v3.25.0.1
Financial risk management and financial instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Summary of Liquidity Position in Terms of Available Cash and Cash Equivalents and Short Term Investments
The Group’s policy is to have a strong liquidity position in terms of available cash and cash equivalents, and short term investments.
20242023
(in € millions)
Liquidity
Short term investments2,667 1,100 
Cash equivalents3,550 2,111 
Cash at bank and on hand1,231 1,003 
Liquidity position7,448 4,214 
Summary of Disclosure of Effect of 10% Change in Currency
The table below shows the immediate impact on net income/loss before tax of a 10% strengthening in the closing exchange rate of significant currencies to which the Group had exposure at December 31, 2024 and 2023. The impact on net income/loss before tax is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group. The sensitivity associated with a 10% weakening of a particular currency would be equal and opposite. This assumes that each currency moves in isolation.
2024Swedish krona
(SEK)		British pound
(GBP)		U.S. dollar
(USD)
(in € millions)
Increase/(decrease) in income before tax(16)(11)70 
2023Swedish krona
(SEK)		British pound
(GBP)		U.S. dollar
(USD)
 (in € millions)
(Increase)/decrease in loss before tax(16)(20)60 
Summary of Notional Principal of Foreign Currency Exchange Contracts by Hedged Line Item in Statement of Operations The following table summarizes the notional principal of the foreign currency exchange contracts by hedged line item in the statement of operations as of December 31, 2024:
Notional amount in foreign currency
Australian dollar
(AUD)		British pound
(GBP)		Canadian dollar
(CAD)		Norwegian krone
(NOK)		Swedish krona
(SEK)		U.S. dollar
(USD)
(in millions)
Hedged line item in consolidated statement of operations
Revenue447 607 420 983 1,648 102 
Cost of revenue285 373 262 635 1,067 72 
Total732 980 682 1,618 2,715 174 
The following table summarizes the notional principal of the foreign currency exchange contracts by hedged line item in the statement of operations as of December 31, 2023:
Notional amount in foreign currency
Australian dollar
(AUD)		British pound
(GBP)		Canadian dollar
(CAD)		Norwegian krone
(NOK)		Swedish krona
(SEK)		U.S. dollar
(USD)
(in millions)
Hedged line item in consolidated statement of operations
Revenue391 536 347 994 1,646 88 
Cost of revenue279 379 243 656 1,076 66 
Total670 915 590 1,650 2,722 154 
Summary of Major Security Type, Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables summarize, by major security type, the Group’s financial assets and liabilities that are measured at fair value on a recurring basis, and the category using the fair value hierarchy. The different levels have been defined in Note 2.
Financial assets and liabilities by fair value hierarchy levelLevel 1Level 2Level 3December 31, 2024
(in € millions)
Financial assets at fair value
Cash equivalents:
Money market funds3,550 — — 3,550 
Short term investments:
Money market funds263 — — 263 
Government securities676 9 — 685 
Corporate notes— 908 — 908 
Collateralized reverse purchase agreements— 695 — 695 
Fixed income funds116 — — 116 
Derivatives (designated for hedging):
Foreign exchange forwards— 14 — 14 
Long term investments1,550 — 85 1,635 
Total financial assets at fair value by level6,155 1,626 85 7,866 
Financial liabilities at fair value
Exchangeable Notes— — 1,539 1,539 
Derivatives (designated for hedging):
Foreign exchange forwards— 20 — 20 
Total financial liabilities at fair value by level— 20 1,539 1,559 

Financial assets and liabilities by fair value hierarchy levelLevel 1Level 2Level 3December 31, 2023
(in € millions)
Financial assets at fair value
Cash equivalents:
Money market funds2,111 — — 2,111 
Short term investments:
Money market funds181 — — 181 
Government securities239 8 — 247 
Corporate notes— 320 — 320 
Collateralized reverse purchase agreements— 241 — 241 
Fixed income funds111 — — 111 
Derivatives (designated for hedging):
Foreign exchange forwards— 9 — 9 
Long term investments1,154 — 61 1,215 
Total financial assets at fair value by level3,796 578 61 4,435 
Financial liabilities at fair value
Exchangeable Notes— — 1,203 1,203 
Derivatives (not designated for hedging):
Warrants— — 3 3 
Derivatives (designated for hedging):
Foreign exchange forwards— 14 — 14 
Total financial liabilities at fair value by level— 14 1,206 1,220 
Summary of Changes in Investment
The table below presents the changes in the investment in TME:
202420232022
(in € millions)
At January 11,154 1,094 852 
Changes in fair value recorded in other comprehensive income396 60 242 
At December 311,550 1,154 1,094 
The table below presents the changes in the other long term investments:
202420232022
(in € millions)
At January 161 43 64 
Initial recognition of long term investment1 3 3 
Changes in fair value recorded in other comprehensive income19 16 (25)
Changes in fair value recognized in consolidated statement of operations1 — (1)
Return of capital(2)— — 
Effect of changes in foreign exchange rates5 (1)2 
At December 31856143
Summary of Assumption Used to Estimate Fair Value of Warrants The warrants were valued using a Black-Scholes option-pricing model, which includes inputs determined from models that include the value of the Company’s ordinary shares, as determined above and additional assumptions used to estimate the fair value of the warrants in the option pricing model as follows:
20232022
Expected term (years)0.651.65
Risk free rate (%)5.12 4.52 
Volatility (%)40.0 55.0 
Share price (US$)187.91 78.95 
Summary of Changes in Warrants Liability
The table below presents the changes in the warrants liability:

202420232022
(in € millions)
January 1 3 1 72 
Changes in fair value recognized in consolidated statement of operations33 2 (74)
Issuance of ordinary shares upon net settlement of warrants(36)— — 
Effect of changes in foreign exchange rates— — 3 
At December 31— 3 1 
Summary of Detailed Information about Borrowings
The table below presents the changes in the Exchangeable Notes:
20242023
(in € millions)
At January 11,203 1,128 
Changes in fair value recognized in consolidated statement of operations240 97 
Changes in fair value recorded in other comprehensive income8 14 
Effect of changes in foreign exchange rates88 (36)
At December 311,539 1,203 
Summary of Fair Value Assumptions of Borrowings The key assumptions used in the binomial option pricing model for the Exchangeable Notes were as follows:
20242023
Risk free rate (%)4.18 4.18 
Discount rate (%)5.95 6.45 
Volatility (%)40.0 45.0 
Share price (US$)447.38 187.91