#1a azerion Q4 and preliminary full year 2022 results#2Q4 and preliminary full year 2022 results Disclaimer The following disclaimer applies to this document, any 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”). In the Information, "Azerion", "Group", "we", "us" and “our” refers to Azerion Group and its subsidiaries. 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 Group and 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. 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, Azerion Holding, their 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 and/or Azerion Holding'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 and/or Azerion Holding'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 and/or Azerion Holding'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#3Q4 and preliminary full year 2022 results Forward-looking statement The Information includes 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 RAILER PAN Alberto ganó 32.865€ N H V 3#4Key messages Delivery on 2022 targets with profitable growth outlook Solid strategy delivery Delivery of 2022 targets for Revenue and Adj. EBITDA • Q4 2022 record performance in Platform, starting to harvest benefits of scale • Strong profitable growth outlook • Cancellation of 95% treasury shares and increased focus on deleveraging the balance sheet azerion Strong financial performance 453M Revenue FY 2022 52M Adj EBITDA FY 2022 4#5Strategy delivery The Azerion mission We help brands improve the way they engage with audiences We entertain audiences azerion IHA Advertisers Digital publishers Consumers Non-game ontent Azerion proprietary content Game Game creators 11 Our mission is to be the go-to-partner for advertisers for an easy- to-use, competitively- priced and brand-safe digital environment // 5#6Strategy delivery Becoming the go-to-partner for advertisers for an easy-to-use, competitively priced and brand-safe digital environment Ad sales Ad tech Curated Content Premium Games azerion Strategic priorities Local expert teams that help our clients achieve results Efficient and easy to use Platform Creative proprietary ad formats Grow exclusive publishers through monetisation services Expand partnerships in our casual game distribution Develop innovative business models connecting advertisers with targeted audiences Optimise our E-commerce business to strengthen relationship with advertisers Strengthened our position in the metaverse and offer an extended value proposition to advertisers to connect with digital audiences in innovative ways ● ● ● Q4 proof points Highest direct sales results across the group, demonstrating the added value of local teams working hand in hand with clients to successfully advertise to their audiences 50%+ reduction in cost per ad request compared to Q4/21, due to optimisation of computing resources on high-performing ads slots, increasing platform efficiency Expanded integration with Google's demand-side platform, enabling Google's Audience targeting and unlocking additional demand to Azerion's advertising auction platform Direct integration of Azerion's advertising platform with Amazon's demand side platform Entered high-growth digital audio, enabling audio ad formats across the platform through the acquisition of Radionomy (Targetspot and Shoutcast) Launched new product 'Azerion Fanzone', improving the way sports clubs engage with their fan base in the digital space Strengthened our position in the Metaverse by creating more partnerships with brands such as DB Sports and successfully selling out a collection of 1,300 unique rooms in Habbo X.#7Strategy delivery Strong historical performance underpinning growth outlook 127 173 all ~560 453 308 2022 2023 2024 2025 2018 2019 Adj. EBITDA azerion Revenue 195 ~15% annual growth 2020 2021 27 47 52 75+ 14-16% Adj EBITDA margin 20% Revenue split 40% Automated auction sales 20% 80% Platform Advertising E-commerce '80% Direct sales 60% Premium Games 11% Value drivers Continued integration of past acquisitions driving synergies and efficiencies Increase volume of direct sales Increase volume of publisher monetization services Continuously developing new features and innovating with our technology 2018 revenue based on Dutch GAAP, not fully comparable. 2019 and 2020 audited IFRS figures. All figures in EUR million. Outlook does not include impact of material acquisitions or divestments 7#8Financial performance 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 ∞#9Financial performance Q4/22: Delivery on 2022 targets with record Platform performance EUR 149m Revenue Q4 2022 EUR 22m Adj. EBITDA Q4 2022 azerion +18% vs Q4 2021 +15% vs Q4 2021 Record performance in the Platform segment, reflecting improved efficiencies and starting to harvest benefits of scale Continuous focus on integration of past acquisitions Continued growth in the Platform segment at increased margins 9#10Financial performance Strong financial framework 126 19 12 buldim Q4 21 5-quarter rolling financial performance 127 94 Q1 22 ☐Net rev 173 6 azerion 104 195 12 Q2 22 308 FY historical revenue 106 Q3 22 ■Adj Ebitda 453 12 ~560 149 22 Q4 22 ~15% annual growth 2018 2019 2020 2021 2022 2023 2024 2025 Adj. EBITDA 27 47 52 75+ Profit Deprec. Q4/22 cash conversion 1 22 14-16% Adj EBITDA margin All figures in EURm. Interest-bearing debt as per Bonds terms & conditions Adjust. Adj EBITDA -5 Interest 3 Other 20 CFFO 189 Q4/22 net debt Q4/21 3 Debt -16 176 Cash Q4/22 Record quarterly Adj EBITDA in Q4 2022 Strong cash conversion supporting net debt reduction Focus on profitable growth and deleveraging the balance sheet in 2023 10#11Financial performance Platform set to harvest benefits of scale 12 10 8 6 Im 4 2 0 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 101 12 Operational performance Q4 21 azerion Financial performance 125 17 Q4 22 235 27 FY 21 20 15 10 5 0 364 35 FY 22 All figures in EURm unless otherwise indicated Ads sold Publisher monet. Services (bn) Ads sold Advert. auction plat. (bn) -Gross rev per ad requests (EUR) - RHS Net rev (EURm) Adj EBITDA (EURM) Advertising auction platform boosted by increased local direct sales as well as improved integration with top 10 DSPs Steep increase in gross revenue per ad requests, demonstrating ad efficiency and profitability, despite the continued challenging macro-economic environment Record revenue driven by acquisitions and organic growth Improvements in Adjusted EBITDA margins demonstrating increased platform efficiency and benefits of scale 11#12Financial performance Premium Games integrated with wider platform strategy 700 600 500 400 300 200 100 0 25 Q4 21 Operational performance Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 azerion Financial performance 24 5 L Q4 22 0.5 0.4 FY 21 0.3 0.2 0.1 0 L 74 20 89 17 FY 22 All figures in EURm unless otherwise indicated Daily active users (thousands) -Revenue per daily active user (EUR) - RHS Net rev (EURm) ■Adj EBITDA (EURm) Stable average daily active users in 2022 post Covid-19 Average revenue per daily active user increasing steadily, reflecting improvements in user engagement driven by new features and events Time in game per day steady at around 80 min/day 2021 overall positively impacted by around EUR 6 million from the successful launch of NFTs in the Habbo metaverse in September 2021 Q4 2021 benefited from the commission related to secondary market sales of the Habbo NFTs 12#13Financial performance Continued focus on value optimisation HOTEL Play 040 azerion English QQ Contribution margin Increase volume through local direct sales Continued migration of acquisitions to Azerion's DSP & SSP Strategic commercial deals and increase publisher monetisation services Increased efficiency in advertising auction platform with continuous optimisation of compute resources on high-performing ads slots Cost management Ongoing integration of acquisitions Hosting contracts Office leases ● ● ● ● Legal entity consolidation Azerion branding Reduction in headcount of approximately 9% Focused investment and capex Elimination of duplicate resources. E.g. functions, studios ● Expected annualised savings of over EUR 10m All figures in EURm unless otherwise indicated. Expected cost savings calculated versus estimated annualized costs after 2022 acquisition azerion Sebastiaan Organisational structure Reporting simplification with merger of legal entities Significant reduction of treasury shares Migrated to scalable regional sales and management model Centralized management of all product and technology resources Group wide financial KPI's: revenue, contribution margin, Adj. EBITDA, net profit 13#14Key messages Delivery on 2022 targets with profitable growth outlook Solid strategy delivery Delivery of 2022 targets for Revenue and Adj. EBITDA • Q4 2022 record performance in Platform, starting to harvest benefits of scale • Strong profitable growth outlook • Cancellation of 95% treasury shares and increased focus on deleveraging the balance sheet azerion Strong financial performance 453M Revenue FY 2022 52M Adj EBITDA FY 2022 14#15a azerion Becoming the go-to-partner for advertisers in the digital environment easy-to-use | competitively-priced | brand-safe