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  "documentTitle": "2025 Q2 Shareholder Deck",
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      "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": "Revenue of €4,193 million grew 10% Y/Y (or 15% Y/Y constant currency*), reflecting: Premium Revenue growth of 12% Y/Y (or 16% Y/Y constant currency*), driven by subscriber gains and ARPU increases; and Ad-Supported Revenue decline of -1% Y/Y (or 5% Y/Y growth constant currency*); Unfavorable currency movements slowed Total Revenue Y/Y growth by ~440 bps vs. the ~170 bps incorporated into our guidance",
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      "text": "Free Cash Flow* was €700 million in Q2. Our liquidity and balance sheet remained strong, with €8.4 billion in cash and cash equivalents, restricted cash and short term investments.",
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      "text": "Gross Margin was 31.5% in Q2, up 227 bps Y/Y reflecting: Premium gains driven by Revenue growth outpacing music costs net of marketplace programs and audiobook costs, partially offset by Spotify Partner Program costs; and Ad-Supported gains driven by improved contribution from podcasts and music. Operating Income was €406 million in Q2 and reflected the above, along with: Higher costs associated with personnel and related, professional services and marketing; Operating Expenses included €115 million in Social Charges. At the end of Q2, our workforce consisted of 7,309 full-time employees globally",
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