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  "documentTitle": "2025 Q3 Shareholder Deck",
  "authorId": "Spotify",
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  "notes": "The table highlights Q3 2025 in a green column for emphasis.",
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      "text": "Our business delivered strong results in Q3, as all KPIs met or exceeded guidance to deliver strong Free Cash Flow.",
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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": "Free Cash Flow: €806 million",
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      "text": "Our business delivered strong results in Q3, as all KPIs met or exceeded guidance to deliver strong Free Cash Flow*. The business added 17 million MAU vs. guidance for 14 million, while Subscriber net additions of 5 million were in-line. Revenue was ahead of guidance and grew 12% Y/Y on a constant currency* basis, led by Premium growth. Gross Margin of 31.6% exceeded guidance and expanded 53 bps Y/Y, while Operating Income of €582 million was better due to lower Social Charges, favorability in marketing and personnel related costs and Gross Margin strength. Social Charges were €41 million below forecast due to share price movement 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 €806 million in Q3, bringing LTM Free Cash Flow to €2.9 billion. Overall, we are very pleased with our performance heading into year-end and 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": "USER & FINANCIAL SUMMARY table showing Q3 2024, Q2 2025, Q3 2025, Y/Y, and Q/Q metrics for Users and Financials.",
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