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  "documentTitle": "2025 Q4 Shareholder Deck",
  "authorId": "Spotify",
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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": "Accelerating revenue growth with continued profitability improvement. Total Revenue grew 7% Y/Y to €4.5 billion. Gross Margin 33.1%. Operating Income €701 million. Free Cash Flow €834 million.",
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      "text": "Largest ever Wrapped, expanding video and audiobooks, driving deeper personalization with AI. Delivered biggest Wrapped. Launched audiobooks. Advanced AI-powered personalization. Paid out over $11 billion.",
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      "text": "Double-digit Y/Y growth in MAU and Subs, with record Q4 MAU net adds. Record Q4 MAU net adds of 38M. Premium Subscribers grew 10% Y/Y to 290 million.",
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