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  "documentTitle": "2025 Q1 Shareholder Deck",
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  "notes": "Includes a table comparing Q1 2024, Q4 2024, and Q1 2025 data with Y/Y and Q/Q growth rates.",
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      "text": "Overall, we continue to view the business as well-positioned to deliver growth and improving margins in 2025 as we reinvest to support our long-term potential.",
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      "text": "* 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.",
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      "text": "Total Revenue: €4,190",
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      "text": "We are pleased with our performance in Q1, as nearly all of our KPIs were in-line to ahead of guidance. The business added 3 million MAU during the quarter, in-line with our expectations for a seasonally small quarter, while Subscriber net additions of 5 million significantly outperformed guidance by 3 million. Revenue was in-line, as Premium and Ad-Supported outperformance was offset by 31.6% was modestly above guidance and reflected 403 bps of Y/Y expansion. Operating Income of €509 million was below guidance as Gross Profit strength and lower personnel and related and marketing costs were more than offset by €76 million in Social Charges. Social Charges were €58 million above forecast due to share price appreciation during the quarter. As a reminder, we do not incorporate share price movements into our forecast since they are beyond our control. Free Cash Flow* reached €534 million in Q1, bringing LTM Free Cash Flow generation to €2.6 billion. Overall, we continue to view the business as well-positioned to deliver growth and improving margins in 2025 as we reinvest to support our long-term potential.",
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