Ströer SE & Co. KGaA

Investor Presentation • May 12, 2020

Q1 2020

May 12th, 2020 | Ströer SE & Co. KGaA

Results Q1 2020 (continuing Operations)

		Results Q1 2020 (continuing Operations)
m€		Q1 2020	Q1 2019	▲
Revenues	Reported	368.2	350.8	+5%
	Organic(1)	6.0%	7.5%	-1.5%pts
EBITDA (adjusted)		123.6	116.5	+6%
EBIT (adjusted)		50.9	48.4	+5%
(adjusted)(2) Net income		37.6	34.6	+9%
Operating cash flow		75.5	86.4	-13%
		33.9	19.9	+70%
Capex

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 2

Profit and Loss Statement Q1 2020 Continuing Operations

Profit and Loss Statement Q1 2020 Continuing Operations
m€	Q1 2020	Q1 2019	▲ %
Revenues	368.2	350.8	+5%
EBITDA (adjusted)	123.6	116.5	+6%
Exceptional items	-1.7	-7.8	+79%
EBITDA	122.0	108.7	+12%
Depreciation & Amortization*	-85.4	-83.0	-3%
EBIT	36.5	25.7	+42%
Financial result*	-6.4	-7.5	+14%
Tax result	-5.0	-3.2	-54%
Net Income	25.2	15.0	+68%
Adjustments**	12.4	19.6	-37%
	37.6	34.6	+9%

Free Cash Flow Perspective Q1 2020 Continuing Operations

Free Cash Flow Perspective Q1 2020 Continuing Operations
m€	Q1 2020	Q1 2019
EBITDA (adjusted)	123.6	116.5
- Exceptional items	-1.7	-7.8	comparably high
EBITDA	122.0	108.7
- Interest	-4.9	-5.8
- Tax	-6.5	-11.2	quarters
-/+ WC	-29.8	-8.4
- Others	-5.3	+3.1
Operating Cash Flow	75.5	86.4	of 2.5:
Investments (before M&A)	-33.9	-19.9
Free Cash Flow (before M&A)	41.6	66.4	1.44 1.50 547.6
Lease liability repayments (IFRS 16)**	-46.0	-48.1

Comment
 Q1 traditionally with soft cashflow; previous year comparably high
 Better operational performance offset by phasing effects, especially in Working Capital; normally (in non Corona times) WC increase will be reversed in next quarters
 Sustainable high investments in digitalization, software and other intangibles
 Bank leverage ratio* at 1.5 and is far below target level of 2.5:
1.44 1.50

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Segment Perspective Q1 2020 – Sustainable Growth in (Digital) OOH Continuing Operations

• (national, regional, local)
• No corona impact in March due to longer lead times of campaigns
• Strong increase in demand and reach
• strong decline in D2D Sales (Ranger) due to temporary stop of activities
• Increasing demand of Contact Center services compensating decline in D2D

Ströer in sustainably strong Position in recovering Environment Going out will be the first Thing People will do after Crisis – Ströer will be ready! Values – 1:1

Today

tanlingde material	t-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)
STRÖFR	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 5	Students . Increasing demand on short term analyses, i.e. Corona data and analysis . Subscriptions above olan due to aggressive marketing worldwide . High flexibility to react on new demand
M. Asaw	Assetdentsfy . Increasing demand in e-Commerce, Dreck-TV and direct delivery · CAC decreasing rapidly · Stockaling by consumers
STROER	Call Carder . High service availability . Shong increase in demand by major clients (Telco) due to increase of service requests. . Hen finability allows short-term balancing of demand and supply

Highly flexible management of cost base allowing cash neutral operations in crisis

Different distribution arms can draw money from all areas

All segments in excellent position to leverage any upcoming recovery strongly beyond market average

Tomorrow

Still low Visibility for incremental Potential but Market Recovery started

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.

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