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  "documentTitle": "2025 Q4 Shareholder Deck",
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      "text": "* Constant Currency (FXN) adjusted measures are non-IFRS measures. ** ARPU means Premium Average Revenue per User. *** Last Twelve Months (LTM) represents annual performance covering the preceding 12 months. **** Auction-Based Revenue includes biddable sales.",
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      "text": "Advertising business transformation continues. Ad-Supported Revenue declined -4% Y/Y (or increased 4% Y/Y constant currency*). On a constant currency basis, growth in music advertising was driven by growth in impressions sold, partially offset by softness in pricing.",
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