Spotify Results Presentation Deck

Operating Expenses Y/Y decline led by lower marketing and personnel costs Operating Expenses declined 13% Y/Y (or down 8% Y/Y on a constant currency* basis), driven primarily by lower marketing expenses and a decrease in personnel and related costs. Social Charge movements were modestly better than expected but not a meaningful driver of the Y/Y trend. We are encouraged by the early results we have seen from select efficiency initiatives. As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue. Spotify * Constant Currency adjusted measures are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. €4,000 €3,000 €2,000 €1,000 €0 MI Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 - Total Operating Expenses Y/Y -18% -13% Operating Expense Trends Sales & Marketing Q3'23 Y/Y Growth -4% TH Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Total Operating Expenses, LTM (€M) 1% -19% -13% Q3'23 Y/Y Growth Constant Currency 75% 50% 25% 0% -13% -25% Research & Development General & Administrative 11

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