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Ströer SE & Co. KGaA

Investor Presentation • Aug 9, 2023

417_ip_2023-08-09_4911fe61-a446-404f-8fba-c85957cb928e.pdf

Investor Presentation

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Structural Growth | Disruptive Products | Value Creation

August 9, 2023 | Ströer SE & Co. KGaA

Agenda

Group Update Financials Outlook

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
d
a
s
e
u		 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
%
-
(
2
)
(
)
N
t
i
d
j
t
d
e
n
c
o
m
e
a
s
e
u		 5
8
0		 4
0
0		 3
1
%
-
O
t
i
C
h
F
l
p
e
r
a
n
g
a
s
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

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

OoH Category structurally increases Market Sharescompared to other Categories

Source: Nielsen Numbers (gross) 2013 - 2022 (without Direct Mail); 2023 Nielsen projection based on econometric modelling 6

Structural Change I: (D)OoH Uplift H1 2023 vs. H1 2022 Major Player shift Budgets from TV to (D)OoH and reduce total Spendings

Source: Nielsen Numbers (gross) 1. HY 2022 - 2023 (without direct mail) 7

Structural Change II: Continuous Growth Development

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

Source: Ströer Data

Proof of SuccessRitter Sport Product Launch & Mövenpick Brand Campaign

Source: Ströer | Index Basis 100

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 salesØ 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

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€) 14

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

Comment

  • 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
d
)
t
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
7.
2
%		 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
h
f
t
t
e
g
m
e
n
r
e
v
e
n
u
e,
e
r
e
o		 1.
1
7		 8
3.
4		 1
4
%
7.
+		 1
4
2.
1		 1
1.
2
7		 2
0.
%
5
+
S
D
t
i
a
a
a
s
a
e
r
v
c
e		 3
3.
7		 3
7.
0		 9.
9
%
+		 6
7.
8		 7
5.
5		 1
1.
4
%
+
E-
C
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
s
e
u		 4.
1		 1
4.
9		 %
1
0
0
>
+		 1
0.
0		 2
7.
3		 %
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
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Agenda

Group Update Financials Outlook

2023 – Outlook

  • For the second half 2023 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

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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