Spotify Results Presentation Deck

Executive Summary The business performed very well in Q2, led by exceptionally strong MAU and Subscriber results. MAU net additions of 36 million were 21 million above guidance an all-time high for the company-while Subscriber net additions of 10 million were 3 million ahead of guidance and the highest Q2 in company history. Revenue was in-line with guidance. Reported Gross Margin and Operating Loss were both primarily impacted by charges related to our actions to streamline operations and reduce costs. Excluding these items, Adjusted Gross Margin* of 25.5% was in-line and up 22 bps Y/Y (consistent with how we guided the quarter). Adjusted Operating Loss* of (€112) million was better than guidance, aided by lower marketing spend. Free Cash Flow* was €9 million in the quarter. Overall, we are encouraged by the strength we saw in Q2 and our momentum heading into the back half of 2023. Spotify USER & FINANCIAL SUMMARY USERS (M) Total Monthly Active Users ("MAUS") Premium Subscribers Ad-Supported MAUS FINANCIALS (€M) Premium Ad-Supported Total Revenue Gross Profit Gross Margin Adjusted Gross Margin* Operating (Loss)/Income Operating Margin Adjusted Operating (Loss)/Income* Adjusted Operating Margin* Net Cash Flows From Operating Activities Free Cash Flow* Q2 2022 Q1 2023 433 188 256 2,504 360 2,864 704 24.6% 25.3% 515 210 317 39 37 766 25.2% -- (194) (156) (6.8%) (5.1%) 2,713 2,773 11% 404 12% 329 3,042 3,177 11% (174) (112) (6.1%) (3.7%) Q2 2023 59 57 551 27% 220 343 17% 34% 766 9% 24.1% 25.5% Y/Y (247) (7.8%) (112) (3.5%) 13 9 -- 11 Q/Q 7% 5% 8% 2% 23% 4% 0% * Adjusted Gross Margin, Adjusted Operating Loss, Adjusted Operating Margin 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. 3

View entire presentation