Spotify Results Presentation Deck

Operating Expenses Growth largely driven by headcount expansion and unfavorable FX impact Operating Expenses grew 38% Y/Y (or 28% constant currency), largely reflecting the various growth initiatives that were greenlit toward the end of 2021 and, to a lesser extent, the impact of recent acquisitions such as Podsights, Chartable and Whooshkaa. As stated at our 2022 Investor Day, much of the expense growth we are seeing in Q2 is the result of decisions we made toward the end of 2021 to invest in expanding our global sales team to drive new international ads monetization potential, increased marketing for user growth in many of our newer markets and platform innovation. In June, we announced plans to slow headcount growth by 25% beginning in Q3, while also taking a closer look at marketing activity. Spotify 40% 30% Sales & Marketing Q2'22 Y/Y Growth 32% 25% 46% 32% Research & Development General & Administrative Q2'22 Y/Y Growth Constant Currency 11

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