Azerion FY2024 Q3 Earnings Release

Q3 2024
Interim financial results and
business update presentation
19 November 2024

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Azerion Group has shares and warrants listed on Euronext Amsterdam N.V and bonds expected in due course to be listed on Nasda q S tockholm. 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 in for mation 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 c ons ent 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 w ithout 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, in clu ding 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, it s 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 responsibili ty 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 tran smi tted 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 in dic ators 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 thou gh 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 im por tant 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 c ertain information is dependent on future events some of which are outside the control of Azerion.
Disclaimer
Q3 YTD 2024 Results presentation

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, ineach case, their negative orother variations orcomparable terminology, orby discussions ofstrategy, plans, objectives, goals, future events orintentions .Forward -looking statements may and often do differ materially from
actual results .Past performance ofthe Azerion Group cannot be relied on as aguide tofuture performance .Any forward -looking statements reflects the Azerion Group’s current view and expectations with respect tofuture events and are
subject torisks, uncertainties and assumptions relating to Azerion Group’s business, results ofoperations, financial position, liquidity, prospects, growth or strategies, many ofwhich are based, inturn, upon further assumptions, including
without limitation, management’s examination ofhistorical operating trends, data contained inAzerion Group’s records (and those ofits 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 .
Forward – looking statement
Q23 YTD 2024 Results presentation

~€125M
REVENUE
Q3 2024
~€18M >€383M
ADJ. EBITDA
Q3 2024
€45M
ADJ. EBITDA
Ytd 2024
Strong financial performance
YoY +23% 1 YoY +9% 1 YoY +22% 1 YoY +26% 1
1. Excluding the divested social card games portfolio. Azerion completed the sale of its social card games portfolio to Playt ika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. Social card games Revenue was € 6.7 million in Q3 2023 and € 28.3 million for Ytd 2023, Adjusted EBITDA contribution of € 2.1 million in Q3 2023 and € 9.7 million in Ytd 2023.
REVENUE
Ytd 2024

Group Revenue of € 125 million (+23%), Adjusted
EBITDA € 18 million (+9%) Q3 2024
Double digit revenue growth 1｜
Strong revenue growth in Platform €111 million
(+22%) and in Premium Games €14 million 1(+26%)
Strong segment growth 2｜
CTV, DOOH and Audio expansion, Cookieless
targeting solution & brand safety improvements
Technical developments 4 ｜
Revenue for full year 2024 between € 540 to € 560
million annual growth thereafter in the medium
term expected to be approximately 10%.
Adjusted EBITDA for full year 2024 is expected to be
in the range of approximately € 75 million to € 80
million.
Retain guidance for FY 2024 6 ｜
Highlights of Q3 ‘24
1. Excluding the divested social card games portfolio. Azerion completed the sale of its social card games portfolio to Playt ika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. Social card games Revenue was € 6.7 million in Q3 2023 and € 28.3 million for YTD 2023, Adjusted EBITDA contribution of € 2.1 million in Q3 2023 and € 9.7 million YTD 2023.
Strengthened local ad solutions through Captify
asset deal and Goldbach acquisition in November
Partnership expansion 3｜
Market dynamics and tailwinds present opportunities
for accelerated growth,
Well progressed M&A pipeline with several
opportunities with an aggregate revenue of € 255
million to € 285 million and Adj. EBITDA of € 20 million to
€ 25 million
Subject to, inter alia, market conditions a subsequent
bond issue may follow.
Capturing opportunities 5 ｜

Group Quarter Performance 1€m Group YTD Performance 1€m
Q3 & YTD Group Financial Highlights
1. Excluding the divested social card games portfolio. Azerion completed the sale of its social card games portfolio to Playt ika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. Social card games Revenue was € 6.7 million in Q3 2023 and € 28.3 million for Ytd 2023, Adjusted EBITDA contribution of € 2.1 millio n in Q3 2023 and € 9.7 million in Ytd 2023.
€ 102
€ 16
€ 125
€ 18
Revenue Adjusted EBITDA
Q3 ’23 Q3 ’24
€ 315
€36
€ 383
€ 45
Revenue Adjusted EBITDA
YTD ’23 YTD ’24
Organic Revenue Growth Q3 2024
~6%
Organic Revenue Growth YTD Q3 2024
+8%
+23%
+9% +26%
+22%
1

Platform performance
Financial performance revenue €m
Adj. EBITDA €m
13.5 13.1 30.4 36.2
Avg. Monthly Digital Ads Sold
Avg. Gross Revenue per Million Ad Request
Ads sold (in Bn)
€ 25.4
€ 34.5
€ 25.4
€ 29.0
€ 23.4
Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24
11.9
13.9
11.9 12.1 12.6
Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24
73 92
223
286
18
19
57
58
Q3 ’23 Q3 ’24 YTD ’23 YTD ’24
Advertising Platform AAA Game Distribution
111 91
280
344

Premium Games performance
Financial performance revenue €m 1
Adj. EBITDA €m 1
2.7 4.6 5.4 8.8
MAUs 2
Avg. Time in Game 2
ARPDAU 2
11
14
35
39
Q3 ‘231 Q3 ’24 YTD ’23 YTD ’24
1. Excluding the divested social card games portfolio. Azerion completed the sale of its social card games portfolio to Playt ika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. Social card games Revenue was € 6.7 million in Q3 2023 and € 28.3 million for Ytd 2023, Adjusted EBITDA contribution of € 2.1 million in Q3 202 3 and € 9.7 million in Ytd 2023. 2. Given the sale of the social cards portfolio in August 2023, the selected operational KPIs for all quarters have been revi sed to no longer contain results from the social card games portfolio.
252 255 251 253
239
Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24
€ 0.44 € 0.47
€ 0.42
€ 0.53 € 0.57
Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24
80
95
87 81 85
Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24

Improved operating performance
73 76 78
96
74
93
100
152
117
143
126
900
1,100
1,300
1,500
1,700
1,900
–
20
40
60
80
100
120
140
160
180
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Revenue per FTE ‘000 FTEs

5-quarter rolling financial
performance
Q3 2024
Net Cash Flow From Operations
Q3 2024 Net interest bearing debt*
Financial Framework
Operating
Profit/
(loss) D&A
Other
Changes
in W.C.
Interest,
Tax &
Provisions CFFO
Interest
Bearing
Debt
Cash and
Cash
equivalent
Net Interest
Bearing
Debt
101.8
171.8
119.7
138.7
124.8
16.2
25.9
9.8 17.5 17.7
Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24
Revenue Adjusted EBITDA

Excluding the divested Social Card Games Portfolio in Q3 2023

Growing digital advertising opportunities for brands
and agencies as audiences go online
+5.5bn
Today
2.5bn
10 years ago
10%
‘24 – ‘28 CAGR
$1 trillion
2028 Market size
Source : 1, Statista Number of internet users worldwide from 2005 to 2023 (May 2024), 2. eMarketer (March 2024) .
# Internet users 1 Digital advertising 2
Source: 1) Statista Number of internet users worldwide from 2005 to 2023 (May 2024). 2) eMarketer (March 2024).

Crowded and complex digital advertising market
dominated by a few large players
Digital advertising market is highly fragmented,
crowded and inefficient
Digital Advertising Market 2024 Digital ad spend concentration
76.6 78.1 78.6 76.8 79.8
7.0 6.2 6.5 6.9 7.9
16.3 15.7 14.9 16.4 12.4
2019 2020 2021 2022 2023
Top 10 Next 11 – 25 Remaining companies
Captured by top and mid -tier companies ,
leading to smaller firms needing to partner with
firms like Azerion or exit the market
Source: Lumascape (Link ) Source: PWC IAB

Publisher Demand -side
platform
Agency Ad networks
Fraud detection Ad services and optimisation
Facilitate digital
inventory purchases
Create
ads
Buy
media
Ad exchange
Create online
content & place
digital ad
User data Viewability tracking Brand safety tracking
Business intelligence software
Identity management
Brands looking to
place ads
effectively
Advertiser
Spends Receives
Facilitate digital
inventory sale
Supply -side
platform
Data platform
Ad servers
Advertisers must navigate a complex and costly value
chain to reach target audiences

Publisher Demand -side
platform
Agency Ad networks
Ad servers
Facilitate digital inventory
purchases
Create ads Buy media
Ad exchange
Advertiser
Facilitate digital
inventory sale
Supply -side
platform
Data platform
Own ed
publishers
Exclusive
publishers
Contracted
publishers
Supporting advertisers to reach specific
audiences
in a simple, cost -effective and safe way
Supporting publishers to maximise revenue
and user engagement
Azerion offers an efficient and cost – effective one – stop
solution minimising risk

ENGAGED AUDIENCES, BRANDS AND PUBLISHERS
Generating real outcomes
by reaching targeted
audiences in the right place
with the right message
Azerion’s local Direct Sales teams have the knowledge and network
to connect brands with highly engaged audiences through multiple
channels and formats. Our proprietary AI technology enables staff
and clients to deliver performance at scale through automation,
targeting and creation of impactful messages.
EMPOWERING ADVERTISERS
ENABLING PUBLISHERS
We help publishers big and small grow by linking them with relevant
premium advertisers across multiple channels and formats around
the world optimizing revenue.
This unique combination of services and insights provides advertisers
with more impactful, higher value distribution, whilst content
publishers have more relevant ads displayed, creating an engaging
experience for the consumer

Omnichannel coverage
Expansive suite of tailored advertising formats and monetisation solutions across multiple channels
DOOH Mobile/ Web In -Game CTV Audio
• ~450m MAUs
• 300k Publishers
• Global distribution
• Rich media, banner,
native, video, display
• +1m digital screens
available
• National, regional, local
targeting
• 500m monthly
impressions
• Online radio, text to
speech, music
streaming plus more
• ~50k MAUs
• +20k Casual Games
• 3 Premium Games
• +2bn weekly impressions
• +20 direct and
distribution partners
• 10+ markets across EMEA,
US and LATAM
8.9% CAGR
2023 -2028 1
13.2% CAGR
2024 -2032 2
6.4% CAGR
2024 -2028 3
9.1% CAGR
2024 -2029 4
10.1% CAGR
2023 -2028 5
Source: 1) Advertising expenditure and related data provided by Magna Global. © Magna Global, 2024. 2) Digital Out -of-Home (DOOH ) Advertising Market report by Straits Research (2023).3) Digital Audio Advertising -Worldwide by Statista Market Insights (2024). 4) In -game Advertising -Worldwide by Statista Market Insights (2024 ). 5) CTV advertising revenue worldwide 2020 -2028 by Statista Market Insights (2023). Source: Group information.

CTR generated
0.35%
VTR generated
74%
DOOH screens
1,000
Awareness*
+15 pts
Intention*
+20 pts
Uplift*
+28 pts
Supporting brands create dynamic and relevant ads
For real results
Delivering contextually
relevant and highly
engaging ad campaigns to
reach targeted audiences
• Geographic campaign targeting DOOH
screens with 500m radius of metro
stations
• Environmental triggers such as weather
and congestion
• Scheduling based on user propensity to
need FreeNow service
• Areas with high searches for
taxis/ FreeNow /competitor terms
• Remarketing exposed users who have
been in proximity to DOOH activity
FREENOW hyper local campaign

Technical and commercial partnerships
Strengthening our local connection with advertisers and publishers
Leveraging its monetisation
solutions, Azerion to become the
reseller of display advertising of
Eniro’s search and directory content
whilst providing Azerion’s
advertising clients direct access to
Eniro’s 10 million highly active MAUs
in the Nordic countries.
Azerion will also provide tailored
advertising solutions to Eniro’s
50,000 local SME business
supporting them reach targeted
audiences effectively within their
community.
As part of the strategic partnership
Eniro to outsource its cloud services
and technology support outsourcing
.
Captify’s extensive onsite search
data enhances Azerion’s cookieless
solutions, Edge, providing brands
and agencies with localized, highly
targeted advertisements across
web, Audio, CTV, and DOOH.
By leveraging actionable
intelligence from search data
outside of the walled gardens,
Captify empowers advertisers and
publishers to make more effective
decisions.
The onboarding of Captify’s sales
teams in France and Italy further
strengthens Azerion’s ability to
provide localised, highly targeted
advertisements.
Azerion’s advertising clients gain
exclusive access to high -impact
Digital Out -of-Home (DOOH)
inventory across France, Belgium,
and the Netherlands through the
integration of MyAdbooker .
This strategic partnership expands
Azerion’s reach in the DOOH space,
empowering advertisers to execute
more targeted and impactful
omnichannel campaigns in key
European markets.
MyAdbooker , a leading SSP in DOOH
advertising, offers innovative
solutions and premium inventory
that elevate programmatic media
buying across Europe.
Goldbach’s extensive network of
partners and strong relationships
with publishers provide a unique
reach across Austrian audiences,
strengthening Azerion’s position in
the DACH region.
Goldbach is specialised in the
marketing of media and services
across TV, Advanced TV, Online,
Mobile (280 million impressions per
month), and Digital Out -of-Home
(9,000+ screens).
This acquisition aligns with Azerion’s
strategy to grow in emerging ad
formats to deliver the right message
to the right audience at the right
time.

• Launch of Contextual Intelligence technology within the Azerion Marketplace
• Improved publisher’s monetisation capability through enhanced
configuration of third -party impression trackers for more granular targeting
Cookieless solution & Audience targeting
• Launch of Child -Safe Marketplace in collaboration with Beeswax
• Integration of DoubleVerify’s verification solutions into Azerion’s SSP
Brand safety and control
Delivering on Technology Roadmap
• CTV & Set -Top Box granular targeting for third party quality measurement
• Launched programmatic advertising audio, enabling brands to reach
audiences through highly engaging podcasts, radio, music and more
programmatically
Channel and format expansion
• Real time advertisement auctioning for Digital Out Of Home inventory,
providing greater monetisation solutions to screen owners and DOOH
networks
• Programmatic ad break advertising feature suite for CTV publishers
Inventory enlargement of engaging ad formats

New Azerion Podcast Hosting Platform
A new hosting platform that allows publishers to use Azerion as their tech provider for creating, distributing and analyzing podcast content
Audio Adserver Product for publishers
Launched an improved audio adserver as a standalone product in our offering towards audio publishers.
New audio solutions
unlocking additional revenue

Consolidating previous acquisition Creating real outcomes
Launched Performance by Azerion, integrating Hybrid
Theory’s technology and data
Integrated Full Monetisation Solution, OneFMS an
integration of Adplay ,
Launch of new Audio Podcast and consolidated
Adserver platform for publishers
Launched Oneskin’s rich media advertisement format, a
combination of Sublime and Inskin tech
Integration of High Impact Rich Media, Dynamic
Creative Digital Audio and Video Widgets into Hawk’s
single media buying platform
Generative AI Contextual solution in Marketplace, a
robust system that provides accurate and reliable
classification of web content
Integrated multi -channel geotargeting solution across
emerging ad formats for increased advertiser
performance
Dynamic creative optimisation integration bringing
unique and localised advertising experience to multiple
digital channels
Localised full monetization solution for publishers,
operated by Azerion’s expert ad delivery teams
An integrated omnichannel solution offering digital
audio, CTV, DOOH, web and other non -emerging ad
formats from previous acquisitions..
Azerion Edge technology embedded into Hawk,
enriching advertisers audience targeting capabilities
without cookies
Integrated AI -based yield management service,
resulting in double digit uplift of Azerion FMS publisher
performance.
Scalable advertising solutions for SME advertisers
enabling hyper focused and localised audience
targeting
Expansive European DOOH network through Hawk,
MyAdbooker and Goldbach acquisitions and
partnerships
Launched Performance by Azerion, integrating Hybrid
Theory’s technology and data
Dynamic Branded Content automation and
performance tools for advertisers enabling greater and
more relevant audience reach
Fully integrated Tech Stack
Connecting advertisers and content publishers together to create real outcomes at scale

Preferred partner of advertisers, agencies and
publishers for local and tailored solutions

Data asofSeptember 202 4:(1)Asofend ofsecond quarter 2024 ,(2)Average general content and gaming content monthly MAUs Q32024 ,(3)Figures ofAzerion’s monetisation platform Improve Digital only, (4)Average number ofpaid impressions served per month Q32024 .
2
3
~ 1,000
Employees 1
HQ
Amsterdam
21 offices in
17 countries
20k+
Game titles
400k+
Advertisers 3
~13 bn
Digital ads sold
per month 4
+500 m
Unique monthly
active users 2
10k+
Exclusive publisher
websites 3
~ 1.3 k
Contracted
game creators 1
>10 0
Av g. new casual
games per month 1
Consumers Advertisers Digital publishers Game creators
Customers Partners
300k+
Contracted
publisher websites 3
European champion providing access to local and
global, diverse and engaged audiences

Platform growth
Strategic
partnership
growth
Platform Synergies
Capturing platform synergies and network effects
Operational benefits through consolidation and integration
Leverage relationships across advertising, publishing and content teams.
M&A pipeline
Acquire new technology, people and key partnerships
Consolidate market position in key geographies
Strengthen relationships with publishers through minority
stakes
Structural growth
Structural growth accelerated by demographic and technology shift
10%+
Market growth 1 Operating in premium
geographies
Emerging
ad formats
Digital
transformation
2
3
4
1
Strengthen
local sales
teams
Optimise
platform ad
spend
Consolidate
previous
acquisitions
Proven growth strategy underpinned by four pillars
for continued growth
Note: 1) eMarketer (March 2024).

Market Dynamics
Increased competition
and need for
consolidation
Continued new number of entrance, increased M&A activity in
Ad Tech industry, accelerated consolidation of revenues
amongst largest firms
Industry and audience
shift away from big
tech
Audiences progressively moving away from walled gardens
due to new digital formats such as CTV and Audio in search
for new engaging professional content.
Increasingly realistic
valuations
Consolidation of Adtech market to accelerate as market
continues to mature and larger firms to strengthen their
position in key markets and expand into new emerging ad
formats.
Tailwinds
Engaging advertising
offering in emerging
channels/ formats
Single media buying platform and omnichannel offering
allows for re -targeting of audiences across multiple formats
resulting in higher conversions rates.
Specialised teams
connected with local
client ecosystems
Boots on the ground optimise performance advertiser and
publishers performance forging long term relationships with
clients.
Tailored high precision
advertising campaign
capabilities
Audience identifiers enable granular targeting for high impact
ads resulting in real outcomes for advertisers and publishers.
ACCELERATING
GROWTH
Market dynamics and tailwinds present
opportunities for accelerated growth

Demand Content Monetisation Technology & Data
Selected partnerships Selected partnerships Selected partnerships Selected partnerships
End -to-end advertising
campaign management for
brands and agencies
Intelligence platform
combining cookieless data and
contextual signals
Localised, full monetisation for
publishers, managed by
Azerion expert ad delivery
teams
Proprietary digital content
delivering audience insights
and higher margin advertising
Audience insights to deliver
messages at the right moment
on the right device
Privacy -friendly, cookieless
activation and measurement
capabilities
Helping publishers achieve
sustainable monetisation and
business growth
Proven technology stack, part
of the programmatic supply
chain since 2008
Precise audience connections,
maximising engagement and
impact
Omni -channel inventory for
optimised, data -driven
campaign performance
Combining auctions, platforms
and demand sources to
optimise value for each
impression
First -class solutions,
automating purchase and sale
of digital advertising
Strong position across entire value chain following
recently integrated partnerships

Acquisition pipeline (1)
Selected target Region Vertical Rationale Target description Adj. EBITDA (2)
Target 1 Tech & Data
Tech & geographic expansion
Performance advertising platform ~EUR +10m
Target 2 Tech & Data Geographic consolidation Publisher full monetisation solution ~EUR 1 -2.5m
Target 3 Content Geographic consolidation
Provider of digital marketing and monetisation services ~EUR 4 -5m
Target 4 Content Supply -side expansion Publisher network in selected markets ~EUR 1 -2.5m
Target 5 Content Supply -side expansion Digital publisher, ad monetisation ~EUR 1 -2.5m
Target 6 Demand Geographic expansion
Goldbach :Advertising broker in the DACH region (closing pending regulatory approval)
~EUR 1 -2.5m
Target 7 Demand Geographic consolidation Ad marketer for performance marketing ~EUR 1 -2.5m
Target 8 Demand Geographic consolidation Digital ads sales organisation ~EUR 1 -2.5m
Total revenue ~EUR 255 -285m
Total adj. EBITDA ~EUR 20 -25m
• M&A is a key tool in executing on the Group’s growth strategy, enabling further
strengthening of the end -to-end suite of advertising solutions to clients
• Extensive M&A experience
• Azerion screens all targets according to well -defined acquisition criteria and historically
has tended to acquire targets in line with European average sector EV/EBITDA multiples
(pre -synergies)
• All targets in the current highest conviction pipeline are Adjusted EBITDA -profitable on an
LTM basis
• The acquisition framework re -affirms the strategic focus on investment into the
commercial organisation, technology and data, and content
M&A strategy and acquisition criteria
Areas of focus
Commercial
organisation Digital ad technology Publishers & content
Focus on expanding
European footprint
DSP, SSP, Data and
Mobile (SDK)
capabilities
High quality, exclusive,
curated and scaled
audiences
1 2 3
Proven acquisition model and well – progressed M&A
pipeline
Notes: 1) The acquisition pipeline includes >20 actionable and engaged targets; the selected targets are the current 8 highest convi ction targets although it is not certain that these transactions will materialise. 2) LTM June 2024, pre -synergies Source : Group information.

Summary of M&A factors underpinning growth
pipeline
Tailwinds
Organic & inorganic
growth
Ytd Q3 ‘24 Revenue growth of 22% 1, Adj. EBITDA +26% 1
Delivery on technology roadmap, scaled and efficient operating model, expansive
advertiser and publisher network for highly targeted audience reach
M&A pipeline
Pipeline of >20 actionable targets
8 highest conviction opportunities
Revenue of highest conviction opportunities in aggregate of
~€255 -285m and
Adjusted EBITDA in aggregate of ~€20 -25m (pre -synergies)
Market Dynamics Increasingly realistic valuations Industry and audience shift away from big
tech
Increased competition and need for
consolidation
2
3
4
1
Tailored high precision advertising
campaign capabilities
Specialised teams connected with
local client ecosystems
Engaging advertising offering in
emerging channels/ formats
1. Excluding the divested social card games portfolio. Azerion completed the sale of its social card games portfolio to Playt ika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. Social card games Revenue was € 6.7 million in Q3 2023 and € 28.3 million for YTD 2023, Adjusted EBITDA contrib ution of € 2.1 million in Q3 2023 and € 9.7 million in YTD Q3 2023.

Q&A