Ströer SE & Co. KGaA

Investor Presentation • Sep 20, 2023

Structural Growth | Disruptive Products | Value Creation

Baader Investment – 12th Baader Investment Conference

September 20, 2023 | Ströer SE & Co. KGaA

Agenda

Group Overview & Update

Financials

Outlook

Business segments at a glance

OOH Media

in M io. E U R	2 0 2 1	2 0 2 2	l De ta
Re ve nu e	7 0 0. 8	7 9 0. 9	% 1 2. 9 +
d j. E B I D A a	3 3 5. 9	3 7 3. 0	% 1 1. 1 +
( ) d E B I T D A in j. ma rg a	% 4 7. 9	% 4 7. 2	%p -0 8 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 M io. E U R	2 0 2 1	2 0 2 2	l De ta
Re ve nu e	7 3 3. 9	7 4 3. 7	1. 3 % +
d j. E B I D A a	1 8 7. 4	1 7 7. 8	-5. 1 %
( d ) E B I T D A in j. ma rg a	2 5. 5 %	2 3. 9 %	-1 6 %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 M io. E U R	2 0 2 1	2 0 2 2	l De ta
Re ve nu e	2 4 1. 9	2 9 4. 4	2 1. 7 % +
d j. E B I D A a	2 2. 1	2 0. 7	-6 % 1
( ) d E B I T D A in j. ma rg a	% 9. 1	% 7. 0	%p -2 1 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

Results 6M 2023

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

(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)

H1 2023 Market Dynamics: OoH again outperforming the Ad Market Further, substantial Market Share Gains in declining Market

(1)Alphabet IR; (2)Meta; (3)Nielsen Numbers (gross) for Q1-Q2 2023 (without Direct Mail)

Q2 2023 Market Dynamics: OoH again outperforming the Ad Market Further, substantial Market Share Gains in declining Market

OoH Category structurally increases Market Shares compared to other Categories

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

Structural Change I: (D)OoH Uplift H1 2023 vs. H1 2022 Major Player shift Budgets fromTV to(D)OoHand reducetotal Spendings

Structural Change II: Continuous Growth Development

H1 2021 - H1 2023 Uplift in (D)OoH Spendings

Source: Ströer Data

Proof of Success Ritter Sport Product Launch & Mövenpick Brand Campaign

Source: Ströer | Index Basis 100

Overview - DOoH Infrastructure

P b l u	N b f m e r o u i V i d S c e o c r e e n s	T l i t t o a n e n o r v y i 2 0 2 1 n	T l i t t o a n e n o r v y i 2 0 2 2 n	T l i t t o a n e n o r v y i H 1 2 0 2 3 n
	2 d i 2 > m e u m m	3 1 4	7 7 2	8 9 5
P i r e m m u	2 l ~9 a r g e m	6 9 6	9 4 9	1, 0 0 4
R d i d S o a s e c r e e n s	2 l 4 0 < x- a r g e m	5 0	6 8	7 1
	O T T A L	1, 0 6 0	1, 8 9 7	1, 9 0 7
P i r e m u m I d S n o o r c r e e n s	b l i t t p u c r a n s p o r	7 7 5	8 2 1	8 4 6
	t i t t i r a n s a o n s	1, 9 3 4	2, 1 9 2	2, 2 3 9
	l l ( ) * + m a s	2, 3 9 5	2, 4 1 4	2, 4 3 2
	T O T A L	5, 0 5 0	5, 4 2 7	5, 5 1 7
	O S P	2, 3 4 5	2, 2 5 5	4, 0 6 2
L t i l & o n g a 3 d P t S r a r y c r e e n s	A b i t m e n	1 2, 3 4 0	1 2, 6 6 8	1 3, 1 7 2
	3 d t r p a r y	2 8, 1 8 5	2 8, 5 0 6	2 9, 5 7 5
	T O T A L	4 2, 8 0 7	4 3, 4 2 9	4 6, 8 0 9

*Including top indoor locations like e.g. premium cinemas or large event locations; Screens: Germany 11

Digital Out-of-Home Infrastructure D-OoH Net Reach

C i t y	C b i d t o m n e n e % h i r e a c n	G R P s
B l i e r n	6 0 9	4 4 4
H b a m u r g	8 2 7	9 4 6
M i h u n c	6 5 6	7 9 5
C l o o g n e	7 7 9	8 3 2
f F k t r a n u r	6 0 5	8 4 7
S t t t t u g a r	6 7 7	1, 0 0 5
ü f D l d s s e o r	7 0 2	5 4 7
E s s e n	6 4 6	5 1 2

net reach

D-OoH in top 10 cities

65%

National broadcast offer:

Public Video RON (Station, Mall, Infoscreen, Roadside, City, City Tower), 1 week, 10 sec. spot, Ø ad pressure

Most emission efficient Media Offerings

CO2emissions for 1,000 contacts in grams

T V l i n e a r	8 2 8
A T V	9 2 1 / 9 4 8
R d i a o	6 9
M i a g z n e s	9, 8 5 1
N N d i * e w s p a p e r s o r c	8, 1 6 8
O l i D i l n n e s p a y	3 2 / 3 9 6 7
O l i V i d n n e e o	/ 6 8 8 7 1 6
O l i A d i n n e u o	2 0
D O O H 9 < q m	5 / 5 7
D O O H 2 < q m	6 / 6 9
O O H M L	5 1
O O H C L P	3 6
O O H B i l l b d o a r s	8 7
O O H A d i i i l l t e r s n g p a r s v	1 4

13

Calculation based on green electricity/gray electricity/unspecified electricity mix; Source: Green GRP Online Calculator (as of Oct 2022), assuming usual circulationcontact ratio for magazines and newspapers. OoH contact calculation to convert number of advertising spaces into contacts according to SID 4.5, *Nordic format: e.g. FAZ, Bild

Asam – Strong Outperformance of the German Beauty & Personal Care Market

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 Quarterly development of sales Ø QoQ growth ~ +25%

New German distribution partner

• New German distribution partner with #1 drugstore chain dm starting in Q1/2024 fuels additional growth
• Profitable growth in all channels – Online / Retail / International; sustainable double-digit e-commerce margin

• Refocused internationalization strategy pays off

• China with strong growth dynamics due to selected intelligent personal care product range

• Launch of further 'made in Germany' product with 'hero' potential and good pre-order-volumes

Statista I: Significant Potential through AI

Launch of a Customer facing 'StatistaGPT' planned until the End of 2023

Statista II: Significant Improvements in Productivity & Topline-Effects Scalability over Time

Examples for activities and estimates on effects

Agenda

Group Overview & Update

Financials

Outlook

Profit and Loss Statement Q2 2023

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

(1) Thereof attributable to IFRS 16 in D&A 49.5m€ (PY: 50.4m€) and in financial result 7.2m€ (PY: 3.8m€)

(2) Tax rate according to IFRS is 27.6% (PY: 23.0%)

(3) Adjusted for exceptional items (+1.5m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +4.8m€), in financial result (-0.8m€)

and in income taxes (-1.3m€)

Free Cash Flow Perspective

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

C t o m m e n
H 1 C h F l i l l h t i d b h i h i t t a s o w e s p e c a y c a r a c e r z e y g e r n e r e s  f f f d t t d t P Y t i i a n a x p a y m e n s c o m p a r e o ; e e c r o m r s n g i i d i Q 2 t t t n e r e s r a e s n c r e a s e n
f C Y T D i W i t i i t h i t  v e w o p o s o n w m p r o v e m e n
I i O t h f l t t f f t f d j t t n c r e a s e n e r s r e e c s c o u n e r e e c r o m a u s m e n  f f f ( f h i P Y i d d i l i t t i l o n o n- c a s o n e- o s n p e r o s p o s a o n e r n a o n a d i i l b i l l f k i l ) t t t t g a s n e s s, p a r r e e a s e o s o c o p o n p a n u y
Q I t t i 2 d Y T D l i h t l b l P Y l l n e s m e n s n a n s g e o e e  v y w v
I F R S 1 6 t i l d h i f f t  r e p a y m e n s n c u e p a s n g e e c s
( 1 ) s B k l i b l 2. 3 t t t a n e v e r a g e r a o a e a x 
2. 1 2 2. 2 1 2. 2 0 2. 2 8 2. 2 9
3. 8 7 4 6. 2 7 5 7 3 9. 7 7 2 6. 0 1 8. 0 7 F ina ia l n de b t t nc e ( 1) Le t io ve rag e r a
3 0 Ju 3 0 Se 3 1 De 3 1 Ma 3 0 Ju n p c r n 2 0 2 2 2 0 2 2 2 0 2 2 2 0 2 3 2 0 2 3

Segment Perspective – OoH Media

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

Comment

20

• Ongoing growth in OOH Media, against a declining German ad market
• Revenue increase reflects rising demand for digital portfolio, especially for PPV from national customers
• Growth adjusted for tobacco ads was 9.9% in Q2 and 7.9% YTD; effect mainly has an impact on Classic OoH; adjusted revenue is slightly above PY
• Moderate growth of EBITDA (adj.) despite cost inflation

Segment Perspective – Digital & Dialog Media

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

Comment

• Digital (online advertising and content publishing) with a solid development in H1 despite decreasing spendings for online advertising and taking into account the revenues from our Turkish business activities in PY period; organic revenue growth slightly positive
• Dialog (Call Center and D2D) with ongoing strong revenue growth in Q2 especially driven by highly successful direct sales activities for telecommunication products in Germany; Call Center contributing to the revenue increase as well
• EBITDA (adj.) burdened by challenging market conditions for high margin digital ad business

Segment Perspective – DaaS & E-Commerce

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

Comment

• Segment with dynamic growth especially in E-Commerce and with strong earnings trajectory

• Statista: Continuous growth driven by existing and new clients

• Asam: Significant revenue and earnings growth across all sales channels

• EBITDA (adj.) with significant increase, underlining profitability potential from scaling of both assets

ESG-Ratings – Strengthening our Profile

E S G R t i a n g -	C t u r r e n s c o r e s	T d r e n	S t i e c o r- c o m p a r s o n
	A ( 6, 9 ) 0 / 2 0 2 3 5	1, 6 i t + p o n s	0, 9 i b t p o n s a o v e a v e r a g e
Co m p an y Sc or e	C ( 4 8, 1 2 ) 0 4 / 2 0 2 3 -	1, 6 5 i t + p o n s	A b ( 4- D i l ) o v e a v e r a g e e c e
	/ A 0 6 2 0 2 3 -	h d u n c a n g e	% T 1 0 i t o p n o u r s e c o r -
C S A	3 8 2 0 2 2	h d u n c a n g e	9 0- P i l i t t e r c e n e n o u r s e c o r
	5 0 0 6 / 2 0 2 3	2 1 i t + p o n s	5 i b ( 4 5 ) t p o n s a o v e a v e r a g e
	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 e a, - k 5 i d t i i r a n n a v e r s n g

Agenda

Group Overview & Update

Financials

Outlook

2023 – Outlook

For the second half2023 we expect

• our OoH Media segment to substantially outperform the still challenging German ad market with strong DOoH dynamics

• our Digital & Dialog Media segment to deliver a better earnings developmentcompared to the prior year than in H1

• our DaaS & E-Commerce segment to achieve continued strong sales growthand margin improvement as in H1

• Based on our development in H1, the current status of our orderbook and assuming no significant change in market trends we expect Group full year sales and EBITDA adjusted to be broadly in line with consensusand slightly accelerating dynamics throughout H2
• We see our structural growth drivers unchanged: Digitization of OoH, sustainably growing SME business backbone, client access via Plus businesses, profitable growth of non-core assets

Financial Calendar 2023