Azerion Group N.v · EURONEXT:AZRN
Azerion — H1 2026 Earnings Presentation
28 slides from Azerion's earnings presentation, Aug 27, 2026
Slide 1: Q2 H1 2026 Interim financial results presentation
Q2 H1 2026 Interim financial results presentation 27 Au gu st 20 26
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: AI and Economic pressures drive global reorganisation
AI and Economic pressures drive global reorganisation AI REVOLUTION & DISRUPTION Artificial intelligence is reshaping the world at large INDUSTRY REORGANISATION Widespread corporate restructuring adapted to volatile market forces ECONOMIC APPEARANCE V.S UNCERTAINTY REALITY Impact often very differen
Slide 5: Financial Highlights: Group results
Financial Highlights Group results Q2 H1 2026
Slide 6: Group results Q2 2026 H1 2026
Group results Q2 2026 H1 2026 Total Revenue: € 127.7m (5.9)% vs Q2 2025 Total Revenue: € 245.1m (2.5)% vs H1 2025 Operating Profit: € 0.1m (83.3)% vs Q2 2025 Operating Profit: € (1.9)m +65.5% vs H1 2025 EBITDA: € 11.3m +2.7% vs Q2 2025 EBITDA: € 18.0m +15.4% vs H1 2025 Adjusted EBITDA: € 14.0m (10.8
Slide 7: Growth and increasing profitability
Group results Growth and increasing profitability Q2 2026 H1 2026 €m 136 251 128 €m 245 125 233 100 189 16 24 13 13 14 23 11 21 11 17 18 16 4 2 3 5 1 0 -2 -3 -6 -6 -9 -12 H1 '23 H1 '24 H1 '25 H1 '26 Q2 '23 Q2 '24 Q2 '25 Q2 '26 EBITDA Adj. EBITDA Operating Profit Revenue EBITDA Adj. EBITDA Operating
Slide 8: EBITDA with FX impact removed
FX impact €m Strategic insight From 15.4% to 68.8% • For better comparability we took out the realised and un- realised FX gain and losses. • The reported H1 2025 baseline 0.9 included a favorable, non- 4.4 recurring positive FX gain of €4.4 million, which distorts 15.6 18.0 18.9 standard year-over-
Slide 9: Capital resilience
Balance sheet strength Capital resilience Strategic insight • Net finance costs improved, driven by a €3.3 million drop in Net finance costs Amortisation Current liabilities bond interest, partially offset €m by non recurring items. -8,2% -6,7% -21% • Cleanup: We generated €25.6 million in H1 operat
Slide 10: Highly flexible cost base and accelerating operational leverage
Highly flexible cost base and accelerating operational leverage €m • Highly flexible cost base: Our variable structure Costs of services and materials Personnel costs Other expenses easily adapts to market conditions. Costs of Revenues (continuing operations) Opex % of revenues services and material
Slide 11: Operating performance; growing revenue per FTE
Efficiency gains Operating performance; growing revenue per FTE 250 8,6% 2,450 2,250 196 200 2,050 167 160 152 1,850 143 147 150 142 136 126 129 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
Slide 12: Segmentation
Segmentation Advertising Platform AAA Game Distribution Core ad revenue: Displaying digital advertisements in Reported as a standalone operating segment following the and around premium content, including news, lifestyle, discontinuation of Premium Games. sports, social environments, and games. ✓ Ge
Slide 13: Financial Highlights: Advertising Platform
Financial Highlights Advertising Platform Q2 H1 2026
Slide 14: Advertising Platform Q2 2026 H1 2026
Segment results Advertising Platform Q2 2026 H1 2026 Total Revenue: € 102.9m (8.7)% vs Q2 2025 Total Revenue: € 194.7m (4.7)% vs H1 2025 Operating Profit: € (0.8)m +52.9% vs Q2 2025 Operating Profit: € (4.5)m +50.0% vs H1 2025 EBITDA: € 10.0m +20.5% vs Q2 2025 EBITDA: € 14.6m +29.2% vs H1 2025 Adjus
Slide 15: Increasing profitability and FX impact
Increasing profitability and FX impact Q2 Advertising Platform €m 113 104 103 From 20,5% to 56,1% 81 0.3 13 13 1.7 13 13 10 10.0 10.3 8 8.3 6.6 4 2 (FX adjusted) (FX adjusted) EBITDA EBITDA Removing Removing FX impact FX impact -1 -2 EBITDA EBITDA -3 -5 Q2 '23 Q2 '24 Q2 '25 Q2 '26 Q2 '25 Q2 '26 EBIT
Slide 16: Growth paradox of the macro market
Macro growth vs supply chain disruption Growth paradox of the macro market The market paradox AI shift Local authenticity Digital ad spend continues to Consumers are moving from Infinite AI content erodes trust in grow (+8-10% annually) search links to direct AI answers generic open-web placements N
Slide 17: Ecosystem squeeze
Industry pressure Ecosystem squeeze Big agencies Small agencies Publishers Redefining value in the AI era The margin collapse threat; AI Traffic loss of classic search & driven cost reduction referral traffic from AI answers Margin compression, deep mergers The AI bypass squeeze; AI powered self-ser
Slide 18: Azerion partnership progress
Azerion partnership progress 01 02 03 04 Agency deals Specialist SME growth Online publishers saleshouses Successfully onboarded Contracted Venatus as a Prepared our ENIRO Steadily growing our Candid Group, driving strategic agency partner, participation through infrastructure by specialised ecosyst
Slide 19: Business highlights Q2
Business highlights Q2 Increasingly intelligent Securing supply Expanding SaaS & Driving high-yield Omnichannel ecosystem & SMB Self-Serve publisher value experience publisher value footprint • Launched AdMove.ai to • Strengthened our broader • Successfully launched a new • In our Casual Gaming our
Slide 20: Financial Highlights: AAA Game Distribution
Financial Highlights AAA Game Distribution Q2 H1 2026
Slide 21: Content owners & sellers
AAA Game Distribution Content owners & sellers How it 1. Supply Partners 2. Secure API engine 3. Global retail & consumers works SonyPlayStation, Warner Brothers, Genba (B2B) & Voidu B2C logistics. Steam, Epic, Direct-to-Consumer Capcom, Embark Studios Business Model Genba Digital (B2B) Voidu.com (B
Slide 22: AAA Game Distribution Q2 2026 H1 2026
Segment results AAA Game Distribution Q2 2026 H1 2026 Total Revenue: € 24.8m +7.8% vs Q2 2025 Total Revenue: € 50.4m +7.2% vs H1 2025 Operating Profit: € 0.9m (60.9)% vs Q2 2025 Operating Profit: € 2.6m (25.7)% vs H1 2025 EBITDA: € 1.3m (51.9)% vs Q2 2025 EBITDA: € 3.4m (20.9)% vs H1 2025 Adjusted E
Slide 23: Increasing profitability and FX impact
Increasing profitability and FX impact Q2 AAA Game Distribution €m 25 From -51,9% to -5,9% 23 20 18 2.3 1.0 0.9 2.7 0.3 2.7 2.8 1.7 1.6 1.3 1.3 1.4 0.6 0.7 0.0 0.1 0.3 (FX adjusted) (FX adjusted) Removing Removing EBITDA EBITDA FX impact FX impact EBITDA EBITDA -0.7 Q2 '23 Q2 '24 Q2 '25 Q2 '26 Q2 '2
Slide 24: Strategic synergy, a connected Ecosystem
Advertising Platform & AAA Game Distribution Strategic synergy, a connected Ecosytem GAME BUDGETS FUND ADVERTISING AAA Game Advertising Distribution Platform Brands & budgets Publishers & developers distributed across digital distributing keys and titles inventory IN-GAME ADS
Slide 25: Outlook
Q2 H1 2026 Outlook
Slide 26: Outlook and revised guidance
Outlook and revised guidance FY 2026 and Medium-Term Guidance 541 541 497 437 ➢ Our top-line faces pressure as a result of a 364 challenging market disrupted by AI and timing of strategic partnerships, and we therefore revise our 235 guidance 151 ➢ Revenue growth: Our full year 2026 revenue is 2020
Slide 27: Q&A
As azerion Q&A
Slide 28: END
END