Deezer (DEEZR) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €131.9 million, a decrease of 1.6% year-over-year, in line with management expectations.

• Direct subscriber base grew strongly in France (+9.1%) and Rest of World (+8.7%), offsetting a 23% decline in partnership subscribers due to the expected run-off of the Mercado Libre deal.

• Strategic progress included the launch of Deezer for Business, licensing of AI detection technology, and product innovation with Flow Tuner.

Financial highlights

• Direct revenue increased by 6.1% year-over-year to €91.8 million, driven by subscriber growth in key markets.

• Partnerships revenue declined 14.4% to €33.6 million, reflecting the Mercado Libre transition; partnership ARPU rose 11.8%.

• France revenue grew 4.2% to €82.9 million, while Rest of World revenue fell 10% to €49.0 million.

• Total subscribers decreased 5.1% year-over-year to 8.9 million, with direct subscribers up 9% and partnership subscribers down 23%.

Outlook and guidance

• FY26 revenue guidance confirmed, expecting revenue broadly in line with FY25.

• Sustained positive adjusted EBITDA and Free Cash Flow expected for FY26.