Azerion: Revenue Down 2.5% in H1, EBITDA Up 15%
The Dutch advertising technology and digital media group published its unaudited half-year results on August 27, 2026. The picture combines a decline in revenue with improved operating profitability, the fruit of three years of cost reduction.
At the same time, Azerion revised its annual revenue forecast and announced a change in segmentation that now distinguishes two separate business units.
Revenue Down 2.5%, EBITDA Up 15.4%
In the first half of 2026, total revenue (excluding discontinued operations) came to €245.1 million, down 2.5% from €251.3 million in the first half of 2025. In the second quarter alone, it reached €127.7 million, declining 5.9% year-on-year.
Half-year EBITDA increased 15.4%, rising from €15.6 million to €18.0 million. Operating profit improved to -€1.9 million compared with -€5.5 million a year earlier. Adjusted EBITDA remained close to its previous level, at €23.3 million versus €23.9 million (-2.5%).
Net loss for the period amounted to €20.7 million, compared with €21.0 million in the first half of 2025. The group's adjusted EBITDA margin stood at 9.5%, identical to the first half of 2025.
Decline in Labor Costs Supporting Profitability
The gap between declining revenue and rising EBITDA is explained by reduced expenses. Personnel costs fell from €39.7 million in the first half of 2025 to €31.6 million in the first half of 2026, which the group attributes to the realization of acquisition synergies and process automation.
Other expenses decreased from €17.4 million to €11.9 million. Net financial expenses stood at €15.7 million compared with €17.1 million, with interest charges on secured bonds falling to €9.6 million from €12.9 million following the bond refinancing in October 2025.
On the cash generation side, net operating cash flow reached €25.6 million in the first half of 2026, compared with €3.5 million a year earlier. Cash and equivalents totaled €32.6 million as of June 30, 2026, compared with €58.0 million as of December 31, 2025. The group's net interest-bearing debt, including discontinued operations, stood at €205.5 million as of June 30, 2026 (€176.6 million as of December 31, 2025).
2026 Revenue Forecast Revised to Flat
Azerion revised its forecast: 2026 revenue is now expected to be flat compared with 2025, with the group citing pressure on its revenues due to a market disrupted by artificial intelligence and the timing of its strategic partnerships. Management maintains its medium-term target of an adjusted EBITDA margin of 14 to 16%.
The Advertising Platform segment, which accounted for €194.7 million of the €245.1 million in half-year revenue, saw its EBITDA increase 29.2% to €14.6 million, with revenue down 4.7%. The AAA Game Distribution segment posted revenue growth of 7.2% to €50.4 million, but adjusted EBITDA declined 20.5% to €3.5 million, a contraction the group attributes to a non-recurring favorable exchange effect in the 2025 comparison base.
The group also indicated that Sebastiaan Moesman, previously strategy director, has been appointed interim chief financial officer and proposed to the management board.
