Advertising Platform driving record Q2 EBITDA
Building on the momentum from the strong start in Q1, our disciplined focus on long-term profitability continued to drive the performance throughout Q2 2025. While Revenue and Adjusted EBITDA for the group increased 6% and 8% respectively in this quarter, the EBITDA of the group more than doubled showing the effect of last year’s consolidation programs and our investments in AI-led efficiency in this year’s results.
Total Azerion group results
- Total Revenue of € 147.4 million (+6% compared to € 138.7 million in Q2 2024)
- Adjusted EBITDA € 18.9 million (+8% compared to € 17.5 million in Q2 2024)
- EBITDA € 14.0 million (+109% compared to € 6.7 million in Q2 2024)
- Total Revenue € 275.4 million (+7% compared to € 258.4 million in H1 2024)
- Adjusted EBITDA € 30.5 million (+12% compared to € 27.3 million in H1 2024)
- EBITDA € 21.8 million (+91% compared to € 11.4 million in H1 2024).
Strategic focus through Premium Games segment divestment
The first half of 2025 has been a period of continued transformation, operational discipline, and enduring focus on profitability at Azerion. Amid a dynamic digital media landscape, the Group has taken decisive steps to simplify its structure, sharpen its focus on core assets, and build a stronger foundation for long-term growth.
As part of this simplification Azerion announced the sale of 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 and the intention of the Group to sell the remaining activities of this segment mark another significant step in Azerion’s strategy, a journey the company has been on for some years now, reinforcing digital advertising as the company’s core business. Meanwhile, our expansion into cloud infrastructure and AI-driven solutions further improves the profitability of our core business while at the same time opening up new product and sales opportunities.
Prioritising advertising as key driver of growth of continuing operations
The continuing operations (Platform segment) had another record-breaking quarter. Recent consolidation and integration efforts have primarily targeted this part of the business, making the increase in profitability most evident in these results. Our divestment of Whow games allows us to further increase our efforts and growth in the Advertising Platform where efficiencies, scale and AI are significant contributors to expansion and acceleration of our profitability.
Results for the continuing operations
- Total Revenue of € 135.7 million (+9% compared to € 124.8 million in Q2 2024)
- Adjusted EBITDA of € 15.7 million (+20% compared to € 13.1 million in Q2 2024)
- EBITDA of € 11.2 million (+367% compared to € 2.4 million in Q2 2024)
- Total Revenue of € 251.3 million (+8% compared to € 233.2 million in H1 2024)
- Adjusted EBITDA of € 23.9 million (+14% compared to € 21.0 million in H1 2024)
- EBITDA of € 16.6million (+207% compared to € 5.4 million in H1 2024).
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 Segment Premium Games and is presented separately in the statement of profit or loss.
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