Spotify(SPOT) - 2025 Q2 - Earnings Call Presentation

Our business delivered healthy results in Q2, led by MAU and Subscriber outperformance, Y/Y profitability improvement and strong Free Cash Flow* generation. The business added 18 million MAU in Q2 vs. guidance for 11 million, while Subscriber net additions of 8 million exceeded guidance by 3 million. Revenue grew 15% Y/Y on a constant currency* basis reflecting Premium and Ad-Supported growth. Outsized currency movements during the quarter impacted reported Revenue by €104 million vs. guidance. Gross Margin ...