Azerion Records Its Best Quarterly and Annual Performance Thanks to Its Advertising Platform
On Thursday, the advertising technology group Azerion released its financial results for the fourth quarter and the year 2025, setting historical records in its core business activities. The advertising platform generated its highest revenue and adjusted operating profits since the company's inception.
Strong Growth in Core Platform Segment
Azerion's core business segment, the Platform, recorded a revenue of 169.5 million euros in the fourth quarter of 2025, an increase of 11% compared to 153.1 million euros in the fourth quarter of 2024. For the entire year of 2025, the revenues from the ongoing activities segment amounted to 540.6 million euros, up by 9% compared to 497.3 million euros in 2024. This performance is primarily based on the growth of advertising revenues, particularly in connected TV (CTV), audio, and digital out-of-home (DOOH) formats. The adjusted operating profit (adjusted EBITDA) for the quarter was established at 28.8 million euros compared to 25.4 million euros a year earlier, marking a 13% increase. For the full year 2025, the adjusted EBITDA from ongoing activities reached 67.1 million euros, up from 59.0 million euros in 2024, an increase of 14%. The fourth quarter recorded an adjusted EBITDA margin of 17%, which management presents as an indicator of its future potential and trajectory towards the medium-term goal of adjusted EBITDA margins between 14% and 16%.
Strategic Refinancing and Asset Disposal
In October 2025, Azerion proceeded with the refinancing of its bonds, replacing its old bond (ISIN: NO0013017657) with a new four-year bond of 225 million euros (part of a total framework of 350 million euros) with the ISIN NO0013660357. The new bond carries a lower variable interest rate, set at three-month EURIBOR plus a margin of 5.5%, compared to 6.75% for the old bond. Concurrently, the group sold its subsidiary Whow Games to the South Korean group DoubleUGames in July 2025 for a total consideration of 65 million euros, consisting of an initial payment of 55 million euros and an earn-out clause of up to 10 million euros, subject to customary adjustments. This transaction represents the sale of the main asset of the Premium Games segment and is part of the simplification of the group's structure. The group's net debt, including discontinued operations, stood at 235.1 million euros as of December 31, 2025, primarily comprising the 225 million euros bond, lease liabilities of 12.9 million euros, minus cash reserves of 58.5 million euros.
Anticipating Further Efficiency Improvements in 2026
The group anticipates additional efficiency improvements in 2026, resulting from the full annual effects of the bond refinancing in October 2025, cost reduction measures undertaken in 2025, and the elimination of residual overheads from the Premium Games segment. Azerion remains confident in its ability to achieve steady revenue growth and sustainable margin expansion, maintaining its medium-term goal of adjusted EBITDA margins between 14% and 16%. The group expects revenue growth of about 10% for 2026, compared to recent average growth rates, in a context where the digital marketing industry is showing an annual growth of about 5%.
