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      "text": "Free Cash Flow* was €834 million in Q4, bringing full year 2025 Free Cash Flow generation to €2.9 billion. Q4 Free Cash Flow reflected higher Net Income adjusted for non-cash items, more than offset by movements in net working capital. Capital expenditures rose €16 million Y/Y to €22 million. In Q4, trailing 12 month Free Cash Flow was €2.9 billion, supporting our strong balance sheet and €9.5 billion in cash and cash equivalents, restricted cash and short term investments balance. We repurchased $433 million in shares in Q4, bringing full year 2025 repurchase activity to $510 million.",
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