Spotify Results Presentation Deck

Gross Margin Podcasting and Marketplace gains + Other Cost of Revenue favorability aid expansion Total Gross Margin Q3'19 Q3'20 Q3'21 Spotify 26.4% il Q3'22 Q3'23 Gross Margin finished at 26.4% in Q3, up 166 bps Y/Y. The Y/Y trend reflects improvement in podcast trends, growth in Marketplace, Other Cost of Revenue favorability and the lapping of the prior year period's unfavorable change in historical estimates for rights holder liabilities (nearly 40 bps of impact). Premium Gross Margin 29.1% Q3'19 Q3'20 Q3'21 Q3'22 Q3'23 Premium Gross Margin was 29.1% in Q3, up 111 bps Y/Y. The Y/Y trend reflects improvement in music profitability (aided by Marketplace growth) and Other Cost of Revenue favorability. Ad-Supported Gross Margin Q3'19 Q3'20 Q3'21 Q3'22 8.3% Q3'23 Ad-Supported Gross Margin was 8.3% in Q3, up 646 bps Y/Y. The Y/Y trend reflects improvement in podcast trends and music profitability as well as Other Cost of Revenue favorability. 10

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