#1C azerion Becoming the go-to-partner for advertisers in the digital environment easy-to-use | competitively priced | brand-safe#2Introduction Digital advertising is growing fast, as audiences move to digital 2.5bn 10 years ago azerion D: 5bn Today # Internet users 14% -$800bn '22-'26 CAGR 2026 Market size Digital advertising Sourced from Research And Markets and "Datareportal - Digital 2022: Global overview report". 2026 total market size combines digital advertising and marketing 2#3Introduction Fragmented digital advertising landscape creates inefficiencies Advertiser SOUL Brands looking to place ads effectively azerion Spends $ Agency Create ads MERKLE WebVisible MDC Partners ROSETTA. AT&T XXX MEDIASMITH cramer-krasselt LBi IPG Buy media OmnicomGroup User data PUBLICIS GROUPE dentsu yodle success simplified camelot STRATEGIC MARKETING & MEDIA AKQA ¡Crossing HAVAS Fraud detection Demand-side platform Facilitate digital inventory purchases amazonadvertising acuity BEESWAX=> choozle PubMatic EfficientFrontier. MediaMath mbuy Simpli.fi DIGILANT TURN invite media VIANT. theTradeDesk adform Chango getintent dataxu TRL/SHIFT ADTHEORENT sitescout BRANDSCREEN Google Viewability tracking Ad networks Ad servers aditech nating Livelntent kevel OpenX O adgear trueffect: ZEDO AdJugler adform Match Ad exchange adnance DoubleClick DoubleClick.... Openx RHYTHMONE PLYmedia smartyads Magnite ADECN PULSEPOINT gumgum YAHOO! Index ZENOVIA AD EXCHANGE Exchange Ad services and optimisation Data platform MEDA font Marketing bizo ADMAN LOTAME Demdex eyeota PEER39 LiveRamp Quantcast exelate datantcs Jovian SIGNAL. grapeshot bombora Brand safety tracking Supply-side platform Facilitate digital inventory sale PubMatic Magnite Admeld sonobi ReviNet sharethrough Business intelligence software LIFTONA AdSuite Altitude MARKETING. OpenX Identity management Receives Publisher SOUL Create online content & place digital ad 3#4Introduction Our integrated model optimises the advertising value chain Advertiser SOUL Agency Autom. auction sales Ħ Direct sales I Demand-side platform Digital ad buying platform and formats Ad networks Supporting advertisers to reach audiences in a simple, cost-effective and brand-safe way azerion 8,$ Advertising auction platform Publisher monetisation Ad services and optimisation Supply-side platform Publisher azerion owned publishers Exclusive publishers Contracted publishers Supporting publishers to maximise revenue and user engagement 4#5Platform strategy Azerion's single solution advertisement platform Agency dentsu WPP !!AVAS OmnicomGroup MERKLE group. Advertisers camelot STRATEGIC MARKETING & MEDIA cramer-krasselt bouygues PUBLICIS GROUPE MDC Partners Brands Disney DIOR SEPHORA azerion AT&T XXXX MEDIASMITH IPG AKQA yodle success simplified zalando PayPal C ROSETTA BURGER KING PEUGEOT T I I I I I I I 1 I Rich Media F amazonadvertising acuity BEESWAX (=) choozle PubMatic Efficient Frontier. DSPs Demand-side platforms VIANT. User data Display C azerion Full stack programmatic and direct advertising platform, full monetisation and omni-channel solutions mbuy dataxu. C Simpli.fi sitescout DIGILANT TURN invite media ● BRANDSCREEN getintent RL/SHIFT CTRL ADTHEORENT theTradeDesk Chango Google Fraud detection Native AE I I Data Management I adform Oadgear aditech Liveintent wang Openx I Magnite I I I PEER39 Video Viewability tracking Ad Networks kevel AdJugBler" UfFcent Marketing bizo exelate W Audio Ad servers smartyads Match OpenX! DoubleClick. ZEDO trueffect Ad Exchanges Index¹ Exchange YAHOO! ADECN PLYmedia ZENOVIA I MED A ADMAN eyeota Selected names for publication purposes only and do not constitute the peer company's own definition of their business. PULSEPOINT LOTAME Ad services and optimisation DOOH Quantcast 1 gumgum I Demdex Jovian 1 I Brand safety tracking Hyper local Di PubMatic SSPS Supply side platforms sonobi AdiSuite Magnite Admeld Business intelligence software ReviNet CTV Altitude MARKETING sharethrough LIFTONA OpenX Identity management I I I I I I 1 I I I I I I I I I I I I I Publishers Owned and operated HABBO HOTEL IDEAWAY Wooz wod Game Distribution FANZONE spilgames skyscanner smest Exclusive XITE +tunein radiofrance Şanzu dailymotion Contracted ebay HELLO! VICE The Telegraph Chicago Tribune BAUER MEDIA GROUP#6Platform model The Azerion mission We help brands improve the way they engage with audiences We entertain audiences azerion 144 Digital publishers Advertisers Non-game Consumers Content Azerion proprietary content Game Game creators 66 Our mission is to be the go-to-partner for advertisers for an easy-to- use, competitively-priced and brand-safe digital environment "" 6#7Platform model Our scalable platform provides access to a global, diverse and engaged audience, connecting publishers and game creators to advertisers 1.2k+ Employees HQ Amsterdam 31 offices in 24 countries azerion Consumers 520m+ Unique monthly active users¹ 20k+ Game titles Customers Advertisers 400k+ Advertisers ¹ 13bn+ Digital ads sold per month³ Digital publishers 300k+ Contracted publisher websites ¹ 10k+ Exclusive publisher websites 1 Data as of July 2023.: (1) Figures include 20m+ monthly active users of social card portfolio sold 28 August 2023;. (2) Figures of Azerion's monetisation platform Improve Digital only (3) Average number of paid impressions served per month. Partners Game creators >1,5k Contracted game creators >150 Av. new casual games per month 7#8Strategy delivery Strong historical performance underpinning growth outlook 127 173 Adj. EBITDA 195 azerion Revenue 308 453 2018 2019 2020 2021 2022 2023 2024 2025 ~540 27 47 52 ~15% annual growth 75+ 14-16% Adj EBITDA margin 20% Revenue split 40% Automated auction sales 20% 80% Platform Advertising E-commerce 80% Direct sales 60% Premium Games 11% Value drivers Continued integration of past acquisitions driving synergies and efficiencies Increase volume of direct sales Increase volume of publisher monetization services Continuously developing new features and innovating with our technology 2018 revenue based on Dutch GAAP, not fully comparable. 2019 and 2020 audited IFRS figures. All figures in EUR million. Outlook does not include impact of material acquisitions or divestments 8#9Value proposition to advertisers One service, five core elements of value for our clients We are constantly growing our existing business and products and adding new capabilities through acquisitions and partnerships 101 CONTENT a safe, curated, engaging and high-quality content environment makaong Jackpot HABBO REACH bring competitively priced audiences at a global scale theguardian H HEARST skyscanner The Weather Channel italiaonline azerion Indicative examples only, not intended to be exhaustive. TECHNOLOGY efficient and easy to use technology PubGalaxy takerate HEADERLIFT improve digital azerion : CREATIVE AD FORMATS Display, video, high-impact, mobile, DOOH, audio, in- game, hyperlocal INSKIN sublime ADPLAY targetspot PEOPLE local expert teams that help our clients achieve the results they need himedia M MEDIA HHybrid Theory UX AD 9#10Value proposition to advertisers Azerion wraps all five in one offer Offering an integrated solution brings advertisers more value but we don't see companies taking the vertical integration as far as Azerion. azerion CONTENT Tung The Guardian Pinterest Playtika Quantcast REACH Specialized format integrators run a 3rd party ad network on a single format LiveRamp Google LOTAME Indicative examples only, not intended to be exhaustive twitter TECHNOLOGY theTradeDesk digital turbine. Magnite PubMatic facebook is ironSource A APP LOVIN azerion smartclip CREATIVE AD FORMATS w weborama PEOPLE Teads ✔INCUBETA dq&a WebAds the publishers network Highly scaled social platforms lack creative ad formats and local support 10#11Developing content and engaging audiences Our audiences seek engaging content DIGITAL Device agnostic - Desktop - Mobile Platform agnostic - Web - App azerion ENTERTAINING Engaging Fun Gamified LEVEL S 124500 QUALITY Crushpi Fast and reliable technology Safe Trust FREE Free to use Freemium 11#12Developing content and engaging audiences Extended value proposition to advertisers - a global entertainment and media partner azerion ADVERTISING GAME DISTRIBUTION METAVERSE DIGITAL COLLECTIBLES LEVEL S 124500 Azerion's unique value proposition to advertisers Reach new audiences with free-to-play casual games Boost brand awareness and connect with consumers in an innovative way Unlock new revenue streams 12#13Developing content and engaging audiences Our highly diversified and engaging free to play game content Thousands of Casual Games monetized through advertisement Mahjong 360 The Original azerion BUBBLE SHOOTER PRO 11 ΚΟΡΡΕΝ ΚΝΑΡΕΝ TA SSASSINS TIMBER MAN MahJongs Ketchapp BALLS RACE Partnership with 1.5k+ game creators adding >250 Average new casual games per month 20k+ Game titles Average 21 min/day Spent by consumers playing our Casual Games (mobile) Data as of July 2023 Sale of social card games completed on 28 August 2023 Our Premium Games monetized through in-game purchase Sold Social Card Games POKERWORLD ஆர் MONOPOLY Poker Average 80 min/day 4.8k+ Game portals Spent by consumers playing our Premium Games GE Social Games HABBO Wooz world smest >90m Premium and Casual Game audiences HOTEL HIDEAWAY Jackpot 80 FREE EAST COAST GOVERNOR POKER3 Owned and operated content, with proprietary technology and data GOVERNOP POKOR PLAY NEW 13#14Developing content and engaging audiences GameDistribution offers unparalleled value proposition to the whole spectrum of game creators on the web From small game studios... Hassle-free distribution and monetisation 90m+ users 2,2k+ game publishers 400k+ advertisers Azerion's integrated advertising technology Licensed brands azerion miffy MGA ENTERTAINMENT" Competitive and flexible model Revenue share model Device agnostic Platform agnostic LOL SURPRISHI SMURFS OMG SMILEY. 人 OUTRAGEOUS ATARI. Data as of July 2023 ... to large AAA game developers Unlock new revenue streams Convert successful AAA titles into free to play GameDistriution's expertise in building engaging free to play casual games Game Distribution leading position for distribution and monetization on the web Premium content providers GAMELOFT Microsoft Studios UBISOFT Access to new audiences with free to play casual titles Unlock new revenue streams with digital advertising Voodoo 8 TapNation Gismart SOFTGAMES 14#15Strategy deep dive - Developing content and engaging audiences Operating the whole supply chain with E-Commerce GENBA DIGITAL Digital content seller and aggregator One of the largest AAA games catalogues 300+ retail partners azerion 140+ game creators Data as of July 2023 voidu OFFICIAL GAME STORE AAA and PC games store 5,200+ gaming titles across a wide range of genres 2m+ individual gamers from across 200+ countries voidu SPECIAL OFFERS ALL PC GAMES PRE-ORDER CONSOLE GAMING +THEHE TETTE Search for pc games, software, gift cards and more MANAGER Get ahead of the grid by pre-ordering new to receive five days early access and a 10% discount. STEAM €-54-99 € 49.49 PRE-ORDER NOW -10% GIFT CARDS BLOG ****** Q Log in Excellent 4.6 out of 5 Trustpilot FI MANAGER 2022 WARHAMMER 40,000: CHAOS GATE DAEMONHUNTERS STELLARIS: OVERLORD HOUSE FLIPPER PATHFINDER: WRATH OF THE RIGHTEOUS Increasing user engagement and monetization 15#16Developing content and engaging audiences Innovating in the Metaverse and digital collectibles ● Frontrunners in the Metaverse 4 metaverse communities with millions of users Partnership with advertisers for in-game branding and sale of virtual items Hotel Hideaway opens a virtual Love Island villa with ITV Studios, with 3m visits and avg time spent of 52 min per visitor in the first 30 days love island azerion love 133 HOTEL HIDEAWAY ● ● Innovating with digital collectibles Solid expertise in developing, distributing and monetizing NFTS Use of NFTs to create playable digital collectibles and enhance user game play experience in Azerion's metaverse Expanding into Web3.0, unlocking collaborations with Metakey, Metaverse HQ, CyberKongz, Coolcats OpenSea Habbo Avatars Created by SulakeOy 11.6K items 0.115 floor price 4.5K ⠀ owners 6.1K volume traded ● Emerging opportunities Azerion as a trusted partner of key brands that want to expand into metaverse and digital collectibles Potential cross-selling opportunities within Azerion's platform Goobit Group COOL CATS THE SANDBOX > GCDS Authic Labs THE SMURFS SOCIETY 16#17Developing content and engaging audiences Our game content appeals to all ages, nationalities and interests What age groups play our games?¹ 18-24 25-34 35-44 45+ azerion 17% 25% 23% 32% a Sports Bubble shooter Racing VEX 3 Action Home makeover 9 Strategy Unknown 17% Male 38% 450m Unique game plays per month¹ GOVERNOR POKER C MOLTIPLAYER Social cards Puzzle Female 45% HATAS DANGER DAIN Adventure Jewels blitz 4 Tile matching TA Cards RPG Where do our players play?² Europe Asia North America South America ROW 9% 12% 17% 33% 30% (1) Age distribution of individual users consists of Casual Games, Metaverse and Social Casino titles, excluding divested social card portfolio, measured over first half of 2023. Sourced from Google Analytics. (2) Location of players during first half of 2023, for entire portfolio (Casual and Premium Games). Source; tracked users from each respective Premium Games title with known userID. Figures are 17#18Value proposition to publishers Partner with digital publishers offering a wide range of monetisation service Digital publishers is any company who interacts with its customers digitally - for example through online content, portals, news and videos Ad sales EU High reach global demand Standard ad formats Support Special formats Priority in ad sales EU Contextual targeting Game-as-a-service Inventory optimization Premium support azerion Azerion offerings Help digital publishers access advertisers Azerion's proprietary advertising auction platform Combination of market standard formats (IAB) Self-service ticket system Azerion's proprietary ad formats Direct access to Azerion unique demand Azerion's proprietary technology (cookieless) White-label and game widget solutions, increasing audience engagement and ad space Management of advertising on existing digital inventory to maximize publisher revenue Full support from account manager and technical team, including recommendations on website developments and new rules/trends on the advertisement market. Contracted publishers Exclusive publishers > > > > > > > > > You 17° www De verbindi WWTOONS YANG OF SANDA de gen THE VERY BEST UMBRELLA and und my vo SOLITAIRE classic XX dave Chicago Tribune YOU ve PLAY FUN& GAMES BOOB— — — — es TH Disney Chicserib CA Chine HUZ 18#19Developing content and engaging audiences We reach over 520m monthly active users with brand-safe content azerion Non-game content The Telegraph theguardian HELLO! Chicago Tribune H HEARST STYLIST flickr motorsport NETWORK italiaonline MAGAZINE BAUER The Weather Channel ebay Co MEDIA GROUP Skyscanner >430m monthly active users VICE Data as of September 2023 Sale of social card games completed on 28 August 2023 ASSASSIN'S FREERUNNERS Game content HOTEL HIDEAWAY T BUBBLE SHOOTER PRO makaong 306 HABBO >90m monthly active users E-commerce voidu OFFICIAL GAME STORE GENBA DIGITAL 19#20Value proposition to advertisers Vertical integration maximizes efficiency for all parties Illustrative allocation of highly intermediated ad spend vs. Azerion's model Each intermediary takes out -5-10%1 azerion Traditional ad spend value chain 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 (1) Management estimates. 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 Azerion places ad on own content Buying efficiency for advertisers/agencies azerion More revenues in our ecosystem Optimized for advertisers, publishers and Azerion 20#21Value proposition to advertisers Efficient and easy to use technology We own all the components needed to successfully run digital advertising campaigns and our open platform allows easy integration with external validation, data and inventory providers. azerion DSP (Demand Side Platform) Google DV360 Mediamath SSP (Supply Side Platform) Google Adx Pubmatic Universal Buying Interface (Meta-DSP) Xandr Advertisers & Agencies Xandr Marketplace Delta Projects HybridTheory - Data audiences Advertising Auction Platform (Improve Digital) Publisher monetisation services Infinia Targetspot Websites & Apps Contracted publishers Exclusive publishers Owned portals Consumers 21#22Platform model Our resilient model has value drivers on both demand and supply sides DEMAND AZERION'S PROPRIETARY FULL STACK ADTECH SUPPLY REVENUE SOURCE REPORTING SEGMENT azerion Direct sales Digital ad buying platform Contracted publisher Advertisers Automated auction sales Exclusive publisher Advertising Advertising auction platform Publisher monetization services Platform Azerion's portals Consumers E-commerce Sale of AAA game keys Premium games In-game purchases Premium Games 22#23Platform strategy Becoming the go-to-partner for advertisers for an easy-to-use, competitively priced and brand-safe digital environment Strategic Priorities Ad sales Ad tech Curated Content Premium Games azerion Local expert teams that help our clients achieve results Creative proprietary ad formats Efficient and easy to use Platform Publisher monetisation services Partnerships and high-margin titles in casual game distribution Innovative business models to bring audiences together Optimise our E-commerce business to strengthen relationship with advertisers Strengthen our position in the metaverse and offer an extended value proposition to advertisers to connect with digital audiences in innovative ways ● ● Q2 2023 - Example Proof Points Launch of Azerion Smart Bidding, Azerion's improved Al-integrated bidding system to further enhance Azerion's pricing in open market auctions Improved our Full Monetization Services, or FMS solution with Performance by Azerion for semantic segmentation allowing for better audience targeting Launched Smart Content, integrating Vlyby technology with Zoomin content, providing publishers with additional contextual content for monetisation Developed an internal campaign management solution for Azerion ad ops teams, Azerion Marketplace, improving ad campaign coordination efficiencies and margin contribution. Server costs per million ad request decreased by 19% in Q2 2023 compared to Q4 2022 due to further platform optimisation and benefits of scale Signed 61 new exclusive publishers to further extend our platform supply footprint, reaching larger audiences Accelerated the production of puzzle and word web games by Azerion Studio's for news and media publishers resulting in increased revenues at higher margins due to lower licensing fees Launch of Habbo X: Alpha 2, a play to earn metaverse environment which integrates blockchain technology, allowing brands such as EMA, Miffy and Cool Cats to collaborate with audiences and create lifetime engageable collectables, minted as an NFT. Partnered with Juniper Creates, opening unique opportunities for the Habbo community to design and select lines of apparel and toys which will be linked to in-game digital collectables. 23#24Consolidation and integration update Focus on integration and consolidation; strategic M&A powering growth Transaction INFINIA madvertise. INNOVATING MOBILE ADVERTISING M MEDIA HI Hybrid Theory ADPLAY® VLYBY targetspot +Monolith, Takerate & Adverline azerion ● ● ● . Strategic rationale Geographic diversity into LATAM & US Spanish speaking market DMP focused on improving customer advertising campaigns through digital activation Premium publisher reach Diversification of publisher monetisation services Premium publisher reach Geographic diversity Diversification of publisher monetisation services Exclusive premium publisher reach Established local sales team Extend advertising performance management Geographic diversity into the US & UK Advertiser, Agencies, Publisher reach Geographic diversity ● ● ● Publisher monetisation technology Premium agency & publisher reach Geographic diversity Diversification of ad formats Premium publisher reach Entry into digital audio advertising Geographic diversity into the US & UK Diversification of ad formats Premium advertiser & publisher reach LESS Progress Integration level of completeness MORE ● ● ● ● ● Milestones Achieved Commercial and technical integration complete with teams, product, and clients managed under one Azerion structure Optimised for improved financial contribution Integrated sales teams of Madvertise and Hi-media, rebranded as Azerion Commercial and personnel integration complete. Mmedia branding merged with Azerion Commercial integration complete with launch of Azerion US and Azerion UK Majority of data segments integrated into Azerion's SSP platform Improve Digital Product integration complete with technology being run through Azerion full monetisation services Commercially rebranded as Adplay by Azerion Integration of CTV technology into Azerion's SSP Improve Digital on going Tech updates of Improve Digital platform to integrate new digital audio ad format ongoing Commercial integration into Azerion complete outside of core markets Belgium and France 24#25€ 100 € 80 € 60 € 40 € 20 € 0 20 15 10 5 Consolidation and integration update Integration efforts resulting in a highly scalable and profitable platform 0 € 73 6 Net Revenue'000 per FTE 2 Q1 2022 € 76 azerion Azerion's cloud contract Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 5 € 78 4 Q2 2022 LO 4 € 96 Q3 2022 8 Number of FTES¹ ¹FTE count at the end of the quarter € 74 Q4 2022 Other cloud contract 6 € 93 11 Q1 2023 6 11 1,900 1,700 1,500 1,300 1,100 Q2 2023 Value optimisation initiatives end of 2022 onwards to accelerate integration and consolidation of acquired businesses into a single scalable platform organisation Resulting in around 22% increase in Net revenue per FTE in Q2 2023 compared to Q2 2022 Simplification of Azerion's hosting contracts by migrating to group contract with AWS over time Server costs per Million requests reduced by around 19% in Q2 2023 as compared to Q4 2022#26Financial update Q2 2023: Increased earnings driven by revenue growth and ongoing cost savings EUR 122m Net revenue Q2 2023 EUR 19m Adj. EBITDA Q2 2023 azerion +17% vs Q2 2022 +58% vs Q2 2022 Net revenue up approximately 17% year on year, mainly driven by Platform performance Adjusted EBITDA grew more than 58% in Q2 2023 year on year, largely due to revenue growth and efficiency savings from consolidation and integrations 26#27Financial update H1 2023: Increased earnings driven by revenue growth and ongoing cost savings EUR 235m Net revenue H1 2023 EUR 27m Adj. EBITDA H1 2023 azerion +18% vs H1 2022 ~55% vs H1 2022 Net revenue up approximately 18% year on year, mainly driven by Platform performance Adjusted EBITDA grew by approximately 55% in H1 2023 year on year, largely due to revenue growth and efficiency savings from consolidation and integrations 27#28Financial update Platform 82 Q2 '22 9.5 8 22.7 13.6 9.1 Q2 '22 100 13 Q2 '23 9.6 23.9 12.7 11.2 Q3 '22 azerion — revenue growth and benefits of consolidation and integration Financial performance 189 155 il 17 10 10.7 Operational performance¹ 32.8 16.1 16.7 H1'22 Q4 '22 12.2 30.0 18.8 11.2 H1'23 Q1 '23 13.0 36.3 20.8 15.6 Q2 '23 Net Revenue ■Adjusted EBITDA Avg. digital Ads Sold per Month (bn) Total Avg. Gross Revenue per million processed Ad Requests Additional formats Previous reported figures Net revenue in Q2 2023 up approximately 21% year on year. Net revenue in H1 2023 up approximately 22% year on year. Adjusted EBTIDA grew by around 68% in Q2 2023 year on year; Adjusted EBTIDA grew by around 71% in H1 2023 year on year - mainly due to net revenue growth and benefits of ongoing efficiency programmes. Average digital ads sold per month increased to 13 bn in Q2 2023 from 9.5 bn in Q2 2022, approximately 37% increase. Average gross revenue per million processed ad requests grew to approximately EUR 36.3, an increase of around 59% year on year. ¹Avg. Gross Revenue per Million processed Ad Requests from advertising auction platform (€). For further details see full text in Q2 H1 2023 Interim Results press release All figures in EURm unless otherwise indicated 28#29Financial update Premium Games - improving profitability driven by efficiency and cost management Financial performance 22 LL 4 Q2 '22 700 600 500 400 300 200 100 0 0.4 22 569 5 Q2 '23 azerion 0.42 556 559 44 11 10 8 H1'22 46 Operational performance 0.45 0.42 601 H1'23 0.42 558 Q2 '22 Q3 '22 Q4 '22 Q1 23 Q2 '23 0.5 0.4 0.3 0.2 0.1 0 All figures in EURm unless otherwise indicated Net Revenue Adjusted EBITDA Daily Active Users (thousands) Average revenue per daily active user (EUR) RHS Net revenue in Q2 2023 up approximately 3% year on year. Net revenue in H1 2023 up approximately 5% year on year. Adjusted EBTIDA grew by around 37% in Q2 2023 year on year; Adjusted EBTIDA grew by around 34% in H1 2023 year on year - mainly due to benefits of ongoing efficiency programmes. Daily active users in Q2 2023 relatively stable as compared to Q2 2022. 5% increase in average revenue per daily active user in Q2 2023 as compared to Q2 2022. Focus on cross segment revenue growth by, for example, increasing integration of brand advertising into gaming environment and launch of Habbo X: Alpha 2 allowing brands to collaborate with audiences and create engageable collectables. 29#30● ● Sale of Social Card Games Sale of social card games portfolio Entered a definitive agreement with Playtika on 1 August, 2023 to acquire Azerion's social card games portfolio, including titles such as Governor of Poker 3 and Poker World. Sale of social card games portfolio completed 28 August 2023 for an initial cash consideration of € 81.3 million, subject to customary adjustments, with an earnout based on the performance of the acquired business that could take the total consideration up to a maximum of € 150 million. At completion Azerion received close to € 67 million before income tax and approximately 15 months after the completion date Azerion will receive the remaining proceeds subject to the terms of the asset purchase agreement. Gain on sale estimated at approximately €70 million before income tax. Earnout consideration calculated by multiplying incremental Adjusted EBTIDA performance of social card games portfolio above a baseline of around €13.5 million, by a multiple of between 6.0x and 7.0x (both inclusive); multiple contingent on revenue growth during the earnout period. Example of Azerion building and scaling valuable technology assets. 8.8 ~€ 81 million Initial consideration (subject to customary adjustments) 2.8 Q1 8.8 Net revenue 10.2 9.3 LLLLLL 3.7 2.6 2.6 Q3 Q4 Q2 2022 € 150 million Maximum Consideration (including performance based earnout) Adjusted EBITDA 1 11.3 azerion 'Adjusted EBITDA includes a central cost allocation for H1 2023 of approximately € 1.5 million. These costs will be addressed as part of our ongoing cost management programme. 3.5 Q1 10.3 2023 4.1 Q2#31Financial update Strong financial framework 5-quarter rolling financial performance ulu 149 113 106 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 104 122 Net Revenue Adjusted EBITDA azerion 19 -2.9 Profit/Loss 10.9 D&A Q2 2023 cash conversion 8.0 Changes in W.C. & other movements -4.8 Interest -3.7 All figures in EURm. * Net interest-bearing debt as defined in Senior Secured Callable Fixed Rate Bonds ISIN: SE0015837794. Other 7.5 Resilient performance in Q2 and H1 2023 Continued cash generation from operating activities Implied leverage ratios pro forma the divestment of social card games reducing CFFO Q2 2023 Net interest bearing debt* 2.4x 178 4 ▪[] Q4/22 Debt 9 2.4x Cash 183 Q2/23 Proceeds Pro formal from sale Q2/23 Net interest bearing Debt/ FY 2023 Adj EBITDA of ~75m 31#32Q2 2023 investor pack Disclaimer The following disclaimer applies to this document, any oral or video presentation of the information in this document by Azerion Group N.V. ("Azerion Group") or any person on behalf of 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 Group has shares and warrants listed on Euronext Amsterdam N.V and bonds listed on Nasdaq Stockholm. 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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'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 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 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 3 N 2#33Q2 2023 investor pack Forward-looking statement The Information includes statements, including 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 the Azerion Group cannot be relied on as a guide to future performance. Any forward-looking statements reflects the Azerion Group's current view and expectations with respect to future events and are subject to risks, uncertainties and assumptions relating to 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 Group's records (and those of its affiliates) and other data available from third parties. Although the 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 ULTIMO PAN APPHO Alberto ganó 32.865€ JUEGOS N 3 ww 3#34[email protected] I C azerion Azerion Investor Relations www.azerion.com