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Ströer SE & Co. KGaA

Investor Presentation • Nov 9, 2023

417_ip_2023-11-09_14d2740b-06a5-4381-93d1-1c0e6b0e861f.pdf

Investor Presentation

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Winning Share & Executing long-term Strategy

November 9, 2023 | Ströer SE & Co. KGaA

Agenda

2

Group Update Financials Outlook

Results 9M 2023

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

(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)

9M 2023 Market Dynamics: OoH again outperforming the Ad Market Further, substantial Market Share Gains in declining Market

OoH Category structurally increases Market Shares Outperforming all German peers and Media Channels

Source: Nielsen Numbers (gross) 2013 - 2022 (without Direct Mail); 2023 projection based on econometric modelling 5

Structural Change: (D)OoH Uplift 9M 2023 vs. 9M 2022

Major Players shift Budgets from TV to (D)OoH despite total Spending Reduction

Source: Nielsen Numbers (gross) 9M 2022 - 2023 (without direct mail) 6

Our "TV Boost" Product driving Market Share Gains (1) Public Video Closing Performance Gaps of TV Campaigns

National TV campaigns suffer from unbalanced regional contact levels (number of contacts). New data from AEOS* enables Programmatic Public Video to balanceand boost TV campaigns.

+

TV campaign withunbalanced contact levels(not adjustable below national level!)

Programmatic Public Video campaign filling contact level gaps from TV (fully adjustable on city level!)

TV + Public Video campaign with fully balanced contact levels

Our "TV Boost" Product driving Market Share Gains (2) Public Video balancing and boosting TV net Reach

  • New data from iDOOH* available in 2024 enables Public Video to optimize TV net reach (number of persons)
  • Public Video will be able to fill geographical gaps in net reach for TV clients
  • Declining TV viewership leads to lower net reach at the campaign start. AESOS data combined with iDOOH data enable Programmatic Public Video to boost net reach almost in realtime**

* IDOOH (Institute for Digital Out of Home Media) is going to update their media study Public & Private Screens (P&PS) and implement dynamic data sources;8

** based on daily TV reports from AESOS

Ströer Market Shares by DOoH Categories

Market Leadership across the entire Customer Touchpoint Journey

Source: FAW, IDOOH, Own Data, Projections, all by the end of Q3/2023

AI@Statista in five topic Clusters

More than 250 million curated Content Items upon which an AI can be trained

First Milestones of ResearchAI completed

Promising Feedback from closed beta Phase

2
0
2
3		 2
0
2
4
A
i
i
t
t
c
v
y		 Q
3		 Q
4		 Q
1		 Q
2		 Q
3		 Q
4
A
l
h
p
a
C
l
d
B
t
o
s
e
e
a
O
B
t
p
e
n
e
a
C
i
t
o
n
n
u
o
u
s
d
l
t
e
e
o
p
m
e
n
v
:
t
t,
m
o
r
e
c
o
n
e
n
f
i
t
m
o
r
e
u
n
c
o
n
s

Input KPIs

  • User satisfaction
  • Correctness
  • Response time

Output KPIs

  • Leads
  • New customer sales
  • ARPU
  • Retention

Asam: German high-performance Beauty Products with strong GrowthPreparation of divestment process on track

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Ø QoQ growth ~ +28%

Quarterly development of sales

Strong performance across all channels

  • Profitable growth in all channels – Online / Retail / International; sustainable double-digit e-commerce margin
  • High Performance German Beauty Brand with focus on block buster brands and hero products as key growth driver in all channels – besides the broad portfolio of beauty solutions for different target groups
  • Pre-Orders indicate strong 2024 growth rate/margin on or beyond 2023 momentum
  • Preparation of divestment process on track

Agenda

Group Update Financials Outlook

Profit and Loss Statement Q3 2023

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

(1) Thereof attributable to IFRS 16 in D&A 50.9m€ (PY: 47.8m€) and in financial result 8.1m€ (PY: 3.8m€)

(2) Tax rate according to IFRS is 28.7% (PY: 25.0%)

(3) Adjusted for exceptional items (-0.3m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +4.5m€), in financial result (+0.6m€) 14

and in income taxes (-1.6m€)

Free Cash Flow Perspective

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

(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

  • Q3 with sequentially improved cash flow dynamics
  • 9M earnings improvement offset by higher interest payments and higher IFRS 16 lease liability repayments compared to prior year
  • Overall lower level of investments compared to prior year due to purchase of corporate headquarters in Q3 2022 and more selective digitization of advertising units, but increasing investments in expansion at Asam and Statista
  • IFRS 16 repayments still include phasing effects
  • Bank leverage ratio(1) now as expected at 2.5x; reduction of net debt expected for Q4

15

Segment Perspective – OoH Media

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

Comment

  • Ongoing growth in OoH Media, significantly outperforming the German advertising market again in Q3
  • Revenue increase reflects rising demand for digital portfolio, especially for Programmatic Public Video from national accounts
  • Growth adjusted for tobacco ads was 8.0% in Q3 and 7.9% YTD; effect mainly has an impact on Classic OoH
  • Increase in EBITDA (adj.) compared to prior year despite cost inflation

Segment Perspective – Digital & Dialog Media

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

Comment

  • Following a restrained development in H1, Digital shows a double-digit revenue increase in Q3, especially driven by extremely high programmatic sales as well as low prior year comps in publishing, leading to a positive YTD development; overall reflecting the stabilization of the online advertising market
  • Dialog (Call Center and D2D) sales growth especially in Q3 supported by acquisition of call center locations; underlying trends softening in Q3 due to more challenging staffing situation
  • Overall positive development leads to an earnings increase in Q3 against moderate prior year base

(1) YTD data of 2022 for Digital include revenue and EBITDA (adj.) from our Turkish business activities, which were sold in 06/2022

Segment Perspective – DaaS & E-Commerce

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

Comment

Segment with strong profitable growth

  • Statista: Q3 with slight underlying trend improvement and currency-adjusted growth of 13.3% (9M: 11.8%)
  • Asam: Extraordinary revenue growth across all sales channels
  • Strong earnings trajectory with sustainable margin improvement

ESG-Ratings – Strengthening our Profile

S
G
E
R
t
i
a
n
g
-		 C
t
r
r
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d
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(
6,
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)


0
5
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2
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Sc
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(
4
8,
1
2
)


0
/
2
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2
3
4
-		 1,
6
5
i
t
+
p
o
n
s		 (
)
A
b
4-
D
i
l
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v
A


0
6
/
2
0
2
3
-		 h
d
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a
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u		 T
1
0
%
i
t
o
p
n
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A		 4
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0
8
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+
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0
6
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+
p
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(
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)
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/
1
3,
6
0
5
2
0
2
3		 0,
2
i
t
+
p
o
n
s		 T
2
0
%
i
d
i
o
p
n
m
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a,
-
k
5
i
d
t
i
i
r
a
n
n
a
e
r
s
n
g
v

Agenda

Group Update Financials Outlook

2023 – Outlook

  • Core OoH business – based on current orderbook – with double digit organic growth in Q4
  • Very positive overall momentum towards 2024, i.e. in our Core business
  • Inflation on the way down to 3% (vs. up to double-digit 12 months ago)
  • Reliable cost structures and 4 quarters of active cost management (vs. limited control over short-term cost drivers 12 months ago)
  • Sales momentum towards double digit and final stage of tobacco ban already covered (vs. low single digit 12 months ago and final tobacco advertising ban ahead)
  • Proven sustainable momentum for DOoH also in challenging ad market (vs. open proof point for impact of incremental DOoH screens)

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 newinformation, future events or otherwise.

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