Azerion reported a 20% year-over-year increase in normalized EBITDA to EUR 18.9 million for the first half of 2026, driven by disciplined cost controls and operational improvements, while reducing its full-year revenue guidance to stable sales from a prior forecast of 10% growth.
The Amsterdam-based digital advertising group posted normalized EBITDA of EUR 18.9 million in H1 2026, up from EUR 11.2 million in the same period last year, excluding a EUR 4.9 million negative foreign exchange impact compared with a EUR 4.5 million positive impact in H1 2025. Advertising segment revenue declined by EUR 10 million year-over-year in Q2, marking the company’s first year-over-year quarterly revenue decline, though normalized operational performance excluding FX rose 56%.
Management attributed the profitability gains to sustained cost discipline, with operating expenses as a percentage of revenue reaching record lows. Headcount has been reduced from approximately 1,500 employees in 2022 to current levels while maintaining roughly two-thirds of prior revenue, and revenue per full-time employee in Q2 reached the highest level in company history. Gross profit margin stood at about 13% over the last twelve months.
Despite the improved profitability metrics, Azerion lowered its full-year 2026 revenue guidance to flat growth from a prior forecast of 10% growth, citing softer market conditions in the advertising segment. Management expects a recovery in momentum during Q3 and a strong Q4 to offset first-half weakness. The company also confirmed the planned disposal of its Premium Games unit, with a sale expected to close within 12 months.
Shares of Azerion fell 9.13% to $0.94 on Thursday, extending a 26% decline over the past year. The stock’s 52-week range is $0.66 to $1.43, while InvestingPro’s fair value estimate stands at $1.60, implying potential upside of roughly 47%.
