Q1 2024 Results
Revenue for the first quarter of 2024 was €2,594 million, an increase of 5.8% year-over-year, or 7.9% in constant currency, driven by healthy growth in all segments, as discussed further below.

EBITDA for the quarter grew 87.7% year-over-year, or 95.2% in constant currency, to €490 million and EBITDA margin was 18.9%, compared to 10.6% in the first quarter of 2023. This increase reflects lower non-cash share-based compensation expenses of €101 million during the first quarter of 2024, compared to €261 million of non-cash share-based compensation expenses during the first quarter of 2023. Excluding non-cash share-based compensation expenses, Adjusted EBITDA for the quarter was €591 million, up 13.2% year-over-year, or 15.9% in constant currency, and Adjusted EBITDA margin expanded 1.5 percentage points to 22.8%, compared to 21.3% in the first quarter of 2023, as a result of revenue growth, operating leverage and incremental cash compensation savings of €12 million associated with the equity plan rollout compared to the first quarter of 2023.