Spotify Results Presentation Deck

Financial Summary Revenue Profitability Free Cash Flow & Liquidity Spotify Revenue of €3,166 million grew 18% Y/Y in Q4 (or 12% Y/Y constant currency), reflecting: Premium Revenue growth of 18% Y/Y (or 13% Y/Y constant currency), led by subscriber gains; Ad-Supported Revenue growth of 14% Y/Y (or 4% Y/Y constant currency), led by podcasting; and Currency translation benefits of approximately 600 bps (200 bps less than forecast). Gross Margin was 25.3% in Q4, down 118 bps Y/Y reflecting: Continued growth in Marketplace activity; offset by New podcast content and product investments Operating Loss of (€231) million reflected the above and Operating Expense growth of 44% Y/Y (or 36% Y/Y constant currency), reflecting: Higher personnel costs primarily due to headcount growth and higher advertising costs Currency movements had a negative 751 bps impact on expense growth, or €54 million, given the unfavorable geographic mix of employee costs relative to revenue. Free Cash Flow was (€73) million in Q4. Capital expenditures decreased €11 million Y/Y to €5 million in the quarter. Liquidity remained strong, with €3.4 billion in cash and cash equivalents, restricted cash and short term investments. Our quarter-over-quarter cash position was also impacted by the FX impact on dollar denominated investments. At the end of Q4, our workforce consisted of 10,151 FTEs globally. * Constant currency measures 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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