Exhibit 99.1 Spotify " Constant Currency adjusted measures and Free Cash Flow are non-lFRS measures "and "Reconciliation of IFRS to Non-lFRS to Non-l FRS to Non-l FRS results" for additional i Q4 2025 Update February 10th, 2026 | Table of Contents Key Highlights Financial Summary MAUs & Subscribers Product & Platform Outlook Financial Statements Executive Summary p.03 p.04 p.06 p.13 p.16 p.19 p.22 | | --- | Executive Summary We finished 2025 with strong performance, as all Q4 KPIs met or exceeded guidance t ...

Group 1 - Spotify forecasts first-quarter operating income of 660 million euros ($786.13 million), exceeding analysts' average estimate of 652.3 million euros [3] - The company projects quarterly revenue of 4.5 billion euros, slightly below the estimate of 4.57 billion euros [3] - Spotify's premium subscribers grew 10% to 290 million in the fourth quarter, compared to an estimate of 290.9 million [5] Group 2 - The company raised the price of its monthly premium subscription plan by $1 to $12.99 in the U.S., Estonia, and Latvia, following a similar increase in over 150 markets in 2025 [4] - Spotify's quarterly outlook for 759 million monthly active users (MAU) is above the estimate of 753 million, while the prediction for a 3 million increase in premium subscribers to 293 million is below estimates [4] - Gross profit increased by 10% year-over-year, aided by a 10% decline in operating expenses, resulting in a gross profit margin rise to 33.1% from 31.6% in the prior quarter [5] Group 3 - The company experienced its slowest revenue growth since its 2018 market listing, despite benefiting from strong user growth and price hikes [2] - Spotify has introduced an AI-powered playlist feature and invested in video podcasts, including a deal with Netflix, to enhance its competitive position against Apple and Amazon [2] - The total number of monthly active users reached 751 million, with net additions of 38 million exceeding expectations [5]

Core Viewpoint - Spotify forecasts first-quarter earnings that exceed Wall Street estimates, indicating strong user growth despite recent price hikes, which has resulted in a 10% increase in shares during premarket trading [1] Group 1: Financial Performance - The company anticipates earnings that are above market expectations for the first quarter [1] - The positive earnings forecast is attributed to the successful attraction of new users [1] Group 2: Market Reaction - Following the earnings forecast, Spotify's shares rose by 10% in premarket trading [1]

Core Insights - The Swedish audiostreaming giant's premium subscribers increased by 10% year-over-year to 290 million [1] Company Summary - The company has achieved a significant growth in its premium subscriber base, reflecting a positive trend in user engagement and market penetration [1]

Core Viewpoint - Spotify Technology S.A. is set to report its first-quarter earnings, with expectations of significant growth in both earnings per share and revenue compared to the previous year [1][2]. Earnings Expectations - Analysts anticipate Spotify will report quarterly earnings of $2.85 per share, an increase from $1.76 per share in the same quarter last year [1]. - The consensus estimate for Spotify's quarterly revenue is $4.52 billion, up from $4.24 billion reported in the previous year [1]. Subscription Price Increase - On January 15, Spotify announced a price increase for its Premium subscription in the U.S., Estonia, and Latvia, raising the monthly fee from $11.99 to $12.99, effective in February billing cycles [2]. - Following the announcement of the price increase, Spotify's shares fell by 1.8%, closing at $414.84 [2].

Spotify Technology S.A. (NYSE:SPOT) will release earnings for its first quarter before the opening bell on Tuesday, Feb. 10.Analysts expect the Luxembourg-based company to report quarterly earnings of $2.85 per share. That's up from $1.76 per share in the year-ago period. The consensus estimate for Spotify's quarterly revenue is $4.52 billion (it reported $4.24 billion last year), according to Benzinga Pro.On Jan. 15, the music streaming giant said it will increase the price of its Premium subscription in t ...

Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

Summary of Key Points Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and some growth stocks experiencing high-level corrections [1][2]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding despite a 5.76% reduction in shares, accounting for 6.80% of the portfolio [3]. - Mercado Libre saw a 4.95% increase in holdings, raising its share to 5.83%, solidifying its position as a cornerstone of the portfolio [3]. - The top five holdings also include Amazon, Shopify, and Sea Ltd, with the top ten holdings comprising 43.4% of the total portfolio [4]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [5][6]. - Baillie Gifford's investment in Google is valued at approximately $1.7 billion post-increase [6]. Group 3: Investment Philosophy and Trends - The investment team emphasizes the importance of adapting to the AI wave, suggesting that companies must pivot quickly to meet new market demands [9][10][12]. - The transition to AI is viewed as a new paradigm shift, with potential for significant growth opportunities as new companies emerge [14][15]. - The focus is on both "AI core" companies and those using AI as a tool to enhance existing services [21][24]. Group 4: Insights on China and Platform Companies - The sentiment in China has shifted, with a recognition of the country's potential to foster visionary entrepreneurs, particularly in the battery sector where CATL holds a significant market share [25][26]. - Platform companies are highlighted for their ability to create value through network effects and adaptability, requiring a long-term investment perspective [28]. Group 5: Non-Public Company Investments - Baillie Gifford has committed over £6 billion to non-public companies since 2012, recognizing the increasing duration of private company ownership before IPOs [31][32]. - The firm holds significant stakes in companies like SpaceX and ByteDance, which have shown substantial revenue growth compared to public market indices [33]. Group 6: Portfolio Construction Approach - The investment strategy is bottom-up, focusing on global transformations rather than specific trends or technologies [34]. - The portfolio includes a diverse range of companies across various sectors, with ongoing adjustments to capitalize on emerging growth opportunities [38].

Legal Challenges for Meta - Meta is facing a significant legal trial in New Mexico, where state prosecutors allege that the company failed to protect children from sexual exploitation and harmful content on its platforms, including Facebook, Instagram, and WhatsApp. The prosecutors claim that Meta's algorithms prioritized engagement over safety, creating a "breeding ground for predators" targeting minors [2][3] - Concurrently, a related trial in Los Angeles accuses Meta and YouTube of designing addictive platforms that harm young users' mental health, which could reshape liability protections for tech companies [3][4] Apploven's Stock Performance - Apploven's stock surged approximately 13% after a major short seller retracted allegations that the company was involved in laundering illicit funds from Southeast Asia, which had previously caused investor concern [5][6] - Despite the stock's recovery, analysts caution that scrutiny regarding Apploven's financials and data security remains, as the company prepares for its earnings release [6] Memory Chip Market Dynamics - Micron's stock fell amid competition in the memory chip market, particularly as Samsung is set to begin mass production of HBM 4 chips, which are expected to be used in Nvidia's GPUs. This development raises concerns for Micron and its domestic rival SK Hynix [8][9] - HBM3 chips currently dominate the market, but HBM4 is anticipated to become a key technology, indicating a shift in market dynamics and potential higher margins for companies involved [9] Upcoming Earnings Reports - Coca-Cola is expected to report earnings of approximately $0.57 per share on revenues of $12.05 billion, reflecting a nearly 5% year-over-year increase. Investors are particularly focused on organic growth, margin trends, and pricing power guidance [14] - Spotify is projected to report earnings of about $3.30 per share on revenues of $5.37 billion, representing a year-over-year growth of around 28%. Key metrics for Spotify include subscriber growth, revenue trends, and profitability measures [15]

Core Viewpoint - Spotify is facing challenges despite being a leading player in the music streaming industry, with recent stock performance reflecting investor concerns about high valuations and growth sustainability [2][6][10]. Financial Performance - Adjusted EPS is anticipated to be $2.95, with revenue expected to exceed $5 billion [1]. - The stock has declined over 25% in 2026 and recently hit a 52-week low [1]. Growth and Valuation - Spotify is still growing organically at over 15%, but its high valuations raise questions for investors [3][10]. - The company has experienced some inconsistent performance in recent quarters, including accounting charges and one-time issues [4]. Market Opportunities - Spotify is exploring new revenue streams, such as podcasts and audiobooks, which may diversify its offerings [4][5]. - The total addressable market (TAM) for Spotify remains large, and the company is leveraging algorithms to enhance customer experience globally [8][9]. Competitive Landscape - Spotify's primary competitors, like YouTube and Apple Music, are more diversified, necessitating Spotify to stay ahead in innovation [12]. - The company has pricing power, recently increasing its premium subscription plan to $12.99 [9]. Investor Sentiment - Institutional investors are cautious, evaluating whether high multiples for Spotify are justified given its growth trajectory [6][10]. - The upcoming earnings report is pivotal, with the options market pricing in a significant potential move of 9.5% [15][20].