Deezer Sa · EURONEXT:DEEZR
Deezer Sa — H1 2025 Earnings Presentation
30 slides from Deezer Sa's earnings presentation, Jul 31, 2025
Slide 1: Half-Year 2025 Results
Half-Year 2025 Results 31 July 2025
Slide 2: Disclaimer
Disclaimer References herein to this presentation (the “Presentation”) shall mean and include this document, any oral presentation accompanying this document provided by Deezer SA (the “Company”), any question and answer session following that oral presentation and any further information that may b
Slide 3: Speakers
Speakers Alexis Carl Lanternier de Place CEO CFO 3
Slide 4: Direct subscriber momentum and improvement of our fundamentals in H1
Direct subscriber momentum and improvement of our fundamentals in H1... €267.1m, +1.3% at constant exchange rate, despite strong Revenue in line with expectations comparison base in H1 24 QoQ acceleration of the direct subscriber base at 5.3 million Solid direct subscriber momentum (Global +5.5% LFL
Slide 5: …which confirms path towards FY25 profitability
…which confirms path towards FY25 profitability Positive adj. EBITDA for the second consecutive time after H2 24 in €m +€7m year on year adj. EBITDA 2 improvement between H1-24 and H1- 1 25 H1 24A H2 24A H1 25A Positive adj. EBITDA in 2025 driven by: • Margin expansion • Optimization of marketing Ad
Slide 6: H1 2025 Business Highlights
H1 2025 Business Highlights
Slide 7: New strategic cycle reminder: Creating new ways to experience music
New strategic cycle reminder: Creating new ways to experience music, driving value for the entire ecosystem Delivering across all strategic priorities Fans Artists Partners Innovating core B2C app Fair artist remuneration Expanding existing with customization, control & transparency distribution mod
Slide 8: Building foundations of Deezer's Zillenials differentiation
Fans Building foundations of Deezer’s Zillenials differentiation with early results: +8% subs growth in FR Customization & control Insights & sharing Exclusive artist-fans connections 1m contest My Deezer Deezer participations to Month club date Playlist covers Favorites tab customization Universal
Slide 9: Deeply committed to more transparency in music streaming pioneering AI solutions
Artists Deeply committed to more transparency in music streaming pioneering AI solutions & systems World’s first update to publishing rights remuneration Introduced ACPS for publishing rights remuneration since streaming introduction World’s first AI tagging system for music streaming All albums wit
Slide 10: New and extended partnerships across key markets
Partners New and extended partnerships across key markets Distribution Partnerships Music-as-a-service Strengthen long-term distribution partnerships & New types of partners across different verticals with the tech, new SMB focused acquisition machine content & expertise to bring the power of music
Slide 11: H1 2025 Financial Results
H1 2025 Financial Results
Slide 12: 9.2m subscribers: Direct subscriber growth accelerating
9.2m subscribers: Direct subscriber growth accelerating and driven by FR, Partnerships impacted by Meli Direct subscribers Partnerships subscribers In m In m YoY growth LFL - % (1.4)% +5.5% YoY growth LFL - % 37.9% (21.1)% 5.3 5.1 5.1 4.9 1.8 3.9 2.0 (10.0)% 1.8 +0.5% 3.6 RoW Partnerships 3.3 +8.2%
Slide 13: Revenue up 1.3% at constant currency, in line with expectations
Revenue up 1.3% at constant currency, in line with expectations Total Revenue by segment Total Revenue by geography In €m In €m 268 267 268 267 10 +77.0% 17 Current currency (0.3)% 114 (6.2)% 107 87 (11.9)% 77 Constant currency +1.3% Other RoW 171 +1.2% 174 Partnerships France +4.0% 154 160 Direct H
Slide 14: Strong discipline in operating expenses, lowered by €6m YoY
Strong discipline in operating expenses, lowered by €6m YoY Marketing and trials Staff and G&A €m €m % of % of 17.9% rev. rev. 8.1% 22 48 16.6% 19 7.1% 44 4.3% 2.7% 10.9% 10.0% Marketing expenses lowered by €3m YoY Staff and G&A expenses lowered by €3m YoY 14
Slide 15: Significant improvement in fundamentals with positive Adj. EBITDA
Significant improvement in fundamentals with positive Adj. EBITDA for second consecutive time after H2’24 €m €7m Adj EBITDA improvement +3 2 +3 +1 (5) Fixed costs kept under strict control Adj. EBITDA H1’24 Gross Profit Marketing & Trials Staff & G&A Adj. EBITDA H1’25 15 Strong improvement in Adjust
Slide 16: Robust cash position of €60m at end-June 25
Robust cash position of €60m at end-June 25 €m 1 (0) 62 2 (2) (3) 60 +€1m Free Cash Flow Cash Dec-24 Adj. EBITDA Change in WC Capex Lease & Financial Financing Cash June-25 Interests 1 Net cash amounted to €48m as of 30-June-25 compared to €47m as of 31-Dec-24 Note: 1. Including repayment of lease l
Slide 17: Outlook
Outlook
Slide 18: Confirmation of financial targets for FY25
Confirmation of financial targets for FY25 Revenue flat to Positive Free Cash slightly Positive Flow1 for second declining year adjusted EBITDA year in a row over year Disciplined approach, reinforcing our path to sustained full year profitability while preparing for future long-term profitable grow
Slide 19: Thank you
Thank you
Slide 20: Q & A
Q & A
Slide 21: Appendix
Appendix
Slide 22: Direct: Strong momentum in subscriber growth in France
Direct: Strong momentum in subscriber growth in France Direct subscribers Direct ARPU In m +5.5% In € 5.5 5.3 5.1 H1 2024 H1 2024 LFL 1 1 H1 2025 ● Continued expansion of the Group’s subscriber base in France LFL (up ● Slight decrease in Direct ARPU due to mix effects 8.2% LFL at end of June) and sl
Slide 23: Partnerships: Impact of Meli+ on subscribers. Increased ARPU
Partnerships: Impact of Meli+ on subscribers. Increased ARPU Partnerships subscribers Partnerships ARPU In m In € (21.1)% +3.7% 5.0 3.0 3.1 4.9 2.9 3.9 2024 H1 2024 LFL1 H1 2025 2024 H1 2024 LFL1 H1 2025 ● (1.0)m partnerships subscribers (-21.1% YoY), reflecting the conversions of ● ARPU increase by
Slide 24: Key financial indicators
Key financial indicators Change at In € million H1 2025 H1 2024 Change YoY constant FX Total revenue 267.1 267.9 (0.3)% +1.3% By segment Direct 173.6 171.5 +1.2% +1.9% Partnerships 76.5 86.9 (11.9)% (8.4)% Other 17.0 9.6 +77.0% +78.4% By geography France 160.2 154.0 +4.0% +4.0% Rest of World 106.9 1
Slide 25: Reconciliation of non-IFRS financial indicators and FCF
Reconciliation of non-IFRS financial indicators and FCF In € million H1 2025 H1 2024 Gross profit 62.8 55.1 License agreements non-recurring 2.7 9.4 expenses Adjusted gross profit 65.5 64.5 In € million H1 2025 H1 2024 Operating loss (7.0) (21.2) Gross profit adjustments 2.7 9.4 Depreciation and amo
Slide 26: Consolidated statement of income
Consolidated statement of income Six months ended 30 June (in thousands of euros) 2025 2024 Revenue 267,052 267,921 Cost of revenue (204,251) (212,787) Gross Profit 62,801 55,134 Product and development (15,057) (16,426) Sales and marketing (28,602) (31,728) General and administrative (26,159) (28,1
Slide 27: Consolidated statement of financial position (1/2)
Consolidated statement of financial position (1/2) 31 December (in thousands of euros) 30 June 2025 2024 Assets Goodwill 7,487 7,487 Intangible assets 377 444 Property and equipment 3,207 3,947 Right-of-use assets 13,161 15,039 Non-current financial assets 5,293 5,473 Other non-current assets 668 66
Slide 28: Consolidated statement of financial position (2/2)
Consolidated statement of financial position (2/2) (in thousands of euros) 30 June 2025 31 December 2024 Equity and liabilities Share capital 1,236 1,236 Share premium 483,955 483,955 Treasury shares (585) (354) Consolidated reserves (725,834) (700,410) Net loss (7,556) (25,889) Equity attributable
Slide 29: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) Six months ended 30 June (in thousands of euros) 2025 2024 Operating activities Net loss (7,556) (19,410) Adjustments for: 3,455 3,735 - Depreciation and amortization (excluding those related to current assets) - Provisions 510 1,413 - Share-based compensat
Slide 30: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) Six months ended 30 June (in thousands of euros) 2025 2024 Financing activities Increase in share capital and share premium (net of costs) - - Repayments on short-term debt (3,179) (3,913) Repurchases of ordinary shares (231) (11) Proceeds from issuance of