Q1 2024 Update April 23rd, 2024

Table of Contents Key Highlights Financial Summary MAUs & Subscribers Product & Platform Outlook Financial Statements Executive Summary p.03 p.04 p.06 p.13 p.16 p.20 p.23

Executive Summary USER & FINANCIAL SUMMARY Q1 2023 Q4 2023 Q1 2024 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 515 602 615 19% 2% Premium Subscribers 210 236 239 14% 1% Ad-Supported MAUs 317 379 388 22% 2% FINANCIALS (€M) Premium 2,713 3,170 3,247 20% 2% Ad-Supported 329 501 389 18% -22% Total Revenue 3,042 3,671 3,636 20% -1% Gross Profit 766 980 1,004 31% 2% Gross Margin 25.2% 26.7% 27.6% -- -- Operating (Loss)/Income (156) (75) 168 -- -- Operating Margin (5.1%) (2.0%) 4.6% -- -- Net Cash Flows From Operating Activities 59 397 211 -- -- Free Cash Flow* 57 396 207 -- -- * Constant Currency 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. The business performed well in Q1, led by healthy subscriber gains, improved monetization and record strength in profitability. Although we saw greater MAU variability during the quarter amidst moderated marketing activity and organizational change, Subscriber net additions of 3 million were in-line with guidance while Y/Y growth in Premium ARPU and advertising revenue both improved. Revenue grew 21% Y/Y on a constant currency* basis, reflecting ~100 bps of sequential acceleration vs. Q4’23. Gross Margin exceeded guidance by 121 bps, reaching 27.6%. Operating Income improved to a new quarterly high of €168 million. Operating Income was impacted by €82 million in Social Charges which were €74 million higher than forecast driven by share price appreciation during the quarter. Q1 Free Cash Flow* was €207 million. Overall, we are encouraged by the strong start to the year and view the business as well positioned to deliver on the goals outlined at our 2022 Investor Day.

* 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. Double digit Y/Y growth in MAUs and Subscribers Launched music video availability in 11 markets and Song Psychic availability in 64 markets Unveiled Audiobooks Access Tier to ad-supported music users in the United States Announced AUX, Spotify’s in-house music advisory agency for brands seeking to use music to enrich their campaigns Published 4th annual Loud & Clear Report, highlighting $9B+ in payouts to the music industry in 2023 and $48B+ since our founding Key Highlights Accelerating constant currency* Revenue with record high profitability Total Revenue grew 20% Y/Y to €3.6 billion; on a constant currency* basis, Total Revenue grew 21% Y/Y (~100 bps of acceleration vs. Q4’23) On a constant currency basis, Premium ARPU grew 7% Y/Y (~200 bps of acceleration vs. Q4’23) Gross Margin finished at a Q1 high of 27.6% (up 243 bps Y/Y); Gross Profit surpassed €1 billion for the first time in our history Operating Income finished at a record high of €168 million (a 4.6% margin) Unveiled new experiences for users alongside growing music industry partnership MAUs grew 19% Y/Y to 615 million, reflecting healthy Y/Y and Q/Q growth across all regions ● Premium Subscribers grew 14% Y/Y to 239 million, led by growth in Family and Duo plans

Results Q1 2024 Actuals Guidance Total Revenue (€B) In-Line €3.6 €3.6 Gross Margin Above 27.6% 26.4% Operating Income (€M)* Below €168 €180 Key Highlights: Actuals vs. Guidance Users Results Q1 2024 Actuals Guidance Monthly Active Users (M) Below 615 618 Premium Subscribers (M) In-line 239 239 Financials *Includes €82 million of Social Charge accruals which were €74 million higher than forecast / guidance driven by share price appreciation during the quarter.

FINANCIAL SUMMARY

Financial Summary * Free Cash Flow and Constant Currency adjusted measures (FXN) are non-IFRS measures. See “Use of Non-IFRS Measures” and “Reconciliation of IFRS to Non-IFRS Results” for additional information. USER, FINANCIAL & LIQUIDITY SUMMARY Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 515 551 574 602 615 19% -- Premium Subscribers 210 220 226 236 239 14% -- Ad-Supported MAUs 317 343 361 379 388 22% -- FINANCIALS (€M) Premium 2,713 2,773 2,910 3,170 3,247 20% 21% Ad-Supported 329 404 447 501 389 18% 19% Total Revenue 3,042 3,177 3,357 3,671 3,636 20% 21% Gross Profit 766 766 885 980 1,004 31% 33% Gross Margin 25.2% 24.1% 26.4% 26.7% 27.6% -- -- Total Operating Expenses 922 1,013 853 1,055 836 -9% -9% Operating (Loss)/Income (156) (247) 32 (75) 168 -- -- Operating Margin (5.1%) (7.8%) 1.0% (2.0%) 4.6% -- -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 59 13 211 397 211 -- -- Free Cash Flow* 57 9 216 396 207 -- -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 3.5 3.5 3.8 4.3 4.7 -- --

Revenue Profitability Free Cash Flow & Liquidity Gross Margin was 27.6% in Q1, up 243 bps Y/Y reflecting: Improved music and podcast profitability and Other Costs of Revenue favorability, partially offset by Audiobooks costs Operating Income was €168 million in Q1 and reflected: €82 million in Social Charges, which were more than offset by Lower personnel and related costs and marketing spend At the end of Q1, our workforce consisted of 7,721 full-time employees** globally Revenue of €3,636 million grew 20% Y/Y in Q1 (or 21% Y/Y constant currency*), reflecting: Premium Revenue growth of 20% Y/Y (or 21% Y/Y constant currency*), driven by subscriber gains and ARPU increases; and Ad-Supported Revenue growth of 18% Y/Y (or 19% Y/Y constant currency*) Free Cash Flow* was €207 million in Q1. Our liquidity and balance sheet remained strong, with €4.7 billion in cash and cash equivalents, restricted cash and short term investments. Financial Summary * Constant Currency adjusted 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. ** Includes employees impacted by December 2023 workforce reduction that remained on garden leave.

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. Improved Premium growth led by ARPU acceleration Premium Revenue grew 20% Y/Y to €3,247 million (or 21% Y/Y constant currency*), reflecting subscriber growth of 14% Y/Y and a Premium ARPU increase of 5% Y/Y to €4.55 (or up 7% Y/Y constant currency vs. 5% Y/Y in Q4’23). Excluding the impact of FX, ARPU performance was driven by price increase benefits, partially offset by product and market mix. Improved Ad-Supported growth in music and podcasting Ad-Supported revenue grew 18% Y/Y (or 19% Y/Y constant currency*), reflecting double-digit Y/Y growth across all regions. Music advertising revenue grew healthy double-digits Y/Y driven by growth in impressions sold and increased pricing. Podcast advertising revenue grew faster than music, driven by significant growth in impressions sold across Original and Licensed podcasts and the Spotify Audience Network, partially offset by softer pricing. The Spotify Audience Network saw high single digit Q/Q growth in participating publishers and shows.

Premium Gross Margin was 30.2% in Q1, up 155 bps Y/Y. The Y/Y trend reflects improvements in music profitability (aided by favorability in Marketplace) and Other Cost of Revenue, partially offset by audiobooks costs. Gross Margin Music and podcast gains along with Other Cost of Revenue favorability aid Y/Y expansion Gross Margin finished at 27.6% in Q1, up 243 bps Y/Y. The Y/Y trend reflects improvement across music and podcasting and reductions in Other Cost of Revenue, partially offset by audiobooks costs. Ad-Supported Gross Margin was 6.4% in Q1, up 947 bps Y/Y. The Y/Y trend reflects improvement in podcast trends and music profitability as well as Other Cost of Revenue favorability.

Operating Expenses declined 9% Y/Y in Q1. Y/Y changes in Social Charge movements elevated Y/Y expense growth by ~800 bps, while the lapping of the prior year charges related to efficiency initiatives lowered expense growth by ~400 bps. The remaining 13% Y/Y decline in Operating Expenses reflected a decrease in personnel and related costs and lower marketing spend. Currency movements had a <1% impact on reported Operating Expense growth. 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 €82 million in the current period vs. €12 million in the prior year period. Operating Expenses Y/Y declines driven by increased focus on efficiency 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. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.

Free Cash Flow Building and sustaining a strong balance sheet Free Cash Flow was €207 million in Q1, an increase Y/Y as a result of higher Net Income adjusted for non-cash items, partially offset by working capital headwinds arising from severance payments associated with our December workforce reduction and the timing of licensor payments. While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged approximately €275 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 €2 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €4.7 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 the beginning of 2016.

MAUS & SUBSCRIBERS

Total MAUs grew 19% Y/Y to 615 million, up from 602 million last quarter, but below our guidance by 3 million. Quarterly performance reflected: Healthy growth across all regions, led by Latin America and Rest of World Moderated marketing activity, which led to more normalized growth following 2023’s record performance Monthly Active Users (MAUs)

Our Premium Subscribers grew 14% Y/Y to 239 million, up from 236 million last quarter and in-line with guidance. Quarterly performance reflected: Continued double-digit Y/Y growth across all regions Strong performance of Family and Duo plans Premium Subscribers

PRODUCT & PLATFORM

Music Launched music videos in beta for Spotify Premium users across 11 markets, adding another way to enhance the artist-to-fan connection. Launched Song Psychic, a new music engagement feature where users are able to get answers to topics ranging from My Future to Life’s Greatest Mysteries in the form of a song.

Building the World’s #1 Audio Network Announced AUX, Spotify’s in-house music advisory agency for brands seeking to use music to enrich their campaigns and connect with emerging artists to reach new audiences. Launched the Audiobooks Access Tier in the US, which provides music listeners on the ad-supported service 15 hours of audiobook listening a month from our audiobooks catalog of over 250,000 titles for $9.99/mo.

Loud & Clear Report On March 19, 2024, we published our 4th annual Loud & Clear report which shows the impact that Spotify has on the music industry. For another year, Spotify set the record for the highest annual payment to the music industry from any single retailer: $9B+. Beyond total payouts, the report highlighted the growth in music streaming broadly, the rise in prominence of international artists on Spotify and artist career paths on Spotify from 2017 to today.

OUTLOOK

Outlook for Q2’24 The following forward-looking statements reflect Spotify’s expectations for Q2 2024 as of April 23, 2024 and are subject to substantial uncertainty. Total MAUs 631 million Implies the addition of approximately 16 million net new MAUs in the quarter Total Premium Subscribers 245 million Implies the addition of approximately 6 million net new subscribers in the quarter Total Revenue €3.8 billion Assumes approximately 140 bps headwind to growth Y/Y due to foreign exchange rate movements; based on currency rates as of the Q1 close Gross Margin 28.1% Primarily driven by Y/Y improvement in music, podcasting and Other Cost of Revenue Operating Income €250 million Incorporates €13 million in Social Charges based on a Q1 close share price of $263.90

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 Ben Kung, our Interim Chief Financial Officer, will be on hand to answer questions submitted through slido.com using the event code #SpotifyEarningsQ124. Participants also may join using the listen-only conference line by registering through the following site: https://conferencingportals.com/event/VqsCtILh 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, gross profit 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, gross profit excluding foreign exchange effect, and Operating 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, gross profit, Operating 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 and the scope and complexity of our business; 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 generate profit or 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 evolving 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 divestitures; 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 infrastructure and systems or the security of confidential information; undetected errors, misconfigurations, 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, content moderation, and use of artificial intelligence; our ability to maintain, protect, and enhance our brand; risks associated with increased scrutiny of environmental, social, and governance matters; payment acceptance-related risks; our dependence on key personnel and ability to attract, retain, and motivate highly skilled employees; our ability to access additional capital to support strategic objectives; risks relating to currency exchange rate fluctuations and foreign exchange controls; the impact of economic, social, or political conditions, including inflation, changes in interest rates, geopolitical conflicts in Europe and the Middle East, and related market uncertainty; 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 8, 2024, 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.

FINANCIAL STATEMENTS

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.

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.

Interim condensed consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended March 31, 2024 December 31, 2023 March 31, 2023 Revenue 3,636 3,671 3,042 Cost of revenue 2,632 2,691 2,276 Gross profit 1,004 980 766 Research and development 389 468 435 Sales and marketing 324 432 347 General and administrative 123 155 140 836 1,055 922 Operating income/(loss) 168 (75) (156) Finance income 59 46 27 Finance costs (53) (102) (77) Finance income/(costs) - net 6 (56) (50) Income/(loss) before tax 174 (131) (206) Income tax (benefit)/expense (23) (61) 19 Net income/(loss) attributable to owners of the parent 197 (70) (225) Earnings/(loss) per share attributable to owners of the parent Basic 0.99 (0.36) (1.16) Diluted 0.97 (0.36) (1.16) Weighted-average ordinary shares outstanding Basic 198,025,456 196,036,080 193,562,462 Diluted 203,773,043 196,036,080 193,562,462

March 31, 2024 December 31, 2023 Assets Non-current assets Lease right-of-use assets 274 300 Property and equipment 224 247 Goodwill 1,159 1,137 Intangible assets 76 84 Long term investments 1,534 1,215 Restricted cash and other non-current assets 72 75 Finance lease receivables 51 — Deferred tax assets 41 28 3,431 3,086 Current assets Trade and other receivables 777 858 Income tax receivable 21 20 Short term investments 1,220 1,100 Cash and cash equivalents 3,451 3,114 Other current assets 175 168 5,644 5,260 Total assets 9,075 8,346 Equity and liabilities Equity Share capital — — Other paid in capital 5,397 5,155 Treasury shares (262) (262) Other reserves 2,159 1,812 Accumulated deficit (3,985) (4,182) Equity attributable to owners of the parent 3,309 2,523 Non-current liabilities Exchangeable Notes 1,270 1,203 Lease liabilities 493 493 Accrued expenses and other liabilities 17 26 Provisions 3 3 Deferred tax liabilities 17 8 1,800 1,733 Current liabilities Trade and other payables 1,048 978 Income tax payable 14 12 Deferred revenue 634 622 Accrued expenses and other liabilities 2,228 2,440 Provisions 20 21 Derivative liabilities 22 17 3,966 4,090 Total liabilities 5,766 5,823 Total equity and liabilities 9,075 8,346 Interim condensed consolidated statement of financial position (Unaudited) (in € millions)

March 31, 2024 December 31, 2023 March 31, 2023 Operating activities Net income/(loss) 197 (70) (225) Adjustments to reconcile net income/(loss) to net cash flows Depreciation of property and equipment 22 23 31 Amortization of intangible assets 9 11 13 Impairment charges on real estate assets 4 33 — Write-off of content assets — (1) — Share-based compensation expense 69 34 105 Finance income (59) (46) (27) Finance costs 53 102 77 Income tax (benefit)/expense (23) (61) 19 Other — 5 (5) Changes in working capital: Decrease/(increase) in trade receivables and other assets 80 (97) 118 (Decrease)/increase in trade and other liabilities (171) 419 (57) Increase in deferred revenue 7 33 6 (Decrease)/increase in provisions — (2) 1 Interest paid on lease liabilities (9) (9) (10) Interest received 37 34 23 Income tax paid (5) (11) (10) Net cash flows from operating activities 211 397 59 Investing activities Payment of deferred consideration pertaining to business combinations (7) — (7) Purchases of property and equipment (5) (1) (2) Purchases of short term investments (998) (809) (237) Sales and maturities of short term investments 900 802 111 Change in restricted cash 1 — — Other (5) 3 13 Net cash flows used in investing activities (114) (5) (122) Financing activities Proceeds from exercise of stock options 242 224 75 Payments of lease liabilities (15) (11) (15) Lease incentives received — — 2 Payments for employee taxes withheld from restricted stock unit releases (25) (19) (13) Net cash flows from financing activities 202 194 49 Net increase/(decrease) in cash and cash equivalents 299 586 (14) Cash and cash equivalents at beginning of the period 3,114 2,615 2,483 Net foreign exchange gains/(losses) on cash and cash equivalents 38 (87) (26) Cash and cash equivalents at period end 3,451 3,114 2,443 (Unaudited) (in € millions) Three months ended Interim condensed consolidated statement of cash flows

March 31, 2024 December 31, 2023 March 31, 2023 Basic earnings/(loss) per share Net income/(loss) attributable to owners of the parent 197 (70) (225) Shares used in computation: Weighted-average ordinary shares outstanding 198,025,456 196,036,080 193,562,462 Basic earnings/(loss) per share attributable to owners of the parent 0.99 (0.36) (1.16) Diluted earnings/(loss) per share Net income/(loss) attributable to owners of the parent 197 (70) (225) Net income/(loss) used in the computation of diluted earnings/(loss) per share 197 (70) (225) Shares used in computation: Weighted-average ordinary shares outstanding 198,025,456 196,036,080 193,562,462 Stock options 3,684,589 — — Restricted stock units 2,038,363 — — Other contingently issuable shares 24,635 — — Diluted weighted-average ordinary shares 203,773,043 196,036,080 193,562,462 Diluted earnings/(loss) per share attributable to owners of the parent 0.97 (0.36) (1.16) (Unaudited) (in € millions, except share and per share data) Three months ended Calculation of basic and diluted earnings/(loss) per share

Three months ended March 31, 2024 March 31, 2023 IFRS revenue 3,636 3,042 Foreign exchange effect on 2024 revenue using 2023 rates (53) Revenue excluding foreign exchange effect 3,689 IFRS revenue year-over-year change % 20% Revenue excluding foreign exchange effect year-over-year change % 21% IFRS Premium revenue 3,247 2,713 Foreign exchange effect on 2024 Premium revenue using 2023 rates (49) Premium revenue excluding foreign exchange effect 3,296 IFRS Premium revenue year-over-year change % 20% Premium revenue excluding foreign exchange effect year-over-year change % 21% IFRS Ad-Supported revenue 389 329 Foreign exchange effect on 2024 Ad-Supported revenue using 2023 rates (4) Ad-Supported revenue excluding foreign exchange effect 393 IFRS Ad-Supported revenue year-over-year change % 18% Ad-Supported revenue excluding foreign exchange effect year-over-year change % 19% 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) Three months ended March 31, 2024 March 31, 2023 IFRS Operating expenses 836 922 Foreign exchange effect on 2024 operating expenses using 2023 rates (5) Operating expenses excluding foreign exchange effect 841 IFRS Operating expenses year over year change % (9)% Operating expenses excluding foreign exchange effect year-over-year change % (9)%

Net cash flows from/(used in) operating activities 122 107 65 54 123 119 37 39 40 (70) 59 13 211 397 211 Capital expenditures (17) (35) (24) (20) (25) (16) (10) (5) (5) (5) (2) (2) (1) (1) (5) Change in restricted cash (2) 2 — — 1 — (5) 3 — 2 — (2) 6 — 1 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, 2020 31, 2020 2021 2021 30, 2021 31, 2021 2022 2022 30, 2022 31, 2022 2023 2023 30, 2023 31, 2023 2024 Free Cash Flow 103 74 41 34 99 103 22 37 35 (73) 57 9 216 396 207 Last twelve months ended June 30, September December March 31, June 30, September December March 31, June 30, September December March 31, 2021 30, 2021 31, 2021 2022 2022 30, 2022 31, 2022 2023 2023 30, 2023 31, 2023 2024 Net cash flows from operating activities 348 349 361 333 318 235 46 68 42 213 680 832 Capital expenditures (96) (104) (85) (71) (56) (36) (25) (17) (14) (10) (6) (9) Change in restricted cash — 3 1 (4) (1) (2) — 5 — 6 4 5 Free Cash Flow 252 248 277 258 261 197 21 56 28 209 678 828 Free Cash Flow (Unaudited) (in € millions) Reconciliation of IFRS to non-IFRS results 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 December 31, 2023 Net cash flows from operating activities 101 179 344 573 259 361 46 680 Capital expenditures (27) (36) (125) (135) (78) (85) (25) (6) Change in restricted cash (1) (34) (10) 2 2 1 — 4 Free Cash Flow 73 109 209 440 183 277 21 678 Free Cash Flow (Unaudited) (in € millions)