#1C azerion Q3 2023 Results Presentation 30 November 2023#2Q3 2023 investor presentation 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 (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 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. azerion 2#3Q3 2023 investor presentation 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 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. azerion ULTIMO PAN Derto ganó 32.865€ JUEGOS N 3#4Interim Unaudited Financial Results Q3 2023 Agenda 01 Key messages and highlights 02 Integration and consolidation update 03 Content strategy update 04 Financial update 05 Guidance update azerion Speakers Umut AKPINAR Co-CEO Ben DAVEY CFO Sebastiaan MOESMAN CRO 4#5Key messages and highlights Platform growth and improved efficiency driving profitability growth of 48% YoY Solid strategy delivery • Q3 Net revenue of €109m driven by Platform growth Q3 Adjusted EBITDA of ~€18m up 48% YoY ● • Increase in Platform revenue and Adj. EBITDA margin YoY • On track to deliver over €20m of annualised cost savings* Completed: Sale of social card game portfolio • Bond refinancing Acquisition of Hawk, a multichannel DSP ● ● YTD Q3 Net revenue of "€343m driven by Platform growth YTD Q3 Adjusted EBITDA of ~€46m up 52% YoY ● ● Confirm expected Adjusted EBITDA FY '23 of at least €75m Net revenue FY 2023 now expected to be around €520m azerion compared to the January 2023 baseline, excluding any foreign exchange effects Strong financial performance ~€109 M Net revenue Q3 2023 YOY +3% ~€343M Net revenue YTD 2023 YOY +13% ~€18m Adj EBITDA Q3 2023 YOY +48% ~€46M Adj EBITDA YTD 2023 YOY +52% LO 5#6Key messages and highlights Q3 strategic and business highlights azerion azerion ADVERTISER SOLUTIONS Strong growth in Direct Sales Multiple trading agreements won Launch audio formats in multiple markets US operation consolidated into Azerion US azerion TECHNOLOGY Acquisition of Hawk Native ads for tablets Flashtalking Partnership azerion PREMIUM GAMES Sale of social card games azerion PUBLISHER MONETISATION Rolled out the new Azerion Full Monetisation solution Signed 58 new publisher partners Onboarded 3 new demand side platforms 6#7Key messages and highlights Introducing Hawk - simplifying the digital ad supply path with efficient and easy to use technology Hawk overview Hawk SAS is an independent Demand Side Platform (DSP) with a managed and a self-service offering ● ● ● ● Hawk operates in 3 key markets for Azerion: France, Germany and the UK Multi-channel, multi-platform offering across mobile, desktop, audio, DOOH, CTV and in-game Reported net revenue FY 2022 of EUR 50m Acquisition a natural progression after successful partnership April 2022 Launch Azerion Hawk partnership 1 2022 azerion June 2022 Proof of Concept phase 2 Q3 2023 Acceleration phase 3 October 2023 Azerion acquires Hawk 4 Increasing monthly spend* Q3 2023 * Illustrative purposes only, does not constitute actual ad spend by Hawk on Azerion's platform Rationale, expected benefits and synergies Delivery ● Market ● ● Product & Tech ● Increases Azerion's scale and service offering in the key markets of France, Germany and the UK Collective ad spend of Hawk and Azerion creates opportunities for improved trading agreements A single buying platform UI will harmonize current process of running campaigns and drive optimizations across supply and delivery Strong sales proposition in emerging ad formats: audio, DOOH and CTV Deal Structure & Key Terms Azerion acquired 100% of Hawk An upfront consideration of approximately EUR 7 million funded by Azerion from its cash resources Single buying platform to simplify Azerion's offer to brands Opportunity to drive efficiencies across delivery, finance, product and technology Earn-out over the following 3 years subject to customary arrangements and capped at a maximum of around EUR 20 million 7#8Integration and consolidation update Majority of previously acquired firms integrated into Azerion platform Transaction takerate ADPLAY VLYBY targetspot IHI Hybrid Theory HAWK azerion ● . . ● ● ● ● ● ● ● ● ● ● Strategic rationale Geographic diversity Premium agency & publisher reach Geographic diversity Publisher monetisation technology Premium agency & publisher reach Geographic diversity Diversification of ad formats Premium publisher reach Entry into digital audio advertising Geographic diversity into the US & UK Diversification of ad formats Premium advertiser & publisher reach Extend advertising performance management Geographic diversity into the US & UK Advertiser, Agencies, Publisher reach Centralised DSP multi-channel technology Attractive footprint in growth ad formats (CTV, Audio, DOOH) Geographic diversity LESS Progress Integration level of completeness MORE . ● Milestones Achieved Operational, technical and organisation integration of Takerate into Adplay completed Mmedia publisher portfolio integrated into Adplay Migration of Veedly and Vlyby teams into One Video Platform Commercial, operational and technical integration and launch of Azerion Germany complete (Nov 2023) Commercial and operational integration complete Operational management of audio product led by regional teams. Commercial integration complete with launch of Azerion US and Azerion UK Data management platform technically integrated Into Azerion ad tech solution Integrated tech and operational teams into Azerion organisation Initiated integration of Targetspot and Delta Projects DSP technology into Hawk's self-service single user interface 8#9Consolidation and integration update Continued progress in cost management and efficiency programmes Revenue per FTE development € FTE 105 100 95 90 85 80 75 70 65 60 73 Legal Entities 76 -16 Revenue per FTE '000 azerion 78 96 Selected examples of consolidation execution Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 74 Hosting Contracts -8 LTM FTES 1FTE count at the end of the quarter 93 100 Office Leases -22 # FTE¹ 1,600 1,500 1,400 1,300 1,200 1,100 1,000 Continued progress in the integration and consolidation of previous acquisitions, as well as ongoing cost optimisation Continued significant improvement in productivity with ~28% increase in Net revenue per FTE in Q3 2023 YOY Continued focus on operational simplification and cost optimisation leading to, for example: Reduction of 16 legal entities across the Group since 1 Jan 2023 8 hosting contracts consolidated to AWS in last twelve months Reduction of 22 office leases since 1 Jan 2023#10Content strategy update Consolidating fragmented audiences offering brand awareness at scale azerion Interactive ad format Scale Brand safe Environment Awareness azerion 400k+ Digital Advertisers¹ 500m+ Active Monthly Users¹ Monetization Curated Content Fragmented Audiences Consolidated Publishers 10#11Content strategy update - Overview Content providing a gateway to monthly audiences of over 520 million engaged users OWEST El Confidencial Digital publisher partners (General content) The.. Guardian PM PRISMA MEDIA rtl REWORLD MEDIA LEADING MEDIA GROUP Just Premium dailymotion ZEAS uhale EXCLUSIVE ebay amedia italiaonline The Telegraph MMEDIAMOND OZONE PROJECT EXCLUSIVE Unidad Editorial axel springer BAUER MEDIA GROUP CAIRORCS MEDIA Ollera ELLE MED/A F/GARO CULTIVER L'INTERET spilgames sanoma GAME G DISTRIBUTION BERLINGSKE MEDIA grupoGodo PRISA >430m monthly active users Mirror big M YAHOO! JAPAN Los Angeles Times Chicago Tribune GSMArena WCCFtech ASSASSIN'S FREERUNNERS Game content HOTEL HIDEAWAY azerion Notes: Data as of September 2023. Sale of social card games completed on 28 August 2023 BU BLE SHOOTER PRO makaong 300 HABBO >90m monthly active users E-commerce voidu OFFICIAL GAME STORE GENBA DIGITAL Fan Engagement azerion FANZONE 21 Sports Clubs 11#12Content strategy update - Digital Publisher Partners Providing an attractive European alternative for digital publisher monetisation QWEST El Confidencial The Guardian PM PRISMA MEDIA rtl REWORLD MEDIA LEADING MEDIA GROUP Just Premium Digital publisher partners (General content) dailymotion ZEAS uhale EXCLUSIVE ebay amedia italiaonline The Telegraph MMEDIAMOND THE OZONE PROJECT EXCLUSIVE Unidad Editorial axel springer mediale bodie BAUER MEDIA GROUP CAIRORCS MEDIA EGO Ollera ELLE MED/A F/GARO CULTIVER L'INTERET spilgames sanoma >430m monthly active users GAME DISTRIBUTION BERLINGSKE MEDIA grupoGodo PRISA Mirror big M YAHOO! JAPAN Los Angeles Times Chicago Tribune GSMArena WCCFtech azerion Notes: Data as of September 2023. Sale of social card games completed on 28 August 2023 Maximize ad revenue We help publishers grow by giving them access to premium advertisers worldwide, impactful ad technology and revenue optimization tools Technology | Advertising Sales | Programmatic demand Expand engagement We help publishers improve user engagement and their earnings by creating additional ad space and attention- grabbing ad formats Content | Ad Formats | Creativity Simplify & nurture growth Experienced, localized support and personalized services by a team of experts come together to overcome any challenges they may face Operations | Financial services | Local support 12#13Content strategy update - GameDistribution Portals to our portfolio of casual games developed by our game creator partners From small game studios... Hassle-free distribution and monetisation 90m+ users 2,2k+ game publishers Azerion's integrated advertising technology Licensed brands azerion miffy MGA ENTERTAINMENT" Note: Data as of September 2023 Competitive and flexible model Revenue share model Device agnostic Platform agnostic LOL SURPRISHI SMURFS OMG SMILEY 人 OUTRAGEOUS ATARI. ... to large AAA game developers Unlock new revenue streams Convert successful AAA titles into free to play Game Distribution's expertise in building engaging free to play casual games Game Distribution's leading position for distribution and monetization on the web Premium content providers GAMELOFT Microsoft Studios UBISOFT Access to new audiences with free to play casual titles Unlock new revenue streams with digital advertising Voodoo D 8 TapNation Gismart SOFTGAMES 13#14Content strategy update - E-commerce A single access point to consumers of AAA games GENBA DIGITAL B2B Digital content seller and aggregator One of the largest AAA games catalogues azerion 300+ retail partners. Nintendo "Bethesda Note: Data as of July 2023 50.5 GAMES voidu OFFICIAL GAME STORE Voidu.com an official AAA games store. Founded in 2015, Voidu offers extensive catalogue of gaming titles (5,200+) across a wide range of genres. 2m+ individual customers from across 200+ countries CAPCOM BANDAI NAMCO PK UBISOFT SEGA voidu SPECIAL OFFERS ALL PC GAMES PRE-ORDER CONSOLE GAMING +THEHE TETTE Search for pc games, software, gift cards and more MANAGER Get ahead of the grid by pre-ordering new to receive five days early access and a 10% discount. STEAM €-54-99 € 49.49 PRE-ORDER NOW -10% GIFT CARDS BLOG ****** Q Log in Excellent 4.6 out of 5 Trustpilot FI MANAGER 2022 WARHAMMER 40,000: CHAOS GATE DAEMONHUNTERS STELLARIS: OVERLORD HOUSE FLIPPER PATHFINDER: WRATH OF THE RIGHTEOUS Increasing user engagement and monetization 14#15Content strategy update - Fanzone Digital experiences that convert fragmented audiences into engaged fans White label centralised fan engagement platform for sports clubs: Engage your existing fanbase Re-activate fluid fans Increase ticket & merchandise sales Drive incremental revenue azerion Ticketing Food & Beverage Fan profile Merchandise News FANZONE IE Henkdj95 Level 25 FC Football News MATCH CENTER (@ eredivisie January 1 19:30 Football Arenal V BUY TICKETS Tickets DAYS HRS MIN 04:12:28:36 Merchandise Matches 9 SOCCER Home SC Soccer SEC Media Fanzone ** Settings ... More Match Center Minigames & Quizzes Happy clients Qazerion vrouwen eredivisie Player Statistics Loyalty Social FORTINA CITTARD FEDEN ROS 2024 g 104 SAMSUNSPOR 1965 VITESSE VVV-VENLO MVV STVV FC VOLENDAM +10 more 15#16Content strategy update - Overview Consolidating fragmented audiences offering brand awareness at scale azerion Interactive ad format Scale Brand safe Environment Awareness azerion 400k+ Digital Advertisers¹ 500m+ Active Monthly Users¹ Monetization Curated Content Fragmented Audiences Consolidated Publishers 16#17Content strategy update - Publisher propositions Improving margins within our consolidated ecosystem Contracted publisher partners Over 300k+ contracted game and non- game publisher partners connected to our programmatic SSP, launched in 2008 azerion Improved margin Exclusive partner relationships Over 10,000 exclusive publisher partners managed by local sales teams. Content is exclusive and predominately monetised by Azerion ad formats Content with partners Imbedded gaming content with publisher partners to improved monetisation and retention. Currently accessing 90m+ engaged audiences. Improved margin Intensifying publisher realtionships and monetisation 17#18Financial update Our resilient model has value drivers on both demand and supply sides DEMAND AZERION'S PROPRIETARY FULL STACK ADTECH SUPPLY REVENUE SOURCE REPORTING SEGMENT azerion Direct sales Digital ad buying platform Contracted publisher Advertisers Automated auction sales Exclusive publisher Advertising Advertising auction platform Publisher monetization services Platform Azerion's portals Consumers E-commerce Sale of AAA game keys Premium games In-game purchases Premium Games 18#19Financial update Q3 2023: Platform growth and improved efficiency driving profitability growth of "48% YoY ~€109m Net revenue Q3 2023 ~€18m Adj. EBITDA Q3 2023 azerion +3% vs Q3 2022 +48% vs Q3 2022 Net revenue up approximately 3% in Q3 2023 YOY Mainly driven by Platform growth, particularly from Direct sales, and the integration of previous acquisitions Adjusted EBITDA grew just under 48% in Q3 2023 YoY Significant improvement in Adjusted EBITDA margin to 16.9% Q3 2023, compared to 11.8% in Q3 2022 Driven by increased Platform revenue and contribution from Direct sales, continued integration of previous acquisitions and ongoing cost optimisation 19#20Financial update YTD 2023: continued revenue growth and accelerated profitability ~€343m Net revenue YTD 2023 ~€46m Adj. EBITDA YTD 2023 azerion +13% vs YTD 2022 +52% vs YTD 2022 Net revenue up approximately 13% YTD Q3 2023 compared to the same period last year Mainly driven by Platform growth, particularly from Direct sales, and the integration of previous acquisitions Adjusted EBITDA grew just under 52% YTD Q3 2023 YOY Significant improvement in Adjusted EBITDA margin to 13.3% YTD 2023 compared to 9.9% YTD 2022 Driven by increased Platform revenue and contribution from Direct sales, continued integration of previous acquisitions and ongoing cost optimisation 20#21Financial update Platform - integration synergies delivering strong profitable revenue growth 84 239 all Ytd '22 Q3 '22 23.9 5.3 4.3 +8% Q3 '22 32.8 5.3 azerion Q3 '23 5.4 Q4 '22 Financial performance 30.0 7.1 +17% Operational performance¹ 5.1 Q1 '23 36.3 6.9 280 6.1 Q2 '23 Ytd '23 30.4 6.8 5.4 Q3 '23 Net Revenue Adjusted EBITDA Publisher monetisation services digital ads sold (bn) Advertiser auction platform digital ads sold (bn) Avg. Gross Revenue per Million processed Ad Requests from advertising auction platform (€) Net revenue in Q3 2023 increased approximately 8% year on year. Net revenue YTD 2023 increased approximately 17% year on year Adjusted EBITDA in Q3 2023 increased approximately 88% in Q3 2023 year on year. Adjusted EBITDA YTD increased approximately 78% in 2023 Driven primarily by increased contribution from Direct sales and the continued integration of previous acquisitions and ongoing cost optimisation Average digital ads sold per month increased to 12.2 bn in Q3 2023 from 9.6 bn in Q3 2022, approximately 27% increase. Average gross revenue per million processed ad requests grew to approximately EUR 30.4, also an increase of around 27% year on year. ¹Avg. Gross Revenue per Million processed Ad Requests from advertising auction platform (€). For further details see full text in Q3 2023 Interim Unaudited Financial Results press release All figures in EURm unless otherwise indicated 21#22Financial update Premium Games underlying EBITDA growth post sale of social card games Financial performance 65 all LL 18 15 13 5 21 0.42 -17% Q3 '22 556 5 Q3 '22 azerion Q3 '23 0.45 559 -2% 0.42 601 Ytd ¹22 Operational performance 0.42 64 558 Ytd '23 0.44 454 Q4 '22 Q1 '23 Q2 '23 Q3 '23 All figures in EURm unless otherwise indicated Net Revenue Adjusted EBITDA Average Daily Active Users (thousands) Average Revenue per Daily Active User (EUR) RHS Net revenue in Q3 2023 down approximately 17% year on year and Net revenue YTD 2023 down approximately 2% year on year, mainly due to revenue loss from sale of social card games from end August 2023 Adjusted EBITDA down approximately 8% in Q3 2023 year on year, mainly due to loss of contribution from the sale of social card games at end August 2023 Remaining Premium Games portfolio (ex social cards) showing Adjusted EBITDA growth of approximately 80% in Q3 2023 as compared to Q3 2022, mainly driven by improved performance of social casino and cost optimisation Average time in game per day remained relatively flat in Q3 2023 as compared to Q3 2022 at 79 minutes per day Average Daily Active Users decreased by 18% in Q3 2023 compared to Q3 2022, mainly due to the loss of active players in September from the sale of the social card games portfolio. ARPDAU increased by approximately 5% in Q3 2023 as compared to Q3 2022, mainly due to a stable loyal user base spending more in game. 22#23Financial update Strong financial framework 5-quarter rolling financial performance 149 duu 122 113 22 19 9 Q1 '23 106 12 Q3 '22 Q4 '22 Q2 '23 Net Revenue ■Adjusted EBITDA azerion 109 18 Q3 '23 77.3 Operating Profit Q3 2023 cash conversion 11.2 D&A -72.6 Gain on Sa -23.1 Changes in W.C. Interest, Tax isions paid & -8.6 All figures in EURm. * As defined in the Terms & Conditions of the Senior Secured Callable Floating Rate Bonds ISIN: N00013017657 -15.8 CFFO Q3 2023 Net interest bearing debt* € 177.6 Q4 2022 € -7.0 Debt € -18.3 Cash € 152.3 Relatively resilient performance in Q3 and YTD 2023 with continued progress in ongoing integration and cost optimisation Significant improvement in Adjusted EBITDA margin to 16.9% Q3 2023 compared to 11.8% in Q3 2022, and to 13.3% YTD 2023 compared to 9.9% YTD 2022 Continued cash generation from operating activities YTD 2023 of EUR 18.9m, after an outflow in Q3 of EUR 15.8m Q3 2023 23#24Guidance update Update on guidance for full year 2023 Revenue (in €m) Adj. EBITDA (in €m) Revenue Growth % Adj. EBITDA Margin % azerion FY 2022 + € 453 million + € 52 million 2023 FY Guidance Previous Guidance N ~ 15% 14% -16% Previous Guidance Medium term Guidance € 540 million At least € 75 million Updated Guidance N At least € 75 million ~ 15% € 520 million Updated Guidance 14% -16% 24#25Key messages and highlights Platform growth and improved efficiency driving profitability growth of 48% YoY Solid strategy delivery • Q3 Net revenue of €109m driven by Platform growth Q3 Adjusted EBITDA of ~€18m up 48% YoY ● • Increase in Platform revenue and Adj. EBITDA margin YoY • On track to deliver over €20m of annualised cost savings* Completed: Sale of social card game portfolio • Bond refinancing Acquisition of Hawk, a multichannel DSP ● ● YTD Q3 Net revenue of "€343m driven by Platform growth YTD Q3 Adjusted EBITDA of ~€46m up 52% YoY ● ● Confirm expected Adjusted EBITDA FY '23 of at least €75m Net revenue FY 2023 now expected to be around €520m azerion compared to the January 2023 baseline, excluding any foreign exchange effects Strong financial performance ~€109 M Net revenue Q3 2023 YOY +3% ~€343M Net revenue YTD 2023 YOY +13% ~€18m Adj EBITDA Q3 2023 YOY +48% ~€46M Adj EBITDA YTD 2023 YOY +52% 25#26C azerion Q&A