Slide 1: Q4 and FY 2025 Interim financial results presentation
Q4 and FY 2025 Interim financial results presentation 26 Februari 2026
Slide 2: Disclaimer
Disclaimer The following disclaimer applies to this document, any oral or video presentation of the information in this document by Azerion Group N.V. (“Azerion Group”) or any person on behalf of Azerion Group and any question-and-answer session that follows the oral or video presentation (collectiv
Slide 3: Forward-looking statement
Forward-looking statement The Information includes statements, including Azerion Group's financial and operational objectives that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the te
Slide 4: Q4 and FY 2025 Highest ever results in the Platform
Q4 and FY 2025 Highest ever Simplification Ready as the go-to partner results in the Platform in segments and for advertisers and financing publishers in 2026
Slide 5: Q4 and FY Strategy Update
Q4 and FY Strategy Update
Slide 6: European leader in digital advertising
European leader in digital advertising global reach, local delivery, engaged audiences Azerion at a glance DIGITAL ADVERTIS ERS DI STRI BUTIO N GROUP PU BL IS HE RS +400k +300k +22k Amsterdam headquarters contracted Casual games distributed trough advertisers(1) publisher GameDistribution.com(3) web
Slide 7: Azerion 2025: Focus and profitability
Azerion 2025 Focus and profitability Commercial Cost saving & Integration & Financing momentum efficiencies simplification ✓ Expanding advertiser ✓ Cost saving in HR and ✓ Divestment of Whow ✓ Refinanced Bonds at and publisher other Opex Games lower coupon and relationships lower interest ✓ AI in ba
Slide 8: Business achievements
In the last twelve months Business achievements Everyone, Everywhere Demand-side platform • Our DSP technology supports an increasing number of clients to distribute their advertising campaigns across multiple channels like CTV, DOOH and Audio to reach their consumers. • Hyper localised targeting fo
Slide 9: Advertising Platform Insights
Insights Advertising Platform (1) Geographical revenue split The average digital ads sold per month (BN) (1) 4% 3% 4% 24% + 43% 5% 8,5% 7% 15.3 7% 14.1 13.9 13.8 14% 13.0 12.9 7% 12.6 12.2 12.2 12.1 11.9 11% 11.5 14% 10.7 9.9 9.5 9.6 France DACH (Germany, Austria, Swiss) US Nordics (Sweden, Denmark,
Slide 10: Operating performance: Efficiency gains
Efficiency gains Operating performance EURm 250 2,450 2,250 196 200 2,050 167 152 1,850 143 147 150 136 126 129 1,650 117 96 100 1,450 93 100 76 78 74 73 1,250 50 1,050 850 - 650 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q
Slide 11: Highly flexible cost base coupled with operational leverage
Highly flexible cost base coupled with operational leverage Continuing operations cost base development (1) ● The cost base is primarily impacted by costs of services and materials (accounting for ~75% of Costs of services and materials Personnel expenses Other opex Revenue (continuing operations) O
Slide 12: Divestment focus
Divestment focus 131M Cash consideration over the last three years for a relatively small segment, providing focus and capital for the advertising platform 2023 Divestment Social Games 2025 Divestment Whow
Slide 13: Bond financing
20 17.9 6% 15.6 5% 5% 15 5% 4% 12.3 4% Bond financing 10 8.9 3% 2% 2% 5 4 bonds, 4 taps, Progressively lower rates, lower margins on top 1% of EURIBOR and lower percentage of revenue. 0 1st 2nd 3rd 4th 0% indicative FY interest Interest as % of revenue (1) 50M @8,5% (2) 50M @7,8% - @6,75% 265M 225M
Slide 14: Q4 and FY 2025 Financial Highlights
Q4 and FY 2025 Financial Highlights
Slide 15: Platform results
Results Platform Q4 2025 Revenue Adj. EBITDA EBITDA ~€170M ~€29M ~€14M YoY +11% +13% +544% FY 2025 Revenue Adj. EBITDA EBITDA ~€541M ~€67M ~€38M YoY +9% +14% +314%
Slide 16: Platform: Growth and increasing profitability
Platform Growth and increasing profitability Revenues Adj. EBITDA Adj. EBITDA margin 541 Commentary 497 Our platform has grown significantly through the years from 151M € in 2020 to 541M € in 2025, a CAGR 437 of 29%. 363 The adjusted EBITDA grew in that same period with a CAGR of 123% and the margin
Slide 17: Financial Framework: Group performance
Group performance Financial Framework Group revenue and adj. EBITDA 2025 cash flow 2025 net interest bearing debt 1 EURm 235.10 13.70 11.50 29 54 6 90.60 16 176.60 -58.50 58.0 -57.80 541 497 67 59 2024 2025 2024 2025 Opening Operating Investing Financing Closing Interest Cash and Net interest cash a
Slide 18: Outlook: FY 2025 and Medium-Term Guidance
Business update Outlook FY 2025 and Medium-Term Guidance EURm 595 541 497 Our advertising business remains strong, delivering top-line 437 growth and increasing profitability. 363 For the continuing operations, we are confident to drive consistent top-line growth and sustainable margin expansion, 23
Slide 19: Q&A
Q&A
Slide 20: END
END