Spotify Results Presentation Deck

Gross Margin Marketplace and Podcasting benefits offset by content/product investments and Car Thing Total Gross Margin Premium Gross Margin Ad-Supported Gross Margin III Q2'18 25.3%* Q2'19 Q2'20 Q2'21 Q2'22 Accrual Benefit Car Thing Charge and Accrual Benefit Spotify Gross Margin finished at 24.6% in Q2, or 25.3%* excluding the €31 million charge for Car Thing and a net €11 million benefit related to changes in historical estimates for rights holder liabilities. Q2'18 Q2'19 28.8%* Q2'20 Q2'21 Q2'22 Accrual Benefit Car Thing Charge and Accrual Benefit Premium Gross Margin was 28.0% in Q2, down 283 bps Y/Y. Excluding the Car Thing charge and change in accruals, Premium Gross Margin was 28.8%*, flat Y/Y, reflecting Marketplace growth, offset by increased publishing rates and product enhancement spend. Q2'18 Q2'19 Q2'20 Q2'21 Accrual Benefit 1.1%* *Adjusted Gross Margin is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Q2'22 Ad-Supported Gross Margin was 1.1% in Q2, down 980 bps Y/Y, reflecting favorable revenue mix shift towards podcasts and Marketplace growth, offset by non-music content spend, product enhancement spend and increased publishing rates. 10

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