Deezer\u00a0S.A. is a French\u00a0soci\u00e9t\u00e9 anonyme \u00e0 conseil d\u2019administration\u00a0incorporated on May\u00a04, 2021 and registered in\u00a0France\u00a0under number\u00a0898\u00a0969\u00a0852 R.C.S Paris, with its registered office at\u00a024, rue de Calais, 75009 Paris.
The group comprises the Company and its subsidiaries (the \u201cGroup\u201d). The Company is the holding company of the Group that operates a streaming music service through the Deezer.com website and a mobile application and operates in more than 180\u00a0countries.
The main activities of the Group\u2019s companies are:
On January 15th, Deezer S.A., and Sacem, the world leader in collective management of creator\u2019s and publisher\u2019s rights, announced the adoption of the artist centric payment system (ACPS) for publishing rights on Deezer in France.
On February 7th, Deezer S.A. sold Driift holding\u2019s shares to All Things Considered Services\u00a0Ltd free from encumbrances and third-party claims with full title guarantee (price: 1\u00a3 per share, \u00a3132.780). All Things Considered Services\u00a0Ltd purchased from Deezer S.A. the sale shares together with all rights and benefits attached or accruing to them as at completion.
On April 16th, Deezer, the global music experiences platform, is revealing new innovative features, matching the ever-evolving user behaviors of music fans. Deezer is on a mission to enable its users to express themselves and connect with others through music. Over the years, the streaming pioneer introduced essential features like Flow, SongCatcher, Music Quiz and My Deezer Year as well as exclusive fan events (Purple Door, Deezer Live Session).
On June 12th, the mandates of the following board members have been renewed:
On June 20th, Deezer has introduced the world\u2019s first AI tagging system for music streaming, clearly displaying which albums include fully AI generated tracks. The Company recently announced the launch of its cutting-edge AI-Music detection tool, revealing that nearly one fifth (18%) of all music uploaded on a daily basis, more than 20,000 tracks, are 100% AI generated.
On June 23rd, Deezer, the global music experiences platform, has launched Deezer Business, a service enabling businesses to legally play music and create engaging atmospheres in commercial spaces like shops, restaurants, hotels, cinemas, gyms and offices across France and internationally.
On July 29th, Deezer, announced the appointment of Rodrigo Vicentini as General Manager for Latin America. Rodrigo will lead Deezer\u2019s operations in the region from the Company\u2019s office in Sao Paolo, Brazil, reporting directly to Chief Commercial Officer, Julien Delbourg.
In December\u00a02025, Deezer and RTL entered into a Memorandum of Understanding (MOU) reflecting the continued evolution of their strategic collaboration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_033e1034-e50e-4bd7-8154-6892fa669b5d": { "value": "The consolidated financial statements as of and for the year ended December\u00a031, 2025 were prepared under management\u2019s supervision and were authorized for issue by the Board of Directors on March 18th, 2026.
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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Unless otherwise indicated, financial data are presented in thousands of euros without decimal. The amounts shown in the consolidated statement of financial position, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows and the tables presented in the notes to the consolidated financial statements may not always correspond to the calculated sum of the respective items due to rounding differences.
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2025.
The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03.
On March 18th, 2026, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statements.
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At the end of the accounting period, there are no differences between the reference standards used and the standards adopted by the IASB, whose application is mandatory for the accounting period presented.
The main accounting policies remain unchanged compared to last period, with the exception of the standards, amendments and interpretations adopted by the European Union, applicable from January 1st, 2025, and described below:
These standards do not have a material impact on the Group\u2019s consolidated financial statements as of December\u00a031, 2025.
Newly published IFRS standards, amendments and interpretations published with mandatory application for accounting periods beginning after January 1st, 2025, and not early adopted by the Group, which may have an impact on its consolidated financial statements are as follows:
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Subsidiaries are all entities over which the Group has control. The Group controls an entity (i)\u00a0when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated.
Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method.
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Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the reporting currency and the functional and presentation currency of the Parent.
Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date.
The resulting exchange gains or losses are recorded in the consolidated income statement.
The financial statements of consolidated foreign subsidiaries whose functional currency is not the euro are translated into euros:
The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. The share of the resulting foreign exchange differences attributable to the Group is recorded in equity under \u201cTranslation differences\u201d until the investments from which they arise are sold or disposed of. The translation differences are then recognized in the income statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
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The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cPartnerships Revenue\u201c). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance.
These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example.
Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service.
When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days).
The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor.
The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract.
The Group has two other sources of revenue:
Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed.
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Cost of revenue consists predominantly of royalty and distribution costs related to content streaming.
Royalty and guaranteed minimum costs include the royalties due to rights holders as a result of content streaming.
Royalties are typically calculated using negotiated rates in accordance with license agreements and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination of the amount of the rights holders\u2019 costs is based on a number of variables, including the revenue recognized, the type of content streamed and the country in which it is streamed, identification of the appropriate license holder and size of user base. Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made.
When signing multi-annual royalty contracts with minimum guaranteed amounts the Group assesses the amount of royalties to be consumed over the entire contractual period. Any difference between the guaranteed minimum and the royalties assessed is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. When the amount of the guaranteed minimum cannot be allocated to accounting periods covered by the term of the contract, this amount is spread pro rata temporis.
For onerous contracts, any difference between the guaranteed minimum and the royalties over the entire contractual period assessed on the date on which the contract is signed is recognized as an intangible asset (access right according to the criteria of IAS\u00a038). This intangible asset is amortized over the contract term and the annual amortization charge is presented under Product and Development.
At the end of each financial year, the Group updates the estimated unused minimum guaranteed. If the new estimate is higher than the initial amount of the intangible asset, a charge in Cost of Revenue is recognized for the difference through an impairment of advance payments on music rights, if any, or through a provision for onerous contract if such difference is higher than advance payments.
Distribution and other costs of revenue include commissions charged by the sales platforms, server hosting and network bandwidth.
Product and development expenses are primarily comprised of costs incurred for the development and improvements of the product and its interfaces. The costs incurred mainly include related salaries and social contributions.
Sales and marketing expenses are predominantly comprised of subscriber acquisition costs, communication expenses relating to public relations, commissions paid to distributors, as well as the costs of providing free trials of the Deezer subscriptions. They also include salaries, social contributions and expenses relating to employees assigned to advertising sales, central and local marketing teams, as well as customer support teams. Expenses included in the costs of providing free trials are primarily derived from per user royalty fees determined in accordance with the rights holder agreements.
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General and administrative expenses are primarily comprised of salaries, social contributions and expenses relating to employees assigned to management and support functions such as Content, Finance, Human Resources, Legal and Strategy, to the department in charge of relations with the right holders, as well as costs related to premises.
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The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.
Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset.
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Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares.
Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options.
The calculation of basic earnings per share is detailed in Note\u00a010 \u201cLoss per share\u201d.
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Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined.
The key assumptions used for these tests are as follows:
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Internal development costs may be capitalized when the following criteria are met:
For the Deezer application, some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses.
In 2025, Deezer began developing a mobile app, Fancore, bringing together a set of software features designed to connect fans, influencers, and artists through a unique experience
For the Fancore application, all the aforementioned criteria are met during the presented period. Development costs are therefore recorded as intangible assets in progress and will be capitalized upon the launch of the application.
Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life.
Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life.
Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively.
Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong.
The estimated useful lives are the following:
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Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group.
When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment.
Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment.
The estimated useful lives used are as follows:
The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired.
Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use.
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At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:
As a lessee, the Group recognizes:
During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental.
The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the Group.
Leases meeting the following conditions are excluded from the scope of IFRS\u00a016:
Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costs.
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Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period.
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The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
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Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
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The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
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Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
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For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
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The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
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Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value.
Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss.
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As at December\u00a031, 2025, the Company\u2019s share capital is divided into 123,973,429\u00a0shares, each with a par value of \u20ac0.01 All outstanding ordinary shares have equal rights to vote at general meetings.
Ordinary shares and preferred shares (class A2 and A3) are classified as equity.
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The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants.
For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded.
The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters:
The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares.
The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019s equity.
The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity.
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Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation.
Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability.
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The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement.
The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period.
The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income.
The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020).
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
Segment financial information is presented in accordance with IFRS\u00a08 Operating Segments and is based solely on the internal reporting (\u201cAdjusted EBITDA\u201d and \u201cAdjusted Gross Profit\u201d) used by the Board of Directors \u2013 considered to be the Company\u2019s chief operating decision maker within the meaning of IFRS\u00a08 \u2013 to make decisions about resources to be allocated to the segments and assess their performances. These segments reflect the basis on which management analyses the business.The Group has identified three operating segments:
The consolidated financial statements as of and for the year ended December\u00a031, 2025 were prepared under management\u2019s supervision and were authorized for issue by the Board of Directors on March 18th, 2026.
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ba9a990e-331b-4cd3-a2ac-dfa1c5ab9007": { "value": "Unless otherwise indicated, financial data are presented in thousands of euros without decimal. The amounts shown in the consolidated statement of financial position, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows and the tables presented in the notes to the consolidated financial statements may not always correspond to the calculated sum of the respective items due to rounding differences.
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2025.
The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03.
On March 18th, 2026, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statements.
\u00a0
At the end of the accounting period, there are no differences between the reference standards used and the standards adopted by the IASB, whose application is mandatory for the accounting period presented.
The main accounting policies remain unchanged compared to last period, with the exception of the standards, amendments and interpretations adopted by the European Union, applicable from January 1st, 2025, and described below:
These standards do not have a material impact on the Group\u2019s consolidated financial statements as of December\u00a031, 2025.
Newly published IFRS standards, amendments and interpretations published with mandatory application for accounting periods beginning after January 1st, 2025, and not early adopted by the Group, which may have an impact on its consolidated financial statements are as follows:
The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB) and endorsed by the European Union and whose application is mandatory as of December\u00a031, 2025.
The preparation of the consolidated financial statements in conformity with IFRS requires the application of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a greater degree of judgment or complexity, or areas in which assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note\u00a03.
On March 18th, 2026, the Board of Directors has reviewed the financial position of the Group, together with its forecast cash flows and financing facilities available and have a reasonable expectation that the Group has adequate resources to continue in operational existence for a minimum of 12\u00a0months following the signing of these financial statements. For this reason, the Group has adopted the going concern basis in preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c85b3fd3-64bd-4203-a244-bdf9316b6336": { "value": "At the end of the accounting period, there are no differences between the reference standards used and the standards adopted by the IASB, whose application is mandatory for the accounting period presented.
The main accounting policies remain unchanged compared to last period, with the exception of the standards, amendments and interpretations adopted by the European Union, applicable from January 1st, 2025, and described below:
These standards do not have a material impact on the Group\u2019s consolidated financial statements as of December\u00a031, 2025.
Newly published IFRS standards, amendments and interpretations published with mandatory application for accounting periods beginning after January 1st, 2025, and not early adopted by the Group, which may have an impact on its consolidated financial statements are as follows:
At the end of the accounting period, there are no differences between the reference standards used and the standards adopted by the IASB, whose application is mandatory for the accounting period presented.
The main accounting policies remain unchanged compared to last period, with the exception of the standards, amendments and interpretations adopted by the European Union, applicable from January 1st, 2025, and described below:
These standards do not have a material impact on the Group\u2019s consolidated financial statements as of December\u00a031, 2025.
Newly published IFRS standards, amendments and interpretations published with mandatory application for accounting periods beginning after January 1st, 2025, and not early adopted by the Group, which may have an impact on its consolidated financial statements are as follows:
Subsidiaries are all entities over which the Group has control. The Group controls an entity (i)\u00a0when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated.
Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_5b98d185-89da-4b67-a076-a74519212faf": { "value": "Subsidiaries are all entities over which the Group has control. The Group controls an entity (i)\u00a0when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.Companies, or subsidiaries, over which the Company exercises exclusive control are fully consolidated.Companies, or subsidiaries, over which the Company exercises a significant influence on operational and financial strategies are consolidated under equity method.The Group has control of all the companies in its scope of consolidation. The table below shows the Group\u2019s fully-consolidated (\u201cFC\u201d) companies at the reporting dates presented:
Name | 2025 | 2024 | ||
Consolidation method | Share capital held in % | Consolidation method | Share capital held in % | |
Deezer Music Brasil LTDA | FC | 100.00% | FC | 100.00% |
Deezer\u00a0Inc. | FC | 100.00% | FC | 100.00% |
Musica Ilimitada\u00a0S.A. de C.V. | FC | 100.00% | FC | 100.00% |
Deezer Mena FZ-LLC | FC | 100.00% | FC | 100.00% |
Dreamstage\u00a0Inc. | N/I | 0.00% | EM | 46.35% |
Driift Holding\u00a0Ltd | N/I | 0.00% | EM | 46.35% |
Driift Live\u00a0Inc. | N/I | 0.00% | EM | 46.35% |
Driift Live\u00a0Ltd | N/I | 0.00% | EM | 46.35% |
Deezer M\u00fczik Da\u011f\u0131t\u0131m ve Organizasyon Limited \u015eirketi | FC | 100.00% | FC | 100.00% |
Deezer Dijital Hizmetler ve Da\u011f\u0131t\u0131m A.\u015e. | FC | 100.00% | FC | 100.00% |
Deezer Production\u00a0SAS | FC | 100.00% | FC | 100.00% |
Magic Internet Musik\u00a0GmbH | FC | 100.00% | FC | 100.00% |
The Group has control of all the companies in its scope of consolidation. The table below shows the Group\u2019s fully-consolidated (\u201cFC\u201d) companies at the reporting dates presented:
Name | 2025 | 2024 | ||
Consolidation method | Share capital held in % | Consolidation method | Share capital held in % | |
Deezer Music Brasil LTDA | FC | 100.00% | FC | 100.00% |
Deezer\u00a0Inc. | FC | 100.00% | FC | 100.00% |
Musica Ilimitada\u00a0S.A. de C.V. | FC | 100.00% | FC | 100.00% |
Deezer Mena FZ-LLC | FC | 100.00% | FC | 100.00% |
Dreamstage\u00a0Inc. | N/I | 0.00% | EM | 46.35% |
Driift Holding\u00a0Ltd | N/I | 0.00% | EM | 46.35% |
Driift Live\u00a0Inc. | N/I | 0.00% | EM | 46.35% |
Driift Live\u00a0Ltd | N/I | 0.00% | EM | 46.35% |
Deezer M\u00fczik Da\u011f\u0131t\u0131m ve Organizasyon Limited \u015eirketi | FC | 100.00% | FC | 100.00% |
Deezer Dijital Hizmetler ve Da\u011f\u0131t\u0131m A.\u015e. | FC | 100.00% | FC | 100.00% |
Deezer Production\u00a0SAS | FC | 100.00% | FC | 100.00% |
Magic Internet Musik\u00a0GmbH | FC | 100.00% | FC | 100.00% |
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the reporting currency and the functional and presentation currency of the Parent.
Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date.
The resulting exchange gains or losses are recorded in the consolidated income statement.
The financial statements of consolidated foreign subsidiaries whose functional currency is not the euro are translated into euros:
The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. The share of the resulting foreign exchange differences attributable to the Group is recorded in equity under \u201cTranslation differences\u201d until the investments from which they arise are sold or disposed of. The translation differences are then recognized in the income statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
In most cases, the Group\u2019s customers are billed either in EUR, in USD or in their respective local currency. Royalty payments are primarily in EUR and USD. Payments, such as salaries, consultancy fees, and rental fees are settled in local currencies. In some instances, the Group may need to convert cash at bank in foreign currencies to proceed with payments.
\u00a0
The Group\u2019s exposure to foreign currency risk at the end of the reporting period was as follows:
(in \u20ac thousands) | 2025 | 2024 | ||||||
USD | GBP | BRL | MXN | USD | GBP | BRL | MXN | |
Trade receivables | 3,821 | (2,224) | (0) | (183) | 5,034 | 98 | - | 2,224 |
Trade payables | (270) | 59 | (14) | - | (247) | (403) | (18) | - |
\u00a0
The aggregate net foreign exchange gains/losses recognized in profit or loss were:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Net foreign exchange gain on trade receivables and trade payables | (136) | 142 |
Foreign exchange (loss) on revaluation of intercompany accounts included in finance costs | (676) | (2,027) |
Total net foreign exchange gain recognized in profit before income tax for the year | (812) | (1,885) |
\u00a0
As shown in the table above, the Group is primarily exposed to changes in EUR/USD, EUR/GBP, EUR/BRL and EUR/MXN exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US, GBP BRL and MXN denominated trade receivables, trade payables and current accounts (financial instruments).
The table below shows the immediate impact on net loss before tax of a 10% strengthening and of a 10% weakening in the closing exchange rate of significant currencies to which the Group had exposure, at December\u00a031, 2025, and 2024. The impact on net loss is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group.
(in \u20ac thousands) | (Increase)/ Decrease in loss before tax | |
2025 | 2024 | |
BRL/EUR exchange rate \u2013 increase 10% | 1,890 | 3,120 |
BRL/EUR exchange rate \u2013 decrease 10% | (1,700) | (2,808) |
GBP/EUR exchange rate \u2013 increase 10% | 241 | 34 |
GBP/EUR exchange rate \u2013 decrease 10% | (216) | (31) |
USD/EUR exchange rate \u2013 increase 10% | (690) | (130) |
USD/EUR exchange rate \u2013 decrease 10% | (643) | (253) |
MXN/EUR exchange rate \u2013 increase 10% | 187 | (153) |
MXN/EUR exchange rate \u2013 decrease 10% | (168) | 138 |
\u00a0
The Group\u2019s exposure to other foreign exchange movements is not material.
Translation exposure exists due to the translation of the results and financial position of all of the Group entities that have a functional currency different from the Euro. The impact on the Group\u2019s equity would be approximately \u20ac(4) million and \u20ac(3.8) million if the Euro weakened by 10% against all translation exposure currencies, based on the exposure at December\u00a031, 2025 and 2024, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_db924e2c-81e5-44ee-8b2a-adf8d93ffaaa": { "value": "Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency\u2019). The consolidated financial statements are presented in Euro, which is the reporting currency and the functional and presentation currency of the Parent.
Transactions in foreign currencies are translated into their respective functional currencies using the exchange rate at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rate effective at that date.
The resulting exchange gains or losses are recorded in the consolidated income statement.
The financial statements of consolidated foreign subsidiaries whose functional currency is not the euro are translated into euros:
The resulting currency translation adjustments are recorded in other comprehensive income (loss) as a cumulative currency translation adjustment. The share of the resulting foreign exchange differences attributable to the Group is recorded in equity under \u201cTranslation differences\u201d until the investments from which they arise are sold or disposed of. The translation differences are then recognized in the income statement.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_bcdb860d-425c-4b9c-893f-63746535e5a9": { "value": "The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cPartnerships Revenue\u201c). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance.
These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example.
Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service.
When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days).
The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor.
The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract.
The Group has two other sources of revenue:
Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed.
Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts.\u00a0
(in \u20ac thousands) | \u00a0 | Revenue | Cost of revenue | Gross Profit |
|---|---|---|---|---|
Year ended December\u00a031, 2025 | Direct | 351,876 | (259,766) | 92,110 |
Partnerships | 147,837 | (115,779) | 32,059 | |
Other | 34,247 | (22,951) | 11,297 | |
Total adjusted | 533,961 | (398,496) | 135,465 | |
Adjustments | - | 9,774 | 9,774 | |
Total consolidated | 533,961 | (388,722) | 145,239 | |
Year ended December\u00a031, 2024 | Direct | 344,388 | (255,250) | 89,137 |
Partnerships | 168,280 | (132,027) | 36,253 | |
Other | 29,048 | (20,761) | 8,287 | |
Total adjusted | 541,716 | (408,038) | 133,677 | |
Adjustments | - | (10,108) | (10,108) | |
Total consolidated | 541,716 | (418,147) | 123,569 |
\u00a0
Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table.
Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants, (ii)\u00a0licence agreements unused minimum guarantees, (iii)\u00a0onerous contract related depreciation and (iv)\u00a0reversal of prior royalty expenses. These adjustments are not included in the adjusted Gross Profit.
\u00a0
Revenue by geographical area breakdowns as follows:
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
France | 325,098 | 312,789 |
Rest of the world | 208,863 | 228,926 |
\u00a0 | 533,961 | 541,716 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade receivables \u2013 Credit notes to be issued | 510 | 665 |
Trade receivables with credit balances | 0 | 0 |
Sundry creditors | (92) | (64) |
Trade payables in relation to fixed-assets | 22 | 243 |
\u00a0 | 440 | 844 |
\u00a0
All other liabilities are due within a year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_bb9879fe-99fd-49a6-8900-6d119ce094f6": { "value": "The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cPartnerships Revenue\u201c). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance.
These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example.
Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service.
When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days).
The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor.
The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract.
The Group has two other sources of revenue:
Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed.
Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts.\u00a0
(in \u20ac thousands) | \u00a0 | Revenue | Cost of revenue | Gross Profit |
|---|---|---|---|---|
Year ended December\u00a031, 2025 | Direct | 351,876 | (259,766) | 92,110 |
Partnerships | 147,837 | (115,779) | 32,059 | |
Other | 34,247 | (22,951) | 11,297 | |
Total adjusted | 533,961 | (398,496) | 135,465 | |
Adjustments | - | 9,774 | 9,774 | |
Total consolidated | 533,961 | (388,722) | 145,239 | |
Year ended December\u00a031, 2024 | Direct | 344,388 | (255,250) | 89,137 |
Partnerships | 168,280 | (132,027) | 36,253 | |
Other | 29,048 | (20,761) | 8,287 | |
Total adjusted | 541,716 | (408,038) | 133,677 | |
Adjustments | - | (10,108) | (10,108) | |
Total consolidated | 541,716 | (418,147) | 123,569 |
\u00a0
Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table.
Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants, (ii)\u00a0licence agreements unused minimum guarantees, (iii)\u00a0onerous contract related depreciation and (iv)\u00a0reversal of prior royalty expenses. These adjustments are not included in the adjusted Gross Profit.
\u00a0
Revenue by geographical area breakdowns as follows:
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
France | 325,098 | 312,789 |
Rest of the world | 208,863 | 228,926 |
\u00a0 | 533,961 | 541,716 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade receivables \u2013 Credit notes to be issued | 510 | 665 |
Trade receivables with credit balances | 0 | 0 |
Sundry creditors | (92) | (64) |
Trade payables in relation to fixed-assets | 22 | 243 |
\u00a0 | 440 | 844 |
\u00a0
All other liabilities are due within a year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d7b89462-84ed-4863-a501-c0dac359c6b0": { "value": "The Group generates subscription revenue from the sale of its streaming music service. Subscription revenue is generated directly from end users (\u201cDirect Revenue\u201d) and through partners who are generally telecommunication and media companies or audio equipment manufacturers that collect payment for the stand-alone subscriptions from their end customers or bundle the subscription with their own goods and services (\u201cPartnerships Revenue\u201c). The Group satisfies its performance obligation, and revenue from these services is recognized over time for the subscription period. Typically, subscriptions are paid for monthly in advance.
These subscriptions are taken out directly by the user or through a distribution partner who may be a telecom company or an audio equipment manufacturer for example.
Revenue from Direct and Stand-Alone subscriptions, whether recognized gross or net, have one material performance obligation, that being the delivery of the streaming music service.
When the Deezer subscription is included in the service or product sold by the distribution partner, the distribution partner pays the Group based on all subscriptions sold or active subscriptions depending on the terms of the contract (an active subscriber is a user who has listened to music for at least 30 seconds over the last 30\u00a0days).
The Group has analysed that the distributor is principal, and the performance obligation is the delivery of the streaming music service. Revenue is recognized on a straight-line basis over the subscription period, for the net amount paid by the distributor.
The Group has signed certain contracts with distribution partners, mostly telecom and media companies, including a minimum guarantee to be received. The revenue recognized corresponds to the monthly sales reported by the distribution partners. If it is estimated that revenue will be below the minimum guarantee, any difference between the actual sales and the minimum guarantee is recognized as revenue over the remaining years of the contract, in accordance with the terms and conditions of the contract.
The Group has two other sources of revenue:
Deferred revenue is mainly comprised of subscription fees collected for services not yet performed, and therefore, the revenue has not been recognized. Revenue is recognized over time as the services are performed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_8ad6b337-5f25-4810-a40a-0171dabb4451": { "value": "Cost of revenue consists predominantly of royalty and distribution costs related to content streaming.
Royalty and guaranteed minimum costs include the royalties due to rights holders as a result of content streaming.
Royalties are typically calculated using negotiated rates in accordance with license agreements and are based on either subscription and advertising revenue earned, user/usage measures, or a combination of these. The determination of the amount of the rights holders\u2019 costs is based on a number of variables, including the revenue recognized, the type of content streamed and the country in which it is streamed, identification of the appropriate license holder and size of user base. Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made.
When signing multi-annual royalty contracts with minimum guaranteed amounts the Group assesses the amount of royalties to be consumed over the entire contractual period. Any difference between the guaranteed minimum and the royalties assessed is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period. When the amount of the guaranteed minimum cannot be allocated to accounting periods covered by the term of the contract, this amount is spread pro rata temporis.
For onerous contracts, any difference between the guaranteed minimum and the royalties over the entire contractual period assessed on the date on which the contract is signed is recognized as an intangible asset (access right according to the criteria of IAS\u00a038). This intangible asset is amortized over the contract term and the annual amortization charge is presented under Product and Development.
At the end of each financial year, the Group updates the estimated unused minimum guaranteed. If the new estimate is higher than the initial amount of the intangible asset, a charge in Cost of Revenue is recognized for the difference through an impairment of advance payments on music rights, if any, or through a provision for onerous contract if such difference is higher than advance payments.
Distribution and other costs of revenue include commissions charged by the sales platforms, server hosting and network bandwidth.
Product and development expenses are primarily comprised of costs incurred for the development and improvements of the product and its interfaces. The costs incurred mainly include related salaries and social contributions.
Sales and marketing expenses are predominantly comprised of subscriber acquisition costs, communication expenses relating to public relations, commissions paid to distributors, as well as the costs of providing free trials of the Deezer subscriptions. They also include salaries, social contributions and expenses relating to employees assigned to advertising sales, central and local marketing teams, as well as customer support teams. Expenses included in the costs of providing free trials are primarily derived from per user royalty fees determined in accordance with the rights holder agreements.
Costs by nature comprise the following items:
(in \u20ac thousands) | Product and Development | Sales and Marketing | General and Administrative | Total |
|---|---|---|---|---|
Employee costs | (22,721) | (17,047) | (22,685) | (62,453) |
External expenses | (2,499) | (1,234) | (16,681) | (20,414) |
Marketing costs | - | (39,620) | - | (39,620) |
Miscellaneous taxes | (377) | (219) | (6,311) | (6,906) |
Amortization | (1,898) | (239) | (4,448) | (6,585) |
\u00a0 | (27,496) | (58,359) | (50,125) | (135,979) |
\u00a0
(in \u20ac thousands) | Product and Development | Sales and Marketing | General and Administrative | Total |
|---|---|---|---|---|
Employee costs | (25,424) | (17,802) | (21,635) | (64,862) |
External expenses | (1,891) | (1,010) | (26,616) | (29,517) |
Marketing costs | - | (42,065) | - | (42,065) |
Miscellaneous taxes | (393) | (214) | (6,566) | (7,173) |
Amortization | (2,839) | (180) | (4,411) | (7,430) |
\u00a0 | (30,548) | (61,272) | (59,228) | (151,048) |
\u00a0
The decrease in external expenses observed during the period reflects the Group\u2019s ongoing commitment to strict fixed cost management.
Employee costs amounted to \u20ac62.5\u00a0million in 2025 compared to \u20ac64.9\u00a0million in 2024, representing a decrease of \u20ac2.4\u00a0million as a result of lower headcounts. Miscellaneous taxes amounted to \u20ac6.9\u00a0million in 2025 including Streaming Tax.
\u00a0
Employee costs per nature breaks down as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Wages and salaries | (42,179) | (45,618) |
Social costs | (19,346) | (18,192) |
Share-based compensation | (788) | (929) |
Employee retirement benefits costs | (141) | (123) |
\u00a0 | (62,453) | (64,862) |
Average headcount | 532 | 577 |
\u00a0
\u00a0
During the year ended December\u00a031, 2025, the Company booked a \u20ac812\u00a0thousands French tax credit relating to research and development in respect of 2024 expenses.
The research and development expenses incurred by the Company in 2025 will give rise to a French tax credit to be assessed and recorded in 2026.
During the year ended December\u00a031, 2024, the Company booked a \u20ac668\u00a0thousands French tax credit relating to research and development in respect of 2023 expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_8de9d42e-6383-41c0-8e9b-93818b8e275e": { "value": "General and administrative expenses are primarily comprised of salaries, social contributions and expenses relating to employees assigned to management and support functions such as Content, Finance, Human Resources, Legal and Strategy, to the department in charge of relations with the right holders, as well as costs related to premises.
Costs by nature comprise the following items:
(in \u20ac thousands) | Product and Development | Sales and Marketing | General and Administrative | Total |
|---|---|---|---|---|
Employee costs | (22,721) | (17,047) | (22,685) | (62,453) |
External expenses | (2,499) | (1,234) | (16,681) | (20,414) |
Marketing costs | - | (39,620) | - | (39,620) |
Miscellaneous taxes | (377) | (219) | (6,311) | (6,906) |
Amortization | (1,898) | (239) | (4,448) | (6,585) |
\u00a0 | (27,496) | (58,359) | (50,125) | (135,979) |
\u00a0
(in \u20ac thousands) | Product and Development | Sales and Marketing | General and Administrative | Total |
|---|---|---|---|---|
Employee costs | (25,424) | (17,802) | (21,635) | (64,862) |
External expenses | (1,891) | (1,010) | (26,616) | (29,517) |
Marketing costs | - | (42,065) | - | (42,065) |
Miscellaneous taxes | (393) | (214) | (6,566) | (7,173) |
Amortization | (2,839) | (180) | (4,411) | (7,430) |
\u00a0 | (30,548) | (61,272) | (59,228) | (151,048) |
\u00a0
The decrease in external expenses observed during the period reflects the Group\u2019s ongoing commitment to strict fixed cost management.
Employee costs amounted to \u20ac62.5\u00a0million in 2025 compared to \u20ac64.9\u00a0million in 2024, representing a decrease of \u20ac2.4\u00a0million as a result of lower headcounts. Miscellaneous taxes amounted to \u20ac6.9\u00a0million in 2025 including Streaming Tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_12667eef-88ca-4a92-b03c-84cdaaa8663d": { "value": "The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.
Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset.
In 2025, the Company used \u20ac12.2\u00a0million pre-tax consolidated losses to offset its 2025 own tax profits. As of December\u00a031, 2025, the Company thus reported a pre-tax consolidation loss available in France for carryforward against its own future tax profits of \u20ac657.7\u00a0million. The tax consolidated group (whose members are the Company and Deezer Production) used in 2025\u00a0\u20ac8.8\u00a0million tax group losses against its 2025 tax consolidated profits. The total amount of tax losses carried forward by the tax consolidated group is thus of \u20ac60.5\u00a0million. The use of tax loss carryforward in France is capped at \u20ac1\u00a0million per year, plus 50% of the portion of profits in excess of that limit.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Current tax | (1,998) | 599 |
Income tax | (1,998) | 599 |
\u00a0
A reconciliation between the reported tax expense for the year and the theoretical tax expense that would arise when applying the statutory tax rate in France of 25% is shown in the table below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Loss before tax | 10,332 | (26,630) |
Theoretical income tax rate | 25.0% | 25.0% |
Theoretical tax (charge) income | (2,583) | 6,657 |
Permanent differences | - | (502) |
Effect of tax rates in foreign jurisdictions | 104 | 186 |
Share-based payments | (197) | (1,975) |
Deferred tax not recognised | 275 | 628 |
Deezer\u00a0S.A.\u2019s tax losses not giving rise to deferred tax asset | - | (4,226) |
Use of previously unrecognized tax losses | 5,241 | - |
Subsidiaries\u2019 tax losses not giving rise to deferred tax asset | (273) | (627) |
GW Impairment | - | - |
Other | (4,565) | 458 |
Effective tax income (charge) | (1,998) | 599 |
Effective income tax rate | 19.3% | (2.3)% |
\u00a0
The Group\u2019s accumulated tax losses not giving rise to deferred tax assets amount to \u20ac767,137\u00a0thousands and \u20ac798,275\u00a0thousands as at December\u00a031, 2025 and 2024, respectively.
The \u201cOther\u201d line mainly relates to the netting of current accounts of Deezer Brazil and the receipt of part of this current account, amounting to \u20ac12.5\u00a0million during the 2025 fiscal year.
\u00a0
(in \u20ac thousands) | 31/12/2025 | 31/12/2024 |
|---|---|---|
France | 718,218 | 739,115 |
Brazil | 43,473 | 43,714 |
Germany | 5,446 | 5,893 |
Russia | - | 512 |
Singapore | - | 19 |
United Kingdom | - | 3,518 |
United States of America | - | 5,504 |
\u00a0 | 767,137 | 798,275 |
\u00a0
Above tax losses are available to carry forward over an unlimited period of time, but may be capped in some jurisdictions.
The overall decrease in tax charges results from two factors: in France, the utilization of tax loss carry-forwards offset against taxable income; and internationally, the disposal of Driift Holding\u2019s shares to All Things Considered Services\u00a0Ltd., which led to the derecognition of the associated deferred tax assets.
As at December\u00a031, 2024, the Company\u2019s accumulated tax losses amount to \u20ac798,275\u00a0thousands, including \u20ac567,190\u00a0thousands of tax losses initially generated by Deezer S.A. and for the transfer of which a ruling was filed by I2PO\u00a0S.A. and Deezer\u00a0S.A. in May\u00a02022. The ruling request has been accepted in April\u00a02024.
The Group\u2019s most significant tax jurisdictions are France and Brazil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_f8e3c722-76b9-428f-8be9-d871477125f0": { "value": "The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated income statements except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
The current tax represents the amount of income tax based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.
Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_92f12f03-c5a9-4e5d-b4f9-c274f9845ae2": { "value": "Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_951df266-428d-4a6f-b44f-da60cd0b2bf4": { "value": "Deferred income tax is determined using the liability method on temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements and their tax bases. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
When recognized, deferred tax assets and liabilities are offset only if certain criteria are met, such as when there is a legally enforceable right to offset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4d392d00-b150-4f12-af48-b6d27ca03813": { "value": "Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares.
Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options.
The calculation of basic earnings per share is detailed in Note\u00a010 \u201cLoss per share\u201d.
Basic loss per share is computed using the weighted-average number of outstanding ordinary shares during the period. Diluted loss per share is computed using the treasury stock method to the extent that the effect is dilutive by using the weighted-average number of outstanding ordinary shares and potential ordinary shares during the period. The Group\u2019s potential ordinary shares consist of incremental shares issuable upon the assumed exercise of stock options and warrants, and the incremental shares issuable upon the assumed vesting of free shares, excluding all anti-dilutive ordinary shares outstanding during the period. The Group used the if-converted method to calculate the dilutive impact of the warrants and adjusted the numerator for changes in profit or loss.
\u00a0
As a result of the above, the computation of loss per share for the respective periods is as follows:
(in \u20ac thousands, except share and per share data) | 2025 | 2024 |
|---|---|---|
Basic profit (loss) per share | \u00a0 | \u00a0 |
Net profit (loss) attributable to owners of the parent | 8,492 | (25,889) |
Shares used in computation: | \u00a0 | \u00a0 |
Weighted-average shares outstanding | 123,755,581 | 122,010,021 |
Basic net profit (loss) per share attributable to owners of the parent | 0.07 | (0.21) |
Diluted profit (loss) per share | \u00a0 | \u00a0 |
Net profit (loss) attributable to owners of the parent | 8,492 | (25,889) |
Shares used in computation: | \u00a0 | \u00a0 |
Weighted-average shares outstanding | 123,755,581 | 122,010,021 |
Free shares | 3,867,370 | - |
Stock-options | 28,187,995 | - |
Diluted weighted average ordinary shares | 155,810,946 | 122,010,021 |
Diluted net profit (loss) per share attributable to owners of the parent | 0.05 | (0.21) |
\u00a0
Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
\u00a0 | 2025 | 2024 |
|---|---|---|
Free shares | - | 3,128,734 |
Stock-options | - | 28,254,695 |
Warrants | - | 647,410 |
\u00a0 | - | 32,030,839 |
Basic earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of ordinary shares existing during the period, less the average number of ordinary shares bought and held as treasury shares.
Diluted earnings per share are calculated by dividing profit (loss) for the period by the weighted average number of shares issued or to be issued at the end of the period, excluding treasury shares and including the impact of all potentially dilutive ordinary shares and in particular the exercise of stock options.
The calculation of basic earnings per share is detailed in Note\u00a010 \u201cLoss per share\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_3dfd1a89-6b9e-405b-9c5d-b747c5062f46": { "value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined.
The key assumptions used for these tests are as follows:
Internal development costs may be capitalized when the following criteria are met:
For the Deezer application, some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses.
In 2025, Deezer began developing a mobile app, Fancore, bringing together a set of software features designed to connect fans, influencers, and artists through a unique experience
For the Fancore application, all the aforementioned criteria are met during the presented period. Development costs are therefore recorded as intangible assets in progress and will be capitalized upon the launch of the application.
Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life.
Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life.
Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively.
Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong.
The estimated useful lives are the following:
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
(in \u20ac thousands) | Licenses | Exclusive | Customer Database | Other(1) | Intangible assets in progress | Total | Goodwill | Total |
|---|---|---|---|---|---|---|---|---|
Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | 8,771 | 1,441 | 7,140 | 8,924 | - | 26,275 | 15,097 | 41,372 |
Additions | 802 | - | - | - | - | 802 | - | 802 |
Reclassification | - | - | - | - | - | - | - | - |
Exchange differences | 1 | - | - | - | - | 1 | 274 | 275 |
Scope variation (Exit) | - | - | - | - | - | - | (7,885) | (7,885) |
At December\u00a031, 2024 | 9,573 | 1,441 | 7,140 | 8,924 | - | 27,077 | 7,487 | 34,564 |
Additions | 475 | - | - | - | 1,682 | 2,157 | - | 2,157 |
Reclassification | (4,219) | (1,441) | (40) | - | - | (5,700) | - | (5,700) |
Exchange differences | (3) | - | - | - | - | (3) | - | (3) |
Scope variation (Exit) | - | - | - | - | - | - | - | - |
At December\u00a031, 2025 | 5,825 | - | 7,100 | 8,924 | 1,682 | 23,530 | 7,487 | 31,017 |
Accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | (8,512) | (1,441) | (7,140) | (8,924) | - | (26,018) | (7,610) | (33,628) |
Amortization charge | (619) | - | - | - | \u00a0 | (619) | - | (619) |
Exchange differences | (1) | - | - | - | \u00a0 | (1) | (274) | (275) |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | 7,885 | 7,885 |
At December\u00a031, 2024 | (9,132) | (1,441) | (7,140) | (8,924) | - | (26,638) | - | (26,638) |
Amortization charge | (545) | - | - | - | \u00a0 | (545) | - | (545) |
Reclassification | 4,219 | 1,441 | 40 | - | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Exchange differences | 3 | - | - | - | \u00a0 | 3 | - | 3 |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | - | - |
At December\u00a031, 2025 | (5,455) | - | (7,100) | (8,924) | - | (27,181) | - | (27,181) |
Costs, net accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
At December\u00a031, 2024 | 442 | - | - | - | - | 442 | 7,487 | 7,929 |
At December\u00a031, 2025 | 373 | - | - | - | 1,682 | 2,055 | 7,487 | 9,542 |
\u00a0 |
\u00a0
Goodwill breaks down as follows:
(in \u20ac thousands) | Magic Internet Musik\u00a0GmbH | Total Group |
|---|---|---|
At December\u00a031, 2024 | 7,487 | 7,487 |
Additions | - | - |
Impairment | - | - |
Exchange differences | - | - |
At December\u00a031, 2025 | 7,487 | 7,487 |
\u00a0
The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019.
This goodwill was tested for impairment in accordance with the method described in Note\u00a02.11 \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0.5% from 2025 and discount rate of 12%. Based on this analysis, the recoverable amount exceeded the carrying value as at December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_9dde4efe-cb36-49f8-9d1e-16c38aa81fd3": { "value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined.
The key assumptions used for these tests are as follows:
Internal development costs may be capitalized when the following criteria are met:
For the Deezer application, some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses.
In 2025, Deezer began developing a mobile app, Fancore, bringing together a set of software features designed to connect fans, influencers, and artists through a unique experience
For the Fancore application, all the aforementioned criteria are met during the presented period. Development costs are therefore recorded as intangible assets in progress and will be capitalized upon the launch of the application.
Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life.
Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life.
Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively.
Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong.
The estimated useful lives are the following:
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_3f0f93cb-a562-4443-aa3f-9168ef656ea9": { "value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined.
The key assumptions used for these tests are as follows:
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_6ff3cebe-8348-4545-b1cb-2f6571f29edf": { "value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined.
The key assumptions used for these tests are as follows:
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
(in \u20ac thousands) | Licenses | Exclusive | Customer Database | Other(1) | Intangible assets in progress | Total | Goodwill | Total |
|---|---|---|---|---|---|---|---|---|
Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | 8,771 | 1,441 | 7,140 | 8,924 | - | 26,275 | 15,097 | 41,372 |
Additions | 802 | - | - | - | - | 802 | - | 802 |
Reclassification | - | - | - | - | - | - | - | - |
Exchange differences | 1 | - | - | - | - | 1 | 274 | 275 |
Scope variation (Exit) | - | - | - | - | - | - | (7,885) | (7,885) |
At December\u00a031, 2024 | 9,573 | 1,441 | 7,140 | 8,924 | - | 27,077 | 7,487 | 34,564 |
Additions | 475 | - | - | - | 1,682 | 2,157 | - | 2,157 |
Reclassification | (4,219) | (1,441) | (40) | - | - | (5,700) | - | (5,700) |
Exchange differences | (3) | - | - | - | - | (3) | - | (3) |
Scope variation (Exit) | - | - | - | - | - | - | - | - |
At December\u00a031, 2025 | 5,825 | - | 7,100 | 8,924 | 1,682 | 23,530 | 7,487 | 31,017 |
Accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | (8,512) | (1,441) | (7,140) | (8,924) | - | (26,018) | (7,610) | (33,628) |
Amortization charge | (619) | - | - | - | \u00a0 | (619) | - | (619) |
Exchange differences | (1) | - | - | - | \u00a0 | (1) | (274) | (275) |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | 7,885 | 7,885 |
At December\u00a031, 2024 | (9,132) | (1,441) | (7,140) | (8,924) | - | (26,638) | - | (26,638) |
Amortization charge | (545) | - | - | - | \u00a0 | (545) | - | (545) |
Reclassification | 4,219 | 1,441 | 40 | - | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Exchange differences | 3 | - | - | - | \u00a0 | 3 | - | 3 |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | - | - |
At December\u00a031, 2025 | (5,455) | - | (7,100) | (8,924) | - | (27,181) | - | (27,181) |
Costs, net accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
At December\u00a031, 2024 | 442 | - | - | - | - | 442 | 7,487 | 7,929 |
At December\u00a031, 2025 | 373 | - | - | - | 1,682 | 2,055 | 7,487 | 9,542 |
\u00a0 |
\u00a0
Goodwill breaks down as follows:
(in \u20ac thousands) | Magic Internet Musik\u00a0GmbH | Total Group |
|---|---|---|
At December\u00a031, 2024 | 7,487 | 7,487 |
Additions | - | - |
Impairment | - | - |
Exchange differences | - | - |
At December\u00a031, 2025 | 7,487 | 7,487 |
\u00a0
The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019.
This goodwill was tested for impairment in accordance with the method described in Note\u00a02.11 \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0.5% from 2025 and discount rate of 12%. Based on this analysis, the recoverable amount exceeded the carrying value as at December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2acd9350-df01-4402-a4d1-894059bb0526": { "value": "Goodwill is the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill is not amortized and is tested annually for impairment, or more regularly if certain indicators are present. The value in use is defined as the sum of discounted cash flows generated by the asset\u2019s continued use over its useful life, and the cash flow expected from its disposal. If the recoverable amount of an asset is less than its net carrying amount, an impairment charge is determined.
The key assumptions used for these tests are as follows:
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b7becdf4-30a5-40e8-a7b2-436da8b3175f": { "value": "The key assumptions used for these tests are as follows:The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares.
The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019s equity.
The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity.
Preparing financial statements under IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the amounts of assets and liabilities, income and expenses. The underlying estimates and assumptions are based on past experience and other factors considered reasonable under the circumstances. They act as a basis for making assumptions necessary to the determination of the carrying amount of assets and liabilities, which cannot be obtained directly from other sources. Actual values may differ from these estimates.
The underlying estimates and assumptions are regularly reviewed. The impact of changes in accounting estimates is recognized in the period in which the change is made and in all subsequent affected periods.
Information on the key assumptions underpinning the estimates made in application of the accounting policies, that materially affect the amounts recognized in the financial statements, can be found in the following notes:
The Group assesses the royalties over the entire contractual period for license agreements which include a guaranteed minimum. This assessment is based on variables such as forecast revenue and market shares per label. Any difference between the guaranteed minimum and the royalties estimated over the entire contractual period is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period.
The Group measures costs of revenue including costs relating to equity warrants issued in March\u00a02021 and in September\u00a02021, as presented in Notes\u00a018 and 19. These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised, based on the estimated royalty costs compared to minimum guaranteed costs over the contractual period, and the value per share estimated at the effective date of the contract. The Group recognized no costs for the year ended December\u00a031, 2025, compared to \u20ac6,971\u00a0thousands for the year ended December\u00a031, 2024.
\u00a0
The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020).
\u00a0
Assumptions used in the impairment test are based on a business plan reviewed by management. The key assumptions are detailed in Note\u00a02.11 \u201cGoodwill\u201d.
\u00a0
Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
\u00a0
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ec596bbf-6b88-4dc7-b242-632f721c39da": { "value": "Internal development costs may be capitalized when the following criteria are met:
For the Deezer application, some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses.
In 2025, Deezer began developing a mobile app, Fancore, bringing together a set of software features designed to connect fans, influencers, and artists through a unique experience
For the Fancore application, all the aforementioned criteria are met during the presented period. Development costs are therefore recorded as intangible assets in progress and will be capitalized upon the launch of the application.
Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life.
Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life.
Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively.
Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong.
The estimated useful lives are the following:
(in \u20ac thousands) | Licenses | Exclusive | Customer Database | Other(1) | Intangible assets in progress | Total | Goodwill | Total |
|---|---|---|---|---|---|---|---|---|
Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | 8,771 | 1,441 | 7,140 | 8,924 | - | 26,275 | 15,097 | 41,372 |
Additions | 802 | - | - | - | - | 802 | - | 802 |
Reclassification | - | - | - | - | - | - | - | - |
Exchange differences | 1 | - | - | - | - | 1 | 274 | 275 |
Scope variation (Exit) | - | - | - | - | - | - | (7,885) | (7,885) |
At December\u00a031, 2024 | 9,573 | 1,441 | 7,140 | 8,924 | - | 27,077 | 7,487 | 34,564 |
Additions | 475 | - | - | - | 1,682 | 2,157 | - | 2,157 |
Reclassification | (4,219) | (1,441) | (40) | - | - | (5,700) | - | (5,700) |
Exchange differences | (3) | - | - | - | - | (3) | - | (3) |
Scope variation (Exit) | - | - | - | - | - | - | - | - |
At December\u00a031, 2025 | 5,825 | - | 7,100 | 8,924 | 1,682 | 23,530 | 7,487 | 31,017 |
Accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | (8,512) | (1,441) | (7,140) | (8,924) | - | (26,018) | (7,610) | (33,628) |
Amortization charge | (619) | - | - | - | \u00a0 | (619) | - | (619) |
Exchange differences | (1) | - | - | - | \u00a0 | (1) | (274) | (275) |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | 7,885 | 7,885 |
At December\u00a031, 2024 | (9,132) | (1,441) | (7,140) | (8,924) | - | (26,638) | - | (26,638) |
Amortization charge | (545) | - | - | - | \u00a0 | (545) | - | (545) |
Reclassification | 4,219 | 1,441 | 40 | - | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Exchange differences | 3 | - | - | - | \u00a0 | 3 | - | 3 |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | - | - |
At December\u00a031, 2025 | (5,455) | - | (7,100) | (8,924) | - | (27,181) | - | (27,181) |
Costs, net accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
At December\u00a031, 2024 | 442 | - | - | - | - | 442 | 7,487 | 7,929 |
At December\u00a031, 2025 | 373 | - | - | - | 1,682 | 2,055 | 7,487 | 9,542 |
\u00a0 |
\u00a0
Goodwill breaks down as follows:
(in \u20ac thousands) | Magic Internet Musik\u00a0GmbH | Total Group |
|---|---|---|
At December\u00a031, 2024 | 7,487 | 7,487 |
Additions | - | - |
Impairment | - | - |
Exchange differences | - | - |
At December\u00a031, 2025 | 7,487 | 7,487 |
\u00a0
The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019.
This goodwill was tested for impairment in accordance with the method described in Note\u00a02.11 \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0.5% from 2025 and discount rate of 12%. Based on this analysis, the recoverable amount exceeded the carrying value as at December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c73a0cc5-7611-4c2b-8d9d-51551fbb1d0e": { "value": "Internal development costs may be capitalized when the following criteria are met:
For the Deezer application, some of the above criteria are not met during the presented period. Development costs are therefore recorded as expenses.
In 2025, Deezer began developing a mobile app, Fancore, bringing together a set of software features designed to connect fans, influencers, and artists through a unique experience
For the Fancore application, all the aforementioned criteria are met during the presented period. Development costs are therefore recorded as intangible assets in progress and will be capitalized upon the launch of the application.
Acquired software and licenses are recognized at cost and amortized using a straight-line method over their useful life.
Other intangible assets include acquired databases. They are recognized at acquisition cost and are amortized over their useful life.
Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively.
Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong.
The estimated useful lives are the following:
Intangible assets with a finite life are amortized over their useful life using a straight-line method. Useful lives are reviewed annually, and any resulting adjustments are recognized prospectively.
Intangible assets with indefinite life are not amortized and are tested for impairment annually, either individually or as part of the cash generating unit to which they belong.
The estimated useful lives are the following:
Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group.
When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment.
Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment.
The estimated useful lives used are as follows:
The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired.
Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use.
(in \u20ac thousands) | Licenses | Exclusive | Customer Database | Other(1) | Intangible assets in progress | Total | Goodwill | Total |
|---|---|---|---|---|---|---|---|---|
Costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | 8,771 | 1,441 | 7,140 | 8,924 | - | 26,275 | 15,097 | 41,372 |
Additions | 802 | - | - | - | - | 802 | - | 802 |
Reclassification | - | - | - | - | - | - | - | - |
Exchange differences | 1 | - | - | - | - | 1 | 274 | 275 |
Scope variation (Exit) | - | - | - | - | - | - | (7,885) | (7,885) |
At December\u00a031, 2024 | 9,573 | 1,441 | 7,140 | 8,924 | - | 27,077 | 7,487 | 34,564 |
Additions | 475 | - | - | - | 1,682 | 2,157 | - | 2,157 |
Reclassification | (4,219) | (1,441) | (40) | - | - | (5,700) | - | (5,700) |
Exchange differences | (3) | - | - | - | - | (3) | - | (3) |
Scope variation (Exit) | - | - | - | - | - | - | - | - |
At December\u00a031, 2025 | 5,825 | - | 7,100 | 8,924 | 1,682 | 23,530 | 7,487 | 31,017 |
Accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | (8,512) | (1,441) | (7,140) | (8,924) | - | (26,018) | (7,610) | (33,628) |
Amortization charge | (619) | - | - | - | \u00a0 | (619) | - | (619) |
Exchange differences | (1) | - | - | - | \u00a0 | (1) | (274) | (275) |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | 7,885 | 7,885 |
At December\u00a031, 2024 | (9,132) | (1,441) | (7,140) | (8,924) | - | (26,638) | - | (26,638) |
Amortization charge | (545) | - | - | - | \u00a0 | (545) | - | (545) |
Reclassification | 4,219 | 1,441 | 40 | - | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Exchange differences | 3 | - | - | - | \u00a0 | 3 | - | 3 |
Scope variation (Exit) | - | - | - | - | \u00a0 | - | - | - |
At December\u00a031, 2025 | (5,455) | - | (7,100) | (8,924) | - | (27,181) | - | (27,181) |
Costs, net accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |
At December\u00a031, 2024 | 442 | - | - | - | - | 442 | 7,487 | 7,929 |
At December\u00a031, 2025 | 373 | - | - | - | 1,682 | 2,055 | 7,487 | 9,542 |
\u00a0 |
\u00a0
Goodwill breaks down as follows:
(in \u20ac thousands) | Magic Internet Musik\u00a0GmbH | Total Group |
|---|---|---|
At December\u00a031, 2024 | 7,487 | 7,487 |
Additions | - | - |
Impairment | - | - |
Exchange differences | - | - |
At December\u00a031, 2025 | 7,487 | 7,487 |
\u00a0
The \u20ac7,487\u00a0thousands goodwill arose from the acquisition of Magic Internet Musik\u00a0GmbH from the ProSieben media group in August\u00a02014. The acquired entity operated a music streaming service in Germany called \u201cAmpya\u201d. The entity valued at \u20ac20\u00a0million included a contract with a telecom company, a right to use TV advertising spots on the German TV channel, ProSieben TV, up to 2019.
This goodwill was tested for impairment in accordance with the method described in Note\u00a02.11 \u201cGoodwill\u201d. Based on the business plan prepared by Management and consistent with the Deezer Group\u2019s business plan, the key assumptions used for this test were as follows: multiple of 2.5 on sales used for terminal revenue, margin growth rate at 0.5% from 2025 and discount rate of 12%. Based on this analysis, the recoverable amount exceeded the carrying value as at December\u00a031, 2025.
The book value and depreciation of property and equipment are shown in the table below:
(in \u20ac thousands) | Technical equipment | Office and IT equipment | Other | Tangible assets | Total |
|---|---|---|---|---|---|
Cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | 11,002 | 3,534 | 4,419 | 77 | 19,034 |
Scope variation | - | - | - | - | - |
Additions | 677 | 350 | 190 | 22 | 1,239 |
Disposals \u2013 Write offs | (360) | (699) | (1,169) | - | (2,228) |
Reclassification | - | 36 | - | (36) | - |
Exchange differences | (10) | (27) | (34) | (2) | (73) |
At December\u00a031, 2024 | 11,310 | 3,194 | 3,406 | 61 | 17,972 |
Scope variation | - | - | - | - | - |
Additions | 960 | 186 | 302 | 11 | 1,457 |
Disposals \u2013 Write offs | (2,761) | 82 | 167 | (2) | (2,515) |
Reclassification | - | - | 17 | - | 17 |
Exchange differences | (1) | (6) | (5) | 0 | (12) |
At December\u00a031, 2025 | 9,506 | 3,455 | 3,885 | 68 | 16,918 |
Accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | (8,803) | (2,911) | (2,407) | - | (14,120) |
Depreciation charge | (1,264) | (391) | (482) | - | (2,137) |
Disposals \u2013 Write-offs | 359 | 699 | 1,144 | - | 2,202 |
Exchange differences | 1 | 22 | 6 | - | 29 |
At December\u00a031, 2024 | (9,707) | (2,580) | (1,740) | - | (14,024) |
Depreciation charge | (752) | (319) | (459) | - | (1,531) |
Disposals \u2013 Write-offs | 2,658 | (82) | (167) | - | 2,409 |
Reclassification | - | - | (17) | - | (17) |
Exchange differences | 2 | 6 | 5 | - | 12 |
At December\u00a031, 2025 | (7,800) | (2,975) | (2,378) | - | (13,151) |
Costs, net accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - |
At December\u00a031, 2024 | 1,603 | 613 | 1,665 | 60 | 3,947 |
At December\u00a031, 2025 | 1,707 | 480 | 1,507 | 68 | 3,766 |
\u00a0
The table below details the cash flow impact of the purchases of property and equipment and intangible assets:\u00a0
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
Intangible asset additions/disposals | (2,310) | (626) |
Tangible asset additions/disposals | (1,524) | (1,189) |
Purchases of property and equipment and intangible assets \u2013 Cash flow impact | (3,834) | (1,814) |
The\u00a0Group\u00a0leases\u00a0certain\u00a0properties\u00a0under lease\u00a0agreements relating to office space and server bays.
The\u00a0expected\u00a0lease\u00a0terms are between one and\u00a0nine\u00a0years.
The\u00a0Group\u00a0currently\u00a0does\u00a0not\u00a0act\u00a0in\u00a0the\u00a0capacity\u00a0of\u00a0a\u00a0lessor.
The book value and depreciation of right-of-use assets are detailed in the roll-forward below:
(in \u20ac thousands) | \u00a0 |
|---|---|
Cost | \u00a0 |
At January\u00a01, 2024 | 33,825 |
New or amended leases | 3,209 |
Leases expired or early terminated | (2,501) |
Exchange differences | - |
At December\u00a031, 2024 | 34,533 |
New or amended leases | 8,018 |
Leases expired or early terminated | (982) |
Exchange differences | - |
At December\u00a031, 2025 | 41,570 |
Accumulated depreciation | \u00a0 |
At January\u00a01, 2024 | (17,089) |
Depreciation charge | (4,674) |
Leases expired or early terminated | 2,269 |
Exchange differences | - |
At December\u00a031, 2024 | (19,494) |
Depreciation charge | (4,505) |
Leases expired or early terminated | 326 |
Exchange differences | - |
At December\u00a031, 2025 | (23,673) |
Cost, net accumulated depreciation | \u00a0 |
At December\u00a031, 2024 | 15,039 |
At December\u00a031, 2025 | 17,897 |
\u00a0
The below roll-forward shows the variations of lease liabilities during the years ended December\u00a031, 2025, and 2024:
Lease liabilities (in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At january 1 | 16,714 | 18,773 |
New or amended leases | 8,018 | 3,209 |
Repayment of leases* | (5,966) | (5,700) |
Reclassification | - | (67) |
Change in accounting method | (121) | - |
Leases early terminated* | - | - |
Interest* | 330 | 499 |
Exchange differences | - | - |
At December 31 | 18,976 | 16,714 |
Current lease liabilities | 3,746 | 4,121 |
Non-current lease liabilities | 15,230 | 12,593 |
|
The lease agreement for the Company\u2019s Headquarters was renewed at the end of the financial year for a firm term of six years. The initial lease, which was due to expire in 2028, was terminated early in connection with this renewal.
Below\u00a0is\u00a0the\u00a0maturity\u00a0analysis\u00a0of\u00a0lease\u00a0liabilities:
Maturity analysis (in \u20ac thousands) | 31/12/2025 |
|---|---|
Less than one year | 3,746 |
One to five years | 1,267 |
More than five years | 13,963 |
Total lease liabilities | 18,976 |
Current lease liabilities | 3,746 |
Non-current lease liabilities | 15,230 |
Total lease liabilities | 18,976 |
\u00a0
Excluded from the lease commitments above are short-term leases and leases in relation to low value assets.
Expenses\u00a0relating\u00a0to those leases were approximately \u20ac1,523\u00a0thousands and \u20ac735\u00a0thousands for the years ended December\u00a031, 2025 and 2024, respectively.
The weighted average incremental\u00a0borrowing rate applied\u00a0to lease liabilities recognized\u00a0in the statement of financial position was 2.34%, and 2.81% as of December\u00a031,\u00a02025, and\u00a0December\u00a031,\u00a02024\u00a0respectively.
\u00a0
Drift Holdings Limited has been accounted for under the equity method in the Company\u2019s financial statements since March\u00a06, 2024 until February 7th, 2025 date on which Deezer S.A. sold Driift holding\u2019s shares to All Things Considered Services\u00a0Ltd free.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_027a947b-68fd-4622-8c44-1a5632cf1467": { "value": "Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group.
When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment.
Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment.
The estimated useful lives used are as follows:
The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired.
Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_5e0b171c-7f89-4f04-ae4f-991109f5e224": { "value": "Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group.
When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment.
Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment.
The estimated useful lives used are as follows:
The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired.
Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use.
The book value and depreciation of property and equipment are shown in the table below:
(in \u20ac thousands) | Technical equipment | Office and IT equipment | Other | Tangible assets | Total |
|---|---|---|---|---|---|
Cost | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | 11,002 | 3,534 | 4,419 | 77 | 19,034 |
Scope variation | - | - | - | - | - |
Additions | 677 | 350 | 190 | 22 | 1,239 |
Disposals \u2013 Write offs | (360) | (699) | (1,169) | - | (2,228) |
Reclassification | - | 36 | - | (36) | - |
Exchange differences | (10) | (27) | (34) | (2) | (73) |
At December\u00a031, 2024 | 11,310 | 3,194 | 3,406 | 61 | 17,972 |
Scope variation | - | - | - | - | - |
Additions | 960 | 186 | 302 | 11 | 1,457 |
Disposals \u2013 Write offs | (2,761) | 82 | 167 | (2) | (2,515) |
Reclassification | - | - | 17 | - | 17 |
Exchange differences | (1) | (6) | (5) | 0 | (12) |
At December\u00a031, 2025 | 9,506 | 3,455 | 3,885 | 68 | 16,918 |
Accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
At January\u00a01, 2024 | (8,803) | (2,911) | (2,407) | - | (14,120) |
Depreciation charge | (1,264) | (391) | (482) | - | (2,137) |
Disposals \u2013 Write-offs | 359 | 699 | 1,144 | - | 2,202 |
Exchange differences | 1 | 22 | 6 | - | 29 |
At December\u00a031, 2024 | (9,707) | (2,580) | (1,740) | - | (14,024) |
Depreciation charge | (752) | (319) | (459) | - | (1,531) |
Disposals \u2013 Write-offs | 2,658 | (82) | (167) | - | 2,409 |
Reclassification | - | - | (17) | - | (17) |
Exchange differences | 2 | 6 | 5 | - | 12 |
At December\u00a031, 2025 | (7,800) | (2,975) | (2,378) | - | (13,151) |
Costs, net accumulated amortization | \u00a0 | \u00a0 | \u00a0 | \u00a0 | - |
At December\u00a031, 2024 | 1,603 | 613 | 1,665 | 60 | 3,947 |
At December\u00a031, 2025 | 1,707 | 480 | 1,507 | 68 | 3,766 |
\u00a0
The table below details the cash flow impact of the purchases of property and equipment and intangible assets:\u00a0
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
Intangible asset additions/disposals | (2,310) | (626) |
Tangible asset additions/disposals | (1,524) | (1,189) |
Purchases of property and equipment and intangible assets \u2013 Cash flow impact | (3,834) | (1,814) |
Property and equipment are measured at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the Group.
When components of property, plant and equipment have different useful lives, they are recognized as separate property and equipment.
Depreciation is recorded using a straight-line basis over the estimated useful life for each component of an item of property and equipment.
The estimated useful lives used are as follows:
The carrying amounts of property and equipment are tested for impairment whenever events or changes in circumstances indicate that an asset might be impaired.
Should any such event or circumstances occur, the recoverable amount of the asset is estimated. The recoverable amount of property and equipment is the higher of the net selling price and the value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_294c5d64-6b74-4ab2-a73e-405f916906c7": { "value": "At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:
As a lessee, the Group recognizes:
During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental.
The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the Group.
Leases meeting the following conditions are excluded from the scope of IFRS\u00a016:
Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costs.
The\u00a0Group\u00a0leases\u00a0certain\u00a0properties\u00a0under lease\u00a0agreements relating to office space and server bays.
The\u00a0expected\u00a0lease\u00a0terms are between one and\u00a0nine\u00a0years.
The\u00a0Group\u00a0currently\u00a0does\u00a0not\u00a0act\u00a0in\u00a0the\u00a0capacity\u00a0of\u00a0a\u00a0lessor.
The book value and depreciation of right-of-use assets are detailed in the roll-forward below:
(in \u20ac thousands) | \u00a0 |
|---|---|
Cost | \u00a0 |
At January\u00a01, 2024 | 33,825 |
New or amended leases | 3,209 |
Leases expired or early terminated | (2,501) |
Exchange differences | - |
At December\u00a031, 2024 | 34,533 |
New or amended leases | 8,018 |
Leases expired or early terminated | (982) |
Exchange differences | - |
At December\u00a031, 2025 | 41,570 |
Accumulated depreciation | \u00a0 |
At January\u00a01, 2024 | (17,089) |
Depreciation charge | (4,674) |
Leases expired or early terminated | 2,269 |
Exchange differences | - |
At December\u00a031, 2024 | (19,494) |
Depreciation charge | (4,505) |
Leases expired or early terminated | 326 |
Exchange differences | - |
At December\u00a031, 2025 | (23,673) |
Cost, net accumulated depreciation | \u00a0 |
At December\u00a031, 2024 | 15,039 |
At December\u00a031, 2025 | 17,897 |
\u00a0
The below roll-forward shows the variations of lease liabilities during the years ended December\u00a031, 2025, and 2024:
Lease liabilities (in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At january 1 | 16,714 | 18,773 |
New or amended leases | 8,018 | 3,209 |
Repayment of leases* | (5,966) | (5,700) |
Reclassification | - | (67) |
Change in accounting method | (121) | - |
Leases early terminated* | - | - |
Interest* | 330 | 499 |
Exchange differences | - | - |
At December 31 | 18,976 | 16,714 |
Current lease liabilities | 3,746 | 4,121 |
Non-current lease liabilities | 15,230 | 12,593 |
|
The lease agreement for the Company\u2019s Headquarters was renewed at the end of the financial year for a firm term of six years. The initial lease, which was due to expire in 2028, was terminated early in connection with this renewal.
Below\u00a0is\u00a0the\u00a0maturity\u00a0analysis\u00a0of\u00a0lease\u00a0liabilities:
Maturity analysis (in \u20ac thousands) | 31/12/2025 |
|---|---|
Less than one year | 3,746 |
One to five years | 1,267 |
More than five years | 13,963 |
Total lease liabilities | 18,976 |
Current lease liabilities | 3,746 |
Non-current lease liabilities | 15,230 |
Total lease liabilities | 18,976 |
\u00a0
Excluded from the lease commitments above are short-term leases and leases in relation to low value assets.
Expenses\u00a0relating\u00a0to those leases were approximately \u20ac1,523\u00a0thousands and \u20ac735\u00a0thousands for the years ended December\u00a031, 2025 and 2024, respectively.
The weighted average incremental\u00a0borrowing rate applied\u00a0to lease liabilities recognized\u00a0in the statement of financial position was 2.34%, and 2.81% as of December\u00a031,\u00a02025, and\u00a0December\u00a031,\u00a02024\u00a0respectively.
\u00a0
Drift Holdings Limited has been accounted for under the equity method in the Company\u2019s financial statements since March\u00a06, 2024 until February 7th, 2025 date on which Deezer S.A. sold Driift holding\u2019s shares to All Things Considered Services\u00a0Ltd free.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c19a1ef9-5554-415b-9265-6b399581d971": { "value": "At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:
As a lessee, the Group recognizes:
During the lease term, the lease liability and the right-of-use asset may be adjusted based on events resulting in an increase or decrease of the lease term and of the rental.
The duration of the contract considered is the reasonably certain duration including the non-cancellable period, the periods possibly covered by renewal or termination options.\u00a0This duration is assessed on the date of the lease start and this assessment must consider all the facts or circumstances creating an economic incentive. Main simplified measures allowed by IFRS\u00a016 are used by the Group.
Leases meeting the following conditions are excluded from the scope of IFRS\u00a016:
Rentals in relation to leases excluded from the scope of IFRS\u00a016 are directly booked as operating costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c7363151-b4a4-43a3-8ec3-485eeb56e5d1": { "value": "Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period.
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_53f9b0ba-5498-4329-bae4-078ce1e7b295": { "value": "Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
R&D tax receivables | - | 668 |
Advance payments on royalties | - | - |
Provision for impairment of above assets | - | - |
\u00a0 | - | 668 |
Assets that are subject to depreciation or amortization are reviewed for impairment whenever events or changes in the market in which the entity operates indicate a risk of impairment of tangible and intangible assets, an impairment test is performed to determine whether the carrying amount of the asset remains below its recoverable amount, defined as the higher of fair value less costs to sell and value in use. Prior impairments of non-financial assets other than are reviewed for possible reversal each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d512c38b-6dfd-4027-884b-0e28c97f0bf2": { "value": "The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
\u00a0
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
\u00a0\u00a0\u00a0
The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
\u00a0\u00a0\u00a0\u00a0
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
\u00a0
The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
Deposits mainly relate to office space leases and to a contract with a payment service provider. Bank\u00a0guarantees relate to office space leases.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deposits | 1,267 | 4,054 |
Guarantees | 3,919 | 1,419 |
\u00a0 | 5,186 | 5,473 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade receivables | 86,191 | 40,747 |
Less: allowance for expected credit losses | (1,682) | (886) |
Trade receivables \u2013 net | 84,508 | 39,861 |
Unbilled revenue | 25,617 | 24,055 |
\u00a0 | 110,126 | 63,916 |
\u00a0
The increase in Trade receivables is primarily driven by the advance invoicing of services to be delivered in subsequent periods. As these invoices relate to future performance obligations, the corresponding amounts are recorded as deferred revenue as of the closing date.
Trade receivables are non-interest bearing and generally have payment terms of 30 to 60\u00a0days.
Due to their comparatively short maturities, the carrying value of trade and other receivables approximate their fair value.
The ageing of the Group\u2019s net trade receivables is as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Current | 53,169 | 12,068 |
Overdue 1 \u2013 30\u00a0days | 25,562 | 15,429 |
Overdue 31 \u2013 60\u00a0days | 1,067 | 8,460 |
Overdue 61 \u2013 90\u00a0days | 922 | 342 |
Overdue more than 90\u00a0days | 3,789 | 3,562 |
\u00a0 | 84,508 | 39,861 |
\u00a0
The movements in the Group\u2019s allowance for expected credit losses are as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At january 1 | (886) | (1,357) |
Provision for impairment | (1,136) | (333) |
Reversal of unutilized provisions | 333 | 734 |
Receivables writen off | - | 73 |
Exchange differences | 7 | (3) |
At December 31 | (1,682) | (886) |
The Group\u2019s operations are exposed to financial risks. To manage these risks efficiently, the Group has established guidelines in the form of a treasury policy that serves as a framework for the daily financial operations. The treasury policy stipulates the rules and limitations for the management of financial risks.
Financial risk management is centralized within Treasury who are responsible for the management of financial risks. Treasury manages and executes the financial management activities, including monitoring the exposure of financial risks, cash management, and maintaining a liquidity reserve. Treasury operates within the limits and policies authorized by the Board of Directors.
\u00a0
The credit risk with respect to the Group\u2019s trade receivables is diversified geographically and among a large number of customers, private individuals, as well as companies in various industries, both public and private. The majority of the Group\u2019s revenue is paid monthly in advance significantly lowering the credit risk incurred for these specific counterparties.
\u00a0
Liquidity risk is the Group\u2019s risk of not being able to meet the short-term payment obligations due to insufficient funds. The Group has internal control\u00a0processes and contingency\u00a0plans for managing liquidity risk. The liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from operations.
\u00a0
The Group has a positive net cash position at December 31:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest bearing bank accounts | 4,601 | 13,450 |
Cash at bank and at hand | 60,846 | 48,605 |
Cash and cash equivalents | 65,447 | 62,056 |
\u00a0
Non-current and current financial liabilities are detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
A BSARs and B BSARs | 14 | 14 |
State-guaranteed loans | 1,150 | 8,345 |
Financial liabilities \u2013 non current | 1,164 | 8,359 |
State-guaranteed loans and other | 6,404 | 5,574 |
Accrued interests on state-guaranteed loans | 13 | 21 |
BPI Loans | 420 | 793 |
Financial liabilities \u2013 current | 6,836 | 6,388 |
\u00a0
Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05,\u00a02022, and they expire five years after this date.
As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss, i.e. measured based on their quoted price as at December\u00a031, 2025 (\u20ac0.0005).
In January\u00a02021, as part of the Covid-19 French governmental measures, Deezer\u00a0S.A. entered into three state-guaranteed loans with BNP Paribas, HSBC Continental Europe and Bpifrance. These loans will be reimbursed from January\u00a02023 to January\u00a02027.
In October\u00a022, 2024, the Company obtained loans from BPI of respectively \u20ac373\u00a0thousands and \u20ac420\u00a0thousands.
Those loans have been secured by transferring R&D tax credit receivables to BPI for respectively \u20ac467\u00a0thousands for 2021 R&D tax credit and \u20ac525\u00a0thousands for 2022 R&D tax credit.
The financing line corresponding to the transfer of the 2021 R&D tax credit was repaid during 2025.
\u00a0
The ageing of the Group\u2019s financial liabilities are as follows:
Maturity analysis (in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Less than one year | 6,836 | 6,388 |
One to five years | 1,164 | 8,359 |
Total financial liabilities | 8,000 | 14,747 |
Current financial liabilities | 6,836 | 6,388 |
Non-current financial liabilities | 1,164 | 8,359 |
Total financial liabilities | 8,000 | 14,747 |
\u00a0
\u00a0
Transaction exposure relates to business transactions denominated in foreign currency required by operations (purchasing and selling) and/or financing (interest and amortization). The Group does not hedge its transaction exposure.
In most cases, the Group\u2019s customers are billed either in EUR, in USD or in their respective local currency. Royalty payments are primarily in EUR and USD. Payments, such as salaries, consultancy fees, and rental fees are settled in local currencies. In some instances, the Group may need to convert cash at bank in foreign currencies to proceed with payments.
\u00a0
The Group\u2019s exposure to foreign currency risk at the end of the reporting period was as follows:
(in \u20ac thousands) | 2025 | 2024 | ||||||
USD | GBP | BRL | MXN | USD | GBP | BRL | MXN | |
Trade receivables | 3,821 | (2,224) | (0) | (183) | 5,034 | 98 | - | 2,224 |
Trade payables | (270) | 59 | (14) | - | (247) | (403) | (18) | - |
\u00a0
The aggregate net foreign exchange gains/losses recognized in profit or loss were:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Net foreign exchange gain on trade receivables and trade payables | (136) | 142 |
Foreign exchange (loss) on revaluation of intercompany accounts included in finance costs | (676) | (2,027) |
Total net foreign exchange gain recognized in profit before income tax for the year | (812) | (1,885) |
\u00a0
As shown in the table above, the Group is primarily exposed to changes in EUR/USD, EUR/GBP, EUR/BRL and EUR/MXN exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US, GBP BRL and MXN denominated trade receivables, trade payables and current accounts (financial instruments).
The table below shows the immediate impact on net loss before tax of a 10% strengthening and of a 10% weakening in the closing exchange rate of significant currencies to which the Group had exposure, at December\u00a031, 2025, and 2024. The impact on net loss is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group.
(in \u20ac thousands) | (Increase)/ Decrease in loss before tax | |
2025 | 2024 | |
BRL/EUR exchange rate \u2013 increase 10% | 1,890 | 3,120 |
BRL/EUR exchange rate \u2013 decrease 10% | (1,700) | (2,808) |
GBP/EUR exchange rate \u2013 increase 10% | 241 | 34 |
GBP/EUR exchange rate \u2013 decrease 10% | (216) | (31) |
USD/EUR exchange rate \u2013 increase 10% | (690) | (130) |
USD/EUR exchange rate \u2013 decrease 10% | (643) | (253) |
MXN/EUR exchange rate \u2013 increase 10% | 187 | (153) |
MXN/EUR exchange rate \u2013 decrease 10% | (168) | 138 |
\u00a0
The Group\u2019s exposure to other foreign exchange movements is not material.
Translation exposure exists due to the translation of the results and financial position of all of the Group entities that have a functional currency different from the Euro. The impact on the Group\u2019s equity would be approximately \u20ac(4) million and \u20ac(3.8) million if the Euro weakened by 10% against all translation exposure currencies, based on the exposure at December\u00a031, 2025 and 2024, respectively.
\u00a0
The interest rate risk is not considered as material for the Group as the interest rate applied on the three state-guaranteed loans effective in 2021 is a fixed interest rate.
\u00a0
The Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2025. The different levels have been defined in Note\u00a02.
\u00a0
Financial liabilities by fair value hierarchy level:
(in \u20ac thousands) | Level\u00a01 | Level\u00a02 | Level\u00a03 | 31/12/2025 |
|---|---|---|---|---|
Financial liabilities at fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A BSARs and B BSARs | 14 | - | - | 14 |
Total financial liabilities at fair value by level | 14 | - | - | 14 |
\u00a0
The table below presents the changes in fair value of the warrant liability:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | 14 | 14 |
Non-cash changes recognized in profit or loss | \u00a0 | \u00a0 |
Initial recognition | - | - |
Changes in fair value | - | - |
Issuance of shares upon exercise of warrants | - | - |
At December 31 | 14 | 14 |
The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
\u00a0
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
\u00a0\u00a0\u00a0
The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
\u00a0\u00a0\u00a0\u00a0
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
\u00a0
The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_faa52554-24d2-4d65-a161-80c022391726": { "value": "The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
\u00a0
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
\u00a0\u00a0\u00a0
The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
\u00a0\u00a0\u00a0\u00a0
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
\u00a0
The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_9fd663b4-ae7c-4baf-96d8-6f38e806b0de": { "value": "The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
\u00a0
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
\u00a0\u00a0\u00a0
The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
\u00a0\u00a0\u00a0\u00a0
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
\u00a0
The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_3aadffe2-6b83-47ec-8991-dd4549472151": { "value": "The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
\u00a0
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade receivables | 86,191 | 40,747 |
Less: allowance for expected credit losses | (1,682) | (886) |
Trade receivables \u2013 net | 84,508 | 39,861 |
Unbilled revenue | 25,617 | 24,055 |
\u00a0 | 110,126 | 63,916 |
\u00a0
The increase in Trade receivables is primarily driven by the advance invoicing of services to be delivered in subsequent periods. As these invoices relate to future performance obligations, the corresponding amounts are recorded as deferred revenue as of the closing date.
Trade receivables are non-interest bearing and generally have payment terms of 30 to 60\u00a0days.
Due to their comparatively short maturities, the carrying value of trade and other receivables approximate their fair value.
The ageing of the Group\u2019s net trade receivables is as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Current | 53,169 | 12,068 |
Overdue 1 \u2013 30\u00a0days | 25,562 | 15,429 |
Overdue 31 \u2013 60\u00a0days | 1,067 | 8,460 |
Overdue 61 \u2013 90\u00a0days | 922 | 342 |
Overdue more than 90\u00a0days | 3,789 | 3,562 |
\u00a0 | 84,508 | 39,861 |
\u00a0
The movements in the Group\u2019s allowance for expected credit losses are as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At january 1 | (886) | (1,357) |
Provision for impairment | (1,136) | (333) |
Reversal of unutilized provisions | 333 | 734 |
Receivables writen off | - | 73 |
Exchange differences | 7 | (3) |
At December 31 | (1,682) | (886) |
The Group\u2019s financial assets are comprised of non-current financial assets, other non-current assets, trade and other receivables, other current assets and cash and cash equivalents. All financial assets (other than trades receivables) are recognized initially at fair value plus transaction costs that is attributable to the acquisition of the financial asset. Purchases and sales of financial assets are recognized on the settlement date; the date that the Group receives or delivers the asset. Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets except for those with maturities greater than 12\u00a0months after the reporting period.
Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
\u00a0
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_92ef5828-8e5f-4b3c-98b8-2b0f9be25088": { "value": "Financial assets are derecognized when the rights to receive cash flows from the asset have expired.
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_71052eb2-a96b-4cf8-b7bc-4ad9a75ca535": { "value": "Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade receivables | 86,191 | 40,747 |
Less: allowance for expected credit losses | (1,682) | (886) |
Trade receivables \u2013 net | 84,508 | 39,861 |
Unbilled revenue | 25,617 | 24,055 |
\u00a0 | 110,126 | 63,916 |
\u00a0
The increase in Trade receivables is primarily driven by the advance invoicing of services to be delivered in subsequent periods. As these invoices relate to future performance obligations, the corresponding amounts are recorded as deferred revenue as of the closing date.
Trade receivables are non-interest bearing and generally have payment terms of 30 to 60\u00a0days.
Due to their comparatively short maturities, the carrying value of trade and other receivables approximate their fair value.
The ageing of the Group\u2019s net trade receivables is as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Current | 53,169 | 12,068 |
Overdue 1 \u2013 30\u00a0days | 25,562 | 15,429 |
Overdue 31 \u2013 60\u00a0days | 1,067 | 8,460 |
Overdue 61 \u2013 90\u00a0days | 922 | 342 |
Overdue more than 90\u00a0days | 3,789 | 3,562 |
\u00a0 | 84,508 | 39,861 |
\u00a0
The movements in the Group\u2019s allowance for expected credit losses are as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At january 1 | (886) | (1,357) |
Provision for impairment | (1,136) | (333) |
Reversal of unutilized provisions | 333 | 734 |
Receivables writen off | - | 73 |
Exchange differences | 7 | (3) |
At December 31 | (1,682) | (886) |
The credit risk with respect to the Group\u2019s trade receivables is diversified geographically and among a large number of customers, private individuals, as well as companies in various industries, both public and private. The majority of the Group\u2019s revenue is paid monthly in advance significantly lowering the credit risk incurred for these specific counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c820f252-67d3-4291-b55a-38deef226766": { "value": "Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade receivables | 86,191 | 40,747 |
Less: allowance for expected credit losses | (1,682) | (886) |
Trade receivables \u2013 net | 84,508 | 39,861 |
Unbilled revenue | 25,617 | 24,055 |
\u00a0 | 110,126 | 63,916 |
\u00a0
The increase in Trade receivables is primarily driven by the advance invoicing of services to be delivered in subsequent periods. As these invoices relate to future performance obligations, the corresponding amounts are recorded as deferred revenue as of the closing date.
Trade receivables are non-interest bearing and generally have payment terms of 30 to 60\u00a0days.
Due to their comparatively short maturities, the carrying value of trade and other receivables approximate their fair value.
The ageing of the Group\u2019s net trade receivables is as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Current | 53,169 | 12,068 |
Overdue 1 \u2013 30\u00a0days | 25,562 | 15,429 |
Overdue 31 \u2013 60\u00a0days | 1,067 | 8,460 |
Overdue 61 \u2013 90\u00a0days | 922 | 342 |
Overdue more than 90\u00a0days | 3,789 | 3,562 |
\u00a0 | 84,508 | 39,861 |
\u00a0
The movements in the Group\u2019s allowance for expected credit losses are as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At january 1 | (886) | (1,357) |
Provision for impairment | (1,136) | (333) |
Reversal of unutilized provisions | 333 | 734 |
Receivables writen off | - | 73 |
Exchange differences | 7 | (3) |
At December 31 | (1,682) | (886) |
Financial assets such as trade receivables are impaired according to an impairment model based on expected losses. The Group applies the provisions of IFRS\u00a09 relating to the simplified model of the original provision over the maturity of the instrument.
Credit risk is assessed upon recognition in the balance sheet at each closing date taking into account reasonable and justifiable information available as well as statistics in terms of collection. The main factors considered when identifying these potential impairment losses include actual financial difficulties of a debtor or payment delays.
A provision is recognized when there is a high probability that a contract will result in a loss, i.e. that the minimum guaranteed amounts will be greater than the economic benefits expected from the contract. The provision corresponds to the difference between the contractual obligation (guaranteed minimum) and the proportional rights assessed based on the budget available on the date the financial statements are prepared.
The difference is recognized as a provision for impairment of advance payments on music rights or/and as a provision for onerous contract if it is higher than advance payments or if future payments are forecast.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_801ad5f0-de0c-48a8-9b8c-88480668f358": { "value": "The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_13d9634c-9d57-45bd-9760-8713b51ef44f": { "value": "The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2b26c7b1-ecef-4cc0-9b4c-bb9c687d63cf": { "value": "The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_08fda0a6-7cfd-4e0d-9448-0d700c8f8eda": { "value": "The Group\u2019s financial liabilities are comprised of non-current and current lease liabilities, non-current and current financial liabilities, current liabilities including trade and other payables and contingent consideration and excluding deferred income. All financial liabilities except lease liabilities are recognized initially at fair value.
The Group accounts for some warrants as a financial liability measured at fair value through profit or loss. In accordance with IAS\u00a032, Financial instruments: Presentation, the Group determined that the warrants were precluded from equity classification, as the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss.
The Group accounts for contingent consideration as a financial liability measured at fair value through profit or loss. The fair value of the contingent consideration is presented as a component of provisions, accrued expenses and other liabilities on the consolidated statement of financial position. Changes to the fair value of the contingent consideration are recorded as operating expenses within general and administrative expenses.
After initial recognition, payables are subsequently measured at amortized cost using the effective interest method. The effective interest method amortization is included in finance costs in the consolidated statement of operations. Gains and losses are recognized in the consolidated statement of operations when the liabilities are derecognized.\u00a0
Payables are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12\u00a0months after the reporting date.
After initial recognition, financial liabilities at fair value through the profit or loss are subsequently re-measured at fair value at the end of each reporting period with changes in fair value recognized in finance income or finance costs in the consolidated statement of operations.
\u00a0
Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expires.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade payables | 4,501 | 12,134 |
Trade accrued expenses | 308,912 | 298,066 |
\u00a0 | 313,412 | 310,200 |
\u00a0
Trade payables generally have a 30 to 60\u00a0days term and are recognized and carried at their invoiced value, inclusive of any value added tax that may be applicable.
Trade payables breakdown as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Marketing, General & Administrative and Other | 683 | 5,116 |
Royalties | 3,818 | 7,018 |
\u00a0 | 4,501 | 12,134 |
\u00a0
Trade accrued expenses are detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Marketing, General & Administrative and Other | 27,188 | 23,468 |
Royalties | 281,723 | 274,598 |
\u00a0 | 308,910 | 298,066 |
\u00a0
Royalties accrued expenses relate to fees payable to rightsholders as a result of content streaming.
Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made.
Royalties accrued expenses mostly consist of liabilities incurred more than twelve months prior to the closing date.
In 2025, the Group reversed some operational provisions following a review of historical liabilities. This adjustment reflecting the extinguishment of certain risks from prior periods and ensures the balance sheet accurately represents current estimated accrued costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ac05e3c1-aa61-4030-b33d-a82fc43b444d": { "value": "For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
The Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2025. The different levels have been defined in Note\u00a02.
\u00a0
Financial liabilities by fair value hierarchy level:
(in \u20ac thousands) | Level\u00a01 | Level\u00a02 | Level\u00a03 | 31/12/2025 |
|---|---|---|---|---|
Financial liabilities at fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A BSARs and B BSARs | 14 | - | - | 14 |
Total financial liabilities at fair value by level | 14 | - | - | 14 |
\u00a0
The table below presents the changes in fair value of the warrant liability:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | 14 | 14 |
Non-cash changes recognized in profit or loss | \u00a0 | \u00a0 |
Initial recognition | - | - |
Changes in fair value | - | - |
Issuance of shares upon exercise of warrants | - | - |
At December 31 | 14 | 14 |
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the Group would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Group\u2019s market assumptions. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, and are based on the lowest level input that is significant to the fair value measurement as a whole:
The Group maintains policies and procedures to determine the fair value of financial assets and liabilities using what it considers to be the most relevant and reliable market participant data available. It is the Group\u2019s policy to maximize the use of observable inputs in the measurement of its Level\u00a03 fair value measurements. To the extent observable inputs are not available, the Group utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset or liability. In determining the fair value of financial assets and liabilities employing Level\u00a03 inputs, the Group considers such factors as the current interest rate, equity market, currency and credit environments, expected future cash flows, the probability of certain future events occurring, and other published data. The Group performs a variety of procedures to assess the reasonableness of its fair value determinations including the use of third parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_683faf14-e1f4-4ef3-b079-f2c4044ce599": { "value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4cc9e970-0f73-467d-9948-8026c9ad03fd": { "value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_f800565b-4d45-4f38-b11a-f895b1a6acaf": { "value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_285ecb34-6977-4266-8d97-d75635d102a2": { "value": "The Group does not use any derivatives for operational hedging and management of exposure to exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_5f2c4447-f270-4522-aa1a-c49d8d3f6e0d": { "value": "Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value.
Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_dd669b5d-cf44-4b55-a890-7d4e2176127b": { "value": "Cash and cash equivalents comprise cash at bank and in hand, as well as short-term deposits with maturities of three months or less and any money-market investment subject to an insignificant risk of changes in value.
Short-term investments are considered as being held-for-trading and measured at fair value on the closing date. Changes in fair value are recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_750675e7-3f7e-409c-a410-e6c37b619c59": { "value": "As at December\u00a031, 2025, the Company\u2019s share capital is divided into 123,973,429\u00a0shares, each with a par value of \u20ac0.01 All outstanding ordinary shares have equal rights to vote at general meetings.
Ordinary shares and preferred shares (class A2 and A3) are classified as equity.
As at December\u00a031, 2025, the Company\u2019s share capital is divided into 123,973,429\u00a0shares, each with a par value of \u20ac 0.01.
The Company\u2019s share capital is divided in the following classes as of December 31:
(in number of shares) | 2025 | 2024 |
|---|---|---|
Ordinary shares | 119,390,095 | 119,030,010 |
Class A2 preferred shares | 2,291,667 | 2,291,667 |
Class A3 preferred shares | 2,291,667 | 2,291,667 |
\u00a0 | 123,973,429 | 123,613,344 |
\u00a0
The table below shows the variations in number of shares for the years 2025 and 2024:
\u00a0 | 2025 | 2024 |
|---|---|---|
At January 1 | 123,613,344 | 121,637,681 |
Ordinary shares issued from the vesting of free shares | 360,085 | 739,656 |
Ordinary shares issued from the exercise of warrants | - | 1,236,007 |
At December 31 | 123,973,429 | 123,613,344 |
\u00a0
At December\u00a031, 2025, the Company issued 360,085 ordinary shares allocated free of charge to employees.
No dividends were proposed or paid in 2024 or 2025.
Each ordinary share carries the right to participate in, and vote at, general meetings. Class A2 and A3 preferred shares do not carry the right to vote at general meetings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_83ae68cf-778d-403a-a378-88197bc6d336": { "value": "As at December\u00a031, 2025, the Company\u2019s share capital is divided into 123,973,429\u00a0shares, each with a par value of \u20ac0.01 All outstanding ordinary shares have equal rights to vote at general meetings.
Ordinary shares and preferred shares (class A2 and A3) are classified as equity.
As at December\u00a031, 2025, the Company\u2019s share capital is divided into 123,973,429\u00a0shares, each with a par value of \u20ac 0.01.
The Company\u2019s share capital is divided in the following classes as of December 31:
(in number of shares) | 2025 | 2024 |
|---|---|---|
Ordinary shares | 119,390,095 | 119,030,010 |
Class A2 preferred shares | 2,291,667 | 2,291,667 |
Class A3 preferred shares | 2,291,667 | 2,291,667 |
\u00a0 | 123,973,429 | 123,613,344 |
\u00a0
The table below shows the variations in number of shares for the years 2025 and 2024:
\u00a0 | 2025 | 2024 |
|---|---|---|
At January 1 | 123,613,344 | 121,637,681 |
Ordinary shares issued from the vesting of free shares | 360,085 | 739,656 |
Ordinary shares issued from the exercise of warrants | - | 1,236,007 |
At December 31 | 123,973,429 | 123,613,344 |
\u00a0
At December\u00a031, 2025, the Company issued 360,085 ordinary shares allocated free of charge to employees.
No dividends were proposed or paid in 2024 or 2025.
Each ordinary share carries the right to participate in, and vote at, general meetings. Class A2 and A3 preferred shares do not carry the right to vote at general meetings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_70a18599-4e8e-47e9-b8c6-c447c25b93dd": { "value": "As at December\u00a031, 2025, the Company\u2019s share capital is divided into 123,973,429\u00a0shares, each with a par value of \u20ac0.01 All outstanding ordinary shares have equal rights to vote at general meetings.
Ordinary shares and preferred shares (class A2 and A3) are classified as equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_72eca855-306f-454c-911c-ccf6b6bdc016": { "value": "The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants.
For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded.
The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters:
The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares.
The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019s equity.
The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity.
The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020).
In the present notes to the consolidated financial statements:
Deezer S.A. granted free shares to certain employees od officers of the Group. At December\u00a031, 2025, 911,128 free shares definitively acquired under the 2017, 2019 and 2021 plans had not been delivered.
After the Merger completed on July 5, 2022, the Company granted free shares to the employees and officers of the Group in 2022, 2023, 2024 and 2025. The granted shares are legally owned by the beneficiaries at the end of the relevant acquisition period and subject to a continuous presence requirement during this period, and, as the case may be, to performance conditions.
The Company has implemented:
These plans are subject to performance conditions defined on a yearly basis (Jan\u00a01st\u00a0\u2013 Dec\u00a031st) and as per 4 Key\u00a0performance indicators. Shares are definitely acquired at the end of a 3-year acquisition period, subject to the beneficiary\u2019s continued presence.
Movements in free shares outstanding and related information are as follows:
\u00a0 | 2022 - Grant 1 | 2022 - Grant 2 | 2022 - Grant 3 | 2023 free | 2024 free | 2025 free |
|---|---|---|---|---|---|---|
Grant dates | 21/07/2022 | 21/07/2022 | 21/07/2022 27/10/2022 | 24/04/2023 31/05/2023 26/10/2023 | 13/03/2024 02/09/2024 | \u00a0 |
Number of shares granted | 552,000 | 477,250 | 908,880 | 1,383,600 | 1,773,600 | - |
Outstanding at January 1, 2022 | - | - | - | - | - | - |
Granted | 552,000 | 477,250 | 908,880 | - | - | - |
Definitively acquired | - | - | - | - | - | - |
Lapsed | (68,000) | - | - | - | - | - |
Outstanding at January 1, 2023 | 484,000 | 477,250 | 908,880 | - | - | - |
Granted | - | - | - | 1,383,600 | - | - |
Definitively acquired | - | - | - | - | - | - |
Lapsed | (66,008) | - | (96,720) | (50,400) | - | - |
Outstanding at December 31, 2023 | 417,992 | 477,250 | 812,160 | 1,333,200 | - | - |
Granted | - | - | - | - | 1,773,600 | - |
Definitively acquired | (261,513) | (238,624) | (239,533) | - | - | - |
Lapsed | (46,593) | (128,626) | (404,627) | (240,000) | (126,000) | - |
Outstanding at December 31, 2024 | 109,886 | 110,000 | 168,000 | 1,093,200 | 1,647,600 | - |
Granted | - | - | - | - | - | 2,100,768 |
Definitively acquired | (97,756) | (55,000) | (49,388) | - | - | - |
Lapsed | (12,130) | (55,000) | (118,612) | (180,000) | (271,200) | (87,000) |
Outstanding at December 31, 2025 | - | - | - | 913,200 | 1,376,400 | 2,013,768 |
Key assumptions used in the fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Value per share (in \u20ac) | 4.59 | 4.59 | 4.59 | Between 1.45 and 2.47 depending of the grant dates | Between 1.82 and 2.05 depending of the grant dates | 1.49 |
Employee turnover rate | 25% | 7% | 7% | 7% | 7% | 7% |
Vesting condition | \u00a0 | \u00a0 | Performance condition in 2022, 2023 and 2024 and continued presence during 3\u00a0years after the grant date. | Performance condition in 2023, 2024 and 2025 and continued presence during 3\u00a0years after the grant date. | Performance condition in 2024, 2025 and 2026 and continued presence during 3\u00a0years after the grant date. | Performance condition in 2025, 2026 and 2027 and continued presence during 3\u00a0years after the grant date. |
Deezer S.A. issued equity warrants to the benefit of certain of its commercial partners and directors.
Warrants 2021, and L have given rise to expenses recognized in the consolidated income statement for the years ended December\u00a031, 2025 and 2024 (based on the Black-Scholes model for warrants 2021).
Movements in warrants outstanding and related information is as follows:
Plans | Warrants 2014* | Warrants H | Warrants 2017 | Warrants 2021 | Warrants L |
|---|---|---|---|---|---|
Shareholder\u2019s meeting date | 22/05/2014 | 30/06/2017 | 23/12/2016 | 30/06/2020 | 30/06/2021 |
Board members\u2019 meeting date | - | - | 09/02/2017 | 24/02/2021 | 16/09/2021 |
Expiry date | 31/12/2024 | 30/06/2027 | 30/11/2026 | 31/12/2030 | 31/10/2024 |
Number of warrants granted | 66,700 | 712,404 | 6,845 | 6,000 | 420,125 |
Outstanding at January 1, 2024 | 66,700 | 17,319 | 6,845 | 6,000 | 420,125 |
Exercised | - | - | - | - | (420,125) |
Granted | - | - | - | - | - |
Lapsed | (66,700) | - | - | - | - |
Definitely acquired | - | - | - | - | - |
Outstanding at January 1, 2025 | - | 17,319 | 6,845 | 6,000 | - |
Exercised | - | - | - | - | - |
Granted | - | - | - | - | - |
Lapsed | - | - | - | - | - |
Definitely acquired | - | - | - | - | - |
Outstanding at December 31, 2025 | - | 17,319 | 6,845 | 6,000 | - |
Subscription price (in \u20ac) | 2.59 | 0.01 | 0.01 | 3.98 | 0.01 |
Exercise price (in \u20ac) | 24.25 | 14.61 | 14.61 | 39.75 | 0.01 |
Maximum share capital increase (in \u20ac, as at grant date) | 667 | 7,124 | 68 | 60 | 4,201 |
Vesting condition\u00a0 | \u00a0 | All warrants became exercisable as a result | |||
*Information contained herein takes into account the stock split decided by the combined general meeting of Deezer SA. Held on October 8, 2015. |
\u00a0
Plans | Warrants 2014 | Warrants H | Warrants 2017 | Warrants 2021 | Warrants L |
|---|---|---|---|---|---|
Volatility | 50.60% | 35.60% | 35.9% to 41.0% | 35.7% to 37.0% | N/A* |
Risk-free rate | 0.71% | 0.26% | 0.05% to 0.46% | (0.69)% to (0.62)% | N/A* |
Expected maturity (years) | 4 | 6.59 | 5.31 to 6.81 | 5.05 to 5.61 | 3.13 |
Turnover rate | 10.00% | 0.00% | 0.00% | 0.00% | N/A* |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | N/A* |
Illiquidity discount rate | 0.00% | 0.00% | 0.00% | 0.00% | N/A* |
* \u00a0N/A = Not applicable |
Concomitantly to the initial public offering (the \u201cIPO\u201d), the Company issued A BSARs and B BSARs with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date to the merger, i.e. July\u00a05, 2022, and they expire five years after this date.
Plans | A BSARs | B BSARs |
|---|---|---|
Shareholder\u2019s meeting date | 05/07/2021 | 05/07/2021 |
Board member\u2019s meeting date | 15/07/2021 | 15/07/2021 |
Expiry date | 5\u00a0years* | 5\u00a0years* |
Number of warrants granted | 659,130 | 27,500,000 |
Outstanding as of at January\u00a01, 2024 | 659,130 | 27,498,701 |
Granted | - | - |
Exercised | - | - |
Outstanding as of December\u00a031, 2024 | 659,130 | 27,498,701 |
Granted | - | - |
Exercised | - | - |
Outstanding as of December\u00a031, 2025 | 659,130 | 27,498,701 |
Subscription price (in \u20ac) | 0 | 0 |
Fair-value at the completion date of the Budiness Combination (in euros) | 0.17 | 0.17 |
Exercise price (in \u20ac) | 11.5 | 11.5 |
Maximum share capital increase (in \u20ac) (as at grant date) | 2,832 | 118,158 |
* \u00a0Five years from the completion date of Business Merger. |
The Company proceeded with grant of stock-options to the benefit of certain employees and officers of the Group.
As of December\u00a031, 2025, the Group had no stock-options outstanding. All stock-options previously granted have either been exercised, forfeited or have expired during prior periods.
Activity in the stock-options outstanding and related information is as follows:
Plans | Stock-Options 14* | Stock-Options 15* | Stock-Options 15-2* |
|---|---|---|---|
\u00a0 | 22/05/2014 | \u00a0 | \u00a0 |
\u00a0 | 24/10/2014 | \u00a0 | \u00a0 |
Award dates | 12/03/2015 | 23/04/2025 | 16/07/2015 |
Expiry date | 31/12/2024 | 31/12/2024 | 31/12/2024 |
Number of stock options granted | 424,299 | 533,948 | 72,500 |
Outstanding at January 1, 2024 | 55,462 | 533,948 | 58,000 |
Granted | - | - | - |
Lapsed | - | - | - |
Definitely acquired | - | - | - |
Outstanding at January 1, 2025 | 55,462 | 533,948 | 58,000 |
Granted | - | - | - |
Lapsed | (55,462) | (533,948) | (58,000) |
Definitely acquired | - | - | - |
Outstanding at December 31, 2025 | - | - | - |
Exercise price (in \u20ac) | 24.25 | 24.25 | 24.25 |
Maximum share capital increase (in \u20ac, as at grant date) | 4,243 | 5,339 | 725 |
* \u00a0Information contained herein takes into account the stock split decided by the combined general meeting of Deezer\u00a0S.A. Held on October 8, 2015. |
\u00a0
Plans | Stock-options 14 | Stock-options 15 | Stock-options 15-02 |
|---|---|---|---|
Volatility | 50.60% | 45.00% | 45.00% |
Risk-free rate | 0.71% | 0.32% | 0.32% |
Expected maturity (years) | 4 | 4 | 4 |
Turnover rate | 10.00% | 22.00% | 22.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Illiquidity discount rate | 0.00% | 0.00% | 0.00% |
The expense recognized in the consolidated income statement for share-based payments is as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Product and development | 224 | 345 |
Sales and marketing | 76 | 342 |
General and administrative | 693 | 432 |
Sub-Total / Free shares | 993 | 1,118 |
Cost of revenue | - | 6,971 |
Product and development | - | - |
Sales and marketing | - | - |
General and administrative | - | - |
Sub-Total / Warrants | - | 6,971 |
Product and development | - | - |
Sales and marketing | - | - |
General and administrative | - | - |
Sub-Total / Stock-options | - | - |
Total | 993 | 8,089 |
The\u00a0Group\u00a0has\u00a0plans under\u00a0which\u00a0directors, executives and certain employees are granted new shares issued and stock options and certain commercial partners are granted equity warrants.
For equity-settled share-based payment transactions, the Group must measure the goods or services received and the corresponding increase in equity, at the fair value of the goods or services received. If a reliable measurement of the goods or services received is not possible, the Group measures these by determining the fair value of the equity instruments awarded.
The fair value of the stock-options awarded to employees and of some equity warrants granted to commercial partners has been determined using the Black-Scholes model with the following key parameters:
The fair value of free shares granted to employees has been determined based on the Deezer\u00a0S.A. or on the Company valuation on the date of grant and on the rights attached to those free shares.
The value of equity instruments awarded to employees is recognized over the vesting period and is recorded under Employee benefit expenses with a corresponding increase in the Group\u2019s equity.
The value of equity instruments paid to directors and employees as consideration of services or goods received and granted to third parties as consideration of commercial partnerships is recognized as a cost in the income statement or as an asset in the balance sheet, with a corresponding increase in Capital reserves in the Group\u2019s equity.
The Group measures the fair value of stock options and warrants granted to certain employees, executives and commercial partners based on actuarial models. These actuarial models require that the Group use certain calculation assumptions with respect to characteristics of the grants (e.g., vesting terms) and market data (e.g., expected share volatility) (see Note\u00a020).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_a3a4a7ce-14a3-4397-87dd-cbe207a1f2fe": { "value": "Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation.
Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability.
The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement.
The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period.
The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income.
Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
(in \u20ac thousands) | Legal contingencies | Indirect tax | Other | Total |
|---|---|---|---|---|
Carrying amount at January\u00a01, 2024 | 2,113 | 6,083 | 6,641 | 14,837 |
Charged/(credited) to the consolidated statement of operations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additional provisions | 1,260 | 689 | 2,851 | 4,800 |
Reversal of unutilized amounts | (211) | - | - | (211) |
Utilized | (294) | (1,319) | (657) | (2,270) |
Carrying amount at January\u00a01, 2025 | 2,868 | 5,453 | 8,835 | 17,156 |
Charged/(credited) to the consolidated statement of operations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additional provisions | 585 | 838 | 801 | 2,224 |
Reversal of unutilized amounts | - | (164) | (926) | (1,090) |
Exchange differences | - | - | - | - |
Reclassification | - | - | - | - |
Utilized | (944) | - | (1,332) | (2,276) |
Carrying amount at December\u00a031, 2025 | 2,509 | 6,127 | 7,378 | 16,012 |
As at December\u00a031, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Current portion | 2,509 | 6,127 | 7,378 | 16,012 |
\u00a0
Some legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. The results of such legal proceedings are difficult to predict, and the extent of the Group\u2019s financial exposure is difficult to estimate. The Group records a provision for contingent losses when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated.
The Group has indirect tax provisions which relate primarily to foreign indirect taxes and tax penalties on these. The Company recognizes provisions for claims or indirect taxes when it determines that an unfavorable outcome is probable, and the amount of loss can be reasonably estimated.
Other provisions relate to provision for commercial litigations of the Group and unrealized foreign exchange losses.
The provision for retirement benefits applicable for employees in France has been estimated on the basis of the projected unit credit method and with the following assumptions:
\u00a0 | 2025 | 2024 |
|---|---|---|
Collective agreement applied | SYNTEC | SYNTEC |
Salary increase rate | 3% for all years | 3% for all years |
Annual discount rate | 3.95% | 3.15% |
Social contribution rate | 45.00% | 45.00% |
Retirement age | 64\u00a0years | 64\u00a0years |
Mortality table | Ined 18-20 | Ined 18-20 |
Average turnover rate | 9.66% (nil from 55\u00a0years old) | 10.75% (nil from 55\u00a0years old) |
\u00a0
The provision in the consolidated balance sheet equals the actuarial liability, from the moment there are no plan assets or unrecognized actuarial gains and losses.
The provision changed as follows:
(in \u20ac thousands) | Provision for employee retirement benefits |
|---|---|
Carrying amount at January\u00a01, 2024 | 500 |
Interest cost | 16 |
Service Costs | 123 |
Actuarial gains | 59 |
Carrying amount at December\u00a031, 2024 | 698 |
Interest cost | 22 |
Service Costs | 141 |
Actuarial gains | (45) |
Carrying amount at December\u00a031, 2025 | 816 |
\u00a0
The study of sensitivity to structuring assumptions is presented below:
\u00a0 | Actuarial debt | Cost of services |
|---|---|---|
Salary trend -0.50% | 738,491 | 125,946 |
Salary trend +0.50% | 900,076 | 154,260 |
Turnover -0.50% | 868,602 | 148,917 |
Turnover +0.50% | 765,564 | 130,526 |
Discount rate -0.50% | 899,829 | 154,243 |
Discount rate +0.50% | 739,389 | 126,078 |
Various legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out of supplier and other contractual relationships.
As a general matter, the music and other content made available on the Group\u2019s service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group\u2019s royalty payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees as incurred.
The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Group\u2019s operations or its financial position, liquidity, or results of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_18c6442a-45f3-43ad-a284-a2919173a950": { "value": "Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation.
Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability.
The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement.
The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period.
The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_1a94f31c-c946-4e09-bf63-c00cbc263deb": { "value": "Provisions are recognized in the consolidated statement of financial position when the Group has a present obligation (legal or implicit) arising from past events, that can be reliably estimated, provided it is probable that an outflow of economic benefits will be required to settle the obligation.
Where there is a significant time value effect, the amount of the provision is determined by discounting expected future cash flows at a rate that reflects current market assessment of the time value of money and, where appropriate, risks specific to this liability.
Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
(in \u20ac thousands) | Legal contingencies | Indirect tax | Other | Total |
|---|---|---|---|---|
Carrying amount at January\u00a01, 2024 | 2,113 | 6,083 | 6,641 | 14,837 |
Charged/(credited) to the consolidated statement of operations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additional provisions | 1,260 | 689 | 2,851 | 4,800 |
Reversal of unutilized amounts | (211) | - | - | (211) |
Utilized | (294) | (1,319) | (657) | (2,270) |
Carrying amount at January\u00a01, 2025 | 2,868 | 5,453 | 8,835 | 17,156 |
Charged/(credited) to the consolidated statement of operations: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additional provisions | 585 | 838 | 801 | 2,224 |
Reversal of unutilized amounts | - | (164) | (926) | (1,090) |
Exchange differences | - | - | - | - |
Reclassification | - | - | - | - |
Utilized | (944) | - | (1,332) | (2,276) |
Carrying amount at December\u00a031, 2025 | 2,509 | 6,127 | 7,378 | 16,012 |
As at December\u00a031, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Current portion | 2,509 | 6,127 | 7,378 | 16,012 |
\u00a0
Some legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. The results of such legal proceedings are difficult to predict, and the extent of the Group\u2019s financial exposure is difficult to estimate. The Group records a provision for contingent losses when it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated.
The Group has indirect tax provisions which relate primarily to foreign indirect taxes and tax penalties on these. The Company recognizes provisions for claims or indirect taxes when it determines that an unfavorable outcome is probable, and the amount of loss can be reasonably estimated.
Other provisions relate to provision for commercial litigations of the Group and unrealized foreign exchange losses.
Various legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out of supplier and other contractual relationships.
As a general matter, the music and other content made available on the Group\u2019s service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group\u2019s royalty payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees as incurred.
The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Group\u2019s operations or its financial position, liquidity, or results of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_2a9da5b6-0d8a-4eb0-8385-ce5091509895": { "value": "The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement.
The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period.
The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income.
Employee costs per nature breaks down as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Wages and salaries | (42,179) | (45,618) |
Social costs | (19,346) | (18,192) |
Share-based compensation | (788) | (929) |
Employee retirement benefits costs | (141) | (123) |
\u00a0 | (62,453) | (64,862) |
Average headcount | 532 | 577 |
\u00a0
\u00a0
During the year ended December\u00a031, 2025, the Company booked a \u20ac812\u00a0thousands French tax credit relating to research and development in respect of 2024 expenses.
The research and development expenses incurred by the Company in 2025 will give rise to a French tax credit to be assessed and recorded in 2026.
During the year ended December\u00a031, 2024, the Company booked a \u20ac668\u00a0thousands French tax credit relating to research and development in respect of 2023 expenses.
The provision for retirement benefits applicable for employees in France has been estimated on the basis of the projected unit credit method and with the following assumptions:
\u00a0 | 2025 | 2024 |
|---|---|---|
Collective agreement applied | SYNTEC | SYNTEC |
Salary increase rate | 3% for all years | 3% for all years |
Annual discount rate | 3.95% | 3.15% |
Social contribution rate | 45.00% | 45.00% |
Retirement age | 64\u00a0years | 64\u00a0years |
Mortality table | Ined 18-20 | Ined 18-20 |
Average turnover rate | 9.66% (nil from 55\u00a0years old) | 10.75% (nil from 55\u00a0years old) |
\u00a0
The provision in the consolidated balance sheet equals the actuarial liability, from the moment there are no plan assets or unrecognized actuarial gains and losses.
The provision changed as follows:
(in \u20ac thousands) | Provision for employee retirement benefits |
|---|---|
Carrying amount at January\u00a01, 2024 | 500 |
Interest cost | 16 |
Service Costs | 123 |
Actuarial gains | 59 |
Carrying amount at December\u00a031, 2024 | 698 |
Interest cost | 22 |
Service Costs | 141 |
Actuarial gains | (45) |
Carrying amount at December\u00a031, 2025 | 816 |
\u00a0
The study of sensitivity to structuring assumptions is presented below:
\u00a0 | Actuarial debt | Cost of services |
|---|---|---|
Salary trend -0.50% | 738,491 | 125,946 |
Salary trend +0.50% | 900,076 | 154,260 |
Turnover -0.50% | 868,602 | 148,917 |
Turnover +0.50% | 765,564 | 130,526 |
Discount rate -0.50% | 899,829 | 154,243 |
Discount rate +0.50% | 739,389 | 126,078 |
The Group\u2019s obligations for retirement and similar post-employment benefits relate to defined benefit plans paid at retirement date, in line with relevant legal and regulatory obligations in France. These obligations are measured using the projected unit credit method. Under this method, benefit entitlements are attributed to service periods in accordance with vesting conditions, using a straight-line basis to stagger the expense generated when the entitlement does not vest in a uniform manner over the remaining service periods to retirement.
The amount of future payments is measured on the basis of assumptions including salary increases, retirement age, life expectancy, employee turnover and discounting assumptions for anticipated payments using a rate that reflects the anticipated repayment period.
The variation of provisions resulting from changes in actuarial assumptions are recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_c4ffcca5-7da9-4436-a0b3-b5f206119b5b": { "value": "The Group assesses the royalties over the entire contractual period for license agreements which include a guaranteed minimum. This assessment is based on variables such as forecast revenue and market shares per label. Any difference between the guaranteed minimum and the royalties estimated over the entire contractual period is accrued for under Trade payables and related accrued expenses and this Cost of Revenue is spread over the same period.
The Group measures costs of revenue including costs relating to equity warrants issued in March\u00a02021 and in September\u00a02021, as presented in Notes\u00a018 and 19. These costs are recognized at the fair value of warrants issued by taking into consideration the number of warrants which could be exercised, based on the estimated royalty costs compared to minimum guaranteed costs over the contractual period, and the value per share estimated at the effective date of the contract. The Group recognized no costs for the year ended December\u00a031, 2025, compared to \u20ac6,971\u00a0thousands for the year ended December\u00a031, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ea55bbe1-d830-4b2d-b706-78bd1d7453f1": { "value": "Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
The Group is subject to the following minimum guarantees relating to the content on its service, the majority of which relate to minimum royalty payments associated with its license agreements for the right of access of licensed content, as of December 31:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
No later than one year | 43,094 | 40,105 |
Later than one year but not more than 5\u00a0years | 16,147 | 54,941 |
\u00a0 | 59,242 | 95,046 |
\u00a0
Commitments between one and five years decrease due to the expiry of certain multi-year contracts in 2026 and 2027, not yet renewed as of the closing date, as well as a downward revision of commitments under certain agreements.
The Group is also subject to the following minimum guarantees to receive from its distribution partners, as at December 31:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
No later than one year | 31,329 | 41,584 |
Later than one year but not more than 5\u00a0years | 6,476 | 74,181 |
\u00a0 | 37,805 | 115,765 |
\u00a0
The significant decrease in these guarantees results from the combined effects of the collection of advance billings for certain services, the non-renewal of certain short-term contractual commitments, and the expiry of multi-year contracts not yet renewed as of the closing date.
Various legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out of supplier and other contractual relationships.
As a general matter, the music and other content made available on the Group\u2019s service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group\u2019s royalty payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees as incurred.
The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Group\u2019s operations or its financial position, liquidity, or results of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_de6f3971-d983-489c-b2c2-84cafb80f8d0": { "value": "Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
Various legal actions, proceedings, and claims are pending or may be instituted or asserted against the Group. These may include but are not limited to matters arising out of alleged infringement of intellectual property; alleged violations of consumer regulations; employment-related matters; and disputes arising out of supplier and other contractual relationships.
As a general matter, the music and other content made available on the Group\u2019s service are licensed to the Group by various third parties. Many of these licenses allow rights holders to audit the Group\u2019s royalty payments, and any such audit could result in disputes over whether the Group has paid the proper royalties. If such a dispute were to occur, the Group could be required to pay additional royalties, and the amounts involved could be material. The Group expenses legal fees as incurred.
The Group records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Group\u2019s operations or its financial position, liquidity, or results of operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_ae7cd16e-93d1-46ed-82fd-7f61a0c152f4": { "value": "Provisions for claims are analysed on a case-by-case basis and represent the Group\u2019s management\u2019s assessment of the risk and may differ from the sums claimed by the plaintiff.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_81356645-5e15-4c5f-9bbd-70de95979c0a": { "value": "No business combination occurred during the period closed as of December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d04caede-79e2-498d-9f4e-1c08dc2225be": { "value": "Segment financial information is presented in accordance with IFRS\u00a08 Operating Segments and is based solely on the internal reporting (\u201cAdjusted EBITDA\u201d and \u201cAdjusted Gross Profit\u201d) used by the Board of Directors \u2013 considered to be the Company\u2019s chief operating decision maker within the meaning of IFRS\u00a08 \u2013 to make decisions about resources to be allocated to the segments and assess their performances. These segments reflect the basis on which management analyses the business.
The Group has identified three operating segments:
The Group monitors its operations through the use of non-generally accepted accounting principles (\u201cnon-GAAP\u201d) financial measures: adjusted Cost of Revenue and Gross Profit. These non-GAAP financial measures provide useful and relevant information regarding the Group\u2019s operating results and enhance the overall ability to assess its financial performance. They provide comparable measures which facilitate management\u2019s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d).
Revenue, Cost of revenue and Gross Profit by segment are detailed below with a reconciliation between adjusted data and consolidated accounts.
\u00a0
(in \u20ac thousands) | \u00a0 | Revenue | Cost of revenue | Gross Profit |
|---|---|---|---|---|
Year ended December\u00a031, 2025 | Direct | 351,876 | (259,766) | 92,110 |
Partnerships | 147,837 | (115,779) | 32,059 | |
Other | 34,247 | (22,951) | 11,297 | |
Total adjusted | 533,961 | (398,496) | 135,465 | |
Adjustments | - | 9,774 | 9,774 | |
Total consolidated | 533,961 | (388,722) | 145,239 | |
Year ended December\u00a031, 2024 | Direct | 344,388 | (255,250) | 89,137 |
Partnerships | 168,280 | (132,027) | 36,253 | |
Other | 29,048 | (20,761) | 8,287 | |
Total adjusted | 541,716 | (408,038) | 133,677 | |
Adjustments | - | (10,108) | (10,108) | |
Total consolidated | 541,716 | (418,147) | 123,569 |
\u00a0
Other cost of sales including commissions charged by sales platforms and payment service providers, hosting infrastructure servers and network bandwidth costs have been split per segment in the above table.
Main adjustments in Cost of revenue comprise (i)\u00a0non-recurring expenses related to licence agreements, such as costs relating to equity warrants, (ii)\u00a0licence agreements unused minimum guarantees, (iii)\u00a0onerous contract related depreciation and (iv)\u00a0reversal of prior royalty expenses. These adjustments are not included in the adjusted Gross Profit.
\u00a0
Revenue by geographical area breakdowns as follows:
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
France | 325,098 | 312,789 |
Rest of the world | 208,863 | 228,926 |
\u00a0 | 533,961 | 541,716 |
The Group has identified three operating segments:
Employee costs per nature breaks down as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Wages and salaries | (42,179) | (45,618) |
Social costs | (19,346) | (18,192) |
Share-based compensation | (788) | (929) |
Employee retirement benefits costs | (141) | (123) |
\u00a0 | (62,453) | (64,862) |
Average headcount | 532 | 577 |
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_1b1c1743-38d4-47d5-a7ce-3b820553c507": { "value": "During the year ended December\u00a031, 2025, the Company booked a \u20ac812\u00a0thousands French tax credit relating to research and development in respect of 2024 expenses.The research and development expenses incurred by the Company in 2025 will give rise to a French tax credit to be assessed and recorded in 2026.
During the year ended December\u00a031, 2024, the Company booked a \u20ac668\u00a0thousands French tax credit relating to research and development in respect of 2023 expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_e5544c1a-eb58-4175-9376-259ae94ffe13": { "value": "(in \u20ac thousands) | 2025 | 2024 | |
|---|---|---|---|
Ernst & Young Audit | Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements | 371 | 417 |
Other work and services directly related to the responsibilities of statutory auditors | 67 | 117 | |
Forvis Mazars | Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements | 224 | 252 |
Other work and services directly related to the responsibilities of statutory auditors | - | 20 | |
Grant Thornton | Audit of the Company\u2019s and the Group\u2019s annual financial statements and limited review of the Group\u2019s interim financial statements | 190 | 213 |
Other work and services directly related to the responsibilities of statutory auditors | - | 20 | |
\u00a0 | \u00a0 | 852 | 1,039 |
\u00a0
Fees of \u20ac67\u00a0thousand on the line \u201cOther work and services directly related to the responsibilities of statutory auditors\u201d correspond to the certification of sustainability information for the year ended December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_9ce26577-ca68-4328-9335-61f0864de452": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest from short-term security deposits | 2,597 | 3,886 |
Foreign exchange gain | 1,346 | 2,420 |
Fair value adjustment of financial liabilities (BSAR) | - | - |
Financial reversals | 0 | 179 |
Finance income | 3,943 | 6,485 |
Interest on financial liabilities | (144) | (221) |
Interest on lease liabilities | (330) | (499) |
Foreign exchange loss | (2,238) | (4,183) |
Other | (158) | (734) |
Finance costs | (2,871) | (5,637) |
Financial result \u2013 Net | 1,072 | 848 |
Net interest paid (including finance leases) | 827 | 860 |
\u00a0
The A and B BSAR price did not change in 2025. There was also no price variation in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_94117497-1d8c-4037-80ae-2e3b1412b5d7": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest from short-term security deposits | 2,597 | 3,886 |
Foreign exchange gain | 1,346 | 2,420 |
Fair value adjustment of financial liabilities (BSAR) | - | - |
Financial reversals | 0 | 179 |
Finance income | 3,943 | 6,485 |
Interest on financial liabilities | (144) | (221) |
Interest on lease liabilities | (330) | (499) |
Foreign exchange loss | (2,238) | (4,183) |
Other | (158) | (734) |
Finance costs | (2,871) | (5,637) |
Financial result \u2013 Net | 1,072 | 848 |
Net interest paid (including finance leases) | 827 | 860 |
\u00a0
The A and B BSAR price did not change in 2025. There was also no price variation in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_7d293216-3547-4d16-b5bf-16f88e60d6b1": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest from short-term security deposits | 2,597 | 3,886 |
Foreign exchange gain | 1,346 | 2,420 |
Fair value adjustment of financial liabilities (BSAR) | - | - |
Financial reversals | 0 | 179 |
Finance income | 3,943 | 6,485 |
Interest on financial liabilities | (144) | (221) |
Interest on lease liabilities | (330) | (499) |
Foreign exchange loss | (2,238) | (4,183) |
Other | (158) | (734) |
Finance costs | (2,871) | (5,637) |
Financial result \u2013 Net | 1,072 | 848 |
Net interest paid (including finance leases) | 827 | 860 |
\u00a0
The A and B BSAR price did not change in 2025. There was also no price variation in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_6cf787f4-24fa-48e3-a421-72477ddab0f7": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest from short-term security deposits | 2,597 | 3,886 |
Foreign exchange gain | 1,346 | 2,420 |
Fair value adjustment of financial liabilities (BSAR) | - | - |
Financial reversals | 0 | 179 |
Finance income | 3,943 | 6,485 |
Interest on financial liabilities | (144) | (221) |
Interest on lease liabilities | (330) | (499) |
Foreign exchange loss | (2,238) | (4,183) |
Other | (158) | (734) |
Finance costs | (2,871) | (5,637) |
Financial result \u2013 Net | 1,072 | 848 |
Net interest paid (including finance leases) | 827 | 860 |
\u00a0
The A and B BSAR price did not change in 2025. There was also no price variation in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_d02f5db0-f7ca-4752-9fcc-825a76f03cff": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest from short-term security deposits | 2,597 | 3,886 |
Foreign exchange gain | 1,346 | 2,420 |
Fair value adjustment of financial liabilities (BSAR) | - | - |
Financial reversals | 0 | 179 |
Finance income | 3,943 | 6,485 |
Interest on financial liabilities | (144) | (221) |
Interest on lease liabilities | (330) | (499) |
Foreign exchange loss | (2,238) | (4,183) |
Other | (158) | (734) |
Finance costs | (2,871) | (5,637) |
Financial result \u2013 Net | 1,072 | 848 |
Net interest paid (including finance leases) | 827 | 860 |
\u00a0
The A and B BSAR price did not change in 2025. There was also no price variation in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_fde76ab5-3e7c-4fb0-8926-377d6feb0e19": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest from short-term security deposits | 2,597 | 3,886 |
Foreign exchange gain | 1,346 | 2,420 |
Fair value adjustment of financial liabilities (BSAR) | - | - |
Financial reversals | 0 | 179 |
Finance income | 3,943 | 6,485 |
Interest on financial liabilities | (144) | (221) |
Interest on lease liabilities | (330) | (499) |
Foreign exchange loss | (2,238) | (4,183) |
Other | (158) | (734) |
Finance costs | (2,871) | (5,637) |
Financial result \u2013 Net | 1,072 | 848 |
Net interest paid (including finance leases) | 827 | 860 |
\u00a0
The A and B BSAR price did not change in 2025. There was also no price variation in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_1de3dde6-aab5-4e87-8025-e972b6f8485c": { "value": "The table below details the cash flow impact of the purchases of property and equipment and intangible assets:\u00a0
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
Intangible asset additions/disposals | (2,310) | (626) |
Tangible asset additions/disposals | (1,524) | (1,189) |
Purchases of property and equipment and intangible assets \u2013 Cash flow impact | (3,834) | (1,814) |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
R&D tax receivables | - | 668 |
Advance payments on royalties | - | - |
Provision for impairment of above assets | - | - |
\u00a0 | - | 668 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade payables \u2013 Advance payments | 11,223 | 9,891 |
Trade payables \u2013 Credit notes to be received | 492 | 209 |
Employees and social contributions | 2,277 | 65 |
State and local authorities | 6,453 | 7,664 |
Sundry debtors | 1,510 | 6,085 |
Prepaid expenses | 1,658 | 2,208 |
Other current assets \u2013 Gross | 23,614 | 26,122 |
Provision for impairment | (1,012) | (1,012) |
Other current assets \u2013 Net | 22,601 | 25,109 |
\u00a0
Below is the detail of the current receivables from state and local authorities:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deductible VAT on purchases made in France and abroad | 3,995 | 4,364 |
Tax receivables relating to research and development | 525 | 992 |
Tax receivables pledged as security | - | - |
Whitholding tax receivables | 242 | 943 |
Other | 1,691 | 1,365 |
State and local authorities | 6,453 | 7,664 |
\u00a0
The Company received funding from BPI for 80% of the R&D tax credit for 2021 and 2022, which was \u20ac466\u00a0thousands and \u20ac525\u00a0thousands respectively. In 2025, the Company received the payment of the R&D tax credit for 2021. The R&D tax credit for 2023 and 2024 have not yet been financed, and Research Tax Credit\u00a02025 will be calculated in the coming month.
\u00a0
The provision for impairment of other current assets is detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | (1,012) | (936) |
Provision for impairment | - | (343) |
Reversal for unused provision | - | 267 |
Other current assets written off | - | (1) |
At December 31 | (1,012) | (1,012) |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
R&D tax receivables | - | 668 |
Advance payments on royalties | - | - |
Provision for impairment of above assets | - | - |
\u00a0 | - | 668 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
R&D tax receivables | - | 668 |
Advance payments on royalties | - | - |
Provision for impairment of above assets | - | - |
\u00a0 | - | 668 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade payables \u2013 Advance payments | 11,223 | 9,891 |
Trade payables \u2013 Credit notes to be received | 492 | 209 |
Employees and social contributions | 2,277 | 65 |
State and local authorities | 6,453 | 7,664 |
Sundry debtors | 1,510 | 6,085 |
Prepaid expenses | 1,658 | 2,208 |
Other current assets \u2013 Gross | 23,614 | 26,122 |
Provision for impairment | (1,012) | (1,012) |
Other current assets \u2013 Net | 22,601 | 25,109 |
\u00a0
Below is the detail of the current receivables from state and local authorities:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deductible VAT on purchases made in France and abroad | 3,995 | 4,364 |
Tax receivables relating to research and development | 525 | 992 |
Tax receivables pledged as security | - | - |
Whitholding tax receivables | 242 | 943 |
Other | 1,691 | 1,365 |
State and local authorities | 6,453 | 7,664 |
\u00a0
The Company received funding from BPI for 80% of the R&D tax credit for 2021 and 2022, which was \u20ac466\u00a0thousands and \u20ac525\u00a0thousands respectively. In 2025, the Company received the payment of the R&D tax credit for 2021. The R&D tax credit for 2023 and 2024 have not yet been financed, and Research Tax Credit\u00a02025 will be calculated in the coming month.
\u00a0
The provision for impairment of other current assets is detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | (1,012) | (936) |
Provision for impairment | - | (343) |
Reversal for unused provision | - | 267 |
Other current assets written off | - | (1) |
At December 31 | (1,012) | (1,012) |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade payables \u2013 Advance payments | 11,223 | 9,891 |
Trade payables \u2013 Credit notes to be received | 492 | 209 |
Employees and social contributions | 2,277 | 65 |
State and local authorities | 6,453 | 7,664 |
Sundry debtors | 1,510 | 6,085 |
Prepaid expenses | 1,658 | 2,208 |
Other current assets \u2013 Gross | 23,614 | 26,122 |
Provision for impairment | (1,012) | (1,012) |
Other current assets \u2013 Net | 22,601 | 25,109 |
\u00a0
Below is the detail of the current receivables from state and local authorities:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deductible VAT on purchases made in France and abroad | 3,995 | 4,364 |
Tax receivables relating to research and development | 525 | 992 |
Tax receivables pledged as security | - | - |
Whitholding tax receivables | 242 | 943 |
Other | 1,691 | 1,365 |
State and local authorities | 6,453 | 7,664 |
\u00a0
The Company received funding from BPI for 80% of the R&D tax credit for 2021 and 2022, which was \u20ac466\u00a0thousands and \u20ac525\u00a0thousands respectively. In 2025, the Company received the payment of the R&D tax credit for 2021. The R&D tax credit for 2023 and 2024 have not yet been financed, and Research Tax Credit\u00a02025 will be calculated in the coming month.
\u00a0
The provision for impairment of other current assets is detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | (1,012) | (936) |
Provision for impairment | - | (343) |
Reversal for unused provision | - | 267 |
Other current assets written off | - | (1) |
At December 31 | (1,012) | (1,012) |
\u00a0
Below is the detail of the current receivables from state and local authorities:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deductible VAT on purchases made in France and abroad | 3,995 | 4,364 |
Tax receivables relating to research and development | 525 | 992 |
Tax receivables pledged as security | - | - |
Whitholding tax receivables | 242 | 943 |
Other | 1,691 | 1,365 |
State and local authorities | 6,453 | 7,664 |
\u00a0
The Company received funding from BPI for 80% of the R&D tax credit for 2021 and 2022, which was \u20ac466\u00a0thousands and \u20ac525\u00a0thousands respectively. In 2025, the Company received the payment of the R&D tax credit for 2021. The R&D tax credit for 2023 and 2024 have not yet been financed, and Research Tax Credit\u00a02025 will be calculated in the coming month.
\u00a0
The provision for impairment of other current assets is detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | (1,012) | (936) |
Provision for impairment | - | (343) |
Reversal for unused provision | - | 267 |
Other current assets written off | - | (1) |
At December 31 | (1,012) | (1,012) |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Employee-related liabilities | 7,007 | 5,728 |
Social contribution liabilities | 5,576 | 5,517 |
State, revenue taxes payable | 14,210 | 12,276 |
Other similar taxes and levies payable | 4,925 | 4,188 |
Current income tax payable | 60 | 81 |
\u00a0 | 31,778 | 27,791 |
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade payables | 4,501 | 12,134 |
Trade accrued expenses | 308,912 | 298,066 |
\u00a0 | 313,412 | 310,200 |
\u00a0
Trade payables generally have a 30 to 60\u00a0days term and are recognized and carried at their invoiced value, inclusive of any value added tax that may be applicable.
Trade payables breakdown as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Marketing, General & Administrative and Other | 683 | 5,116 |
Royalties | 3,818 | 7,018 |
\u00a0 | 4,501 | 12,134 |
\u00a0
Trade accrued expenses are detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Marketing, General & Administrative and Other | 27,188 | 23,468 |
Royalties | 281,723 | 274,598 |
\u00a0 | 308,910 | 298,066 |
\u00a0
Royalties accrued expenses relate to fees payable to rightsholders as a result of content streaming.
Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made.
Royalties accrued expenses mostly consist of liabilities incurred more than twelve months prior to the closing date.
In 2025, the Group reversed some operational provisions following a review of historical liabilities. This adjustment reflecting the extinguishment of certain risks from prior periods and ensures the balance sheet accurately represents current estimated accrued costs.
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deferred revenue | 77,474 | 37,449 |
\u00a0 | 77,474 | 37,449 |
\u00a0
The increase in deferred revenue is mostly related to an increase in deferred revenue from distribution partners due to a difference between the contractual payments obligations that the distribution partner is subject to and the revenue that is recognized by the Company.
Deferred revenue is mainly due within a year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_596e8af5-5091-46da-ac0a-400f9415c880": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Trade payables | 4,501 | 12,134 |
Trade accrued expenses | 308,912 | 298,066 |
\u00a0 | 313,412 | 310,200 |
\u00a0
Trade payables generally have a 30 to 60\u00a0days term and are recognized and carried at their invoiced value, inclusive of any value added tax that may be applicable.
Trade payables breakdown as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Marketing, General & Administrative and Other | 683 | 5,116 |
Royalties | 3,818 | 7,018 |
\u00a0 | 4,501 | 12,134 |
\u00a0
Trade accrued expenses are detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Marketing, General & Administrative and Other | 27,188 | 23,468 |
Royalties | 281,723 | 274,598 |
\u00a0 | 308,910 | 298,066 |
\u00a0
Royalties accrued expenses relate to fees payable to rightsholders as a result of content streaming.
Some rights holders have allowed the use of their content on the platform while negotiations of the terms and conditions or determination of statutory rates are ongoing. In such situations, royalties are calculated using estimated rates. In certain jurisdictions, rights holders have several years to claim royalties for musical compositions, and therefore, estimates of the royalties payable are made until payments are made.
Royalties accrued expenses mostly consist of liabilities incurred more than twelve months prior to the closing date.
In 2025, the Group reversed some operational provisions following a review of historical liabilities. This adjustment reflecting the extinguishment of certain risks from prior periods and ensures the balance sheet accurately represents current estimated accrued costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_21488d6e-b267-4092-b58c-b7a8498520a1": { "value": "(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Deferred revenue | 77,474 | 37,449 |
\u00a0 | 77,474 | 37,449 |
\u00a0
The increase in deferred revenue is mostly related to an increase in deferred revenue from distribution partners due to a difference between the contractual payments obligations that the distribution partner is subject to and the revenue that is recognized by the Company.
Deferred revenue is mainly due within a year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_b00321d9-7096-4158-b73b-29869d0350d9": { "value": "The Group\u2019s operations are exposed to financial risks. To manage these risks efficiently, the Group has established guidelines in the form of a treasury policy that serves as a framework for the daily financial operations. The treasury policy stipulates the rules and limitations for the management of financial risks.
Financial risk management is centralized within Treasury who are responsible for the management of financial risks. Treasury manages and executes the financial management activities, including monitoring the exposure of financial risks, cash management, and maintaining a liquidity reserve. Treasury operates within the limits and policies authorized by the Board of Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_15b70d05-28bd-45b1-a596-5df4109924d7": { "value": "Liquidity risk is the Group\u2019s risk of not being able to meet the short-term payment obligations due to insufficient funds. The Group has internal control\u00a0processes and contingency\u00a0plans for managing liquidity risk. The liquidity management takes into account the maturities of financial assets and financial liabilities and estimates of cash flows from operations.
\u00a0
The Group has a positive net cash position at December 31:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Interest bearing bank accounts | 4,601 | 13,450 |
Cash at bank and at hand | 60,846 | 48,605 |
Cash and cash equivalents | 65,447 | 62,056 |
\u00a0
Non-current and current financial liabilities are detailed below:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
A BSARs and B BSARs | 14 | 14 |
State-guaranteed loans | 1,150 | 8,345 |
Financial liabilities \u2013 non current | 1,164 | 8,359 |
State-guaranteed loans and other | 6,404 | 5,574 |
Accrued interests on state-guaranteed loans | 13 | 21 |
BPI Loans | 420 | 793 |
Financial liabilities \u2013 current | 6,836 | 6,388 |
\u00a0
Concomitantly to the initial public offering (the \u201cIPO\u201d), I2PO\u00a0S.A. issued A BSARs and B BSARs, with the B BSARs listed in the professional segment of the regulated market of Euronext Paris. These BSARs entitle their holders to subscribe new ordinary shares of the Company as from the completion date of the merger, i.e.\u00a0July\u00a05,\u00a02022, and they expire five years after this date.
As the BSARs can be converted into a variable number of new ordinary shares, they are accounted for as derivatives at fair value through profit or loss, i.e. measured based on their quoted price as at December\u00a031, 2025 (\u20ac0.0005).
In January\u00a02021, as part of the Covid-19 French governmental measures, Deezer\u00a0S.A. entered into three state-guaranteed loans with BNP Paribas, HSBC Continental Europe and Bpifrance. These loans will be reimbursed from January\u00a02023 to January\u00a02027.
In October\u00a022, 2024, the Company obtained loans from BPI of respectively \u20ac373\u00a0thousands and \u20ac420\u00a0thousands.
Those loans have been secured by transferring R&D tax credit receivables to BPI for respectively \u20ac467\u00a0thousands for 2021 R&D tax credit and \u20ac525\u00a0thousands for 2022 R&D tax credit.
The financing line corresponding to the transfer of the 2021 R&D tax credit was repaid during 2025.
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The ageing of the Group\u2019s financial liabilities are as follows:
Maturity analysis (in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Less than one year | 6,836 | 6,388 |
One to five years | 1,164 | 8,359 |
Total financial liabilities | 8,000 | 14,747 |
Current financial liabilities | 6,836 | 6,388 |
Non-current financial liabilities | 1,164 | 8,359 |
Total financial liabilities | 8,000 | 14,747 |
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Transaction exposure relates to business transactions denominated in foreign currency required by operations (purchasing and selling) and/or financing (interest and amortization). The Group does not hedge its transaction exposure.
In most cases, the Group\u2019s customers are billed either in EUR, in USD or in their respective local currency. Royalty payments are primarily in EUR and USD. Payments, such as salaries, consultancy fees, and rental fees are settled in local currencies. In some instances, the Group may need to convert cash at bank in foreign currencies to proceed with payments.
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The Group\u2019s exposure to foreign currency risk at the end of the reporting period was as follows:
(in \u20ac thousands) | 2025 | 2024 | ||||||
USD | GBP | BRL | MXN | USD | GBP | BRL | MXN | |
Trade receivables | 3,821 | (2,224) | (0) | (183) | 5,034 | 98 | - | 2,224 |
Trade payables | (270) | 59 | (14) | - | (247) | (403) | (18) | - |
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The aggregate net foreign exchange gains/losses recognized in profit or loss were:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Net foreign exchange gain on trade receivables and trade payables | (136) | 142 |
Foreign exchange (loss) on revaluation of intercompany accounts included in finance costs | (676) | (2,027) |
Total net foreign exchange gain recognized in profit before income tax for the year | (812) | (1,885) |
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As shown in the table above, the Group is primarily exposed to changes in EUR/USD, EUR/GBP, EUR/BRL and EUR/MXN exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from US, GBP BRL and MXN denominated trade receivables, trade payables and current accounts (financial instruments).
The table below shows the immediate impact on net loss before tax of a 10% strengthening and of a 10% weakening in the closing exchange rate of significant currencies to which the Group had exposure, at December\u00a031, 2025, and 2024. The impact on net loss is due primarily to monetary assets and liabilities in a transactional currency other than the functional currency of a subsidiary within the Group.
(in \u20ac thousands) | (Increase)/ Decrease in loss before tax | |
2025 | 2024 | |
BRL/EUR exchange rate \u2013 increase 10% | 1,890 | 3,120 |
BRL/EUR exchange rate \u2013 decrease 10% | (1,700) | (2,808) |
GBP/EUR exchange rate \u2013 increase 10% | 241 | 34 |
GBP/EUR exchange rate \u2013 decrease 10% | (216) | (31) |
USD/EUR exchange rate \u2013 increase 10% | (690) | (130) |
USD/EUR exchange rate \u2013 decrease 10% | (643) | (253) |
MXN/EUR exchange rate \u2013 increase 10% | 187 | (153) |
MXN/EUR exchange rate \u2013 decrease 10% | (168) | 138 |
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The Group\u2019s exposure to other foreign exchange movements is not material.
Translation exposure exists due to the translation of the results and financial position of all of the Group entities that have a functional currency different from the Euro. The impact on the Group\u2019s equity would be approximately \u20ac(4) million and \u20ac(3.8) million if the Euro weakened by 10% against all translation exposure currencies, based on the exposure at December\u00a031, 2025 and 2024, respectively.
\u00a0
The interest rate risk is not considered as material for the Group as the interest rate applied on the three state-guaranteed loans effective in 2021 is a fixed interest rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:969500LM904RGABQUN96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "text_block_4e972c99-c52d-44e2-a199-03bd3abdabf5": { "value": "The Group has no financial asset but has one financial liability measured at fair value at December\u00a031, 2025. The different levels have been defined in Note\u00a02.
\u00a0
Financial liabilities by fair value hierarchy level:
(in \u20ac thousands) | Level\u00a01 | Level\u00a02 | Level\u00a03 | 31/12/2025 |
|---|---|---|---|---|
Financial liabilities at fair value | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A BSARs and B BSARs | 14 | - | - | 14 |
Total financial liabilities at fair value by level | 14 | - | - | 14 |
\u00a0
The table below presents the changes in fair value of the warrant liability:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
At January 1 | 14 | 14 |
Non-cash changes recognized in profit or loss | \u00a0 | \u00a0 |
Initial recognition | - | - |
Changes in fair value | - | - |
Issuance of shares upon exercise of warrants | - | - |
At December 31 | 14 | 14 |
The Group is subject to the following minimum guarantees relating to the content on its service, the majority of which relate to minimum royalty payments associated with its license agreements for the right of access of licensed content, as of December 31:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
No later than one year | 43,094 | 40,105 |
Later than one year but not more than 5\u00a0years | 16,147 | 54,941 |
\u00a0 | 59,242 | 95,046 |
\u00a0
Commitments between one and five years decrease due to the expiry of certain multi-year contracts in 2026 and 2027, not yet renewed as of the closing date, as well as a downward revision of commitments under certain agreements.
The Group is also subject to the following minimum guarantees to receive from its distribution partners, as at December 31:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
No later than one year | 31,329 | 41,584 |
Later than one year but not more than 5\u00a0years | 6,476 | 74,181 |
\u00a0 | 37,805 | 115,765 |
\u00a0
The significant decrease in these guarantees results from the combined effects of the collection of advance billings for certain services, the non-renewal of certain short-term contractual commitments, and the expiry of multi-year contracts not yet renewed as of the closing date.
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(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
Gross compensation, employer social security contributions and benefits in kind | 8,014 | 7,571 |
Retirement benefits | - | - |
Termination benefits | 350 | - |
Share-based payments | - | 215 |
\u00a0 | 8,364 | 7,786 |
\u00a0
\u00a0
The consolidated financial statements include related parties\u2019 transactions conducted by the Group in the normal course of its businesses. These transactions are carried out on an arm\u2019s length basis.
Purchases and sales transactions with related parties are as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Purchases | - | - |
Sales | 64,820 | 65,241 |
\u00a0
The assets and liabilities transactions with related parties are as follows:
(in \u20ac thousands) | 2025 | 2024 |
|---|---|---|
Receivables | 10,560 | 5,637 |
Payables | - | - |
As of December\u00a031, 2025, and 2024, key management includes members of the Company\u2019s senior management and the Board of Directors. Amounts disclosed are based on the total gross amount recognized as an expense in the consolidated income statement in the respective year.
(in \u20ac thousands) | Year ended December\u00a031, | |
2025 | 2024 | |
Gross compensation, employer social security contributions and benefits in kind | 8,014 | 7,571 |
Retirement benefits | - | - |
Termination benefits | 350 | - |
Share-based payments | - | 215 |
\u00a0 | 8,364 | 7,786 |
\u00a0
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