Deezer (DEEZR) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue reached €131.4 million, down 1.9% year-over-year and 1.1% at constant currency, with 9M 2025 revenue at €398.5 million, down 0.9% year-over-year but up 0.4% at constant currency, in line with expectations.

• Direct segment revenue grew 2.4% year-over-year in Q3, supported by strong subscriber momentum, especially in France, while Partnerships revenue declined 14.2% due to strategic shifts.

• Direct subscribers increased 9.7% like-for-like, with France up 11.7% and Rest of World up 6.1% year-over-year.

• Partnerships subscribers fell to 3.5 million from 4.7 million, reflecting a strategic focus on higher ARPU and the impact of the Mercado Libre model shift.

• Other revenue, mainly from advertising and white-label solutions, rose 17.4% year-over-year in Q3.

Financial highlights

• Q3 2025 total revenue: €131.4 million (-1.9% YoY); 9M 2025: €398.5 million (-0.9% YoY).

• Direct segment Q3 revenue: €87.9 million (+2.4% YoY); Partnerships: €35.6 million (-14.2% YoY); Other: €7.9 million (+17.4% YoY).

• France Q3 revenue: €81.6 million (+3.9% YoY); Rest of World: €49.8 million (-10.2% YoY).

• Direct ARPU in Q3: €5.4 (-4.8% YoY); Partnerships ARPU: €3.2 (+11.2% YoY).

Outlook and guidance

• Full-year 2025 revenue expected to be flat to slightly declining year-over-year.

• Positive adjusted EBITDA anticipated for H2 2025, with positive free cash flow expected for the full year.