Deezer Sa · EURONEXT:DEEZR
Deezer Sa — Shareholder Meeting (June 2026)
52 slides from Deezer Sa's shareholder meeting presentation, Jun 9, 2026
Slide 1: Annual General Meeting June 9, 2026
Annual General Meeting June 9, 2026 1
Slide 2: Disclaimer
Disclaimer References to this presentation refer to and include this document, any oral presentation made by Deezer accompanying this document, any Q&A session following such oral presentation, as well as any additional information that may be made available in connection with the subject matter dis
Slide 3: Opening of the Meeting
Opening of the Meeting Iris KNOBLOCH - Chair of the Board of Directors Quentin DURAND – Secretary of the Board of Directors 3
Slide 4: Agenda
Agenda 1 Opening of the Session Iris Knobloch – Chair of the Board of Directors 2 2025 Key Highlights Alexis Lanternier – Chief Executive Officer 3 2025 Results and Q1 2026 Sales Carl de Place – Chief Financial Officer 4 2026 Priorities and Outlook Alexis Lanternier – Chief Executive Officer Sophie
Slide 5: 2025 Key Highlights
2025 Key Highlights Alexis LANTERNIER - Chief Executive Officer 5
Slide 6: 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 7: Deezer: a structurally improved business, now profitable, with strategic optionality
Deezer: a structurally improved business, now profitable, with strategic optionality In €m FY21A FY25A Stronger strategic optionality: 7.5% CAGR 534 Revenue 400 (% CAGR) ● Leadership in France and access to younger demographics ● Unique Partnerships DNA to 10 capture new monetization Adj. EBITDA mod
Slide 8: 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 9: Unique positioning on AI transparency & fair artist remuneration
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 partners on the on Deezer x AI music Artist-Centric payment system (ACPS) Deezer became the 1 st platform to tag & up to
Slide 10: 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 1m+ Deezer Club unique users customization unique user 5m+ shares users participations at least 1 customization Deezer Club contests Launched My Deezer Month 10
Slide 11: Deezer for Business: Building the Leading B2B Music Platform
Deezer for Business: Building the Leading B2B Music Platform A unique opportunity 5 scalable and profitable growth drivers Music is becoming a strategic lever for brands: ● Customer engagement Renewal and loyalty January 2026 ● Differentiated March 2026 experiences ● New monetization opportunities 1
Slide 12: 2025 Results & Q1 2026 Revenue
2025 Results & Q1 2026 Revenue Carl de PLACE - Chief Financial Officer 12
Slide 13: 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 subscribers Direct Meli 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 ARPU €5.5 €5.4 (2.0)% €2.9 €3.2 +8
Slide 14: 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 15: 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. Adjusted gross profit % increase driven 135 25.4% 24.7% 134 +1.3% by: 28.5% 33.0% ● More favorable revenue mix 21.7% ○ Direct revenue growth 21.5% (11.6)% Other ○ Partnerships revenue decline Par
Slide 16: 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 ● Continuing to supp
Slide 17: 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 17 Adjusted gross profit and Adjusted EBITDA
Slide 18: 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 18 Note: 1. Including repayment of lease liabilities and net interest paid (including finance leases).
Slide 19: Q1 2026 revenue of €132m, in line with management expectations
Q1 2026 revenue of €132m, in line with management expectations Revenue In €m current currency 134 132 (1.6) % 134 132 (20.7)% constant currency (0.9) % (14.4)% +4.2% Others RoW Partnerships France Direct +6.1% (10.0)% Direct: Sustained subscriber growth in France (+9.1%) and in the RoW (+8.7%). Fran
Slide 20: 2026 Priorities and Outlook
2026 Priorities and Outlook Alexis LANTERNIER - Chief Executive Officer 20
Slide 21: Entering 2026 with strong foundations
Entering 2026 with strong foundations Profitable Financial Strategic model discipline clarity Profitability step‑up, Optimized cost Success of the free cash flow base, strong cash test-and-learn phase; generation position new phase of selective investments 21
Slide 22: 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 23: Deezer confirms its objective of sustainable profitability
Deezer confirms its objective of sustainable profitability FY26 revenues Positive Positive Free Cash in line with adjusted Flow1 for 3rd year FY25 EBITDA in a row Disciplined approach: selective investments to reignite worldwide growth momentum while maintaining positive Adjusted EBITDA and FCF 23 N
Slide 24: Governance & Compensation
Governance & Compensation Sophie GUIEYSSE - Chair of the Nomination and Remuneration Committee 24
Slide 25: Statutory Auditors' Reports
Statutory Auditors’ Reports Frédéric MARTINEAU - Ernst & Young Audit 25
Slide 26: Statutory Auditors' Reports
Statutory Auditors’ Reports Ordinary Shareholders' Meeting • Report on the annual financial statements (1st resolution) • Report on the consolidated financial statements (2nd resolution) • Special report on regulated agreements and commitments Extraordinary Shareholders' Meeting • 6 special reports
Slide 27: Report on the annual financial statements
Report on the annual financial statements Pages 221 à 225 of the Universal Registration Document (URD presented in English) Key audit matters ● Valuation of music rights costs and liabilities to rights holders ● Revenue recognition relating to partnership agreements containing minimum guarantee clau
Slide 28: Report on the consolidated financial statements
Report on the consolidated financial statements Pages 192 à 195 of the Universal Registration Document (URD presented in English) Key audit matters ● Valuation of cost of sales and royalty liabilities ● Revenue recognition relating to partnership agreements containing minimum guarantee clauses We ce
Slide 29: Special report on regulated agreements and commitments
Special report on regulated agreements and commitments Pages 134 et 135 of the Universal Registration Document (URD presented in English) Agreements approved in previous years and whose performance continued during the year ● None Agreements approved during the year ● None 29
Slide 30: Special reports on capital transactions
Special reports on capital transactions Authorizations to be granted to the Board of Directors Authorization for the Board of Directors to reduce the share capital through the 12th cancellation of treasury shares resolution Delegation of authority to the Board of Directors to increase the share capi
Slide 31: Special reports on capital transactions
Special reports on capital transactions Authorizations to be granted to the Board of Directors Delegation of authority to the Board of Directors to increase the share capital by issuing ordinary shares and/or any securities, with cancellation of shareholders’ 15th preferential subscription rights fo
Slide 32: Questions & Answers
Questions & Answers Iris KNOBLOCH - Chair of the Board of Directors 32
Slide 33: Presentation & Vote on Resolutions
Presentation & Vote on Resolutions Quentin DURAND – Secretary of the Board of Directors 33
Slide 34: Ordinary General Meeting – 1st resolution
Ordinary General Meeting 1st resolution Approval of the statutory financial statements for the fiscal year ended December 31, 2025 34
Slide 35: Ordinary General Meeting – 2nd resolution
Ordinary General Meeting 2nd resolution Approval of the consolidated financial statements for the fiscal year ended December 31, 2025 35
Slide 36: Ordinary General Meeting – 3rd resolution
Ordinary General Meeting 3rd resolution Allocation of the results for the fiscal year ended December 31, 2025 36
Slide 37: Ordinary General Meeting – 4th resolution
Ordinary General Meeting 4th resolution Renewal of Grant Thornton’s term of office as joint statutory auditor of the Company 37
Slide 38: Ordinary General Meeting – 5th resolution
Ordinary General Meeting 5th resolution Approval of the information on the 2025 compensation of each of the corporate officers listed in Article L. 22-10-9 (I) of the French Commercial Code (ex-post vote) 38
Slide 39: Ordinary General Meeting – 6th resolution
Ordinary General Meeting 6th resolution Approval of the compensation and benefits of any kind paid during, or awarded in respect of, the fiscal year ended December 31, 2025, to Mrs. Iris Knobloch as Chair of the Board of Directors (ex-post vote) 39
Slide 40: Ordinary General Meeting – 7th resolution
Ordinary General Meeting 7th resolution Approval of the compensation and benefits of any kind paid during, or awarded in respect of, the fiscal year ended December 31, 2025, to Mr. Alexis Lanternier as Chief Executive Officer (ex-post vote) 40
Slide 41: Ordinary General Meeting – 8th resolution
Ordinary General Meeting 8th resolution Approval of the 2026 compensation policy for corporate officers (excluding executive corporate officers) (ex-ante vote) 41
Slide 42: Ordinary General Meeting – 9th resolution
Ordinary General Meeting 9th resolution Approval of the 2026 compensation policy for the Chair of the Board of Directors (ex-ante vote) 42
Slide 43: Ordinary General Meeting – 10th resolution
Ordinary General Meeting 10th resolution Approval of the 2026 compensation policy for the Chief Executive Officer (ex-ante vote) 43
Slide 44: Ordinary General Meeting – 11th resolution
Ordinary General Meeting 11th resolution Authorization for the Board of Directors to carry out transactions in the Company’s shares 44
Slide 45: Extraordinary General Meeting – 12th resolution
Extraordinary General Meeting 12th resolution Authorization for the Board of Directors to reduce the share capital by cancellation of treasury shares 45
Slide 46: Extraordinary General Meeting – 13th resolution
Extraordinary General Meeting 13th resolution Delegation of authority to the Board of Directors to increase the share capital by issuance of ordinary shares and/or any securities, with cancellation of shareholders’ preferential subscription right for the benefit of a category of persons meeting spec
Slide 47: Extraordinary General Meeting – 14th resolution
Extraordinary General Meeting 14th resolution Delegation of authority to the Board of Directors to increase the share capital by issuance of ordinary shares and/or any securities, with cancellation of shareholders’ preferential subscription right for the benefit of a category of persons meeting spec
Slide 48: Extraordinary General Meeting – 15th resolution
Extraordinary General Meeting 15th resolution Delegation of authority to the Board of Directors to increase the share capital by issuing ordinary shares and/or any securities, with cancellation of shareholders’ preferential subscription rights in favour of one or more specifically designated persons
Slide 49: Extraordinary General Meeting – 16th resolution
Extraordinary General Meeting 16th resolution Delegation of authority to the Board of Directors to issue equity warrants with cancellation of shareholders’ preferential subscription right for the benefit of a category of persons meeting specific characteristics (members and observers of the Board of
Slide 50: Extraordinary General Meeting – 17th resolution
Extraordinary General Meeting 17th resolution Delegation of authority to the Board of Directors to carry out share capital increases by issuance of ordinary shares or other securities giving immediate, or future, access to the Company’s share capital, reserved for members of a company’s savings plan
Slide 51: Ordinary General Meeting – 18th resolution
Ordinary General Meeting 18th resolution Powers for legal formalities 51
Slide 52: Closing of the Meeting
Closing of the Meeting Iris KNOBLOCH - Chair of the Board of Directors 52