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  "documentTitle": "2025 Q2 Shareholder Deck",
  "authorId": "Spotify",
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      "kind": "disclaimer",
      "text": "* 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.",
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      "text": "Continued double-digit Y/Y growth in MAU and Premium Subscribers: MAUs grew 11% Y/Y to 696 million; Premium Subscribers grew 12% Y/Y to 276 million.",
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      "text": "Solid revenue growth with sustained Y/Y profitability improvement: Total Revenue grew 10% Y/Y to €4.2 billion; Gross Margin 31.5%; Operating Income €406 million; Free Cash Flow €700 million.",
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      "text": "Expanding access to audiobooks, voice-activated DJ and SAX partner expansion: Expanded audiobooks to 4 countries; Voice-activated DJ in 60+ markets; SAX partnerships; Launched Audiobooks+.",
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