Christoffer’s comprehensive quick comments on Spotify’s Q4 results. 
Spotify’s Q4 report showed strong operational performance, and profitability exceeded our forecasts. User growth also exceeded our forecasts, primarily due to the strong development of ad-supported users. Although Q1 revenue guidance fell slightly short of expectations due to currency headwinds, the subscriber outlook remained unchanged. More importantly, the profitability outlook was significantly stronger than expected, supported by better-than-expected operational efficiency and the impact of smaller-than-expected renewed licensing agreements throughout 2025. Consensus seems to be focusing on the profitability and user growth beats, and shares rose by about 10% in the pre-market after several weeks of decline. Following the report, we see primarily upward pressure on our profitability forecasts.