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  "documentTitle": "2025 Q3 Shareholder Deck",
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      "text": "Free Cash Flow* was €806 million in Q3, a record high Q3 as a result of higher Net Income adjusted for non-cash items, partially offset by movements in net working capital.",
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      "text": "Free Cash Flow* was €806 million in Q3, a record high Q3 as a result of higher Net Income adjusted for non-cash items, partially offset by movements in net working capital. Capital expenditures rose €19 million Y/Y to €23 million.",
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      "text": "We repurchased $77 million in shares in Q3. Year-to-date through November 3rd, we repurchased $410 million in shares.",
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      "text": "While the magnitude of Free Cash Flow can fluctuate from quarter to quarter based on seasonality and timing, we have averaged €1.3 billion of Free Cash Flow on a trailing 12 month basis for the past three years. In Q3, trailing 12 month Free Cash Flow expanded to €2.9 billion, supporting our strong balance sheet and €9.1 billion in cash and cash equivalents, restricted cash and short term investments balance.",
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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. Cume represents cumulative performance since the beginning of 2016. ** Last Twelve Months (LTM) represents annual performance covering the preceding 12 months relative to the last day of the quarter.",
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