Spotify Results Presentation Deck

Financial Summary Revenue Profitability Free Cash Flow & Liquidity Spotify Revenue of €3,177 million grew 11% Y/Y in Q2 (or 14% Y/Y constant currency*), reflecting: Premium Revenue growth of 11% Y/Y (or 14% Y/Y constant currency*), led by subscriber gains; and Ad-Supported Revenue growth of 12% Y/Y (or 15% Y/Y constant currency*) Gross Margin was 24.1% in Q2, down 47 bps Y/Y due to €44 million in net charges primarily related to the shut down of various podcast shows and the impairment of excess real estate. Excluding these charges, Adjusted Gross Margin* was 25.5% and up 22 bps Y/Y, reflecting: Improvement in podcast profitability, growth in Marketplace activity and Other Cost of Revenue favorability; partially offset by Higher music royalty costs Operating Loss of (€247) million in Q2 was impacted by €135 million in net charges. These charges include the aforementioned impact to Gross Margin and an additional €91 million related primarily to our real estate optimization plan and severance. Excluding these charges, Adjusted Operating Loss* was (€112) million and reflected: Higher Social Charges Y/Y; and Higher personnel costs, partially offset by lower marketing and legal costs Free Cash Flow* was €9 million in Q2. Our liquidity and balance sheet remained strong, with €3.5 billion in cash and cash equivalents, restricted cash and short term investments. At the end of Q2, our workforce consisted of 9,473 FTES globally. * Constant Currency adjusted measures, Adjusted Gross Margin, Adjusted Operating Loss and Free Cash Flow are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. 8

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