#1C azerion Q1 2023 results May 31 2023#2Q1 2023 interim results Disclaimer SUVEL 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#3Q1 2023 interim results 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#4Key messages Consolidation and integration leading to resilient revenue growth and increased profitability ● ● Solid strategy delivery Successfully progressed consolidation and integration of previous acquisitions Resilient growth in Platform and Premium Games segments • Upgraded annualised cost savings expectations to at least €15m from at least €10m (excluding any effects from foreign exchange)* Reaffirm full year 2023 guidance of at least €75m Adj. EBITDA and around €560m Net revenue azerion * The expected savings are compared to the January 2023 baseline. Strong financial performance 113M Revenue Q1 2023 9M Adj EBITDA Q1 2023 4#5Strategy delivery The Azerion mission We help brands improve the way they engage with audiences We entertain audiences azerion 144 Digital publishers Advertisers Non-game Consumers Content Azerion proprietary content Game Game creators 66 Our mission is to be the go-to-partner for advertisers for an easy-to- use, competitively-priced and brand-safe digital environment "" L#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 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 ● ● Q1 proof points Grew presence in the US and Latin America, providing increased local support and expertise to advertisers across the globe. Launch of Performance by Azerion, enriching campaigns across all features and platforms, driving increased performance across the full advertisement funnel. Roll out of proprietary ad format Oneskin, an integrated rich media native product that creates a highly scalable feature on the Azerion Platform. Cost per million ad request decreased by 52% in Q1 2023 compared to Q1 2022 due to further platform optimisation and benefits of scale. Signed 50 new exclusive publishers to further extend our platform supply footprint, reaching larger audiences. Growth of puzzle and word games portfolio, increasing the reach of high-margin and mature audiences. We launched 473 new games to expand the reach in target markets. Expanded brand licensing partnerships with Smiley World, Mattel and L.O.L. Surprise! O.M.G. Fashion House to create engaging in-game branded content in Hotel Hideaway, Habbo and Woozworld. 6#7Strategy delivery Focus on integration; Strategic M&A powering growth Transaction Integration process ΙΝΕΙΝΤΑ madvertise. INNOVATING MOBILE ADVERTISING VLYBY M MEDIA H Hybrid Theory targetspot ADPLAY + Monolith & GameBake azerion ● · ● ● ● ● . ● ● ● ● Strategic rationale Geographic diversity into LATAM & US Hispanic market DMP focused on improving customer advertising campaigns through digital activation Premium publisher reach Diversification of publisher monetisation services Premium publisher reach Geographic diversity Geographic diversity Diversification of ad formats Premium publisher reach Diversification of publisher monetisation services Exclusive premium publisher reach Established local sales team Entry into advertising performance management Geographic diversity into the US & UK Advertiser, Agencies, Publisher reach Entry into digital audio advertising Geographic diversity into the US & UK Diversification of ad formats Premium advertiser & publisher reach Geographic diversity Publisher monetisation technology Premium agency & publisher reach LESS Integration level of completeness ● . . ● . ● ● ● ● ● ● Integrated & Anticipated Organic Growth Cross sell opportunities into LATAM market Imbed ad performance management across all products Migration of campaigns onto Azerion SSP (cost optimisation) Ability to target and track our own Azerion specific audiences. Cross & up sell opportunities in the French, German & Italian market Enhanced publisher monetization on mobile platforms Bespoke consultancy for design agencies for mobile & web Optimisation of digital video ad formats and integration with Azerion owned content provided by Zoomin. Cross sell opportunities into DACH region and Azerion countries Access to high margin exclusive publisher content Integration of publisher and advertiser solution teams Imbed ad performance management across all products Ability to target and track our own Azerion specific audiences. Larger campaign acquisition and up selling opportunity due to extended product offering in new markets New ad format to offer advertisers whilst inheriting established relationship with audio publishers Cross sell opportunities in Europe and North America Enhanced publisher monetisation and delivery through owned content (Shoutcast) Expansion into digital out-of-home High impact video ad formats Expand owned content into Italian market MORE#8Strategy delivery Strong historical performance underpinning growth outlook 127 173 Adj. EBITDA 195 azerion Revenue 308 453 2018 2019 2020 2021 2022 2023 2024 2025 ~560 27 47 52 ~15% annual growth 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 8#9Financial 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 9#10Financial performance Q1/23: Resilient Platform and Premium Games performance driving growth EUR 113m Revenue Q1 2023 EUR 9m Adj. EBITDA Q1 2023 azerion +19.4% vs Q1 2022 +47.5% vs Q1 2022 Benefits of recent acquisitions increasing top line growth Value optimisation reducing costs of operations Focused allocation of resources to high margin and profitable businesses 10#11Financial performance Strong financial framework 5-quarter rolling financial performance 94 ● 6 Q1 '22 104 12 106 Q2 '22 Net Revenue azerion 12 Q3 ¹22 149 22 Q4 '22 Adjusted EBITDA 113 9 Q1 '23 -8 Profit 10 All figures in EURm. Interest-bearing debt as per Bonds terms & conditions Deprec. Q1/23 cash conversion 6 9 Adjust. -4 Interest Adj EBITDA 23 Other 27 Record first quarter performance in absolute revenue and Adj. EBITDA in Q1 2023 Cash flow conversion driven by changes in working capital Focus on financial robustness of the company deleveraging the balance sheet in 2023 CFFO 178 Q4/22 -1 Debt Q1/23 net debt 1 Cash 177 Q1/23 11#12Financial performance Platform leveraging integrations delivering resilient growth Operational performance 18 16 14 12 10 86 8 6 4 2 0 ml Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q1 '22 73 Q1 '22 azerion Financial performance 2 89 Q1 '23 4 All figures in EURm unless otherwise indicated Avg. Gross Revenue per Million processed Ad Requests from advertising auction platform (€) Net Revenue Adjusted EBITDA Enhanced cross sales opportunities through newly acquired technologies and sales teams delivering revenue diversification. Gross revenue per processed ad request increasing due to higher publisher monetization and RTB optimization rejecting less profitable ad campaigns. Combination of organic and inorganic revenue growth in challenging macro environment Consolidation of operations reducing operational cost accelerating Adj. EBITDA growth 12#13Financial performance Premium Games allocating resources towards profitable growth 700 600 500 400 300 200 100 0 Q1 '22 Q2 '22 Q3 '22 Q4 '22 22 Operational performance Financial performance LL 24 Q1 '22 azerion Q1 '23 Q1 '23 0.5 0.4 0.3 0.2 0.1 0 All figures in EURm unless otherwise indicated Daily Active Users (thousands) Revenue per daily active user (EUR) RHS Net Revenue Adjusted EBITDA Focus on user acquisition leading to increased average daily active users, subsequently reducing ARPDAU. Improvements in user engagement driven by new features and events increased monetisation of mature users Time in game per day grew more than 6% compared to previous quarter Social Card Games, Governor of Poker 3 and Monopoly Poker performing strongly, expanding new features and content for users to further grow and monetise the games' communities. Lower capital expenditure in Metaverse has offset reduced user activity and spending. 13#14Key messages Consolidation and integration leading to resilient revenue growth and increased profitability ● ● Solid strategy delivery Successfully progressed consolidation and integration of previous acquisitions Resilient growth in Platform and Premium Games segments • Upgraded annualised cost savings expectations to at least €15m from at least €10m (excluding any effects from foreign exchange)* Reaffirm full year 2023 guidance of at least €75m Adj. EBITDA and around €560m Net revenue azerion * The expected savings are compared to the January 2023 baseline. Strong financial performance 113M Revenue Q1 2023 9M Adj EBITDA Q1 2023 14#15C azerion Q&A#16[email protected] I C azerion Azerion Investor Relations www.azerion.com