Spotify Results Presentation Deck

Revenue Premium growth led by subscribers and pricing Premium Revenue grew 10% Y/Y to €2,910 million (or 16% Y/Y constant currency*), reflecting subscriber growth of 16% Y/Y and a Premium ARPU* decline of 6% Y/Y to €4.34 (or down 1% constant currency*). Excluding the impact of FX, ARPU performance was impacted by product and market mix, which was partially offset by the price increases we began implementing late in the quarter. Re-accelerating Ad-Supported growth Ad-Supported revenue grew 16% Y/Y (or 24% Y/Y constant currency*), reflecting double-digit Y/Y growth across all regions. Music advertising revenue re-accelerated and grew nearly 20% Y/Y, driven by growth in impressions sold and stable pricing. Podcast advertising revenue growth remained in the healthy double-digit range, driven by significant Y/Y growth in sold impressions across Original and Licensed podcasts and the Spotify Audience Network, which was partially offset by softer pricing. The Spotify Audience Network saw double digit Q/Q growth in participating publishers and shows and high single digit Q/Q growth in advertisers. Spotify €12,500 €10,000 €7,500 €5,000 €2,500 €3,000 €2,000 €1,000 €0 Q4'20 Q1'21 Q221 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Premium Revenue, LTM* (EM) Premium ARPU Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q222 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23. Ad-Supported Revenue, LTM* (EM) - Ad-Supported Revenue As % Of Total Revenue * Constant Currency adjusted measures are non-IFRS measures. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. ARPU means Premium Average Revenue per User. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. €6.00 €5.00 €4.00 €3.00 €2.00 25% 20% 15% 10% 5% 9

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