Spotify Results Presentation Deck

Gross Margin Podcasting improvement and Other Cost of Revenue favorability aid expansion Total Gross Margin 25.5%* Q2'19 Q2'20 Q2'21 Q2'22 Q2'23 Car Thing charge, net Adjustments and net charges from efficiency activities Spotify Gross Margin finished at 24.1% in Q2. Adjusted Gross Margin* was 25.5%, which excludes €44 million in net charges. Adjusted Gross Margin* was up 22 bps Y/Y, reflecting podcasting improvement, Marketplace growth and Other Cost of Revenue favorability. Premium Gross Margin 28.4%* Q2'19 Q2'20 Q2¹21 Q2'22 Car Thing charge, net Adjustments and net charges from efficiency activities Q2'23 Premium Gross Margin was 28.5% in Q2. Adjusted Premium Gross Margin* was 28.4%, down 37 bps Y/Y, reflecting Marketplace growth and Other Cost of Revenue favorability, partially offset by increased music royalty costs. Ad-Supported Gross Margin 5.7%* Q2'19 Q2'20 Q2¹21 Q2'22 Q2'23 Adjustments and net charges from efficiency activities *Adjusted Gross Margin is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Ad-Supported Gross Margin was (5.7%)% in Q2. Adjusted Ad-Supported Gross Margin was 5.7%, up 458 bps Y/Y, reflecting improving podcast profitability and Other Cost of Revenue favorability, partially offset by increased music royalty costs. 10

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