Azerion Group N.V.

AZRN.AS

Electronic Gaming & Multimedia · Technology

Exchange

Euronext Amsterdam

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Azerion Group N.V. is a European technology company that runs online games and digital advertising. It operates a large library of casual browser and mobile games — think simple puzzle and card games — played by millions of people across Europe. The company also owns and operates digital media platforms that connect advertisers with those gaming audiences.

Azerion makes money in two main ways: selling advertising space within its games and platforms, and charging for in-game purchases or premium content. It is headquartered in the Netherlands and operates primarily across Europe, with some presence in other regions. The company has grown largely by acquiring smaller gaming and ad-tech businesses, giving it a broad portfolio, but its near-zero operating margin and negative returns on capital highlight that turning that scale into consistent profit remains the central challenge the business faces.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+24.3% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

73.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€37M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Azerion Group N.V.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

24.8%

Thin — 24.8% gross margin

Profit after running costs

Operating Margin

-1.7%

Losing money on operations — -1.7%

Return on the money invested

ROCE

-0.8%

Weak — -0.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-7.1%

Shrinking sales (-7.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.6%

Thin free cash flow (3.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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