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Deezer (DEEZR) investor relations material
Deezer Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved second consecutive half-year of positive adjusted EBITDA, confirming turnaround progress and sustainable profitability.
Revenue reached €267.1 million in H1 2025, up 1.3% at constant currency, with direct subscriber growth and strong performance in France.
Net loss narrowed to €7.6 million from €19.4 million in H1 2024, driven by higher gross profit and reduced operating expenses.
Positive free cash flow of €1.0 million and robust cash position of €59.8–60 million at June 2025.
Launched innovative offerings, including Deezer Business and the world's first AI tagging system for music streaming.
Financial highlights
Adjusted EBITDA of €2.1 million in H1 2025, up from a €5.0 million loss in H1 2024.
Gross margin increased to 24.5% from 24.1% year-over-year; adjusted gross profit up to €65.5 million.
Direct revenue grew 1.2% to €173.6 million; Partnerships revenue declined 11.9% to €76.5 million; Other revenue surged 77% to €17.0 million.
France revenue up 4% to €160.2 million; Rest of World revenue down 6.2% to €106.9 million.
Free cash flow was €1.0 million, down from €7.3 million in H1 2024.
Outlook and guidance
FY25 revenue expected to be flat or slightly declining year-over-year.
Positive adjusted EBITDA and free cash flow targeted for the full year, with focus on disciplined cost control and innovation.
Continued product launches and execution planned for H2.
Next Deezer earnings date

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