olivLaw · European equity research
Azerion Group N.V. AZRN.AS
Netherlands · Euronext Amsterdam · ISIN NL00150006Z9 · Vertical: Listed companies from Netherlands
Azerion is a Dutch technology company operating an omnichannel digital advertising platform that connects advertisers and publishers across Europe and beyond. In 2025 it sold the Premium Games segment and focused on its platform, with full-year net revenue of 540.6 million EUR, making it relevant for those following consolidation in European adtech.
At the close of 05 Nov 2026, Azerion Group N.V. (AZRN.AS) stock was 0.57 EUR (−5.00% on the day), with market capitalisation 68.8 m EUR, beta 0.18, 52-week range 0.57–1.30 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 20.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.56 – 0.73
- in the lower half of the band · %B 0.04 · band width 26.0%
- SMA 50 / 200
- 0.79 / 0.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.9% | −0.6% | −26.3 pp | — |
| 3 months | −47.2% | −4.2% | −43.1 pp | — |
| 6 months | −34.6% | +4.3% | −39.0 pp | — |
| Year to date | −49.6% | +7.5% | −57.1 pp | — |
| 1 year | −55.5% | +9.9% | −65.4 pp | +0.8% |
| 3 years | −71.9% | +49.8% | −121.8 pp | +5.3% |
| 5 years | −94.1% | +42.8% | −136.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 515.0 m | 497.3 m | 540.6 m |
| Revenue YoY | unavailable | −3.4% | +8.7% |
| Net income | 23.7 m | -57.9 m | -38.6 m |
| Net income YoY | unavailable | −344.3% | unavailable |
| Diluted EPS | 0.20 | -0.48 | -0.32 |
| Diluted EPS YoY | unavailable | −340.0% | unavailable |
| net % | 4.6% | -11.6% | -7.1% |
| Free cash flow | 48.4 m | 31.4 m | 23.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 58.0 m EUR
- Financial debt
- 217.1 m EUR
- Net debt
- 159.1 m EUR
- Equity
- 19.7 m EUR
- Total assets
- 578.7 m EUR
- Debt / equity
- 11.02x
- Current ratio
- 0.71x
- ROE
- -100.4%
- ROA
- -6.1%
- FCF margin
- 4.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 515.0 m | 497.3 m | 540.6 m | esef· 21 Apr 2026verified |
| Operating income | 72.8 m | -28.1 m | -6.7 m | esef· 21 Apr 2026verified |
| Interest expense | 37.2 m | 46.1 m | 55.1 m | esef· 21 Apr 2026verified |
| Pre-tax income | 44.1 m | -66.8 m | -53.9 m | esef· 21 Apr 2026verified |
| Income tax | 19.0 m | -8.2 m | 4.4 m | esef· 21 Apr 2026verified |
| Net income | 23.7 m | -57.9 m | -38.6 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.20 | -0.48 | -0.32 | esef· 21 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 40.4 m | 90.6 m | 58.0 m | esef· 21 Apr 2026verified |
| Current assets | 238.4 m | 276.1 m | 227.7 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 17.0 m | 24.3 m | — | esef· 29 Apr 2025verified |
| Goodwill | 187.1 m | 192.6 m | 189.4 m | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 176.3 m | 167.0 m | 119.7 m | esef· 21 Apr 2026verified |
| Total assets | 652.0 m | 679.1 m | 578.7 m | esef· 21 Apr 2026verified |
| Long-term debt | 161.9 m | 256.0 m | 217.1 m | esef· 21 Apr 2026verified |
| Current liabilities | 322.3 m | 316.0 m | 321.5 m | esef· 21 Apr 2026verified |
| Total liabilities | 542.4 m | 621.9 m | 559.0 m | esef· 21 Apr 2026verified |
| Equity | 109.6 m | 57.2 m | 19.7 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 118.5 m | 120.6 m | 120.6 m | esef· 21 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 49.9 m | 32.2 m | 24.6 m | esef· 21 Apr 2026verified |
| Capex | 1.5 m | 800.0 k | 800.0 k | esef· 21 Apr 2026verified |
| Free cash flow | 48.4 m ≈ | 31.4 m ≈ | 23.8 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | -5.3 m | -35.7 m | 14.3 m | esef· 21 Apr 2026verified |
| Financing cash flow | -55.4 m | 54.5 m | -70.5 m | esef· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 68.8 m EUR
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.54 – 37.95 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)13.54 – 37.95 (Mid 20.09)WACC 5.2% · starting FCFF 70.1 m EUR · terminal value share of EV 86%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.8% | 23 (vs peers) | 29% |
| Net margin · Quality | -7.1% | 17 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.1x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 34.6% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Azerion Group N.V. (AZRN.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 540.6 m EUR in 2025; YoY growth 8.7%; net margin -7.1%; ROE -126.1%.
The estimated value range is 13.54–37.95 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.09 EUR, the price of 0.57 EUR leaves a potential of 3,425.0% (value / price − 1) and a margin of safety of 97.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 34.6%
- The price is below the estimated value range
What contradicts it
- ROIC: -2.8%
- Net margin: -7.1%
- Interest coverage: -0.1x
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for AZRN.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Azerion is a Dutch technology company operating an omnichannel digital advertising platform that connects advertisers and publishers across Europe and beyond. In 2025 it sold the Premium Games segment and focused on its platform, with full-year net revenue of 540.6 million EUR 1, making it relevant for those following consolidation in European adtech.
SWOT
Strengths
- A proprietary omnichannel platform with access to many advertisers and publishers, allowing integration from DSP to SSP.
- A portfolio of premium channels, with partnerships in CTV, audio and DOOH, supporting a differentiated position.
- The divestment of Premium Games simplified the cost base and focused the company on its advertising platform.
Weaknesses
- The auditor flags internal control deficiencies, especially in documenting and monitoring controls, which led to mainly substantive audit procedures.
- Stranded costs left after divestments are still being reduced and may weigh on profitability.
- The company went through restructuring and bond refinancing, which points to debt that needs ongoing attention.
Opportunities
- Extending AI-driven advertising to smaller clients could open a new market that was previously hard to reach.
- Growth in CTV and audio advertising could lift revenue from premium inventory.
- Consolidation of the fragmented European adtech market could offer further acquisition options.
Threats
- Changes in data and identifier regulation could reduce targeting effectiveness.
- The market is fragmented and competitive, and pricing pressure could limit margins.
- Reliance on a few revenue sources such as game distribution can make results sensitive to title launches.
Risks
- Internal controlhigh
The auditor identified deficiencies in documenting and monitoring internal controls, and the risk of fraud in revenue recognition was addressed with additional procedures.
- Goodwill impairmentmedium
Goodwill impairment testing involves uncertain estimates, and the auditor treats it as a key audit matter.
- Debt and refinancingmedium
The company refinanced its bonds in 2025, but the cost and structure of debt remain important for profitability.
- Stranded costs after divestmentsmedium
Costs left after selling Premium Games are still being reduced and could delay margin expansion.
- Regulation and data dependencelow
The model based on audience data is exposed to privacy regulation changes, which could affect revenue.
Investment thesis
What would need to be true (bull case)
- If growth in the Platform segment and reduction of stranded costs are confirmed, adjusted margin could reach the medium-term target set by management.
- A focus on premium advertising in CTV, audio and DOOH could lead to higher revenue per impression than in classic channels.
- AI integration could extend the customer base to smaller advertisers, a segment with little direct competition cited in the source.
What would break the thesis
- The internal control deficiencies flagged by the auditor could lead to corrections or extra compliance costs.
- If the market grows only at the industry pace, the target of outgrowing the sector could remain unmet.
- Dependence on a few revenue sources and refinanced debt could limit flexibility in weaker periods.
What to watch
- Trend of adjusted EBITDA margin against the 14-16% target2026
- Whether revenue growth reaches the estimated 10% for 20262026
- Remediation of the internal control deficiencies flagged by the auditornext 10-K
- Sale of the remaining Premium Games segment and reduction of stranded costs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Azerion, founded in 2013 and listed on Euronext Amsterdam since 2022, develops and operates a proprietary digital advertising platform that links advertisers with audiences through websites, apps, DOOH, audio and in-game content 1. The company presents itself as a consolidator of the fragmented European digital advertising sector and relies on an integrated DSP and SSP, offered both as managed services and SaaS 1. After divesting Premium Games, its continuing Platform segment includes advertising and AAA game distribution 1.
Segments
Market context
Management estimates that the industry's digital marketing segments grow at about 5% per year, citing market studies in the report 1. Azerion says it aims to outgrow this average, targeting around 10% revenue growth in 2026 1. It also states a medium-term adjusted EBITDA margin target of 14-16% 1, which can only be assessed over time.
Trends
- Shift of budgets to premium channelstailwind
Advertising in CTV, audio and DOOH is growing, and Azerion is expanding its premium inventory, including partnerships with HBO Max Austria, Spotify and RTL.fr 1. If this trend continues, it could support growth in advertising revenue.
- AI in campaign planningtailwind
Integrating AI into planning and execution tools could lower costs and open the market to smaller customers with local budgets that were hard to serve before 1.
- Consolidation and margin pressuremixed
The European adtech market remains fragmented, and the company is still reducing stranded costs after divestments. If integration of acquisitions is slow, margins could stay below the stated targets 1.
- Regulatory and data privacy pressureheadwind
The advertising model relies on identifiers and audience data governed by changing rules. Changes in data access could reduce targeting effectiveness, although the sources do not detail this effect.
Competitive position
The annual report does not name direct competitors, but describes a fragmented market contested by many adtech and digital advertising participants 1. Competition takes place on both the demand side (DSP) and the supply side (SSP), and the company's stated advantage lies in end-to-end integration and local coverage 1.
- Agency holding companies (named as clients and partners)
The source names Publicis, Omnicom, Dentsu and WPP as agencies the company works with, not as stated rivals, so their relationship is more of a partnership.
- Other DSP and SSP adtech platforms
The report describes real-time bidding markets without naming providers, so competitors with tickers cannot be identified from the source.
- Digital publishers and ad networks
Azerion competes for publisher inventory, and the source notes it works with publisher networks and channels such as DOOH and audio, without naming rivals.
- Game distributors and content platforms
In AAA game distribution the company competes with other platforms selling games, but the source names no other companies.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Azerion Group N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.