Q3 2022 Update October 25th, 2022 1

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.21 p.24 22

Executive Summary The major ty of our key metr cs surpassed gu dance n 03'22, ed by MAU and Subscr ber outperformance and hea thy Revenue growth. S m ar to ast quarter, MAU growth saw notab e acce erat on, w th net add t ons reach ng a record 03 h gh of 23 m on, wh e Subscr bers came n 1 m on ahead of gu dance. Gross Marg n came n be ow expectat ons, ma n y due to an unfavorab e adjustment to pr or per od est mates for r ghts ho der ab t es. We a so saw a marg n mpact due to s ower than forecast advert s ng growth g ven the cha eng ng macro env ronment. Free Cash F ow was a pos t ve 35 m on n the quarter. esp te ongo ng econom c uncerta nty, we are genera y p eased w th our overa resu ts. We rema n focused on de ver ng aga nst the object ves we shared at our 2022 lnvestor ay wh e ma nta n ng a strong ba ance sheet prof e. 1 Free Cash F ow s a non lFRS measure. See "Use of Non lFRS Measures" and "Reconc at on of lFRS to Non lFRS Resu ts" for add t ona nformat on. 456 195 273 2,651 385 3,036 750 24. 228 7.5% 40 35 USER & FINANCIAL SUMMARY USERS M Q3 2021 Q2 2022 Q3 2022 Y/Y Q/Q Tota Month y Act ve Users "MAUs" 381 433 456 20% 5% Prem um Subscr bers 172 188 195 13% 4% Ad Supported MAUs 220 256 273 24% 7% FINANCIALS €M Prem um 2,178 2,504 2,651 22% 6% Ad Supported 323 360 385 19% 7% Total Revenue 2,501 2,864 3,036 21 6 Gross Prof t 668 704 750 12% 7% ross Margin 26. 24.6 24. Operating Loss /Income 5 194 228 Operat ng Marg n 3.0% 6.8% 7.5% Net Cash F ows From Operat ng Act v t es 123 39 40 Free Cash Flow1 99 3 35 3

road based outperformance on MAUs and Subscribers Key Highlights 21 Y/Y Revenue growth driven by Premium Audiobooks launched in the United States MAUs grew 20% Y/Y to 456 m on, Tota Revenue grew 21% Y/Y aunched the f rst terat on of 6 m on above gu dance. Net to 3.0 b on Aud obooks n the Spot fy app for add t ons of 23 m on represented steners n the Un ted States our argest ever 03 growth Prem um Revenue grew 22% Y/Y to 2.7 b on Announced the acqu s t on of MAU strength across a reg ons ed nteract ve mus c tr v a game, by Rest of Wor d and at n Amer ca Ad Supported Revenue grew 19% Heard e as a resu t of successfu market ng Y/Y to 385 m on ed by campa gns and OEM strength Podcast ng On October 5th, we announced the acqu s t on of K nzen to further Prem um Subscr bers grew 13% enhance our approach to p atform Y/Y to 195 m on, above our safety gu dance, a ded by promot ona ntake and househo d p ans 4

Key Highlights: Actuals vs. uidance Premium Subscribers M Users Financials Monthly Active Users M Above Above 456 195 Results Q3 2022 Actuals uidance 450 194 Results Q3 2022 Actuals uidance Total Revenue €M Above €3,036 €3,000 ross Margin elow 24. 25.2 Operating Loss /Income €M elow € 228 € 218 5

FINANCIAL SUMMARY 6

Financial Summary Free Cash F ow s a non lFRS measure. See "Use of Non lFRS Measures" and "Reconc at on of lFRS to Non lFRS Resu ts" for add t ona nformat on. 456 195 273 2,651 385 3,036 750 24. 228 7.5% 40 35 3.7 USER, FINANCIAL & LIQUI ITY SUMMARY Q3 2021 Q4 2021 Q1 2022 Q2 2022 USERS M Q3 2022 Y/Y Tota Month y Act ve Users "MAUs" 381 406 422 433 456 20% Prem um Subscr bers 172 180 182 188 195 13% Ad Supported MAUs 220 236 252 256 273 24% FINANCIALS €M Prem um 2,178 2,295 2,379 2,504 2,651 22% Ad Supported 323 394 282 360 385 19% Total Revenue 2,501 2,689 2,661 2,864 3,036 21 Gross Prof t 668 712 671 704 750 12% ross Margin 26. 26.5 25.2 24.6 24. Operating Loss /Income 5 6 194 228 Operat ng Marg n 3.0% 0.3% 0.2% 6.8% 7.5% FREE CASH FLOW & LIQUI ITY €M, unless otherwise denoted Net Cash F ows From Operat ng Act v t es 123 119 37 39 40 Free Cash Flow1 99 103 22 3 35 Cash Cash Equ va ents, Restr cted Cash Short Term lnvestments 3.3 3.6 3.6 3.6 3.7 7

Revenue Profitability Free Cash Flow & Liquidity Revenue of 3,036 m on grew 21% Y/Y n 03 or 12% Y/Y constant currency , ref ect ng: Prem um Revenue growth of 22% Y/Y or 13% Y/Y constant currency , ed by subscr ber ga ns and Ad Supported Revenue growth of 19% Y/Y or 3% Y/Y constant currency , ed by podcast ng Gross Marg n was 24.7% n 03, down 201 bps Y/Y ref ect ng: Cont nued growth n Marketp ace act v ty and favorab e revenue m x sh ft to podcast ng offset by Non mus c content and product enhancement spend, as we as ncreased pub sh ng rates and an adjustment to pr or per od accrua s. Operat ng oss of 228 m on ref ected the above and Operat ng Expense growth of 65% Y/Y or 51% Y/Y constant currency , ref ect ng: H gher personne costs pr mar y due to headcount growth g oba ad sa es team expans on, p atform nvestment and acqu s t ons and h gher advert s ng costs for growth n t at ves Emerg ng Markets, Gen Z Currency movements had a negat ve 1,433 bps mpact on expense growth, or 85 m on, g ven the unfavorab e geograph c m x of emp oyee costs re at ve to revenue. Free Cash F ow1 was 35 m on n 03. Cap ta expend tures decreased 20 m on Y/Y to 5 m on n the quarter. qu d ty rema ned strong, w th 3.7 b on n cash and cash equ va ents, restr cted cash and short term nvestments. At the end of 03, our workforce cons sted of 9,808 FTEs g oba y. Financial Summary 1 Free Cash F ow s a non lFRS measure. See "Use of Non lFRS Measures" and "Reconc at on of lFRS to Non lFRS Resu ts" for add t ona nformat on. 8

Revenue Resilient Premium growth, led by subscribers Prem um Revenue grew 22% Y/Y to 2,651 m on, ref ect ng subscr ber growth of 13% Y/Y and Prem um ARPU growth of 7% Y/Y to 4.63 or down 1% constant currency . Exc ud ng the mpact of FX, ARPU performance was mpacted by market m x. Ad Supported growth driven by podcasting Ad Supported revenue grew 19% Y/Y and reached 13% of Tota Revenue, ref ect ng doub e d g t growth across a reg ons w th the except on of Europe where we saw the mpact of cha eng ng reg ona econom c cond t ons. Our mus c bus ness grew h gh s ng e d g ts Y/Y and was ed by h gh s ng e d g t growth n mpress ons so d. Podcast revenue grew n the strong doub e d g t range Y/Y across both our Or g na and Exc us ve podcasts and the Spot fy Aud ence Network. Podcast growth was ed by the Spot fy Aud ence Network, where so d mpress ons grew strong doub e d g ts and CPMs ncreased doub e d g ts. We a so saw a substant a ncrease n the number of part c pat ng shows and advert sers n the Spot fy Aud ence Network. Prem um Average Revenue per User "ARPU" * ast Twe ve Months TM represents annua performance cover ng the preced ng 12 months re at ve to the ast day of the quarter. 9

Prem um Gross Marg n was 28.0% n 03, down 104 bps Y/Y, ref ect ng Marketp ace growth, offset by product enhancement spend, ncreased pub sh ng rates and the change n accrua s. ross Margin Marketplace and Podcasting benefits offset by content/product investments and accruals Gross Marg n f n shed at 24.7% n 03, ref ect ng cont nued Y/Y benef t from Marketp ace and revenue m x sh ft towards podcasts, offset by non mus c content and product enhancement spend, ncreased pub sh ng rates and an unfavorab e change n h stor ca est mates for r ghts ho der ab t es. Ad Supported Gross Marg n was 1.8% n 03, down 902 bps Y/Y, ref ect ng favorab e revenue m x sh ft towards podcasts and Marketp ace growth, offset by non mus c content spend and product enhancement spend, ncreased pub sh ng rates and the change n accrua s. 10

unfavorable FX impact Operat ng Expenses grew 65% Y/Y or 51% constant currency , arge y ref ect ng var ous growth n t at ves that were green t toward the end of 2021 and the mpact of recent acqu s t ons such as Pods ghts, F ndaway, Sonant c, Chartab e, Whooshkaa and Heard e. Add t ona y, Y/Y compar sons were affected by the pr or year benef t from Soc a Charge movements, wh ch d d not recur n 03'22. 2022 cont nues to be an nvestment year for Spot fy, as we bu d out the resources and nfrastructure necessary to dr ve our mu t moda , mu t vert ca strategy forward. We cont nue to re eva uate our spend ng w th an eye towards ncreas ng return eff c ency and enhanc ng product v ty across the organ zat on. We rema n focused on ga n ng favorab e Operat ng Expense everage as we progress towards the ntermed ate to ong term targets we conveyed at our 2022 lnvestor ay. Operating Expenses rowth largely driven by headcount expansion and unfavorable FX impact 11

Free Cash Flow The 10th quarter in a row of positive FCF Free Cash F ow was 35 m on n 03, a decrease Y/Y as ower Net lncome adjusted for non cash tems was part a y offset by favorab ty n net work ng cap ta . Cap ta expend tures decreased 20 m on Y/Y to 5 m on as a resu t of the comp et on of off ce bu d outs. Th s was the 10th quarter n a row of pos t ve Free Cash F ow. Wh e the magn tude of Free Cash F ow can f uctuate from quarter to quarter based on seasona ty and t m ng, we have averaged over 200 m on of pos t ve Free Cash F ow on a tra ng 12 month bas s for the past three years. * ast Twe ve Months TM represents annua performance cover ng the preced ng 12 months re at ve to the ast day of the quarter. 12

MAUS & SU SCRI ERS 13

Tota MAUs grew 20% Y/Y to 456 m on, up from 433 m on ast quarter and above our gu dance by 6 m on. 0uarter y performance versus our gu dance was mpacted by: Outperformance across a reg ons etter than expected ntake n lnd a as a resu t of a mu t med a market ng campa gn dr v ng act vat ons and react vat ons Strength across at n Amer ca, ed by raz , due to market ng and OEM strength Monthly Active Users MAUs 14

Our Prem um Subscr bers grew 13% Y/Y to 195 m on, up from 188 m on ast quarter. 0uarter y performance versus our gu dance was mpacted by: Outperformance across a reg ons ed by at n Amer ca etter than expected 03 promot ona campa gn resu ts across a reg ons Cont nued strength n mu t user p ans Premium Subscribers 15

PRODUCT & PLATFORM 16

Audiobooks me ava ab e to Spot fy steners n the Un ted States. of the aud obooks exper ence for users on Spot fy and de preex st ng mus c and podcast content At the end of September, the ab ty to purchase and sten to more than 300,000 aud obooks t t es beca e ava ab e to Spot fy steners n the Un ted States. Th s s the f rst terat on of the aud obooks exper ence for users on Spot fy and f ts seam ess y a ongs e preex st ng mus c and podcast content. 17

Two Sided Marketplace & Podcasting Two Sided Marketplace ur ng the quarter, Sponsored Recommendat ons cont nued to exh b t strength w th tr p e d g t Y/Y growth n tota campa gn vo ume and n 03 we saw the argest campa gn to date for the serv ce. The strength n Sponsored Recommendat ons was dr ven by a successfu aunch of se f serve nternat ona target ng and ncreased art st access to se f serve n 03. Podcasting At the end of 03, we had 4.7 m on podcasts on the p atform. The number of MAUs that engaged w th podcasts grew n the substant a doub e d g ts Y/Y and per user podcast consumpt on rates cont nued to r se. Notab e re eases nc uded Archwe Aud o's Archetypes wh ch reached #1 n the podcast charts n more than s x countr es. 18

FC arcelona Partnership Kicks Off K cked off our partnersh p w th FC arce ona by showcas ng 14 art sts from 8 markets across the on stad um nventory, reach ng tens of m ons of TV v ewers and 90,000+ fans n the stad um at each of the three a ga matches n August and September. 19

New Home Feed ln August, we ro ed out a new Home feed to users a ow ng for more persona zed d scovery of Mus c and Podcasts. 20

OUTLOOK 21

Outlook for Q4'22 The following forward looking statements reflect Spotify's expectations for Q4 2022 as of October 25, 2022 and are subject to substantial uncertainty. Total Premium Subscribers Total Revenue Gross Margin €3.2 billion 202 million 24.5 lmp es the add t on of approx mate y 23 m on net new MAUs n the quarter Total MAUs 479 million € (300) million Operating Loss /Income lmp es the add t on of approx mate y 7 m on net new subscr bers n the quarter Assumes approx mate y 800 bps ta w nd to growth Y/Y due to favorab ty n fore gn exchange rates Ref ects the cont nu ng benef t from Marketp ace and favorab e revenue m x sh ft to podcasts, offset by nvestments n non mus c content and product enhancement n t at ves lnc us ve of the Operat ng oss s approx mate y a 95 m on mpact to Operat ng Expenses due to Y/Y unfavorab ty n fore gn exchange rates 22

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

STATEMENTS FINANCIAL 24

Trending Charts MAUs, Ad Supported Users, Premium Subscribers & Revenue BySegment * 2 25

Trending Charts Gross Profit By Segment, Gross Margin By Segment & Free Cash Flow * ast Twe ve Months TM represents annua performance cover ng the preced ng 12 months re at ve to the ast day of the quarter. 26

Condensed consolidated statement of operations September 30, 2022 June 30, 2022 September 30, 202 September 30, 2022 September 30, 202 ross pro it 0 0 2, 2 , 3 2, 3 , perating oss in ome 22 2 0 inan e in ome osts net 0 3 oss in ome be ore ta 0 2 2 Net oss in ome attributab e to o ners o the parent 2 2 0 oss earnings per share attributab e to o ners o the parent Weighted average ordinary shares outstanding (Unaudited) (in € millions, except share and per share data) Three months ended Nine months ended 28

2, 3 2, Current assets , ,3 2 Tota assets , 32 , 0 Equity and iabi ities Equity Equity attributab e to o ners o the parent 2,233 2, Non urrent iabi ities , , 2 Current iabi ities 3, 3,22 Tota iabi ities ,3 ,0 Tota equity and iabi ities , 32 , 0 Condensed onso idated statement o inan ia position (Unaudited) (in € millions) September 30, 2022 De ember 3 , 202 Assets Non urrent assets 29

Nine months ended perating a tivities j : Net ash o s rom operating a tivities Investing a tivities Net ash o s used in investing a tivities inan ing a tivities Net ash o s used in rom inan ing a tivities Net de rease in rease in ash and ash equiva ents Cash and ash equiva ents at period end September 30, 2022 June 30, 2022 September 30, 202 September 30, 2022 September 30, 202 0 3 23 2 2 — 0 2 322 2 — — — — — 2 20 ,2 0 3 2 22 ,2 3 2, 2, 2, 2 2, 2, 2 Condensed onso idated statement o ash o s (Unaudited) (in € millions) Three months ended 30

Basi oss earnings per share Share used in computation: Basi oss earnings per share attributab e to o ners o the parent 0 0 0 0 0 3 0 02 Di uted oss per share Net oss used in the omputation o di uted oss per share 0 3 3 : Di uted eighted average ordinary shares , , 3 , , 32 , , 2 , , 3, , Di uted oss per share attributab e to o ners o the parent 0 0 0 3 0 Ca u ation o basi and di uted oss earnings per share (Unaudited) (in € millions, except share and per share data) Three months ended Nine months ended September 30, 2022 June 30, 2022 September 30, 202 September 30, 2022 September 30, 202 31

Three months ended Nine months ended September 30, 2022 September 30, 202 September 30, 2022 September 30, 202 Revenue on a onstant urren y basis (Unaudited) (in € millions, except percentages) Re on i iation o I RS to non I RS resu ts 32

ree Cash o (Unaudited) (in € millions) Three months ended ar h 3 , 20 June 30, 20 September 30, 20 De ember 3 , 20 ar h 3 , 2020 June 30, 2020 September 30, 2020 De ember 3 , 2020 ar h 3 , 202 June 30, 202 September 30, 202 De ember 3 , 202 ar h 3 , 2022 June 30, 2022 September 30, 2022 ree Cash o 3 0 2 2 03 3 03 22 3 3 ast t e ve months ended De ember 3 , 20 ar h 3 , 2020 June 30, 2020 September 30, 2020 De ember 3 , 2020 ar h 3 , 202 June 30, 202 September 30, 202 De ember 3 , 202 ar h 3 , 2022 June 30, 2022 September 30, 2022 ree Cash o 0 2 223 2 3 2 2 2 2 2 2 2 ree Cash o (Unaudited) (in € millions) Re on i iation o I RS to non I RS resu ts ree Cash o Nine months ended September 30, 2022 September 30, 202 ree Cash o (Unaudited) (in € millions) 33

perating e penses on a onstant urren y basis (Unaudited) (in € millions, except percentages) Three months ended September 30, 2022 September 30, 202 Three months ended September 30, 2022 September 30, 202 Three months ended September 30, 2022 September 30, 202 Three months ended September 30, 2022 September 30, 202 Re on i iation o I RS to non I RS resu ts 34