Azerion Group (AZRN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was €127.7 million, down 5.9% year-over-year; H1 2026 revenue was €245.1 million, down 2.5% year-over-year, with profitability metrics including EBITDA, operating profit, and net profit improving due to cost control and efficiency.

• Q2 2026 EBITDA reached a record €11.3 million, up 2.7% year-over-year; H1 2026 EBITDA increased 15.4% to €18.0 million, driven by disciplined cost-saving and synergy projects.

• Strategic focus shifted from acquisitions to organic growth and partnerships, with new deals and product launches, including Spotify Ad Exchange integration and a new SMB self-serve platform, expected to drive future growth.

• Divestment from non-core activities, notably the Premium Games segment, with AAA Game Distribution now reported as a separate segment and Premium Games assets impaired by €3.6 million.

• Statutory net loss for H1 2026 was €(20.7) million, slightly better than €(21.0) million in H1 2025.

Financial highlights

• EBITDA for Q2 2026 rose 2.7% to €11.3 million; H1 2026 EBITDA increased 15.4% to €18.0 million, with operational performance up 17% after normalizing for FX effects.

• Adjusted EBITDA for Q2 2026 was €14.0 million (down 10.8%); H1 2026 Adjusted EBITDA was €23.3 million (down 2.5%).

• Interest costs and amortizations decreased, with a €3.3 million drop in bond interest after refinancing, and short-term factoring debt was significantly reduced using operating cash flow.

• OPEX as a percentage of revenue dropped to 18% in Q2 2026 LTM, and revenue per FTE hit a record high, reflecting operational streamlining.

• Personnel costs reduced to €31.6 million in H1 2026 from €39.7 million in H1 2025.

Outlook and guidance

• Full-year 2026 revenue expected to be stable versus 2025, with guidance revised from 10% growth due to market volatility and Q2 shortfall.

• Medium-term guidance targets a 14–16% Adjusted EBITDA margin.

• Cost-saving programs and efficiency gains are expected to drive significant bottom-line improvement even with flat revenue.

• Q3 is expected to recover, with Q4 anticipated to be very positive, aided by new strategic partnerships and returning client momentum.

• Focus is shifting back to growth through sales, marketing, and partnerships.