Webcast Information We w host a ve quest on and answer sess on start ng at
4:30 p.m. ET today on nvestors.spot fy.com. an e Ek, our Founder and CEO, and Pau Voge , our Ch ef F nanc a Off cer, w be on hand to answer quest ons subm tted through s do.com us ng the event code #Spot fyEarn ngs0322. Part c pants a so
may jo n us ng the sten on y conference ne by reg ster ng through the fo ow ng s te: https://event.on24.com/wcc/r/3969731/682FC847EC 784F831C77F58E7 8 C 0 We use nvestors.spot fy.com and newsroom.spot fy.com webs tes as we as other soc a
med a sted n the "Resources Soc a Med a" tab of our lnvestors webs te to d sc ose mater a company nformat on. Use of Non IFRS Measures To supp ement our f nanc a nformat on presented n accordance w th lFRS, we use the fo ow ng non lFRS f
nanc a measures: Revenue exc ud ng fore gn exchange effect, Prem um revenue exc ud ng fore gn exchange effect, Ad Supported revenue exc ud ng fore gn exchange effect, Operat ng expense exc ud ng fore gn exchange effect, Sa es and market ng
expense exc ud ng fore gn exchange effect, Research and deve opment expense exc ud ng fore gn exchange effect, Genera and adm n strat ve expense exc ud ng fore gn exchange effect, and Free Cash F ow. Management be eves that Revenue exc ud
ng fore gn exchange effect, Prem um revenue exc ud ng fore gn exchange effect, Ad Supported revenue exc ud ng fore gn exchange effect, Operat ng expense exc ud ng fore gn exchange effect, Sa es and market ng expense exc ud ng fore gn
exchange effect, Research and deve opment expense exc ud ng fore gn exchange effect, and Genera and adm n strat ve expense exc ud ng fore gn exchange effect are usefu to nvestors because they present measures that fac tate compar son to
our h stor ca performance. However, these shou d be cons dered n add t on to, not as a subst tute for or super or to, Revenue, Prem um revenue, Ad Supported revenue, Operat ng expense, Sa es and market ng expense, Research and deve opment
expense, and Genera and adm n strat ve expense, or other f nanc a measures prepared n accordance w th lFRS. Management be eves that Free Cash F ow s usefu to nvestors because t presents a measure that approx mates the amount of cash
generated that s ava ab e to repay debt ob gat ons, to make nvestments, and for certa n other act v t es that exc ude certa n nfrequent y occurr ng and/or non cash tems. However, Free Cash F ow shou d be cons dered n add t on to, not as a
subst tute for or super or to, net cash f ows used n /from operat ng act v t es or other f nanc a measures prepared n accordance w th lFRS. For more nformat on on these non lFRS f nanc a measures, p ease see "Reconc at on of lFRS to Non
lFRS Resu ts" sect on be ow. Forward Looking Statements Th s shareho der update conta ns est mates and forward ook ng statements. A statements other than statements of h stor ca fact are forward ook ng statements. The words "may," "m
ght," "w ," "cou d," "wou d," "shou d," "expect," "p an," "ant c pate," " ntend," "seek," "be eve," "est mate," "pred ct," "potent a ," "cont nue," "contemp ate," "poss b e," and s m ar words are ntended to dent fy est mates and forward ook
ng statements. Our est mates and forward ook ng statements are ma n y based on our current expectat ons and est mates of future events and trends, wh ch affect or may affect our bus nesses and operat ons. A though we be eve that these est
mates and forward ook ng statements are based upon reasonab e assumpt ons, they are subject to numerous r sks and uncerta nt es and are made n ght of nformat on current y ava ab e to us. Many mportant factors may adverse y affect our resu
ts as nd cated n forward ook ng statements. These factors nc ude, but are not m ted to: our ab ty to attract prospect ve users, reta n ex st ng users, and monet ze our products and serv ces compet t on for users, user sten ng t me, and
advert sers r sks assoc ated w th our nternat ona operat ons and our ab ty to manage our growth our emphas s on nnovat on and ong term user engagement over short term resu ts our ab ty to pred ct, recommend, and p ay content that our users
enjoy our ab ty to be prof tab e or generate pos t ve cash f ow on a susta ned bas s our ab ty to conv nce advert sers of the benef ts of our advert s ng offer ngs our ab ty to forecast or opt m ze advert s ng nventory am d emerg ng ndustry
trends n d g ta advert s ng our ab ty to generate revenues from podcasts and other non mus c content potent a d sputes or ab t es assoc ated w th content made ava ab e on our prem um serv ce and ad supported serv ce co ect ve y, the "Serv
ce" r sks re at ng to acqu s t ons, nvestments, and strateg c a ances our dependence upon th rd party censes for most of the content we stream our ack of contro over th rd party content prov ders who are concentrated and can un atera y
affect our access to content our ab ty to comp y w th comp ex cense agreements our ab ty to accurate y est mate roya ty payments under our cense agreements and re evant statutes the m tat ons on our operat ng f ex b ty due to f nanc a comm
tments requ red under certa n of our cense agreements our ab ty to dent fy the compos t ons and ownersh p thereof embod ed n sound record ngs n order to obta n censes or comp y w th ex st ng cense agreements assert ons by th rd part es of
nfr ngement or other v o at ons by us of the r nte ectua property r ghts our ab ty to protect our nte ectua property the dependence of stream ng on operat ng systems, on ne p atforms, hardware, networks, regu at ons, and standards that we
do not contro our ab ty to ma nta n user data secur ty undetected errors, bugs or vu nerab t es n our products nterrupt ons, de ays, or d scont nuat ons n serv ce ar s ng from our systems or systems of th rd part es changes n aws or regu at
ons affect ng us r sks re at ng to pr vacy and data secur ty our ab ty to ma nta n, protect, and enhance our brand our ab ty to ach eve our net zero em ss ons target or make progress n other env ronmenta , soc a , and governance n t at ves
payment re ated r sks our dependence on key personne and ab ty to attract, reta n, and mot vate h gh y sk ed emp oyees our ab ty to access to cap ta to support growth r sks re at ng to currency exchange rate f uctuat ons and fore gn
exchange contro s the mpact of econom c, soc a , or po t ca cond t ons, such as the cont nu ng effects of the COVl 19 pandem c, r s ng nf at on and nterest rates, the cont nued conf ct between Russ a and Ukra ne, and supp y cha n d srupt
ons our ab ty to accurate y est mate user metr cs and other est mates our ab ty to manage and remed ate attempts to man pu ate streams and attempts to ga n or prov de unauthor zed access to certa n features of our Serv ce r sks re ated to
our Exchangeab e Notes tax re ated r sks the concentrat on of vot ng power among our founders, wh ch m ts shareho ders' ab ty to nf uence our governance and bus ness and r sks re ated to our status as a fore gn pr vate ssuer and a uxembourg
company. A deta ed d scuss on of these and other r sks and uncerta nt es that cou d cause actua resu ts and events to d ffer mater a y from our est mates and forward ook ng statements s nc uded n our f ngs w th the U.S. Secur t es and
Exchange Comm ss on "SEC" , nc ud ng our Annua Report on Form 20 F f ed w th the SEC on February 3, 2022, as updated by subsequent y f ed reports for our nter m resu ts on Form 6 K. We undertake no ob gat on to update forward ook ng
statements to ref ect events or c rcumstances occurr ng after the date of th s shareho der update. Rounding Certa n monetary amounts, percentages, and other f gures nc uded n th s update have been subject to round ng adjustments. The sum
of nd v dua metr cs may not a ways equa tota amounts nd cated due to round ng. 23
