规定的 blanket compulsory license（全面强制许可）的实体 Mechanical Licensing Collective（“MLC”）在美国纽约南区联邦地区法院对 Spotify USA Inc. 提起诉讼（Mechanical Licensing Collective v. Spotify USA Inc., No. 1:24-cv-03809），指称 Spotify USA Inc. 自 2024 年 3 月的报告起，将其 Premium Service 不当申报并少付了版税，将其作为一项捆绑服务申报，该服务包含每月分配的有声书使用权限。2025年1月29日，法院以有偏见方式驳回了 MLC 的诉讼，并裁定 Premium Service 属于捆绑服务。2025年10月1日，MLC 提交修订后的诉状，指称 Spotify USA Inc. 不当评估了 Premium Service 捆绑服务各组成部分的价值，并不当申报了 Audiobook Access Tier 产品的版税。MLC 还请求地区法院批准其就法院此前根据适用法规认定 Premium Service 属于捆绑服务的裁决提起中间上诉；法院驳回了 MLC 的请求。若 MLC 最终在其主张 Spotify 的 Premium Service 并非捆绑服务一案中完全胜诉，则 2024年3月1日至2026年9月30日期间的相关负债约为 €538 million，另加潜在罚款和利息，其金额我们无法合理估计。任何负债都将由与出版商的直接协议部分抵销。

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Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This discussion and analysis reflects our historical results of operations and financial position and 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 Service (as defined above);

•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;

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Table of Contents

•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;

•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.

We operate in an evolving environment. New risk factors and uncertainties emerge from time to time, and it is not possible for our management to predict all risk factors and uncertainties, nor are we able to assess the impact of all of these risk factors on our business or the extent to which any risk factor, or combination of risk factors, may cause actual results to differ materially from those contained in any forward-looking statements.

We qualify all of our forward-looking statements by these cautionary statements. For additional information, refer to the risk factors discussed under Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025 (“Annual Report on Form 20-F”) and in our other filings with the U.S. Securities and Exchange Commission (“SEC”).

You should read this discussion and analysis completely and with the understanding that our actual future results may be materially different from our expectations.

Investors and others should note that we announce material financial information to our investors using our Investors website (investors.spotify.com), SEC filings, press releases, public conference calls, and webcasts. We use these channels, as well as social media, to communicate with our users and the public about our company, our Service, and other issues. It is possible that the information we post on these channels could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our Company to review the information we post on the channels listed on our Investors website.

Overview

We are the world’s most popular audio streaming subscription service. With a presence in 184 countries and territories, our platform includes 788 million monthly active users (“MAUs”) and 306 million Premium Subscribers (as defined below) as of September 30, 2026.

We currently monetize our Service primarily through both subscriptions and advertising. Our Premium Subscribers have grown 9% year-over-year, as of September 30, 2026, to 306 million. Our 788 million MAUs have grown 11% year-over-year, as of September 30, 2026.

Our results reflect the effects of our trial programs, both discounted and free trials, in addition to seasonal trends in user behavior and, with respect to our Ad-Supported segment, advertising behavior. Historically, Premium Subscriber growth benefits when we run such trial programs.

For our Ad-Supported segment, typically we experience higher advertising revenue in the fourth quarter of each calendar year due to greater advertising demand during the holiday season. However, in the first quarter of each calendar year, we typically experience a seasonal decline in advertising revenue due to reduced advertiser demand.

We are focused on delivering best-in-class value to consumers relative to the price they pay for Spotify and we periodically update pricing to reflect the value of our evolving offerings.

We continue to enhance the user experience by improving discovery and personalization through innovative new features, including the use of artificial intelligence (“AI”). During the quarter, we introduced or expanded several features available to subscribers on the Premium Service in select markets, including Taste Profile, Playlist Notes, and Managed Accounts. We also continue to invest in monetization opportunities for creators, expanding the Spotify Partner Program to more than 35 new markets on October 20, 2026.

On October 7, 2026, we announced the expansion of audiobook access from 22 markets to more than 180 markets by the end of 2026. With this expansion, listeners in new markets will be able to access more than 350,000 titles spanning over 120 languages.

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Current macroeconomic environment

The global macroeconomic environment continues to be uncertain, reflecting the impacts of slower growth, inflation, changes in interest rates, changes in trade and tax policies, geopolitical conflicts, and related market uncertainty. We will continue to actively monitor and respond accordingly to the macroeconomic environment.

For additional information, refer to Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F.

Key Performance Indicators

We use certain key performance indicators to monitor and manage our business. We use these indicators to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. We believe these indicators provide useful information to investors in understanding and evaluating our operating results in the same manner we do.

MAUs

We track MAUs as an indicator of the size of the audience engaged with our Service. We define MAUs as the total count of Ad-Supported Users and Premium Subscribers that have consumed content for greater than zero milliseconds in the last thirty days from the period-end indicated. Reported MAUs may overstate the number of unique individuals who actively use our Service within a thirty-day period, as one individual may register for, and use, multiple accounts. Additionally, although we strive to detect and minimize non-bona fide accounts that may typically be created in an attempt to artificially stream content, they may contribute, from time to time, to an overstatement in our reported MAUs. Our MAUs in the tables below are inclusive of Ad-Supported Users who may have employed methods to limit or otherwise avoid being served advertisements. For additional information, refer to the risk factors discussed under Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F, and in our other filings with the SEC.

The table below sets forth our MAUs as of September 30, 2026 and 2025.


	As of September 30,
	2026	2025		Change
	(in millions, except percentages)
MAUs	788		713		75	11	%

MAUs were 788 million as of September 30, 2026 and 713 million as of September 30, 2025, which represented an increase of 11%. MAUs benefited from our continued investment in driving the growth of our Service through successful consumer marketing campaigns, enhanced content offerings, and product enhancements, resulting in continued user engagement and customer satisfaction.

Premium Subscribers

We define Premium Subscribers as users that have completed registration with Spotify and have activated a payment method for Premium Service and other subscription offerings (collectively, “Subscription Offerings”). Our Premium Subscribers include all registered accounts in our Family Plan and Duo Plan. Our Family Plan consists of one primary subscriber and up to five additional sub-accounts, allowing up to six Premium Subscribers per Family Plan subscription, depending on the market. Our Duo Plan consists of one primary subscriber and up to one additional sub-account, allowing up to two Premium Subscribers per Duo Plan subscription. Premium Subscribers include subscribers in a grace period of up to 30 days after failing to pay their subscription fee.

The table below sets forth our Premium Subscribers as of September 30, 2026 and 2025.


	As of September 30,
	2026	2025		Change
	(in millions, except percentages)
Premium Subscribers	306		281		25	9	%

Premium Subscribers were 306 million as of September 30, 2026 and 281 million as of September 30, 2025, which represented an increase of 9%. Our free trial offers and global campaigns were meaningful contributors of total gross additions in Premium Subscribers, while our Family Plan and Duo Plan also accounted for a significant portion of gross additions in Premium Subscribers.

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Table of Contents

Ad-Supported MAUs

We define Ad-Supported MAUs as the total count of Ad-Supported Users that have consumed content for greater than zero milliseconds in the last thirty days from the period-end indicated.

The table below sets forth our Ad-Supported MAUs as of September 30, 2026 and 2025.


	As of September 30,
	2026	2025		Change
	(in millions, except percentages)
Ad-Supported MAUs	499		446		53	12	%

Ad-Supported MAUs were 499 million as of September 30, 2026 and 446 million as of September 30, 2025, which represented an increase of 12%. Ad-Supported MAUs benefited from our continued investment in driving the growth of our Ad-Supported Service through successful consumer marketing campaigns, enhanced content offerings, and product enhancements, resulting in continued Ad-Supported User engagement and customer satisfaction.

Premium ARPU

Premium average revenue per user (“ARPU”) is a monthly measure defined as revenue recognized from Premium Subscribers in the quarter indicated divided by the average daily Premium Subscribers in such quarter, which is then divided by three months. Fiscal year-to-date figures are calculated by averaging Premium ARPU for the quarters in such period.

The table below sets forth our average Premium ARPU for the three and nine months ended September 30, 2026 and 2025.


	Three months ended September 30,					Nine months ended September 30,
	2026		2025	Change		2026	2025		Change
Premium ARPU	€	4.95		€	4.53		€	0.42		9	%	€	4.86	€	4.61	€	0.25	5	%

For the three months ended September 30, 2026 and 2025, Premium ARPU was €4.95 and €4.53, respectively, which represented an increase of 9%. This increase of €0.42 is primarily attributable to price increases, increasing Premium ARPU by €0.48, and favorable movements in foreign exchange rates, increasing Premium ARPU by €0.08. These increases were partially offset by changes in product and market mix, decreasing Premium ARPU by €0.14.

For the nine months ended September 30, 2026 and 2025, Premium ARPU was €4.86 and €4.61, respectively, which represented an increase of 5%. This increase of €0.25 is primarily attributable to price increases, resulting in a €0.44 increase in Premium ARPU. This increase was partially offset by changes in product and market mix, decreasing Premium ARPU by €0.15, and unfavorable movements in foreign exchange rates, decreasing Premium ARPU by €0.04.

How We Generate Revenue

We operate and manage our business in two reportable segments - Premium and Ad-Supported. We identify our reportable segments based on the organizational units used by the joint chief operating decision makers to monitor performance and make operating decisions. See Note 20 to our interim condensed consolidated financial statements for additional information regarding our reportable segments.

Premium

We generate revenue for our Premium segment primarily through the sale of subscriptions to the Subscription Offerings. The Subscription Offerings are primarily sold directly to end users. The Premium Service is also sold through partners who are generally telecommunications companies that bundle the subscription with their own services or collect payment for the stand-alone subscriptions from their end customers. Premium partner subscription revenue is based on a per-subscriber rate in a negotiated partner agreement. We also bundle our services with other services.

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Ad-Supported

We generate revenue for our Ad-Supported segment primarily from the sale of display, audio, and video advertising delivered through advertising impressions across the Service. We enter into arrangements with advertising agencies that purchase advertising on behalf of their clients and we also enter into arrangements directly with some large advertisers. These direct advertising arrangements are typically sold on a cost-per-thousand impressions (“CPM”) basis and are evidenced by an insertion order that specifies the terms of the arrangement such as the type of advertising product, pricing, insertion dates, and number of impressions in a stated period. Additionally, we generate revenue through automated sales channels, including both internal and external advertising automated exchanges, our self-serve platform, and advertising marketplace programs to distribute advertising inventory for purchase on a biddable auction or fixed CPM basis. These arrangements are evidenced through submission of order placements through the platform and online acceptance of terms and conditions. These order placements typically specify the type of advertising product, pricing, insertion dates, and number of impressions in a stated period.

In addition, certain offerings within our two-sided marketplace result in advertising revenues.

Components of our Operating Results

Cost of revenue. Cost of revenue consists predominantly of royalty and distribution costs related to content streaming. We incur royalty costs, which we pay to certain record labels, music publishers, audiobook publishers, and other rights holders, for the right to stream content to our users. Music royalties are typically calculated monthly based on the combination of a number of different variables. Generally, Subscription Offering music royalties are based on the greater of a percentage of relevant revenue and a per user amount. Music royalties for the Ad-Supported Service are typically a percentage of relevant revenue, although certain agreements are based on the greater of a percentage of relevant revenue and an amount for each time a track is streamed. We have negotiated lower per user amounts for our lower priced subscription plans such as our Family Plan, Duo Plan, and Student Plan. In our agreements with certain record labels, the percentage of revenue used in the calculation of royalties is generally dependent upon certain targets being met. The targets can include such measures as the number of applicable Premium Subscribers, the ratio of Ad-Supported Users to applicable Premium Subscribers, and/or the rates of applicable Premium Subscriber churn. In addition, royalty rates vary by country. Some of our royalty agreements require that royalty costs be paid in advance or are subject to minimum guaranteed amounts. For the majority of royalty agreements, incremental costs incurred due to unrecouped advances and minimum guarantees have not been significant to date. We also have certain so-called most favored nation royalty agreements, which require us to record additional costs if certain material contract terms are not as favorable as the terms we have agreed to with similar licensors. Cost of revenue also reflects discounts provided by certain rights holders in return for promotional activities in connection with marketplace programs. Additionally, it includes the costs of discounted trials. Royalties payable in relation to audiobook licenses are generally consumption-based or fixed fee. Fixed fee arrangements to access content are recorded on a straight-line basis over the applicable license period. Royalties payable in relation to lyrics are generally based on a percentage of relevant revenue or lyric impressions.

Cost of revenue also includes the cost of podcast content assets (both produced and licensed). Amortization of podcast content assets is recorded over the shorter of the estimated useful economic life or the license period (if relevant) and begins at the release of each episode. We make payments to podcast publishers, whose content we monetize through advertising sales in the Spotify Audience Network (“SPAN”), which are also included in cost of revenue. Additionally, cost of revenue includes payments for certain video content. Amounts are recognized based on a number of factors including qualifying consumption time attributable to eligible video episodes and financial participations in excess of minimum guarantees.

Cost of revenue also includes credit card and payment processing fees for subscription revenue, advertising serving, advertising measurement, customer service, certain employee compensation and benefits, facility and equipment costs, and streaming delivery costs including cloud, AI, and IT related costs.

Research and development. We invest heavily in research and development in order to drive user engagement and customer satisfaction on our platform, which we believe helps drive organic growth in MAUs, which, in turn, drives additional growth in, and better retention of, Premium Subscribers, as well as increased advertising opportunities to our users. We aim to design products and features that create and enhance user experiences, and new technologies are at the core of many of these opportunities. Expenses primarily comprise costs incurred for the development of products related to our platform and Service, as well as new and existing advertising products and improvements to our mobile application and desktop application and streaming services. The costs incurred include cloud, AI, and IT related costs, facility costs, consulting costs, and employee compensation and benefits costs. We expect engineers to represent a significant portion of our employees over the foreseeable future.

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Table of Contents

Many of our new products and improvements to our platform require large investments and involve substantial time and risks to develop and launch. Some of these products may not be well received or may take a long time for users to adopt. As a result, the benefits of our research and development investments are difficult to forecast.

Sales and marketing. Sales and marketing expenses primarily comprise employee compensation and benefits, public relations, branding, consulting expenses, customer acquisition costs, advertising, marketing events and trade shows, the cost of working with content creators and rights holders to promote the availability of new releases on our platform, and the costs of providing free trials. The cost of providing free trials is typically per user royalty fees, determined in accordance with the rights holder agreements.

General and administrative. General and administrative expenses primarily comprise employee compensation and benefits for functions such as finance, accounting, analytics, legal, human resources, and other costs including consulting fees, facility and equipment costs, directors’ and officers’ liability insurance, and director fees.

Results of Operations

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.

Revenue


	Three months ended September 30,				Nine months ended September 30,
	2026	2025		Change	2026	2025		Change
	(in € millions, except percentages)
Premium	4,487		3,835		652		17	%	12,966	11,371	1,595	14	%
Ad-Supported	482		437		45		10	%	1,313	1,284	29	2	%
Total	4,969		4,272		697		16	%	14,279	12,655	1,624	13	%

Premium revenue

For the three months ended September 30, 2026 and 2025, Premium revenue comprised 90% of our total revenue. For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, Premium revenue increased €652 million, or 17%. The increase was due to an increase in the number of Premium Subscribers and an increase in Premium ARPU, as described above.

For the nine months ended September 30, 2026 and 2025, Premium revenue comprised 91% and 90% of our total revenue, respectively. For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, Premium revenue increased €1,595 million, or 14%. The increase was due to an increase in the number of Premium Subscribers and an increase in Premium ARPU, as described above.

Ad-Supported revenue

For the three months ended September 30, 2026 and 2025, Ad-Supported revenue comprised 10% of our total revenue. For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, Ad-Supported revenue increased €45 million, or 10%. This increase was due primarily to an increase in music impressions sold on our biddable offerings, which increased revenue in our automated sales channels by €91 million. This was partially offset by a decrease of €53 million in our direct channel due primarily to a decrease in music impressions sold through the channel.

For the nine months ended September 30, 2026 and 2025, Ad-Supported revenue comprised 9% and 10% of our total revenue, respectively. For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, Ad-Supported revenue increased €29 million, or 2%. This increase was due primarily to an increase in our automated sales channels of €211 million due primarily to an increase in music impressions sold on our biddable offerings. This increase was partially offset by a decrease in our direct channel of €177 million due primarily to a decrease in music impressions sold through the channel.

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Foreign exchange impact on revenue

The changes in revenue described above include the impact of foreign exchange rate movements during the respective periods. For Premium revenue, the general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, Mexican peso, Australian dollar, and Brazilian real, for the three months ended September 30, 2026, as compared to the same period in 2025, had a net favorable impact on our revenue. The general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the nine months ended September 30, 2026, as compared to the same period in 2025, had a net unfavorable impact on our revenue. We estimate that Premium revenue for the three months ended September 30, 2026 would have been approximately €74 million lower, and for the nine months ended September 30, 2026 would have been approximately €162 million higher, if foreign exchange rates had remained consistent with foreign exchange rates for the comparable periods in 2025. For Ad-Supported revenue, the general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the three months ended September 30, 2026, as compared to the same period in 2025, had a net favorable impact on our revenue. The general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the nine months ended September 30, 2026, as compared to the same period in 2025, had a net unfavorable impact on our revenue. We estimate that Ad-Supported revenue for the three months ended September 30, 2026 would have been approximately €7 million lower, and for the nine months ended September 30, 2026 would have been approximately €37 million higher, if foreign exchange rates had remained consistent with foreign exchange rates for the comparable periods in 2025.

Cost of revenue


	Three months ended September 30,				Nine months ended September 30,
	2026	2025		Change	2026	2025		Change
	(in € millions, except percentages)
Premium	2,938		2,561		377		15	%	8,461	7,584	877	12	%
Ad-Supported	392		360		32		9	%	1,088	1,074	14	1	%
Total	3,330		2,921		409		14	%	9,549	8,658	891	10	%

Premium cost of revenue

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, Premium cost of revenue increased €377 million, or 15%, and Premium cost of revenue as a percentage of Premium revenue decreased to 65% from 67%. The increase in Premium cost of revenue was due primarily to increases in Premium revenue driving increases in music royalty costs, as well as increases in audiobook licensing costs and costs associated with the Spotify Partner Program, partially offset by benefits from certain marketplace programs. These collectively resulted in higher content costs of €353 million. Additionally, there was a €13 million increase in payment processing fees and a €25 million increase in streaming delivery costs during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, Premium cost of revenue increased €877 million, or 12%, and Premium cost of revenue as a percentage of Premium revenue decreased to 65% from 67%. The increase in Premium cost of revenue was due primarily to increases in Premium revenue driving increases in music royalty costs, as well as increases in audiobook licensing costs and costs associated with the Spotify Partner Program, partially offset by benefits from certain marketplace programs. These collectively resulted in higher content costs of €833 million. Additionally, there was a €29 million increase in payment processing fees and a €49 million increase in streaming delivery costs during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.

Ad-Supported cost of revenue

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, Ad-Supported cost of revenue increased €32 million, or 9%, and Ad-Supported cost of revenue as a percentage of Ad-Supported revenue decreased to 81% from 82%. The increase in Ad-Supported cost of revenue was due primarily to a €23 million increase in music royalty costs, driven by an increase in advertising revenue and by benefits from changes in prior period estimates for rights holder liabilities during the three months ended September 30, 2025, with no comparable benefit during the three months ended September 30, 2026. Additionally, there was a €9 million increase in streaming delivery costs during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

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For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, Ad-Supported cost of revenue increased €14 million, or 1%, and Ad-Supported cost of revenue as a percentage of Ad-Supported revenue decreased to 83% from 84%. The increase in Ad-Supported cost of revenue was due primarily to an increase in streaming delivery costs of €18 million. There was also a €15 million increase in music royalty costs, driven by an increase in advertising revenue and by benefits from changes in prior period estimates for rights holder liabilities during the nine months ended September 30, 2025, with no comparable benefit during the nine months ended September 30, 2026. These increases were partially offset by an €8 million reduction in advertising serving costs and €6 million in benefits from the repeal of a foreign digital services tax during the nine months ended September 30, 2026.

Foreign exchange impact on total cost of revenue

The changes in cost of revenue described above include the impact of foreign exchange rate movements during the respective periods. For Premium cost of revenue, the general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, Mexican peso, Brazilian real, and Australian dollar, for the three months ended September 30, 2026, as compared to the same period in 2025, had a net unfavorable impact on our cost of revenue. The general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the nine months ended September 30, 2026, as compared to the same period in 2025, had a net favorable impact on our cost of revenue. We estimate that Premium cost of revenue for the three months ended September 30, 2026 would have been approximately €47 million lower, and for the nine months ended September 30, 2026 would have been approximately €115 million higher, if foreign exchange rates had remained consistent with foreign exchange rates for the comparable periods in 2025. For Ad-Supported cost of revenue, the general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the three months ended September 30, 2026, as compared to the same period in 2025, had a net unfavorable impact on our cost of revenue. The general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the nine months ended September 30, 2026, as compared to the same period in 2025, had a net favorable impact on our cost of revenue. We estimate that Ad-Supported cost of revenue for the three months ended September 30, 2026 would have been approximately €4 million lower, and for the nine months ended September 30, 2026 would have been approximately €34 million higher, if foreign exchange rates had remained consistent with foreign exchange rates for the comparable periods in 2025.

Gross profit and gross margin


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
Gross profit
Premium	1,549			1,274		275		22	%		4,505			3,787	718	19	%
Ad-Supported	90			77		13		17	%		225			210	15	7	%
Consolidated	1,639			1,351		288		21	%		4,730			3,997	733	18	%
Gross margin
Premium	35	%		33	%				35	%		33	%
Ad-Supported	19	%		18	%				17	%		16	%
Consolidated	33	%		32	%				33	%		32	%

Premium gross profit and gross margin

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, Premium gross profit increased by €275 million, and Premium gross margin increased to 35% from 33%. Premium gross margin increased due primarily to revenue growth outpacing music royalty costs net of certain marketplace programs, audiobook licensing costs, and costs associated with the Spotify Partner Program. This increase was partially offset by streaming delivery costs outpacing revenue growth during the three months ended September 30, 2026.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, Premium gross profit increased by €718 million, and Premium gross margin increased to 35% from 33%. Premium gross margin increased due primarily to revenue growth outpacing music royalty costs net of certain marketplace programs, audiobook licensing costs, and costs associated with the Spotify Partner Program during the nine months ended September 30, 2026.

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Ad-Supported gross profit and gross margin

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, Ad-Supported gross profit increased by €13 million, and Ad-Supported gross margin increased to 19% from 18%. The increase in Ad-Supported gross margin was due primarily to favorability in podcast cost structure and a decrease in advertising serving costs as a percentage of revenue. These increases were partially offset by benefits from changes in prior period estimates for rights holder liabilities during the three months ended September 30, 2025, with no comparable benefit for the three months ended September 30, 2026, as well as by streaming delivery costs outpacing revenue growth during the three months ended September 30, 2026.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, Ad-Supported gross profit increased by €15 million, and Ad-Supported gross margin increased to 17% from 16%. The increase in Ad-Supported gross margin was due primarily to favorability in podcast cost structure, as well as benefits from the repeal of a foreign digital services tax. These increases were partially offset by benefits from changes in prior period estimates for rights holder liabilities during the nine months ended September 30, 2025, with no comparable benefit for the nine months ended September 30, 2026, as well as by streaming delivery costs outpacing revenue growth during the nine months ended September 30, 2026.

Consolidated Operating Expenses

From January 1, 2026, all personnel expenses related to our Co-Chief Executive Officers are included in general and administrative expense.

Research and development


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
Research and development	417			309		108		35	%		1,151			1,103	48	4	%
As a percentage of revenue	8	%		7	%				8	%		9	%

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, research and development costs increased by €108 million, or 35%. The increase in research and development expenses was due primarily to an increase of €58 million in information technology costs, due primarily to an increase in cloud and AI costs, and an increase of €21 million in social costs on share-based compensation awards due primarily to changes in share price movements.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, research and development costs increased €48 million, or 4%. The increase in research and development expenses was due primarily to an increase of €134 million in information technology costs, due primarily to an increase in cloud and AI costs. This increase was partially offset by a decrease of €123 million in social costs on share-based compensation awards due primarily to changes in share price movements.

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Sales and marketing


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
Sales and marketing	406			349		57		16	%		1,138			1,027	111	11	%
As a percentage of revenue	8	%		8	%				8	%		8	%

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, sales and marketing expense increased by €57 million, or 16%. The increase in sales and marketing expenses was due primarily to an increase in costs of €36 million for marketing campaigns and an increase in costs of €12 million for providing free trials.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, sales and marketing expense increased by €111 million, or 11%. The increase in sales and marketing expenses was due primarily to an increase in costs of €105 million for marketing campaigns and an increase in costs of €45 million for providing free trials. These increases were partially offset by a decrease of €35 million in social costs on share-based compensation awards due primarily to changes in share price movements.

General and administrative


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
General and administrative	144			111		33		30	%		399			370	29	8	%
As a percentage of revenue	3	%		3	%				3	%		3	%

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, general and administrative expense increased by €33 million, or 30%. The increase in general and administrative expense was due primarily to an increase of €11 million in share-based compensation, due primarily to amounts related to our Co-Chief Executive Officers being included in general and administrative expense beginning January 1, 2026. Social costs on share-based compensation awards also increased by €11 million, driven by the impact of changes in share price movements for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, and changes in the current period social costs related to our Co-Chief Executive Officers. There was also an increase of €9 million in legal fees for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, general and administrative expense increased by €29 million, or 8%. The increase in general and administrative expense was due primarily to an increase of €37 million in share-based compensation, due primarily to amounts related to our Co-Chief Executive Officers being included in general and administrative expense beginning January 1, 2026, and an increase of €21 million in legal fees. These increases were partially offset by a decrease of €31 million in social costs on share-based compensation awards driven by the impact of changes in share price movements for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, and changes in the current period social costs related to our Co-Chief Executive Officers.

Foreign exchange impact on total operating expenses

The changes in operating expenses described above include the impact of foreign exchange rate movements during the respective periods. A significant portion of our operating expenses are denominated in the U.S. dollar. The general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the three months ended September 30, 2026, as compared to the same period in 2025, had a net unfavorable impact on our operating expenses. The general movement of certain foreign currencies relative to the Euro, primarily the U.S. dollar, for the nine months ended September 30, 2026, as compared to the same period in 2025, had a net favorable impact on our operating expenses. We estimate that total operating expenses for the three months ended September 30, 2026 would have been approximately €11 million lower, and for the nine months ended September 30, 2026 would have been approximately €47 million higher, if foreign exchange rates had remained consistent with foreign exchange rates for the comparable periods in 2025.

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Finance income

Finance income consists of fair value adjustment gains on certain financial instruments, interest income earned on our cash and cash equivalents and short term investments, interest income on our finance lease receivables, dividends received on our long term investments, and foreign currency gains.


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
Finance income	62			262		(200)		(76)	%		396			422	(26)	(6)	%
As a percentage of revenue	1	%		6	%				3	%		3	%

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, finance income decreased by €200 million. The decrease was due primarily to €197 million in fair value movements on the Exchangeable Notes recognized within finance income during the three months ended September 30, 2025, with no such activity recognized within finance income during the three months ended September 30, 2026.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, finance income decreased by €26 million. The decrease was due primarily to a decrease in interest income earned on cash and cash equivalents and short term investments of €27 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.

Finance costs

Finance costs consist of fair value adjustment losses on certain financial instruments, interest expense, and foreign currency losses.


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
Finance costs	(29)			(17)		(12)		71	%		(76)			(716)	640	(89)	%
As a percentage of revenue	(1)	%		—	%				(1)	%		(6)	%

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, finance costs increased by €12 million. The increase was due primarily to an increase in foreign exchange losses on the remeasurement of monetary assets and liabilities in a transaction currency other than the functional currency of €13 million during the three months ended September 30, 2026, as compared to the three months ended September 30, 2025.

For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, finance costs decreased by €640 million. The decrease was due primarily to €601 million in fair value movements on the Exchangeable Notes recognized within finance costs during the nine months ended September 30, 2025, with no such activity recognized within finance costs during the nine months ended September 30, 2026. Finance costs for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, also included a decrease in foreign exchange losses on the remeasurement of monetary assets and liabilities in a transaction currency other than the functional currency of €29 million.

Income tax expense/(benefit)


	Three months ended September 30,					Nine months ended September 30,
	2026		2025		Change	2026	2025		Change
	(in € millions, except percentages)
Income tax expense/(benefit)	187			(72)		259		N/M*		578		165	413	250	%
As a percentage of revenue	4	%		(2)	%				4	%	1	%

* Percentage change is not meaningful for presentation purposes.

For the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, income tax expense increased by €259 million. The increase was due primarily to a €202 million benefit recognized during the three months ended September 30, 2025 relating to the impact of acceleration of the deduction of the previously capitalized and unamortized domestic Section 174 R&D costs, with no comparable benefit recognized during the three months ended September 30, 2026. The increase in expense was also driven by a €34 million change in provisions for uncertain tax positions.

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For the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, income tax expense increased by €413 million. The increase was driven by €277 million of tax related to increased profitability within the Group. In addition, there was a €198 million benefit recognized during the nine months ended September 30, 2025 relating to the impact of acceleration of the deduction of the previously capitalized and unamortized domestic Section 174 R&D costs, with no comparable benefit recognized during the nine months ended September 30, 2026. The increase in expense was also driven by a €55 million change in provisions for uncertain tax positions. The increases were partially offset by a €103 million decrease in non-deductible losses associated with the Exchangeable Notes.

Non-IFRS financial measure

We have reported our interim financial results in accordance with IAS 34 as issued by the IASB. In addition, we have discussed our results using the non-IFRS measure of Free Cash Flow as discussed below.

We define “Free Cash Flow” as net cash flows from operating activities less capital expenditures and change in restricted cash. We believe Free Cash Flow is a useful supplemental financial measure for us and investors in assessing our ability to pursue business opportunities and investments and to service our debt. Free Cash Flow is not a measure of our liquidity under IFRS and should not be considered as an alternative to net cash flows from operating activities.

Free Cash Flow is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial performance. Because Free Cash Flow is not a measurement determined in accordance with IFRS, and is susceptible to varying calculations, it may not be comparable to other similarly titled measures presented by other companies. You should not consider Free Cash Flow in isolation, or as a substitute for an analysis of our results as reported on our interim condensed consolidated financial statements appearing elsewhere in this document.

Set forth below is a reconciliation of Free Cash Flow to net cash flows from operating activities for the periods presented.


	Nine months ended September 30,
	2026	2025
	(in € millions)
Net cash flows from operating activities	2,392		2,077
Capital expenditures	(40)		(39)
Change in restricted cash	4		2
Free Cash Flow	2,356		2,040

Liquidity and Capital Resources

Our principal sources of liquidity are our cash and cash equivalents, short term investments, and cash generated from operating activities. In addition, we generate cash inflows from the exercise of stock options, which can be significant depending on activity in the period. Cash and cash equivalents and short term investments consist mostly of cash on deposit with banks, time deposits, investments in money market funds, and investments in government securities, agency securities, corporate notes, fixed income funds, and collateralized reverse purchase agreements. Cash and cash equivalents and short term investments increased by €421 million from €9,467 million as of December 31, 2025 to €9,888 million as of September 30, 2026.

We believe our existing cash and cash equivalents, short term investments, and the cash flow we generate from our operations will be sufficient for at least the next 12 months to meet our working capital and capital expenditure needs and other liquidity requirements. However, our future capital requirements may be materially different than those currently planned in our budgeting and forecasting activities and depend on many factors, including our rate of revenue growth, the timing of new product introductions, market acceptance of our products, the acquisition of other companies, competitive factors, and global economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in additional dilution to our shareholders, while the incurrence of debt financing would result in debt service obligations. Such debt instruments also could introduce covenants that might restrict our operations. We cannot assure you that we could obtain additional financing on favorable terms, or at all. For additional information, refer to Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F.

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Share repurchase program

On August 20, 2021, the Company announced that the board of directors had approved a program to repurchase up to US$1.0 billion of the Company’s ordinary shares. On July 29, 2025, the Company announced that the board of directors had approved an increase in the Company’s share repurchase program by an additional US$1.0 billion. Repurchases of up to 10,000,000 of the Company’s ordinary shares were authorized at the Company’s general meeting of shareholders on April 21, 2021. During our 2026 annual general meeting held on April 15, 2026, shareholders and holders of beneficiary certificates renewed the authorization to repurchase 10,000,000 ordinary shares issued by the Company during a period of five years, for a price that will be determined by the board of directors within the following limits: at least the par value and at most the fair market value. On August 20, 2026, the Company announced that the board of directors had approved an increase in the Company’s share repurchase program by an additional US$1.5 billion. As of September 30, 2026, the Company repurchased 3,287,031 shares for €1,395 million (US$1,620 million) under this program. The Company repurchased 700,318 shares for €318 million (US$367 million) during the three months ended September 30, 2026 and 2,049,534 shares for €865 million (US$1,005 million) during the nine months ended September 30, 2026. As of September 30, 2026, the maximum value of shares that may yet be purchased under the share repurchase program is approximately US$1,880 million. Additionally, subsequent to the end of the reporting period and through close of business on October 21, 2026, the Company repurchased an additional 181,622 shares for €80 million (US$89 million) under this program.

The timing and actual number of shares repurchased depends on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The repurchase program is executed consistent with the Company’s approach to capital allocation of prioritizing profitable growth while maintaining a balance sheet that can support our long term strategy. The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The Company uses current cash and cash equivalents and the cash flow it generates from operations to fund the share repurchase program.

Exchangeable Notes

On March 2, 2021, Spotify USA Inc. issued US$1,500 million in aggregate principal amount of the Exchangeable Notes. Net proceeds from the issuance of the Exchangeable Notes were €1,223 million after deducting the transaction costs. The Exchangeable Notes matured on March 15, 2026 and the outstanding Exchangeable Notes, along with exchanges during the three months ended March 31, 2026, were derecognized and settled in cash for €1,304 million (US$1,499 million) in accordance with the Indenture. See Note 15 to our interim condensed consolidated financial statements for further information regarding our Exchangeable Notes.

Cash flow


	Nine months ended September 30,
	2026	2025
	(in € millions)
Net cash flows from operating activities	2,392		2,077
Net cash flows from/(used in) investing activities	440		(1,156)
Net cash flows (used in)/from financing activities	(2,134)		37
Free Cash Flow(1)	2,356		2,040

(1)For a discussion of the limitations associated with using Free Cash Flow rather than IFRS measures, and a reconciliation of Free Cash Flow to net cash flows from operating activities, see “Non-IFRS financial measure” above.

Operating activities

Net cash flows from operating activities increased by €315 million to €2,392 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The increase was due primarily to an increase in operating income adjusted for non-cash items including depreciation, amortization, impairment charge on real estate assets, and share-based compensation expense, resulting in an increase in cash flows from operating activities of €580 million. Additionally, there were unfavorable changes in working capital movements of €133 million, principally driven by unfavorable changes in trade receivables and other assets, provisions, and trade and other liabilities, partially offset by favorable changes in deferred revenue. There was also a decrease in interest received on cash and cash equivalents and short term investments of €28 million and an increase in income tax paid of €114 million.

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Investing activities

Net cash flows from/(used in) investing activities changed by €1,596 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, from net cash flows used in investing activities of €1,156 million to net cash flows from investing activities of €440 million. The change was due primarily to an increase in net cash inflows from purchases and sales and maturities of short term investments of €1,522 million and sales of long term investments of €60 million.

Financing activities

Net cash flows (used in)/from financing activities changed by €2,171 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, from net cash flows from financing activities of €37 million to net cash flows used in financing activities of €2,134 million. The change was due primarily to the repayment of the Exchangeable Notes of €1,304 million. There was also an increase in repurchases of ordinary shares of €793 million and a decrease in cash proceeds from the exercise of stock options of €139 million, partially offset by a decrease in payments for employee taxes withheld from restricted stock unit releases of €61 million.

Free Cash Flow

Free Cash Flow increased by €316 million to €2,356 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, due primarily to an increase in net cash flows from operating activities of €315 million, as described above.

Restrictions on subsidiaries to transfer funds

The payment of dividends and the making, or repayment, of loans and advances to the Company by the Company’s direct subsidiaries and by its indirect subsidiaries to their respective parent entities are subject to various restrictions. Future indebtedness of these subsidiaries may prohibit the payment of dividends or the making, or repayment, of loans or advances to the Company. In addition, the ability of any of the Company’s direct or indirect subsidiaries to make certain distributions may be limited by the laws of the relevant jurisdiction in which the subsidiaries are organized or located. Since the Company is expected to rely primarily on dividends from its direct and indirect subsidiaries to fund its financial and other obligations, restrictions on its ability to receive such funds may adversely impact the Company’s ability to fund its financial and other obligations.

Indebtedness

As of September 30, 2026, we have no outstanding indebtedness, other than lease liabilities, following maturity of our Exchangeable Notes on March 15, 2026 and subsequent settlement. We may from time to time seek to incur additional indebtedness. Such indebtedness, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors.

Off-balance sheet arrangements

As of September 30, 2026, we do not have transactions with unconsolidated entities, such as entities often referred to as structured finance or special purpose entities, whereby we have financial guarantees, subordinated retained interests, derivative instruments, or other contingent arrangements that expose us to material continuing risks, contingent liabilities, or any other obligation under a variable interest in an unconsolidated entity that provides financing, liquidity, market risk, or credit risk support to us.

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Contractual obligations

The following table sets forth our contractual obligations and commercial commitments as of September 30, 2026:


	Payments due by period
	Total	Less than 1 year		1-3 years	3-5 years	More than 5 years
	(in € millions)
Minimum guarantees (1)	1,740		811		926		3	—
Lease obligations (2)	613		92		166		146	209
Purchase obligations (3)	1,996		855		900		200	41

Total	4,349		1,758		1,992		349	250

(1)We are subject to minimum royalty payments associated with our license agreements for the use of licensed content. See Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F.

(2)Included in the lease obligations are short term leases and certain lease agreements that we have entered into, but had not yet commenced as of September 30, 2026. Lease obligations primarily relate to our office space and our subleased properties. The expected lease terms are up to 10 years. See Note 7 to the interim condensed consolidated financial statements for further details regarding leases.

(3)We are subject to various non-cancelable purchase obligations and service agreements with minimum spend commitments, including a service agreement with Google for the use of Google Cloud Platform and certain content and marketing commitments.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our activities expose us to a variety of market risks. Our primary market risk exposures relate to currency, interest rate, share price, investment, and inflation risks. To manage these risks and our exposure to the unpredictability of financial markets, we seek to minimize potential adverse effects on our financial performance and capital.

Volatile market conditions caused by significant events with macroeconomic impacts, including, but not limited to, slower growth or recession, inflation, changes in interest rates, changes in trade and tax policies, geopolitical conflicts, and related market uncertainty, may result in significant changes in foreign exchange rates, interest rates, and share prices, both our own and those of third parties we use to value certain of our long term investments. Refer to Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F for further discussion on the impact of worldwide economic conditions on our business, operating results, and financial condition.

Currency risk

Currency risk manifests itself in transaction exposure, which relates to business transactions denominated in foreign currency required by operations (purchasing and selling) and/or financing (interest and amortization). The volatility in foreign exchange rates, in particular a weakening of foreign currencies relative to the Euro, may negatively affect our revenue. Our general policy is to hedge transaction exposure on a case-by-case basis. Translation exposure relates to net investments in foreign operations. We do not conduct translation risk hedging.

Transaction exposure sensitivity

In most cases, our customers are billed in their respective local currency. Major payments, such as salaries, consultancy fees, and rental fees are settled in local currencies. Royalty payments are primarily settled in Euros and U.S. dollars. Hence, the operational need to net purchase foreign currency is due primarily to a deficit from such settlements.

The table below shows the immediate impact on income before tax of a 10% strengthening of foreign currencies relative to the functional currencies of the Group’s subsidiaries in the closing exchange rate of significant currencies to which we have transaction exposure, at September 30, 2026. The impact on income before tax is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group. The sensitivity associated with a 10% weakening of a particular currency would be equal and opposite. This assumes that each currency moves in isolation.

British pound
(GBP)

U.S. dollar
(USD)

(in € millions)

Decrease in income before tax

(37)

(55)

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Translation exposure sensitivity

The impact on our equity would be approximately €255 million if the Euro weakened by 10% against all translation exposure currencies, based on the exposure at September 30, 2026.

Interest rate risk

Interest rate risk is the risk that changes in interest rates will have a negative impact on earnings and cash flows. Our exposure to interest rate risk is related to our interest-bearing assets, including our cash and cash equivalents and our short term investments. Fluctuations in interest rates impact the yield of the investment. The sensitivity analysis considered the historical volatility of short term interest rates and we determined that it was reasonably possible that a change of 100 basis points could be experienced in the near term. A hypothetical 100 basis point decrease or increase in interest rates would have resulted in a change in interest income earned on our cash and cash equivalents and short term investments of €24 million and €70 million for the three and nine months ended September 30, 2026, respectively.

Share price risk

Share price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in the fair value of the Company’s ordinary share price. Our exposure to this risk historically related primarily to the Exchangeable Notes, which were derecognized upon maturity on March 15, 2026. See Note 15 to our interim condensed consolidated financial statements for further information regarding our Exchangeable Notes.

Other share price risk

Social costs are payroll taxes associated with employee salaries and benefits, including share-based compensation that the Group is subject to in various countries in which the Group operates. Social costs are accrued at each reporting period based on the number of vested stock options and awards outstanding, the exercise price, and the Company’s share price. Changes in the accrual are recognized in operating expenses. An increase in share price will increase the accrued expense for social costs, and when the share price decreases, there will be a reduction in social costs expense, all other things being equal, including the number of vested stock options and exercise price remaining constant.

A 10% decrease or increase in the Company’s ordinary share price would have resulted in a decrease or increase in the accrual for social costs on outstanding share-based compensation awards of €20 million at September 30, 2026.

Investment risk

We are exposed to investment risk as it relates to changes in the market value of our long term investments, due primarily to volatility in the share price used to measure the investment and exchange rates. The majority of our long term investments relate to TME. A 10% decrease or increase in TME’s share price would have resulted in a fair value of the Group’s long term investment in TME ranging from €891 million to €1,089 million at September 30, 2026.

Inflation risk

Inflationary factors, such as increases in costs, may adversely affect our results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases for our Subscription Offerings or sale of advertisements. Our inability or failure to do so could harm our business, operating results, and financial condition.

Critical accounting policies and estimates

We prepare our interim condensed consolidated financial statements in accordance with IFRS as issued by the IASB. Preparing these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses, and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results may differ from these estimates.

We believe that the assumptions and estimates associated with revenue recognition, share-based compensation, deferred taxes, uncertain tax positions, goodwill impairment, content, provisions, and impairment of real estate assets have the greatest potential impact on our interim condensed consolidated financial statements. Therefore, we consider these to be our critical accounting policies and estimates.

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There have been no material changes or additions to our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our Annual Report on Form 20-F, except that the fair value estimation of the Exchangeable Notes is no longer applicable, as the Exchangeable Notes matured and were derecognized on March 15, 2026.

Recent accounting pronouncements

On January 1, 2026, the Group adopted the IASB issued amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments. The amendments clarify that a financial liability is derecognized on the “settlement date,” which is when the related obligation is discharged, canceled, expired or the liability otherwise qualifies for derecognition. The amendments also clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (“ESG”)-linked features and other similar contingent features, and the treatment of non-recourse assets and contractually linked instruments. In addition, the amendments require additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income/(loss). Adoption of these amendments did not have a material impact to the interim condensed consolidated financial statements.

There are no other IFRS or IFRIC interpretations effective for the nine months ended September 30, 2026 that have a material impact to the interim condensed consolidated financial statements. See Note 2 to our interim condensed consolidated financial statements included in this report.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We are, from time to time, subject to various legal and regulatory actions, proceedings, claims, and inquiries. Some of these actions, proceedings, claims, and inquiries involve highly complex issues, and often these issues are subject to substantial uncertainties. Accordingly, our potential liability with respect to a large portion of such actions, proceedings, claims, and inquiries cannot be estimated with certainty. Management, with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. We recognize provisions for claims or pending litigation when management determines that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates. If management’s estimates prove incorrect, current reserves could be inadequate and we could incur a charge to earnings which could have a material adverse effect on our results of operations, financial condition, and cash flows.

For a discussion of legal proceedings in which we are involved, see Note 18 and Note 21 to our interim condensed consolidated financial statements included in this report.

Item 1A. Risk Factors

There have been no material changes from the risk factors and information disclosed in Part I, Item 3.D. “Risk Factors” in our Annual Report on Form 20-F and Part II, Item 1A. “Risk Factors” in our quarterly report for the three months ended March 31, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity

Share repurchase activity during the three months ended September 30, 2026 was as follows:


Period	Total Number of Shares Purchased	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)
July 1, 2026 - July 31, 2026	550,000	(4)	€	418.93		50,000	€	638,195,110
August 1, 2026 - August 31, 2026	110,000		€	464.04		110,000	€	1,910,002,624
September 1, 2026 - September 30, 2026	540,318		€	456.39		540,318	€	1,659,598,795

Total	1,200,318		€	454.92		700,318	€	1,659,598,795

(1)Represents the average price paid per share for open market repurchases. Repurchases of shares from the Company’s Netherlands subsidiary at par value are not included in this calculation.

(2)On August 20, 2021, the Company announced that the board of directors had approved a program to repurchase up to US$1.0 billion of the Company’s ordinary shares. On July 29, 2025, the Company announced that the board of directors had approved an increase in the Company’s share repurchase program by an additional US$1.0 billion. Repurchases of up to 10,000,000 of the Company’s ordinary shares were authorized at the Company’s general meeting of shareholders on April 21, 2021. During our 2026 annual general meeting held on April 15, 2026, shareholders and holders of beneficiary certificates renewed the authorization to repurchase 10,000,000 ordinary shares issued by the Company during a period of five years, for a price that will be determined by the board of directors within the following limits: at least the par value and at most the fair market value. On August 20, 2026, the Company announced that the board of directors had approved an increase in the Company’s share repurchase program by an additional US$1.5 billion. As of September 30, 2026, the Company repurchased 3,287,031 shares for €1,395 million (US$1,620 million) under this program.

(3)The maximum value of shares that may yet be purchased under the share repurchase program announced on August 20, 2021 is translated into Euro from U.S. dollars at the exchange rate as published by Reuters on September 30, 2026.

(4)On July 31, 2026, the Company issued 500,000 ordinary shares to its Netherlands subsidiary at par value and subsequently repurchased those ordinary shares on the same date at the same price. These shares are held in treasury in order to facilitate the fulfillment of option exercises and restricted stock unit releases under the Company’s stock option and restricted stock unit plans. See Note 13 to our interim condensed consolidated financial statements included in this report for additional details.

Item 3. Defaults Upon Senior Securities

None.

Item 5. Other Information

None.

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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.

Date: October 22, 2026	By:	/s/ Christian Luiga
	Name:	Christian Luiga
	Title:	Chief Financial Officer

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