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  "documentTitle": "2025 Q3 Shareholder Deck",
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      "text": "Revenue of €4,272 million grew 7% Y/Y in Q3 (or 12% Y/Y constant currency*), reflecting: Premium Revenue growth of 9% Y/Y (or 13% Y/Y constant currency*), driven by subscriber gains.",
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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": "Gross Margin was 31.6% in Q3, up 53 bps Y/Y reflecting: Premium decline driven by video podcast costs, partially offset by Revenue growth outpacing music costs net of marketplace programs and audiobook costs; and Ad-Supported gains driven by improved contribution from podcasts and music. Operating Income was €582 million in Q3 and reflected the above, along with: Higher costs associated with marketing, personnel and related costs (excluding Social Charges); Operating Expenses included (€16) million in Social Charges. At the end of Q3, our workforce consisted of 7,323 full-time employees globally",
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