Spotify Results Presentation Deck

Gross Margin Marketplace and Podcasting benefits offset by content/product investments and accruals Ad-Supported Gross Margin Total Gross Margin 24.7% 11 Q3'18 Q3'19 Q3'20 Q3'21 Q3'22 Gross Margin finished at 24.7% in Q3, reflecting continued Y/Y benefit from Marketplace and revenue mix shift towards podcasts, offset by non-music content and product enhancement spend, increased publishing rates and an unfavorable change in historical estimates for rights holder liabilities. Spotify Premium Gross Margin 28.0% Q3'18 Q3'19 Q3'20 Q3'21 Q3'22 Premium Gross Margin was 28.0% in Q3, down 104 bps Y/Y, reflecting Marketplace growth, offset by product enhancement spend, increased publishing rates and the change in accruals. II Q3'19 Q3'18 Q3'20 Q3'21 1.8% Q3'22 Ad-Supported Gross Margin was 1.8% in Q3, down 902 bps Y/Y, reflecting favorable revenue mix shift towards podcasts and Marketplace growth, offset by non-music content spend and product enhancement spend, increased publishing rates and the change in accruals. 10

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