Spotify Results Presentation Deck

Operating Expenses Growth largely driven by headcount expansion and unfavorable FX impact Operating Expenses grew 44% Y/Y (or 36% constant currency), driven primarily by higher personnel costs related to headcount growth (global ad sales team, platform investment and acquisitions) and higher advertising expenses (Emerging Markets, Gen Z). These investments largely reflect various growth initiatives that were greenlit toward the end of 2021 and the impact of recent acquisitions such as Podsights, Findaway, Sonantic, Chartable, Whooshkaa and Heardle. As we stated throughout the last year, 2022 was an investment year for the company with our Operating Expenses growing faster than Total Revenue. Moving forward, we expect to see more company wide efficiencies with our expectation that Total Revenue will begin to grow faster than Operating Expenses. As a result, we anticipate a meaningful improvement in our Operating Expense ratios and Operating Income/(Loss) in 2023 and beyond. Spotify 33% 26% Sales & Marketing Q4'22 Y/Y Growth 64% 57% 30% 21% Research & Development General & Administrative Q4'22 Y/Y Growth Constant Currency 11

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