Adjusted EBITDA reached 9.7 million euros as of December 31, 2025, compared to a 4 million euro loss the previous year, representing a 13.7 million euro improvement. This marks the first time Deezer has achieved full-year profitability.

Adjusted gross margin rose to 135.5 million euros (+1.3%), supported by white-label offerings and optimized agreements with record labels. The margin reached 25.4% across all segments, while the partnership margin stood at 21.7%, a slight increase.

Consolidated revenue came in at 534 million euros, compared to 541.7 million a year earlier, representing a 1.4% decline at current exchange rates and 0.3% at constant currency, in line with targets.

Deezer enters 2026 with a profitable model and intends to pursue its strategy focused on subscriber growth, the development of profitable B2B operations, and artist monetization.

The group, which will publish its first-quarter 2026 revenue on April 23, is targeting stable revenue while maintaining positive adjusted EBITDA and free cash flow through a balance of targeted investments and financial discipline.