Winamp Group reduces its financial debt to €7.1 million in the first half of 2026, net loss reaches €3.4 million
Winamp Group published its unaudited half-year accounts on 30 October 2026, combining two developments: the ramp-up of its new activities and a deleveraging carried out without issuing new shares. Its financial debt fell from €13.1 million at the end of 2025 to €7.1 million at 30 June 2026.
Consolidated revenue reached €1.033 million. It is up 28.5% on a reported basis, but down 8.7% compared with the €1.131 million for the first half of 2025, restated under IFRS 15. According to the group, this gap is mainly due to Jamendo, while Winamp multiplied its revenue by eight.
Winamp multiplies its revenue by eight, Jamendo declines on a normalized basis
By activity, Winamp's revenue was multiplied by eight, driven by the sale of merchandise and music distribution. The royalties collected by Bridger on behalf of rights holders rose by 56%, and the commission recognized as revenue followed the same trend. Hotmix is slightly up.
Jamendo, the group's historic music licensing business, shows a 26.7% increase on a reported basis, but a 14.3% decline compared with the normalized first half of 2025. This decline accounts for most of the gap at the consolidated level.
The provisional revenue of €1.040 million announced on 22 July 2026 was adjusted to €1.033 million upon the closing of the accounts. The gross margin came to €0.45 million, compared with €0.73 million a year earlier, a decrease of 38.4%, as the cost of sales in the first half of 2025 had benefited from a provision reversal.
Operating expenses down 14%, net loss of €3.432 million
Operating expenses (personnel, administrative and sales expenses) decreased by 14.2%, from €2.47 million to €2.12 million, in line with the cost optimization objective. Current operating income before depreciation and amortization improved slightly, moving from -€1.742 million to -€1.665 million.
Net income came to -€3.432 million, compared with -€3.115 million a year earlier. It includes an accounting loss of €0.46 million on the Azerion shares, linked to the decline in their share price between 31 December 2025 and 30 June 2026, as well as €0.98 million in depreciation and amortization and a financial result of -€0.33 million.
Excluding the loss on the Azerion shares, a non-cash item, the net loss would have reached -€2.98 million, according to the group. Non-cash charges for the half-year total €1.44 million.
Development of Bridger and reduction of financial debt
According to unaudited internal data, Bridger manages nearly 40,000 works as of mid-October and adds more than 500 each week, while more than 250 new titles are received for distribution each week. Bridger's network now includes more than 40 agreements with collective management organizations.
The group targets an annual gross margin of approximately €250 per fully active artist from the third year onward. It is preparing a new Winamp player integrating streaming, thanks to the partnership signed with Deezer after the closing date, and the launch in December 2026 of a catalog licensing offer for artificial intelligence.
On the financial side, the group repaid €5.2 million to a long-standing financial partner using the remaining balance of the price guarantee linked to the sale of Radionomy/Targetspot, settled in Azerion shares. This repayment was made without issuing shares or using cash, and the remaining balance was rescheduled over 36 months.
Equity was strengthened by €2.45 million (a €1.5 million capital increase subscribed by Maxximum and a €0.95 million debt conversion). Consolidated shareholders' equity nevertheless remains negative, at -€7.184 million compared with -€6.205 million at the end of 2025, for cash of €86 thousand at 30 June.
Since the closing date, the group has drawn €675 thousand on its bond financing with Hexagon Capital Fund and has approximately €0.8 million of remaining capacity. On 23 October 2026, it had recognized a debt of €643,729 owed to Maxximum, following the latter's takeover of bonds issued by the group.
The group indicates that it is considering several financing options. Its shares become eligible for the PEA-PME on 5 November 2026. At 30 June 2026, its financial debt stood at €7.1 million, including €1.0 million of IFRS 16 lease liabilities, or €6.1 million excluding future rents, compared with €13.1 million at the end of 2025.
