Spotify Results Presentation Deck

Executive Summary The business delivered strong results in Q3, as all of our KPIs exceeded guidance. Our MAU performance remained solid, with net additions of 23 million surpassing guidance by 2 million. Subscriber net additions of 6 million were also ahead by 2 million. Revenue was better and grew 17% Y/Y on a constant currency* basis, reflecting ~300 bps of sequential acceleration vs. Q2'23. Gross Margin of 26.4% was also ahead of guidance and up 166 bps Y/Y. Operating Income of €32 million was better due to the higher Gross Margin, as well as lower than expected personnel and related costs and marketing spend. Free Cash Flow* was €216 million in the quarter. Overall, we are pleased with our performance in Q3, and view the business as well positioned to drive continued progress towards delivering against our Investor Day goals. Spotify USER & FINANCIAL SUMMARY USERS (M) Total Monthly Active Users ("MAUS") Premium Subscribers Ad-Supported MAUS FINANCIALS (€M) Premium Ad-Supported Total Revenue Gross Profit Gross Margin Adjusted Gross Margin* Operating (Loss)/Income Operating Margin Adjusted Operating (Loss)/Income* Adjusted Operating Margin* Net Cash Flows From Operating Activities Free Cash Flow* Q3 2022 Q2 2023 Q3 2023 456 195 273 2,651 385 3,036 3,177 2,773 404 750 24.7% 1 (228) (7.5%) 551 220 343 40 35 766 24.1% 25.5% (247) (7.8%) (112) (3.5%) 39 13 574 26% 226 16% 361 32% 2,910 447 3,357 885 26.4% 1 32 1.0% 1 L Y/Y 211 216 10% 16% 11% 18% 1 11 11 Q/Q 4% 3% 5% 5% 11% 6% 16% * Constant Currency, Adjusted Gross Margin, Adjusted Operating Loss, Adjusted Operating Margin 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. 3

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