Financials Spotify Technology S.A.

Equities

SPOT

LU1778762911

Internet Services

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493.51 ^USD	-1.77%		+3.84%	+162.63%

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Projected Income Statement: Spotify Technology S.A.

income-statement-evolution-chart SPOTIFY-TECHNOLOGY-S-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	6,764	7,880	9,668	11,727	13,247	15,579	17,878	20,300
Change	-	16.5%	22.69%	21.3%	12.96%	17.6%	14.76%	13.55%
EBITDA ¹	14	-182	221	-488	-288	1,486	2,255	2,836
Change	-	-	-	-	-40.98%	-	51.77%	25.75%
EBIT ¹	-73	-293	94	-659	-446	1,355	2,127	2,724
Change	-	301.37%	-	-	-32.32%	-	57.01%	28.06%
Interest Paid ¹	-333	-510	-91	-132	-220	-285.2	-207.4	-135.6
Earnings before Tax (EBT) ¹	-131	-709	249	-370	-505	1,331	2,205	2,857
Change	-	441.22%	-	-	36.49%	-	65.63%	29.58%
Net income ¹	-186	-581	-34	-430	-532	1,189	1,823	2,313
Change	-	212.37%	-94.15%	1,164.71%	23.72%	-	53.34%	26.9%
Announcement Date	2/5/20	2/3/21	2/2/22	1/31/23	2/6/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	1,855	1,848	1,889	1,975	2,168	2,147	2,331	2,501	2,689	2,661	2,864	3,036	3,166	3,042	3,177	3,357	3,671	3,636	3,807	3,988	4,142	4,179	4,376	4,568	4,774	4,802	5,053	5,291
Change	-	-0.38%	2.22%	4.55%	9.77%	-0.97%	8.57%	7.29%	7.52%	-1.04%	7.63%	6.01%	4.28%	-3.92%	4.44%	5.67%	9.35%	-0.95%	4.7%	4.75%	3.87%	0.89%	4.72%	4.38%	4.51%	0.58%	5.23%	4.71%
EBITDA ¹	-53	9	-139	-12	-40	44	43	108	26	31	-154	-184	-181	-112	-203	68	-41	199	296	484	511.3	479.8	526.8	618.4	654.8	651.7	683.7	799.4
Change	-	-	-	-91.37%	233.33%	-	-2.27%	151.16%	-75.93%	19.23%	-	19.48%	-1.63%	-38.12%	81.25%	-	-	-	48.74%	63.51%	5.64%	-6.16%	9.8%	17.38%	5.88%	-0.47%	4.92%	16.92%
EBIT ¹	-77	-17	-167	-40	-69	14	12	75	-7	-6	-194	-228	-231	-156	-247	32	-75	168	266	454	474.8	452.5	489.8	578.5	626.8	596.2	649.7	750.7
Change	-	-77.92%	882.35%	-76.05%	72.5%	-	-14.29%	525%	-	-14.29%	3,133.33%	17.53%	1.32%	-32.47%	58.33%	-	-	-	58.33%	70.68%	4.57%	-4.7%	8.25%	18.12%	8.34%	-4.88%	8.98%	15.54%
Charge d'intérêts ¹	-103	-12	-294	-90	-114	-31	-25	-14	-21	-14	-14	-18	-86	-77	-27	-14	-102	-53	-72	-122	-63.33	-47.5	-47.5	-42.5	-42.5	-	-	-
Earnings before Tax (EBT) ¹	-173	41	-455	-116	-179	87	8	162	-8	155	-90	-144	-291	-206	-241	73	-131	174	270	398	497.8	435.6	483.1	594.7	643.3	669.3	736.5	872.5
Change	-	-	-	-74.51%	54.31%	-	-90.8%	1,925%	-	-	-	60%	102.08%	-29.21%	16.99%	-	-	-	55.17%	47.41%	25.08%	-12.49%	10.89%	23.11%	8.17%	4.04%	10.04%	18.47%
Net income ¹	-209	1	-356	-101	-125	23	-20	2	-39	131	-125	-166	-270	-225	-302	65	-70	197	274	300	420.1	366.1	401.9	476.5	512.9	490.7	538.1	617.8
Change	-	-	-	-71.63%	23.76%	-	-	-	-	-	-	32.8%	62.65%	-16.67%	34.22%	-	-	-	39.09%	9.49%	40.04%	-12.86%	9.79%	18.55%	7.64%	-4.34%	9.66%	14.82%
Announcement Date	2/5/20	4/29/20	7/29/20	10/29/20	2/3/21	4/28/21	7/28/21	10/27/21	2/2/22	4/27/22	7/27/22	10/25/22	1/31/23	4/25/23	7/25/23	10/24/23	2/6/24	4/23/24	7/23/24	11/12/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Spotify Technology S.A.

balance-sheet-analysis-chart SPOTIFY-TECHNOLOGY-S-A

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-1,135	-1,170	-1,719	-1,667	-2,518	-4,269	-6,612	-9,105
Change	-	-203.08%	-246.92%	-196.97%	-251.05%	-269.54%	-254.88%	-237.7%
Announcement Date	2/5/20	2/3/21	2/2/22	1/31/23	2/6/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Spotify Technology S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	135	78	85	25	6	18.76	28.19	33.23
Change	-	-42.22%	8.97%	-70.59%	-76%	212.74%	50.21%	17.89%
Free Cash Flow (FCF) ¹	440	183	277	21	678	2,037	2,855	3,352
Change	-	-58.41%	51.37%	-92.42%	3,128.57%	200.5%	40.13%	17.4%
Announcement Date	2/5/20	2/3/21	2/2/22	1/31/23	2/6/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Spotify Technology S.A.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	0.21%	-2.31%	2.29%	-4.16%	-2.17%	9.54%	12.62%	13.97%
EBIT Margin (%)	-1.08%	-3.72%	0.97%	-5.62%	-3.37%	8.7%	11.9%	13.42%
EBT Margin (%)	-1.94%	-9%	2.58%	-3.16%	-3.81%	8.54%	12.33%	14.07%
Net margin (%)	-2.75%	-7.37%	-0.35%	-3.67%	-4.02%	7.63%	10.19%	11.39%
FCF margin (%)	6.51%	2.32%	2.87%	0.18%	5.12%	13.08%	15.97%	16.51%
FCF / Net Income (%)	-236.56%	-31.5%	-814.71%	-4.88%	-127.44%	171.41%	156.64%	144.92%
Profitability
ROA	-3.93%	-10.15%	-0.5%	-5.81%	-6.66%	13.06%	14.6%	15.74%
ROE	-9%	-24%	-1.38%	-19.03%	-21.61%	31.57%	29.68%	27.68%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2%	0.99%	0.88%	0.21%	0.05%	0.12%	0.16%	0.16%
CAPEX / EBITDA (%)	964.29%	-42.86%	38.46%	-5.12%	-2.08%	1.26%	1.25%	1.17%
CAPEX / FCF (%)	30.68%	42.62%	30.69%	119.05%	0.88%	0.92%	0.99%	0.99%
Items per share
Cash flow per share ¹	3.166	1.381	1.861	0.2349	3.49	9.445	12.35	15.09
Change	-	-56.4%	34.81%	-87.38%	1,385.74%	170.64%	30.73%	22.22%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	11.05	14.95	11.03	12.44	12.96	23.32	34.14	46.64
Change	-	35.31%	-26.25%	12.85%	4.11%	80.02%	46.35%	36.63%
EPS ¹	-1.03	-3.1	-0.18	-2.23	-2.73	5.815	9.116	11.4
Change	-	200.97%	-94.19%	1,138.89%	22.42%	-313.01%	56.76%	25.09%
Nbr of stocks (in thousands)	179,067	189,586	191,554	193,130	195,139	202,079	202,079	202,079
Announcement Date	2/5/20	2/3/21	2/2/22	1/31/23	2/6/24	-	-	-