Deezer returned to profit in the first half of 2026, posting a net profit of €6.7 million versus a €7.6 million loss a year earlier, as growth in its Direct-to-consumer subscription business offset a continued decline in Partnerships. Revenue rose only slightly overall, but the shift in mix towards higher-value Direct subscribers helped lift profitability across several key metrics, with CEO Alexis Lanternier saying the results show the company's strategy "is delivering."

Direct subscribers grew 8.7% year-on-year to 5.8 million, driven by gains in France (up 8.4% to 3.9 million) and the Rest of World (up 9.2% to 1.9 million), pushing Direct revenue up 6.7% to €185.2 million. However, the overall subscriber base fell 3.5% to 8.9 million as Partnerships subscribers dropped 20.2% to 3.1 million, partly due to the winding-down of a Brazilian tie-up with Mercado Libre. Adjusted EBITDA rose to €8.5 million from €2.1 million, operating income turned positive at €6.5 million, and free cash flow jumped to €37.4 million, aided by cost cuts and a one-off partnership payment, leaving Deezer with €99.8 million in cash at the end of June.