Deezer Sa · EURONEXT:DEEZR
Deezer Sa — FY2025 Earnings Presentation
33 slides from Deezer Sa's earnings presentation, Mar 19, 2026
Slide 1: Full-year 2025 results
Full-year 2025 results March 19th, 2026
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: Solid FY25 results: all targets met or exceeded
Solid FY25 results: all targets met or exceeded Revenue in line with target €534m, stable YoY at constant FX rate Accelerating direct subscriber momentum France: +8.6% ❙ RoW: +7.7% Adj. EBITDA1 above expectations €10m compared to €(4)m in FY24 Positive net income for the first time €8 million in 202
Slide 5: Deezer: a structurally improved business, now profitable, with strategic optionality
Deezer: a structurally improved business, now profitable, with strategic optionality In €m FY21A FY25A 7.5% CAGR 534 Stronger strategic optionality: Revenue 400 (% CAGR) ● Leadership in France and access to younger demographics ● Unique Partnerships DNA to 10 Adj. EBITDA capture new monetization mod
Slide 6: 2025 business highlights
2025 business highlights
Slide 7: Strategy delivering tangible results
Strategy delivering tangible results User growth momentum driven by Positive dynamic on partnerships clearer brand positioning ● AI transparency ● Distribution deals renewals ● Fair artists remuneration ● New tech white labeling business ● Features innovation for GenZ ● Authentic fan connection Fran
Slide 8: Unique positioning on AI transparency & fair artist remuneration, strengthening Deezer's brand
Unique positioning on AI transparency & fair artist remuneration, strengthening Deezer's brand Deezer’s share of voice in France improved by +6 pts vs. 2024 >2,200 articles > 85% of platform streams on Deezer x AI music under ACPS Deezer became the 1st platform to tag & exclude up to 85% of all genA
Slide 9: Further product differentiation driving engagement and relevance for younger generations
Further product differentiation driving engagement and relevance for younger generations 4m+ My Deezer Year 1m+ Gen Z customization 1m+ Deezer Club unique users unique users user participations 5m+ shares at least 1 customization Deezer Club contests Launched My Deezer Month 9
Slide 10: Leveraging our partnerships DNA to continue to scale distribution
Leveraging our partnerships DNA to continue to scale distribution and build a profitable new leg through technology white labeling 10 major partnerships renewed Music as a service expansion: and 6 new ones signed solutions to bring the power of music everywhere Deal renewals New signings Deal renewa
Slide 11: 2025 financial results
2025 financial results
Slide 12: 9.1m subscribers: Direct subscriber growth accelerating in FR and RoW
9.1m subscribers: Direct subscriber growth accelerating in FR and RoW, Partnerships impacted by Meli Direct subscribers Partnerships subscribers In m In m YoY growth - % +8.3% (24.2)% 5.7 5.3 4.4 +7.7% 3.4 Direct RoW Partnerships Direct FR +8.6% Direct Partnerships €5.5 €5.4 (2.0)% €2.9 €3.2 +8.6% A
Slide 13: Revenue flat at constant currency, in line with expectations
Revenue flat at constant currency, in line with expectations Total Revenue by segment Total Revenue by geography In €m In €m 542 Current currency 542 534 534 +17.9% (1.4)% Constant currency (8.8)% (12.1)% (0.3)% RoW Other France Partnerships Direct +3.9% +2.2% ● Direct: driven by continued subscribe
Slide 14: Improvement in adjusted gross profit margin across all segments
Improvement in adjusted gross profit margin across all segments Adj. Gross profit In €m +0.7pt % of rev. 135 25.4% Adjusted gross profit % increase 24.7% 134 +1.3% 33.0% driven by: 28.5% 21.7% ● More favorable revenue mix 21.5% (11.6)% Other ○ Direct revenue growth Partnerships ○ Partnerships revenu
Slide 15: Strong cost discipline: operating expenses down €12m
Strong cost discipline: operating expenses down €12m Marketing and trials Staff and G&A €m €m (9.9)% (5.8)% % of rev. % of rev. 17.7% 96 42 7.4% 7.8% 40 86 16.1% 2.8% 3.4% RoW France 10.4% 10.9% ● Optimization of B2B marketing expenses ● Staff and G&A expenses lowered by €9m YoY thanks ● Continuing
Slide 16: Improvement in fundamentals with FY positive Adj. EBITDA for the first time
Improvement in fundamentals with FY positive Adj. EBITDA for the first time €14m Adj EBITDA improvement €m 10 +9 +2 +2 Fixed costs kept under strict control (4) Strong improvement in Adjusted EBITDA driven by higher Gross Profit and control of fixed costs Adjusted gross profit and Adjusted EBITDA ar
Slide 17: Robust cash position of €65m at end-December
Robust cash position of €65m at end-December In €m Net cash amounted to €57m as of 31-Dec-25, compared to €47m as of 31-Dec-24 Note: 1. Including repayment of lease liabilities and net interest paid (including finance leases). 17
Slide 18: Outlook
Outlook
Slide 19: Entering 2026 with strong foundations
Entering 2026 with strong foundations Profitable Financial Strategic model discipline clarity Profitability step-up, Optimized cost Success of the test- free cash flow base, strong cash and-learn phase; new generation position phase of selective investments 19
Slide 20: What’s next
What’s next Accelerate direct Leverage partnerships DNA to subscriber growth scale new profitable businesses Sharpen brand differentiation, by leaning Continue to grow our distribution into strong, vocal brand that champions: partnerships ● Artists and human creativity Expand Deezer B2B business by
Slide 21: Financial targets for FY26
Financial targets for FY26 FY26 revenues Positive Free Cash Positive in line with Flow1 for 3rd year adjusted EBITDA FY25 in a row Disciplined approach: selective investments to reignite worldwide growth momentum while maintaining positive Adjusted EBITDA and FCF Note: 1. Free cash flow: Adjusted EB
Slide 22: Thank you
Thank you
Slide 23: Q & A
Q & A
Slide 24: Appendix
Appendix
Slide 25: Direct: Strong momentum in subscriber growth in France
Direct: Strong momentum in subscriber growth in France Direct subscribers Direct ARPU In m In € +8.3% (2.0)% ● Continued expansion of the Group’s subscriber base in France (+8.6%), ● Slight decrease in Direct ARPU due to mix effects Rest of World back to growth (+7.7%) without new marketing investme
Slide 26: Partnerships: Impact of MeLi+ on subscribers. Increased ARPU
Partnerships: Impact of MeLi+ on subscribers. Increased ARPU Partnerships subscribers Partnerships ARPU In m In € (24.2) % +8.6% ● (1.0)m partnerships subscribers (-24.2% YoY), reflecting the conversions ● ARPU increase of +8.6% driven by better mix of MeLi+ promo cohorts to Premium offers 26
Slide 27: Key financial indicators
Key financial indicators Change at In € million 2025 2024 Change YoY constant FX Total revenue 534.0 541.7 (1.4)% (0.3)% By segment Direct 351.9 344.4 +2.2% +2.8% Partnerships 147.8 168.3 (12.1)% (10.3)% Other 34.2 29.0 +17.9% +20.4% By geography France 325.1 312.8 +3.9% +3.9% Rest of World 208.9 22
Slide 28: Reconciliation of non-IFRS financial indicators and FCF
Reconciliation of non-IFRS financial indicators and FCF In € million 2025 2024 Gross profit 145.2 123.6 License agreements non-recurring (9.8) 10.1 expenses Adjusted gross profit 135.5 133.7 In € million 2025 2024 Operating loss 9.3 (27.5) Gross profit adjustments (9.8) 10.1 Depreciation and amortiz
Slide 29: Consolidated statement of income
Consolidated statement of income Twelve months ended 31 December (in million of euros) 2025 2024 Revenue 534.0 541.7 Cost of revenue (388.7) (418.1) Gross Profit 145.2 123.6 Product and development (27.5) (30.5) Sales and marketing (58.4) (61.3) General and administrative (50.1) (59.2) Operating pro
Slide 30: Consolidated statement of financial position (1/2)
Consolidated statement of financial position (1/2) 31 December 31 December (in million of euros) 2025 2024 Assets Goodwill 7.5 7.5 Intangible assets 2.1 0.4 Property and equipment 3.8 3.9 Right-of-use assets 17.9 15.0 Non-current financial assets 5.2 5.5 Other non-current assets - 0.7 Total non-curr
Slide 31: Consolidated statement of financial position (2/2)
Consolidated statement of financial position (2/2) 31 December 31 December (in thousands of euros) 2025 2024 Equity and liabilities Share capital 1.2 1.2 Share premium 484.0 484.0 Treasury shares (0.5) (0.4) Accumulated deficit (725.5) (700.4) Net loss 8.5 (25.9) Equity attributable to owners of the
Slide 32: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) Twelve months ended 31 December (in million of euros) 2025 2024 Operating activities Net Profit 8.5 (26.0) Adjustments for: - Depreciation and amortization (excluding those related to current 6.6 7.4 assets) - Provisions (net of reversals) (1.0) 2.4 - Share
Slide 33: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) Twelve months ended 31 December (in thousands of euros) 2025 2024 Financing activities Increase in share capital and share premium (net of costs) - 0.0 Repayments on short-term debt (6.7) (7.1) Repurchases of ordinary shares (0.1) 0.0 Proceeds from issuance