Ströer SE & Co. KGaA

Investor Presentation • Aug 13, 2020

August 13th, 2020 | Ströer SE & Co. KGaA

INDEX

01	02	03	04	05
Strategic Reassurance	Business Update	Financial Status	Sustainability Report	Outlook
				2

Results 6M 2019 Continuing Operations

m€		6M 2020	6M 2019	▲
Revenues	Reported	632.4	743.5	-15%
	Organic(1)	-14.3%	7.6%	-21.9%pts
EBITDA (adjusted)		185.5	255.8	-27%
EBIT (adjusted)		39.4	116.8	-66%
Net income	(adjusted)(2)	22.1	86.0	-74%
Operating cash flow		153.2	176.1	-13%
Capex		63.8	46.8	+36%

Recap from May Message: Strong Position in recovering Environment One Market Focus | very resilient "PLUS" Businesses | Focus on Cash/Cost Key Messages for Q2 Beyond Crisis

Q2

tanlingde meterin	1-celles de and other portals · Sienficant increase in reach Oficits +30% in March) and stickiness. Walson > 851 User . High demand for any new formats (podcasts, vidcasts, animations etc.) . Clear shifts of online audience towards news and communication (e-mail usage)
STROFR	Online AdSales . Increasing demand due to more Critine screen times of consumers. . Claimable in auCommercial and News increasing brint reach of Shitar's District Portfolio. . Strong tech stack setup is benefiting over-proportional from current programmatic growth
statista Va	Students . Increasing demand on short term analyses, i.e. Corona data and analysis . Subscriptions above olan due to aggressive marketing worldwide . Haik Besiklify to react on new demand.
M.Asam	Assebeach . Increasing demand in e-Commerce, Dreck-TV and direct delivery · CAC decreasing rapidly · Stockaling by consumers
STROER	Call Carder . High service availability . Strong increase in demand by major clients (Telco) due to increase of service requests . High fieldility allows short-term balancing of demand and supply

Focus on one resilient country Germany allows tight management & control of operations in crisis situation

Robust OoH+ Model: strong cash generation from digital and dialogue marketing "PLUS" businesses

Active management of flexible cost base without compromising longterm growth initiatives

Business Development in Q2 vs. Expectations (mid of May)

Total Group ~8 Points better than expected & beginning Recovery Momentum

• Constant order book recovery week over week since mid of May (after 8 weeks "off")

• 3 rd party online sales more challenging ( <IX 90) but with strong programmatic business

• July & August overall at ~ IX 85-95 vs. PY
• Call Center with robust growth through the crises & D2D Business (9 weeks "off") with faster recovery already in June
• July & August already >IX 105 vs. PY

German Mobility is strongly recovering already since May (1) Roadside Traffic (Cars/Pedestrians) normalized; Public Transport getting there

German Mobility is strongly recovering already since May (2) Less dramatic Drop, faster Recovery, Benefits of federal Country Structure

Germany already close to pre-crisis level Significantly faster recovery also at city level

INDEX

Weekly Orderbook Development – Q2 2020 vs. Q2 2019

Peak of Crisis Week 11-18 | Public Video more responsive

Public Video: Revenue inflow for Q2

Source: Ströer data / Germany; Orderbook inflow for Q2 from week 1 to week 26; y-axis not at scale. 9

Weekly Orderbook Development – Q3 2019 vs. Q3 2020

Stable Recovery since Week 24/25 | PV more responsive in both Directions

Source: Ströer data / Germany; Orderbook inflow for Q3 from week 14 to week 40; y-axis not at scale.

Marketing Initiatives (1): Keeping Momentum for Out of Home OoH with strong momentum Sales driven spirit Several charity campaigns

Amongst Clients, across Sales Teams, out on the Street

More than 40 video interviews with industry experts from all over the world:

Marketing Initiatives (2) : Strong Proofs for OoH + Online Media Synopsis of 250 Marketing Mix Modellings with OoH Association and Omnicom

Share of OoH in Media in all Models Share of OoH in Impact in all Models	6,0% 8,5%	IX 142
	Online	IX150
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	TV	1.411
SHARE OF SPEND VS. SHARE OF EFFECTIVENESS

$Out-of-Home$ TV FMCG Beverages Cosmetics	$\frac{4,05}{2,09}$ IX 194
	IX 118
Food _____
Non FMCG	IX 211

Marketing Initiatives (3): Focus on Broad Range of OoH Solutions Adopting OoH Plans to Covid-driven smaller Changes of mass Mobility

Globally unique OoH+ Strategy with One-Market-Focus Recovery started & all long-term Growth Drivers fully intact after Q2!

INDEX

Profit and Loss Statement Q2 2020 Continuing Operations

Continuing Operations
m€	Q2 2020	Q2 2019	▲ %
Revenues	264.1	392.7	-33%
EBITDA (adjusted)	61.8	139.3	-56%
Exceptional items	-10.6	-5.7	-84%
EBITDA	51.3	133.5	-62%
Depreciation & Amortization*	-93.7	-90.3	-4%
EBIT	-42.5	43.2	n/a
Financial result*	-8.4	-7.0	-20%
Tax result	+7.6	-5.6	n/a
Net Income	-43.3	30.6	n/a
Adjustments**	27.8	20.8	+33%
Net Income (adjusted)	-15.5	51.4	n/a

**Adjusted for exceptional items (+10.6m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +20.4m€), in financial result (+1.5m€) and in income taxes (-4.6m€) 16

Free Cash Flow Perspective Q2 2020 Continuing Operations

Free Cash Flow Perspective Q2 2020 Continuing Operations
m€	Q2 2020	Q2 2019
EBITDA (adjusted)	61.8	139.3
- Exceptional items	-10.6	-5.7
EBITDA	51.3	133.5
- Interest	-6.4	-7.7	especially in Working Capital
- Tax	-4.9	-12.4
-/+ WC	+31.2	-12.3
- Others	+6.5	-11.4
Operating Cash Flow	77.7	89.7	of 2.5:
Investments (before M&A)	-29.9	-26.8
Free Cash Flow (before M&A)	47.8	62.9	1.80 1.84
Lease liability repayments (IFRS 16)**	-29.4	-38.8	671.7

	Comment
	discipline in a challenging market environment	Strong cashflow performance in Q2 due to high payment
	Free Cashflow adj. close to previous year's level
 especially in Working Capital		Substantial business decline mitigated by improvements
 and other intangibles		Sustainable high investments in digitalization, software
 of 2.5:		Bank leverage ratio* at 1.8 and is far below target level
1.80 671.7 30 Jun 2019	1.84 565.2 30 Jun 2020	Financial net debt Leverage ratio

Segment Perspective Q2 2020 – Financials fully hit by Corona Crisis Continuing Operations

• High Corona impact; massive business decline during lockdown
• Nearly stable gross margin, due to significant cost reduction
• Digital screen build-up mostly on track, business prepared for quick reboot
• Highly divergent development in online publishing
• Statista resistant to Corona crisis
• Strong decline in D2D business due to temporary stop of activities
• Call Center business very robust

Note: Disposal of D+S 360⁰ Group classified as discontinued operations 18

Core Business Development Strategy remains unchanged

INDEX

Ströer publishes a Sustainability Report for the first Time

The profitable combination of economics and ecology is an exciting, serious and long-term challenge that we are taking up. Particularly as a family-owned company.

Udo Müller, Co-CEO Ströer SE & Co. KGaA

Sustainability Strategy 2030

Environment e.g. Greened bus shelters

Social e.g. Staff development & training

Governance e.g. Supervisory Board Composition

22

Ströer's efforts to further enhance environmental friendliness

Ströer can implement its sustainability strategy particularly effectively in the area of environmental protection.

Importance of social issues

Ströer plans to further strengthen the culture of sustainability across all hierarchy levels and increasingly raise awareness among all stakeholders.

Good corporate governance as a success factor

The corporate structures – the organization, the reporting lines and administrative processes – are adapted to the new size of the company as the business grows so that they remain effective.

INDEX

Ströer Group's Key Performance Indicators – Guidance Q3/2020

Based on our orderbook visibility (July/August), we expect further recovery of our business and revenues in the range of IX 80-85 versus previous year, for the third quarter 2020 for the group.

Financial Calendar 2020

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 6M 2020 Continuing Operations

Profit and Loss Statement 6M 2020 Continuing Operations
m€	6M 2020	6M 2019	▲ %
Revenues	632.4	743.5	-15%
EBITDA (adjusted)	185.5	255.8	-27%
Exceptional items	-12.2	-13.5	+10%
EBITDA	173.2	242.3	-28%
Depreciation & Amortization*	-179.2	-173.4	-3%
EBIT	-5.9	68.9	n/a
Financial result*	-14.8	-14.5	-2%
Tax result	+2.6	-8.8	n/a
Net Income	-18.2	45.6	n/a
Adjustments**	40.2	40.4	-1%
Net Income (adjusted)	22.1	86.0	-74%

**Adjusted for exceptional items (+12.2m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +33.1m€), in financial result (+1.6m€) and in income taxes (-6.7m€) 30

Free Cash Flow Perspective 6M 2020 Continuing Operations

Free Cash Flow Perspective 6M 2020 6M 2020 185.5 -12.2	6M 2019 255.8 -13.5
173.2	242.3
-11.2	-13.5
-11.4	-23.6
+1.4	-20.7
+1.2	-8.3
153.2	176.1
-63.8	-46.8
89.4	129.3
-75.4	-86.9
14.0	42.4
	Note: Disposal of D+S 3600 Group classified as discontinued operations

Segment Perspective 6M 2020

Continuing Operations

Free Cash Flow Bridge Q2 2020

Continuing Operations