Deezer Sa · EURONEXT:DEEZR
Deezer Sa — Shareholder Meeting (June 2025)
68 slides from Deezer Sa's shareholder meeting presentation, Jun 12, 2025
Slide 1: Annual General Meeting June 12, 2025
Annual General Meeting June 12, 2025 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: Agenda
Agenda 1 Opening of the Session Iris Knobloch – Chair of the Board of Directors 2 2024 Key Highlights Alexis Lanternier – Chief Executive Officer 3 2024 Results and Q1 2025 Sales Carl de Place – Chief Financial Officer 4 2025 Priorities and Outlook Alexis Lanternier – Chief Executive Officer Sophie
Slide 4: Opening of the Meeting
Opening of the Meeting Iris KNOBLOCH - Chair of the Board of Directors Florence LAO - General Counsel 4
Slide 5: 2024 Key Highlights
2024 Key Highlights Alexis LANTERNIER - Chief Executive Officer
Slide 6: Strong FY24 results, achieving positive FCF for the first time
Strong FY24 results, achieving positive FCF for the first time and confirming positive adj. EBITDA in 2025 Double-digit revenue growth +12% growth reaching €542m, exceeding +10% growth target Adj. Gross Profit increase to €134m (24.7% margin, up 1.9pts) Strong profitability improvement FY24 Adj. EBI
Slide 7: Strong operational expansion since listing, leading to profitability
Strong operational expansion since listing, leading to profitability In €m FY21A FY22A FY23A FY24A 10.6% CAGR 542 485 Key levers: Revenue 451 (% CAGR) 400 ● Subscriber growth in France and Partnerships ● Price increase 16.9% 14.3% ● Margin expansion Adj. Gross profit 92 9.2% after marketing 2.7% 69
Slide 8: Strengthening fans' engagement through product innovation
Strengthening fans’ engagement through product innovation Exclusive experiences in & Positive traction from Product enhancement outside the app enhancing brand repositioning driving user engagement differentiation +27% Purple club +7pts in engagement vs LY Exclusive fan-artist experiences with 300k
Slide 9: Driving a sustainable music ecosystem for artists
Driving a sustainable music ecosystem for artists Artist Centric Payment System AI detection Expanded ACPS to ~85% of Deezer’s recording Cutting-edge technology identifying ~10k royalty pool AI-generated tracks daily (10% of delivery) First update to publishing rights remuneration Excluding 100% AI-
Slide 10: New and extended partnerships across key markets
New and extended partnerships across key markets Strengthened long term partnerships New partners across different verticals Renewed several major legacy partnerships, Signed new partnerships across different confirming ability to foster long term verticals, highlighting value added potential relati
Slide 11: 2024 Results & Q1 2025 Revenue
2024 Results & Q1 2025 Revenue Carl DE PLACE - Chief Financial Officer 11
Slide 12: Subscribers impacted by conversion of MeLi promo cohorts
Subscribers impacted by conversion mechanism of MeLi promo cohorts. Direct ARPU up +5.1% YoY Total subscribers In m Var.2 % Continued growth of the Direct subscriber base in France 10.5 (+4.3%) offset by : 10.0 9.7 (3.1)% ● Decline in direct subscribers 4.8 in the Rest of the World 4.8 4.4 (7.1)% (-
Slide 13: Annual double-digit revenue growth, above guidance
Annual double-digit revenue growth, above guidance Total Revenue by segment Total Revenue by geography In €m In €m +11.8% +11.8% 542 542 485 29 485 18 +62.9% 168 229 136 +24.0% 197 +16.5% Other RoW Partnerships France Direct 331 +4.0% 344 +8.6% 313 288 2023 2024 2023 2024 ● Direct: Subscriber growth
Slide 14: Improvement in adjusted gross profit and margin across all segments
Improvement in adjusted gross profit and margin across all segments Adj. Gross profit In €m +1.9pt % of rev. 134 24.7% Adjusted gross profit increase driven by: +21.2% 8 22.7% 110 ● Revenue growth 2 36 21.5% ● Impact of price increases on +28.7% 20.8% 28 our margins Other Partnerships ● Strict contr
Slide 15: Strict control of our fixed costs despite continued investment in brand
Strict control of our fixed costs despite continued investment in our brand Marketing and trials Staff and G&A €m €m +2.4% % of rev. % of rev. 20.2% 98 96 17.7% 8.5% 41 42 7.8% 8 3.4% 5.6% 11 RoW France 34 10.9% 10.5% 30 2023 2024 2023 2024 Continued investment in Brand and Customer Acquisition in S
Slide 16: Significant improvement in Adj. EBITDA
Significant improvement in Adj. EBITDA driven by higher level of activity and strict cost control In €m Adjusted Gross Profit +€23m Marketing & Adj. EBITDA 2023 Revenue GM % Trials Staff & G&A Adj. EBITDA 2024 2 (4) (1) 8 1 5 15 (29) 16
Slide 17: Robust cash position of €62m at end-December
Robust cash position of €62m at end-December In €m (2) (4) (7) 24 64 (8) 62 (4) +€7m Free Cash Flow Lease & Financial Cash Dec-23 Adj. EBITDA Change in WC Capex 1-offs1 Financing Cash Dec-24 Interests Net cash amounted to €47m as of 31-Dec-24, compared to €43m as of 31-Dec-23 Note: 1. One-off cash i
Slide 18: Q1 2025 revenue up 1.1%
Q1 2025 revenue up 1.1% despite a strong comparison base in Q1 2024 Revenue €m +1.1%% +1.1%% +155% (9.4)% (3.4)% Other RoW Partnerships France Direct +0.6% +4.5% Direct: Continued expansion of the subscriber base in France (+6.3% LFL) and France: Revenue increased by 4.5%, driven by Direct and the O
Slide 19: 2025 Priorities and Outlook
2025 Priorities and Outlook Alexis LANTERNIER - Chief Executive Officer 19
Slide 20: Confirmation of financial targets for FY25
Confirmation of financial targets for FY25 Revenue flat to Positive Positive Free Cash slightly adjusted Flow1 for second declining year EBITDA year in a row over year Following a year of significant growth, FY25 will be a year of consolidation to prepare a roadmap of profitable growth for the years
Slide 21: Deezer will leverage its strengths to capitalize from shifting market dynamics
Deezer will leverage its strengths to capitalize from shifting market dynamics Champion new Global DSP Ability to innovate industry concepts recognized for high quickly and Partnership quality product DNA, Objective: meet the aspirations of the new generation of music lovers by providing a more soci
Slide 22: Creating new ways to experience music
Creating new ways to experience music and deliver value for the entire ecosystem Clear execution roadmap for 2025 Expand Build Explore Fans Core B2C markets Personalization, Direct artist-fan algorithm control, and connections social experiences Artists Existing Partnerships business models Partners
Slide 23: Governance & Compensation
Governance & Compensation Sophie GUIEYSSE - Chair of the Nomination and Remuneration Committee 23
Slide 24: Statutory Auditors' Reports
Statutory Auditors’ Reports Frédéric MARTINEAU - Ernst & Young Audit 24
Slide 25: Statutory Auditor's report
Statutory Auditor’s report Annual General 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 General Meeting • 8 special reports on capital tran
Slide 26: Report on the annual financial statements
Report on the annual financial statements Pages 226 to 230 of the Universal Registration Document (URD) Key points of the audit ● Evaluation of music rights costs and debts to rights holders ● Recognition of sales from partnership contracts with a guaranteed minimum clause ● Business valuation We ce
Slide 27: Report on the consolidated financial statements
Report on the consolidated financial statements Pages 198 to 201 of the Universal Registration Document (URD presented in English) Key points of the audit ● Valuation of cost of sales and royalty liabilities ● Recognition of sales from partnership contracts with a guaranteed minimum clause We certif
Slide 28: Special report on regulated agreements and commitments
Special report on regulated agreements and commitments Pages 140 to 141 of the Universal Registration Document (URD presented in English) Agreement approved in previous years and which continued to run during the past financial year • Management agreement concluded with the Managing Director, Mr Jer
Slide 29: 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 by cancellation of treasury shares 20th resolution Authorizations to issue shares and various securities with retention and/or cancellat
Slide 30: Special reports on capital transactions
Special reports on capital transactions Authorizations to be granted to the Board of Directors Authorization to the Board of Directors to grant stock options to eligible employees or corporate officers of the Company and/or related companies pursuant to Articles L. 225-177 et seq. of the French Comm
Slide 31: Questions & Answers
Questions & Answers Iris KNOBLOCH - Chair of the Board of Directors 31
Slide 32: Presentation & Vote on Resolutions
Presentation & Vote on Resolutions Florence LAO - General Counsel 32
Slide 33: Ordinary General Meeting: 1st resolution
Ordinary General Meeting 1st resolution Approval of the statutory financial statements for the fiscal year ended December 31, 2024 33
Slide 34: Ordinary General Meeting: 2nd resolution
Ordinary General Meeting 2nd resolution Approval of the consolidated financial statements for the fiscal year ended December 31, 2024 34
Slide 35: Ordinary General Meeting: 3rd resolution
Ordinary General Meeting 3rd resolution Allocation of the results for the fiscal year ended December 31, 2024 35
Slide 36: Ordinary General Meeting: 4th resolution
Ordinary General Meeting 4th resolution Renewal of Mr. Guillaume d’Hauteville’s term of office as member of the Board of Directors for a four-year term 36
Slide 37: Ordinary General Meeting: 5th resolution
Ordinary General Meeting 5th resolution Renewal of Mrs. Valérie Accary’s term of office as member of the Board of Directors for a three-year term 37
Slide 38: Ordinary General Meeting: 6th resolution
Ordinary General Meeting 6th resolution Renewal of Mr. Hans-Holger Albrecht’s term of office as member of the Board of Directors for a three-year term 38
Slide 39: Ordinary General Meeting: 7th resolution
Ordinary General Meeting 7th resolution Renewal of Mr. Stuart Bergen’s term of office as member of the Board of Directors for a four-year term 39
Slide 40: Ordinary General Meeting: 8th resolution
Ordinary General Meeting 8th resolution Renewal of Mrs. Ingrid Bojner’s term of office as member of the Board of Directors for a four-year term 40
Slide 41: Ordinary General Meeting: 9th resolution
Ordinary General Meeting 9th resolution Renewal of Mrs. Sophie Guieysse’s term of office as member of the Board of Directors for a three-year term 41
Slide 42: Ordinary General Meeting: 10th resolution
Ordinary General Meeting 10th resolution Renewal of Mrs. Mari Thjømøe’s term of office as member of the Board of Directors for a four-year term 42
Slide 43: Ordinary General Meeting: 11th resolution
Ordinary General Meeting 11th resolution Approval of the information on the 2024 compensation of each of the corporate officers listed in Article L. 22-10-9 (I) of the French Commercial Code (ex-post vote) 43
Slide 44: Ordinary General Meeting: 12th resolution
Ordinary General Meeting 12th resolution Approval of the compensation and benefits of any kind paid during, or awarded in respect of, the fiscal year ended December 31, 2024, to Mrs. Iris Knobloch as Chair of the Board of the Directors (ex-post vote) 44
Slide 45: Ordinary General Meeting: 13th resolution
Ordinary General Meeting 13th resolution Approval of the compensation and benefits of any kind paid during, or awarded in respect of, the fiscal year ended December 31, 2024, to Mr. Jeronimo Folgueira as Chief Executive Officer until March 31, 2024 (ex-post vote) 45
Slide 46: Ordinary General Meeting: 14th resolution
Ordinary General Meeting 14th resolution Approval of the compensation and benefits of any kind paid during, or awarded in respect of, the fiscal year ended December 31, 2024, to Mr. Stuart Bergen as Chief Executive Officer from April 1 until September 2, 2024 (ex-post vote) 46
Slide 47: Ordinary General Meeting: 15th resolution
Ordinary General Meeting 15th resolution Approval of the compensation and benefits of any kind paid during, or awarded in respect of, the fiscal year ended December 31, 2024, to Mr. Alexis Lanternier as Chief Executive Officer since September 2, 2024 (ex-post vote) 47
Slide 48: Ordinary General Meeting: 16th resolution
Ordinary General Meeting 16th resolution Approval of the 2025 compensation policy for corporate officers (excluding executive corporate officers) (ex-ante vote) 48
Slide 49: Ordinary General Meeting: 17th resolution
Ordinary General Meeting 17th resolution Approval of the 2025 compensation policy for the Chair of the Board of Directors (ex-ante vote) 49
Slide 50: Ordinary General Meeting: 18th resolution
Ordinary General Meeting 18th resolution Approval of the 2025 compensation policy for the Chief Executive Officer (ex-ante vote) 50
Slide 51: Ordinary General Meeting: 19th resolution
Ordinary General Meeting 19th resolution Authorization for the Board of Directors to carry out transactions in the Company’s shares 51
Slide 52: Extraordinary General Meeting: 20th resolution
Extraordinary General Meeting 20th resolution Authorization for the Board of Directors to reduce the share capital by cancellation of treasury shares 52
Slide 53: Extraordinary General Meeting: 21st resolution
Extraordinary General Meeting 21st resolution Delegation of authority to the Board of Directors to decide to increase the share capital of the Company or of another company by issuance of shares and/or securities giving access to the capital immediately or in the future, with shareholders’ preferent
Slide 54: Extraordinary General Meeting: 22nd resolution
Extraordinary General Meeting 22nd resolution Delegation of authority to the Board of Directors to decide to increase the share capital of the Company or of another company by issuance of shares and/or securities giving access to the capital immediately or in the future, with cancellation of shareho
Slide 55: Extraordinary General Meeting: 23rd resolution
Extraordinary General Meeting 23rd resolution Delegation of authority to the Board of Directors to decide to increase the share capital of the Company or of another company through the issuance of shares and/or securities giving access to the capital immediately or in the future, with cancellation o
Slide 56: Extraordinary General Meeting: 24th resolution
Extraordinary General Meeting 24th resolution Possibility to issue shares and/or securities giving immediate or future access to shares to be issued by the Company in return for contributions in kind consisting of equity securities or securities giving access to capital 56
Slide 57: Extraordinary General Meeting: 25th resolution
Extraordinary General Meeting 25th 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 58: Extraordinary General Meeting: 26th resolution
Extraordinary General Meeting 26th 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 59: Extraordinary General Meeting: 27th resolution
Extraordinary General Meeting 27th resolution Delegation of authority to the Board of Directors to increase the number of shares to be issued in the event of a share capital increase with retention or cancellation of shareholders’ preferential subscription right 59
Slide 60: Extraordinary General Meeting: 28th resolution
Extraordinary General Meeting 28th resolution Delegation of authority to the Board of Directors to increase the share capital by incorporation of premiums, reserves, profits and all other items 60
Slide 61: Extraordinary General Meeting: 29th resolution
Extraordinary General Meeting 29th resolution Authorization to the Board of Directors to grant free shares of the Company pursuant to Articles L. 225-197-1 et seq. of the French Commercial Code, to corporate officers and employees of the Company and its subsidiaries, with cancellation of shareholder
Slide 62: Extraordinary General Meeting: 30th resolution
Extraordinary General Meeting 30th resolution Authorization to the Board of Directors to grant stock options to eligible employees or corporate officers of the Company and/or related companies pursuant to Articles L.225-177 et seq. of the French Commercial Code 62
Slide 63: Extraordinary General Meeting: 31st resolution
Extraordinary General Meeting 31st 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 64: Extraordinary General Meeting: 32nd resolution
Extraordinary General Meeting 32nd 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 saving plan
Slide 65: Extraordinary General Meeting: 33rd resolution
Extraordinary General Meeting 33rd resolution Amendment of Article 14.3 of the articles of association of the Company to allow the Board of Directors to take decisions by way of written consultation 65
Slide 66: Extraordinary General Meeting: 34th resolution
Extraordinary General Meeting 34th resolution Powers for legal formalities 66
Slide 67: Closing of the Meeting
Closing of the Meeting Iris KNOBLOCH - Chair of the Board of Directors 67
Slide 68: Thank you
Thank you 68