Azerion FY2024 Q4 Earnings Release

FY and Q4 2024
Interim financial results
presentation
27 February 2025

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Forward – looking statement

~€168M
REVENUE
Q4 2024
~€30M
ADJ. EBITDA
Q4 2024
Increasing profitability through scale,
integrations and synergies
YoY -2% YoY +14%
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 € 28.3 million for FY 2023, Adjusted EBITDA contribution of € 9.7 mil lion in FY 2023.
~€551M ~€75M
ADJ. EBITDA
FY 2024
YoY +13% 1 YoY +21% 1
REVENUE
FY 2024

Q4 2024 Adjusted EBITDA up 14 % YoY and Q4 Operating Profit up 16 %
FY 2024 Adjusted EBITDA up 21 % Year on Year with Operating profit up 71 %1
Focus on profitability
Q4 2024 Platform Segment Adjusted EBITDA up 15 % YoY and Q4 Operating Profit up 29 % YoY
Strong Platform segment growth
Highlights of Q4 and FY 2024
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 € 28.3 million for FY 2023, Adjusted EBITDA contribution of € 9.7 million FY 2023.
Signed over 90 new publishers, SSPs and DSPs
Renewed advertising campaigns across Europe with brands such as McDonald’s, Ravensburger, Adobe and JLR
Finalized the acquisition of Goldbach Austria GmbH .
Entered new partnerships with Produpress in Belgium and Moneytizer in France
Partnership expansion
Successful issue of Subsequent Bonds in an amount of € 50 million under the Company’s existing senior secured floating
rate bond framework of € 300 million .
Capital raise

Q4 & FY 2024
Financial
Highlights

486.7
62.2
551.2
75.1
Revenue Adjusted EBITDA
FY 23 FY 24
171.8
26.4
168.0
30.1
Revenue Adjusted EBITDA
Q4 ’23 Q4 ’24
Group Q4 2024 Performance €m Group FY 2024 Performance 1€m
Q4 & FY 2024 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 € 28.3 million for FY 2023, Adjusted EBITDA contribution of € 9.7 million in FY 2023.
-2%
+14% +21%
+13%

126.0 126.3
348.6
412.3
31.7 26.9
88.8
85.0
Q4 ’23 Q4 ’24 FY ’23 FY ’24
Advertising Platform AAA Game Distribution
Platform performance
Financial performance revenue €m
Adj. EBITDA €m
22.8 26.2 53.2 62.4
Avg. Monthly Digital Ads Sold
Avg. Gross Revenue per Million Ad Request
Ads sold (in Bn)
153 158
437
497
13.9
11.9 12.1
12.6
14.1
Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
€ 34.5
€ 25.4
€ 29.0
€ 23.4 € 24.3
Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24

Premium Games performance
Financial performance revenue €m 1
Adj. EBITDA €m 1
3.6 3.9 9.0 12.7
DAUs
Avg. Time in Game
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 € 28.3 million for FY 2023, Adjusted EBITDA contribution of € 9.7 million in FY 2023.
255 251 253
239
227
Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
95
87
82 85
89
Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
ARPDAU
€ 0.47
€ 0.42
€ 0.53
€ 0.57 € 0.59
Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24
14.1 14.8
49.3
53.9
Q4 ’23 Q4 ’24 FY ’23 FY ’24

Improved operating performance
73 76 78
96
74
93
100
152
117
143
126
167
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
–
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 Q4 2024
Revenue per FTE €’000 FTEs

€m
Cost Base Development
Note: 1) 2022 other expenses adjusted for non -cash listing costs of EUR 107m. 2) Figures excluded Depreciation and Amortisation 3) Ope x % of revenue for 2023 excludes gain from sale of Social Card Games portfolio. 4) Stated financials exclude Other gains and losses Source : Group information.
29 33 55 107 99 86 17 17 33
54 37 41 118 125
187
286 332
377
173 195
308
453
515
551
27% 25%
29%
36%
26%
23%
2019 2020 2021 2022 2023 2024
Personnel expenses Other expenses
Costs of services and materials Revenue
Opex % of revenues

Group FY Performance 1€m 2024 Net Cash Flow 2024 Net interest bearing debt*
Financial Framework
Cash at
beg.
period
Operating
Activities
Investing
Activities
Financing
Activities
Cash at
end of
period
Interest
Bearing
Debt
Cash and
Cash
equivalent
Net Interest
Bearing
Debt
Excluding the divested Social Card Games Portfolio in Q3 2023
* Net Interest Bearing Debt as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: N O00 13017657
486.7
551.2
62.2 75.1
FY 23 FY 24
Revenue Adjusted EBITDA
Note: Includes € (0.8) m effect of changes in exchange rates on cash and cash equivalents

Q4 & FY 2024
Strategy Update

AI and Multicloud investments
Added Huawei as cloud partner alongside AWS and Google in our
Azerion multi -cloud setup making us more independent of single
cloud vendors and decreasing our total cost of ownership .
Migration of Eniro to the Azerion Multi -cloud bringing them higher
quality, lower latency service and annual cost savings of over EUR
1.5 million once fully implemented
Deployed our latest AI enhanced creative performance
benchmark and outcome intelligence tools

Outlook and Business update
173 195
308
453 515 551
600
–
650
2019 2020 2021 2022 2023 2024 2025
FY 2025 and Medium – Term Guidance €m
Adj. EBITDA 27 47 52 72 75 85
Medium -Term Guidance
~10% annual growth 14 -16% Adj EBITDA Margin
Revenue 2025 in the range of approximately € 600 million
to € 650 million annual growth thereafter in the medium
term expected to be approximately 10 %
Adjusted EBITDA for full year 2025 is expected to be at least
approximately € 85 million

Q&A