Operator

Good day and welcome to Spotify's First Quarter 2026 Earnings Call and Webcast. [Operator Instructions] At this time, I would like to turn the conference over to Bryan Goldberg, Head of Investor Relations. Thank you. Please go ahead.

Bryan Goldberg
Head of Investor Relations

Thanks, operator, and welcome to Spotify's First Quarter 2026 Earnings Conference Call. Joining us today will be our Co-CEOs, Alex Norström and Gustav Söderström; and our CFO, Christian Luiga. We'll start with opening comments from the team, and afterwards, we'll be happy to answer your questions. We will be taking questions today via Slido. Questions can be submitted by going to slido.com and using the code #SpotifyEarningsQ126. 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 e-mail Investor Relations at ir@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