Q1 2023 Update April 25th, 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.22 p.25

Executive Summary The strength we saw exiting 2022 continued into 2023, as nearly all of our Q1 KPIs surpassed expectations. MAU net additions of 26 million were 15 million above guidance, our highest Q1 ever and the fifth quarter in a row of accelerating Y/Y growth. Subscriber net additions of 5 million also reflected a material uptick vs. the prior year trend and were 3 million above guidance. Revenue growth was slightly below our expectations due to macro-related variability in our advertising business. However, Gross Margin exceeded guidance by 30 bps. The Operating Loss was also better, aided by lower marketing spend, and the business generated €57 million in Free Cash Flow. Overall, we are encouraged by the strong start to 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 Q1 2022 Q4 2022 Q1 2023 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 422 489 515 22% 5% Premium Subscribers 182 205 210 15% 2% Ad-Supported MAUs 252 295 317 26% 7% FINANCIALS (€M) Premium 2,379 2,717 2,713 14% 0% Ad-Supported 282 449 329 17% -27% Total Revenue 2,661 3,166 3,042 14% -4% Gross Profit 671 801 766 14% -4% Gross Margin 25.2% 25.3% 25.2% -- -- Operating (Loss)/Income (6) (231) (156) -- -- Operating Margin (0.2%) (7.3%) (5.1%) -- -- Net Cash Flows From Operating Activities 37 (70) 59 -- -- Free Cash Flow¹ 22 (73) 57 -- -- 3

1 Other Cost of Revenue includes streaming delivery costs, payment fees, customer service and other content costs. Record high Q1 MAU growth of 26 million net additions Key Highlights Total Revenue grew 14% Y/Y to €3.0 billion Premium Revenue grew 14% Y/Y to €2.7 billion Ad-Supported Revenue grew 17% Y/Y to €329 million Gross Margin finished above guidance at 25.2%, primarily as a result of favorability in Other Cost of Revenue¹ 14% Y/Y Revenue growth and 25.2% Gross Margin Multiple updates to the Spotify experience unveiled at Stream On MAUs grew 22% Y/Y to 515 million, 15 million above guidance. Net additions of 26 million represented our largest ever Q1 growth and second largest quarterly net addition performance in our history Broad-based MAU outperformance driven by higher reactivations, improved retention and marketing efficiencies Premium Subscribers grew 15% Y/Y to 210 million, 3 million above guidance, aided by top-of-funnel strength Launched the beta version of AI DJ to users in North America, strengthening our efforts in personalization Unveiled a new, dynamic and interactive foreground experience that makes the discovery of new music, podcast and audiobook content faster, easier and more engaging than ever before Announced several new tools and features for creators, including Showcase, Spotify Clips, Countdown Pages, Spotify for Podcasters and more 4

Key Highlights: Actuals vs. Guidance Premium Subscribers (M) Users Financials Monthly Active Users (M) Above Above 515 210 Results Q1 2023 Actuals Results Q1 2023 Actuals Guidance Total Revenue (€B) Below €3.0 €3.1 Gross Margin Above 25.2% 24.9% Operating (Loss)/Income (€M) Above (€ 156) (€ 194) 6 Guidance 500 207

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 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Y/Y USERS (M) Total Monthly Active Users ("MAUs") 422 433 456 489 515 22% Premium Subscribers 182 188 195 205 210 15% Ad-Supported MAUs 252 256 273 295 317 26% FINANCIALS (€M) Premium 2,379 2,504 2,651 2,717 2,713 14% Ad-Supported 282 360 385 449 329 17% Total Revenue 2,661 2,864 3,036 3,166 3,042 14% Gross Profit 671 704 750 801 766 14% Gross Margin 25.2% 24.6% 24.7% 25.3% 25.2% -- Operating (Loss)/Income (6) (194) (228) (231) (156) -- Operating Margin (0.2%) (6.8%) (7.5%) (7.3%) (5.1%) -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 37 39 40 (70) 59 -- Free Cash Flow¹ 22 37 35 (73) 57 -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 3.6 3.6 3.7 3.4 3.5 -- 7

Revenue Profitability Free Cash Flow & Liquidity Revenue of €3,042 million grew 14% Y/Y in Q1 (or 13% Y/Y constant currency), reflecting: Premium Revenue growth of 14% Y/Y (or 13% Y/Y constant currency), led by subscriber gains; and Ad-Supported Revenue growth of 17% Y/Y (or 13% Y/Y constant currency) Gross Margin was 25.2% in Q1, flat Y/Y reflecting: Continued growth in Marketplace activity and improvement in podcast profitability; offset by Higher Other Cost of Revenue Operating Loss of (€156) million reflected the above and Operating Expense growth of 36% Y/Y (or 34% Y/Y constant currency), reflecting: Higher personnel costs due primarily to Y/Y headcount growth; partially offset by Lower marketing and legal costs Additionally, Operating Expense growth was impacted by: Y/Y changes in Social Charges, which accounted for roughly one third of Operating Expense growth; and Severance-related charges associated with our Q1 workforce reduction, which had an unfavorable ~600 bps impact on Operating Expense growth Free Cash Flow was €57 million in Q1. Capital expenditures decreased €8 million Y/Y to €2 million in the quarter. Our liquidity and balance sheet remained strong, with €3.5 billion in cash and cash equivalents, restricted cash and short term investments. At the end of Q1, our workforce consisted of 9,646 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 Consistent Premium growth, led by subscribers Premium Revenue grew 14% Y/Y to €2,713 million (or 13% Y/Y constant currency, comparable to Q4’22 performance), reflecting subscriber growth of 15% Y/Y and Premium ARPU¹ decline of 1% Y/Y to €4.32 (or down 2% constant currency). Excluding the impact of FX, ARPU performance was slightly impacted by product and market mix. Broad based Ad-Supported growth Ad-Supported revenue grew 17% Y/Y with double-digit Y/Y growth across nearly all regions. Music advertising revenue grew low double-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 nearly 20% Y/Y, driven by Original and Exclusive podcasts where sold impressions grew strong double-digits and CPMs increased high single-digits. The Spotify Audience Network saw double digit Q/Q growth in participating publishers and shows. 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. 9

Premium Gross Margin was 28.6% in Q1, up 23bps Y/Y. The Y/Y trend reflects improvement in Premium profitability (aided by Marketplace growth). Gross Margin Marketplace and podcasting benefits offset by higher Other Cost of Revenue Gross Margin finished at 25.2% in Q1, flat Y/Y. The Y/Y trend reflects improved music profitability and improving podcast profitability, which were offset by Other Cost of Revenue. Ad-Supported Gross Margin was (3.0)% in Q1, down 162 bps Y/Y. The Y/Y trend reflects improving Ad-supported music and podcast profitability, offset by higher Other Cost of Revenue. 10

Operating Expenses Primarily driven by residual headcount growth Operating Expenses grew 36% Y/Y (or 34% constant currency), driven primarily by higher personnel costs related to the headcount expansion we undertook over the course of 2022. This was partially offset by lower marketing and legal costs in the quarter, as well as the beginnings of select efficiency initiatives. Operating Expense growth was also impacted by severance charges of €41 million (~600 bps Y/Y) and Y/Y changes in Social Charge movements of €68 million (1,200 bps Y/Y). As a reminder, Social Charges are payroll taxes associated with employee salaries and benefits in select countries where we operate. Since a portion of these taxes is tied to the intrinsic value of share-based compensation awards, movements in our stock price can lead to fluctuations in the taxes we accrue. This resulted in Social Charges related to share-based compensation of €12 million in the current period vs. (€56) million in the prior year period. Looking ahead, we continue to 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 €57 million in Q1, an increase Y/Y as higher Operating Loss was more than offset by favorable movements in net working capital and higher interest income. Additionally, capital expenditures declined €8 million Y/Y to €2 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 €1.4 billion of Free Cash Flow since Q1’16, supporting our strong balance sheet and €3.5 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 22% Y/Y to 515 million, up from 489 million last quarter and above our guidance by 15 million. Quarterly performance versus our guidance was impacted by: Outperformance across all regions driven by reactivations and a Q/Q decrease in Ad-Supported MAU churn Record Q1 net additions in nearly all age demographics across both developed and developing markets Continued momentum as a result of increased brand awareness, retention improvements and performance marketing efficiencies Monthly Active Users (MAUs) 14

Our Premium Subscribers grew 15% Y/Y to 210 million, up from 205 million last quarter. Quarterly performance versus our guidance was impacted by: Outperformance across all regions, led by Europe and Latin America Higher top-of-funnel growth driving increased subscribers Regional campaign outperformance and continued strength in multi-user plans Premium Subscribers 14

PRODUCT & PLATFORM 16

AI DJ Launch During the quarter, we launched a beta version of AI DJ to users in North America to allow for deeper discovery and personalization. AI DJ combines the power of our personalization technology with cutting-edge generative AI and a realistic AI voice enabled by technology from our previous acquisition of Sonantic. The DJ currently attracts millions of active users each week, representing more than 25% of user consumption on days when they listen to the DJ. 25

2023 Stream On Creator Highlights Invited new listeners and fans to connect with artists and build fandom with the launch of Countdown Pages, Spotify Clips and concert integrations in-app. Announced ways to help artists amplify their content with campaign and audience development tools such as Showcase and Discovery Mode self-serve. Created a one-stop-shop for creators to access our tools, including in-depth analytics and the feature set of our podcast creation platform, Anchor, with our newly relaunched Spotify for Podcasters platform. Enhanced podcast monetization opportunities with our new Patreon partnership announcement which allows podcasters to offer Patreon-exclusive content to listeners on Spotify. 25

Redesigned Spotify User Experience At Stream On, we announced one of the biggest changes to our user experience. With this new design, we’re giving fans an even more active role in the audio discovery process and giving creators even more space to share their work. Powered by advanced recommendations, new visual canvases and a completely new and interactive design, we’re making discovering new audio easier than ever before, helping introduce users to their next favorite artist, podcast or book. 25

Podcasting Announced a multiyear exclusive video partnership with Markiplier for Distractible and Go! My Favorite Sports Team. Brought British journalist Louis Theroux to the platform with the announcement of his new Spotify original podcast, the Louis Theroux Podcast. Two new publishers join the Spotify Audience Network: NPR & Immediate Media. Revealed that Forbidden Fruits with Julia Fox and Niki Takesh will return for a Season 2 and the new episodes will be released as an all-video podcast. 25

Music Morgan Wallen released his third studio album One Thing At A Time breaking records for the most-streamed album in a single day by a male artist. Debuted RapCaviar Presents, a six- episode documentary on Hulu exploring the music and lives of rap’s biggest stars. Rosalia became the first artist to be celebrated across both FC Barcelona's men's and women's teams, with a special jersey for the El Clásico matches in March. In January, Miley Cyrus released her highly anticipated new single Flowers which became the most-streamed song in a single week in Spotify history. 25

OUTLOOK 25

Outlook for Q2’23 The following forward-looking statements reflect Spotify’s expectations for Q2 2023 as of April 25, 2023 and are subject to substantial uncertainty. Total MAUs 530 million Implies the addition of approximately 15 million net new MAUs in the quarter Total Premium Subscribers 217 million Implies the addition of approximately 7 million net new subscribers in the quarter Total Revenue €3.2 billion Assumes approximately 300 bps headwind to growth Y/Y due to foreign exchange rate movements Gross Margin 25.5% Reflects Y/Y improvement in music and podcasting and the lapping of last year’s Car Thing charge and changes in prior period estimates for rightsholder liabilities Operating (Loss)/Income €(129) million Assumes approximately 200 bps benefit to Operating Expense growth Y/Y due to foreign exchange movements 25

Webcast Information We will host a live 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 #SpotifyEarningsQ123. 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, 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, financial market volatility resulting from recent bank failures, 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 2, 2023, as updated by subsequent 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. 25

FINANCIAL STATEMENTS 25

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. 27

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. 27

28 Interim condensed consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended March 31, 2023 December 31, 2022 March 31, 2022 Revenue 3,042 3,166 2,661 Cost of revenue 2,276 2,365 1,990 Gross profit 766 801 671 Research and development 435 415 250 Sales and marketing 347 453 296 General and administrative 140 164 131 922 1,032 677 Operating loss (156) (231) (6) Finance income 27 26 175 Finance costs (77) (86) (14) Finance income/(costs) - net (50) (60) 161 (Loss)/income before tax (206) (291) 155 Income tax expense/(benefit) 19 (21) 24 Net (loss)/income attributable to owners of the parent (225) (270) 131 (Loss)/earnings per share attributable to owners of the parent Basic (1.16) (1.40) 0.68 Diluted (1.16) (1.40) 0.21 Weighted-average ordinary shares outstanding Basic 193,562,462 193,228,229 192,476,022 Diluted 193,562,462 193,228,229 197,077,256

March 31, 2023 December 31, 2022 Assets Non-current assets Lease right-of-use assets 413 417 Property and equipment 331 348 Goodwill 1,155 1,168 Intangible assets 115 127 Long term investments 1,134 1,138 Restricted cash and other non-current assets 77 78 Deferred tax assets 11 8 3,236 3,284 Current assets Trade and other receivables 555 690 Income tax receivable 5 5 Short term investments 995 867 Cash and cash equivalents 2,443 2,483 Other current assets 295 307 4,293 4,352 Total assets 7,529 7,636 Equity and liabilities Equity Share capital — — Other paid in capital 4,864 4,789 Treasury shares (262) (262) Other reserves 1,615 1,521 Accumulated deficit (3,875) (3,647) Equity attributable to owners of the parent 2,342 2,401 Non-current liabilities Exchangeable Notes 1,156 1,128 Lease liabilities 546 555 Accrued expenses and other liabilities 17 28 Provisions 3 3 Deferred tax liabilities 6 5 1,728 1,719 Current liabilities Trade and other payables 850 845 Income tax payable 9 11 Deferred revenue 524 520 Accrued expenses and other liabilities 2,025 2,093 Provisions 27 26 Derivative liabilities 24 21 3,459 3,516 Total liabilities 5,187 5,235 Total equity and liabilities 7,529 7,636 Interim condensed consolidated statement of financial position (Unaudited) (in € millions) 28

28 March 31, 2023 December 31, 2022 March 31, 2022 Operating activities Net (loss)/income (225) (270) 131 Adjustments to reconcile net (loss)/income to net cash flows Depreciation of property and equipment and lease right-of-use assets 31 32 27 Amortization of intangible assets 13 18 10 Share-based compensation expense 105 100 68 Finance income (27) (26) (175) Finance costs 77 86 14 Income tax expense/(benefit) 19 (21) 24 Other (5) 3 4 Changes in working capital: Decrease/(increase) in trade receivables and other assets 118 (69) 59 (Decrease)/increase in trade and other liabilities (57) 74 (103) Increase in deferred revenue 6 16 6 Increase/(decrease) in provisions 1 (2) (3) Interest paid on lease liabilities (10) (13) (13) Interest received 23 20 1 Income tax paid (10) (18) (13) Net cash flows from/(used in) operating activities 59 (70) 37 Investing activities Business combinations, net of cash acquired — — (79) Payment of deferred consideration pertaining to business combination (7) — (6) Purchases of property and equipment (2) (5) (10) Purchases of short term investments (237) (168) (133) Sales and maturities of short term investments 111 71 78 Change in restricted cash — 2 (5) Other 13 (1) (1) Net cash flows used in investing activities (122) (101) (156) Financing activities Payments of lease liabilities (15) (12) (10) Lease incentives received 2 — 2 Proceeds from exercise of stock options 74 — 43 Repurchases of ordinary shares — — (2) Payments for employee taxes withheld from restricted stock unit releases (13) (9) (11) Net cash flows from/(used in) financing activities 48 (21) 22 Net decrease in cash and cash equivalents (15) (192) (97) Cash and cash equivalents at beginning of the period 2,483 2,851 2,744 Net foreign exchange (losses)/gains on cash and cash equivalents (25) (176) 74 Cash and cash equivalents at period end 2,443 2,483 2,721 Interim condensed consolidated statement of cash flows (Unaudited) (in € millions) Three months ended

March 31, 2023 December 31, 2022 March 31, 2022 Basic (loss)/earnings per share Net (loss)/income attributable to owners of the parent (225) (270) 131 Shares used in computation: Weighted-average ordinary shares outstanding 193,562,462 193,228,229 192,476,022 Basic (loss)/earnings per share attributable to owners of the parent (1.16) (1.40) 0.68 Diluted (loss)/earnings per share Net (loss)/income attributable to owners of the parent (225) (270) 131 Fair value gains on dilutive Exchangeable Notes — — (90) Net (loss)/income used in the computation of diluted (loss)/earnings per share (225) (270) 41 Shares used in computation: Weighted-average ordinary shares outstanding 193,562,462 193,228,229 192,476,022 Exchangeable Notes — — 2,911,500 Stock options — — 1,055,820 Restricted stock units — — 562,670 Other contingently issuable shares — — 71,244 Diluted weighted-average ordinary shares 193,562,462.00 193,228,229.00 197,077,256.00 Diluted (loss)/earnings per share attributable to owners of the parent (1.16) (1.40) 0.21 Calculation of basic and diluted (loss)/earnings per share 28 (Unaudited) (in € millions, except share and per share data) Three months ended

28 March 31, 2023 March 31, 2022 IFRS revenue 3,042 2,661 Foreign exchange effect on 2023 revenue using 2022 rates 26 Revenue excluding foreign exchange effect 3,016 IFRS revenue year-over-year change % 14% Revenue excluding foreign exchange effect year-over-year change % 13% IFRS Premium revenue 2,713 2,379 Foreign exchange effect on 2023 Premium revenue using 2022 rates 16 Premium revenue excluding foreign exchange effect 2,697 IFRS Premium revenue year-over-year change % 14% Premium revenue excluding foreign exchange effect year-over-year change % 13% IFRS Ad-Supported revenue 329 282 Foreign exchange effect on 2023 Ad-Supported revenue using 2022 rates 10 Ad-Supported revenue excluding foreign exchange effect 319 IFRS Ad-Supported revenue year-over-year change % 17% Ad-Supported revenue excluding foreign exchange effect year-over-year change % 13% Three months ended Revenue on a constant currency basis (Unaudited) (in € millions, except percentages) Reconciliation of IFRS to non-IFRS results Operating expenses on a constant currency basis (Unaudited) (in € millions, except percentages) March 31, 2023 March 31, 2022 IFRS Operating expenses 922 677 Foreign exchange effect on 2023 operating expenses using 2022 rates 14 Operating expenses excluding foreign exchange effect 908 IFRS Operating expenses year over year change % 36 % Operating expenses excluding foreign exchange effect year-over-year change % 34 % Three months ended

Three months ended September December March 31, June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, 30, 2019 31, 2019 2020 2020 30, 2020 31, 2020 2021 2021 30, 2021 31, 2021 2022 2022 30, 2022 31, 2022 2023 Net cash flows from/(used in) operating activities 71 203 (9) 39 122 107 65 54 123 119 37 39 40 (70) 59 Capital expenditures (26) (32) (12) (14) (17) (35) (24) (20) (25) (16) (10) (5) (5) (5) (2) Change in restricted cash 3 (2) — 2 (2) 2 — — 1 — (5) 3 — 2 — Free Cash Flow 48 169 (21) 27 103 74 41 34 99 103 22 37 35 (73) 57 Last twelve months ended June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, 2020 30, 2020 31, 2020 2021 2021 30, 2021 31, 2021 2022 2022 30, 2022 31, 2022 2023 Net cash flows from operating activities 304 355 259 333 348 349 361 333 318 235 46 68 Capital expenditures (84) (75) (78) (90) (96) (104) (85) (71) (56) (36) (25) (17) Change in restricted cash 3 (2) 2 2 — 3 1 (4) (1) (2) — 5 Free Cash Flow 223 278 183 245 252 248 277 258 261 197 21 56 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 28