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Ströer SE & Co. KGaA

Investor Presentation • Nov 12, 2020

417_ip_2020-11-12_901d9f9e-2151-4b67-9765-d9f6240ea588.pdf

Investor Presentation

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Q3 2020 - Recovering in challenging Context

November 12th, 2020 | Ströer SE & Co. KGaA

Results 9M 2020 Continuing Operations

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Note: Disposal of D+S 3600 Group classified as discontinued operations

(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 outperforms original Expectations by more than 10 Points

OoH & Public Video recovering faster than expected | Non-OoH fully back on Track

Six Key Learnings from meanwhile 8 Months of Pandemic Extremely robust Setup for Crisis | Long-term strategic Drivers fully intact

Q3

Key Messages for Q3

    1. Focus on a very robust country allows an extremely fast response to the crisis and i.e. a tight management of the semi-flexible cost structure
    1. Non-OoH-Businesses ("PLUS") stable through the crisis and quickly at or above pre-COVID-level
    1. Out-of-Home rebounding quickly in a V-shape as soon as the audience recovers after the lockdown; Digital Out of Home with faster recovery (although it is more exposed to transport)
    1. Overall advertising market with a stronger shift towards digital, technology/programmatic and data
    1. Leading market position helps to gain market share in rebound phase to accelerate further consolidation
    1. A diversified client portfolio (from local to national and across all industries) helps both in the crisis as well in the recovery phase

Forecast

Globally unique OoH+ Strategy with One-Market-FocusCOVID-19 a Bump in the Road for our Long-Term Targets

German Mobility in Times of Crisis (1)

V-Shape Recovery of Audience after 1st Wave; currently still robust Traffic

Source: Apple data (https://www.apple.com/covid19/mobility); Mobility Index (January 13 = Index 100)

German Mobility in Times of Crisis (2)Generally at a higher Level than in almost all other Countries

Source: Apple data (https://www.apple.com/covid19/mobility); Mobility Index (January 13 = Index 100)

Weekly Orderbook Development – Q2 & Q3 2019 vs. 2020

Peak of Crisis Week 11-24 | Normalized Order Intake since then

Source: Ströer data / Germany; Orderbook inflow for Q2 from week 1 to week 26; y-axis not at scale.

Ströer with unparalleled Setup in the Growth Industry DOoH Market Leader Position extended throughout the Crisis Development so far

STRÖER $111$

Further Shift towards Programmatic DOoH troughout the CrisisTrading Automation and Data Key Driver across all Digital Media

Performance

.Programmatic Public Video has been firmly established for over 2 years and is being continuously expanded

  • /The development of flexible delivery via ad server as the basis of Programmatic PV leads to rapid growth (strong double-digit growth in the last 2 years)
  • 0All major DSPs besides Google DBM are now fully connected
  • 1Permanent improve of product flexibility, quality and versatility

>52%

Share of programmatically purchased volumes via DSP within the Audience segment, 2020 YtD for Public Video & Online combined

Strategy Effect

Public Video

  • 2130 programmatically booking customers
  • 36.3 billion impressions delivered
  • 4275 million playouts delivered

Classical Online Media

  • 518% YOY Growth of Programmatic Revenues (> 150m€ in 2020)
  • 687% YOY Growth in Privat Market Place Revenues @ Ströer Core (appx 23m€)
  • 74,500 individually negotiated active deals (largest PMP in Germany)

Content & Online Media with strong Development & Data ProductsSuccessful Management of COVID-19 and post-Cookie Challenges

Audience performance

New contextual targeting product via Otto Joint Venture

  • 8Additional website content crawled and classified via NLP into 600 IAB Standard Categories
  • 9Contextual lever adding additional reach of current audience targeting clusters
  • :Constant improvement: Sentiment Targeting and Brand Suitability to come
  • ;In addition to cookie-based product currently best positioned

Dialog Services broadening Customer Base & Product OfferingIncreasing Demand allows smarter Yielding of Capacities

Exemplary initiative Effect

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vaccine research

Global leader in COVID-19

Ecommerce

Pharma/Biotech

One of the fastest growing fashion retailers in Europe

Profit and Loss Statement Q3 2020Continuing Operations

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Note: Disposal of D+S 3600 Group classified as discontinued operations

*Thereof attributable to IFRS 16 in D&A 42.4m€ (PY: 45.8m€) and in financial result 3.6m€ (PY: 5.5m€)

**Adjusted for exceptional items (+5.2m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +13.6m€), 16

in financial result (+0.1m€) and in income taxes (-3.5m€)

Free Cash Flow Perspective Q3 2020 Continuing Operations

m€ Q3 2020 Q3 2019
EBITDA (adjusted) 125.1 131.4
- Exceptional items $-5.2$ $-10.2$
EBITDA 119.9 121.2
- Interest $-5.8$ $-6.5$
- Tax $-3.8$ $-8.3$
$-/-$ WC $-29.4$ $-4.3$
- Others $+4.1$ $+4.5$
Operating Cash Flow 85.0 106.5
Investments (before M&A) $-29.5$ $-31.9$
Free Cash Flow (before M&A) 55.5 74.6
Lease liability repayments (IFRS 16)** $-41.1$ $-31.9$
Free Cash Flow (adjusted)*** 14.4 42.7
Comment
• Solid cashflow performance in Q3 in a challenging
market environment
Earnings on previous year's level
■ Working capital development in Q3 2020 reflects
substantial business increase from Q2 to Q3 with an
increase of receivables (reversal of Q2)
■ Sustainable high investments in digitalization, software
and other intangibles
Bank leverage ratio* at 1.9 and is well below target level
ш
of $2.5$ :
1.71
1.85
647.7
563.1
■ Financial net debt
Leverage ratio
30 Sep 2019
30 Sep 2020

STRÖER

Note: Disposal of D+S 360º Group classified as discontinued operations
*Net debt and adj. EBITDA of last 12 month adjusted for IFRS 16; **Part of cash flow from financing activities
***Before M&A and incl. IFRS 16 lease li

Segment Perspective Q3 2020 - Robust Financials in Times of Crisis Continuing Operations

Note: Disposal of D+S 3600 Group classified as discontinued operations

18 I STRÖER

Ströer Group's Key Performance Indicators –Outlook Q4/2020

Based on our orderbook visibility (end of October) and in the light of a still unclear 2nd COVID-19 wave, we expect further stabilization and recovery of our business and revenues in the range of IX 92 to 97 versus previous year for the fourth quarter 2020 and the Group adjusted EBITDA for the full year in the range of 440 to 455m€.

Potential new Segmentation

Comment

  • New structure to reflect business $\mathcal{L}_{\mathcal{A}}$ dynamics of the past two years
  • Traditional OoH activities and Public Video in one segment
  • . "PLUS" activities bundled in one segment
  • Non-advertising activities form $\mathcal{L}_{\mathcal{A}}$ new segment DaaS & Commerce

$21l$ STRÖER

Financial Calendar 2021

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.

Appendix

Profit and Loss Statement 9M 2020Continuing Operations

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Note: Disposal of D+S 3600 Group classified as discontinued operations

**Adjusted for exceptional items (+17.5m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +46.7m€),26

in financial result (+1.7m€) and in income taxes (-10.3m€)

*Thereof attributable to IFRS 16 in D&A 133.1m€ (PY: 131.4m€) and in financial result 11.1m€ (PY: 15.9m€)

Free Cash Flow Perspective 9M 2020 Continuing Operations

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1

Note: Disposal of D+S 360 Group classified as discontinued operations*Part of cash flow from financing activities

**Before M&A and incl. IFRS 16 lease liability repayments

Segment Perspective 9M 2020

Continuing Operations

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