Spotify Technology S.A.: Steady execution towards financial targets

We remain constructive on Spotify shares and expect the company to continue to make progress towards its financial targets. While costs have increased this year due to new platform investments, the company continues to launch differentiated products and features that support additional monetization opportunities and enhance operating leverage. We believe the company is nearing the launch of its AI Remix tool by YE or early 27 as it continues to secure agreements with the labels (UMG, Merlin, Kobalt signed; WMG likely before the contract expires in Feb;