#1C azerion Q2 and H1 2023 Results Presentation 31 August 2023#2Q2 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 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. 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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#3Q2 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 PAN Derto ganó 32.865€ JUEGOS N 3#4Key messages Delivering on consolidation strategy and realising platform synergies ● ● ● Solid strategy delivery Q2 Net revenue of €122m driven by strong growth in Platform segment. Q2 Adjusted EBITDA €18.5m H1 Net revenue of €235m driven by strong growth in Platform segment. H1 Adjusted EBITDA €27.2m Upgraded expected annualised cost savings to at least €20m from at least €15m (excluding any effects from foreign exchange)* Completed sale of social card games portfolio Reconfirm full year 2023 guidance of at least €75m Adjusted EBITDA azerion *The expected savings are compared to the January 2023 baseline. Strong financial performance ~122M Net revenue Q2 2023 YOY +17% ~235M Net revenue HT 2023 YOY +18% ~19M Adj EBITDA Q2 2023 YOY +58% ~27M Adj EBITDA H1 2023 YOY +55% 4#5Consolidation and integration update Focus on integration and consolidation; strategic M&A powering growth Transaction INFINIA madvertise. INNOVATING MOBILE ADVERTISING M MEDIA HI Hybrid Theory ADPLAY VLYBY targetspot +Monolith, Takerate & Adverline azerion ● ● ● ● ● ● ● ● . ● ● ● Strategic rationale Geographic diversity into LATAM & US Spanish speaking market DMP focused on improving customer advertising campaigns through digital activation Premium publisher reach Diversification of publisher monetisation services Premium publisher reach Geographic diversity Diversification of publisher monetisation services Exclusive premium publisher reach Established local sales team Extend advertising performance management Geographic diversity into the US & UK Advertiser, Agencies, 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 LESS Progress Integration level of completeness MORE ● ● ● ● Milestones Achieved Commercial and technical integration complete with teams, product, and clients managed under one Azerion structure Optimised for improved financial contribution Integrated sales teams of Madvertise and Hi-media, rebranded as Azerion Commercial and personnel integration complete. Mmedia branding merged with Azerion Commercial integration complete with launch of Azerion US and Azerion UK Majority of data segments integrated into Azerion's SSP platform Improve Digital Product integration complete with technology being run through Azerion full monetisation services Commercially rebranded as Adplay by Azerion Integration of CTV technology into Azerion's SSP Improve Digital on going Tech updates of Improve Digital platform to integrate new digital audio ad format ongoing Commercial integration into Azerion complete outside of core markets Belgium and France LO 5#6€ 100 € 80 € 60 € 40 € 20 € 0 20 15 10 5 Consolidation and integration update Integration efforts resulting in a highly scalable and profitable platform 0 € 73 6 Net Revenue'000 per FTE 2 Q1 2022 € 76 azerion Azerion's cloud contract Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 5 € 78 4 Q2 2022 LO 4 € 96 Q3 2022 8 9 Number of FTES¹ ¹FTE count at the end of the quarter € 74 Q4 2022 Other cloud contract 6 € 93 11 Q1 2023 6 11 1,900 1,700 1,500 1,300 1,100 Q2 2023 Value optimisation initiatives end of 2022 onwards to accelerate integration and consolidation of acquired businesses into a single scalable platform organisation Resulting in around 22% increase in Net revenue per FTE in Q2 2023 compared to Q2 2022 Simplification of Azerion's hosting contracts by migrating to group contract with AWS over time Server costs per Million requests reduced by around 19% in Q2 2023 as compared to Q4 2022#7Platform strategy Our integrated model optimises the advertising value chain Advertiser SOUL Agency Autom. auction sales Ħ Direct sales I Demand-side platform Digital ad buying platform and formats Ad networks Supporting advertisers to reach audiences in a simple, cost-effective and brand-safe way azerion 8,$ Advertising auction platform Publisher monetisation Ad services and optimisation Supply-side platform Publisher azerion owned publishers Exclusive publishers Contracted publishers Supporting publishers to maximise revenue and user engagement 7#8Platform strategy Azerion's single solution advertisement platform Agency dentsu WPP !!AVAS OmnicomGroup MERKLE group. Advertisers camelot STRATEGIC MARKETING & MEDIA cramer-krasselt bouygues PUBLICIS GROUPE MDC Partners Brands Disney DIOR SEPHORA azerion AT&T XXXX MEDIASMITH IPG AKQA yodle success simplified zalando PayPal C ROSETTA BURGER KING PEUGEOT T I I I I I I I 1 I Rich Media F amazonadvertising acuity BEESWAX (=) choozle PubMatic Efficient Frontier. DSPs VIANT. Demand-side platforms User data Display azerion Full stack programmatic and direct advertising platform, full monetisation and omni-channel solutions Audio Ⓒ C invite media mbuy dataxu. C Simpli.fi sitescout DIGILANT TURN ● BRANDSCREEN getintent RL/SHIFT CTRL ADTHEORENT theTradeDesk Chango Google Fraud detection Native A I I Data Management Openx I Magnite I I Match OpenX! I adform Oadgear aditech Liveintent DoubleClick. ZEDO trueffect wang I PEER39 Video Viewability tracking Ad Networks kevel AdJugBler" Ad servers smartyads uffet Marketing bizo exelate ALCAT Ad Exchanges Index¹ Exchange YAHOO! ADECN PLYmedia ZENOVIA I MED A ADMAN PULSEPOINT LOTAME eyeota Quantcast Ad services and optimisation Selected names for publication purposes only and do not constitute the peer company's own definition of their business. DOOH 1 gumgum I Demdex Jovian 1 I Brand safety tracking Hyper local Di SSPS sonobi Supply side platforms PubMatic Magnite Admeld AdSuite Business intelligence software ReviNet Altitude MARKETING sharethrough CTV LIFTONA OpenX Identity management I I I I I I 1 T I I I I I I I I I I I I Publishers Owned and operated HABBO HOTEL IDEAWAY Wooz wypom Game Distribution FANZONE spilgames skyscanner smest Exclusive XITE +tunein radiofrance Şanzu dailymotion Contracted ebay HELLO! VICE The Telegraph Chicago Tribune BAUER MEDIA GROUP#9Platform strategy Becoming the go-to-partner for advertisers for an easy-to-use, competitively priced and brand-safe digital environment Strategic Priorities Ad sales Ad tech Curated Content Premium Games azerion Local expert teams that help our clients achieve results Creative proprietary ad formats Efficient and easy to use Platform Publisher monetisation services Partnerships and high-margin titles in casual game distribution Innovative business models to bring audiences together Optimise our E-commerce business to strengthen relationship with advertisers Strengthen our position in the metaverse and offer an extended value proposition to advertisers to connect with digital audiences in innovative ways ● Q2 2023 - Example Proof Points Launch of Azerion Smart Bidding, Azerion's improved Al-integrated bidding system to further enhance Azerion's pricing in open market auctions Improved our Full Monetization Services, or FMS solution with Performance by Azerion for semantic segmentation allowing for better audience targeting Launched Smart Content, integrating Vlyby technology with Zoomin content, providing publishers with additional contextual content for monetisation Developed an internal campaign management solution for Azerion ad ops teams, Azerion Marketplace, improving ad campaign coordination efficiencies and margin contribution. Server costs per million ad request decreased by 19% in Q2 2023 compared to Q4 2022 due to further platform optimisation and benefits of scale Signed 61 new exclusive publishers to further extend our platform supply footprint, reaching larger audiences Accelerated the production of puzzle and word web games by Azerion Studio's for news and media publishers resulting in increased revenues at higher margins due to lower licensing fees Launch of Habbo X: Alpha 2, a play to earn metaverse environment which integrates blockchain technology, allowing brands such as EMA, Miffy and Cool Cats to collaborate with audiences and create lifetime engageable collectables, minted as an NFT. Partnered with Juniper Creates, opening unique opportunities for the Habbo community to design and select lines of apparel and toys which will be linked to in-game digital collectables. 9#10. ● ● ● Platform model Our proven & successful growth strategy Structural market growth The digital advertising market is projected to continue growing with a CAGR of around 14% from 2022 to 2026, reaching a total of approx. USD 800bn Azerion is strategically positioned to capitalize on future growth in digital advertising and gaming markets The number of internet users has doubled in the past decade, reaching five billion today The expanding internet user base has led to significant growth in the digital advertising market azerion ● Platform growth {0}{0}{0} Azerion's organic growth strategy is centred around several drivers to capture market share as organic growth continues to increase in 2023 and onwards Expand existing partnerships and build new strategic partnerships with agencies and advertisers Expand geographically by the continued introduction of sales teams in selected new regions Optimise advertiser spend on Azerion's proprietary advertising platform by providing high impact advertising formats for brands Enter into a new and/or expanded strategic partnerships with digital publishers Further consolidate previous acquisitions and integrate into a single user interface ● ● ● ● Platform synergies SH Azerion focuses on capturing network effects and platform synergies, leveraging past acquisitions Synergies are realized through various means, such as content distribution, advertising sales capabilities, and operations/technology Content synergies lead to enhanced distribution and increased ROI on user acquisition, resulting in higher revenue and margins Operational synergies are achieved through the collaboration of advertising sales teams, Azerion's proprietary technology, and content Synergies also stem from efficient operations and technology, including shared services, office space, back-office capabilities, and development resources, leading to improved margins over time ● ● ● M&A ** M&A has been a fundamental driver of Azerion's growth since its establishment, having completed over 50 acquisitions in the past seven years The company's future strategy involves diligently assessing acquisition opportunities to further enhance its advertising network's demand side, extend its geographical reach, improve the quality of its content offerings, boost margins, and capitalize on synergies between advertising and gaming platforms Azerion currently possesses a well-defined and visible pipeline of numerous actionable which encompasses a acquisition targets, diverse range of potential candidates with varying annual revenue levels 10#11● ● Sale of Social Card Games Sale of social card games portfolio Entered a definitive agreement with Playtika on 1 August, 2023 to acquire Azerion's social card games portfolio, including titles such as Governor Poker 3 and Poker World. Sale of social card games portfolio completed 28 August 2023 for an initial cash consideration of € 81.3 million, subject to customary adjustments, with an earnout based on the performance of the acquired business that could take the total consideration up to a maximum of € 150 million. At completion Azerion received close to € 67 million before income tax and approximately 15 months after the completion date Azerion will receive the remaining proceeds subject to the terms of the asset purchase agreement. Gain on sale estimated at approximately €70 million before income tax. Earnout consideration calculated by multiplying incremental Adjusted EBTIDA performance of social card games portfolio above a baseline of around €13.5 million, by a multiple of between 6.0x and 7.0x (both inclusive); multiple contingent on revenue growth during the earnout period. Example of Azerion building and scaling valuable technology assets. 8.8 ~€ 81 million Initial consideration (subject to customary adjustments) 2.8 Q1 8.8 Net revenue 10.2 9.3 LLLLLL 3.7 2.6 2.6 Q3 Q4 Q2 2022 € 150 million Maximum Consideration (including performance based earnout) Adjusted EBITDA 1 11.3 azerion 'Adjusted EBITDA includes a central cost allocation for H1 2023 of approximately € 1.5 million. These costs will be addressed as part of our ongoing cost management programme. 3.5 Q1 10.3 2023 4.1 Q2#12Financial update Q2 2023: Increased earnings driven by revenue growth and ongoing cost savings EUR 122m Net revenue Q2 2023 EUR 19m Adj. EBITDA Q2 2023 azerion +17% vs Q2 2022 +58% vs Q2 2022 Net revenue up approximately 17% year on year, mainly driven by Platform performance Adjusted EBITDA grew more than 58% in Q2 2023 year on year, largely due to revenue growth and efficiency savings from consolidation and integrations 12#13Financial update H1 2023: Increased earnings driven by revenue growth and ongoing cost savings EUR 235m Net revenue H1 2023 EUR 27m Adj. EBITDA H1 2023 azerion +18% vs H1 2022 ~55% vs H1 2022 Net revenue up approximately 18% year on year, mainly driven by Platform performance Adjusted EBITDA grew by approximately 55% in H1 2023 year on year, largely due to revenue growth and efficiency savings from consolidation and integrations 13#14Financial update Platform 82 Q2 '22 9.5 8 22.7 13.6 9.1 Q2 '22 100 13 Q2 '23 9.6 23.9 12.7 11.2 Q3 '22 azerion — revenue growth and benefits of consolidation and integration Financial performance 189 155 il 17 10 10.7 Operational performance¹ 32.8 16.1 16.7 H1'22 Q4 '22 12.2 30.0 18.8 11.2 H1'23 Q1 '23 13.0 36.3 20.8 15.6 Q2 '23 Net Revenue ■Adjusted EBITDA Avg. digital Ads Sold per Month (bn) Total Avg. Gross Revenue per million processed Ad Requests Additional formats Previous reported figures Net revenue in Q2 2023 up approximately 21% year on year. Net revenue in H1 2023 up approximately 22% year on year. Adjusted EBTIDA grew by around 68% in Q2 2023 year on year; Adjusted EBTIDA grew by around 71% in H1 2023 year on year - mainly due to net revenue growth and benefits of ongoing efficiency programmes. Average digital ads sold per month increased to 13 bn in Q2 2023 from 9.5 bn in Q2 2022, approximately 37% increase. Average gross revenue per million processed ad requests grew to approximately EUR 36.3, an increase of around 59% year on year. ¹Avg. Gross Revenue per Million processed Ad Requests from advertising auction platform (€). For further details see full text in Q2 H1 2023 Interim Results press release All figures in EURm unless otherwise indicated 14#15Financial update Premium Games - improving profitability driven by efficiency and cost management Financial performance 22 LL 4 Q2 '22 700 650 600 550 500 €0.40 22 569 Q2 '22 5 Q2 '23 azerion €0.42 556 €0.45 46 44 LL 10 8 559 H1'22 Operational performance H1'23 €0.42 €0.42 601 558 Q3 ¹22 Q4 '22 Q1 '23 Q2 '23 0.6 0.5 0.4 0.3 0.2 0.1 0 All figures in EURm unless otherwise indicated Net Revenue Adjusted EBITDA Daily Active Users (thousands) Revenue per daily active user (EUR) RHS Net revenue in Q2 2023 up approximately 3% year on year. Net revenue in H1 2023 up approximately 5% year on year. Adjusted EBTIDA grew by around 37% in Q2 2023 year on year; Adjusted EBTIDA grew by around 34% in H1 2023 year on year - mainly due to benefits of ongoing efficiency programmes. Daily active users in Q2 2023 relatively stable as compared to Q2 2022. 5% increase in revenue per daily active user in Q2 2023 as compared to Q2 2022. Focus on cross segment revenue growth by, for example, increasing integration of brand advertising into gaming environment and launch of Habbo X: Alpha 2 allowing brands to collaborate with audiences and create engageable collectables. 15#16Financial update Strong financial framework 5-quarter rolling financial performance ulu 149 113 106 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 104 122 Net Revenue Adjusted EBITDA azerion 19 -2.9 Profit/Loss 10.9 D&A Q2 2023 cash conversion 8.0 Changes in W.C. & other movements -4.8 Interest -3.7 All figures in EURm. * Net interest-bearing debt as defined in Senior Secured Callable Fixed Rate Bonds ISIN: SE0015837794. Other 7.5 Resilient performance in Q2 and H1 2023 Continued cash generation from operating activities Implied leverage ratios pro forma the divestment of social card games reducing CFFO Q2 2023 Net interest bearing debt* 2.4x 178 4 9 Q4/22 Debt Cash 2.4x 183 Proceeds Pro forma from sale Q2/23 Net interest bearing Debt/ FY 2023 Adj EBITDA of ~75m Q2/23 16#17Guidance update Update of our financial guidance Revenue (in €m) Adj. Ebitda (in €m) Revenue Growth % Adj. Ebitda Margin % azerion FY 2022 + € 453 million + € 52 million ~ 2023 FY Guidance Previous Guidance ° 15% Previous Guidance Medium term Guidance 14% -16% ~€ 560 million At least € 75 million Updated Guidance ~ € 540 million At least € 75 million ~ 15% Updated Guidance 14% -16%#18Key messages Delivering on consolidation strategy and realising platform synergies ● ● ● Solid strategy delivery Q2 Net revenue of €122m driven by strong growth in Platform segment. Q2 Adjusted EBITDA €18.5m H1 Net revenue of €235m driven by strong growth in Platform segment. H1 Adjusted EBITDA €27.2m Upgraded expected annualised cost savings to at least €20m from at least €15m (excluding any effects from foreign exchange)* Completed sale of social card games portfolio Reconfirm full year 2023 guidance of at least €75m Adjusted EBITDA azerion *The expected savings are compared to the January 2023 baseline. Strong financial performance ~122M Net revenue Q2 2023 YOY +17% ~235M Net revenue HT 2023 YOY +18% ~19M Adj EBITDA Q2 2023 YOY +58% ~27M Adj EBITDA H1 2023 YOY +55% 18#19C azerion Q&A