Azerion Group (AZRN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 7% year-on-year to €128 million, marking the fourth consecutive Q1 of growth, driven by Platform segment strength and successful integration of acquisitions.

• Adjusted EBITDA rose 19% to €11.7 million, reflecting improved profitability in both Platform and Premium Games segments and operational efficiencies.

• EBITDA surged 68% to €7.9 million, attributed to consolidation, integration efforts, and platform segment strength.

• Strategic focus on AI with the launch of Azerion Intelligence, aiming for over 30% of revenue to be AI-related by 2026.

• Expanded partnerships with over 80 new publishers, SSPs, DSPs, and major brands, plus continued integration of recent acquisitions.

Financial highlights

• Q1 2025 revenue reached €128 million, up from €119.7 million in Q1 2024 (+6.9%).

• Adjusted EBITDA was €11.7 million, up 19.4% from €9.8 million in Q1 2024.

• EBITDA rose to €7.9 million, a 68% increase from €4.7 million in Q1 2024.

• Cash from operations was negative €13.2 million, mainly due to working capital movements and interest payments.

• Operating loss was €(5.5) million, nearly unchanged from Q1 2024.

Outlook and guidance

• Full year 2025 net revenue expected at €600–650 million, with medium-term annual growth targeted at 10%.

• Adjusted EBITDA for 2025 expected to be at least €85 million; medium-term margin guidance of 14–16%.

• Free cash flow and working capital expected to normalize by end of 2025.