B2B Growth Avenues

New 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

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