#1S shopify Q4 and Full Year 2022 Financial Results February 15, 2023#2Safe harbor This presentation contains forward-looking statements that are based on our management's current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Although we believe that the plans, intentions, expectations, assumptions and strategies reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements. Although the forward-looking statements contained in this presentation are based upon what we believe are reasonable assumptions, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect our results. These risks are described in further detail in our Q4 2022 earnings release, and in our Management's Discussion and Analysis and in the section entitled "Risk Factors" in our Annual Information Form disclosed previously and from time to time in Shopify's filings with the U.S. Securities and Exchange Commission and the securities commissions or similar securities regulatory authorities in each of the provinces or territories of Canada available on www.sec.gov and on www.sedar.com. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from those expressed, implied or projected by the forward-looking statements. References to long-term trends in our model are forward-looking and made as of the current date. Nothing in this presentation should be regarded as a representation by any person that these long-term trends will be achieved and we undertake no duty to update these long-term trends or any other forward-looking statements contained in this presentation, except as required by law. We believe that the case studies presented in this presentation provide a representative sample of how our merchants have been able to use various features of our platform to grow their respective businesses. References in this presentation to increased visits, growth and sales following implementation of our platform do not necessarily mean that our platform was the only factor contributing to such increases. To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use non-GAAP financial measures that exclude certain items. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Please refer to the reconciliation tables in our Q4 press release for further information. This presentation contains information concerning our industry, including information relating to the size of the markets in which we participate, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports. This information involves many assumptions and limitations, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. While we believe this information to be reliable, it has not been independently verified. This presentation contains trademarks, service marks, trade names and copyrights of Shopify and other companies, which are the property of their respective owners. February 2023 2#3SHOPIFY IN 2022 $5.6B Revenue in 2022 (up 21% YoY) ~561 M Unique online shoppers purchasing from Shopify merchants in 2022 $650B Global commerce since Shopify's inception Millions of merchants in +175 Countries *Source: eMarketer, November 2022 Shopify market share based on Shopify's 2022 US GMV (excluding merchant sales made through POS) ~10% US ecommerce market share* and expect further penetration MARANTA PLANT SHOP 3#4Black Friday Cyber Monday $7.5B GMV ↑ 21% vs 2021 52M Consumers ↑ 12% vs 2021 4#5Products and enhancements shipped in 2022 We helped merchants build relationships with buyers + Launched: Shopify Audiences Shopify Collabs POS Go Tap to Pay Twitter Shopping YouTube Shopping + Continued to build out the Shop app *Launched in January 2023 shop We lowered the barriers to sell internationally + Launched: Markets Markets PRO + Localized subscription pricing in approximately 200 Countries We made it easier to go from first sale to full scale Z + Expanded back office merchant solutions to more countries + Made Shopify Functions, Hydrogen and Oxygen fully available to merchants shopify capital shopify shipping S shopify payments + Introduced Commerce Components by Shopify* S 5#6S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 6#7Shopify POS Offering integration with Shopify Payments and seamless connection with online sales, our point-of-sale offering is quickly becoming the POS of choice for merchants of scale Well known brands are using Shopify POS for their retail locations and pop-up shops MOM'S SPAGHETTI SKKN BY KIM TODD SNYDER NEW YORK culture kings Ade Shatter S A Die Stem W Mis on Asored Berry Ba Dinghy $133.34 Assorted Berry Basket $82.00 $12.00 +40% 2022 Offline GMV YOY 7#8In Q4 we continued to focus on increasing scalability of Shopify POS through the launch of innovative new features $ shop Pay We can now power retailers with up to 1,000 physical locations We significantly improved our gift card and exchange functionality We rolled out Shop Pay and Shop Pay Installments in a limited beta 8#9Shopify POS Go Our latest all-in-one mobile POS hardware empowers merchants to meet consumers wherever they are and however they want to purchase - from 'curb to counter' Initial response to POS Go has been exceptionally strong and we are excited to drive greater adoption in 2023 shopify Total $33.88 Tap, insert, or swipe to pay shopify 9#10Shop app Shop has grown from an accelerated checkout and order tracking tool into an important driver of a merchant's business performance We shipped dozens of enhancements to Shop in 2022 including: % Discounts + Personalized shopping experiences + Expanded search function + Embedded Shop Cash Search for anything For you Sectionals Artwork Accessories Rugs Shop all categories Women's Clothing Shoes Throw Pillows Men's Clothing Beauty Home THERE'S NO APP LIKE SHOP shop 10#11Shop Pay Gaining adoption & catalyzing sales through frictionless commerce #1 converting accelerated checkout on the internet 100M+ buyers opted-in to Shop Pay 9:41 allbirds Vill Men's Wool Runners SOCIAL EXCLUSIVE: Wisteria (Cream Sole) $95.00 ✰✰✰✰✰(565) Buy with shop Pay More payment methods. 0 shop Pay $77B cumulative GMV since launch in 2017 $11B GMV in Q4 2022 11#12Shopify Audiences Merchants are leveraging Shopify Audiences to create high-purchase-intent audiences for digital audiences to improve buyer conversion and return on advertising spend JONATHAN SIMKHAI 6.6x return on ad spend 80% increase in conversion rate 50% decline in cost per acquisition SCOTTS FLOWERS NEW YORK CITY 140% higher return on ad spend 35% increase in conversion rate 27% of customers attributed to Shopify Audiences 12#13S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 13#14Expand our geographic reach We continue to localize our platform and feature set to merchants across the globe, lowering the barriers to entrepreneurship + Shopify Payments now available in 22 countries + Shopify POS now available in 14 countries + Shopify Shipping now available in 7 countries + Shopify Capital now available in 4 countries S S હ SI S 14#15We're helping our merchants reach buyers wherever they are located Shopify enabled $28B in cross border sales in 2022 with nearly 28% of all traffic coming from buyers outside of the merchant's home country Our solutions allow merchants to sell globally and provide a localized experience from a single Shopify store making multi-market management easy Headphones $125.00 ヘッドフォン ¥17,400 Auriculares 124,00 € CHO 15#16Shopify Markets Pro A fully integrated merchant of record product that provides a complete end-to-end global commerce solution We've seen evidence of cross-border conversion improving by up to 36%* with Shopify Markets Pro *Source: Shopify merchant case study C SNOWDEVIL https://snowdevil.shop Primary market Other markets SHOP ABOUT Canada 28% 8% Share of total sales United States 53% 12% Share of total sales Germany 19% 5% Share of total sales FAQ CONTACT Get 10% off your next order when you sign up with SnowDevil $15,045 8% Tot sales $27,309 12% Total sales $9,420 5% Total sales 16#17S Key investment themes 01 Building buyer relationships 02 Going global 03 From first sale to full scale 17#18Shopify Capital More merchants accepted Capital in Q4 compared to the same period last year and we saw strong renewals from previous borrowers $30M* 2016 $170M 2017 $447M $1.7B 6000 2018 $885M 2019 *Cumulative capital advanced since the launch of Shopify Capital $3.0B 2020 $4.7B 2021 2022 18#19Shopify Plus Brands across a broad spectrum of verticals and geographies joined Shopify Plus in Q4 and early Q1 S shopifyplus + PRIME X BAUER Supreme Nestlē GIANT TIGER** BALLY JOOPITER + + + + + + 19#20Commerce Components by Shopify A modern composable stack that lets brands choose the modular components they want and integrate them with their existing systems and services Toy and entertainment industry leader, Mattel, is bringing its portfolio of brands to Shopify and will be one of the first enterprise retailers to use Commerce Components by Shopify S 20#21Premier System Integrator Partnerships To support the adoption of Shopify by some of the world's largest brands, we've signed business partnership agreements with system integrators Accenture, Deloitte, Ernst & Young, KPMG, and IBM Consulting S EY KPMG accenture Deloitte. IBM 21#22Shopify Tax A new product offered to US-based merchants that takes the stress out of sales by simplifying tax compliance Early data shows that merchant adoption has ramped quickly, speaking to the trust that merchants have in Shopify Nevada New Jersey Your New Mexico $87,300 HB Checkout Shipping and delivery Taxes and duties Locations Gift cards Connecticut Regional threshold $100,000 22#23Shop Promise Shop Promise is a consumer facing badge that provides reliable and accurate delivery across the online store, checkout, and Shop app Merchants using Shopify Fulfillment Network now have Shop Promise enabled by default guaranteeing faster, more reliable delivery to their buyers Delivery tomorrow Friday, August 12 Up to 25% increase in conversion rate with shop Promise 23#24Simplifying logistics to address merchants' pain points S shopify fulfillment network Ship products from overseas manufacturers to US ports Manufacturer • Materials • Manufacturing • Product assembly Freight PORT flexport. • Overseas transport Receiving and assessment Products move smoothly in network or across channels Distribution hubs • Cross-docking and prep • D2C, wholesale, retail, marketplaces 828 Deliverr FBA Fulfillment centers ● Order: Scheduled Yellow Vase SKU: Shopify partner warehouses 6 RIVER SYSTEMS Sorting facilities and inventory balancing • Last mile delivery and returns processing its DISTRIBUTION DM MANAGEMENT Fulfill and deliver orders quickly and reliably Customers ● PORCH ⒸFulfilled Delivery Method Local Delivery Delivered Delivery guarantee with up to 25% increase in sales conversion • Online stores, social and marketplaces S Etsy ebay shop Promise (0) 24#25S shopify Make commerce better for everyone O#26ડ $61.0B GMV ↑ ↑ Outpacing US retail growth of 6%* 13% vs Q4 2021 (+17% constant currency) Factors driving Q4 Strong spending throughout the holiday season Record setting Black Friday Cyber Monday ● ● Source: US Census Bureau 26#27S $1.7B Revenue 26% vs Q4 2021 28% constant currency ㅈ $1.3B Merchant Solutions 30% vs Q4 2021 ↑ $400.3M Subscription Solutions 14% vs Q4 2021 ↑ 27#28S $34.2B GMV processed on Shopify Payments ↑ ↑ 23% vs Q4 2021 GPV penetration 56% vs 51% in Q4 2021 GPV penetration +210 bps QoQ 28#29S $1.7B Revenue 26% vs Q4 2021 28% constant currency ㅈ $1.3B Merchant Solutions 30% vs Q4 2021 ↑ $400.3M Subscription Solutions 14% vs Q4 2021 ↑ 29#30Total attach rate* continued to grow over time as merchants use more of our solutions 2.44% Q4 2017 Q4 2018 * Total attach rate is defined as revenue divided by GMV Q4 2019 Q4 2020 Total Attach Rate* Q4 2021 2.85% Q4 2022 30#31S $109.5M Monthly Recurring Revenue (MRR) ↑7% vs Q4 2021 Shopify Plus penetration 33% vs 29% in Q4 2021 Strong gains in Plus and POS MRR partially offset by near-term deferral from free and paid trial experiences that began in Q3 2022 31#32S $798.5M Gross profit ↑ 15% vs Q4 2021 $61.0M Adjusted operating income from $130.2M in Q4 2021 32#33S $97.4M Cash flow from operations $89.8M Cash flow from operations less capital expenditures $5.1B Cash and marketable securities 33#34Drivers affecting profitability expectations in 2023 Impact of our compensation leveling exercise We changed our overall compensation system to be better aligned with the market This has resulted in higher compensation expenses starting in the back half of 2022 that we expect to continue into 2023 Expense run rate of Shopify Fulfillment Network GOO Shopify Fulfillment Network is a significant opportunity in early stages of integration and development We expect SFN to be a headwind to gross margin and a significant contributor to operating expenses in 2023 34#35Q1 2023 outlook considerations + Revenue Q1/23 revenue to grow in the high teen percentages year-over-year + Gross margin Q1/23 gross margin to be slightly higher than Q4/22 gross margin rate + Operating expense Q1/23 operating expenses to grow in the low-single digit percentages vs our Q4/22 operating expenses when excluding one-time charges in Q4/22 + Stock-based compensation Q1/23 stock-based compensation to be in-line with Q4/22 Capital expenditures Q1/23 capital expenditures to be in-line with what we spent in FY/22 Additional commentary related to Q1 2023 Macroeconomic backdrop • Elevated inflation pushing consumers to discounted and non-discretionary purchases, trend is improving • Pressure to consumer spending and ecommerce Outlook considerations • Dilutive impact of Shopify Fulfillment Network • Compensation structure change • Incremental investment in key themes 35#36S shopify Make commerce better for everyone O