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Ströer SE & Co. KGaA
Interim / Quarterly Report • Nov 11, 2025
417_10-q_2025-11-10_ba2bf882-effa-4eac-9f7d-bd3801b37ac4.pdf
Interim / Quarterly Report
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CONTENTS
| The Group's financial figures at a glance | 3 |
|---|---|
| Financial performance, financial position, and net assets of the Group | 4 |
| Financial performance of the segments | 10 |
| Subsequent events | 13 |
| Outlook | 13 |
| Consolidated income statement | 15 |
| Consolidated statement of financial position | 16 |
| Consolidated statement of cash flows | 17 |
| Contacts and editorial information, disclaimer | 19 |
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THE GROUP'S FINANCIAL FIGURES AT A GLANCE
| REVENUE EUR 1,471.7m (prior year: EUR 1,460.9m) | EBITDA (ADJUSTED) EUR 413.6m (prior year: EUR 419.8m) | EBITDA-MARGIN (ADJUSTED) 28.1% (prior year: 28.7%) |
|---|---|---|
| SEGMENT REVENUE EUR m 660.8 691.3 631.0 622.1 |
ORGANIC REVENUE GROWTH -0.4% (prior year: 7.8%) | ADJUSTED CONSOLIDATED PROFIT EUR 86.3m (prior year: EUR 96.2m) |
| OoH Media Digital & D | FREE CASH FLOW BEFORE M&A TRANSACTIONS EUR 176.1m (prior year: EUR 224.1m) | ROCE 19.5% (prior year: 20.7%) |
| EUR m | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Revenue | 491.5 | 495.9 | 1,471.7 | 1,460.9 |
| EBITDA (adjusted) | 147.4 | 156.5 | 413.6 | 419.8 |
| Exceptional items | -3.1 | -3.6 | -9.3 | -11.8 |
| EBITDA | 144.3 | 152.9 | 404.4 | 408.0 |
| Amortization, depreciation, and impairment | -84.0 | -80.6 | -248.7 | -237.2 |
| thereof attributable to purchase price allocations and impairment losses |
-3.5 | -3.3 | -10.7 | -9.7 |
| EBIT | 60.3 | 72.3 | 155.6 | 170.8 |
| Net finance income/costs | -17.6 | -18.3 | -48.6 | -54.6 |
| EBT | 42.7 | 54.0 | 107.0 | 116.2 |
| Taxes | -12.8 | -16.0 | -32.0 | -34.8 |
| Consolidated profit or loss for the period | 29.9 | 38.0 | 75.0 | 81.5 |
| Adjusted consolidated profit or loss for the period | 34.1 | 41.4 | 86.3 | 96.2 |
| Free cash flow (before M&A transactions) | 69.9 | 102.5 | 176.1 | 224.1 |
| Free cash flow (before M&A transactions) (adjusted) | 20.7 | 56.6 | 19.1 | 78.3 |
| Net debt (Sep. 30/Dec. 31) | 944.7 | 837.4 |
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FINANCIAL PERFORMANCE OF THE GROUP
Although the Ströer Group made an excellent start to 2025, it registered a slight decline in revenue in the second and third quarters of the year against a backdrop of growing geopolitical tensions and macroeconomic challenges. Nonetheless, the Group increased its revenue by EUR 10.9m to EUR 1,471.7m in the nine-month period (prior year: EUR 1,460.9m). Organic growth deteriorated year on year, with the Group seeing a contraction of 0.4% (prior year: growth of 7.8%).
The Ströer Group's cost of sales went up by EUR 15.2m to EUR 853.4m (prior year: EUR 838.2m). This was essentially due to higher personnel expenses stemming from acquisitions made in the past twelve months and from the general rise in personnel expenses. Further, minor negative factors that pushed up the cost of sales were largely offset by various positive factors. Overall, gross profit came to EUR 618.4m (prior year: EUR 622.7m).
At the same time, the Group's selling and administrative expenses rose by a moderate EUR 10.8m to reach EUR 475.2m in the first three quarters of 2025 (prior year: EUR 464.5m). This was mainly due to the higher personnel expenses, but an increase in IT costs also contributed. Selling and administrative expenses as a percentage of revenue edged up from 31.8% to 32.3%. Conversely, there was a modest improvement in other net operating income, which advanced by a total of EUR 1.0m to EUR 6.1m (prior year: EUR 5.1m). Within the net figure, both income and expenses were down overall. The share of the profit or loss of investees accounted for using the equity method stood at EUR 6.4m, which was a little short of the healthy figure for the prior-year period of EUR 7.5m.
Amid the challenging conditions in the wider economy, the Ströer Group generated EBIT of EUR 155.6m in the first nine months of 2025 (prior year: EUR 170.8m). Although this was lower than the record set in the prior-year period, it was still the second-best earnings figure ever and remained well above the figures achieved in earlier years. There was a similar situation for the Ströer Group's EBITDA (adjusted), which at EUR 413.6m was EUR 6.1m below the strong figure for the prior-year period (prior year: EUR 419.8m). The return on capital employed (ROCE) was also down slightly year on year at 19.5% (prior year: 20.7%).
By contrast, the Group's net finance income/costs improved markedly by EUR 5.9m to net costs of EUR 48.6m (prior year: net costs of EUR 54.6m). Besides general funding costs for existing loan liabilities, expenses from unwinding the discount on IFRS 16 lease liabilities have constituted a significant element of this item since the introduction of IFRS 16. Of the aforementioned net finance costs, the unwinding of the discount on IFRS 16 lease liabilities accounted for costs of EUR 23.4m (prior year: costs of EUR 23.9m) and exchange rate effects accounted for income of EUR 3.7m (prior year: costs of EUR 0.1m); the remaining costs of EUR 28.9m were largely attributable to the interest on loan liabilities (prior year: costs of EUR 30.7m).
The decline in the Group's operating profit led to a small decrease in the earnings before taxes, despite the countervailing effect of the reduction in net finance costs. Consequently, the tax expense for the reporting period fell by EUR 2.8m year on year to EUR 32.0m (prior year: EUR 34.8m).
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Overall, the Ströer Group was not quite able to repeat the very healthy consolidated profit for the period that it had achieved in the first three quarters of 2024, posting a figure for the reporting period of just over EUR 75.0m (prior year: EUR 81.5m). Adjusted consolidated profit for the period stood at EUR 86.3m (prior year: EUR 96.2m).
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FINANCIAL POSITION
Liquidity and investment analysis
| EUR m | 9M 2025 | 9M 2024 |
|---|---|---|
| Cash flows from operating activities | 243.4 | 286.1 |
| Cash received from the disposal of intangible assets and property, plant, and equipment |
0.9 | 0.7 |
| Cash paid for investments in intangible assets and property, plant, and equipment |
-68.3 | -62.7 |
| Cash received and cash paid in relation to investees accounted for using the equity method and to financial assets |
0.1 | 0.7 |
| Cash received from and cash paid for the sale and acquisition of consolidated entities |
-0.9 | -0.9 |
| Cash flows from investing activities | -68.1 | -62.2 |
| Cash flows from financing activities | -186.0 | -226.0 |
| Change in cash | -10.7 | -2.0 |
| Cash at the end of the period | 64.8 | 70.3 |
| Free cash flow before M&A transactions (incl. IFRS 16 payments for the principal portion of lease liabilities) |
19.1 | 78.3 |
| Free cash flow before M&A transactions | 176.1 | 224.1 |
The Ströer Group generated cash flows from operating activities of EUR 243.4m in the first nine months of 2025, meaning that it was unable to repeat the strong figure for the first three quarters of 2024 (prior year: EUR 286.1m). Despite the very healthy level of EBITDA, which was down only slightly on the robust figure for the prior-year period, negative effects in working capital (deterioration of EUR 35.4m) took a much heavier toll on cash flows in the period under review than in the first three quarters of 2024. At the same time, the Ströer Group's tax payments were much higher year on year (deterioration of EUR 7.5m). As a result, the Group's cash flows from operating activities declined by EUR 42.7m overall.
Given that there were no significant mergers and acquisitions, cash flows from investing activities were once again primarily influenced by investments in intangible assets and property, plant, and equipment in the reporting period. Net cash used for investing activities therefore totaled EUR 68.1m, a small increase of almost EUR 5.9m compared with the first nine months of 2024 (prior year: EUR 62.2m). This slightly higher level of net cash used for investments (deterioration of EUR 5.9m), combined with the aforementioned negative effects in working capital (deterioration of EUR 35.4m) and higher tax payments (deterioration of EUR 7.5m), caused free cash flow before M&A transactions to decrease by EUR 48.0m to EUR 176.1m (prior year: EUR 224.1m). Taking into account IFRS 16 payments for the principal portion of lease liabilities, free cash flow before M&A transactions amounted to EUR 19.1m (prior year: EUR 78.3m).
The primary influences on cash flows from financing activities were the payment of a dividend of EUR 128.5m to the shareholders of Ströer SE & Co. KGaA (prior year: EUR 103.3m), profit distributions
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of EUR 13.1m to co-shareholders of subsidiaries (prior year: EUR 18.4m), and IFRS 16 payments for the principal portion of lease liabilities of EUR 156.9m (prior year: EUR 145.8m). These were partly offset by cash received from net borrowing in a total amount of EUR 113.4m in the first three quarters of the year (prior year: EUR 36.9m), which meant that cash flows from financing activities came to a net outflow of EUR 186.0m in the reporting period (prior year: net outflow of EUR 226.0m).
All in all, cash stood at EUR 64.8m as at September 30, 2025.
Financial structure analysis
The Ströer Group's non-current liabilities increased by EUR 140.6m in the first three quarters of 2025 to EUR 1,693.8m (Dec. 31, 2024: EUR 1,553.2m). This increase was partly due to the distribution of a dividend of EUR 128.5m to the shareholders of Ströer SE & Co. KGaA. In June 2025, the Ströer Group repaid liabilities with a nominal volume of EUR 68.0m that were due under note loans. The liabilities had recently been reclassified as current financial liabilities. Their repayment was refinanced by arranging additional long-term credit lines. These effects were partly offset by various factors, including a reduction of EUR 38.3m in non-current IFRS 16 lease liabilities.
In contrast to non-current liabilities, current liabilities decreased in the first nine months, falling by EUR 156.5m to EUR 700.2m (Dec. 31, 2024: EUR 856.6m). The dominant factor in this decrease was the repayment of the aforementioned liabilities from note loans of EUR 68.0m. The reductions in current provisions (down by EUR 25.8m), other liabilities (down by EUR 23.5m), and trade payables (down by EUR 14.5m) also contributed to this decrease.
The Ströer Group's equity declined by EUR 54.6m in the reporting period, amounting to EUR 422.0m as at September 30, 2025 (Dec. 31, 2024: EUR 476.6m). The main reason for this was the distribution of a dividend of EUR 128.5m to the shareholders of Ströer SE & Co. KGaA, which was partially offset by the profit for the first nine months of EUR 75.0m. Due to seasonal effects, the equity ratio of 15.0% at the end of the third quarter was therefore lower than the year-end figure (Dec. 31, 2024: 16.5%). Adjusted for the lease liabilities accounted for in accordance with IFRS 16, the equity ratio was 22.8% as at the reporting date (Dec. 31, 2024: 25.1%).
Net debt
The Ströer Group bases the calculation of its net debt on the loan agreements in place with its lending banks. The additional lease liabilities that have had to be recognized since the introduction of IFRS 16 are explicitly excluded from the calculation of net debt, both for the credit facilities and for the note loans. This is because the contracting parties do not believe that the financial position of the Ströer Group has changed as a result of the new standard being introduced. To maintain consistency, the positive impact of IFRS 16 on EBITDA (adjusted) is also excluded from the calculation of the leverage ratio.
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| EUR m | Sep. 30, 2025 | Dec. 31, 2024 | |
|---|---|---|---|
| (1) | Lease liabilities (IFRS 16) | 806.3 | 847.2 |
| (2) | Liabilities from credit facilities | 553.2 | 358.6 |
| (3) | Liabilities from note loans | 402.2 | 469.9 |
| (4) | Liabilities to purchase own equity instruments |
32.9 | 39.2 |
| (5) | Liabilities from dividends to be paid to non controlling interests |
0.0 | 5.1 |
| (6) | Other financial liabilities | 54.1 | 79.3 |
| (1)+(2)+(3)+(4)+(5)+(6) | Total financial liabilities | 1,848.7 | 1,799.3 |
| (2)+(3)+(5)+(6) | Total financial liabilities excluding lease liabilities (IFRS 16) and liabilities to purchase own equity instruments |
1,009.5 | 912.9 |
| (7) | Cash | 64.8 | 75.5 |
| (2)+(3)+(5)+(6)-(7) | Net debt | 944.7 | 837.4 |
The Ströer Group's net debt rose by EUR 107.3m in the first nine months of 2025 to stand at EUR 944.7m. This increase was seasonal, primarily being due to the distribution of a dividend of EUR 128.5m to the shareholders of Ströer SE & Co. KGaA, which led to a corresponding rise in bank liabilities.
The leverage ratio (defined as the ratio of net debt to EBITDA (adjusted)) stood at 2.53 at the end of the third quarter of 2025, which was higher than the ratio of 2.14 at the end of 2024. This rise was also seasonal and mainly attributable to the aforementioned dividend distribution. Unlike at the end of the third quarter of the prior year (Sep. 30, 2024: 2.10), the leverage ratio was influenced, in particular, by the acquisition of RBL Media GmbH for a purchase price of EUR 106.6m, which caused the Ströer Group's bank liabilities to rise accordingly.
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NET ASSETS
Analysis of the asset structure
The Ströer Group's non-current assets fell by EUR 55.7m in the first nine months of 2025 to EUR 2,405.3m (Dec. 31, 2024: EUR 2,461.0m). This decrease was driven, in particular, by the Group's right-of-use assets pursuant to IFRS 16, which went down by EUR 39.5m compared with the end of 2024 to EUR 759.4m as at the reporting date (Dec. 31, 2024: EUR 798.9m). The reason for this was that depreciation far outweighed the additions under newly signed leases. Additions to other property, plant, and equipment and to intangible assets were only slightly lower than the corresponding depreciation and amortization. There was also a decrease in investments in investees accounted for using the equity method to EUR 18.6m, which was down by almost EUR 4.5m compared with the end of 2024 owing to profit distributions to the investees' shareholders (Dec. 31, 2024: EUR 23.1m).
The Group's current assets totaled EUR 410.7m as at the reporting date, which was slightly lower than at the end of the prior year (Dec. 31, 2024: EUR 425.4m). Of particular note here were trade receivables, which – like trade payables – saw a moderate decrease and amounted to EUR 216.8m as at September 30, 2025 (Dec. 31, 2024: EUR 234.2m). Cash declined by EUR 10.7m over the ninemonth period to EUR 64.8m as at the reporting date (Dec. 31, 2024: EUR 75.5m). By contrast, current tax assets increased to just over EUR 21.5m owing to advance tax payments made during the year (prior year: EUR 4.8m).
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FINANCIAL PERFORMANCE OF THE SEGMENTS
Out-of-Home Media
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change | ||
|---|---|---|---|---|---|---|---|---|
| Segment revenue, thereof | 236.4 | 236.5 | -0.1 | -0.1% | 691.3 | 660.8 | 30.5 | 4.6% |
| OOH (Classic OOH) | 131.7 | 130.6 | 1.1 | 0.8% | 386.9 | 381.4 | 5.5 | 1.4% |
| DOOH (Digital OOH) | 92.4 | 92.9 | -0.5 | -0.6% | 266.7 | 241.6 | 25.0 | 10.4% |
| Services | 12.4 | 13.0 | -0.7 | -5.2% | 37.7 | 37.8 | -0.1 | -0.2% |
| EBITDA (adjusted) | 114.2 | 115.4 | -1.3 | -1.1% | 317.5 | 305.8 | 11.8 | 3.8% |
| -0.5 percentage | -0.3 percentage | |||||||
| EBITDA margin (adjusted) | 48.3% | 48.8% | points | 45.9% | 46.3% | points |
At EUR 691.3m, the revenue generated by the OOH Media segment in the first nine months of 2025 was higher than in the equivalent period of 2024 (prior year: EUR 660.8m). Ströer, with an attractive portfolio of advertising media and a strong sales performance, outperformed the market as a whole. The growth in traditional out-of-home advertising products was particularly encouraging in this regard, although it was eclipsed by the strong figures for the prior-year period when Germany had hosted the EURO 2024 soccer tournament. The snap election in Germany and the revenue of RBL Media, which we acquired in the fourth quarter of 2024, had a positive impact on revenue in the reporting period.
The OOH product group, which comprises our traditional out-of-home products, saw its revenue rise by EUR 5.5m to EUR 386.9m against this backdrop. The DOOH product group, which consists of our digital out-of-home products (particularly public video and roadside screens), registered a further very substantial increase in revenue of EUR 25.0m to EUR 266.7m in the reporting period. Our highperformance network of digital advertising media notched up strong year-on-year growth on the back of improved capacity utilization and the further strategic expansion of our portfolio. Ever more customers are opting for programmatic placement of advertising using our digital advertising media. At EUR 37.7m, revenue in the Services product group was on a par with the first nine months of 2024 (prior year: EUR 37.8m). This product group includes the local marketing of digital products to small and medium-sized customers as well as complementary activities that are a good fit with the customer-centric offering in the out-of-home advertising business.
The OOH Media segment increased its earnings too, generating EBITDA (adjusted) of EUR 317.5m in the reporting period, which was EUR 11.8m higher than in the same period of 2024 (prior year: EUR 305.8m). The EBITDA margin (adjusted) was virtually unchanged on the prior-year period at 45.9% (prior year: 46.3%).
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Digital & Dialog Media
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 9M 2024 | Change | |||
|---|---|---|---|---|---|---|---|---|
| Segment revenue, thereof | 206.2 | 212.3 | -6.1 | -2.9% | 622.1 | 631.0 | -8.9 | -1.4% |
| Digital | 102.9 | 112.4 | -9.4 | -8.4% | 305.7 | 315.9 | -10.1 | -3.2% |
| Dialog | 103.3 | 99.9 | 3.4 | 3.4% | 316.4 | 315.2 | 1.2 | 0.4% |
| EBITDA (adjusted) | 32.1 | 36.8 | -4.7 | -12.9% | 91.0 | 105.4 | -14.5 | -13.7% |
| -1.8 percentage | -2.1 percentage | |||||||
| EBITDA margin (adjusted) | 15.6% | 17.4% | points | 14.6% | 16.7% | points |
Revenue in the Digital & Dialog Media segment amounted to EUR 622.1m in the first nine months of 2025 (prior year: EUR 631.0m). Following a period of growth in the first quarter of 2025, a lackluster market slowed business performance as the year progressed. The Digital product group, which encompasses our online advertising business and our programmatic marketing activities, saw its revenue decrease year on year to EUR 305.7m in the first nine months (prior year: EUR 315.9m). Within our broad-based publisher portfolio, our high-reach online portal t-online.de once again generated year-on-year revenue growth amid overall challenging market conditions. The Dialog product group comprises our call center activities and direct sales activities (door to door). It recorded revenue of EUR 316.4m in the reporting period, which was slightly higher than a year earlier (prior year: EUR 315.2m). The call center business, in particular, notched up further significant growth thanks in part to a number of smaller additional investments at the beginning of 2025. In the prior-year period, the revenue figure had still contained parts of our business activities in France, which we sold midway through 2024. The state of the labor market made it harder to expand the sales organization in either sales channel.
Overall, the segment delivered EBITDA (adjusted) of EUR 91.0m in the period under review (prior year: EUR 105.4m). This figure was influenced by a number of factors – such as a rise in ancillary wage costs – in our Dialog business units, which have a high headcount. In the Digital business, declining sales had a negative impact on earnings. The EBITDA margin (adjusted) was lower than in the prioryear period at 14.6% (prior year: 16.7%).
DaaS & E-Commerce
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 9M 2024 | Change | |||
|---|---|---|---|---|---|---|---|---|
| Segment revenue, thereof | 85.4 | 85.5 | 0.0 | 0.0% | 260.9 | 263.0 | -2.1 | -0.8% |
| Data as a Service | 39.7 | 40.7 | -1.1 | -2.6% | 122.1 | 120.5 | 1.6 | 1.3% |
| E-Commerce | 45.8 | 44.7 | 1.0 | 2.3% | 138.8 | 142.5 | -3.7 | -2.6% |
| EBITDA (adjusted) | 10.1 | 11.3 | -1.2 | -10.4% | 30.4 | 32.4 | -2.1 | -6.3% |
| -1.4 percentage | -0.7 percentage | |||||||
| EBITDA margin (adjusted) | 11.8% | 13.2% | points | 11.6% | 12.3% | points |
In the first three quarters of 2025, the DaaS & E-Commerce segment recorded revenue of EUR 260.9m (prior year: EUR 263.0m). The Data as a Service product group saw a EUR 1.6m rise to EUR 122.1m owing to continued growth in business with new and existing customers in Germany and internationally, although the rise was curbed by negative exchange rate effects from the second
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quarter onward. The E-Commerce product group, which encompasses AsamBeauty's business, reported lower revenue than in the prior-year period at EUR 138.8m (prior year: EUR 142.5m). This was because the figure for the first nine months of 2024 had still contained much higher revenue from the business in wholesale distribution to China. The challenging consumer spending situation weighed particularly heavily on business in Germany.
Overall, the segment delivered EBITDA (adjusted) of EUR 30.4m in the period under review (prior year: EUR 32.4m). Asam's revenue, coupled with ongoing targeted investment in the dynamic expansion of the platforms, meant that the EBITDA margin (adjusted) of 11.6% was just below the corresponding prior-year figure of 12.3%.
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SUBSEQUENT EVENTS
The Ströer Group acquired a significant portion of the Call Center business of AMEVIDA SE, Gelsenkirchen, on 1 October 2025 as part of an asset deal. The acquired business unit most recently comprised more than 2,000 sales experts working at various locations in Germany. As a result of this acquisition, we expect additional revenue of more than EUR 60.0m for the 2026 financial year. The purchase price for the acquired business unit amounted to approximately EUR 0.4m.
No other significant events of particular importance have occurred since the reporting date.
OUTLOOK
The Board of Management of the general partner adjusted its annual forecast for the 2025 financial year on 18 September 2025. In light of the persistent geopolitical and macroeconomic uncertainties and the resulting effects on the advertising market, the Board of Management now projects revenue (before acquisitions) and EBITDA (adjusted) for 2025 to be on par with the previous year (2024: revenue of EUR 2,047m; EBITDA (adjusted) of EUR 626m).
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APPENDIX
| Consolidated income statement | 15 |
|---|---|
| Consolidated statement of financial position | 16 |
| Consolidated statement of cash flows | 17 |
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CONSOLIDATED INCOME STATEMENT
| EUR k | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Revenue | 491,523 | 495,901 | 1,471,724 | 1,460,860 |
| Cost of sales | -283,622 | -277,293 | -853,359 | -838,209 |
| Gross profit | 207,901 | 218,608 | 618,365 | 622,651 |
| Selling expenses | -82,872 | -80,744 | -259,380 | -250,048 |
| Administrative expenses | -70,004 | -70,617 | -215,853 | -214,423 |
| Other operating income | 6,507 | 7,567 | 18,667 | 21,598 |
| Other operating expenses | -3,389 | -5,296 | -12,550 | -16,487 |
| Share of the profit or loss of investees accounted for using the equity method |
2,153 | 2,778 | 6,397 | 7,527 |
| Finance income | 792 | 1,949 | 7,185 | 3,561 |
| Interest expense from leases (IFRS 16) | -7,945 | -8,167 | -23,385 | -23,860 |
| Other finance costs | -10,419 | -12,124 | -32,433 | -34,273 |
| Profit or loss before taxes | 42,724 | 53,954 | 107,012 | 116,246 |
| Income taxes | -12,775 | -15,997 | -31,997 | -34,758 |
| Consolidated profit or loss for the period | 29,949 | 37,957 | 75,015 | 81,488 |
| Thereof attributable to: | ||||
| Shareholders of the parent company | 24,625 | 34,752 | 61,503 | 68,503 |
| Non-controlling interests | 5,324 | 3,205 | 13,512 | 12,985 |
| Summe (JÜ / JF) | 29,949 | 37,957 | 75,015 | 81,488 |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Assets (EUR k) | Sep. 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 1,162,846 | 1,163,280 |
| Property, plant, and equipment | 1,170,005 | 1,219,843 |
| Investments in investees accounted for using the equity method | 18,624 | 23,101 |
| Financial assets | 3,023 | 3,020 |
| Other financial assets | 1,311 | 1,023 |
| Other non-financial assets | 8,215 | 8,045 |
| Deferred tax assets | 41,229 | 42,674 |
| Total non-current assets | 2,405,253 | 2,460,987 |
| Current assets | ||
| Inventories | 43,767 | 40,586 |
| Trade receivables | 216,805 | 234,229 |
| Other financial assets | 13,281 | 13,580 |
| Other non-financial assets | 50,568 | 56,758 |
| Current tax assets | 21,534 | 4,799 |
| Cash | 64,788 | 75,491 |
| Total current assets | 410,742 | 425,443 |
| Total assets | 2,815,995 | 2,886,430 |
| Equity and liabilities (EUR k) | Sep. 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| Equity | ||
| Issued capital | 55,848 | 55,848 |
| Capital reserves | 770,768 | 770,004 |
| Retained earnings | -417,638 | -358,121 |
| Accumulated other comprehensive income/loss | -4,595 | -2,231 |
| 404,383 | 465,500 | |
| Non-controlling interests | 17,637 | 11,114 |
| Total equity | 422,020 | 476,614 |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 33,167 | 33,655 |
| Other provisions | 33,242 | 30,464 |
| Financial liabilities from leases (IFRS 16) | 617,349 | 655,654 |
| Other financial liabilities | 957,907 | 780,534 |
| Other liabilities | 2,010 | 1,661 |
| Deferred tax liabilities | 50,146 | 51,225 |
| Total non-current liabilities | 1,693,821 | 1,553,193 |
| Current liabilities | ||
| Other provisions | 47,494 | 73,265 |
| Financial liabilities from leases (IFRS 16) | 188,951 | 191,526 |
| Other financial liabilities | 84,465 | 171,605 |
| Trade payables | 232,514 | 247,056 |
| Other liabilities | 127,888 | 151,413 |
| Current income tax liabilities | 18,841 | 21,758 |
| Total current liabilities | 700,153 | 856,623 |
| Total equity and liabilities | 2,815,995 | 2,886,430 |
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CONSOLIDATED STATEMENT OF CASH FLOWS
| EUR k | 9M 2025 | 9M 2024 |
|---|---|---|
| Cash flows from operating activities | ||
| Profit or loss for the period | 75,015 | 81,488 |
| Expenses (+)/income (–) from net finance income/costs and net tax income/expense | 80,628 | 89,330 |
| Amortization, depreciation, and impairment (+) on non-current assets | 86,388 | 79,291 |
| Depreciation and impairment (+) on right-of-use assets under leases (IFRS 16) | 162,343 | 157,921 |
| Share of the profit or loss of investees accounted for using the equity method | -6,397 | -7,527 |
| Cash received from profit distributions of investees accounted for using the equity method | 8,129 | 6,695 |
| Interest paid (–) in connection with leases (IFRS 16) | -23,399 | -23,914 |
| Interest paid (–) in connection with other financial liabilities | -26,184 | -23,961 |
| Interest received (+) | 214 | 190 |
| Income taxes paid (–)/received (+) | -46,460 | -38,916 |
| Increase (+)/decrease (–) in provisions | -13,720 | -17,643 |
| Other non-cash expenses (+)/income (–) | 695 | 1,760 |
| Gain (–)/loss (+) on the disposal of non-current assets | -86 | -170 |
| Increase (–)/decrease (+) in inventories, trade receivables, | ||
| and other assets | 21,243 | -16,161 |
| Increase (+)/decrease (–) in trade payables | ||
| and other liabilities | -75,026 | -2,249 |
| Cash flows from operating activities | 243,385 | 286,134 |
| Cash flows from investing activities | ||
| Cash received (+) from the disposal of intangible assets and property, plant, and equipment | 947 | 712 |
| Cash paid (–) for investments in intangible assets and property, plant, and equipment | -68,266 | -62,740 |
| Cash received (+)/cash paid (–) in relation to investees accounted for using the equity method | ||
| and to financial assets | 113 | 730 |
| Cash received (+) from/cash paid (–) for the sale of consolidated entities | 0 | -898 |
| Cash received (+) from/cash paid (–) for the acquisition of consolidated entities | -864 | 0 |
| Cash flows from investing activities | -68,070 | -62,196 |
| Cash flows from financing activities | ||
| Cash received (+) from equity contributions | 0 | 7,372 |
| Dividend distributions (–) | -141,566 | -121,686 |
| Cash received (+) from/cash paid (–) for the sale of shares not involving a change of control |
0 | -973 |
| Cash received (+) from/cash paid (–) for the acquisition of shares not involving a change of | ||
| control | -56 | -1,000 |
| Cash paid (–) for transaction costs in connection with borrowings | -854 | -782 |
| Cash received (+) from borrowings | 481,809 | 444,838 |
| Cash repayments (–) of borrowings | -368,420 | -407,952 |
| Cash payments (–) for the principal portion of lease liabilities (IFRS 16) | -156,931 | -145,790 |
| Cash flows from financing activities | -186,018 | -225,973 |
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| Cash and cash equivalents at the end of the period | ||
|---|---|---|
| Change in cash and cash equivalents | -10,703 | -2,035 |
| Cash and cash equivalents at the beginning of the period | 75,491 | 72,313 |
| Cash and cash equivalents at the end of the period | 64,788 | 70,279 |
| Composition of cash and cash equivalents | ||
| Cash | 64,788 | 70,279 |
| Cash and cash equivalents at the end of the period | 64,788 | 70,279 |
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CONTACTS AND EDITORIAL INFORMATION
Ströer SE & Co. KGaA Ströer SE & Co. KGaA
Christoph Löhrke Marc Sausen Ströer-Allee 1 . 50999 Cologne Ströer-Allee 1 . 50999 Cologne Phone: +49 (0)2236 9645 356 Phone: +49 (0)2236 9645 246 Fax: +49 (0)2236 9645 6356 Fax: +49 (0)2236 9645 6246
IR CONTACT PRESS CONTACT
Head of Investor & Credit Relations Director of Corporate Communications
[email protected] / [email protected] [email protected] / [email protected]
Publisher
Ströer SE & Co. KGaA Ströer-Allee 1 . 50999 Cologne Phone +49 (0)2236 9645 0 Fax: +49 (0)2236 9645 299 [email protected]
Cologne local court HRB 86922
VAT identification no.: DE811763883
This quarterly statement was published on November 11, 2025 and is available in German and English. In the event of inconsistencies, the German version shall prevail.
DISCLAIMER
This quarterly statement contains forward-looking statements that entail risks and uncertainties. The actual business performance and results of Ströer SE & Co. KGaA and of the Group may differ significantly from the assumptions made in this quarterly statement. This quarterly statement does not constitute an offer to sell or an invitation to submit an offer to purchase securities of Ströer SE & Co. KGaA. There is no obligation to update the statements made in this quarterly statement.
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Ströer SE & Co. KGaA Ströer-Allee 1 50999 Cologne Germany