Spotify Technology S.A.

Good morning and welcome everyone to the Spotify third quarter 2025 earnings call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. At this time, I'd like to turn the conference over to Brian Goldberg, head of investor relations. Please go ahead.

Thanks, operator, and welcome to Spotify's third quarter 2025 earnings conference call. Joining us today will be Daniel Eck, our CEO, Alex Nordstrom, our co-president and chief business officer, Gustav Soderstrom, our co-president and chief product and technology officer, and Christian Luiga, our CFO. We'll start with opening comments from the team, and afterwards, we'll be happy to answer your questions. Questions can be submitted by going to slido.com, S-L-I-D-O.com, and using the code hashtag SpotifyEarningsQ325. Analysts can ask questions directly into Slido and all participants can then vote on the questions they find the most relevant. If for some reason you don't have access to Slido, you can email investorrelations at ir at spotify.com and we'll add in your question. Before we begin, let me quickly cover the safe harbor. During this call, we'll be making certain forward-looking statements including projections or estimates about the future performance of the company. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed on today's call in our shareholder deck and in filings with the Securities and Exchange Commission. During this call, we'll also refer to certain non-IFRS financial measures. Reconciliations between our IFRS and non-IFRS financial measures can be found in our shareholder deck, in the financial section of our investor relations website, and also furnished today on Form 6K. And with that, I'll turn it over to Daniel.

All right. Thanks, Brian. And hey, everyone. And thanks for joining us. Overall, it was a very strong quarter, especially on the user side. We reached a significant milestone, surpassing 700 million monthly active users, beating our guidance. And we were right in line with subscribers. And we also beat on revenue, gross margin and operating income. Given that this is a year of transition for me, I've been reflecting on what has proven time and again to drive the company forward. And when I strip everything else away, it really comes back to the same thing, our user fundamentals. It's where everything starts and everything stops. And as this quarter shows, the user side of the business is really strong. Engagement continues to strengthen across music, podcast, video, and audiobooks. And people come to Spotify and they stay on Spotify. And this is across all markets and formats. Gustav will give you more color on the pace of shipping during this year of accelerated execution and the impact it's having, but the data is clear. Our multi-format strategy is working exactly as we hoped. And with that foundation in mind, let me talk about how we think about building the business. I've said this before, but it's worth repeating. We don't optimize for quarterly results. We optimize for lifetime value because at our scale, very few metrics shift quickly. The decisions we're executing on today were set in motion well before they show up in the numbers. In some cases, this means we made these calls many quarters ago, or in some cases, even years. But that doesn't mean we get a free pass on our performance. Our job is to make smart investments that create more value over time. And we fully expect you to hold us accountable for that. Our goal is to deliver extraordinary results. And that means having both a great product and a great business. And those things aren't in conflict. They compound each other. So take our partner dynamics as one example. I get asked about these relationships all the time. When we sign new multi-year licensing deals with our partners, the market mostly assumes it's a zero-sum game. There's a winner and there's a loser and everyone tries to figure out who fell into what camp. Our view is different. We don't think it's a zero-sum game at all. Quarter to quarter, the math may not immediately be obvious, but here's what actually happens. Those deals give us the flexibility to innovate and move us closer to our long-term financial goals. We can build new products, we can launch new features, experiment faster, and that drives better user outcomes, more growth, higher engagements, stronger retention, which then drives a better business. It's a flywheel and a playbook we've run many, many times. Our partners also do better, so both sides win. And that's what good long-term investments look like. Before I hand it over to Alex, one note. So following today, I have one earnings call left as CEO. As you know, I'll be transitioning to executive chairman on January 1st, with Alex and Gustav stepping into their roles as co-CEOs. You'll hear more from them today than you typically would. And on our Q4 call in February, they'll run point. And with that, I'll turn it over to Alex.