Spotify Results Presentation Deck

Financial Summary Revenue Profitability Free Cash Flow & Liquidity Spotify Revenue of €3,357 million grew 11% Y/Y in Q3 (or 17% Y/Y constant currency*), reflecting: Premium Revenue growth of 10% Y/Y (or 16% Y/Y constant currency*), led by subscriber gains and the early effects of price increases; and Ad-Supported Revenue growth of 16% Y/Y (or 24% Y/Y constant currency*) Gross Margin was 26.4% in Q3, up 166 bps Y/Y reflecting: Improvement in podcast trends, Growth in Marketplace activity, Other Cost of Revenue favorability and A lapping of the prior year period's €11 million unfavorable change in historical estimates for rights holder liabilities (nearly 40 bps of impact) Operating Income of €32 million reflected the above and an Operating Expense decline of 13% Y/Y (or down 8% Y/Y constant currency*), reflecting: Lower marketing spend and Lower personnel costs and related costs Free Cash Flow* was €216 million in Q3. Our liquidity and balance sheet remained strong, with €3.8 billion in cash and cash equivalents, restricted cash and short term investments. At the end of Q3, our workforce consisted of 9,241 FTES globally. * Constant Currency adjusted measures 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. 8

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