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Azerion Group (AZRN) investor relations material
Azerion Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue grew 6% year-over-year to €147M, with adjusted EBITDA up 8% to €18.9M and EBITDA more than doubling to €14M; H1 2025 revenue reached €275M (+7% YoY), adjusted EBITDA €31M (+12%), and EBITDA €22M (+91%).
Strategic transformation included divesting the Premium Games segment, notably the sale of Whow Games for up to €65M, to focus on the digital advertising platform.
Integration of acquisitions (Captify, Eniro, Produpress, Goldbach, Moneytizer, Spectrum, CMI Média) and investments in AI have driven operational efficiency and profitability.
The advertising platform is the primary growth driver, with expansion into cloud infrastructure, AI solutions, and onboarding of 34 new agencies and 84 new publishers in Q2 2025.
Expansion into LATAM and MENA through partnerships with Deezer and SoundCloud, and high-profile deals with PlayStation Publishing LLC and NEXON Korea Corporation.
Financial highlights
Q2 2025 group revenue: €147M (+6% YoY); H1 2025: €275M (+7% YoY); platform segment Q2 revenue: €136M (+9% YoY), adjusted EBITDA: €16M (+20% YoY), EBITDA: €11M (+367% YoY).
H1 2025 platform revenue: €251M (+8% YoY), adjusted EBITDA: €24M (+14% YoY), EBITDA: €17M (+207% YoY).
Direct sales contributed 70% of advertising platform revenue, supporting higher margins.
Q2 2025 operating profit: €0.7M (vs. €-3.9M in Q2 2024); H1 2025 operating loss: €-4.8M (improved from €-9.6M in H1 2024).
Cash flow from operating activities: Q2 2025 inflow of €10.5M; H1 2025 outflow of €2.7M.
Outlook and guidance
Confident in maintaining full-year 2025 guidance for continuing operations, excluding €55M revenue and €15M adjusted EBITDA from discontinued operations.
Medium-term guidance targets ~10% annual revenue growth and 14-16% adjusted EBITDA margin.
Expect acceleration in both top and bottom line over the next 12–18 months, driven by AI and platform focus.
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