Spotify Results Presentation Deck

Operating Expenses Growth largely driven by headcount expansion and unfavorable FX impact Operating Expenses grew 65% Y/Y (or 51% constant currency), largely reflecting 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. Additionally, Y/Y comparisons were affected by the prior year benefit from Social Charge movements, which did not recur in Q3'22. 2022 continues to be an investment year for Spotify, as we build out the resources and infrastructure necessary to drive our multi-modal, multi-vertical strategy forward. We continue to re-evaluate our spending with an eye towards increasing return efficiency and enhancing productivity across the organization. We remain focused on gaining favorable Operating Expense leverage as we progress towards the intermediate-to-long-term targets we conveyed at our 2022 Investor Day. Spotify 54% 40% Sales & Marketing Q3'22 Y/Y Growth 86% 72% 52% 37% Research & Development General & Administrative Q3'22 Y/Y Growth Constant Currency 11

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