Spotify Results Presentation Deck

Gross Margin Marketplace and podcasting benefits offset by content and product investments Total Gross Margin Q4'18 Q4'19 Q4'20 Spotify 25.3% 11 Q4'21 Q4'22 Gross Margin finished at 25.3% in Q4, down 118 bps Y/Y. The Y/Y trend reflects stable music profitability and improving podcast profitability, which were more than offset by new podcast content and product investments. Premium Gross Margin 28.6% I Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Premium Gross Margin was 28.6% in Q4, down 56 bps Y/Y. The Y/Y trend reflects improvement in Premium music profitability (aided by Marketplace growth), offset by investments. Ad-Supported Gross Margin II Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 5.1% Ad-Supported Gross Margin was 5.1% in Q4, down 554 bps Y/Y. The Y/Y trend reflects improving podcast profitability offset by new podcast content investments and softer Ad-Supported music profitability (as advertising monetization lagged engagement in select markets). 10

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