New Risk • May 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • May 06
An undisclosed buyer acquired 25.46% stake in Eniro Group AB (publ) (OM:ENRO) from Azerion Group N.V. (ENXTAM:AZRN). An undisclosed buyer acquired 25.46% stake in Eniro Group AB (publ) (OM:ENRO) from Azerion Group N.V. (ENXTAM:AZRN) on May 5, 2026. Through the transaction, Azerion becomes a minority shareholder in Flavus Invest.
An undisclosed buyer completed the acquisition of 25.46% stake in Eniro Group AB (publ) (OM:ENRO) from Azerion Group N.V. (ENXTAM:AZRN) on May 5, 2026. Announcement • May 02
Azerion Group N.V., Annual General Meeting, Jun 11, 2026 Azerion Group N.V., Annual General Meeting, Jun 11, 2026. Reported Earnings • Apr 23
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.49 loss per share (improved from €0.50 loss in FY 2024). Revenue: €540.6m (up 8.7% from FY 2024). Net loss: €60.3m (flat on FY 2024). Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates significantly. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. New Risk • Mar 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.8m (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 27
Full year 2025 earnings released Full year 2025 results: Revenue: €540.6m (down 1.9% from FY 2024). Net loss: €55.1m (loss narrowed 4.8% from FY 2024). Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €119.8m (down 4.0% from 3Q 2024). Net loss: €14.0m (loss widened 43% from 3Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Interactive Media and Services industry in Europe. Reported Earnings • Aug 31
Second quarter 2025 earnings released: €0.055 loss per share (vs €0.11 loss in 2Q 2024) Second quarter 2025 results: €0.055 loss per share (improved from €0.11 loss in 2Q 2024). Revenue: €135.7m (down 2.2% from 2Q 2024). Net loss: €6.70m (loss narrowed 51% from 2Q 2024). Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Interactive Media and Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. New Risk • Aug 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • May 29
First quarter 2025 earnings released First quarter 2025 results: Revenue: €128.0m (up 6.9% from 1Q 2024). Net loss: €14.9m (loss narrowed 10% from 1Q 2024). Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Europe. Announcement • May 29
Azerion Group N.V. (ENXTAM:AZRN) acquired CMI Media Régions from CMI France. Azerion Group N.V. (ENXTAM:AZRN) acquired CMI Media Régions from CMI France on May 28, 2025. The acquisition includes the integration of the agency's entire team, composed of 37 employees spread across nine offices in Nancy, Lyon, Nice, Marseille, Montpellier, Toulouse, Bordeaux, Nantes, and Paris.
Azerion Group N.V. (ENXTAM:AZRN) completed the acquisition of CMI Media Régions from CMI France on May 28, 2025. Announcement • May 09
Azerion Group N.V., Annual General Meeting, Jun 19, 2025 Azerion Group N.V., Annual General Meeting, Jun 19, 2025. Location: azerion group n.v., boeing avenue 30, 1119 pe schiphol-rijk, Netherlands Announcement • Mar 26
Azerion Group N.V.(ENXTAM:AZRN) dropped from Netherlands ASCX AMS Small Cap Index Azerion Group N.V. has been removed from Netherlands ASCX AMS Small Cap Index. Announcement • Mar 01
Azerion Group N.V. Provides Earnings Guidance for the Full Fiscal Year 2025 Azerion Group N.V. provided earnings guidance for the full fiscal year 2025. For the period, the company's Net Revenue is expected to be in the range of approximately €600 million to €650 million, with annual growth thereafter in the medium term expected to be approximately 10%. Reported Earnings • Feb 28
Full year 2024 earnings released Full year 2024 results: Revenue: €551.2m (up 7.0% from FY 2023). Net loss: €36.7m (down 255% from profit in FY 2023). Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Interactive Media and Services industry in Europe. New Risk • Jan 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 8.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Dec 28
Chair of Supervisory Board recently bought €5.4m worth of stock On the 23rd of December, Willem de Pundert bought around 5m shares on-market at roughly €1.03 per share. This transaction increased Willem's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Willem has been a buyer over the last 12 months, purchasing a net total of €3.8m worth in shares. Reported Earnings • Nov 21
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €124.8m (up 15% from 3Q 2023). Net loss: €9.80m (down 118% from profit in 3Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Interactive Media and Services industry in Europe. Announcement • Nov 19
Azerion Announces Executive Changes Azerion announced that Mr. Chris Figee, Chairman of the Audit and Risk Committee and Supervisory Board Member, will be stepping down from his roles with Azerion with effect from the end of November 2024. This is due to Mr. Figee’s additional commitments and responsibilities as CFO and Supervisory Board member of other firms. With effect from the end of November 2024 Mr. Benjamin van de Vrie has been appointed to succeed Mr. Figee as Chairman of the Audit and Risk Committee with Mrs. Katrin Bro¨kelmann to continue in her role as member of the Audit and Risk Committee. Mr. Zafer Karatas will continue as Chairman of the Remuneration Committee. Looking forward, Azerion continues to see significant opportunities in the market to continue the growth and expansion of its Platform both organically and through strategic partnerships. With those opportunities in mind, Azerion announced the further expansion of its Executive Committee with the addition of Mr. Mickael Ferreira, Chief Business Officer, and Mr. Jurriaan van Teunenbroek, Chief Publishing Officer. Mr. Ferreira has worked at Azerion for over 5 years and has previously acted as Azerion’s Vice President of Operations responsible for managing Azerion’s global operations. Mr. van Teunenbroek has been with Azerion for 10 years where, as Vice President of Games & Content, he oversaw both the integration and the successful divestment of Azerion’s Social Card Games portfolio before taking responsibility for the relationships with external content publishers. Announcement • Nov 12
Azerion Group N.V. (ENXTAM:AZRN) completed the acquisition of Goldbach Austria GmbH from Goldbach Group AG. Azerion Group N.V. (ENXTAM:AZRN) acquired Goldbach Austria GmbH from Goldbach Group AG on November 11, 2024. The transaction is set to close following regulatory approval by the Austrian Federal Competition Authority, and the Goldbach brand will remain in place for the foreseeable future.
Azerion Group N.V. (ENXTAM:AZRN) completed the acquisition of Goldbach Austria GmbH from Goldbach Group AG on November 11, 2024. New Risk • Oct 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Dutch stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €138.7m (up 14% from 2Q 2023). Net loss: €13.6m (loss widened 36% from 2Q 2023). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Interactive Media and Services industry in Europe. New Risk • Aug 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Dutch stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. New Risk • May 16
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Announcement • May 10
Azerion Group N.V., Annual General Meeting, Jun 20, 2024 Azerion Group N.V., Annual General Meeting, Jun 20, 2024, at 14:00 Central European Standard Time. Location: Azerion Group N.V., Boeing Avenue 30 Schiphol Rijk Netherlands Announcement • May 09
Azerion Group N.V. Announces That Florence Von Erb Will Not Stand Again as Member of Azerion’s Supervisory Board, Effective June 20, 2024 Azerion Group N.V. announced that following the completion of her appointed term, Mrs. Florence Von Erb will not stand again as a member of Azerion’s Supervisory Board, with her term therefore concluding with effect from the end of the upcoming AGM. New Risk • Apr 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 43% per year for the foreseeable future. Minor Risks High level of debt (118% net debt to equity). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: €515.0m (up 14% from FY 2022). Net income: €34.3m (up €168.6m from FY 2022). Profit margin: 6.7% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Interactive Media and Services industry in Europe. Announcement • Feb 28
Azerion Group N.V. to Report Q4, 2023 Results on Feb 28, 2024 Azerion Group N.V. announced that they will report Q4, 2023 results Pre-Market on Feb 28, 2024 Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.03, the stock trades at a forward P/E ratio of 206x. Average forward P/E is 19x in the Interactive Media and Services industry in Europe. Total loss to shareholders of 65% over the past year. Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.43. Revenue: €108.5m (up 2.8% from 3Q 2022). Net income: €54.1m (up €58.3m from 3Q 2022). Profit margin: 50% (up from net loss in 3Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Interactive Media and Services industry in Europe. Announcement • Nov 30
Azerion Group N.V. Revises Revenue Guidance for the Full Year 2023 Azerion Group N.V. revised revenue guidance for the full year 2023. Net Revenue for full year 2023 is now expected to be around €520 million, up from €452.6 million fiscal year 2022, as compared to previous expectations of around €540 million. The reduction in Net Revenue expectations for the full year reflects recent market conditions leading to lower anticipated growth in automated auction sales than originally envisaged for second half of 2023. Announcement • Nov 22
Azerion Announces Executive Appointments Following its Extraordinary General Meeting held on 16 November 2023, Azerion reported that its Supervisory Board has appointed Wim de Pundert to the role of Chair, Florence von Erb to the role of Chair of the Selection, Appointment and Remuneration Committee and Zafer Karata as a member of the Selection, Appointment and Remuneration Committee. As part of the arrangements relating to these new appointments, Klaas Meertens has announced that he will step down from the Supervisory Board on 31 January 2024, after completing a two year term from his original appointment. In line with its ongoing development, Azerion intends to continue introducing additional experience to its Supervisory Board with further updates expected in the coming months. The roles on the Supervisory Board will be reviewed in light of any such additional appointments. Announcement • Oct 26
Azerion Group N.V. (ENXTAM:AZRN) acquired an unknown minority stake in Just Another Media Company. Azerion Group N.V. (ENXTAM:AZRN) acquired an unknown minority stake in Just Another Media Company on October 24, 2023.Azerion Group N.V. (ENXTAM:AZRN) completed the acquisition of an unknown minority stake in Just Another Media Company on October 24, 2023. Announcement • Oct 18
Azerion Group N.V. (ENXTAM:AZRN) acquired 100% stake in Hawk SAS for approximately €7 million. Azerion Group N.V. (ENXTAM:AZRN) acquired 100% stake in Hawk SAS for approximately €7 million on October 16, 2023. Based on the terms and agreements the consideration of €7 million will be funded by Azerion from its cash resources and with an earn-out over the following 3 years subject to customary arrangements and capped at a maximum of just over €20 million. Hawk reported revenue of approximately €50 million for the year ended 2022. Azerion Group N.V. (ENXTAM:AZRN) completed the acquisition of 100% stake in Hawk SAS on October 16, 2023. Announcement • Sep 29
Azerion Announces Stepdown of Derk Haank from Supervisory Board Azerion announced the decision of Peter Tordoir (Chairman) and Derk Haank to step down from Azerion’s Supervisory Board. Both decisions to step down are expected to take effect as from the date of an Extraordinary General Meeting (EGM) to be convened as soon. Reported Earnings • Sep 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €122.0m (up 17% from 2Q 2022). Net loss: €10.0m (loss narrowed 55% from 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Interactive Media and Services industry in Europe. New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Announcement • Aug 02
Playtika Holding Corp. (NasdaqGS:PLTK) entered into a definitive agreement to acquire Youda Games Holding B.V from Azerion Group N.V. (ENXTAM:AZRN) for approximately €230 million. Playtika Holding Corp. (NasdaqGS:PLTK) entered into a definitive agreement to acquire Youda Games Holding B.V from Azerion Group N.V. (ENXTAM:AZRN) for approximately €230 million on August 1, 2023. The transaction is subject to the satisfaction of customary closing conditions. The transaction is expected to complete by the end of the third quarter 2023 Reported Earnings • Jun 01
First quarter 2023 earnings released First quarter 2023 results: €0.11 loss per share. Revenue: €112.7m (up 19% from 1Q 2022). Net loss: €12.5m (loss narrowed 31% from 1Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Interactive Media and Services industry in Europe. Announcement • Jun 01
Azerion Group N.V. Provides Earnings Guidance for the Full Year 2023 Azerion Group N.V. provided earnings guidance for the full year 2023. For the year, the company expected net revenue to be around EUR 560 million, with expected annual growth thereafter of around 15% in the medium term. This outlook does not include the impact of any material acquisitions or divestments. Buying Opportunity • May 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 62%. The fair value is estimated to be €1.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 22% in a year. Earnings is forecast to grow by 93% in the next year. Reported Earnings • Apr 30
Full year 2022 earnings released: €1.19 loss per share (vs €0.22 loss in FY 2021) Full year 2022 results: €1.19 loss per share (further deteriorated from €0.22 loss in FY 2021). Revenue: €452.6m (up 47% from FY 2021). Net loss: €134.3m (loss widened €114.7m from FY 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Interactive Media and Services industry in Europe. Major Estimate Revision • Mar 15
Consensus EPS estimates fall by 600% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -€0.005 to -€0.035 per share. Revenue forecast unchanged at €554.4m. Interactive Media and Services industry in the Netherlands expected to see average net income growth of 7.7% next year. Consensus price target of €3.90 unchanged from last update. Share price fell 40% to €1.71 over the past week. Breakeven Date Change • Mar 14
Forecast breakeven date pushed back to 2024 The 3 analysts covering Azerion Group previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 97% to 2023. The company is expected to make a profit of €10.4m in 2024. Average annual earnings growth of 135% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 03
Forecast breakeven date pushed back to 2024 The 4 analysts covering Azerion Group previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 100% to 2023. The company is expected to make a profit of €19.6m in 2024. Average annual earnings growth of 136% is required to achieve expected profit on schedule. Reported Earnings • Mar 01
Full year 2022 earnings released Full year 2022 results: Revenue: €452.6m (up 47% from FY 2021). Net loss: €126.0m (loss widened €106.4m from FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Interactive Media and Services industry in Europe. Price Target Changed • Feb 08
Price target decreased by 9.2% to €8.15 Down from €8.98, the current price target is an average from 4 analysts. New target price is 146% above last closing price of €3.31. Stock is down 64% over the past year. The company is forecast to post a net loss per share of €0.35 next year compared to a net loss per share of €167 last year. Buying Opportunity • Jan 19
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 47%. The fair value is estimated to be €4.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 25% in a year. Earnings is forecast to grow by 83% in the next year. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: €0.038 loss per share. Revenue: €105.5m (up 26% from 3Q 2021). Net loss: €4.20m (loss widened 163% from 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Interactive Media and Services industry in Europe. Reported Earnings • Sep 03
Second quarter 2022 earnings released Second quarter 2022 results: €1.03 loss per share. Revenue: €103.9m (up 97% from 2Q 2021). Net loss: €114.8m (loss widened €101.7m from 2Q 2021). Over the next year, revenue is forecast to grow 25%, compared to a 12% growth forecast for the Interactive Media and Services industry in the Netherlands. Recent Insider Transactions • Jul 26
Co-Founder recently bought €5.0m worth of stock On the 19th of July, Atilla Aytekin bought around 687k shares on-market at roughly €7.28 per share. This was the largest purchase by an insider in the last 3 months. This was Atilla's only on-market trade for the last 12 months. Buying Opportunity • Jun 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €10.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 85% over the last year. Earnings per share has declined by 269%. Revenue is forecast to grow by 36% in a year. Earnings is forecast to grow by 99% in the next year. Reported Earnings • Jun 02
First quarter 2022 earnings released First quarter 2022 results: Revenue: €94.4m (up 108% from 1Q 2021). Net loss: €18.0m (loss widened 283% from 1Q 2021). Over the next year, revenue is forecast to grow 36%, compared to a 16% growth forecast for the industry in the Netherlands. Breakeven Date Change • Apr 27
Forecast to breakeven in 2022 The 3 analysts covering Azerion Group expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €3.70m in 2022. Average annual earnings growth of 78% is required to achieve expected profit on schedule. 
