Deezer reports first full-year net profit as direct subscriptions grow

The Paris-listed company said net profit for the year ended 31 December 2025 was €8.5 million ($9.8m), compared with a loss of €26.0 million in 2024. Adjusted EBITDA rose to €9.7 million from a loss of €4.0 million, while operating profit reached €9.3 million, compared with an operating loss of €27.5 million a year earlier.

Revenue fell slightly to €534.0 million from €541.7 million in 2024, broadly in line with the company’s targets. Deezer said direct revenue increased to €351.9 million from €344.4 million, supported by subscriber growth in France and a return to growth in other markets. Partnership revenue, however, declined to €147.8 million from €168.3 million, which the company attributed mainly to the residual effects of its Meli+ partnership.

Chief executive Alexis Lanternier said 2025 had marked a turning point for the company. “For the first time in our history, we recorded a positive net result, accompanied by a return to positive free cash flow and double-digit adjusted EBITDA,” he said.

He added that the company had “met or exceeded all of our financial commitments” despite pressure in its partnerships segment.

Deezer said the number of subscribers in France rose to 3.8 million, up 8.6% year on year, while average revenue per user increased to €3.20, up 8.6%. Other revenue, mainly from advertising and related income, rose to €34.2 million from €29.0 million, driven largely by Sonos Radio.

The company also reported an improvement in cash generation. Free cash flow rose to €10.1 million from €6.6 million in 2024, while cash and cash equivalents increased to €65.4 million at the end of December 2025 from €62.1 million a year earlier. Financial debt fell to €8.0 million from €14.7 million, reflecting repayment of a state-backed loan.

Among its operational developments in 2025, Deezer said it had expanded its artist-centric payment system, with 85% of partners now integrated into the model. The company also said it continued to develop tools to identify AI-generated music. According to Deezer, around 60,000 AI-generated tracks were being delivered to the platform each day on average in January 2026, representing about 39% of all daily music deliveries.

The group said it had renewed 10 major partnerships, including with TIM and Sonos, and expanded into other sectors through agreements with companies including Telenor, Molotov, Norlys, Fitness Park, Chippu and EDF. It also launched new business services, including Deezer for Professionals and a music-as-a-service offering for Sonos.

Looking ahead, Deezer said it expected 2026 revenue to remain broadly in line with 2025 levels while maintaining positive adjusted EBITDA and free cash flow.

Lanternier said the company was entering 2026 “from a position of strength, with greater visibility and a leaner cost base”.

View the report here.