Spotify Results Presentation Deck

Executive Summary The majority of our key metrics surpassed guidance in Q3'22, led by MAU and Subscriber outperformance and healthy Revenue growth. Similar to last quarter, MAU growth saw notable acceleration, with net additions reaching a record Q3 high of 23 million, while Subscribers came in 1 million ahead of guidance. Gross Margin came in below expectations, mainly due to an unfavorable adjustment to prior period estimates for rights holder liabilities. We also saw a margin impact due to slower than forecast advertising growth given the challenging macro environment. Free Cash Flow was a positive €35 million in the quarter. Despite ongoing economic uncertainty, we are generally pleased with our overall results. We remain focused on delivering against the objectives we shared at our 2022 Investor Day while maintaining a strong balance sheet profile. 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 Operating (Loss)/Income Operating Margin Net Cash Flows From Operating Activities Free Cash Flow¹ Q3 2021 381 172 220 2,178 323 2,501 668 26.7% 75 3.0% 123 99 1 Free Cash Flow is a non-IFRS measure. See "Use of Non-IFRS Measures" and "Reconciliation of IFRS to Non-IFRS Results" for additional information. Q2 2022 433 188 256 2,504 360 2,864 704 24.6% (194) (6.8%) 39 37 Q3 2022 456 195 273 2,651 385 3,036 750 24.7% (228) (7.5%) 40 35 Y/Y 20% 13% 24% 22% 19% 21% 12% -- -- 11 Q/Q 5% 4% 7% 6% 7% 6% 7% 3

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