Q4 2022 Update January 31st, 2023 1

Table of Contents Key Highlights Financial Summary MAUs & Subscribers Product & Platform Outlook Financial Statements Executive Summary p.03 22 p.04 p.06 p.13 p.16 p.21 p.24

Executive Summary We ended 2022 with strong Q4 performance as nearly all of our KPIs surpassed guidance. MAU net additions reached a quarterly record-high of 33 million in Q4, 10 million above guidance. Subscriber growth also materially outperformed, exceeding guidance by 3 million net additions. Revenue growth, excluding the impact of changes in FX, was ahead of expectations. Gross Margin exceeded guidance by 80 bps due primarily to lower investment spending and broad-based music favorability. As expected, our Free Cash Flow was negative in the quarter; however, full year Free Cash Flow remained positive and we expect this trend to continue moving forward on a full year basis. Looking back on 2022 in its entirety, we are pleased with our overall results. Each year presents certain challenges and opportunities and, over the past 12 months, we largely delivered on our internal goals and we are excited about the momentum we are building heading into 2023. 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. USER & FINANCIAL SUMMARY Q4 2021 Q3 2022 Q4 2022 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 406 456 489 20% 7% Premium Subscribers 180 195 205 14% 5% Ad-Supported MAUs 236 273 295 25% 8% FINANCIALS (€M) Premium 2,295 2,651 2,717 18% 2% Ad-Supported 394 385 449 14% 17% Total Revenue 2,689 3,036 3,166 18% 4% Gross Profit 712 750 801 13% 7% Gross Margin 26.5% 24.7% 25.3% -- -- Operating (Loss)/Income (7) (228) (231) -- -- Operating Margin (0.3%) (7.5%) (7.3%) -- -- Net Cash Flows From Operating Activities 119 40 (70) -- -- Free Cash Flow¹ 103 35 (73) -- -- 6

Record high MAU growth of 33 million net additions Key Highlights Total Revenue grew 18% Y/Y to €3.2 billion Premium Revenue grew 18% Y/Y to €2.7 billion Ad-Supported Revenue grew 14% Y/Y to €449 million, led by Podcasting gains Gross Margin finished above guidance at 25.3% primarily as a result of lower than expected spend on new podcast content investments and broad-based music favorability 18% Y/Y Revenue growth and 25.3% Gross Margin 8th Annual Spotify Wrapped Campaign draws more than 150 million MAU MAUs grew 20% Y/Y to 489 million, 10 million above guidance. Net additions of 33 million represented our largest ever Q4 growth 6 ● MAU strength led by Rest of World and Europe as a result of successful marketing campaigns and OEM strength Premium Subscribers grew 14% Y/Y to 205 million, 3 million above guidance, aided by promotional intake and household plans Users engaging with the 8th annual year-end Spotify Wrapped campaign grew 30% Y/Y across 111 markets Rolled out the first iterations of Google’s User Choice Billing to Spotify subscribers in select markets Announced the expansion of Audiobooks a la carte availability in United Kingdom, Ireland, Australia and New Zealand

Results Q4 2022 Actuals Guidance Total Revenue (€B) Inline €3.2 €3.2 Gross Margin Above 25.3% 24.5% Operating (Loss)/Income (€M) Above (€ 231) (€ 300) Key Highlights: Actuals vs. Guidance Users Results Q4 2022 Actuals Guidance Monthly Active Users (M) Above 489 479 Premium Subscribers (M) Above 205 202 Financials 6

FINANCIAL SUMMARY 6

Financial Summary 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. USER, FINANCIAL & LIQUIDITY SUMMARY Q4 2021 Q1 2022 Q2 2022 Q3 2022 USERS (M) Q4 2022 Y/Y Total Monthly Active Users ("MAUs") 406 422 433 456 489 20% Premium Subscribers 180 182 188 195 205 14% Ad-Supported MAUs 236 252 256 273 295 25% FINANCIALS (€M) Premium 2,295 2,379 2,504 2,651 2,717 18% Ad-Supported 394 282 360 385 449 14% Total Revenue 2,689 2,661 2,864 3,036 3,166 18% Gross Profit 712 671 704 750 801 13% Gross Margin 26.5% 25.2% 24.6% 24.7% 25.3% -- Operating (Loss)/Income (7) (6) (194) (228) (231) -- Operating Margin (0.3%) (0.2%) (6.8%) (7.5%) (7.3%) -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 119 37 39 40 (70) -- Free Cash Flow¹ 103 22 37 35 (73) -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 3.6 3.6 3.6 3.7 3.4 -- 7

Revenue Profitability Free Cash Flow & Liquidity Revenue of €3,166 million grew 18% Y/Y in Q4 (or 12% Y/Y constant currency), reflecting: Premium Revenue growth of 18% Y/Y (or 13% Y/Y constant currency), led by subscriber gains; Ad-Supported Revenue growth of 14% Y/Y (or 4% Y/Y constant currency), led by podcasting; and Currency translation benefits of approximately 600 bps (200 bps less than forecast). Gross Margin was 25.3% in Q4, down 118 bps Y/Y reflecting: Continued growth in Marketplace activity; offset by New podcast content and product investments Operating Loss of (€231) million reflected the above and Operating Expense growth of 44% Y/Y (or 36% Y/Y constant currency), reflecting: Higher personnel costs primarily due to headcount growth and higher advertising costs Currency movements had a negative 751 bps impact on expense growth, or €54 million, given the unfavorable geographic mix of employee costs relative to revenue. Free Cash Flow was (€73) million in Q4. Capital expenditures decreased €11 million Y/Y to €5 million in the quarter. Liquidity remained strong, with €3.4 billion in cash and cash equivalents, restricted cash and short term investments. Our quarter-over-quarter cash position was also impacted by the FX impact on dollar denominated investments. At the end of Q4, our workforce consisted of 10,151 FTEs globally. Financial Summary * Constant currency 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

Revenue ¹ Premium Average Revenue per User (“ARPU”) * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Resilient Premium growth, led by subscribers Premium Revenue grew 18% Y/Y to €2,717 million, reflecting subscriber growth of 14% Y/Y and Premium ARPU¹ growth of 3% Y/Y to €4.55 (or down 1% constant currency). Excluding the impact of FX, ARPU performance was slightly impacted by product and market mix. Ad-Supported growth driven by podcasting Ad-Supported revenue grew 14% Y/Y and accounted for 14% of Total Revenue. On a global basis, our music advertising revenue grew mid single digits Y/Y, reflecting double digit Y/Y growth in impressions sold, partially offset by softer pricing due to the current macroeconomic environment. Podcast revenue grew in the mid 30% range Y/Y, reflecting healthy double digit Y/Y growth in impressions sold and pricing. The Spotify Audience Network saw healthy double digit Q/Q growth in participating publishers, shows and advertisers. 9

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. Gross Margin Marketplace and podcasting benefits offset by content and product investments 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. 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

Operating Expenses Growth largely driven by headcount expansion and unfavorable FX impact Operating Expenses grew 44% Y/Y (or 36% constant currency), driven primarily by higher personnel costs related to headcount growth (global ad sales team, platform investment and acquisitions) and higher advertising expenses (Emerging Markets, Gen Z). These investments largely reflect various growth initiatives that were greenlit toward the end of 2021 and the impact of recent acquisitions such as Podsights, Findaway, Sonantic, Chartable, Whooshkaa and Heardle. As we stated throughout the last year, 2022 was an investment year for the company with our Operating Expenses growing faster than Total Revenue. Moving forward, we expect to see more company wide efficiencies with our expectation that Total Revenue will begin to grow faster than Operating Expenses. As a result, we anticipate a meaningful improvement in our Operating Expense ratios and Operating Income/(Loss) in 2023 and beyond. 10

Free Cash Flow Building and sustaining a strong balance sheet Free Cash Flow was (€73) million in Q4, a decrease Y/Y as a result of lower Net Income adjusted for non-cash items and reduced favorability in net working capital. Capital expenditures decreased €11 million Y/Y to €5 million as a result of the completion of office build-outs. While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged over €200 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. On a cumulative basis, we have generated over €1.3 billion of Free Cash Flow since Q1’16, supporting our strong balance sheet and €3.4 billion in cash and cash equivalents, restricted cash and short term investments balance. * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. Cume represents cumulative performance since Q1’16. 12

MAUS & SUBSCRIBERS 13

Total MAUs grew 20% Y/Y to 489 million, up from 456 million last quarter and above our guidance by 10 million. Quarterly performance versus our guidance was impacted by: Outperformance in Rest of World led by India and Indonesia as a result of successful marketing campaigns and OEM strength Broad-based MAU strength across nearly all regions, aided by 8th annual Wrapped campaign and generally stronger performance around the holiday season Strong growth amongst Gen Z listeners Q4 MAU net additions of 33 million marked an all-time high for the company, bringing full year 2022 net adds to a record high of 83 million (or 88 million excluding the impact of our Russia exit). Monthly Active Users (MAUs) 14

Our Premium Subscribers grew 14% Y/Y to 205 million, up from 195 million last quarter. Quarterly performance versus our guidance was impacted by: Outperformance across all regions, led by Latin America Better than expected Q4 promotional campaign results across all regions Continued strength in multi-user plans Full year 2022 Subscriber net additions were 25 million (or 27 million excluding the impact of our Russia exit). Premium Subscribers 14

PRODUCT & PLATFORM 16

8th Annual Wrapped Campaign On November 30, 2022, we launched the 8th annual year-end Spotify Wrapped campaign to users in 111 markets. Collectively, 156 million MAUs engaged with Wrapped content in Q4 (up 30% Y/Y) and there was strong Y/Y growth in engagement across all regions and demographics. This year we included artist merch in the app to help fans get closer to their favorite artists. During the Wrapped campaign, we hit the highest-grossing merch sales week for artists in Spotify history. The Wrapped campaign also debuted concerts for the first time and serviced concerts engaging millions of users, resulting in a 2.7x increase in visitors to artist tour pages. 24

Podcasting Announced that Emma Chamberlain’s hit podcast Anything Goes would come exclusively to Spotify. Brought our four million+ podcasts to South Korea so that more fans than ever can enjoy shows from around the globe. Partnered with VICE Media Group Asia to bring five new video podcasts to Spotify in Indonesia. The U.K.’s Keep It Light Media joined Megaphone and Rob Beckett and Josh Widdicombe’s Parenting Hell became a Spotify Exclusive. Launched a new offering in Europe that gives Megaphone podcast publishers free access to Chartable and Podsights. 24

Music Releases On October 21st, Taylor Swift released her 10th studio album, Midnights, which became Spotify’s most-streamed album in a single day and broke the record for the most-streamed artist in a single day in Spotify history. On October 14th, we launched our artist marketing campaign in support of Bailey Zimmerman’s debut EP, Leave The Light On, which was the biggest streaming Country debut of all time. In early December, Maria Becerra released her album, La Nena de Argentina, providing her fans the opportunity to understand the concept behind it via an Enhanced Album. 24

Google User Choice Billing Rollout In November, we rolled-out the first iteration of User Choice Billing to select Spotify users in 10+ markets. Over the last few months, we've expanded the roll-out to more than 140 markets around the world. 24

OUTLOOK 24

Outlook for Q1’23 The following forward-looking statements reflect Spotify’s expectations for Q1 2023 as of January 31, 2023 and are subject to substantial uncertainty. Total MAUs 500 million Implies the addition of approximately 11 million net new MAUs in the quarter Total Premium Subscribers 207 million Implies the addition of approximately 2 million net new subscribers in the quarter Total Revenue €3.1 billion Assumes approximately 100 bps tailwind to growth Y/Y due to favorability in foreign exchange rates Gross Margin 24.9% Reflects Y/Y improvement in music and podcasting offset by a modest drag in Other Cost of Revenue and severance-related charges Operating (Loss)/Income €(194) million Inclusive of the Operating Loss is an approximate €19 million impact to Operating Expenses due to Y/Y unfavorability in foreign exchange rates and a €35-45 million impact to Operating Expenses due to severance-related charges 24

Webcast Information We will host a lve question and answer session starting at 8:00 a.m. ET today on investors.spotify.com. Daniel Ek, our Founder and CEO, and Paul Vogel, our Chief Financial Officer, will be on hand to answer questions submitted through slido.com using the event code #SpotifyEarningsQ422. Participants also may join using the listen-only conference line by registering through the following site: https://conferencingportals.com/event/txExvogt We use investors.spotify.com and newsroom.spotify.com websites as well as other social media listed in the “Resources – Social Media” tab of our Investors website to disclose material company information. Use of Non-IFRS Measures To supplement our financial information presented in accordance with IFRS, we use the following non-IFRS financial measures: Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, Operating expense excluding foreign exchange effect, Sales and marketing expense excluding foreign exchange effect, Research and development expense excluding foreign exchange effect, General and administrative expense excluding foreign exchange effect, and Free Cash Flow. Management believes that Revenue excluding foreign exchange effect, Premium revenue excluding foreign exchange effect, Ad-Supported revenue excluding foreign exchange effect, Operating expense excluding foreign exchange effect, Sales and marketing expense excluding foreign exchange effect, Research and development expense excluding foreign exchange effect, and General and administrative expense excluding foreign exchange effect are useful to investors because they present measures that facilitate comparison to our historical performance. However, these should be considered in addition to, not as a substitute for or superior to, Revenue, Premium revenue, Ad-Supported revenue, Operating expense, Sales and marketing expense, Research and development expense, and General and administrative expense, or other financial measures prepared in accordance with IFRS. Management believes that Free Cash Flow is useful to investors because it presents a measure that approximates the amount of cash generated that is available to repay debt obligations, to make investments, and for certain other activities that exclude certain infrequently occurring and/or non-cash items. However, Free Cash Flow should be considered in addition to, not as a substitute for or superior to, net cash flows (used in)/from operating activities or other financial measures prepared in accordance with IFRS. For more information on these non-IFRS financial measures, please see “Reconciliation of IFRS to Non-IFRS Results” section below. Forward Looking Statements This shareholder update contains estimates and forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” and similar words are intended to identify estimates and forward-looking statements. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous risks and uncertainties and are made in light of information currently available to us. Many important factors may adversely affect our results as indicated in forward-looking statements. These factors include, but are not limited to: our ability to attract prospective users, retain existing users, and monetize our products and services; competition for users, user listening time, and advertisers; risks associated with our international operations and our ability to manage our growth; risks associated with our new products or services and our emphasis on long-term user engagement over short-term results; our ability to predict, recommend, and play content that our users enjoy; our ability to be profitable or generate positive cash flow on a sustained basis; our ability to convince advertisers of the benefits of our advertising offerings; our ability to forecast or optimize advertising inventory amid emerging industry trends in digital advertising; our ability to generate revenues from podcasts, audiobooks, and other non-music content; potential disputes or liabilities associated with content made available on our premium service and ad-supported service (collectively, the “Service”); risks relating to acquisitions, investments, and strategic alliances; our dependence upon third-party licenses for most of the content we stream; our lack of control over third-party content providers who are concentrated and can unilaterally affect our access to content; our ability to comply with complex license agreements; our ability to accurately estimate royalty payments under our license agreements and relevant statutes; the limitations on our operating flexibility due to financial commitments required under certain of our license agreements; our ability to identify the compositions embodied in sound recordings and ownership thereof in order to obtain licenses or comply with existing license agreements; assertions by third parties of infringement or other violations by us of their intellectual property rights; our ability to protect our intellectual property; the dependence of streaming on operating systems, online platforms, hardware, networks, regulations, and standards that we do not control; our ability to maintain the integrity of our technology structure and systems or the security of confidential information; undetected errors, bugs or vulnerabilities in our products; interruptions, delays, or discontinuations in service arising from our systems or systems of third parties; changes in laws or regulations affecting us; risks relating to privacy and data security; our ability to maintain, protect, and enhance our brand; risks associated with increased scrutiny of environmental, social, and governance matters; payment-related risks; our dependence on key personnel and ability to attract, retain, and motivate highly skilled employees; our ability to access to additional capital to support growth; risks relating to currency exchange rate fluctuations and foreign exchange controls; the impact of economic, social, or political conditions, including the continuing effects of the COVID-19 pandemic, rising inflation and interest rates, the continued conflict between Russia and Ukraine, and supply chain disruptions; our ability to accurately estimate user metrics and other estimates; our ability to manage and remediate attempts to manipulate streams and attempts to gain or provide unauthorized access to certain features of our Service; risks related to our indebtedness, including risks related to our Exchangeable Notes; fluctuation of our operating results and fair market value of ordinary shares; tax-related risks; the concentration of voting power among our founders, which limits shareholders’ ability to influence our governance and business; and risks related to our status as a foreign private issuer and a Luxembourg company. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from our estimates and forward-looking statements is included in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F filed with the SEC on February 3, 2022, as updated by subsequently reports filed with the SEC. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this shareholder update. Rounding Certain monetary amounts, percentages, and other figures included in this update have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding. 24

FINANCIAL STATEMENTS 24

Trending Charts MAUs, Ad-Supported Users, Premium Subscribers & Revenue By Segment * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. 26

Trending Charts Gross Profit By Segment, Gross Margin By Segment & Free Cash Flow * Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter. 26

Trending Charts MAU & Subscriber Net Additions 4 Yr. MAU Avg. = 71mn 4 Yr. Subscriber Avg. = 27mn * All figures exclude Russia. 27

28 Consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Revenue 3,166 3,036 2,689 11,727 9,668 Cost of revenue 2,365 2,286 1,977 8,801 7,077 Gross profit 801 750 712 2,926 2,591 Research and development 415 386 253 1,387 912 Sales and marketing 453 432 340 1,572 1,135 General and administrative 164 160 126 626 450 1,032 978 719 3,585 2,497 Operating (loss)/income (231) (228) (7) (659) 94 Finance income 26 102 20 421 246 Finance costs (86) (18) (21) (132) (91) Finance income/(costs) - net (60) 84 (1) 289 155 (Loss)/income before tax (291) (144) (8) (370) 249 Income tax (benefit)/expense (21) 22 31 60 283 Net loss attributable to owners of the parent (270) (166) (39) (430) (34) Loss per share attributable to owners of the parent Basic (1.40) (0.86) (0.20) (2.23) (0.18) Diluted (1.40) (0.99) (0.21) (2.93) (1.03) Weighted-average ordinary shares outstanding Basic 193,228,229 193,077,334 191,952,473 192,934,862 191,298,397 Diluted 193,228,229 195,988,834 192,144,654 195,846,362 193,943,455 Twelve months ended

(Unaudited) (in € millions) December 31, 2022 December 31, 2021 Assets Non-current assets Lease right-of-use assets 417 437 Property and equipment 348 372 Goodwill 1,168 894 Intangible assets 127 89 Long term investments 1,138 916 Restricted cash and other non-current assets 78 77 Deferred tax assets 8 13 3,284 2,798 Current assets Trade and other receivables 690 621 Income tax receivable 5 5 Short term investments 867 756 Cash and cash equivalents 2,483 2,744 Other current assets 307 246 4,352 4,372 Total assets 7,636 7,170 Equity and liabilities Equity Share capital — — Other paid in capital 4,789 4,746 Treasury shares (262) (260) Other reserves 1,521 853 Accumulated deficit (3,647) (3,220) Equity attributable to owners of the parent 2,401 2,119 Non-current liabilities Exchangeable Notes 1,128 1,202 Lease liabilities 555 579 Accrued expenses and other liabilities 28 37 Provisions 3 7 Deferred tax liabilities 5 — 1,719 1,825 Current liabilities Trade and other payables 845 793 Income tax payable 11 23 Deferred revenue 520 458 Accrued expenses and other liabilities 2,093 1,841 Provisions 26 22 Derivative liabilities 21 89 3,516 3,226 Total liabilities 5,235 5,051 Total equity and liabilities 7,636 7,170 Consolidated statement of financial position 28

Twelve months ended December 31, 2022 December 31, 2021 December 31, 2021 (39) (430) (34) Adjustments to reconcile net loss to net cash flows Depreciation of property and equipment and lease right-of-use assets 32 30 25 118 94 Amortization of intangible assets 18 14 8 53 33 Share-based compensation expense 100 108 50 381 223 Excess and obsolete reserve — (2) — 14 — Finance income (26) (102) (20) (421) (246) Finance costs 86 18 21 132 91 Income tax (benefit)/expense (21) 22 31 60 283 Other 3 5 3 7 6 Changes in working capital: Increase in trade receivables and other assets (69) (6) (63) (84) (245) Increase in trade and other liabilities 74 117 92 226 137 Increase in deferred revenue 16 20 17 52 67 (Decrease)/increase in provisions (2) (12) 8 (3) 5 Interest paid on lease liabilities (13) (14) (13) (53) (50) Interest received 20 12 — 37 3 Income tax paid (18) (4) (1) (43) (6) Net cash flows (used in)/from operating activities (70) 40 119 46 361 Investing activities Business combinations, net of cash acquired — (107) (14) (306) (115) Purchases of property and equipment (5) (5) (16) (25) (85) Purchases of short term investments (168) (78) (112) (457) (497) Sales and maturities of short term investments 71 78 88 368 375 Proceeds from sale of long term investment — 4 144 5 144 Change in restricted cash 2 — — — 1 Other (1) (1) (3) (8) (10) Net cash flows (used in)/from investing activities (101) (109) 87 (423) (187) Financing activities Payments of lease liabilities (12) (11) (10) (43) (35) Lease incentives received — — — 2 7 Proceeds from exercise of stock options — — 64 43 167 Proceeds from issuance of Exchangeable Notes, net of costs — — — — 1,223 Proceeds from issuance of warrants — — — — 31 (Unaudited) (in € millions) Three months ended December 31, 2022 September 30, 2022 Operating activities Net loss (270) (166) Repurchases of ordinary shares — — (65) (2) (89) Payments for employee taxes withheld from restricted stock unit releases (9) (10) (14) (40) (54) Net cash flows (used in)/from financing activities (21) (21) (25) (40) 1,250 Net (decrease)/increase in cash and cash equivalents (192) (90) 181 (417) 1,424 Cash and cash equivalents at beginning of the period 2,851 2,786 2,512 2,744 1,151 Net foreign exchange (losses)/gains on cash and cash equivalents (176) 155 51 156 169 Cash and cash equivalents at period end 2,483 2,851 2,744 2,483 2,744 30 Consolidated statement of cash flows

December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Basic loss per share Net loss attributable to owners of the parent (270) (166) (39) (430) (34) Shares used in computation: Weighted-average ordinary shares outstanding 193,228,229 193,077,334 191,952,473 192,934,862 191,298,397 Basic loss per share attributable to owners of the parent (1.40) (0.86) (0.20) (2.23) (0.18) Diluted loss per share Net loss attributable to owners of the parent (270) (166) (39) (430) (34) Fair value gains on dilutive warrants — — (2) — (53) Fair value gains on dilutive Exchangeable Notes — (28) — (144) (112) Net loss used in the computation of diluted loss per share (270) (194) (41) (574) (199) Shares used in computation: Weighted-average ordinary shares outstanding 193,228,229 193,077,334 191,952,473 192,934,862 191,298,397 Warrants — — 192,181 220,137 Exchangeable Notes — 2,911,500 — 2,911,500 2,424,921 Diluted weighted-average ordinary shares 193,228,229 195,988,834 192,144,654 195,846,362 193,943,455 Diluted loss per share attributable to owners of the parent (1.40) (0.99) (0.21) (2.93) (1.03) (Unaudited) (in € millions, except share and per share data) Three months ended Twelve months ended Calculation of basic and diluted loss per share 31

31 December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 IFRS revenue 3,166 2,689 11,727 9,668 Foreign exchange effect on 2022 revenue using 2021 rates 162 682 Revenue excluding foreign exchange effect 3,004 11,045 IFRS revenue year-over-year change % 18% 21% Revenue excluding foreign exchange effect year-over-year change % 12% 14% IFRS Premium revenue 2,717 2,295 10,251 8,460 Foreign exchange effect on 2022 Premium revenue using 2021 rates 123 536 Premium revenue excluding foreign exchange effect 2,594 9,715 IFRS Premium revenue year-over-year change % 18% 21% Premium revenue excluding foreign exchange effect year-over-year change % 13% 15% IFRS Ad-Supported revenue 449 394 1,476 1,208 Foreign exchange effect on 2022 Ad-Supported revenue using 2021 rates 39 146 Ad-Supported revenue excluding foreign exchange effect 410 1,330 IFRS Ad-Supported revenue year-over-year change % 14% 22% Ad-Supported revenue excluding foreign exchange effect year-over-year change % 4% 10% Revenue on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended Twelve months ended Reconciliation of IFRS to non-IFRS results

31 June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December 2019 30, 2019 31, 2019 2020 2020 30, 2020 31, 2020 2021 2021 30, 2021 31, 2021 2022 2022 30, 2022 31, 2022 Net cash flows from/(used in) operating activities 90 71 203 (9) 39 122 107 65 54 123 119 37 39 40 (70) Capital expenditures (40) (26) (32) (12) (14) (17) (35) (24) (20) (25) (16) (10) (5) (5) (5) Change in restricted cash — 3 (2) — 2 (2) 2 — — 1 — (5) 3 — 2 Free Cash Flow 50 48 169 (21) 27 103 74 41 34 99 103 22 37 35 (73) Three months ended March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December 2020 2020 30, 2020 31, 2020 2021 2021 30, 2021 31, 2021 2022 2022 30, 2022 31, 2022 Net cash flows from operating activities 355 304 355 259 333 348 349 361 333 318 235 46 Capital expenditures (110) (84) (75) (78) (90) (96) (104) (85) (71) (56) (36) (25) Change in restricted cash 1 3 (2) 2 2 — 3 1 (4) (1) (2) — Free Cash Flow 246 223 278 183 245 252 248 277 258 261 197 21 Last twelve months ended Free Cash Flow (Unaudited) (in € millions) Reconciliation of IFRS to non-IFRS results Free Cash Flow (Unaudited) (in € millions) Free Cash Flow (Unaudited) (in € millions) Twelve months ended December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 December 31, 2021 December 31, 2022 Net cash flows from operating activities 101 179 344 573 259 361 46 Capital expenditures (27) (36) (125) (135) (78) (85) (25) Change in restricted cash (1) (34) (10) 2 2 1 — Free Cash Flow 73 109 209 440 183 277 21

31 Operating expenses on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended December 31, 2022 December 31, 2021 IFRS Operating expenses 1,032 719 Foreign exchange effect on 2022 operating expenses using 2021 rates 54 Operating expenses excluding foreign exchange effect 978 IFRS Operating expenses year over year change % 44 % Operating expenses excluding foreign exchange effect year-over-year change % 36 % Three months ended December 31, 2022 December 31, 2021 IFRS Research and development expenses 415 253 Foreign exchange effect on 2022 expenses using 2021 rates 18 Research and development expenses excluding foreign exchange effect 397 IFRS Research and development expenses year over year change % 64 % Research and development expenses excluding foreign exchange effect year-over-year change % 57 % Three months ended December 31, 2022 December 31, 2021 IFRS Sales and marketing expenses 453 340 Foreign exchange effect on 2022 expenses using 2021 rates 25 Sales and marketing expenses excluding foreign exchange effect 428 IFRS Sales and marketing expenses year over year change % 33 % Sales and marketing expenses excluding foreign exchange effect year-over-year change % 26 % Three months ended December 31, 2022 December 31, 2021 IFRS General and administrative expenses 164 126 Foreign exchange effect on 2022 expenses using 2021 rates 11 General and administrative expenses excluding foreign exchange effect 153 IFRS General and administrative expenses year over year change % 30 % General and administrative expenses excluding foreign exchange effect year-over-year change % 21 % Reconciliation of IFRS to non-IFRS results