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Ströer SE & Co. KGaA

Investor Presentation • Mar 21, 2024

417_ip_2024-03-21_342104ce-1bad-4a11-b78f-7b7da4096138.pdf

Investor Presentation

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Preliminary & unaudited Figures FY 2023

Accelerated structural Growth – Premium Assets – Increasing Cash Conversion Erste Group 2024

March 5, 2024 | Ströer SE & Co. KGaA

Business segments at a glance

OOH Media

in
i
l
l
ion
E
U
R m		 2
0
2
2		 2
0
2
3		 l
De
ta
Re
ve
nu
e		 7
9
0.
9		 8
5
6.
4		 8.
3
%
(
)
I
A
d
j.
E
B
T
D
a		 3
3.
0
7		 3
9
1.
2		 4.
9
%
(
)
in
d
j.
E
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I
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D
A m
arg
a		 %
4
7.
2		 4
5.
7		 %p
-1.
5
ts

#1 OOH provider in Germany

Area-wide marketing & operation of around 300,000 advertising spaces and 20,000 items of street furniture

Product variety at the touchpoints street, building & means of transportation; Reach of up to 80%

Industry standards through continuous research & development

Complementing the digital infrastructure of cities with advertising media

Digital & Dialog Media

in
i
l
l
ion
E
U
R m		 2
0
2
2		 2
0
2
3		 lta
De
Re
ve
nu
e		 7
4
3.
7		 8
1
5.
8		 9.
7
%
(
d
)
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B
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D
A
j.
a		 1
7
7.
8		 1
5
5.
0		 -1
2.
8
%
(
d
)
E
B
I
T
D
A m
in
j.
arg
a		 2
3.
9
%		 1
9.
0
%		 -4.
9
%p
ts

#1 digital marketer in Germany

High-quality portfolio reaches around 50 million UU per month

Strong market position in news and diverse premium content for digital natives

Full call-center services with focus on outbound sales & cross/up-selling activities

Comprehensive field service

DaaS & E-Commerce

in
i
l
l
ion
E
U
R m		 2
0
2
2		 2
0
2
3		 l
De
ta
Re
ve
nu
e		 2
9
4.
4		 3
0.
9
5		 9.
2
%
1
(
d
)
E
B
I
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D
A
j.
a		 2
0.
7		 5
4.
3		 1
0
0
%
>
(
d
)
E
B
I
T
D
A m
in
j.
arg
a		 7.
0
%		 1
5.
5
%		 8.
4
%p
ts
+

ASAMBEAUTY |

Leading digital beauty private label platform in DACH, strong China business

Statista |

Leading global provider of business, consumer and industry data Subscription-based B2B model

Agenda

Group Update

Financials

Outlook

Preliminary Results FY 2023

€
m		 F
Y
2
0
2
2		 F
Y
2
0
2
3		 ▲
R
e
v
e
n
u
e
s		 R
d
h
t
t
e
p
o
r
e
g
r
o
w		 1,
1.
9
7
7		 1,
9
1
3
4		 8
%
+
(
1
)
O
i
h
t
r
g
a
n
c
g
r
o
w		 %
9
3
+		 %
7
5
+		 %
1.
8
t
p
s
-
(
E
B
I
T
D
A
d
a		 )
j
t
d
s
e
u		 5
4
1.
4		 5
6
8
8		 5
%
+
(
E
B
I
T
d
j
a
s
u		 )
t
d
e		 2
6
5
2		 2
6
6
4		 0
%
+
N
t
i
e
n
c
o
m
e		 (
2
)
(
)
d
j
t
d
a
s
e
u		 1
7
1.
5		 1
4
3
0		 1
7
%
-
F
C
h
r
e
e
a
s		 F
l
(
d
j
t
d
)
o
w
a
u
s
e		 5
0
4		 8
0
6		 6
0
%
+
(
3
)
C
a
p
e
x		 1
6
2
6		 1
2
9
2		 2
1
%
-
(
4
)
A
d
j
d
i
h
t
u
s
e
e
a
r
n
n
g
s
p
e
r
s
a
r
e		 2
8
8
€		 2
2
2
€		 2
3
%
-

(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) Investments (before M&A)

(4) After minorities

2023 Market Dynamics: OoHagain outperforming the Ad Market

Accelerated & sustainable Momentum for DOoH

5

Full Post-Pandemic Market Share Recovery of Out-of-Home And still massive potential for Growth from all (non-digital) Media

Source: Nielsen Media Research, gross advertising spend without direct mail, total market: OoH, TV, Radio, Magazines, Newspaper, Online, Cinema; other channels not mentioned. Online excluding Search & Social.

Structural Change: (D)OoH Uplift 2023 vs. 2022 Major Players shift Budgets from TV & Print to (D)OoH

Source: Nielsen Numbers (gross) 2022 - 2023

Increasing overall Relevance for DOoH Historic Entry Barriers eliminated

One of the best carbon footprints per Contact of all Media Channels

C
1		 1

Classical broadcast channels under pressure due to decreasing viewtimes

പ്പ )
----- ---

No other digital channel delivers contacts the way DOoH does

  • Fast built of reach
  • Broad (if needed)
  • Geospatially precise
  • Flexible

Entry barriers for SMEs to use DOoH eliminated

  • Easy access to granular inventory via common demand platforms
  • Huge availability of premium adspaces due to very broad and granular supply
  • Campaign setup in near realtime instead of 1-2 months preparation
  • Cross channel planning will be focusing on contacts as the central KPI

Outstanding Ströer Market Shares by DOoH Categories Premium (Digital) Assets ensure overproportionate "Share of Growth"

Source: FAW, IDOOH, Own Data, Projections, all by the end of 2023

Long-term Drivers for Structural Growth of Digital out of Home

In parallel: Classic OoH Business with low to mid single digit momentum

    1. Constantly improving product: on-going digitization and enhanced targeting features based on already 70% nationwide audience coverage
    1. Full integration in programmatic digital media universe, low entry barriers for new clients
    1. Excellent access to local SME businesses and national key accounts via OoH+ model

    1. 60% OoH market share in a (fully) consolidated market, ~80% market share in premium DOoH assets

Agenda

Group Update

Financials

Outlook

Preliminary Profit and Loss Statement Q4 2023

€
m		 Q
4
2
0
2
2		 Q
4
2
0
2
3		 ▲
R
e
v
e
n
u
e
s		 5
2
5.
7		 5
6
6.
0		 8
%
+
O
i
h
t
r
g
a
n
c
g
r
o
w		 0.
%
5
+		 6.
%
4
+		 9
%
5.
t
+
p
s
E
B
I
T
D
A
(
d
j
d
)
t
a
u
s
e		 1
8
7.
5		 1
9
4.
2		 4
%
+
E
t
i
l
i
t
x
c
e
p
o
n
a
e
m
s		 4.
6
-		 1
0.
6
-		 1
0
0
%
>-
E
B
I
T
D
A		 1
8
2.
9		 1
8
3.
6		 0
%
+
(
1
)
&
D
i
t
i
A
t
i
t
i
e
p
r
e
c
a
o
n
m
o
r
z
a
o
n		 8
3.
9
-		 9
2.
2
-		 1
0
%
-
E
B
I
T		 9
9.
0		 9
1.
4		 8
%
-
(
)
1
F
i
i
l
l
t
n
a
n
c
a
r
e
s
u		 1
0.
2
-		 1
6
7.
-		 3
%
7
-
E
B
T		 8
8.
8		 7
3.
8		 1
7
%
-
(
2
)
T
l
t
a
x
r
e
s
u		 2
9.
9
-		 2
6.
9
-		 1
0
%
+
N
t
I
e
n
c
o
m
e		 5
8.
9		 4
6.
9		 2
0
%
-
(
)
3
A
d
j
t
t
s
m
e
n
s
u		 8.
4		 1
6
7.		 1
0
0
%
>+
N
t
I
(
d
j
t
d
)
e
n
c
o
m
e
a
u
s
e		 6
3
7.		 6
4.
5		 4
%
-

(1) Thereof attributable to IFRS 16 in D&A 53.9m€ (PY: 52.6m€) and in financial result 8.1m€ (PY: 5.6m€)

(2) Tax rate according to IFRS is 36.5% (PY: 33.6%)

(3) Adjusted for exceptional items (+10.6m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +6.6m€), in financial result (-1.5m€)

and in income taxes (+1.8m€)

Preliminary Profit and Loss Statement FY 2023

€
m		 F
Y
2
0
2
2		 F
Y
2
0
2
3		 ▲
R
e
v
e
n
u
e
s		 1,
7
7
1.
9		 1,
9
1
4.
3		 8
%
+
O
i
h
t
r
g
a
n
c
g
r
o
w		 9.
3
%
+		 %
7.
5
+		 1.
8
%
t
p
s
-
E
B
I
T
D
A
(
d
j
d
)
t
a
u
s
e		 4
1.
4
5		 6
8.
8
5		 %
5
+
E
t
i
l
i
t
x
c
e
p
o
n
a
e
m
s		 0.
8		 1
4.
6
-		 /
n
a
E
B
I
T
D
A		 5
4
2.
2		 5
5
4.
2		 2
%
+
(
1
)
&
D
i
t
i
A
t
i
t
i
e
p
r
e
c
a
o
n
m
o
r
z
a
o
n		 3
0
3.
5
-		 3
2
3.
4
-		 7
%
-
E
B
I
T		 2
3
8.
7		 2
3
0.
8		 3
%
-
(
)
1
F
i
i
l
l
t
n
a
n
c
a
r
e
s
u		 2
9
7.
-		 6
8
5.
-		 1
0
0
%
>-
E
B
T		 2
1
0.
8		 1
6
5.
0		 2
2
%
-
(
2
)
T
l
t
a
x
r
e
s
u		 5
9.
0
-		 5
2.
6
-		 1
1
%
+
N
t
I
e
n
c
o
m
e		 1
5
1.
8		 1
1
2.
4		 2
6
%
-
(
)
3
A
d
j
t
t
s
m
e
n
s
u		 1
9.
7		 3
0.
6		 %
5
5
+
N
t
I
(
d
j
t
d
)
e
n
c
o
m
e
a
u
s
e		 1
1.
7
5		 1
4
3.
0		 1
%
7
-

(1) Thereof attributable to IFRS 16 in D&A 202.4m€ (PY: 197.0m€) and in financial result 30.4m€ (PY: 16.9m€)

(2) Tax rate according to IFRS is 31.9% (PY: 28.0%)

(3) Adjusted for exceptional items (+14.6m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +20.9m€), in financial result (-2.0m€) and in income taxes (-3.0m€)

Free Cash Flow Perspective

F
Y		 F
Y
€
m		 2
0
2
2		 2
0
2
3
E
B
I
T
D
A
(
d
j
t
d
)
a
u
s
e		 4
1.
4
5		 6
8.
8
5
E
t
i
l
i
t
x
c
e
p
o
n
a
e
m
s
-		 0.
8		 1
4.
6
-
E
B
I
T
D
A		 4
2.
2
5		 4.
2
5
5
I
t
t
n
e
r
e
s
-		 2
7.
3
-		 6
5.
4
-
T
a
x
-		 5
5.
5
-		 7
7.
8
-
/
W
C
+
-		 3
2.
9
-		 1.
6
-
/
O
t
h
+
e
r
s
-		 1
5.
5
-		 8.
3
-
O
i
C
h
F
l
t
p
e
r
a
n
g
a
s
o
w		 4
1
0.
9		 4
0
1.
1
(
f
&
)
I
t
t
b
M
A
n
v
e
s
m
e
n
s
e
o
r
e		 1
6
2.
6
-		 1
2
9.
2
-
F
C
h
F
l
(
b
f
M
&
A
)
r
e
e
a
s
o
w
e
o
r
e		 2
4
8.
3		 2
1.
9
7
(
2
)
(
S
)
L
l
i
b
i
l
i
t
t
I
F
R
1
6
e
a
s
e
a
y
r
e
p
a
y
m
e
n
s		 1
9
7.
9
-		 1
9
1.
3
-
(
)
3
F
C
h
F
l
(
d
j
d
)
t
r
e
e
a
s
o
w
a
u
s
e		 0.
4
5		 8
0.
6

(1) Net debt and adj. EBITDA of last 12 month adjusted for IFRS 16

(2) Part of Cash Flow from financing activities (3) Before M&A and incl. IFRS 16 lease liability repayments

Comment

  • Improving Free Cash Flow trajectory despite higher interest and tax payments, supported by a higher earnings contribution and a positive Working Capital development compared to PY
  • Focused investments back at a more balanced level after record high investments especially in digitization in 2022

  • IFRS 16 repayments include phasing effects

  • As expected, Q4 with strong Free Cash Flow increase (~+80% vs. Q4 2022)

  • Bank leverage ratio(1) roughly at PY level despite an increase in net debt

OoH Media with accelerating cash flow dynamics

€
m		 2
0
2
1		 2
0
2
2		 2
0
2
3		 O
t
l
k
o
o
u
R
e
e
n
e
s
v
u		 7
0
0.
8		 7
9
0.
9		 8
5
6.
4
E
B
I
T
D
A
(
d
j
t
d
)
a
u
s
e		 3
3
5.
9		 3
7
3.
0		 3
9
1.
2
E
B
I
T
D
A
in
(
d
j
te
d
)
m
ar
g
a
us		 4
7.
9
%		 4
7.
2
%		 4
5.
7
%
I
F
R
S
1
6
f
f
t
E
B
I
T
D
A
e
e
c
o
n		 1
7
6.
7
-		 1
8
7.
8
-		 1
9
6.
2
-
(
)
f
S
1
6
E
B
I
T
D
A
d
j
t
d
b
I
F
R
a
s
e
e
o
r
e
u		 1
5
9.
1		 1
8
5.
1		 1
9
5.
0
E
B
I
T
D
A
in
(
d
j
te
d
)
be
fo
I
F
R
S
1
6
m
ar
g
a
us
re		 2
2.
%
7		 2
3.
4
%		 2
2.
8
%
C
A
P
E
X		 6
0.
0
-		 9.
0
7
-		 1
5
4.
-
C
*
h
t
i
b
t
i
a
s
c
o
n
r
u
o
n		 9
9.
1		 1
0
6.
1		 1
4
0.
9
(
f
S
1
6
)
L
b
I
F
R
e
a
s
e
e
p
e
n
s
e
s
e
o
r
e
x		 2
2
9.
2
-		 2
9.
4
4
-		 2
6
1.
6
-
(
fo
S
1
6
)
%
f
Le
be
I
F
R
in
Re
as
e
ex
p
en
se
s
re
o
ve
nu
es		 3
2.
%
7		 3
1.
%
5		 3
0.
%
5

Segment Perspective – OoH Media

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

Comment

OoH Media with continued strong momentum; 13.6% organic growth in Q4, positive development also for classic advertising media

  • Revenue increase reflects rising demand for DoOH, especially for Programmatic Public Video from national accounts
  • Growth adjusted for tobacco ads was 13.4% in Q4 and 9.7% for FY
  • Strong increase in EBITDA (adj.), especially in Q4

Segment Perspective – Digital & Dialog Media

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

Comment

  • Digital continues with double-digit revenue increase in Q4, especially driven by increasing programmatic sales
  • Revenue for Dialog (Call Center and D2D) in Q4 slightly above high PY comps, supported by acquisition of call center locations; overall softened development as expected; FY still with double-digit growth rate due to strong performance in prior quarters
  • EBITDA (adj.) and margin burdened by challenging market conditions for high margin content/digital ad business; Q4 with high prior year comps from D2D activities

Segment Perspective – DaaS & E-Commerce

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

Comment

Segment with strong profitable growth

  • Statista: Growth adjusted for exchange rate effects is 8.0% for Q4 and 10.8% for FY
  • Asam: Extraordinary revenue growth across all sales channels
  • Strong earnings and margin improvement

ESG-Ratings – Strengthening our Profile

E
S
G
R
i
t
a
n
g
-		 C
t
u
r
r
e
n
s
c
o
r
e
s		 T
d
r
e
n
(
6,
9
)


0
2
/
2
0
2
A
4		 h
d
n
c
a
n
g
e
u
Co
m
p
an
y
Sc
or
e		 C
(
4
8,
1
2
)


0
3
/
2
0
2
3
-		 h
d
u
n
c
a
n
g
e
A


0
6
/
2
0
2
3
-		 h
d
u
n
c
a
n
g
e
C
S
A

/
4
1
0
8
2
0
2
3		 3
P
i
t
+
o
n
s
1
3,
6


0
/
2
0
2
3
5		 h
d
n
c
a
n
g
e
u

Agenda

Group Update

Financials

Outlook

2024 – Outlook

Q1 2024

For our core business (OOH) we expect up to 15 percent organic growth, based on the double-digit dynamics in Q4 2023 and on our strong order book trajectory.

FY 2024

  • Organic revenue growth for the Group should be noticeably higher in percentage terms than the corresponding growth rate for the year 2023 (+7.5%).
  • EBITDA margin (adjusted) around prior year level (IFRS effects roughly stable)
  • EBIT (adjusted) with double the growth rate of EBITDA (adjusted)
  • Free cash flow (adjusted) should rise significantly above the growth rate of EBIT (adjusted).

Financial Calendar 2024

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 new information, future events or otherwise.

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