#1azerion Q2 and H1 2022 results Resilient business model reflected in revenue and gross margin expansion azerion 1#2Disclaimer The following disclaimer applies to this document, the oral or video presentation of the information in this document by Azerion Holding B.V. ("Azerion Holding"), Azerion Group N.V. ("Azerion Group") or any person on behalf of Azerion Holding or Azerion Group and any question-and-answer session that follows the oral or video presentation (collectively, the "Information"). The companies in which Azerion Group N.V. directly and indirectly owns investments are separate legal entities. In this presentation "Azerion", "Azerion Group" and "Group" are sometimes used for convenience where references are made to Azerion Group N.V. and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Azerion Group N.V. and its subsidiaries in general or to those who work for them. Azerion Holding has bonds listed on Nasdaq Stockholm and Azerion Group has shares and warrants listed on Euronext Amsterdam N.V. The Information has been prepared by Azerion Holding 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. 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The alternative performance measures, along with comparable IFRS measures, are used by Azerion's management to evaluate the business performance and are believed by Azerion's management to be useful to investors. They 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 Holding's cash flow based on IFRS. Even though the alternative performance measures are used by management to assess Azerion Holdings 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 Holding's financial position or results of operations as reported under IFRS. Adjusted EBITDA as defined in section 1.1 of the Terms & Conditions of the Senior Secured Callable Fixed Rate Bonds ISIN: SE0015837794. For all definitions and reconciliations of alternative performance measures please also refer to www.azerion.com/investors. This presentation 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 the company. azerion 2#3Forward-looking statement This presentation may include statements, including Azerion Holding's or 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 Azerion Holding and Azerion Group cannot be relied on as a guide to future performance. Any forward-looking statements reflect Azerion Holding's and/or Azerion Group's current view and expectations with respect to future events and are subject to risks, uncertainties and assumptions relating to Azerion Holding's and/or 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 Holding's and Azerion Group's records (and those of its their affiliates) and other data available from third parties. Although each of Azerion Holding and 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 3#4Delivering on our strategy We entertain audiences, and we help brands improve the way they engage with those audiences in the digital space € Revenue Content Audience Views azerion Consumers Game Creators Customer revenue streams (€) Content Data azerion Technology Partners Advertisers Digital Publishers 4#5Business & Portfolio highlights ● ● Accelerated the integration of previous acquisitions, with an increased focus on costs. Partnership with ITV studios, for Love Island virtual villa in Hotel Hideaway Habbo NFT partnerships: with Cyberkongs, Metaverse HQ and Metakey Acquisition of Madvertise's subsidiaries in Germany and France in July Naming partner of the women's Dutch football league azerion Pisana 140 Est, Sleep Grad Oh Reser love island love HOTEL HIDEAWAY 5#6Q2 2022 Strong financial performance Q2 2022 with organic growth and accelerated integration of acquisitions EUR 104m Net Revenue Q2 2022 EUR 11.7m Adj. EBITDA Q2 2022 azerion +97% vs Q2 2021 +70% vs Q2 2021 Strong financial performance from both Platform and Premium Games • Nearly doubling the revenue, driven by acquisitions and organic growth Focus on value over volume, improving gross profit margin, driven by the Platform segment 6#7H1 2022 Strong financial performance H1, on track for FY 2022 revenue delivery EUR 198m Revenue H1 2022 EUR 17.6m Adj. EBITDA H1 2022 azerion +102% vs H1 2021 +83% vs H1 2021 Increasing costs discipline in order to prepare for macroeconomic scenarios in the second half of the year Accelerate the integration of our acquisitions • Actively working on our acquisition funnel to complement our organic growth On track to deliver at least EUR 450 million revenue in 2022 7#8Increasing our focus on operational efficiency and profitability Accelerating the integration of our acquisitions Launch of Azerion UK and Azerion France as umbrella brands for all advertising activities in those countries Integration of Inskin technology into Azerion's technology platform Integration of data analytics from acquisitions driving increased insights in gameplay and cost saves azerion Driving platform efficiencies Continuously increasing the profitability of our publishers Optimizing margin through our channels (e.g., increasing mix of direct sales into platform Increased focus on cost management Increased Group-wide cost focus moving into the second half of the year Positioning the business for the evolving macroeconomic environment 8#9Group Financial Performance Revenue €m 52,7 Q2 2021 6,9 Adjusted EBITDA €m Q2 2021 103,9 Q2 2022 azerion 11,7 Q2 2022 Gross profit margin 39.5% 40.3% 98,3 H1 2021 HT 2022 9,6 198,3 36.4% 17,6 H1 2021 H1 2022 37.7% Strong revenue growth, driven by acquisitions and organic growth Adj EBITDA increased steadily in Q2, with a strong growth in H1 Improvement in gross profit margin reflecting continuous margin optimization and operational efficiency 9#10Platform Financial Performance Revenue €m 41,4 Q2 2021 5,2 Adjusted EBITDA €m Q2 2021 82,0 Q2 2022 azerion 7,8 Q2 2022 Gross profit margin 35.7% 37.4% 75,6 H1 2021 HT 2022 6,4 154,6 32.8% 9,8 H1 2021 H1 2022 34.3% Doubled revenue due to acquisitions and organic growth Increased user engagement in our casual game portfolio Steady gross margin growth; direct sales from local offices accounted for 47% of total revenue Continuous high-grading of our publisher inventory and margin optimisation of digital advertisements EUR 6.2 gross revenue per min ad requests, showing resilience and profitability of the advertising auction platform 10#11Premium Games Financial Performance Revenue €m 11,3 Q2 2021 1,7 Q2 2021 21,9 Adjusted EBITDA €m Q2 2022 azerion 3,9 Q2 2022 Gross profit margin 53.1% 51.1% 22,7 H1 2021 HT 2022 3,2 43,7 48.5% 7,8 H1 2021 H1 2022 49.7% Nearly doubled revenue due to the acquisition of Whow Games (Social Jackpot portals) and organic growth Improved performance from Governor of Poker 3, mainly driven by enhance user experience More than doubled Adj EBITDA, reflecting synergies from Whow Games (Social Jackpot portals) 80min average time in game per day, showing retained user engagement 567k average active daily users, from 693k in Q2 2021, reflecting re-set post COVID-19 EUR 0.40 average revenue per user, from EUR 0.34 in Q2 2021 11#12H1 2022 Strong financial performance H1, on track for FY 2022 revenue delivery EUR 198m Revenue H1 2022 EUR 17.6m Adj. EBITDA H1 2022 azerion +102% vs H1 2021 +83% vs H1 2021 Increasing costs discipline in order to prepare for macroeconomic scenarios in the second half of the year Accelerate the integration of our acquisitions • Actively working on our acquisition funnel to complement our organic growth On track to deliver at least EUR 450 million revenue in 2022 12#13• azerion