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Q2 H1 2026 Interim financial results presentation 2 7 Au gu s t 2 0 2 6
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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 (collectively, the “Information”). In the Information, “Azerion”, “Group”, “we”, “us” and “our” refers to Azerion Group and its subsidiaries. Azerion Group has shares and warrants listed on Euronext Amsterdam N.V and bonds expected in due course to be listed on Nasdaq Stockholm. The Information has been prepared by Azerion Group for background purposes only. No reliance may be placed for any purpose on the information or its accuracy, fairness or completeness . This document and the information contained herein may not be disclosed, taken away, reproduced, redistributed, copied or passed on, directly or indirectly, to any other person or published or used in whole or in part, without the express prior written consent of Azerion. This document is given in conjunction with an oral or video presentation and should not be taken out of context. The Information and any opinions contained herein are provided as at the date of the presentation and are subject to change without notice. In giving this presentation, Azerion does not undertake any obligation to provide the recipient with access to any additional information or to update the Information, or to correct any inaccuracies in the Information, including any data or forward-looking statements. The Information is only preliminary and indicative, does not purport to be full or complete and does not purport to contain the information that would be required to evaluate Azerion, its financial position and/or any investment decision. To the fullest extent permitted by law, Azerion Group or any of its subsidiaries or affiliates, directors, managers, officers, employees, advisers or agents does not accept any responsibility or liability whatsoever for (whether in contract, tort or otherwise) or makes any representation, warranty or undertaking, express or implied, as to the truth, fullness, fairness, accuracy or completeness of the Information (or whether any information has been omitted from it) or any other information or opinion relating to Azerion Group, its subsidiaries, affiliates or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the Information or otherwise arising in connection therewith. Certain financial data included in the presentation consists of alternative performance measures (“non-IFRS financial measures”), including EBITDA and Adjusted EBITDA , which may not be comparable to similarly-titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of Azerion Group’s cash flow based on IFRS. The alternative performance measures are used by Azerion’s management to evaluate the business performance and are believed by Azerion’s management to be useful to investors. Even though the alternative performance measures are used by management to assess Azerion Group’s financial position, financial results or liquidity under IFRS, and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group’s financial position or results of operations as reported under IFRS. For clarity and presentation purposes, figures presented have been rounded to the nearest as a result, minor discrepancies may appear with the interim reports For all definitions and reconciliations of alternative performance measures please also refer to www.azerion.com/investors. The Information may contain forward- looking alternative performance measures. We are unable to provide a reconciliation of these forward-looking alternative performance measures to the most comparable IFRS financial measure because certain information is dependent on future events some of which are outside the control of Azerion. Disclaimer
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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 terms “believes”, “estimates”, “plans”, “projects”, “forecasts”, “anticipates”, “expects”, “intends”, “aims”, “targets”, “seeks”, “continues”, “could”, “can have”, “likely”, “would”, “may”, “might”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of the Azerion Group cannot be relied on as a guide to future performance. Any forward-looking statements reflects the Azerion Group's current view and expectations with respect to future events and are subject to risks, uncertainties and assumptions relating to Azerion Group's business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in Azerion Group's records (and those of its affiliates) and other data available from third parties. Although the Azerion Group believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statement
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AI and Economic pressures drive global reorganisation AI REVOLUTION & DISRUPTION Artificial intelligence is reshaping the world at large ECONOMIC UNCERTAINTY Global economic growth remains questionable, largely driven by a small group of high -tech companies INDUSTRY REORGANISATION Widespread corporate restructuring adapted to volatile market forces APPEARANCE V.S REALITY Impact often very different on a small or individual level.
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Financial Highlights Group results Q2 H1 2026
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Q2 2026 H1 2026 Total Revenue: € 127.7m (5.9)% vs Q2 2025 Operating Profit: € 0.1m (83.3)% vs Q2 2025 EBITDA: € 11.3m +2.7% vs Q2 2025 Adjusted EBITDA:€ 14.0m (10.8)% vs Q2 2025 Total Revenue: € 245.1m (2.5)% vs H1 2025 Operating Profit: € (1.9)m +65.5% vs H1 2025 EBITDA: € 18.0m +15.4% vs H1 2025 Adjusted EBITDA:€ 23.3m (2.5)% vs H1 2025 Group results
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3 5 16 1817 21 24 23 -12 -9 -6 -2 H1 '23 H1 '24 H1 '25 H1 '26 EBITDA Adj. EBITDA Operating Profit Group results Growth and increasing profitability Q2 2026 €m H1 2026 €m 100 125 136 128 Revenue 4 2 11 1113 13 16 14 -3 -6 1 0 Q2 '23 Q2 '24 Q2 '25 Q2 '26 EBITDA Adj. EBITDA Operating Profit 189 233 251 245 Revenue
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18.0 0.9 18.9 EBITDA Removing FX impact EBITDA (FX adjusted) H1 '26 15.6 4.4 11.2 EBITDA Removing FX impact EBITDA (FX adjusted) H1 '25 From 15.4% to 68.8% FX impact Strategic insight • For better comparability we took out the realised and un- realised FX gain and losses. • The reported H1 2025 baseline included a favorable, non- recurring positive FX gain of €4.4 million, which distorts standard year-over-year comparisons. • When adjusting for this, the underlying operational efficiency of the business is expanded, with H1 2026 EBITDA growing by 68.8%. €m
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Strategic insight • Net finance costs improved, driven by a €3.3 million drop in bond interest, partially offset by non recurring items. • Cleanup: We generated €25.6 million in H1 operating cash, actively using it to strengthen the balance sheet via a €26.7 million reduction in short-term factoring debt. • Operating cash improvements is driven by the accelerated cash conversion cycle • Negative equity is partly driven by a non-cash accounting effect. With our debt secured until October 2029, we have no near-term refinancing risks. Balance sheet strength Capital resilience €m Net finance costs Amortisation Current liabilities Interest - €3.3m post refinancing -8,2% -6,7% -21% 322 24517.8 16.5 H1 '25 H1 '26 Dec ‘25 June ‘26 17.0 15.7 H1 '25 H1 '26
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Notes: Cost base excludes the contribution discontinued operations, opex defined as the aggregation of personnel expenses and other opex • Highly flexible cost base: Our variable structure easily adapts to market conditions. Costs of services and materials (€401M in Q2 2026 LTM) are directly tied to platform output, mainly encompassing hosting, publisher shares, media outlays, and client discounts. • OPEX peaked at 38% of revenue in 2022. By finalising M&A synergies and deploying AI-enabled efficiencies, OPEX as a percentage of revenue has dropped by 20 percentage points to an impressive 18% in Q2 2026 LTM. • Total LTM OPEX was strictly reduced to €95M. Personnel costs have been optimised to €67M, while "Other expenses" fell to €28M, now consisting mainly of essential professional services (legal, accounting, audit) and residual M&A costs. Highly flexible cost base and accelerating operational leverage €m 157 242 294 350 395 401 48 93 87 77 75 67 27 46 31 38 34 28 232 381 412 466 504 496 235 364 437 497 541 535 32% 38% 27% 23% 20% 18% 2021 2022 2023 2024 2025 Q2 2026 LTM Costs of services and materials Personnel costs Other expenses Revenues (continuing operations) Opex % of revenues
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73 76 78 96 74 93 100 152 117 143 126 167 129 147 136 196 142 160 650 850 1,050 1,250 1,450 1,650 1,850 2,050 2,250 2,450 - 50 100 150 200 250 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 Q4 2025 Q1 2026 Q2 2026 Revenue per FTE €'000 FTEs (RHS) Notes: (1) Revenue and FTEs are Azerion Group numbers Efficiency gains Operating performance; growing revenue per FTE 8,6%
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Segmentation Advertising Platform AAA Game Distribution Core ad revenue: Displaying digital advertisements in and around premium content, including news, lifestyle, sports, social environments, and games. ✓ Direct sales: Ad campaigns managed directly by our local commercial teams with advertisers and agencies. ✓ Automated auctions: Programmatic ad revenue generated through open-market inventory purchasing. ✓ Ecosystem infrastructure: Monetising premium content (news, sports, social) along with AI capabilities and casual games. Reported as a standalone operating segment following the discontinuation of Premium Games. ✓ Genba Digital (B2B): Proprietary digital logistics engine distributing top-tier game keys to global retailers. ✓ Voidu.com (B2C): Direct-to-consumer e-retail platform where gamers buy PC game keys (e.g., Steam).
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Financial Highlights Advertising Platform Q2 H1 2026
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Q2 2026 H1 2026 Total Revenue: € 102.9m (8.7)% vs Q2 2025 Operating Profit: € (0.8)m +52.9% vs Q2 2025 EBITDA: € 10.0m +20.5% vs Q2 2025 Adjusted EBITDA:€ 12.6m (2.3)% vs Q2 2025 Total Revenue: € 194.7m (4.7)% vs H1 2025 Operating Profit: € (4.5)m +50.0% vs H1 2025 EBITDA: € 14.6m +29.2% vs H1 2025 Adjusted EBITDA:€ 19.8m +1.5% vs H1 2025 Segment results Advertising Platform
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Increasing profitability and FX impact Q2 Advertising Platform €m From 20,5% to 56,1% 8.3 1.7 6.6 EBITDA Removing FX impact EBITDA (FX adjusted) Q2 '25 10.0 0.3 10.3 EBITDA Removing FX impact EBITDA (FX adjusted) Q2 '26 81 104 113 103 Revenue 4 2 8 10 13 13 13 13 -3 -5 -2 -1 Q2 '23 Q2 '24 Q2 '25 Q2 '26 EBITDA Adj. EBITDA Operating profit / (loss)
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The market paradox AI shift Digital ad spend continues to grow (+8-10% annually) Net-new budgets are captured by Big Tech walled gardens Open-web publishers face severe volume and top-line pressure. Consumers are moving from search links to direct AI answers Classic publishing traffic is declining rapidly as behavior shifts Advertisers require automated precision for intent-driven users. Local authenticity Infinite AI content erodes trust in generic open -web placements Advertisers prioritise localised, highly authentic environments Directs spend toward local-first platforms with verified engagement. PEER PROOF (The Trade Desk) Confirmed major CPG & FMCG brands are experiencing cyclical pressures, driving temporary budget reallocation. PEER PROOF (Digital Turbine) Reported AI driving a 10% open-web traffic decline, with informational categories down 20% to 40%. PEER PROOF (Pinterest) Reported 96% of searches are unbranded, confirming intent shifts toward high-trust discovery platforms. Macro growth vs supply chain disruption Growth paradox of the macro market
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Big agencies Small agencies Redefining value in the AI era Margin compression, deep mergers Moat; buying power and manual execution are rapidly automated by AI The margin collapse threat ; AI driven cost reduction The AI bypass squeeze; AI powered self-serve platforms allow marketers to execute and automate complex, strategic campaigns directly, cutting out small agencies as tactical execution Publishers Traffic loss of classic search & referral traffic from AI answers Infrastructure necessity of partnering with full stack ad -tech Platforms PEER PROOF (Pubmatic) ‘’ Agents deploying agentic AI to compress work to compress workflows’’ (The Trade Desk) ’’Major agencies in periods of transition’’ PEER PROOF (Pubmatic) ”Accounts mid market performance buyers can jump 25% YoY via Ai-native buying’’ (The Trade Desk) ”accounts outside top 500 grew with over 50% YoY’’ PEER PROOF (Digital Turbine) ‘’ Publishers seeing real- time what is happening… want to have more control over their destiny’’ Industry pressure Ecosystem squeeze
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Azerion partnership progress 01 Agency deals 02 Specialist saleshouses 03 SME growth 04 Online publishers Successfully onboarded Candid Group, driving specialised ecosystem expansion Contracted Venatus as a strategic agency partner, establishing solid commercial commitments Prepared our ENIRO participation through Flavus Invest AB to scale support for SME segments Steadily growing our infrastructure by continuously adding more publishers to our ecosystem, such as Gutefrage.net, RTL, Channel4, Westfield Rise
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Increasingly intelligent Omnichannel experience • Launched AdMove.ai to streamline creative agency output and introduced the Personas tool, with AI as the core engine of our everyday innovation. • Integrated the Spotify Ad Exchange directly into our DSP to unlock global premium audio inventory at scale. Secured exclusive in-mall audio partnerships with Westfield Rise across Europe. • Expanded our digital-out-of- home infrastructure with new CMS providers and launched exclusive screen networks in France, Turkey, and Saudi Arabia. Securing supply ecosystem & publisher value • Successfully launched a new Self-Serve Platform tailored specifically for small and medium-sized businesses to effortlessly scale their campaigns. • Expanded our SaaS and secured 6 new Master Services Agreements (MSAs) in the UK in Q2 and finalised a strategic partnership with Channel 4. Expanding SaaS & SMB Self-Serve footprint Driving high -yield publisher value • In our Casual Gaming our integrations boosts publisher session times and launching a new White Label Gaming Portal for gutefrage.net in Germany and deepening our strategic partnership with RTL. Business highlights Q2 • Strengthened our broader supply chain by acquiring a 35% strategic equity interest in the publisher investment fund, Flavus Invest AB. • Achieved PRIVO COPPA Certification for our Kids Marketplace and DOOH verification through our new Veridooh partnership. • Ranked France’s #1 internet ad network by Médiamétrie (41M+ monthly visitors), alongside 10+ French campaign awards and top UK wins for Adtech and Strategy Leadership.
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Financial Highlights AAA Game Distribution Q2 H1 2026
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AAA Game Distribution Content owners & sellers Voidu.com (B2C) Genba Digital (B2B) CONTENT OWNERS CONTENT SELLERS 1. Supply Partners SonyPlayStation, Warner Brothers, Capcom, Embark Studios How it works 2. Secure API engine Genba (B2B) & Voidu B2C logistics. 3. Global retail & consumers Steam, Epic, Direct-to-Consumer High-volume transaction engine delivering essential middleware services Recognised on a margin basis rather than gross transaction value. Provides core logistics, security, and key management over actual game development. Ecosystem reach Securely distributing top-tier titles to over 50 global retail partners and channels. Strategic fit Synergised platform connecting ad tech and AAA brands to maximise monetisation. API & security Moat High trust with Tier-1 publishers due to advanced fraud control and instant API provisioning. Business Model Market & ecosystem
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Q2 2026 H1 2026 Total Revenue: € 24.8m +7.8% vs Q2 2025 Operating Profit: € 0.9m (60.9)% vs Q2 2025 EBITDA: € 1.3m (51.9)% vs Q2 2025 Adjusted EBITDA:€ 1.4m (50.0)% vs Q2 2025 Total Revenue: € 50.4m +7.2% vs H1 2025 Operating Profit: € 2.6m (25.7)% vs H1 2025 EBITDA: € 3.4m (20.9)% vs H1 2025 Adjusted EBITDA:€ 3.5m (20.5)% vs H1 2025 Segment results AAA Game Distribution
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Increasing profitability and FX impact Q2 AAA Game Distribution €m From -51,9% to -5,9% 2.7 1.0 1.7 EBITDA Removing FX impact EBITDA (FX adjusted) Q2 '25 1.3 0.3 1.6 EBITDA Removing FX impact EBITDA (FX adjusted) Q2 '26 18 20 23 25 Revenue 0.6 0.0 2.7 1.30.7 0.1 2.8 1.4 0.3 -0.7 2.3 0.9 Q2 '23 Q2 '24 Q2 '25 Q2 '26 EBITDA Adj. EBITDA Total Operating profit / (loss)
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Advertising Platform & AAA Game Distribution Strategic synergy, a connected Ecosytem AAA Game Distribution Publishers & developers distributing keys and titles Advertising Platform Brands & budgets distributed across digital inventory GAME BUDGETS FUND ADVERTISING IN-GAME ADS
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Outlook Q2 H1 2026
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FY 2026 and Medium-Term Guidance adj. EBITDA 12 27 35 53 59 Medium-Term Guidance Stable revenue 14-16% adj. EBITDA margin ➢ Our top-line faces pressure as a result of a challenging market disrupted by AI and timing of strategic partnerships, and we therefore revise our guidance ➢ Revenue growth: Our full year 2026 revenue is expected to be stable compared to 2025 ➢ Medium-Term: Committed to a 14-16% Adjusted EBITDA margin. 67 Outlook and revised guidance 151 235 364 437 497 541 541 2020 2021 2022 2023 2024 2025 2026 2026 outlook
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Q&A
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END