#1ܘ azerion azerion 1#2Delivering on our strategy We entertain audiences, and we help brands improve the way they engage with those audiences in the digital space € Revenue Content Audience Views azerion Consumers Game Creators Customer revenue streams (€) Content Data azerion Technology Partners Advertisers Digital Publishers 2#3Our scalable platform provides access to a global, diverse and engaged audience 1.2k+ Employees HQ Amsterdam 28 offices in 24 countries azerion Consumers 500m+ Unique monthly active users 19k+ Game titles Customers Advertisers 400k+ Advertisers¹ 8bn+ Digital ads sold per month³ Digital publishers 575+ Digital publishers¹ 300k+ Active domains¹ Partners Game creators >1k Game creators² >250 Average new casual games per month All data as of May 2022. (1) Average monthly number in our advertising auction platform (Improve Digital). (2) Developers of casual game for which Azerion distributes and monetizes content. (3) Average number of paid impressions served per month. 3#4High growth, increasingly profitable and cash flow positive €127m 2018 STRONG TOP-LINE GROWTH azerion 37%+ Implied Revenue CAGR 2018-2022 €173m Reported revenue 2019 €195m 2020 €384m PF for M&A €308m 2021 Estimated pro forma revenue €450m+ 2022 Strong performance from both our segments (Platform and Premium. Games) Continued integration of acquisitions ● On track for at least EUR 450 million revenue in 2022 Expected growth between 2018 and 2022, not accounting for any additional 2022 M&A. 2018 based on Dutch GAAP, not fully comparable. 2019 and 2020 audited IFRS figures. Estimated proforma revenue assumes all acquisitions completed in 2021 were part of the group for the full year 2021 4#5Spotlight on our Content and Consumers Content is the biggest opportunity in the digital age. The future is digital entertainment azerion Consumers Game Creators Customer revenue streams € Content Data azerion Technology Partners A Advertisers Digital Publishers 5#6Our highly diversified and engaging free to play game content Thousands of Casual Games monetized through advertisement makaong The Original (23) BUBBLE SHOOTER azerion PRO OON ΚΟΡΡΕΝ ΚΝΑΡΕΝ TIMBER THAN Suchforge andy BALLS RACE 19k+ Partnership with 1k+ game creators adding >250 Average new casual games per month Game titles Average 18 min/day All data as of June 2022 Spent by consumers playing (on mobile) our Casual Games 4.8k+ Average 80 min/day Spent by consumers Nine Premium Games monetized through in-game purchase playing our Premium Games Game portals Metaverse HABBO smest TOAK >100m Premium and Casual HOTEL HIDEAWAY Game audiences Wooz world 3 Social Card Games FREE POKERWORLD $2,283,3401275 EAST COAST Owned and operated content, with proprietary technology and data GOVERNOR POKER3 OF MONOPOLY Poker f $25.000 GOVERNOP Poker PLAY NOW jackpot Gen .COM 6#7Our game content appeals to all ages, nationalities and interests 9 Strategy What age groups play our games?¹ 65+ 41-64 21-40 13-20 azerion 22.7% 27.8% 28.3% 21.2% O Sports Bubble shooter Racing Action Male 32% WINX DRESS UP Dress up Undisclosed 5% 353m Unique game plays per month ³ GOVERNOR POKER 3 07 MELTIPLAYER * Puzzle Female 63% Adventure Jewels blitz 4 Tile matching A Cards DYNAMONS RPG Where do our players play?² Europe Asia North America South America ROW 21.5% 3.2% 13.9% 10.6% Social cards (1) Age distribution of Casual Games only, measured over Q3 2020 - Q1 2021. Sourced from Nielsen Digital Ad Ratings. (2) Location of players, as of Q4 2021, for entire portfolio (Casual and Premium Games). Sum of gameplays for the whole quarter. (3) Average number of gameplays per month over Q4 2021. Gender split based on Casual Games. Sourced from Nielsen Digital Ad Ratings. Premium Games have 53% of male players and 47% of female players. Note that gender split is an estimation as this data is not registered. It is based on estimates from the Google analytics and Facebook pages. (4) Top 5 Asian countries are Vietnam (58m gameplays in Q4 2021), India (30m), Indonesia (29m), Thailand (28m), Philippines (24m). 7 50.8%#8Content innovation is in our DNA 2 million virtual items sold in H1 Sanrio H love island azerion NFT Enhancing the user game play experience in our virtual worlds while strengthening our position as the leading Metaverse in the industry ล Metaverse/Virtual Worlds Build communities and create opportunities for people to socialize and play Partner with advertisers for in-game branding Create and sell virtual items 500 CO Teletubbies branded virtual items reaching the milestone of 1 mln items sold Hotel Hideaway opens a virtual Love Island villa with ITV Studios, with 3 mln visits and avg time spent of 52 min per visitor in the first 30 days Metaverse Concerts in Hotel Hideaway (4 concerts in H1 2022) Unique playable Habbo avatars Unlock unique character while receiving new perks including Habbo Club and Builders Club memberships and exclusive NFT furni items Habbo collaborations with Web3 popular projects Metakey, Metaverse HQ, CyberKongz, Coolcats Innovating social interaction & fan engagement Developing apps for professional sports clubs and official Dutch Women's Football League 16 sports clubs our solutions the Os using > 250K registered fans 27K average visitors per concert hosted in H1 Sports Maximizing synergies with our business model Utilize our capabilities on engaging audiences and generate cross selling opportunities MATCH CENTER S Q FORTUNA SPINNIN' RECORDS IRWAN U RKC WAALWISH SITTARD KVC WESTERLO AVING IN EREDIVIS TOLLEND DUEL azerion vrouwen eredivisie 8#9Spotlight on our Advertisers Maximizing brand performance, delivering brand safety azerion Consumers Game Creators Customer er fams... revenue streams Content Data azerion Technology Partners AA Advertisers Digital Publishers 9#10We offer a fully comprehensive proposition to advertisers AdTech services theTradeDesk Magnite digital turbine. PubMatic LiveRamp Google Pinterest facebook A APP LOVIN azerion twitter IS ironSource azerion Audience segmentation Google Pinterest facebook azerion twitter A APPLOVIN is ironSource lung Curated content A APPLOVIN ES ironSource azerion ten square games STILLFRONT GROUP Note: Identified peers and market positioning and focus not intended to be exhaustive and is illustrative only. glu Playtika Country-level campaign management azerion 10#11Vertical integration maximizes efficiency for all parties Illustrative allocation of highly intermediated ad spend vs. Azerion's model Traditional ad spend value chain Each intermediary takes out ~5-10%¹ DSP SSP User data Fraud detection Viewability tracking Brand safety tracking Business intelligence software Ad serving Dynamic Creative Identity management Digital publishers receive... Fragmented, complex market azerion Azerion places ad on 3rd party content azerion More efficient, retaining value and sharing it with our clients Digital publishers can receive larger share We act as an efficient one-stop shop (1) Management estimates. 3 Azerion places ad on own content Buying efficiency for advertisers/agencies azerion More revenues in our ecosystem Optimized for advertisers, publishers and Azerion 1 I I I T I 1 Azerion creates a win-win-win proposition: 3 Digital publishers win: more revenues and more engagement Azerion wins: higher margin and higher customer retention Advertisers win: less revenue leakage of ad spend and increased buyer efficiency 11#12Spotlight on our Partners: Digital Publishers and Game Creators Driving engagement, maximizing reach, capturing value azerion Consumers Game Creators Customer revenue streams € Content Data azerion Technology Partners A Advertisers Digital Publishers 12#13Partner with digital publishers to boost revenue with our content and tech A digital publisher can be anyone who connects with its customers - we provide them with three potential solutions... MO AdTech and sales Help digital publishers access advertisers with their existing content azerion Benefits of Azerion's scale delivered to publishers of all sizes 17° Bewolkt The Weather Channel THE VERY BEST UMBRELLA davek Gaming-as-a-service Branded white-label solutions and gaming widget increasing audience engagement and giving opportunity to monetize ad space Curated access to catalog of 19k+ titles and exclusive content Chicago Tribune Chicago Tribune FUN& GAMES ========= 14 www Spill ww SOLITAIRE classic Full-service turnkey solutions Help publishers maximize revenue from their existing audience Management of advertising on existing digital inventory Increase audience engagement through games Redesigning of platform for optimization of user experience italiaonline SO VOCE LIBEROFUN. & HORD PUL Butter My (dk vodai Ochipa Note: Digital publishers defined as all companies who are interacting with their customers digitally, for example through online content, portals, news and videos 13#14We enable game creators to distribute, monetize and optimize their games >1k game creators Innovate New content, new features, new services to maintain attractiveness of content and consumer engagement Examples include: Ketchapp azerion UBISOFT NANO Distribute Connect a large, diverse consumer base to their content Enable easy distribution to digital publishers and ensure compliance with privacy, data and legal frameworks zeptolab All data as of June 30, 2022 19k+ Game titles 1.8 Sanrio Optimize Provide data and key insights Work with game creators to increase engagement and ad impressions >250 Average new casual games published per month the R SMURFS & TapNation € Monetize Facilitate in-game purchases and generate advertising jellymoon revenues SOFTGAMES 14#15Case Study We unlock new distribution and monetization solutions for Ubisoft Ubisoft Hungry Shark is a single player mobile game with 800m+¹ downloads HUNGRY SHARK We innovate game and adapt format Ad revenue for Ubisoft Ubisoft and Azerion partnered for 10 more exclusive titles after the success of Hungry Shark Arena azerion Azerion digital entertainment platform Azerion made Hungry Shark Arena, available on our portals Distribute HUNGRY ARENA Ad revenue for Azerion Distribute HUNGRY Pushed a multiplayer HTML5 version on our portals ARENA Unlocking the game to be available on digital publisher's domain. Both desktop and mobile Optimize We share data and key insights Digital Publishers Game is published on Azerion portals Gamesgames.com Ad revenue for Azerion LIBEROFUN. SHARK Ad revenue for digital publisher Hungry Shark Arena PLAY (1) www.ubisoft.com/en-gb/studio/fgol/our-games. SHARK ARENA ************* Powerput Bis Trail B Spongebob The Great Sne Pace Game is published by digital publisher Azerion media platform Monetize We generate ad revenue for our own inventory Followed with publishing on 3rd party portals AdTech margin revenue for Azerion Monetize We generate ad revenue for digital publishers Advertisers increase of average time spend increase of the loyalty of users 15#16M&A track-record: completed acquisitions whow Content Developer and publisher of online social games 0.0 KEIM azerion admeen Online social games portals provider 2021 DELTA PROJECTS Real-time advertising platform provider PubGalaxy SSP monetization platform sublime Platform Digital advertising agency Digital SSP and DSP advertising platform Cloud-based digital logistics platform for gaming industry INSKIN GENBA DIGITAL (1) Excludes asset purchase of Softgames and Talpa consolidation STROSSLE Digital SSP and DSP advertising platform keymobile Mobile advertising services FROM 2022 to date ΙΝΕΙΝΤΛ AUDIENCES TO PEOPLE Digital marketing company Madvertise German and French subsidiaries of Madvertise Mobile advertising technology company Strong pipeline for M&A in 2022-onwards 16#17azerion Q2 and H1 2022 results Resilient business model reflected in revenue and gross margin expansion azerion 17#18Business & Portfolio highlights ● ● Accelerated the integration of previous acquisitions, with an increased focus on costs. Partnership with ITV studios, for Love Island virtual villa in Hotel Hideaway Habbo NFT partnerships: with Cyberkongs, Metaverse HQ and Metakey Acquisition of Madvertise's subsidiaries in Germany and France in July Naming partner of the women's Dutch football league azerion Pisana 140 Est, Sleep Grad Oh Reser love island love HOTEL HIDEAWAY 18#19Q2 2022 Strong financial performance Q2 2022 with organic growth and accelerated integration of acquisitions EUR 104m Net Revenue Q2 2022 EUR 11.7m Adj. EBITDA Q2 2022 azerion +97% vs Q2 2021 +70% vs Q2 2021 Strong financial performance from both Platform and Premium Games • Nearly doubling the revenue, driven by acquisitions and organic growth Focus on value over volume, improving gross profit margin, driven by the Platform segment 19#20H1 2022 Strong financial performance H1, on track for FY 2022 revenue delivery EUR 198m Revenue H1 2022 EUR 17.6m Adj. EBITDA H1 2022 azerion +102% vs H1 2021 +83% vs H1 2021 LEVEL S 124500 Of Increasing costs discipline in order to prepare for macroeconomic scenarios in the second half of the year Accelerate the integration of our acquisitions Actively working on our acquisition funnel to complement our organic growth On track to deliver at least EUR 450 million revenue in 2022 20#21Increasing our focus on operational efficiency and profitability Accelerating the integration of our acquisitions Launch of Azerion UK and Azerion France as umbrella brands for all advertising activities in those countries Integration of Inskin technology into Azerion's technology platform Integration of data analytics from acquisitions driving increased insights in gameplay and cost saves azerion Driving platform efficiencies Continuously increasing the profitability of our publishers Optimizing margin through our channels (e.g., increasing mix of direct sales into platform) Increased focus on cost management Increased Group-wide cost focus moving into the second half of the year Positioning the business for the evolving macroeconomic environment 21#22Group Financial Performance Revenue €m 52.7 Q2 2021 6.9 Adjusted EBITDA €m Q2 2021 103.9 Q2 2022 azerion 11.7 Q2 2022 Gross profit margin 39.5% 40.3% 98.3 H1 2021 HT 2022 9.6 198.3 36.4% 17.6 H1 2021 H1 2022 37.7% Strong revenue growth, driven by acquisitions and organic growth Adj EBITDA increased steadily in Q2, with a strong growth in H1 Improvement in gross profit margin reflecting continuous margin optimization and operational efficiency 22#23Platform Financial Performance Revenue €m 41.4 Q2 2021 5.2 Adjusted EBITDA €m Q2 2021 82.0 Q2 2022 azerion 7.8 Q2 2022 Gross profit margin 35.7% 37.4% 75.6 H1 2021 HT 2022 6.4 154.6 32.8% 9.8 H1 2021 H1 2022 34.3% Doubled revenue due to acquisitions and organic growth Increased user engagement in our casual game portfolio Steady gross margin growth; direct sales from local offices accounted for 47% of total revenue Continuous high-grading of our publisher inventory and margin optimization of digital advertisements EUR 6.2 gross revenue per mln ad requests, showing resilience and profitability of the advertising auction platform 23#24Premium Games Financial Performance Revenue €m 11.3 Q2 2021 1.7 Q2 2021 21.9 Adjusted EBITDA €m Q2 2022 azerion 3.9 Q2 2022 Gross profit margin 53.1% 51.1% 22.7 H1 2021 HT 2022 3.2 43.7 48.5% 7.8 H1 2021 H1 2022 49.7% Nearly doubled revenue due to the acquisition of Whow Games (Social Jackpot portals) and organic growth Improved performance from Governor of Poker 3, mainly driven by enhance user experience More than doubled Adj EBITDA, reflecting synergies from Whow Games (Social Jackpot portals) 80min average time in game per day, showing retained user engagement 567k average active daily users, from 693k in Q2 2021, reflecting re-set post COVID-19 EUR 0.40 average revenue per user, from EUR 0.34 in Q2 2021 24#25Disclaimer The following disclaimer applies to this document, any oral or video presentation of the information in this document by Azerion Holding B.V. ("Azerion Holding"), Azerion Group N.V. ("Azerion Group") or any person on behalf of Azerion Holding or Azerion Group and any question-and-answer session that follows the oral or video presentation (collectively, the "Information"). In the Information, “Azerion", "Group", "we", "us" and “our” refers to Azerion Group and its subsidiaries. Azerion Holding has bonds listed on Nasdaq Stockholm and Azerion Group has shares and warrants listed on Euronext Amsterdam N.V. The Information has been prepared by Azerion Group and Azerion Holding 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 information 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 consent 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 without 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, including 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, its 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 responsibility 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, Azerion Holding, their subsidiaries, affiliates or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted 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 indicators of Azerion Group and/or Azerion Holding'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 though the alternative performance measures are used by management to assess Azerion Group's and/or Azerion Holding's financial position, financial results or liquidity under IFRS, and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group's and/or Azerion Holding'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 certain information is dependent on future events some of which are outside the control of Azerion. azerion 25#26Forward-looking statement The Information includes statements, including Azerion Holding's or 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, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Past performance of Azerion Holding and Azerion Group cannot be relied on as a guide to future performance. Any forward-looking statements reflect Azerion Holding's and/or Azerion Group's current view and expectations with respect to future events and are subject to risks, uncertainties and assumptions relating to Azerion Holding's and/or Azerion Group's business, results of operations, financial position, liquidity, prospects, growth or strategies, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in Azerion Holding's and Azerion Group's records (and those of its their affiliates) and other data available from third parties. Although each of Azerion Holding and 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. azerion 26#27• azerion