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  "documentTitle": "2025 Q4 Shareholder Deck",
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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": "Free Cash Flow* was €834 million in Q4. Our liquidity and balance sheet remained strong, with €9.5 billion in cash and cash equivalents, restricted cash and short term investments.",
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      "text": "Revenue of €4,531 million grew 7% Y/Y in Q4 (or 13% Y/Y constant currency*), reflecting: Premium Revenue growth of 8% Y/Y (or 14% Y/Y constant currency*), driven by subscriber gains; and Ad-Supported Revenue decline of -4% Y/Y (or 4% Y/Y constant currency*). Unfavorable currency movements slowed Total Revenue Y/Y growth by ~580 bps vs. the ~620 bps incorporated into our guidance",
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      "text": "Gross Margin was 33.1% in Q4, up 83 bps Y/Y reflecting: Premium gains driven by Revenue growth outpacing music costs net of marketplace programs and audiobooks costs, largely offset by video podcast costs; and Ad-Supported gains driven by improved contribution from podcasts and music. Operating Income was €701 million in Q4 and reflected the above, along with: Higher costs associated with marketing, personnel and related spend (excluding Social Charges); Operating Expenses included (€50) million in Social Charges. At the end of Q4, our workforce consisted of 7,323 full-time employees globally",
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