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Ströer SE & Co. KGaA

Investor Presentation • Nov 10, 2022

417_ip_2022-11-10_cf5901d8-24af-4521-b879-e14b874f62f9.pdf

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Gaining share - prepared for the cycle

November 10, 2022 | Ströer SE & Co. KGaA

Agenda

Group Update

Financials

Outlook

Results 9M 2022

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

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

Q3 Market Dynamics: Resiliant Business, Strong DOOH Dynamics Outperforming Local German Competition by >10 points

G
l
b
l
P
i
t
o
a
o
n
s
f
R
f
o
e
e
r
e
n
c
e		 L
l
o
c
a
P
e		 G
e
r
m
a
n
e
r
s		 S
G
&
t
ö
r
e
r
r
o
u
p
C
B
i
o
r
e
u
s
n
e
s
s
A
l
h
b
t
p
a
e
%
6
+		 /
*
D
k
t
M
b
i
l
e
s
o
p
o
e
%
1
0
-		 G
*
A
d
M
k
t
e
r
m
a
n
a
r
e
%
9
-		 S
ö
O
t
D
H
r
e
r
o
%
2
3
+
Y
t
b
o
e
u
u
2
%
-		 T
V
G
*
e
r
m
a
n
y
1
0
%
-		 P
i
G
*
t
r
n
e
r
m
a
n
y
%
9
-		 S
ö
O
t
H
r
e
r
o
4
%
+
M
t
e
a
%
4
-		 R
d
i
G
*
a
o
e
r
m
a
n
y
1
0
%
-		 O
H
G
*
o
e
r
m
a
n
y
%
8
-		 S
ö
G
t
r
e
r
r
o
u
p
%
5
+

* Nielsen Numbers (gross) for Q3; reported net numbers of public companies indicated similar or slightly worse trend on netrevenue basis.

Three Key Drivers for Resilient Performance of Core OoH Business In parallel: downside Protection in challenging Times

Classic OoHDigital OoHOoH Services

    1. The digitization of inventory + higher demand incl. programmatic driving DOoH share

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

5

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

Statista unimpressed on midterm Growth Plan Full Year ~ 132-135m Revenue – YTD 39k Clients – TAM ~ 50bn USD.

Tech companies Consulting firms Car manufacturers
Google
facebook
amazon
NETELLIX
Microsoft		 McKanser
BCG ==========================================================================================================================================================================
& Congressy
EAIN'S COMPANY O
accenture
pwc		 Merrischis Beaut
YXELX
Universities International organizations Soccerclubs
Stanford
HARVARD
UNITAUN
University
Yak University
更新UNIVERSITY OF
CAMBEIDE		 ST) OECD
DEUTICHE IUNCESBAN
35% of Fortune 500 & 82% of DAX 30 Companies are already customers
    1. YTD Growth + 38% with strong dynamics in Q3
    1. Constantly broader global footprint with US being largest market (>35% of revenue)
    1. High stickiness of product: Net Promotor Score at 57 and NRR >100%

OoH Plus – a very resilient Media Business

15 years track-record to outperform the market i.e. in challenging times.

Source: 1 Statista, GDP Germany / Ifo Business Climate Index 2 Ströer Group / Ströer Data

Index

High local Sales share secures downside Protection

– while OOH+ supports faster recovery

Ströer OOH sector comparison

Q3 Revenue development (Q3 2019 – Q3 2022, indexed)

Q
3
2
0
1
9		 Q
3
2
0
2
0		 Q
3
2
0
2
1		 Q
3
2
0
2
2
1
S
öe
tr
r		 1
0
0
%		 8
%
7		 9
8
%		 1
0
%
5
Pe
A
er		 1
0
0
%		 5
8
%		 7
6
%		 8
7
%
Pe
B
er		 1
0
0
%		 6
1
%		 8
6
%		 9
8
%
Pe
C
er		 1
0
0
%		 8
4
%		 1
0
4
%		 1
1
%
5
Pe
D
er		 1
0
0
%		 6
%
7		 9
1
%		 9
8
%
2
Pe
E
er		 1
0
0
%		 6
7
%		 8
2
%		 9
1
%

Ströer Group (OOH+) sector comparison

Q3 Revenue development (Q3 2019 – Q3 2022, indexed)

Q
3
2
0
1
9		 Q
3
2
0
2
0		 Q
3
2
0
2
1		 Q
3
2
0
2
2
1
S
öe
tr
r		 %
1
0
0		 %
9
4		 %
1
0
9		 %
1
1
7
Pe
A
er		 %
1
0
0		 %
5
8		 %
7
6		 %
8
7
Pe
B
er		 1
0
0
%		 6
1
%		 8
6
%		 9
8
%
C
Pe
er		 1
0
0
%		 8
4
%		 1
0
4
%		 1
1
5
%
Pe
D
er		 1
0
0
%		 6
7
%		 9
1
%		 9
8
%
2
Pe
E
er		 1
0
0
%		 6
7
%		 8
2
%		 9
1
%

1 Adjusted for Ströer Tobacco sales

2 Half-year figures

Agenda

Group Update

Financials

Outlook

Profit and Loss Statement Q3 2022

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

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 47.8m€ (PY: 46.2m€) and in financial result 3.8m€ (PY: 4.5m€);(2)Tax rate according to IFRS is 25.0% (PY: 24.4%)

(3)Adjusted for exceptional items (+2.7m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +6.7m€), in financial result (-1.5m€)

and in income taxes (-0.8m€)

Free Cash Flow Perspective Q3 2022

€
m		 Q
3
2
0
2
1		 Q
3
2
0
2
2
(
)
E
B
I
T
D
A
d
j
t
d
a
u
s
e		 1
3
8.
7		 1
3
3.
6
E
i
l
i
t
t
x
c
e
p
o
n
a
e
m
s
-		 2.
5
-		 2.
7
-
E
B
I
T
D
A		 1
3
6.
1		 1
3
0.
9
I
t
t
n
e
r
e
s
-		 5.
8
-		 5.
1
-
T
a
x
-		 1
2.
6
-		 3
8.
1
-
/
W
C
+
-		 1
9.
6
-		 4.
9
-
/
O
h
t
+
e
r
s
-		 3.
3		 0.
9
O
C
t
i
h
F
l
p
e
r
a
n
g
a
s
o
w		 1
0
1.
3		 8
3.
7
I
t
t
(
b
f
M
&
A
)
n
v
e
s
m
e
n
s
e
o
r
e		 2
4.
6
-		 5
1.
5
-
F
C
h
F
l
(
b
f
M
&
A
)
r
e
e
a
s
o
w
e
o
r
e		 6.
7
7		 3
2.
2
(
)
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		 3
9.
6
-		 3
6.
5
-
(
3
)
C
(
)
F
h
F
l
d
j
t
d
r
e
e
a
s
o
w
a
u
s
e		 3
7.
2		 4.
3
-
C
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o
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m
e
n
O
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C
h
F
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2
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€
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k
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2.
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i
t
h
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i
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a
n
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v
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a
g
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a
w
c
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p
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f
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a
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a
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11

(1)Net debt and adj. EBITDA of last 12 month adjusted for IFRS 16; restated retrospectively due to the purchase price allocations that were finalized after 30 September 2021 (2)Part of Cash Flow from financing activities; (3)Before M&A and incl. IFRS 16 lease liability repayments

Segment Perspective – OoH Media

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

Comment

  • OoH Media outperforming the market with ongoing growth in revenue and EBITDA adj. despite high prior year Q3 comps and increasingly challenging market environment with softening demand from national key accounts

  • Growth adjusted for tobacco advertising was 6.8% in Q3 and 25.0% YTD

  • Revenue growth in Q3 driven by Digital OoH; digital share up from 24% to 29%

  • EBITDA (adj.) in Q3 following revenue development and margin on PY level; YTD EBITDA adj. and margin with improvement

Segment Perspective – Digital & Dialog Media

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

Comment

  • Revenue decrease in Digital (online advertising and content publishing) in Q3 and YTD due to less traffic on own platforms especially in news environment, changes in publisher portfolio and technical effect from disposal of international business activities; solid performance of special interest portals
  • Dialog (Call Center and D2D) with strong revenue growth driven by highly successful direct sales activities for telecommunication products, that offset demanding conditions for sales in the French energy sector (D2D)
  • Reduced revenues in Digital and challenges for D2D business in France are reflected in EBITDA adj. and margin decrease

Segment Perspective – DaaS & E-Commerce

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

Comment

Segment with sustainable superior growth

  • Statista almost reaching prior full year sales of more than 100m€ already after 9M
  • Asam with strong operating development and sector outperformance in weakening consumer environment
  • Solid EBITDA adj. despite continued expansion and cost inflation

Agenda

Group Update

Financials

Outlook

2022 – Outlook

  • • For the fourth quarter and year-end trading the Group continuous to expect a robust business development and thus anticipates for the
  • • full fiscal year 2022 a sales and earnings development in line with capital market expectations (= low end of our guidance corridor)

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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