Q4 2024 Update Spotify Feb 4

Q4 2024 Update Spotify Feb 4

• 1. Q4 2024 Update February 4th, 2025

• 2. Table of Contents Key Highlights Financial Summary MAUs & Subscribers Product & Platform Outlook Financial Statements Executive Summary 2 p.03 p.04 p.06 p.13 p.16 p.21 p.24

• 3. Executive Summary USER & FINANCIAL SUMMARY Q4 2023 Q3 2024 Q4 2024 Y/Y Q/Q USERS (M) Total Monthly Active Users ("MAUs") 602 640 675 12% 5% Premium Subscribers 236 252 263 11% 4% Ad-Supported MAUs 379 402 425 12% 6% FINANCIALS (€M) Premium 3,170 3,516 3,705 17% 5% Ad-Supported 501 472 537 7% 14% Total Revenue 3,671 3,988 4,242 16% 6% Gross Profit 980 1,240 1,368 40% 10% Gross Margin 26.7% 31.1% 32.2% -- -- Operating (Loss)/Income (75) 454 477 -- 5% Operating Margin (2.0%) 11.4% 11.2% -- -- Net Cash Flows From Operating Activities 397 715 883 122% 23% Free Cash Flow* 396 711 877 121% 23% * 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. We ended 2024 with strong Q4 performance, as nearly all of our KPIs exceeded guidance and profitability reached record levels. MAU net additions of 35 million marked the largest Q4 in our history and exceeded guidance by 10 million. Subscriber net additions of 11 million also significantly outperformed, surpassing guidance by 3 million. Revenue was ahead of plan due to favorable currency movements and underlying strength in the business. Gross Margin of 32.2% was above guidance and up 555 bps Y/Y. Operating Income of €477 million was slightly below our guidance as Gross Profit strength and lower personnel and related and marketing costs were more than offset by €96 million in Social Charges. Social Charges were €80 million above forecast due to share price appreciation during the quarter. Free Cash Flow* reached €877 million in Q4, bringing full year 2024 Free Cash Flow generation to €2.3 billion. Looking into 2025, we view the business as well positioned to deliver another year of continued growth and improving margins as we reinvest to support our long-term potential.

• 4. * 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. Record net additions drive double digit Y/Y growth in MAUs and Subscribers ● 10th annual Wrapped campaign delivered double-digit Y/Y growth in user engagement across 184 markets ● Unveiled Uninterrupted Video Podcasts for Premium Subscribers in select markets, giving fans a new way to experience video podcasts ● Evolved Spotify for Podcasters into Spotify for Creators and introduced Spotify Partner Program to create new monetization opportunities for creators ● Paid out a record $10 billion in royalties to the music industry in 2024 Key Highlights Continued top-line strength drives first full year of Operating Income profitability ● Total Revenue grew 16% Y/Y to €4.2 billion; on a constant currency* basis, Total Revenue grew 17% Y/Y ● Gross Margin finished at a record high of 32.2% (up 555 bps Y/Y) ● Operating Income finished at a record high of €477 million (an 11.2% margin), driving Spotify’s first full year of Operating Income to €1.4 billion ● Free Cash Flow* finished at record high €877 million, bringing full year 2024 Free Cash Flow generation to €2.3 billion Largest ever Wrapped, expanding video experience and record music payouts ● MAUs grew 12% Y/Y to 675 million, reflecting Y/Y and Q/Q growth across all regions; net additions of 35 million marked the largest Q4 in our history ● Premium Subscribers grew 11% Y/Y to 263 million, reflecting Y/Y and Q/Q growth across all regions; net additions of 11 million matched Q4’19’s record performance

• 5. Operating Income (€M)* Key Highlights: Actuals vs. Guidance Premium Subscribers (M) Users Financials Monthly Active Users (M) Above Above 675 263 Total Revenue (€B) Gross Margin Above Above Results Q4 2024 Actuals Results Guidance 665 260 Q4 2024 Actuals Guidance €4.2 €4.1 32.2% 31.8% Below €477 €481 *Includes €96 million of Social Charge accruals which were €80 million higher than forecast / guidance driven by share price appreciation during the quarter.

• 6. FINANCIAL SUMMARY

• 7. USER, FINANCIAL & LIQUIDITY SUMMARY Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 602 615 626 640 675 12% -- Premium Subscribers 236 239 246 252 263 11% -- Ad-Supported MAUs 379 388 393 402 425 12% -- FINANCIALS (€M) Premium 3,170 3,247 3,351 3,516 3,705 17% 19% Ad-Supported 501 389 456 472 537 7% 6% Total Revenue 3,671 3,636 3,807 3,988 4,242 16% 17% Gross Profit 980 1,004 1,112 1,240 1,368 40% 41% Gross Margin 26.7% 27.6% 29.2% 31.1% 32.2% -- -- Total Operating Expenses 1,055 836 846 786 891 -16% -18% Operating (Loss)/Income (75) 168 266 454 477 -- -- Operating Margin (2.0%) 4.6% 7.0% 11.4% 11.2% -- -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 397 211 492 715 883 122% -- Free Cash Flow* 396 207 490 711 877 121% -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 4.3 4.7 5.4 6.1 7.5 -- -- 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.

• 8. Revenue Profitability Free Cash Flow & Liquidity Gross Margin was 32.2% in Q4, up 555 bps Y/Y reflecting: ● Premium gains driven by audiobooks and music; and ● Ad-Supported gains driven by music and podcasts (partially offset by real estate impairment activity); and ● Other Costs of Revenue favorability, which benefited both the Premium and Ad-Supported segments Operating Income was €477 million in Q4 and reflected: ● Lower personnel and related costs and lower marketing spend, partially offset by ● €96 million in Social Charges At the end of Q4, our workforce consisted of 7,261 full-time employees globally Revenue of €4,242 million grew 16% Y/Y in Q4 (or 17% Y/Y constant currency*), reflecting: ● Premium Revenue growth of 17% Y/Y (or 19% Y/Y constant currency*), driven by subscriber gains and ARPU increases; and ● Ad-Supported Revenue growth of 7% Y/Y (or 6% Y/Y constant currency*) ● Unfavorable currency movements slowed Total Revenue Y/Y growth by ~160 bps vs. guidance for ~350 bps Free Cash Flow* was €877 million in Q4. Our liquidity and balance sheet remained strong, with €7.5 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.

• 9. Premium Revenue grew 17% Y/Y to €3,705 million (or 19% Y/Y constant currency*), reflecting subscriber growth of 11% Y/Y and a Premium ARPU increase of 5% Y/Y to €4.85 (or up 7% Y/Y constant currency*). Excluding the impact of FX, ARPU performance was driven by price increase benefits, partially offset by product/market mix. Ad-Supported Revenue grew 7% Y/Y (or 6% Y/Y constant currency*), reflecting Y/Y growth across all regions. Both Music and Podcast advertising was driven by growth in impressions sold, partially offset by softness in pricing. Our automated sales channels were the largest contributors to overall advertising growth. Advertising growth in challenging brand environment 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. Premium growth driven by Subscriber and ARPU gains

• 10. Premium Gross Margin was 34.7% in Q4, up 565 bps Y/Y. The Y/Y trend was driven by favorability from audiobooks, music and Other Costs of Revenue. Gross Margin Driven by continued improvement across Premium and Ad-Supported segments Gross Margin finished at 32.2% in Q4, up 555 bps Y/Y. The Y/Y trend was driven by improvements in our Premium and Ad-Supported segments. Ad-Supported Gross Margin was 15.1% in Q4, up 351 bps Y/Y. The Y/Y trend was driven by favorability from music, Other Cost of Revenue and podcasts, partially offset by real estate impairment activity.

• 11. Operating Expenses declined 16% Y/Y in Q4. Currency movements and changes in Social Charge movements elevated Y/Y Operating Expense growth by ~200 bps and ~700 bps, respectively, while the lapping of prior year efficiency charges contributed ~1,300 bps of Operating Expense decline. Absent these items, the remaining 11% Y/Y decline in Operating Expenses was driven primarily by a decrease in personnel and related costs and lower marketing spend. 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 €96 million in the current period. Prior year period Operating Expenses included €33 million in Social Charges. Operating Expenses Y/Y declines led by efficiency initiatives * 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.

• 12. Free Cash Flow Record performance aids balance sheet strength Free Cash Flow* was €877 million in Q4, a record high as a result of higher Net Income adjusted for non-cash items and a positive contribution from net working capital. Capital expenditures rose €5 million Y/Y to €6 million. While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged €661 million of positive Free Cash Flow on a trailing 12 month basis for the past three years. In Q4, trailing 12 month Free Cash Flow expanded to €2.3 billion. On a cumulative basis, we have generated €4.3 billion of Free Cash Flow since the beginning of 2016, supporting our strong balance sheet and €7.5 billion in cash and cash equivalents, restricted cash and short term investments balance. * 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" to be consistent with other slides. 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.

• 13. MAUS & SUBSCRIBERS

• 14. Total MAUs grew 12% Y/Y to 675 million, up from 640 million last quarter and 10 million above our guidance. Quarterly performance reflected: ● Y/Y and Q/Q growth across all regions, led by Rest of World and Latin America ● Strong holiday and Wrapped Campaigns ● Shifts in competitor dynamics in select developing markets Monthly Active Users (MAUs)

• 15. Our Premium Subscribers grew 11% Y/Y to 263 million, up from 252 million last quarter and 3 million above guidance. Quarterly performance reflected: ● Y/Y and Q/Q growth across all regions, with outperformance led by Rest of World ● Strong holiday and Wrapped Campaigns ● Shifts in competitor dynamics in select developing markets Premium Subscribers

• 16. PRODUCT & PLATFORM

• 17. 10th Annual Wrapped Campaign Celebrated our biggest Spotify Wrapped campaign ever, which delivered record-high user engagement (+10% Y/Y) across 184 markets and 53 languages. The 2024 campaign included personalized data stories and playlists, a custom AI DJ Wrapped experience, Artist and Podcaster Clips and editorial playlists and insights.

• 18. Delivering a Best-In-Class Video Experience Unveiled a new video podcast offering for Premium Subscribers in the United States, United Kingdom, Australia and Canada, giving fans the ability to watch their favorite participating podcasts uninterrupted by dynamic ads Evolved Spotify for Podcasters to Spotify for Creators, opening up the Spotify Partner Program for video podcasts, improved analytics and audience growth tools and new ways to promote podcasts Launched the Spotify Partner Program, a new monetization program for creators hosted on Spotify, enabling creators to earn more from their audio and video content

• 19. Expanding Features for Creators and Consumers Rolled-out Custom playlist covers in Beta, giving users the ability to create their own cover art for the over 8 billion user generated playlists on Spotify Launched Spotify for Authors, giving authors and publishers better tools, insights and data to maximize their success on Spotify Introduced Offline Backup, enabling Premium users to access tracks without an internet connection—no downloads required

• 20. A Decade of Getting the World to Value Music In 2024, Spotify alone paid out a record $10 billion in royalties to the music industry—totaling nearly $60 billion since our founding.

• 21. OUTLOOK

• 22. Outlook for Q1’25 The following forward-looking statements reflect Spotify’s expectations for Q1 2025 as of February 4, 2025 and are subject to substantial uncertainty. Total Premium Subscribers Total Revenue Gross Margin €4.2 billion 265 million 31.5% Total MAUs 678 million Implies the addition of approximately 3 million net new MAUs in the quarter Operating Income €548 million Assumes approximately ~90 bps benefit to growth Y/Y due to foreign exchange rate movements; based on currency rates as of the Q4 close Implies the addition of approximately 2 million net new subscribers in the quarter Incorporates €18 million in Social Charges based on a Q4 close share price of $447.38 Primarily driven by Y/Y favorability across Premium and Ad-Supported segments

• 23. Webcast Information We will host a live question and answer session starting at 8:00 a.m. ET today on investors.spotify.com. The session will be led by Daniel Ek, our Co-Founder and Chief Executive Officer, and Christian Luiga, our Chief Financial Officer. Questions can be submitted by going to slido.com and using the code #SpotifyEarningsQ424. Participants also may join using the listen-only conference line by registering through the following site: https://registrations.events/direct/Q4I5705088 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, their 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 and services; 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.

• 24. STATEMENTS FINANCIAL

• 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.

• 26. Trending Charts Gross Profit by Segment, Gross Margin by Segment & Free Cash Flow* * 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" to be consistent with other slides. Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.

• 27. Consolidated statement of operations (Unaudited) (in € millions, except share and per share data) Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Revenue 4,242 3,988 3,671 15,673 13,247 Cost of revenue 2,874 2,748 2,691 10,949 9,850 Gross profit 1,368 1,240 980 4,724 3,397 Research and development 376 342 468 1,486 1,725 Sales and marketing 393 332 432 1,392 1,533 General and administrative 122 112 155 481 585 891 786 1,055 3,359 3,843 Operating income/(loss) 477 454 (75) 1,365 (446) Finance income 127 66 46 328 161 Finance costs (105) (122) (102) (352) (220) Finance income/(costs) - net 22 (56) (56) (24) (59) Income before tax 499 398 (131) 1,341 (505) Income tax expense/(benefit) 132 98 (61) 203 27 Net income/(loss) attributable to owners of the parent 367 300 (70) 1,138 (532) Earnings/(loss) per share attributable to owners of the parent Basic 1.81 1.49 (0.36) 5.67 (2.73) Diluted 1.76 1.45 (0.36) 5.50 (2.73) Weighted-average ordinary shares outstanding Basic 202,907,480 201,575,568 196,036,080 200,622,518 194,732,304 Diluted 209,012,505 207,399,501 196,036,080 206,990,369 194,732,304

• 28. December 31, 2024 December 31, 2023 Assets Non-current assets Lease right-of-use assets 226 300 Property and equipment 188 247 Goodwill 1,201 1,137 Intangible assets 48 84 Long term investments 1,635 1,215 Restricted cash and other non-current assets 68 75 Finance lease receivables 74 — Deferred tax assets 186 28 3,626 3,086 Current assets Trade and other receivables 771 858 Income tax receivable 28 20 Short term investments 2,667 1,100 Cash and cash equivalents 4,781 3,114 Other current assets 132 168 8,379 5,260 Total assets 12,005 8,346 Equity and liabilities Equity Share capital — — Other paid in capital 6,124 5,155 Treasury shares (262) (262) Other reserves 2,707 1,812 Accumulated deficit (3,044) (4,182) Equity attributable to owners of the parent 5,525 2,523 Non-current liabilities Exchangeable Notes 1,539 1,203 Lease liabilities 462 493 Accrued expenses and other liabilities 5 26 Provisions 3 3 Deferred tax liabilities 21 8 2,030 1,733 Current liabilities Trade and other payables 1,342 978 Income tax payable 33 12 Deferred revenue 683 622 Accrued expenses and other liabilities 2,347 2,440 Provisions 25 21 Derivative liabilities 20 17 4,450 4,090 Total liabilities 6,480 5,823 Total equity and liabilities 12,005 8,346 Consolidated statement of financial position (Unaudited) (in € millions)

• 29. Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Operating activities Net income/(loss) 367 300 (70) 1,138 (532) Adjustments to reconcile net income/(loss) to net cash flows Depreciation of property and equipment 21 21 23 85 110 Amortization of intangible assets 9 9 11 36 48 Impairment charges on real estate assets 25 — 33 43 123 Write-off of content assets — — (1) — 29 Share-based compensation expense 54 63 34 267 321 Finance income (127) (66) (46) (328) (161) Finance costs 105 122 102 352 220 Income tax expense/(benefit) 132 98 (61) 203 27 Other 3 — 5 2 1 Changes in working capital: Decrease/(increase) in trade receivables and other assets 29 (4) (97) 145 (145) Increase in trade and other liabilities 240 86 419 183 501 (Decrease)/increase in deferred revenue (16) 33 33 45 113 (Decrease)/increase in provisions (1) — (2) 3 (5) Interest paid on lease liabilities (9) (9) (9) (36) (38) Interest received 61 77 34 216 111 Income tax paid (10) (15) (11) (53) (43) Net cash flows from operating activities 883 715 397 2,301 680 Investing activities Payment of deferred consideration pertaining to business combinations — — — (10) (7) Purchases of property and equipment (6) (4) (1) (17) (6) Purchases of short term investments (3,553) (1,439) (809) (7,275) (1,590) Sales and maturities of short term investments 2,361 1,364 802 5,804 1,379 Dividends recieved 1 — — 19 — Change in restricted cash — — — 1 4 Other (1) (3) 3 (8) 3 Net cash flows used in investing activities (1,198) (82) (5) (1,486) (217) Financing activities Proceeds from exercise of stock options 299 152 224 933 366 Payments of lease liabilities (12) (18) (11) (69) (66) Lease incentives received — — — — 2 Payments for employee taxes withheld from restricted stock unit releases (43) (35) (19) (135) (68) Net cash flows from financing activities 244 99 194 729 234 Net (decrease)/increase in cash and cash equivalents (71) 732 586 1,544 697 Cash and cash equivalents at beginning of the period 4,688 4,054 2,615 3,114 2,483 Net foreign exchange gains/(losses) on cash and cash equivalents 164 (98) (87) 123 (66) Cash and cash equivalents at period end 4,781 4,688 3,114 4,781 3,114 Consolidated statement of cash flows (Unaudited) (in € millions)

• 30. Three months ended Twelve months ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Basic earnings/(loss) per share Net income/(loss) attributable to owners of the parent 367 300 (70) 1,138 (532) Shares used in computation: Weighted-average ordinary shares outstanding 202,907,480 201,575,568 196,036,080 200,622,518 194,732,304 Basic earnings/(loss) per share attributable to owners of the parent 1.81 1.49 (0.36) 5.67 (2.73) Diluted earnings/(loss) per share Net income/(loss) attributable to owners of the parent 367 300 (70) 1,138 (532) Net income/(loss) used in the computation of diluted earnings/(loss) per share 367 300 (70) 1,138 (532) Shares used in computation: Weighted-average ordinary shares outstanding 202,907,480 201,575,568 196,036,080 200,622,518 194,732,304 Stock options 4,332,408 3,989,363 — 4,407,037 — Restricted stock units 1,751,801 1,814,968 — 1,939,539 — Other contingently issuable shares 20,816 19,602 — 21,275 — Diluted weighted-average ordinary shares 209,012,505 207,399,501 196,036,080 206,990,369 194,732,304 Diluted earnings/(loss) per share attributable to owners of the parent 1.76 1.45 (0.36) 5.50 (2.73) Calculation of basic and diluted earnings/(loss) per share (Unaudited) (in € millions, except share and per share data)

• 31. Three months ended Twelve months ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 IFRS revenue 4,242 3,671 15,673 13,247 Foreign exchange effect on 2024 revenue using 2023 rates (58) (243) Revenue excluding foreign exchange effect 4,300 15,916 IFRS revenue year-over-year change % 16% 18% Revenue excluding foreign exchange effect year-over-year change % 17% 20% IFRS Premium revenue 3,705 3,170 13,819 11,566 Foreign exchange effect on 2024 Premium revenue using 2023 rates (62) (240) Premium revenue excluding foreign exchange effect 3,767 14,059 IFRS Premium revenue year-over-year change % 17% 19% Premium revenue excluding foreign exchange effect year-over-year change % 19% 22% IFRS Ad-Supported revenue 537 501 1,854 1,681 Foreign exchange effect on 2024 Ad-Supported revenue using 2023 rates 4 (3) Ad-Supported revenue excluding foreign exchange effect 533 1,857 IFRS Ad-Supported revenue year-over-year change % 7% 10% Ad-Supported revenue excluding foreign exchange effect year-over-year change % 6% 10% Revenue on a constant currency basis (Unaudited) (in € millions, except percentages) Reconciliation of IFRS to non-IFRS results Gross profit on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended Twelve months ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 IFRS revenue 4,242 3,671 15,673 13,247 IFRS cost of revenue 2,874 2,691 10,949 9,850 IFRS gross profit 1,368 980 4,724 3,397 Foreign exchange effect on 2024 gross profit using 2023 rates (18) (63) Gross profit excluding foreign exchange effect 1,386 4,787 IFRS gross profit year-over-year change % 40% 39% Gross profit excluding foreign exchange effect year-over-year change % 41% 41%

• 32. Operating expenses on a constant currency basis (Unaudited) (in € millions, except percentages) Three months ended Twelve months ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 IFRS Research and development expenses 376 468 1,486 1,725 Foreign exchange effect on 2024 expenses using 2023 rates 12 6 Research and development expenses excluding foreign exchange effect 364 1,480 IFRS Research and development expenses year over year change % (20) % (14) % Research and development expenses excluding foreign exchange effect year-over-year change % (22) % (14) % Reconciliation of IFRS to non-IFRS results Three months ended Twelve months ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 IFRS Sales and marketing expenses 393 432 1,392 1,533 Foreign exchange effect on 2024 expenses using 2023 rates 4 (3) Sales and marketing expenses excluding foreign exchange effect 389 1,395 IFRS Sales and marketing expenses year over year change % (9) % (9) % Sales and marketing expenses excluding foreign exchange effect year-over-year change % (10) % (9) % Three months ended Twelve months ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 IFRS General and administrative expenses 122 155 481 585 Foreign exchange effect on 2024 expenses using 2023 rates 4 2 General and administrative expenses excluding foreign exchange effect 118 479 IFRS General and administrative expenses year over year change % (21) % (18) % General and administrative expenses excluding foreign exchange effect year-over-year change % (24) % (18) % Three months ended Twelve months ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 IFRS Operating expenses 891 1,055 3,359 3,843 Foreign exchange effect on 2024 operating expenses using 2023 rates 20 5 Operating expenses excluding foreign exchange effect 871 3,354 IFRS Operating expenses year over year change % (16) % (13) % Operating expenses excluding foreign exchange effect year-over-year change % (17) % (13) %

• 33. Three months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net cash flows from/(used in) operating activities 54 123 119 37 39 40 (70) 59 13 211 397 211 492 715 883 Capital expenditures (20) (25) (16) (10) (5) (5) (5) (2) (2) (1) (1) (5) (2) (4) (6) Change in restricted cash — 1 — (5) 3 — 2 — (2) 6 — 1 — — — Free Cash Flow 34 99 103 22 37 35 (73) 57 9 216 396 207 490 711 877 Last twelve months ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 Net cash flows from operating activities 333 318 235 46 68 42 213 680 832 1,311 1,815 2,301 Capital expenditures (71) (56) (36) (25) (17) (14) (10) (6) (9) (9) (12) (17) Change in restricted cash (4) (1) (2) — 5 — 6 4 5 7 1 1 Free Cash Flow 258 261 197 21 56 28 209 678 828 1,309 1,804 2,285 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 December 31, 2024 Net cash flows from operating activities 101 179 344 573 259 361 46 680 2,301 Capital expenditures (27) (36) (125) (135) (78) (85) (25) (6) (17) Change in restricted cash (1) (34) (10) 2 2 1 — 4 1 Free Cash Flow 73 109 209 440 183 277 21 678 2,285 Free Cash Flow (Unaudited) (in € millions)

• 34. APPENDIX

• 35. USER, FINANCIAL & LIQUIDITY SUMMARY 2020 2021 2022 2023 2024 Y/Y Y/Y FXN* USERS (M) Total Monthly Active Users ("MAUs") 345 406 489 602 675 12% -- Premium Subscribers 155 180 205 236 263 11% -- Ad-Supported MAUs 199 236 295 379 425 12% -- FINANCIALS (€M) Premium 7,135 8,460 10,251 11,566 13,819 19% 22% Ad-Supported 745 1,208 1,476 1,681 1,854 10% 10% Total Revenue 7,880 9,668 11,727 13,247 15,673 18% 20% Gross Profit 2,015 2,591 2,926 3,397 4,724 39% 41% Gross Margin 25.6% 26.8% 25.0% 25.6% 30.1% -- -- Total Operating Expenses 2,308 2,497 3,585 3,843 3,359 -13% -13% Operating (Loss)/Income (293) 94 (659) (446) 1,365 -- -- Operating Margin (3.7%) 1.0% (5.6%) (3.4%) 8.7% -- -- FREE CASH FLOW & LIQUIDITY (€M, unless otherwise denoted) Net Cash Flows From Operating Activities 259 361 46 680 2,301 238% -- Free Cash Flow* 183 277 21 678 2,285 237% -- Cash & Cash Equivalents, Restricted Cash & Short Term Investments (€B) 1.8 3.6 3.4 4.3 7.5 -- -- * 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. Annual Financial Summary

• 36. Social Charges Sensitivity Meaningful movements in our stock price can lead to Social Charge variance Our guidance incorporates the impact of Social Charges, the vast majority of which appear in Operating Expenses. The amount of Social Charges we accrue for and ultimately pay can be volatile, as they are tied to the value of our share price. Since we do not forecast stock price changes in our guidance, meaningful movements in our stock price over the course of a quarter can lead to meaningful changes in Social Charges. As an example, at the Q4 close, our stock price was $447.38. In Q4, a 10% increase or decrease in our stock price compared to the quarter-end price would have an approximate +/- €33M impact on Social Charges.

• 37.