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Ströer SE & Co. KGaA

Investor Presentation • May 12, 2022

417_ip_2022-05-12_40e8fdb4-1f4e-4218-9405-017d0ba8b454.pdf

Investor Presentation

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Performing in a more challenging advertising environment

May 12, 2022 | Ströer SE & Co. KGaA

Agenda

Group Update Financials Outlook

Results Q1 2022

Q1 expectations – spot landing despite macro challenges

€
m		 Q
1
2
0
2
1		 Q
1
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2		 ▲
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+
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x		 1
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3
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%
>
+

Note: New organic growth calculation with 12 months delayed recognition of acquisitions (applied from fiscal year 2022)

(1)Excluding exchange rate effects and effects from (de)consolidation and discontinuation of operations

(2)Adjusted for exceptional items and additional other reconciling factors in D&A (PPA related amortization and impairment losses), in financial result and in income taxes 3

Diversified OoH Business across Sales Channels and Industries

Heterogeneous client structure makes OoH business highly resilient *

Pe
l
Ca
rs
on
a
re		 Be
ve
ra
g
es		 Te
lec
ica
ion
t
om
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un
s		 F
ina
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e
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&
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rm
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y
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&
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is
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ics
an
sp
or
g		 Ga
b
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ing
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ur		 Ar
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&
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/
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(
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Sp
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to
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tro
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ns
um
er
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Fo
try
&
Hu
t
ing
re
s
n
  • Art, Culture & Entertainment Energy Textiles & ClothingBody Care Consumer Electronics
  • Fairs / Exhibitions Cleaning Capital Goods Industrial Consumables

Advertisers tend to shift more towards Performance during CrisisOoH PLUS Model is flexible for all Client Needs

Brand marketing

Recap Strategy and what we have been executing in Q1

Clear Focus on strong organic Growth Levers and total Shareholder Return

Accelerated digitization of Out-of-Home infrastructure

1

Non-Core assets fully on growth track OoH Plus leveraging network effects to drive OoH growth2

DOoH Rollout Plans from the Capital Market Day even accelerated

YTD fully on track; pause for HY2 would generate significant CAPEX savings

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* Including top indoor locations like e.g. premium cinemas or large event locations

Focus on Conversion of top Locations to Digital (1)Exemplary Sites from Q1 2022 pushing Growth of total digital Network

Focus on Conversion of top Locations to Digital (2)Exemplary Sites from Q1 2022 pushing Growth of total digital Network

Focus on Conversion of top Locations to Digital (3)Exemplary Sites from Q1 2022 pushing Growth of total digital Network

Client Access (1)Deepening Relations with major Advertising Partners

  • Campaign Spotlight: Bio, Offer Communication, Vegan Award…

  • Impact- and reach-boosting communication with OOH and DOOH

  • Lufthansa leading the recovery of the travel sector with strong bounce back

  • Outlook 2022: Additional (D)OOH campaigns planned for summer holidays

  • Stronger Focus on the booming Fiction Genre and Champions League

  • Growth in all sectors: Classic +241%, Online: +81%, DOOH: +812%

Client Access (2)Bringing new (or again) Top Brands to (D)OoH

One Key Driver for linking (D)OoH & Digital: The new t-online A Symbiosis of Tech and Journalism

t-online.de Relaunch

  • Fundamentally new design with a clear focus on journalism
  • Speed matters; we have completely overhauled the technology with a 100% new tech stack (headless CMS, cloud based AWS microservices and architecture) – the new t-online is now fully responsive and the fastest publisher website in Germany
  • Research with countless readers and an intensive beta from November 2021 with millions of real users

Statista on track to grow to EUR 250mn in Sales by 2025

On track to key value crystallization milestone beginning of 2024

Sales*; EUR mn

Asam – stable Growth, Internationalization & (live) Video Sales All VDD Workstreams on Track; next Stop Q4/2022

Sales; EUR mn

Globally unique OoH+ Strategy with One-Market-FocusStrategically robust position to leverage any opportunities

Agenda

Group Update Financials Outlook

Profit and Loss Statement Q1 2022

€
m		 Q
1
2
0
2
1		 Q
1
2
0
2
2		 ▲
R
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Note: New organic growth calculation with 12 months delayed recognition of acquisitions (applied from fiscal year 2022)

* Thereof attributable to IFRS 16 in D&A 46.3m€ (PY: 47.5m€) and in financial result 3.7m€ (PY: 4.4m€)

** Tax rate according to IFRS is 23.0% (PY: 22.5%)

*** Adjusted for exceptional items (+3.3m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +6.9m€) and in income taxes (-2.3m€) 18

Free Cash Flow Perspective Q1 2022

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Segment Perspective – OoH Media

€
m		 Q
1
2
0
2
1		 Q
1
2
0
2
2		 ▲
S
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8
%
t
+
p
s

Comment

  • OoH Media benefited from positive market dynamics; Q1 2021 was heavily affected by lockdown restrictions due to Covid-19
  • Strong growth in revenue and EBITDA adj. despite increased insecurities during the quarter from conflict in Ukraine
  • Growth in segment revenue adjusted for tobacco advertising is 59%
  • Especially Digital OoH with accelerated growth of more than 100%; larger digital portfolio well accepted by customers
  • Q1 EBITDA adj. and margin with improvement; PY period supported by short-time allowance

Segment Perspective – Digital & Dialog Media

€
m		 Q
1
2
0
2
1		 Q
1
2
0
2
2		 ▲
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1
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7		 3.
%
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+
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a
o
g		 7
5.
0		 8
1.
6		 8.
8
%
+
E
B
I
T
D
A
(
d
j
d
)
t
a
s
e
u		 3
7.
7		 3
4
7.		 0.
6
%
-
E
B
I
T
D
A
i
(
d
j
t
d
)
m
a
r
g
n
a
u
s
e		 2
3.
5
%		 2
2.
0
%		 1.
5
%
t
p
s
-

Comment

  • Digital (online advertising and content publishing) with solid start into 2022 due to high traffic on own platforms despite challenging monetization in news environment; changes in publisher portfolio were more than compensated
  • Dialog (Call Center and D2D) with sound Q1 growth against high prior year comps
  • Highly successful direct sales activities (D2D) for telecommunication products could offset difficult conditions for sales in the energy sector and higher sickness rates due to Covid-19 at Call Centers

Segment Perspective – DaaS & E-Commerce

€
m		 Q
1
2
0
2
1		 Q
1
2
0
2
2		 ▲
S
h
f
t
t
e
g
m
e
n
r
e
v
e
n
u
e,
e
r
e
o		 6.
4
5		 1.
0
7		 2
6.
0
%
+
S
D
t
i
a
a
a
s
a
e
r
v
c
e		 2
3.
1		 3
4.
1		 %
4
7.
7
+
E-
C
o
m
m
e
r
c
e		 3
3.
2		 3
6.
9		 1
1.
0
%
+
(
)
E
B
I
T
D
A
d
j
t
d
a
s
e
u		 6.
7		 5.
9		 %
1
1.
5
-
E
B
I
T
D
A
i
(
d
j
t
d
)
m
a
r
g
n
a
u
s
e		 1
1.
9
%		 8.
4
%		 3.
5
%
t
p
s
-

Comment

  • Statista with very strong start into 2022
  • Asam with double digit growth; PY with favorable environment for eCom and TV during lockdown
  • International expansion and higher raw material prices at Asam exert pressure on EBITDA adj. and margin

Agenda

Group Update Financials Outlook

OOH & Online outperforming Industry in 2022

Nielsen Forecast Q2 2022 – Q3 2023 (based on econometric modeling)

Change versus prior-year period in % | Different scales | Source: Nielsen Media Research May 2022 | * Poster only | other channels not mentioned 24

2022 – Outlook H1 on track for our full year targets

Based on the assumption that there is no significant new COVID wave in autumn and without further escalation of the Ukraine situation and its domino effects

we expect for the second quarter 2022

  • Group Organic Growth of 12-15% (OoH up by 20-30%)
  • Group EBITDA margin broadly stable

For the first half of 2022we thus expect

  • Group Organic Growth of 17-19% (OoH up by 33-39%)
  • Group EBITDA Margin on/above 2021 level

For the full year 2022we expect [unchanged]

  • Group Organic Growth of 10-14% (OoH up by 16-20%)
  • Group EBITDA Margin above 2021 level

Midterm Projection of Ströer Group w/o Asam & Statista

Unchanged Expectations for next 5 Years vs. Capital Market Day

in
€
m		 Q
1
2
0
2
2		 2
0
2
2		 2
0
2
3		 2
0
2
4		 2
0
2
5		 2
0
2
6
R
e
v
e
n
u
e		 O
H
M
d
i
o
e
a		 5
5
%		 C
A
G
R
9.
5
%
1
2.
0
%
~
–
D
i
i
l
&
D
i
l
t
g
a
a
o
g
M
d
i
e
a		 6
%		 C
A
G
R
5.
4
%
6.
0
%
~
–
T
O
T
A
L		 2
3
%		 C
A
G
R		 7.
4
%
8.
5
~
–		 %
E
B
I
T
D
A
d
j.
a		 T
O
T
A
L		 3
3
%		 C
A
G
R
9.
0
%
1
2.
%
5
~
–

Ströer: Sustainably outperforming the Ad IndustryRobustness despite Rise of Global Platforms and the Pandemic

Source: 1Nielsen Media Research, gross advertising without advertising mail 2Ströer Group / Ströer Data

Financial Calendar 2022

Disclaimer

This presentation contains "forward looking statements" regarding Ströer SE & Co. KGaA ("Ströer") or the Ströer Group, including opinions, estimates and projections regarding Ströer's or the Ströer Group's financial position, business strategy, plans and objectives of management and future operations.

Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Ströer or the Ströer Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements.

These forward looking statements speak only as of the date of this presentation release and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by Ströer with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein.

The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning Ströer or the Ströer Group. Ströer undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of newinformation, future events or otherwise.

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