Platform focus yields highest ever quarter revenues and adjusted EBITDA
In 2025, Azerion focused on its Platform business, introduced Azerion Intelligence (our multi-cloud and AI platform), refinanced its bonds and executed on efficiencies and cost savings. Our fourth quarter and our full year 2025 results show the consolidated effect of that focus. At the same time, our investments in multi-cloud and AI are already showing promising results and opportunities for growth.
Results for the continuing operations
| Q4
2025 |
|
| FY
2025 |
|
The Platform segment is our core business which generates revenue primarily through the Advertising Platform, serviced through both Direct Sales and Automated Auction Sales, and AAA Game Distribution.
Traditionally, the fourth quarter is the strongest for Azerion and the advertising industry at large. As expected we recorded our highest revenue, highest adjusted EBITDA and highest operational profit of any quarter in the year but also, and more importantly, this was the highest revenue and adjusted EBITDA our Platform segment has ever achieved in any quarter of Azerion’s history.
In the fourth quarter, the Platform’s performance was driven by strategic initiatives, including the launch of Azerion Intelligence, and several initiatives to enhance efficiency and optimise revenue streams. This was coupled with significant commercial wins across all regions through our omnichannel offering, particularly in the key CTV (Connected TV), Audio, and DOOH (Digital Out Of Home) formats. The key drivers of our performance this quarter are detailed in the segment section.
On an annual basis, the Platform segment grew revenues 9%, adjusted EBITDA 14%, EBITDA 314% and operating profit 84% compared to 2024, demonstrating our focus, commitment and ability to increase profitability.
Results for the discontinued operations
| Q4
2025 |
|
| FY
2025 |
|
The annual results for discontinued operations is mainly composed of the gain on sale of Whow Games. As part of a decisive step to simplify our structure, Azerion divested Whow Games in July 2025, which represented the lion’s share of its Premium Games segment, to South Korea-based DoubleUGames for a total consideration of € 65 million. The deal consists of an upfront payment of € 55 million and an earn-out of up to € 10 million, subject to customary adjustments.
This transaction, along with our intention to divest the segment’s remaining activities, represents another significant milestone in Azerion’s long-term strategy. This move solidifies our strategic journey of recent years, squarely reinforcing digital advertising as Azerion’s core business. In parallel, our expansion into cloud infrastructure and AI-driven solutions serves a dual purpose: it directly enhances the profitability of our core operations while simultaneously unlocking new opportunities for product development and sales.
Total results for the Group
| Q4
2025 |
|
| FY
2025 |
|
The Azerion Group results are the sum of our increasingly positive platform performance and the one-off effects of our July 2025 divestment of Whow Games and the subsequent discontinuation of our Premium Games segment. The divestment halfway through the year slightly slowed the group’s full year revenue growth and adjusted EBITDA numbers (3% up versus 2025 and (2)% down versus 2025 respectively) but increased its operating profit (169% growth) and EBITDA (167% growth) significantly.
Looking to the future, further efficiencies are expected during 2026 as the full year effects of the last October bond refinancing, the 2025 cost saving actions and the clean-up of stranded Premium Games overhead costs are realised.
Selected KPIs
Financial Results – Azerion Group N.V.
In millions of €
| Q4 2025 | Q4 2024 | Growth | FY 2025 | FY 2024 | Growth | ||
| Continuing operations | |||||||
| Advertising Platform | 127.9 | 126.3 | 1% | 432.1 | 412.3 | 5% | |
| AAA Game Distribution | 41.6 | 26.8 | 55% | 108.5 | 85.0 | 28% | |
| Revenue | 169.5 | 153.1 | 11% | 540.6 | 497.3 | 9% | |
| Operating profit / (loss) | 4.6 | (15.4) | 130% | (4.4) | (27.7) | 84% | |
| EBITDA | 14.2 | (3.2) | 544% | 37.7 | 9.1 | 314% | |
| Adj. EBITDA | 28.8 | 25.4 | 13% | 67.1 | 59.0 | 14% | |
| Discontinued operations | |||||||
| Revenue | 2.5 | 14.8 | (83)% | 29.4 | 53.9 | (46)% | |
| Total Operating profit / (loss) | (1.6) | 1.1 | (246)% | 20.7 | 3.8 | 445% | |
| EBITDA | (1.6) | 4.5 | (136)% | 26.2 | 14.8 | 77% | |
| Adj EBITDA | (0.5) | 4.8 | (110)% | 6.3 | 16.0 | (61)% | |
| Group (including discontinued operations) | |||||||
| Total Revenue | 172.1 | 167.9 | 3% | 570.0 | 551.2 | 3% | |
| Total Operating profit / (loss) | 3.0 | (14.3) | 121% | 16.3 | (23.8) | 169% | |
| Total EBITDA | 12.6 | 1.3 | 869% | 63.9 | 23.9 | 167% | |
| Total Adj. EBITDA | 28.3 | 30.2 | (6)% | 73.4 | 75.1 | (2)% | |
| Adj. EBITDA Margin % | |||||||
| Continuing operations | 17% | 17% | 12% | 12% | |||
| Discontinued operations | (20)% | 33% | 21% | 30% | |||
| Total Group | 16% | 18% | 13% | 14% |
Results of the continuing operations of the Group correspond to the combination of Advertising Platform and AAA Game Distribution, both part of the Platform segment.
The result of discontinued operations corresponds to the Premium Games segment and is presented separately in the statement of profit or loss.
Message from the CEO
I’m very happy with our fourth quarter and full year 2025 results. We achieved our highest ever quarterly revenues and adjusted EBITDA in the Platform and that is the result of all of our people working hard and delivering real results to our clients every day.
The results are also consistently getting better and that makes me even more proud. For years we have been working to increase the focus, efficiency and profitability of our company. In 2025, we divested the last significant part of our Premium Games segment, and strengthened our balance sheet. We refinanced our bonds with a larger framework, but at a lower principal, over a longer period, and at a more favourable interest rate.
For 2026, we see a lot of opportunities for scale. Publishers need a strong partner to weather the effects and capitalise on the opportunities of A.I., Advertisers need an intelligent partner that can execute smart advertising campaigns very efficiently, and the whole industry needs trusted partners to provide scalable and independent infrastructure for the future. I trust that our people will make sure our clients and publishers can rely on us again in 2026 to help them to achieve the results they are looking for.
– Umut Akpinar –
Financial overview
Revenue
Q4 2025 continuing operations revenue amounted to € 169.5 million, up 11% from € 153.1 million in Q4 2024. FY 2025 continuing operations revenue amounted to € 540.6 million, up 9% from € 497.3 million in FY 2024. The performance is mainly driven by higher advertising revenues across the Platform segment, particularly in CTV, Audio and DOOH formats.
Group revenue including discontinued operations was up 3% from € 167.9 million in Q4 2024 to € 172.1 million for Q4 2025. Group revenue including discontinued operations for FY 2025 was up 3% from € 551.2 million in FY 2024 to €570.0 million in FY 2025.
Earnings
Continuing operations adjusted EBITDA for the quarter was € 28.8 million compared to € 25.4 million in Q4 2024, an increase of 13% driven by improved top-line performance, cost savings, and efficiencies from the integration of previous acquisitions. Discontinued operations adjusted EBITDA was down (110)% from € 4.8 million in Q4 2024 to € (0.5) million for Q4 2025.
FY 2025 continuing operations adjusted EBITDA was € 67.1 million compared to € 59.0 million in FY 2024, an increase of 14% fuelled by the full year effect of the same drivers as Q4 2025 above. FY 2025 discontinued operations adjusted EBITDA was down (61)% from € 16.0 million in FY 2024 to € 6.3 million in FY 2025.
The operating profit for the continuing operations for the quarter increased to € 4.6 million, compared to € (15.4) million in Q4 2024, largely due to a one-off divestment expense during Q4 2024.
The operating loss of the continuing operations for FY 2025 amounted to € (4.4) million, compared to a loss of € (27.7) million in FY 2024, an improvement of 84%, mainly due to the increased Platform revenue and contribution from Direct sales, Platform efficiencies from optimisation and consolidation efforts, and a one-off increase in other expenses in Q2 2024 related to the settlement of a commercial dispute that did not occur in Q2 2025, as well as the one-off divestment expense mentioned above. The Group operating profit including discontinued operations for FY amounted to € 16.3million, compared to a loss of € (23.8)million in FY 2024.
Capex
Azerion capitalises development costs related to the internal development of assets, a core activity to support innovation in its Platform. These costs primarily relate to developers’ time devoted to the development of the Platform. In Q4 2025 Azerion capitalised € 3.4 million for the continuing operations, equivalent to (16)% (Q4 2024: € 4.6 million, equivalent of (20)%) of gross personnel costs excluding restructuring provision expense. In FY 2025 Azerion capitalised € 15.5 million for the continuing operations, equivalent to (17)% (FY 2024: € 15.4 million, equivalent of (16)%) of gross personnel costs excluding restructuring provision expense.
Financial position and financing
Net interest-bearing debt for the Group, including discontinued operations, amounted to € 235.1 million as of 31 December 2025, mainly comprising the outstanding bond loan (ISIN: NO0013660357) with a nominal value of € 225 million (part of a total € 350 million framework) and lease liabilities with a balance of € 12.9 million less the cash and cash equivalents position of € 58.5 million.
Bond refinancing
On 10 October 2025, the company formally called its old bond (ISIN: NO0013017657) for redemption at a price of 102.025% of the nominal amount. The new four-year bond (ISIN NO0013660357) (€ 225 million under a new larger € 350 million framework) carries a lower floating interest rate of 3-month EURIBOR plus a 5.5% margin (compared to a 6.75% margin in the old bond). Following the successful early redemption, the old bonds were delisted from the Nasdaq Stockholm and Frankfurt Stock Exchange.*)
*)As defined in the Terms & Conditions of the Senior Secured Callable Floating Rate Bonds ISIN NO0013660357. Please also refer to the Definitions section and the notes of this Interim Report for more information.
Platform Segment – Continuing operations
The Platform segment generates revenue through the Advertising Platform and AAA Game Distribution. This segment operates mainly by displaying digital advertisements in and around content like news, lifestyle, sports, classifieds, social environments, and games, providing access to supporting infrastructure and AI capabilities, as well as selling and distributing AAA games.
In the fourth quarter, our Platform segment revenue grew 11% . This performance is underpinned by our core philosophy of localised advertising and consolidating fragmented markets.
- Demand side – during the fourth quarter we onboarded 19 new DSP connections and our increased penetration into key formats validated our ability to capture high-value Connected TV (CTV) budgets in brand-safe environments. Additionally, we saw a lift of hyperlocal brand awareness. For example, in the Maison El Nabil campaign we achieved a 41% purchase intent uplift by synchronising DOOH and Mobile, outperforming single-channel strategies in the luxury sector.
- Supply side – We strengthened our partnership with Microsoft, and integrated 77 new publishers into our supply-side portfolio. Our Omnichannel momentum was underlined by an exclusive HBO Max Austria partnership, a prominent contributor to our CTV portfolio, as well as premium Spotify and RTL.fr inventory and SoundCloud partnership that continued our Audio format’s upwards trajectory.
Our new revenue stream, Azerion Intelligence, launched in Q2 2025, offering Multi-Cloud and Multi-AI architecture that is scalable, built on vendor-neutral infrastructure and that empowers partners be flexible, optimize costs and performance. In the fourth quarter, we successfully onboarded partners like Flightradar24, Willhaben, and AdElement.
Next to onboarding partners on our infrastructure, our investment in AI is accelerating the Platform by automating the entire ad campaign chain, from configuration and creative design to optimisation and evaluation. This structurally increases our profitability, while simultaneously improving results for clients. Crucially, the resulting simplification makes our technology accessible to a new, underserved market: customers with smaller, local budgets. This empowers them to run effective, complex omnichannel campaigns across multiple formats.
AAA Game Distribution offers high-quality cross-platform games and integrated monetisation services to digital publishers, helping content-driven businesses boost growth and enhance value for their core audiences. This quarter, we successfully released Arc Raiders (Embark Studios), where we secured exclusive PC distribution rights, and drove sales exceeding expectations. Also, we successfully launched the in-game advertising campaign for MUCHO drink, integrating the brand into gameplay alongside the rollout of a dedicated white-label puzzle gaming section for Tagesspiegel.
Q4 2025 generated an adjusted EBITDA margin of 17% which we consider to be a preview of future potential, proving what the Platform can achieve at scale and confirms the trajectory towards the medium term full year target of 14-16% adjusted EBITDA margins.
Selected financial KPIs for continuing operations
Financial results
In millions of €
| Q4 | FY | |||
| 2025 | 2024 | 2025 | 2024 | |
| Advertising Platform | 127.9 | 126.3 | 432.1 | 412.3 |
| AAA Game Distribution | 41.6 | 26.8 | 108.5 | 85.0 |
| Total Revenue | 169.5 | 153.1 | 540.6 | 497.3 |
| Operating profit / (loss) | 4.6 | (15.4) | (4.4) | (27.7) |
| EBITDA | 14.2 | (3.2) | 37.7 | 9.1 |
| Adjusted EBITDA | 28.8 | 25.4 | 67.1 | 59.0 |
| Adjusted EBITDA margin % | 17.0% | 17.0% | 12.0% | 12.0% |
| Revenue growth % – Advertising Platform | 1.0% | 5.0% | ||
| Revenue growth % – AAA Game Distribution | 55.0% | 28.0% | ||
| Total Revenue growth % | 11.0% | 9.0% | ||
| Adjusted EBITDA growth % | 13.0% | 14.0% | ||
Advertising – Selected operational KPIs
Advertising – Operational KPIs
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| Avg. Digital Ads Sold per Month (bn) | 14.1 | 11.5 | 12.9 | 13.8 | 15.3 |
The Average Digital Ads sold per Month increased to 15.3 billion in Q4 2025 from 14.1 billion in Q4 2024, an increase of 8.5%.
Discontinued operations
The Group classifies a component of the business as discontinued operations if the following criteria are met: the operations and cash flows of the component can be clearly distinguished from the rest of the Group, and it represents a separate major line of the business, a separate geographical area of operations, or is included as part of a plan to dispose of a major line of business. Classification as a discontinued operation occurs at the earlier of the date of disposal or when the operation meets the criteria to be classified as held for sale.The results of discontinued operations are presented separately in the statement of profit or loss. When an operation is classified as discontinued operations, the comparative statement of profit or loss and other comprehensive income are re-presented as if the portion of the business had been discontinued from the start of the comparative year.
DoubleDown Interactive, part of South Korea-based DoubleUGames, and Azerion announced that they had entered into a definitive agreement for DoubleDown Interactive to acquire from Azerion its subsidiary Whow Games, on 9 July 2025. The sale was completed on 14 July 2025, for an upfront payment of € 55 million and an earn-out of up to € 10 million, subject to customary adjustments.
The Group has the intention to sell the remaining part of the Premium Games segment.
The table below includes the Net Revenue and adjusted EBITDA from Premium Games, of which Whow Games was the lion’s share.
Discontinued Operations
In million of €
| Q4 | FY | ||||
| 2025 | 2024 | 2025 | 2024 | ||
| Net revenue | 2.5 | 14.8 | 29.4 | 53.9 | |
| Operating profit / (loss) | (1.6) | 1.1 | 20.7 | 3.8 | |
| Income from discontinued operations | (1.6) | (0.5) | 20.5 | 2.6 | |
Azerion presents stranded costs in the continuing operations because the Group is continuing to carry them. They consist of costs both at corporate level for which Premium Games paid a contribution and costs that were part of the Premium Games business but were not sold to DoubleDown Interactive, including, but not limited to, back-office and administrative functions. Management is reorganising and reducing those costs, further increasing adjusted EBITDA in the continuing operations.
Outlook
Our full year 2025 net revenue of € 540.6 million and adjusted EBITDA of € 67.1 million landed within a reasonable range of our guidance which was revised due to the divestment of non-core assets. Coupled with the significant improvements in EBITDA and operating profit further demonstrate the underlying health of our core business.
The full year impact of …