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Ströer SE & Co. KGaA

Investor Presentation • Mar 3, 2023

417_ip_2023-03-03_1dbe116e-2afa-4594-9866-3b329303514c.pdf

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Digitizing OoH & Gaining Share: Preliminary and unaudited Figures for Q4 & FY 2022

March 3rd, 2023 | Ströer SE & Co. KGaA

Agenda

Group Update

Financials

Outlook

Preliminary Results FY 2022

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

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)After minorities

Full Post-Pandemic Market Share Recovery of Out-of-Home

OoH Share steadily outperforming an increasingly challenged Ad Market

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

Full Year Market Dynamics: Strong Business, strong DOoH Dynamics Outperforming local German Competition by ~15 Points

H2 Market Dynamics: Resilient Business, strong DOoH Dynamics Outperforming Local German Competition by 10-15 points

January 2023 Market Dynamics: OoH outperforming the Ad Market Further, substantial Market Share Gains in decliningMarket

Three Key Drivers for resilient Performance of Core OoH Business

In parallel: Downside Protection in challenging Times

    1. The digitization of inventory + higher demand incl. programmatic driving DOoH share (DOoH meanwhile almost 1/3 of our OoH business)

    1. 60% of OoH revenue coming from highly resilient (thousands of) local customers

    1. 60% OoH market share in a (fully) consolidated market

DOoHRollout Plans accelerated (1)

Investment in Infrastructure despite rough Business Conditions

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

*Including top indoor locations like e.g. premium cinemas or large event locations; Screens: Germany 9

DOoH Rollout Plans accelerated (2) New Products in 2022

Launch Public Video City Tower Hamburg Launch Public Video City Window Bochum

Focus on developing digital prime Locations (1) Exemplary Sites from 2022 pushing Growth of total digital Network

Focus on developing digital prime Locations (2) Exemplary Sites from 2022 pushing Growth of total digital Network

Focus on developing digital prime Locations (3) Exemplary Sites from 2022 pushing Growth of total digital Network

Re-Engineering the Advertising Universe in a sustainable Way (D)OoHsignificantly supporting the Reduction of Advertisers' Carbon Footprint

CO2emissions for 1,000 contacts in grams

Calculation based on green electricity/ gray electricity/ unspecified electricity mix; Source: Green GRP Online Calculator (as of Dec 2021), assuming usual circulation-contact 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: Continuous growth through the crisis

Continuation of the Success Story in 2022 in highly challenging Context

    1. Business development in line with midterm plans, top-line more than doubled in the last 5 years
    1. Strong beauty performance products with unchanged excellent gross margin profile
    1. Successful shift to eCommerce over the years
    1. Macro-environment triggered adjustment of international roll-out plans in 2022

Statista: Statutory net Sales CAGR 34% over the last Years

Constant Improvement of Product, Organization and KPIs and global network

    1. Business on track to achieve 250m sales1 by 2025
    1. US largest market with >1/3 of sales1 in 2022
    1. Profitability improved despite economic headwinds and further investments in global growth and platform quality
    1. Latest AI/ChatGPT developments open up new productivity opportunities

Agenda

2

Group Update

Financials

Outlook

Profit and Loss Statement FY 2022

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

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

(1)Thereof attributable to IFRS 16 in D&A 197.0m€ (PY: 193.9m€) and in financial result 16.9m€ (PY: 17.8m€)

(2)Tax rate according to IFRS is 28.0% (PY: 22.8%)

(3)Adjusted for exceptional items (-0.8m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +27.3m€), in financial result (-2.3m€) and in income taxes (-4.4m€)

Profit and Loss Statement Q4 2022

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

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

(1)Thereof attributable to IFRS 16 in D&A 52.6m€ (PY: 51.8m€) and in financial result 5.6m€ (PY: 4.5m€)

(2)Tax rate according to IFRS is 33.6% (PY: 21.9%)

(3)Adjusted for exceptional items (+4.6m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +6.9m€), in financial result (-0.8m€) and in income taxes (-2.4m€)

Free Cash Flow Perspective FY 2022

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

(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

  • Operating Cash Flow includes catch-up effect in tax payments and decrease in Others due to adjustment of non-cash items, mostly deriving from the first nine months

  • Working capital reflects expansion of Plus businesses

  • Record high investments in 2022 particularly in digitization of advertising units in OoH Media segment

  • Increased IFRS 16 repayments include higher minimum lease obligations and phasing effects
  • Net Debt with decline compared to Q3 despite share buyback - bank leverage ratio(1) at 2.2x

Segment Perspective – OoH Media

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

Comment

  • OoH Media outperforming the market with ongoing growth in revenue and EBITDA (adj.) for FY despite more challenging market conditions with softening demand from national key accounts
  • Q4 with stable segment revenue adjusted for tobacco in declining advertising market; FY growth ex tobacco at 16%
  • Revenue growth especially driven by Digital OoH with a share of now 30% FY (PY: 25%) showing customer acceptance and demand for larger digital portfolio
  • EBITDA (adj.) following revenue development; margin roughly on PY level despite challenging Q4

Segment Perspective – Digital & Dialog Media

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

Comment

  • FY revenue decrease in Digital (online advertising and content publishing) against high prior year comps due to less traffic on own platforms in deteriorating market, changes in publisher portfolio and technical effect from disposal of international business activities in Q2 2022; continuous strong performance of own special interest portals like GIGA.de, familie.de and kino.de
  • Dialog (Call Center and D2D) with ongoing strong revenue growth driven by highly successful direct sales activities for telecommunication products
  • Reduced revenues and earnings in Digital partly compensated by Dialog/D2D performance

Segment Perspective – DaaS & E-Commerce

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

Comment

Segment with sustainable superior growth

  • Statista with continuous revenue growth in national and international business activities in Q4 and FY; growth adjusted for exchange rate effects (mainly US dollar) is +16% in Q4 and +27% FY
  • Asam with accelerated growth and sound X-mas business in Q4 in an overall challenging market environment
  • EBITDA (adj.) improvement and margin increase in Q4 support solid FY results despite continued expansion and cost inflation

Successful Refinancing of more than 850m€ Balanced Maturity Profile

ESG-Step-Up/Down ESG Linked +/-2.5 bps p.a. margin adjustment

according to MSCI ESG-Score

  • unchanged
  • Facility RCF
  • Increase Option 100m€
  • terms Documentation
  • LMA based

Agenda

2

Group Update

Financials

Outlook

2023 – Outlook

  • For the first quarter 2023, the Group expects organic revenue growth in the mid single digit range.
  • In parallel, we see the German ad market declining high single digit and therefore Ströer outperforming the market by 10-15 points.
  • Given the macro-environment-driven market volatility in the last quarters, we will specify in more details the growth expectations for the rest of the year in the Q1 earnings call.
  • We see our structural growth drivers unchanged: Digitization of OoH, sustainably growing SME business backbone, client access via Plus businesses, value 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 new information, future events or otherwise.

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