#1deezer Investor Day 4 October 2022 1#2Disclaimer References herein to this presentation (the "Presentation") shall mean and include this document, any oral presentation accompanying this document provided by Deezer SA (the "Company"), any question and answer session following that oral presentation and any further information that may be made available in connection with the subject matter contained herein. This Presentation has been prepared by the Company and is for information only. 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All persons accessing this document are deemed to agree and comply with all the limitations and restrictions set out above. 2#3"Unlocking the full potential of music with technology"#4The Deezer Journey blogmusik Launch • . • Pioneer music streaming service Tech platform development Initial monetization through partnership with Orange in France DEEZER Expansion • App launched in 180 countries and 37 languages Became #2 in Brazil (supported by B2B partnership with TIM and Globo) France B2C take-off in deezer Profitable growth Refocus the core business • Increase differentiation • New opportunities in B2B (starting with RTL+ in Germany) and new verticals, €0.2bn Deezer Revenue 2016A Source: Company information. €0.4bn 2021A ~€1.0bn 2025E 4#5Renewed Team Jeronimo Folgueira Chief Executive Officer (since 2021) Stéphane Rougeot Chief Financial Officer & Deputy CEO (since 2022) Gitte Bendzulla Chief Operating Officer (since 2022) Matthieu Gorvan Chief Product & Technology Officer (since 2009) Aurélien Hérault Chief Innovation Officer (since 2007) Emilie Duquenne Chief People Officer (since 2020) 5#6Today's Playlist 1 Large and Growing Music Streaming Market "Sexy and I Know It" - LMFAO 2 Home of Music - Product and Content Strategy Driving Differentiation "Music Sounds Better With You" - Stardust 3 Unique B2B Capabilities to Foster Efficient Expansion 4 Healthy and Resilient B2C Subscriber Base With Strong Upsides 5 Clear Path to Scale and Profitability 60 Building a Sustainable Business Closing Remarks / Q&A "You're My Best Friend" - Queen "Follow the Money" - Buddy Guy "Knockin' On Heaven's Door" - Guns N' Roses "Treasure" - Bruno Mars 6#701 Large and Growing Music Streaming Market "Sexy and I Know It"- LMFAO 7#8Streaming has Driven the Music Industry's Rebound Global Recorded Music Industry Revenue - $bn Other Streaming 22.6 25.9 35% 18.4 16.1 100% 71% 99% 65% 1% 29% 2000 2007 2016 2021 deezer Launch Source: IFPI, Global Music Report 2022 (trade values). 8#9DSPs Have a Direct Connection to Fans UNIVERSAL UNIVERSAL MUSIC GROUP Fans __deezer SONY MUSIC WARNER MUSIC GROUP MERLIN believe. 9#10Large and Fast-Growing Music Streaming Market Worldwide Music Streaming Revenue $bn +~$20bn +~$20bn 8.0 28.2 48.0 16A 17A 18A 19A 20A 21A 22E 23E 24E 25E Source: MIDIA Research 2022-2030 global music forecasts (Jul-22); Music streaming revenue includes subscriptions and audio ad-supported (retail values). Increased Penetration Rate Higher ARPU New Sources of Revenue 10 10#11Continuously Increasing Value for Money Average digital audio¹ listening time (minutes per day) x4.2 23 60 00 96 96 2010 2016 2021 0.40% 0.30% 0.20% Global music revenue² as % of nominal spend 0.10% 0.12% 0.0% 1998 2001 2005 2009 2013 2017 2021 (1) Includes streaming services, website/apps, audio podcasts and curated radio content. Excludes radio and downloads. As of 2021E (2) Recording, Publishing and Live. Sources: Insider Intelligence, US Time Spent with Media 2021. Goldman Sachs, Music in the Air 2022. 11#12More Compelling Value Proposition than SVOD ideezer for 1 $9.99 premium subscription Digital Audio 1h36 daily listening time Disney- HBOmax hulu prime video NETFLIX Paramount+ ~$45+ for ~4 subscriptions on average? Digital Video 1h17 daily watch time4 Sources: J.D. Power, TMT Insight, Jan 2021. Insider Intelligence, US Time Spent with Media 2021. (1) Average monthly household spend on SVOD. (2) Average number of subscriptions per household. (3) Includes streaming services, website/apps, audio podcasts and curated radio content. Excludes radio and downloads. As of 21E. (4) Includes all video content viewed on desktop/laptop computers, mobile devices, and connected TVs, such as video streamed through over-the-top services. Excludes video streamed through social networks. As of 21E. 12#13Headroom for Price Increase Deezer Premium vs Netflix Standard¹ Subscription price evolution in France - € Deezer Family vs Netflix Premium² Subscription price evolution in France - € 19.99 Netflix 17.99 16.99 deezer 15.99 15.49 Netflix 14.99 13.99 13.99 12.99 10.99 11.99 10.99 i.deezer 9.99 9.99 8.99 7.99 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Sources: The Verge, Link to The Verge Article (1) Deezer Premium (HiFi, 1 listener); Netflix Standard (HD, 2 screens). (2) Deezer Family (HiFi, 6 listeners); Netflix Premium (4K, 4 screens) 13#14Strong Positioning in Core Countries France 9% 9% 28% 14m 16% [●]m Market Subscribers 37% deezer Brazil deezer 16% 18% 4% 25m 5% 53% Spotify Music amazon music ▶ YouTube Music Source: MIDIA Research 2022-2030 global music forecasts (Jul-22); Subscriber count as of Dec-21. 14#15Clear Competitive Advantages Highly competitive Product Large Catalogue at competitive terms Unique B2B Go-to partner Strong Core Markets Partner to Labels & Artists 15#16Scarce Global Strategic Players Strong barriers to entry Spotify Music amazon music ►YouTube Music Competitive Product¹ #1G #2 Large Catalogue 90m+ Music Titles Worldwide Availability 185+ Countries Hardware Integrations 80+ Integrations + Strategically valuable partner Labels & Go-to B2B Partner Artists Friendly II ideezer Source: Data Al. (1) Apple App Store rating based on global rating of current version vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Aug-22). Google Play Store rating based on global rating of all versions vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Aug-22). 16 6#17Growth Strategy Focus on large markets Unique B2B partnership-led strategy fostering efficient B2C expansion Strong B2C differentiation around music experiences and innovation Operational excellence to drive lifetime value and profitability 17#1802 Home of Music - Product and Content Strategy Driving Differentiation "Music Sounds Better With You" - Stardust 18#19Product Recognized by Users... Best-in-class product (1) store G store Illustrated by strong engagement and retention #1 In France ★★★★ 4.7 #2 Worldwide ★★★★ 4.7 #1 In France ★★★★ 4.5 #1 Worldwide ★★★★ 4.5 32h Monthly listening time3 54% Paying DAU/MAU4 (stickiness) <1.5% Net Churn after 12 months5 Source: Data Al. (1) Apple App Store rating based on global rating of current version vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Aug-22). (2) Google Play Store rating based on global rating of all versions vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Aug-22). (3) Per premium MAU, as of Dec-21 (4) Average of last 31 days Daily Active Users divided by Monthly Active Users (as of 31-Aug-22) for paying users (excludes free tier and Deezer Go) (5) Derived from average monthly retention from M13 to M42 when available from all B2C subscribers cohorts dating from Jan-19 to Aug-22; Based on billing accounts (excluding trials and subaccounts) 19#20...And The Press Forbes July 2022 Source: Forbes (link to article) #1 out of 12 4.3 4.2 4.2 4.2 4.1 4.1 music 4.0 20 20#21How we Have Built a State-of-the-Art Platform User Centric Approach Product Strategy Historic Pillars pa Listen Collect Unique and Innovative Features Discover 21#22Listen in HiFi Among the first in the industry to launch HiFi1 2014: Sonos partnership 2017: all devices Included in standard premium subscription² since 2022 deezer family 6 accounts. HiFi sound. TRY IT NOW* deezer Stream superior sound. TRY IT NOW* HiFi AUDIO Source: Company information. (1) Sound quality of up to 16-bit Free Lossless Audio Codec (FLAC). (2) In a limited number of markets, access to HiFi sound quality remains a standalone, supplemental subscription offering. HiFi AUDIO 22 22#23Listen and Sing First to integrate synchronized lyrics technology in 2014 10:141 Recherche X Eels That Look You Give That Guy 10:05 4 ◄ Recherche X O Billie Eilish I love you Ooh Ooh Maybe won't you take it back? Peut-être que tu ne le retireras pas? Took lyrics feature to a whole new level as the only platform to offer in-app lyrics translation since 2022 I never thought that I coul so bold Je n'aurais jamais cru avoir le courage Say you were tryna make me laugh Et tu diras que tu voulais juste me faire rire And nothin' has to change today Et rien n'a changé à ce jour Source: Company information. (1) Based on public features comparisons vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Oct 22). To even say these thoughts aloud You didn't mean to say, "I love you" SANS TRADUCTION SANS TRADUCTION 23 23#24Listen Everywhere Source: Company information. Everywhere Mobile & tablets When exercising Smart watches On the road Vehicle integrations (Android Auto, Waze, Apple CarPlay, etc.) 80+ * At the office integrations Desktop At home Smart speakers, TV, Desktop 24#25Collect with SongCatcher Only platform offering an in-app song-identifier Identify music in one tap and add it to favorite tracks or library Took SongCatcher to a whole new level with the ability to hum songs to identify them 10:00 Source: Company information. (1) Based on public features comparisons vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Oct-22). SongCatcher Identifying... O Deezer 10:00 100% Humming Time to sing or hum - let's hear your voice! 11/11 Identify the music around you instead? SWITCH MODE 25#26Collect With Live Radio Fingerprint 22:01 LIVE Radio Nova 777 Only platform allowing users to identify the song played when listening to the radio < 21:57 Recherche Radio fip RTL R ARİ HIT MUSIC ONLY! NOSTALGIE LES PLUS GRANDS TUBES! E1 Cherie nova RIRE &CHANSONS Fle LE SON P RF SKYR cult 00:53 Yellow Brick Road 3 Sudan Archives Natural Brown Prom Queen OUI FU RodioMeuh.com FM Mahalo Ratatat Source: Company information. Ը 0 (1) Based on public features comparisons vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Oct-22). Music Podcasts Favorites Search 26 26#27Collect With Library Importer Transfer your favorites Move your playlists and favorites from another music service to Deezer. SELECT A SERVICE Effortlessly transfer music library from another streaming service to Deezer Fully integrated in-app¹ Source: Company information. (1) Partnership with Tune my Music. SELECT PLAYLISTS TO MOVE My Music Favorite Songs (20/20) selected Favorite Albums (6/6) selected Favorite Artists (13/13) selected Playlists (5) Dance (39/39) selected Roadtrip (40/40) selected > Music Favorite Tracks Playlists Albums Artists Mixes Podcasts 0 1 0 5 0 J Music Podcasts Favorites Search Premium 27#28Discover with Flow You & Me Party flow Deezer Focus 100% Only platform1 providing a customized mood-adjustable infinite mix Accessed with a single click from the home screen Each mood is uniquely matched to users' listening preferences 2014: Flow 2021: Flow with moods flow Source: Company information. (1) Based on public features comparisons vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Oct-22). flow Flow is a smart mix of your favorites and new discoveries adapted to your taste. Melancholy Motivation Chill 28#29Discover With Track Mixes Made for you > flow Mix inspired by... a selected track Prominently featured on the app's homepage to encourage users to discover new musical horizon An infinite mix with your favorites and new discoveries Mixes inspired by... daily A mix featuring Ed Sheeran, Drake, Post Malone, Blackbear... Discover new tracks similar to your favorites As It Was Harry Styles Me Porto Bonito Bad Bunny Running Up that Hill Kate Bush Playlists you'll love 20 29#30Discover With Country Selector 10:01 Cancel Brazil Choose a country Done British Indian Ocean Territory Only platform¹ allowing users to pick any country to enjoy local recommendations, from anywhere in the world Brunei Bulgaria Burkina Faso Burundi Cambodia Source: Company information. (1) Based on public features comparisons vs. Spotify, Apple Music, Prime Music, YouTube Music, Tidal (as of Oct-22). Cameroon Canada Cape Verde Cayman Island Central African Republic 30 30#31Continuously Improving Platform and Engagement Monthly Average Listening Time Based on Premium MAUs 35h Country Selector Flow with moods Lyrics Translation Humming SongCatcher 30h Radio Fingerprinting 20h 15h རྨུ་ཆུ$ 25h Sep-17 deezer family 6count HH Sound TRIVIT NOW! HiFi on all devices¹ Source: Company information. (1) Launched in partnership with Sonos in 2014. Jun-18 Stories & Social Sharing Mar-19 Pandemic impact Music Library Importer Track Mixes Dec-19 Sep-20 Jun-21 Mar-22 31#32New Consumer Trends Driving Product Evolution Catalogue Access Broadly same format&content Immersive Music Experiences Fans Community Fan-to-Artist Ownership Uniqueness PROFESSOR .deezer X JUL KMT GAZO .deezer x GAZO 32 32#33Product Vision Communities REMEMBER SUPPORT DISCOVER LEARN LISTEN PLAY music „COLLECT LIVE Artists & fans SHARE 33#34How We Soundtrack the Home of Music Creation Differentiating by creating Home Curation content for younger Driving engagement of through editor demographics Music created content and Amplifying brand Al features strategy through artist endorsement Growing engagement and enhancing differentiation#35Reflecting Cultural Trends to Maintain Relevance Mood & Moment driven access to music Fluidity No music tribes anymore Users evolve between genres & decades Reactivity Swift reflection of online trends revolving genres, buzzwords and aesthetics Nostalgia-driven Longing for time where things felt better and easier Feel good, mental health, party, chill Main mood drivers for younger demographics New ways of consuming music Social Media Platforms TikTok, Instagram, Snapchat Soundtracks to platform phenomenons Stranger Things, Euphoria DSPs and Youtube Influencers 35#36Targeted Curation Catering to all Audiences slayyyy pov: ur drifting late at night safe place Source: Company information. super sad fluid hip-hop hits vibe check rapstars tiktok hits deutschrap banger Human curation Team of global and local curators 21 markets localized 17 nationalities funkadão you're dreaming Powered by Al Flow with moods Track Mix Catering to all audiences 500+ playlists for every mood 280+ playlists for all genres & decades GenZ specific channel 36#37Drive Brand Value and Differentiation Through Creation Evénement Exclusif deezer originals Matched. When Rosalía meets Angèle deezer Talk VOD INVERSIONS 90s Music originals بانال Regardez son concert événement au Vélodrome Livestreaming Summer rewind The summer's defining sounds Stories lomepal la vidéo du concert évènement en exclu! Music VOD deezer deezer sessions sessions originals Live Recordings .deezer NEW Li deezer originals next LAPLAYUSTDE .deezer focus Discovery Music Podcasts originals 37#38The Home of Music Hosting Unique and Exclusive Experiences 2h Voir la traduction @martingarrix, such an amazing person, you put the fire on stage tonight Merci @deezerfr !!♥ JVLIVS deezer x GAZO Jacezer ΠΑΝ KEN deezer rooftop sessions channel tres deezer. sessions pomme 38 88#3903 Unique B2B Capabilities to Foster Efficient Expansion "You're My Best Friend" - Queen 39#40B2B at the Heart of our Business 3.8m B2B Subscribers (Jun'22) €112m B2B Revenue (LTM Jun-22) Source: Company information. 45 Partnerships (Sep'22) 21% B2B Adj. Gross Profit (H1‘22) 40 40#41B2B Back to Growth Post Pandemic B2B Subscribers - EoP Slight growth in FR, offset by decrease in Row B2B ARPU ARPU Ex. BR 4.5 4.3 4.4 Improved geo mix m 3.9 4.0 3.8 2.5 2.3 2.3 × ROW 2.8 2.9 2.8 II €m B2B Revenue % growth yoy -10% -2% +5% Launch of recent partnerships 112 109 107 FR 1.1 1.0 1.1 FY 20 FY 21 H1 22 FY 20 FY 21 H1 22 FY 20 FY 21 LTM Jun-22 Source: Company information. 41#42Track Record of Landing and Expanding Win-Win Partnerships R TL 2022 0 orange 2010 B2B Revenue T Mobile 2012 TIM 2014 SFR 2020 globoplay 2021 2012 2015 2020 Jun-22 LTM €40m €99m €109m €112m Contract Renewals Source: Company information. 42#43Unmatched Partner #2 independent DSP 9.4m total subscribers (Jun-22) Best-in-class music product with full catalogue and strong differentiating features 90m+ music titles Tech B2B expertise Commercial B2B know-how Big enough to be competitive, small enough to cater for B2B Unparalleled track record across industries / sectors Source: Company information. Unrivalled solution: State-of-the-art technical toolkit including APIs, SDKs and Widgets 10y+ experience in Telco partnerships Dedicated engineering and customer care team 24/7 care team 40+ languages R T L globoplay orange T Mobile TIM SFR FNAC DARTY Cdiscount 43#44Telco and Media Companies Increasingly Looking to Develop Bundles Tech conglomerates increasingly offering bundles... amazon prime music prime reading prime gaming video One tv+ Arcade Music Fitness+ iCloud+ ...Pushing media companies to do the same DISNEY+ X verizon DA ZN X TIM Source: Company information. ► YouTube NETFLIX X T Mobile ►YouTube Premium ▶ YouTube Music X Walmart Paramount+ 44#45Music Streaming adds Value to a Broad Range of Partners Enhanced customer engagement and experience Loyalty, stickiness / churn, customer value Amplified brand value Ꮷ Differentiation and innovation powered by music and technology + Additional business opportunities Customer acquisition, new revenue streams / business models, access to customer data 45 45#46Benefits of B2B Deals for Deezer 1 Massive market opportunity US example Net Adds 28 (21A-25E) Mobile ~350m² 2 Local expertise for go-to-markets SVOD ~340m1 T-Mobile- AT&T 3 verizon NETFLIX prime video Dec-21A 137 DISNEY+ hulu Subscribers Vix Dec-25E Music Subscribers Sources: MIDIA Research 2022-2030 global music forecasts (Jul-22), CEIC, Digital TV Research. (1) US total number of SVOD subscriptions (as of Dec-21). (2) US total number of mobile subscribers (as of Dec-20). 4 Significant contributor to profitability Build brand equity paving the way for B2C 46 46#47B2B Growth Avenues 1 Grow Existing 2 Ramp-up TIM orange globoplay + RTL + SFR FNAC DARTY T Mobile Cdiscount H1 22 Global Global ex BR B2B Subs 3.8m 1.7m B2B ARPU €2.5 €4.4 Source: Company information. (1) Public Target from RTL. Includes RTL+ and Videoland. 3 Launch New B2B New sectors and/or geographies O 2666 % Penetration of RTL+ subs 10m paying subs¹ in 26E Negotiated price % Penetration of customer base Negotiated price 47#48Existing Deals Still Have Significant Room to Grow Ramp-up to reach target penetration of partner clients Cross-selling of New Verticals New offer launches Extend deals to new geographies 1 48#49Continued B2B Expansion in France B2B Revenue Breakdown in France Standalone Bundle Partnerships 2010 -100% 20% orange FNAC DARTY 2017 - Retail 2015 80% SFR 2020 - Telco Key Highlights Efficient acquisition strategy through bundle 1m premium active subscribers in less than 3 years Strengthened win-win proposition through switch from bundle to standalone Revenue and margin uplifts for Deezer Cost driver to revenue driver for Orange Source: Company information. 90% 2021 10% Cdiscount 2022 E-Commerce Signing additional B2B deals across various verticals 1 49 49#50Success Story in Brazil 16% 6% Fast Scale-Up through TIM Partnership Subs Market Share % 2017 2021 Spill-Over effect on B2C 2021 vs 2017 B2C Revenue ~X2.31 Gross Margin Improvement Through Partnership Scale Up B2B Gross Margin % Signing of New Partnerships Fueling Additional Growth Sources: MIDIA Research 2022-2030 global music forecasts (Jul-22). Company information. (1) Based on constant FX rate vs. 2021. 2021 vs 2017 +15pp Itaú since 2020 Financial Services globoplay since 2021 SVOD mercado libre since 2021 E-Commerce 1 50 50#51First-of-its Kind Offer in Europe 1st entertainment superapp in Europe Integrated cross-media platform with video, music, podcasts, audiobooks and e-magazines → Available on all devices → Curation facilitating content discovery "Watch more, listen more, read more" 15:53 LTE RTLPLUS Posts rtiplus o TL+ Wildberry Lillet "The ability to offer more than just video, with music, e- magazine content and audiobooks, could make RTL+ a more compelling value proposition" (Deutsche Bank, 8 Aug 22) 90 Mio. Songs + Serien + Filme Serien, Filme und Musik streamen für 12,99 € 9,99 €/Monat Mehr Infos "Einführungspreis. Ab dem 7. Monat 12,99 € pro Monat Flexibel kundbar mit einer Frist von 30 Tagen powered by deezer Von TikTok bis an die Chartspitze Höre jetzt die neue #1 auf RTL+ Musik 07 179 likes deezer rtiplus ich will Dollars, ich will fliegen wie bei Marvel, ack Canapés und ein Wildberry Lillet thr könnt den neuen Nummer 1 Hit... more Source: Company information, Equity research. 2 51#52A Game-Changing Partnership in Germany RTL Ambition RTL Streaming targets by 20261 Deezer Benefits 10m Paying Subscribers → Co-branding ...deezer R T L+ → Significant distribution and marketing commitment from RTL itt €1bn Revenue ~€600m Content investment p.a. R TL + MUSIK Powered by deezer Source: Company information. (1) Public Target from RTL. Includes RTL+ and Videoland. 15:34 LTE MUSIK feel good pop Zum Wochenstart Feel Good Pop Playlist 50 Titel deezer a ☆ 2 52#53Ambitious Business Development Plans in Large Markets 0 告 France Brazil Germany US UK Canada Italy Spain Market Size (2027E) $1.8bn $1.1bn $2.8bn $20.9bn $3.6bn $1.5bn $1.0bn $0.7bn Deezer's Market Share (Dec-21) 28% 16% 1% <1% <1% <1% 1% 1% SFR orange TIM R T L Market Access FNAC DARTY globoplay mobil.com debitel Cdiscount Source: MIDIA Research 2022-2030 global music forecasts (Jul-22). Further partnerships identified and being evaluated 3 53#54Untapped Potential in New Verticals Largely mastered and addressed, remaining opportunities to capture Telcos Retail Recent successes unlocking new opportunities Media Identified yet untapped verticals with huge potential Automotive Gaming 0000 O Hospitality Hardware Finance Our value proposition addresses the needs of an increasing number of promising verticals 9998 $ 2866 3 54 54#5504 Healthy and Resilient B2C Subscriber Base With Strong Upsides "Follow the Money" - Buddy Guy 55 55#56Large and Loyal B2C Subscriber Base 5.6m B2C Subscribers (Jun'22) €4.6 B2C ARPU (H1‘22) €300m B2C Revenue (LTM Jun-22) 79% B2C Subscriber Base > 12 months¹ (Jun'22) 24% B2C Adj. Gross Profit (H122) Source: Company information. (1) Based on billing accounts (excluding trials and subaccounts). 56 56#57Healthy and Resilient B2C Business B2C Subscribers - EoP FR double digit growth offset by refocus strategy in Row Lower trials and UK B2C ARPU Geo Mix Change Price Increases investments Higher share of family FX impact in Brazil m 5.5 5.7 4.6 5.6 4.3 × 4.1 2.4 2.3 ROW 2.7 3.2 3.3 FR 2.8 II €m B2C Revenue % growth yoy +6% +8% +10% 300 283 262 FY 20 FY 21 H1 22 FY 20 FY 21 H1 22 FY 20 FY 21 LTM Jun-22 Source: Company information. 57#58B2C Economics Improvements are Only Starting IMPLEMENTED 1 Price increases Marketing refocus 58#59Price Increase Being Successfully Rolled Out New B2C prices roll-out Price increase subscriptions¹ in % of revenue² 11% 58% H1'22 average October 70% 71% 66% 62% 59% 56% 18-Jan 32% Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 November All existing iOS users December Source: Company information (1) Based on billing accounts (excluding trials and subaccounts). (2) Extracted from payment table; due to payment lifecycle, minor changes could occur. Revenue subject to post closing adjustments; Revenue might change if we refund a transaction or we receive a chargeback; Excludes VAT. 59#60Marketing Refocus B2C marketing¹ % total B2C marketing 52 52 38 34% RoW ~15% FR, BR, DE 42% % B2C revenue (1) Excluding royalties for trials and central costs (HQ). Source: Company information. 66% ~85% 58% 2020 2021 2022E 14% 18% 60#61Refocus Already Paying off France ROW 1.9x LTV/SAC (H1’22) +9% YOY 0.8x LTV/SAC (H122) +82% YOY LTV = 5 year lifetime (x) full-price ARPU (x) B2C Adjusted Gross Margin SAC = (B2C Marketing + Net trial costs) / New leads 61#62Additional Initiatives Underway IMPLEMENTED 1 Price increases 2 Marketing refocus LAUNCHED Brand repositioning Livestreaming 62 62#63Expanding our Brand Towards Younger Demographic I the power 回务是 of music O deezer DX the power D WO of music deezer 63#64Younger Demographic Represents Greatest Opportunity for Growth In m 16-24 25-34 35-44 45-54 இ 55-64 Internet users 7.2 7.8 8.1 8.4 7.1 Penetration (%) 77% 64% 49% 39% 28% Music streamers1 5.6 5.0 4.0 3.3 2.0 (free + paid) (-) Of which already paying² (2.5) (2.2) (1.7) (1.4) (0.8) (=) Business Potential 3.2 2.7 2.3 1.9 1.2 Free streamers to be converted +55% vs. average other age categories Source: Extracts from GWI Consumer Surveys. Base: Internet users in France. Waves: Q2 2022, Q1 2022, Q4 2021 and Q3 2021. (1) Question: Time spent on music streaming services. (2) Question: Digital content purchased for music streaming services. Also receptive to "younger" brand 64 ठ#65Livestreaming Opportunity Driift acquisition of Dreamstage announced in Sep-22 Deezer investment in livestreaming this year amounting to $7m1 Deezer to become largest shareholder of Driift and will fully consolidate Driift's results and balance sheet Live streaming market expected to reach $5.2bn by 2028E with significant upside² Award-winning platform delivering events for greatest artists Little Mix in London (May-22, O2 Arena) LITTLE MIX HE LAST SHO FOR NOW) 85k+ $1.2m Glastonbury livestream The Smile Horan's Jorja Smith, Coldplay 3 concerts show series GLOBAL LIVESTREAM VE FROM THE OR, LONDO Livestream tickets sold Revenue Streamed in 143 countries Unparalleled production and tech capabilities combined to create new leader in livestreaming Source: Company information. (1) Including $2m investment in Dreamstage (May-22) and £4m investment in Driift (Sep-22). (2) Source: MIDIA, State of the Livestreaming Nation; upside notably through multifaceted monetization and adjacent formats. 65#66Other Revenue Initiatives IMPLEMENTED 1 Price increases Marketing refocus LAUNCHED 2 Brand repositioning 3 Livestreaming PLANNED Fandom New verticals 66 69#67Superfans Are Willing to Pay More Music consumers and their music spending habits % of Audience 27% "Superfan" average spend per artist³ Does not include music streaming subscription % of Spend (IT) » Live gig ticket ~$200 Album download 39% 61% 73% Superfans¹ Mainstream² 12" Vinyl album -$1,000 Authentic signed item Sources: Music Ally, Serving the superfans. Money.co.uk, 2021 (Link to Article). (1) Includes "Aficionados" and "Digital". (2) Includes "Background Consumers", "Ambivalents", "Occasionals" and "Big Box". (3) Low end: Average Top 20 cheapest music acts. High end: Average Top 20 most expensive music acts. Official merchandise 67#68New Verticals to Boost Profitability Over the Medium Term New Verticals 3 projects under development €4m one-off investments for launch in H1 22 First revenue to be generated in 2023 Illustrative Economics at Scale Subscription Price 100% Competitive pricing Payment/Infra Costs ~20% of Rev. Fully variable New Content Production Fixed Gross Margin 70%+ Staff / G&A ~10-15% of Rev. ZEN by deezer Holistic mind & body experience Exclusive music relaxation, sounds, expert tips and guided exercises Launch expected in France in Q1-23 with more than 2,000 pieces of content Go to market in less than 12 months Marketing EBITDA Margin Source: Company information. One-off content production Below 5% of Rev. B2C/B2B cross-selling 50%+ 68#6905 Clear Path to Scale and Profitability "Knockin' On Heaven's Door" - Guns N' Roses 69 69#70Financials in Perspective FY'21 €m % of Revenue Revenue 400 Royalties (287) (72)% Fully variable; Recording and publishing rights, mostly contract-based Payment/Infrastructure (29) (7)% Mostly variable; Mainly B2C payment fees; Infrastructure costs of all users Adj. Gross Profit(1) 84 21% Marketing (73) (18%) Mostly B2C acquisition/brand marketing and trial costs (royalties) Staff / G&A (75) (19%) Fixed; Salaries and social costs for ~600 employees; G&A includes rent and other fixed administrative costs Adj. EBITDA (1) (65) (16)% A Working Capital 37 9% Fully variable; Positive inflows as subscriptions are received ahead of royalties payment to rights holders Other Cash Items (20)(2) (5)% Capex (variable), leases (fixed) and other cash items (fixed / one-offs) Cash Flow Pre-Funding (47) (12)% Source: Company information. (1) See appendix for definition of adjusted metrics. (2) Includes capex (€2m), leases (€6m), livestreaming investments and other cash items (€11m). 70#71Unique Business Mix... Subscribers Jun 22 ARPU H1 22 Revenue B2C (71% of '21 Rev.) Users that subscribed directly through website or mobile application and paying directly or through a 3rd party app store or carrier billing partner 5.6m €4.6 B2B (27% of '21 Rev.) Users that have access to Deezer's service through a distribution partner 3.8m €2.5 / €4.4 ex BR €107m New Verticals Economics at Scale Streaming-adjacent services such as well-being, e-learning... €283m FY 21 Adj. Gross Profit(1) 24.9% FY 21 Marketing % of Rev. 20%+(2) FY 21 Source: Company information.Does not include "Other" segment: Advertising, Brand partnerships and Livestreaming. (1) See appendix for definition of adjusted metrics. (2) Includes Royalties for Trials. 19.7% Less than 5% 70%+ (Fixed content costs) Less than 5% (Cross-sell and B2B monetization) 71#72...Paving our Way to Breakeven Revenue 2021A €400m 2025E ~€1bn B2C B2B 2.0% 15.4% Improved B2C marketing efficiency Sound B2B profitability New Verticals Business mix B2C / B2B Adj. Gross Profit after 2.7% Marketing (1) (% margin) Ramp-up New Verticals Staff/G&A €75m % of revenue 18.9% Global business already operating at scale Adj. EBITDA (1) (% margin) (16.2)% Source: Company information. (1) See appendix for definition of adjusted metrics. Profitable 72#73Strategy Allowing for Fast and Efficient Scale Up Revenue Pipeline €400m Existing and signed Subscribers ARPU ~€1bn . 2021A B2B B2C New verticals 2025E Source: Company information. (1) Includes small contribution from ads and brand partnerships. B2B: о Growth of existing partnerships о Ramp-up of RTL partnership о Launch new deals in attractive audio streaming markets across various verticals B2C: Focus on large and attractive markets ⚫ New verticals: Cross-selling new high-margin offerings (including well-being) 73#74Clearly Identified Profitability Levers to Achieve Breakeven Gross Profit Long-term agreements with labels Positive impact of new verticals Marketing Focus on large and attractive markets to drive marketing efficiency Brand repositioning and home of music strategy Partnership-led go-to-market strategy Improved mix of marketing spend with higher share of B2B • Staff / G&A Current workforce in core music streaming business sufficient to deliver plan Limited and temporary investments for launch of new verticals 74#75Attractive Cash Conversion Profile FY '21, in Єm Live Streaming Adj. EBITDA (1) Working Capital Capex Leases Repayment and Other (65) Source: Company information. (1) See appendix for definition of adjusted metrics. +37 (2) (6) Low capex model with most R&D costs expensed in P&L (11) Structurally positive inflows from working capital Cash Flow Pre-funding Includes €7m investments in Driift and Dreamstage (47) 75#76Guidance and Outlook Confirmed 2022 Guidance Source: Company information. Long-Term Outlook €1bn revenue by 2025E ~€455m Cash flow breakeven in 2024E Revenue EBITDA breakeven by 2025E Fully-funded until cash flow breakeven 76 60#7706 Building a Sustainable Business "Treasure"- Bruno Mars 77#78A Diversified Band ~650 37% 3y 4m Employees Women Average tenure 47 Nationalities Why talent joins the band French Tech Music, an attractive industry International environment ~50% Product & Tech, Data & Innovation 82% Employee Net Promoter Score Strong employee pride Public Company 5 hubs Paris, Bordeaux, London, São Paulo, Berlin Source: Company information as of Sep-22. 78#79Targeted and Ambitious ESG Strategy Environmental Impact Well-Being Diversity & Inclusion Social Impact Through Music • • HQ certified HQE ("High Quality Environmental standard") Data collection structure • Waste management policies • Eco-friendly welcome pack • Treely Walk challenge 21:13 & 9 68% • • • New remote working charter Psychological helpline Well-being week and events (notably Kids days) Clear Strategy: "All voices matter" Employees as ambassadors Mentoring program • Conferences External voices of diversity Free subscription for APHP employees during Covid peak Ukrainian premium subs for free WELCOME TO TREELY You walk, we plant trees. WELLBEING WEEK 3,2,1,... DAY 1 TAKE CARE OF YOUR MIND THE WELLBEING WEEK IS OFFICIALY OPEN! Today, we gonna massage our brains, caress our neurons and make our synapses purr in pure joy! MINI PLAYLIST OF THE DAY Located.mund Miles Dav Baricia Brain Die Antwoord Love on the bean Rhanna Quafmcbead The Fing LINKS TO INSPIRE 200+ Employees participated in a D&I learning action (from Jan to Sep-22) 5m Streams of Pride mood in Flow Source: Company information. 79#80Targeted and Ambitious ESG Strategy Environmental Impact Well-Being Diversity & Inclusion Social Impact Through Music • Energy audit of all our European offices • • • Measurement of our current carbon footprint and set up of realistic targets Carbon reduction to be set post initial • measurements Source: Company information. • Well-being project kick- off Benefits review Free Zen app for all employees Further training on bias, sexism, micro-aggression Additional partnerships More conferences • Engagement score . above 70% I Constantly identifying and leveraging social topics that could be promoted through music 40% women in Leadership position and 25% women in Tech by 2025 Number of users and number of streams defined for each project 80 80#81Employees Rate Us Very Highly Best-in-class ratings among the French Tech ecosystem glassdoor deezer Doctolib Back Market M ManoMano believe. OVH Vestiaire Collective ^ Lydia 4.2 3.8 3.9 3.9 3.5 3.6 3.9 3.9 Overall Culture & Values 4.3 3.9 4.1 4.0 3.4 3.7 3.6 3.6 Diversity & Inclusion 4.3 4.0 3.9 4.0 3.9 3.9 4.1 3.8 Work/Life Balance 4.3 3.6 4.3 4.1 3.4 3.5 3.7 3.8 Senior Management 3.7 3.5 3.9 3.7 3.2 3.4 3.6 3.7 Comp & Benefits 3.5 3.3 3.8 3.6 3.1 3.3 3.8 4.1 Career Opportunities 3.5 3.7 4.0 3.6 3.4 3.2 3.7 3.9 Recommend to a Friend 83% 71% 90% 79% 65% 70% 81% 66% CEO Approval 92% 86% 96% 91% 89% 78% 85% Source: Glassdoor.. (1) as of 02-Sep-22. 81#82Highly Skilled, Complementary & Diversified Board Successful Track Record Complementary Expertise Diverse Music Senior positions and Board members in blue chip companies Tech 5 nationalities Public companies experience Media Seasoned board with average Finance work experience of 30 years 50% Brand gender balance Extensive network Source: Company information. HR 82 80#83Board Members Biographies (1/2) N&R N&R Guillaume d'Hauteville Chairman Extensive experience in investment banking for 25y+. Served as Chairman and CEO of Lehman Brothers France and Vice Chairman of Lehman Brother International. Currently Executive Vice- President at Access Industries, Director of DAZN and President of STT Properties Iris Knobloch Independent - Vice-Chairwoman Vast experience in media, entertainment and diverse industries, holding senior leadership positions at Warner Bros for 25y+. Extensive Board member experience at foreground companies such as AccorHotels, Lazard Bank or LVMH. Also President of the Cannes Films Festival Jeronimo Folgueira CEO Strong competencies across tech and media. CEO of Deezer since July 2021. Served as CEO and Director of the Board of Spark Networks, where he led the transformation of the company, quadrupling its size and overseeing its listing on the NYSE. Also held senior management positions at Betfair, Bigpoint and RTL Group. A N&R Mari Thjømøe Independent Extensive senior management and Board experience for leading Scandinavian companies across various sectors. Serves at the Board of Tryg, Hafslund Eco, and TF Bank. Engaged in developing sustainable businesses. Also Head of the Audit Committee for several companies. Source: Company information. Sophie Guieysse Independent Extensive HR executive experiences at LVMH, CANAL+ and Richemont. Also has a large experience as a Board member across various sectors including at GO Sport, Compagnie Financière Richemont and Maisons du Monde. Member of the Remuneration Committees of the Paris 2024 Olympic Games and of the Rugby World Cup 2023. Committees A Audit N&R Nomination & Remuneration 83 880#84Board Members Biographies (2/2) A Matthieu Pigasse Independent Strong financial expertise. Currently a Partner at Centerview and previously served as Global Head of M&A and Sovereign Advisory of Lazard Group and CEO of Lazard France. Deep understanding of the media sector as the owner of Les Inrockuptibles, Le Monde Group, L'Obs, Radio Nova. Amanda Cameron Six-times Grammy nominee, singer, songwriter, music and film producer. Has written and/or produced multi-platinum records for artists including Beyoncé, Shakira, John Legend and James Blunt. Also holding executive and Board positions at music and entertainment companies such as Al Film. Valérie Accary Independent Global leader with extensive skills in the media and advertising industries. Strong understanding of business/brand strategic thinking and creativity. CEO of BBDO for 15 years, where she transformed the French agency into an international agency based in Paris Hans-Holger Albrecht CEO and member of the Board of Deezer between 2015 and 2021. Deep understanding of medias, holding executive positions at leading international groups such as Millicom and Modern Times Group as President and CEO. Also worked for the RTL Group. Currently serving as Chairman of the Board for Storytel, Scout24 and Board Director for VEON Source: Company information. Alban Gréget Independent Strong expertise in brand and diverse industries as Deputy CEO at Artemis Group, holding Board sits of portfolio companies (i.e. Luxury, Sports, Art). Managing Partner of Red River West VC Fund. Previously worked for 10y in investment banking. Committees A Audit N&R Nomination & Remuneration ळ 84#85Closing Remarks 85 85#86Key Takeaways Attractive Music Home of Music Unique B2B Capabilities to Foster Efficient Expansion • • Unmatched partner with successful track record Strong win-win proposition allowing us to deliver large-scale deals "à la RTL" Streaming Market Large and fast-growing market, more compelling than VOD Clear competitive advantages supporting our winning strategy Healthy and Resilient B2C Subscriber Base With Strong Upsides • Price increases, marketing refocus and brand repositioning already materializing in LTV/SAC Additional monetization initiatives: livestreaming, superfans and New Verticals Product & Content • • Best-in-class music streaming platform with unique and innovative features Home of Music product vision to provide differentiated music experiences Clear Path to Scale and Profitability Unique business mix paving our path to breakeven, thanks to scale and • profitability improvements • Confirmed guidance and outlook Building a Sustainable Business Attractive employer with an ambitious ESG strategy Highly skilled, complementary and diversified governance 86#87Q&A 87#88Appendix 88#89Historical Financial Performance Revenue Adjusted Gross Profit¹ Adjusted EBITDA1 Cash-Flow Pre-Funding Covid-19 Pandemic €m 84 400 381 379 72 74 % Margin Cash flow higher than EBITDA due to benefit of negative working capital ¦ -18% -15% -16% FY 19 FY 20 FY 21 FY 19 FY 20 FY 21 FY 19 FY 20 FY 21 FY 19 FY 20 FY 21 -0% +5% 20% 19% 21% % growth yoy % Margin Source: Company information. (1) See appendix for definition of adjusted metrics. (58) (54) (65) (69) (21) (47) 89#90Adjusted Financials Reconciliation FYE 31-Dec; €m IFRS Gross Profit License agreements non recurring expenses Onerous contract depreciation Adjusted Gross Profit IFRS Operating Loss Gross Profit adjustments Depreciation and amortization Share-based expenses Other non-recurring provisions Adjusted EBITDA 2019A 2020A 2021A 70 62 49 7 28 2 6 8 72 74 84 32 75 (83) (88) (121) 13 36 10 12 8 10 (2) (69) 69 (58) (65) Change in Net Cash Position Increase in share capital Proceeds from issuance of PGE Cash-Flow Pre-Funding (41) 13 Source: Company information. (21) (17) ཚི ག (54) (21) (47) 90#91Capitalization Table Number of shares Shareholder structure(1) To the knowledge of the company Number of shares¹ Theoretical voting rights² Exercisable voting rights³ Free Float 7.9% Ordinary shares ex Treasury Shares 114,985,655 114,985,655 114,985,655 Treasury shares Other 24.8% 82,838 82,838 (as of 28-Sep-22) Class A2 shares 2,291,667 SaCh27 1.9% Class A3 shares 2,291,667 Total 119,651,827 115,068,493 114,985,655 4.4% Combat Holding 1.9% Warner Music Group 3.1% Groupe Artémis Rotana Holding 5.2% Source: Company information. As of 28-Sep-22. (1) On a non-diluted basis. (2) Including treasury shares held at market closing on 28-Sep-22 but excluding class A2 and A3 preferred shares deprived of voting rights. (3) After deduction of treasury shares. 92% shareholders under lock-up Access Industries 37.4% Orange 8.0% Kingdom 5.3% 91#92Free Float Overview Non-diluted shareholding % Freely Transferable Locked-up [-] Number of shares 9.4m 7.9% 16.1m 13.5% 112.8m 94.3% 110.2m 92.1% 119.7m 100% 103.5m 86.5% < 6M 5-Jul-22 to 5-Jan-23 6.9m 6-9M 5.7% 9-12M > 12M 5-Jan-23 to 5-Apr-23 5-Apr-23 to 5-Jul-23 From 5-Jul-23 Source: Company information. Notes: Excluding upcoming vesting of shares. Assuming a lock-up of 12 months for founders shares. 92#93Outstanding Dilutive Instruments SPAC Dilutive Instruments Market warrants (1:3)1 Founders' warrants (1:3)² # of Dilutive instruments Strike Price (€) Proceeds (Em) 9,166,666 219,708 11.5 11.5 105.4 2.5 Deezer Dilutive Instruments ESOP 14, 15, 15-2 1,904,678 8.24 15.7 ESOP 17 93,148 4.96 0.5 ESOP 18 69,137 10.64 0.7 Total ESOP 2,066,963 16.9 Warrants 2017, H 71,089 4.96 0.4 Warrants 2021 17,652 13.51 0.2 Warrants 2014 196,231 8.24 1.6 Warrants K, L³ Total Warrants Free Shares (Previous Plan) Long-Term Incentive Plan 2,671,850 0.00 0.0 2,956,822 2.2 1,460,706 1,914,130 Source: Company information. (1) 27,500,000 Market Warrants held by the Market Shareholders giving right to 9,166,666 shares. (2) 659,130 Founders' Warrants held equally by the Founders giving right to 219,708 shares. (3) The number of exercisable warrants may decrease depending on the achievement by Deezer of predefined commercial objectives. 93 8