Spotify Results Presentation Deck

Financial Summary Revenue Profitability Free Cash Flow & Liquidity Spotify Revenue of €2,864 million grew 23% Y/Y in Q2 (or 15% Y/Y constant currency), reflecting: Premium Revenue growth of 22% Y/Y (or 14% Y/Y constant currency), led by subscriber gains; and Ad-Supported Revenue growth of 31% Y/Y (or 17% Y/Y constant currency), led by music and podcasting gains Gross Margin was 24.6% in Q2, down 386 bps Y/Y and below guidance due to the decision to stop manufacturing Car Thing. Excluding the €31 million charge associated with this action and the benefits arising from changes in prior period estimates for rightsholder liabilities in both the Q2'21 and Q2'22 periods, Adjusted Gross Margin¹ was 25.3%, down 123 bps Y/Y, reflecting: Continued growth in Marketplace activity and favorable revenue mix shift to podcasting; offset by Non-music content and product enhancement spend, as well as increased publishing rates Operating Loss of (€194) million reflected the above and Operating Expense growth of 38% Y/Y (or 28% Y/Y constant currency), reflecting: Higher personnel costs primarily due to headcount growth (global ad sales team expansion + acquisitions) and higher advertising costs for growth initiatives (Emerging Markets, Gen Z), partially offset by lower Social Charges Given the geographic mix of employees, currency movements had a negative 968 bps impact on expense growth Free Cash Flow² was €37 million in Q2, a slight increase Y/Y as lower Net Income adjusted for non-cash items was offset by favorability in net working capital. Liquidity remained strong, with €3.6 billion in cash and cash equivalents, restricted cash and short term investments. At the end of Q2, our workforce consisted of 9,058 FTEs globally. 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. 2 Free Cash Flow is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. 8

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