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  "documentTitle": "2025 Q4 Shareholder Deck",
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      "text": "We finished 2025 with strong performance, as all Q4 KPIs met or exceeded guidance to deliver strong Free Cash Flow.",
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      "text": "Total Revenue: €4,531",
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      "text": "We finished 2025 with strong performance, as all Q4 KPIs met or exceeded guidance to deliver strong Free Cash Flow*. The business added a record 38 million MAU vs. guidance for 32 million, while Subscriber net additions of 9 million exceeded guidance by 1 million. Revenue was in-line with guidance and grew at an accelerated 13% Y/Y on a constant currency* basis, led by improved Premium and Ad-Supported growth. Gross Margin of 33.1% exceeded guidance and expanded 83 bps Y/Y, while Operating Income of €701 million outperformed due to lower Social Charges and Gross Margin strength. Social Charges were €67 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 €834 million in Q4, bringing LTM Free Cash Flow to €2.9 billion. Overall, we are pleased with our performance heading into 2026 and view the business as well positioned to deliver growth and improving margins as we reinvest to support our long-term potential.",
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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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