Deezer Sa · EURONEXT:DEEZR
Deezer Sa — H1 2026 Earnings Presentation
29 slides from Deezer Sa's earnings presentation, Jul 29, 2026
Slide 1: Half-Year 2026 results
Half-Year 2026 results July 29th, 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: Building a structurally profitable and differentiated music platform
Building a structurally profitable and differentiated music platform €268m revenue, +0.4% YoY despite expected partnerships Revenue in line with plan headwinds Direct revenue +6.7% YoY, driven by subscriber growth in France Sustained Direct growth momentum (+8.4%) and RoW (+9.2%) Revenue decline YoY
Slide 5: H1 2026 business highlights
H1 2026 business highlights
Slide 6: Strengthening differentiation through trusted innovation
Strengthening differentiation through trusted innovation Direct subscribers up +8.7% YoY, supported by continued growth in France (+8.4%) and RoW (+9.2%) Trusted AI & artist- User-led algorithm First in-app Fan first brand control remix experience … AI playlist detector launched Flow Tuner lets user
Slide 7: Deezer for Business: building a leading B2B music platform
Deezer for Business: building a leading B2B music platform A unified B2B offering combining Deezer’s catalog, technology and expertise across scalable growth engines Music is becoming a strategic lever for brands ● Drive engagement and Distribution & White-label music Brand & media Audio for AI musi
Slide 8: Partnerships momentum supported by strategic renewals, new deals and B2B expansion
Partnerships momentum supported by strategic renewals, new deals and B2B expansion Sequential revenue stabilisation, with continued expansion in new music services Distribution partnerships New music services: new sequential stabilisation in Q2 revenue streams expanding beyond standard distribution
Slide 9: H1 2026 Financial Results
H1 2026 Financial Results
Slide 10: 8.9m subscribers: Direct subscriber growth in FR and RoW, Partnerships impacted by Meli
8.9m subscribers: Direct subscriber growth in FR and RoW, Partnerships impacted by Meli Direct subscribers Partnerships subscribers In m In m YoY growth - % +8.7% (20.2)% 5.8 3.9 5.3 +9.2% 3.1 RoW Partnerships Direct +8.4% Direct Partnerships €5.5 €5.4 (2.1)% €3.1 €3.7 +19.1% ARPU ARPU • Direct subs
Slide 11: Revenue up 0.4%, in line with expectations
Revenue up 0.4%, in line with expectations Total Revenue by segment Total Revenue by geography In €m In €m 268 267 268 267 Current currency (27.5)% +0.4% (5.4)% (7.6)% Constant currency +0.4% Other RoW Partnerships France +6.7% +4.3% Direct ● Direct: driven by continued subscriber growth in France a
Slide 12: Stable adjusted gross profit YoY: Improvement in Direct and Partnerships offsetting Other segment decline
Stable adjusted gross profit YoY: Improvement in Direct and Partnerships offsetting Other segment decline Adj. Gross profit In €m % of rev. 66 24.5% 24.5% 66 36.5% (92.9)% 3.6% Adjusted gross profit % remaining +5.6% 22.6% stable driven by: 19.8% Other Partnerships ● Direct revenue growth Direct ● R
Slide 13: 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 (8.1)% % of rev. (10.2)% rev. 7.1% 19 17 6.5% 16.6% 44 2.7% 40 14.9% 2.6% RoW France 10.0% 8.8% Continuing to support growth momentum of our direct Staff and G&A expenses lowered by €5m YoY driv
Slide 14: Strong fundamental improvement, with sustained positive adj. EBITDA
Strong fundamental improvement, with sustained positive adj. EBITDA €m €6m Adj EBITDA improvement 8 +5 2 +2 Fixed costs kept under strict control Strong improvement in Adjusted EBITDA driven by increase strict cost control 14
Slide 15: Positive Free Cash Flow and Strong Cash Position
Positive Free Cash Flow and Strong Cash Position €m (0) (2) 100 31 (3) 65 8 +€38m Free Cash Flow Cash Dec-25 Adj. EBITDA Change in WC Capex Lease & Financial Financing Cash June-26 Interests 1 Net cash amounted to €95m as of 30-June-26 compared to €57m as of 31-Dec-25 Note: 1. Including repayment of
Slide 16: Outlook
Outlook
Slide 17: Confirmation of financial targets for FY26
Confirmation of 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 f
Slide 18: Thank you
Thank you
Slide 19: Q & A
Q & A
Slide 20: Appendix
Appendix
Slide 21: Direct: Strong momentum in subscriber growth in France and ROW
Direct: Strong momentum in subscriber growth in France and ROW Direct subscribers Direct ARPU In m In € (2.1)% +8.7% ● Continued expansion of the Group’s subscriber base in France (+8.4%), ● Slight decrease in Direct ARPU due to mix effects ● Rest of World back to growth (+9.2%) driven by increasing
Slide 22: Partnerships: Impact of Meli+ on subscribers. Increased ARPU
Partnerships: Impact of Meli+ on subscribers. Increased ARPU Partnerships subscribers Partnerships ARPU In m In € (20.2)% +19.1% ● (0.8)m partnerships subscribers (-20.2% YoY), reflecting the end of MeLi+ ● ARPU increase by +19.1% due to better mix 22
Slide 23: Key financial indicators
Key financial indicators Change at In € million H1 2026 H1 2025 Change YoY constant FX Total revenue 268.2 267.1 0.4% 0.4% By segment Direct 185.2 173.6 6.7% 6.8% Partnerships 70.7 76.5 (7.6)% (8.2)% Other 12.3 17.0 (27.5)% (25.8)% By geography France 167.1 160.2 +4.3% +4.3% Rest of World 101.1 106.
Slide 24: Reconciliation of non-IFRS financial indicators and FCF
Reconciliation of non-IFRS financial indicators and FCF In € million H1 2026 H1 2025 Gross profit 61.8 62.8 License agreements non-recurring expenses 3.9 2.7 Adjusted gross profit 65.8 65.5 In € million H1 2026 H1 2025 Operating loss 6.5 (7.0) Gross profit adjustments 3.9 2.7 Depreciation and amorti
Slide 25: Consolidated statement of income
Consolidated statement of income Six months ended 30 June (in million of euros) 2026 2025 Revenue 268.2 267.1 Cost of revenue (206.4) (204.3) Gross Profit 61.8 62.8 Product and development (14.7) (15.1) Sales and marketing (26.6) (28.6) General and administrative (14.1) (26.2) Operating loss 6.5 (7.
Slide 26: Consolidated statement of financial position (1/2)
Consolidated statement of financial position (1/2) 31 December (in million of euros) 30 June 2026 2025 Assets Goodwill 7.5 7.5 Intangible assets 2.0 2.1 Property and equipment 3.4 3.8 Right-of-use assets 17.9 17.9 Non-current financial assets 5.1 5.2 Other non-current assets - - Total non-current as
Slide 27: Consolidated statement of financial position (2/2)
Consolidated statement of financial position (2/2) (in million of euros) 30 June 2025 31 December 2024 Equity and liabilities Share capital 1.2 1.2 Share premium 484.3 484.0 Treasury shares (0.5) (0.5) Consolidated reserves (718.4) (725.5) Net loss 6.7 8.5 Equity attributable to owners of the parent
Slide 28: Consolidated statement of cash flows (1/2)
Consolidated statement of cash flows (1/2) Six months ended 30 June (in million of euros) 2026 2025 Operating activities Net loss 6.7 (7.6) Adjustments for: 2.8 3.5 - Depreciation and amortization (excluding those related to current assets) - Provisions 0.5 0.5 - Share-based compensation expense 0.9
Slide 29: Consolidated statement of cash flows (2/2)
Consolidated statement of cash flows (2/2) Six months ended 30 June (in million of euros) 2025 2024 Financing activities Increase in share capital and share premium (net of costs) 0.1 - Repayments on short-term debt (3.2) (3,.2) Repurchases of ordinary shares (0.0) (0.2) Proceeds from issuance of lo