#1S SHOPIFY May 5, 2022 POWERED Q1 2022 Results BY S SHOPIFY POWERED#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 include the risks due to the uncertainty around the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response on global and regional economies and economic activity and are described in further detail in our Management's Discussion and Analysis for the year ended December 31, 2021 and in the section entitled "Risk Factors" in our Annual Information Form for the year ended December 31, 2021 available on www.sec.gov and on www.sedar.com and elsewhere in our filings with regulatory agencies. 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 slides titled "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Figures" 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. May 2022#3Quarterly highlights + Omnichannel is critical We have built trust with our merchants We're investing to stay ahead of the curve ● ● ● . ● ● ● ● POS GMV up nearly 80% YoY Online commerce GMV 2-yr CAGR of 51% over Q1/20 Online commerce and POS GMV YOY growth outpaced respective markets in the U.S. Share of social and search channel GMV as of Q1/22 has gained more than any other channel since Q1/20 Shopify Payments GPV penetration increased to 51% vs. 46% in Q1/21 Shopify Capital revenue outpaced total revenue growth Shopify Markets features used by tens of thousands of merchants after rolling out to all merchants in February 2022 Acquisition of Deliverr expected to provide simple and scalable fulfillment Continued focus across key investment themes#4Financial highlights Revenue Revenue grew 22% YoY to $1.2B in Q1/22, representing a 2-year CAGR of 60% GMV MRR + Strong adoption of Shopify Payments, Shopify Capital, and Shopify Markets helped drive YoY Merchant Solutions revenue growth to 29% Change in app/theme store partner terms¹ (not in place in Q1/21) Macro impacts: absence of 1H 2021 stimulus, increased mobility, high inflation, strong labour markets GMV grew 16% YoY to $43.2B in Q1/22, representing a 2-year CAGR f 57% + Online and offline GMV each outpaced performance in respective markets in the U.S. Macro impacts: increased mobility and high inflation shifted spend to travel/services and discount retailers U.S. stimulus and lockdowns absent in Q1/22 MRR grew 17% YoY to $105.2M in Q1/22 + More merchants joined Shopify + Number of retail locations using POS Pro increased + Shopify Plus MRR contribution increased to 30% (vs. 26% in Q1/21) Stronger labour markets offset new business creation 1 In Q3 2021, Shopify changed our app and theme store partner terms, eliminating our revenue share on our partners' first $1M of revenue, which is annually reset on January 1st#5Ecommerce growth normalizing as a percentage of retail sales 18% 16 14 12 10 8 6 4 2 0 2000 Source: Wall Street Journal, April 16, 2022; U.S. Census Bureau '05 '10 '15 '20#6GMV growth was supercharged over past two years 3rd Round of Stimulus Checks GMV ($B) 60 50 40 20 10 53% CAGR Q1'17- Q1'20 57% CAGR Q1'20 Q1'22 COVID lockdowns begin 2nd Round of Stimulus Checks BFCM / Holiday Shopping COVID mandates ease; Shift in consumer spend to travel Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22#7Q1 2022 PROGRESS Key investment thémes.#8Building buyer relationships SI S Shop Shop Pay Shop Pay Installments Channels ● ● ●• ● ● ● More users signed up to our digital shopping companion, Shop, in Q1/22 Data shows Shop users spend 17% more than non-users, on average, within 12 months of first purchase from that merchant, making them higher-value customers for merchants on Shop Q1/22 cumulative GMV reached $50B for our accelerated checkout, Shop Pay Expanded Shop Pay to Buy on Google for Shopify merchants Continued to gain share of BNPL volume on Shopify in the US QoQ Number of repeat buyers continued to climb QoQ Added thousands more POS Pro retail locations QoQ in Q1/22 Strong growth YoY in Q1/22 GMV through integrations we built (includes social and search channels) In-app commerce via Facebook and Instagram is gaining traction, up > 4x YoY in Q1/22 Launched LinkPop, a customizable link-in-bio tool ideal for creators * In app commerce refers to transactions that occur on partner surfaces without ever having to leave that surface#9Going global International Shopify Markets ● Introduced Shopify POS hardware with integrated payments to three new markets: Belgium, Denmark and Spain. Now available in 11 markets. • Q1/22 YOY ROW GMV growth consistent with overall Shopify GMV growth Q1/22 ROW MRR contribution expanded YoY ● Completed rollout of Shopify Markets, making cross-border commerce easier Tens of thousands of merchants using Shopify Markets features (Fx currency conversion, adding a new geographic market, localizing to a market)#10From first sale to full scale Shopify Payments S Shopify Capital SI Shopify Shipping Shopify Balance Shopify Plus ● ● ● Q1/22 GPV penetration of 51% vs. 46% in Q1/21 growing across all merchant types, regions, and channels $346.7M in MCAs and loans funded by Shopify Capital in Q1/22, up 12% YoY Launched Shopify Shipping to merchants in France Over 100K Balance accounts opened since product made generally available in January 2022 Strongest number of deals ever closed in a single month in March 2022 Share of Plus merchants outside North America expanded within our Plus merchant base QoQ and YoY in Q1/22 Notable brands that launched in Q1/22 include Joe's Stone Crab, Havaianas Mexico, Crayola, Fiera Cosmetics, Bridgestone Cycle, TRX Training, Figma, Call of Duty, Mr. Beast and the NBA#11Our platform grows with our merchants Entrepreneur Shopify Plan Pastreez Online bakery that sells authentic French pastries ✔ Shopify Payments ✓ Shop Pay ✓✔ Shop Pay Installments Joined Shopify in 2017 SMB Advanced Plan ChocoSol Traders Bean-to-bar chocolate maker and coffee roastery ✔ Shopify Payments ✓ Shop Pay ✔ Shopify Shipping ✓ Shopify POS Joined Shopify in 2017 Large Brands Shopify Plus FIGS Healthcare apparel and lifestyle brand ✓ Shopify Payments ✓ Shop Pay ✓ Shop Pay Installments ✓ Shopify Shipping Launched brand on Shopify in 2013 Upgraded to Shopify Plus in 2016#12Merchant-centred business model where merchant solutions grow hand-in-hand with merchant success OFIGS Merchant Journey OFIGS Get ready to love your scrubs. FREE SHIPPING OVER CAS160 AND FREE RETURNS Women Men Team Orders Students Q Sch 00 FIGS launches on the Shopify Plan 2013 Upgrade to S shopifyplus Shopify Payments 2014 2016 shop Pay ● 2017 International Expansion (Canada, UK, Australia) Shopify Shipping shop Pay installments in partnership with affirm Initial Public Offering 2018 2020 2021#13Simplifying fulfillment SI Acquisition of Deliverr SFN introduced the following features and capabilities: ● ● ● ● ● ● ● ● ● $2.1B acquisition expected to close following regulatory review Strengthens Shopify Fulfillment Network with Deliverr's software, talent, data, and scale Ships over a million orders per month for thousands of merchants across the U.S. Enhances our capacity to manage merchants' inventory from port to porch and across all their sales channels, including Walmart, eBay, Etsy, and Amazon, and social channels like Facebook, Instagram, and TikTok Reinforces SFN benefits including simplified inventory management across multiple channels, demand-driven inventory placement, and faster delivery Proprietary warehouse management system now running in key warehouse locations Shop Promise is a new badge in early access that lets merchants display expected delivery dates, and 1- to 2-day delivery promises, across online store, Google, Facebook, Instagram, and the Shop app Improved inbound transfer experience Easier inventory tracking across our fulfillment centers Ability to add new products directly in the merchant-facing app#14Deliverr Building the future of global logistics for independent brands Deliverr has reached an agreement to join the Shopify Fulfillment Network#15SFN + Deliverr = An end-to-end logistics platform Helping merchants of all sizes remove the complexity of supply chain, from port to porch and across all sales channels Inventory inbounding to the network Supplier ● Materials Deliverr ● Manufacturing Product assembly Freight ● Land, sea, & air transport Receiving & assessment Inventory distribution within network and across channels Distribution Cross-docking ● Prep services ● • Multi-channel: retail, wholesale, marketplaces Deliverr 6 RIVER SYSTEMS m Fulfillment Centers ● Inventory balancing Sorting facilities ● Last mile delivery ● Returns processing Fulfillment Solutions & Warehouse Automation Direct-to-consumer order fulfillment 1111 2 DAYS Customers Two-day & next-day delivery, plus returns Across your online store, social channels, and marketplaces S ebay Etsy#16*For illustrative purposes only and not the actual location of network facilities. Combining our superpowers for a merchant-obsessed network for everyone Fast & Easy Fulfillment OPERATE PARTNER Large-scale, central hubs as multi-use facilities operated by Shopify with Deliverr and 6RS technologies Smaller, distributed spokes as 'edge - caches' to be close to customers operated by warehouse partners Freight, carrier, & last mile delivery - partners connected throughout the network for the best service#17Introducing our Shop Promise Helping consumers find two-day and next-day delivery with the merchants they love Badge shows expected delivery date, and two-day / next-day delivery promises, directly on merchants' online stores Shop Promise extends across channels, like Google, Facebook, Instagram, and the Shop app Works together with Shop Pay and Shop Protect to offer the best consumer and merchant experience Shopify gives merchants full ownership of their brand, business intelligence, and customer data ☐ r ADD TO CART Buy with shop Pay FREE SHIPPING Arrives Tuesday, May 10 shop Promise ☐ ☐#18RECHES BHAB MOBILE ROBOT AREA M www MA A IMPER TAMLE 5 WA TEAN 6 WHEEN BRE 7 AR 8 6 Shopify Fulfillment Network - Atlanta Hub#19CODE OUDER 716 KEYENCE Cross Dock in Deliverr Network#20dide 7750 United today Bes breaks toidny 215.0k UWID 222 Breas WTD Saat alle W Psy 919 Biday Revival - 242 Palletsprod WTD WID Merves Cross Dock in Deliverr Network#21Jy Maranta Plant Shop#22SPIRE action INSPI INS DISTINCT@LIFE. INSPIRE DETROIT INSPIRES THE WORLD. INSPIRE Sneaker C TRICT CHAMPS 2007 UNSTINCT SUFE DETROIT INSPIRES THE WORLD. Distinct Life#23Blissful dog BLISSFUL dog Blissful dog Blissful dog issful dog Bussfol dog lissful dog Blissful R issful 000 Blissful dog Blissful dog Blissful Aydog Blis Blissful Blissful dog Bliss dog Bliss dog Blissful dog The Blissful Dog#24Cream Blends#25FLYBOÍ Freedom Is Fly#26DEVI Deviate#27884 W Gay Pride Apparel#28Shopify Port - Toronto#2914 MERCHANT MARKET NARY R2 BOSS JARRE Shopify Port - Berlin#30Make commerce better for everyone. S shopify