Ströer SE & Co. KGaA

Investor Presentation • Feb 24, 2021

Preliminary Figures FY 2020

Feb 24th, 2021 | Ströer SE & Co. KGaA

Agenda

Preliminary Results FY 2020 Continuing Operations

m€		FY 2020	FY 2019	▲
	Reported	1,442.2	1,591.1	-9%
Revenues	Organic(1)	-8.3%	7.1%	-15.4%pts
EBITDA (adjusted)		464.8	570.5	-19%
EBIT (adjusted)		167.8	280.4	-40%
Net income	(adjusted)(2)	118.4	210.5	-44%
Operating cash flow		406.7	483.7	-16%
Capex		122.1	113.5	+8%

V-Shape Trading Recovery in OoH and Public Video after Lockdown Direct proportional to Circulation Pick Up; Q4 Impact already softer than Q2

Local OoH Business supported the overall OoH performance with a remarkable growth of 11% in the crisis

• Local business most resilient OoH channel
• Online products (Regiohelden: Google AdWords, Local Brand Advertising, Websites & SEO) support new business pipeline during lockdown months
• Double digit growth in 2020 despite 2 lockdowns
• Further expansion of local sales planned due significant growth potential going forward

Further Shift towards Programmatic DOoH throughout the Crisis 3 to 5 Years Head Start into Programmatic Strategy Effect Programmatic Public Video has been ˃ 135 programmatically booking ˃ 6.9 billion impressions delivered ˃ 293 million playouts delivered ˃ 19% YOY Growth of Programmatic

Performance

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)
• All major DSPs besides Google DBM are now fully connected
• Permanent improvement of product flexibility, quality and versatility

for Online + Public Video

Share of programmatically purchased volumes via DSP within the Audience segment

Public Video

• customers

Classical Online Media

• Revenues (> 150m€ in 2020) ˃ 85% YOY Growth in Privat Market Place Revenues @ Ströer Core ˃ 4,500 individually negotiated active

• 53% deals (largest PMP in Germany)

OoH PLUS makes the Difference during the COVID Challenge Digital and Dialog Marketing as a perfect Hedge in the Crisis

FY 2020

Key Messages Forecast

• 1. Non-OoH-Businesses ("PLUS") stable through the crisis and after 1st infection wave quickly at or above pre-COVID-level
• 1. Overall revenue growth rate of PLUS-Businesses in 2020 ~ 8%
• t-online | mid single digit (Online Advertising & total Publishing | stable)
• Dialog & D2D Media | almost double digit
• Asam | high twenties
• Statista | mid twenties
• 1. Plus-Businesses generate ~ 200m EBITDA in 2020 (vs. ~ 800m purchase price)
• 1. Focus on one country allows an extremely fast response to the crisis and i.e. tight management of the semi-flexible cost structure

t-online. is the leading German Internet Portal with an accelerated performance since 2017, after Ströer restructuring program

Diversification of product range Balanced age structure**

• New cutting edge 24/7 newsroom based in Berlin with 100+ journalists (offices in USA, Pacific & Asia)
• Distribution partnerships with Apple, Google, Upday, Huawei, Deutsche Bahn …
• New business lines: Economy & Finance, Local, Sustainability, Affiliation
• Strengthening of core business around t-online media brand
• Multi-channel publishing approach across all screens and channels (DOoH, social media, search, audio/video)

Sustainably increasing traffic Fully revamped design & Apple News integration

t-online. & DOoH combined are showing multiple synergies on several business levels

Local portal versions for SMEs & local content for municipalities

Organic traffic push via Public Video and top quality news on screens Fully integrated premium multiscreen product for brands

After Ströer Takeover t-online. shows significant and continued Uplift in Profitability

• Ongoing earnings growth in an increasingly competitive market environment
• Stable performance during crisis
• Unique and increased margin profile after acquisition by Ströer

After a Series of Acquisitions followed by strong organic Growth: Ströer is the No. 1 Digital Media Sales House

35.80 35.23 32.95 26.64 21.33 Ströer Digital Ad Alliance Media Impact BurdaForward eBay classifieds group United Internet Media iq digital Seven.One Media FUNKE Mediengruppe BCN - Burda Community Network 1 4 5 6 7 8 9 10

Unique user in mio

Source: AGOF digital facts, January 2021 11

Also, the Dialog Media Segment showed strong organic Growth after the strategic Refocusing on Sales in the Call Center segment

Dialog Media in a nutshell Strong financial performance*

(a) fully fledged call center services with a focus on outbound sales & cross-/up-selling activities (b) field sales (door-to-door)

• Structural tailwind expected for next 5 years as direct customer access (both B2B and B2C) becomes more critical for different industries
• Growing customer base with New clients

Pharma/Biotech Global leader in COVID-19 vaccine research

Ecommerce

One of the fastest growing fashion retailers in Europe

• Sales oriented businesses with accelerated growth since 2020 (both Call Center and door-to-door business with organic revenue growth of 6-7%)
• Improved margin profile in both parts of the business
• Successful turn-around after the carve-out of D+S service business into a Joint venture structure with digit margin in 2021)

Asam: The leading digital Private Label Platform in the DACH Region Online sales growing >70% in Q1 - Starting international Roll-Out The best of nature & technology

Asam in a nutshell

• High-quality cosmetics made in Germany
• Customer-orientated and fast go-to-market plan
• Broad portfolio of private label brands
• Currently attractive valuation environment for digital platforms (MyTheresa)

(visits p.a. in million)1 Statista shows continued dynamic Growth throughout the Crisis Portal Traffic up 162% in 2020

Statista in a nutshell Strong financial performance2

• Leading global provider of business, consumer, and industry data
• Subscription based B2B model
• Diversified and international customer base
• Objective data-driven coverage of Covid-19 important factor in traffic increase

Traffic

• Double-digit growth trajectory since acquisition in 2016
• Continuous profitable growth
• All business lines and regions grew in 2020
• US largest market and 70% of sales outside Germany
• Asia presence expanded with new Tokyo office

Agenda

Profit and Loss Statement FY 2020 Continuing Operations

Profit and Loss Statement FY 2020 Continuing Operations
m€	FY 2020	FY 2019	▲ %
Revenues	1,442.2	1,591.1	-9%
EBITDA (adjusted)	464.8	570.5	-19%
Exceptional items	-22.5	-34.4	+34%
EBITDA	442.3	536.1	-18%
Depreciation & Amortization*	-355.8	-358.7	+1%
EBIT	86.5	177.4	-51%
Financial result*	-34.0	-32.6	-4%
Tax result	-11.8	-25.1	+53%
Net Income	40.7	119.7	-66%
Adjustments**	77.8	90.8	-14%
Net Income (adjusted)	118.4	210.5	-44%

**Adjusted for exceptional items (+22.5m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +58.7m€),

in financial result (+7.0m€) and in income taxes (-10.5m€) 16

^*Thereof attributable to IFRS 16 in D&A 178.6m€ (PY: 178.4m€) and in financial result 15.4m€ (PY: 20.7m€)

Free Cash Flow Perspective FY 2020 Continuing Operations

Free Cash Flow Perspective FY 2020
Continuing Operations
m€	FY 2020	FY 2019
EBITDA (adjusted)	464.8	570.5
- Exceptional items	-22.5	-34.4	challenging market environment
EBITDA	442.3	536.1	crisis
- Interest	-25.1	-29.0
- Tax	-28.3	-39.2
-/+ WC	-15.3	+11.2
- Others	+33.1	+4.6
Operating Cash Flow	406.7	483.7	1.44 2.18
Investments (before M&A)	-122.1	-113.5	547.6
	284.6	370.2
Free Cash Flow (before M&A)
Lease liability repayments (IFRS 16)**	-154.3	-174.7

Comment

• Overall solid cashflow performance in 2020 in a challenging market environment
• Development of single cashflow items strongly driven by crisis
• Sustainable high investments in digitalization, software and other intangibles
• Bank leverage ratio* at 2.2 and still below target level of 2.5 despite significant impacts of Covid-19:

17

Segment Perspective FY 2020 – Robust Financials in Times of Crisis Continuing Operations

Note 1: Figures are preliminary and unaudited; Note 2: Disposal of D+S 360⁰ Group classified as discontinued operations 18

Recap IFRS 2016

Ströer KPIs 2012 –			2020
Recap IFRS 2016
									COVID	Results from 2012 until 2019
m€	2012	2013	2014	2015	2016	2017	2018	2019	2020	(pre-COVID)
Revenue	560.6	622.0	721.1	823.7	1,123.3	1,283.0	1,507.8	1,591.1	1,442.2	2012 m€	2019
Net Income (adjusted)	24.0	36.3	56.3	106.9	153.8	172.9	198.6	210.5	118.4
EBITDA (adjusted) w/o IFRS 16 Leases	107.0	118.0	148.1	208.3	282.8	321.6	360.1	379.3	275.2	 Revenue 561	to 1,591(2.8x)
EBITDA (adjusted) incl. IFRS 16 Leases	–	–	–	–	–	475.4	538.2	570.5	464.8	 Net income (adj.) 24	to 210 (8.8x)
Dividends	0.0	0.0	4.9	19.5	38.7	60.8	72.5	113.1	113.2
Dividend per Share (EUR)	0.0	0.0	0.1	0.4	0.7	1.1	1.3	2.0	2.0	 EBITDA (adj.) 107	to 379 (3.5x)
Pay Out Ratio* (Dividend/Net Income (adj))	0%	0%	13%	35%	36%	40%	42%	57%	54%
Equity	279.6	296.7	320.7	679.9	657.9	669.7	668.5	626.9	518.7
Equity Ratio (%) w/o IFRS 16 Leases	32.4	31.1	33.6	46.2	38.0	35.6	34.4	32.4	29.1
Equity Ratio (%) incl. IFRS16 Leases	–	–	–	–	–	22.5	22.3	21.4	19.3	 Equity Ratio (%) 32.4 (stable)
Net Debt	302.1	326.1	275.0	231.2	330.3	457.1	517.7	547.6	600.2
Net Debt – incl. IFRS 16 Leases	–	–	–	–	–	1,555.0	1,573.0	1,541.8	1,500.5	 Net debt 302	to 548 (1.8x)
Liabilities from IFRS 16 Leases	–	–	–	–	–	1,097.9	1,055.3	994.2	900.3	 Leverage Ratio 2.8	to 1.4 (0.5x)
Leverage Ratio – w/o IFRS 16 Leases	2.8	2.8	1.9	1.1	1.2	1.4	1.4	1.4	2.2
											19

COVID Results from 2012 until 2019 (pre-COVID)

	m€	2012			2019
	Revenue	561	to		1,591(2.8x)
	Net income (adj.)	24	to		210 (8.8x)
	EBITDA (adj.)	107	to	379	(3.5x)
	Dividend per share	0	to	2 EUR
	Equity Ratio (%)		32.4 (stable)
	Net debt	302	to		548 (1.8x)
	Leverage Ratio	2.8	to	1.4	(0.5x)

*Dividend payment based on prior year NAI (example 2020: Dividend is paid based on NAI 2019; Dividend 2020 / NAI 2019 = Payout Ratio 2020). 19

New Segment Structure starting January 1st is reflecting the OoH+ Strategy and gives full transparency Traditional OoH activities and Public segment DaaS & E-Commerce Change in segmentation – effect on FY 2020 figures Comment

• Structure to reflect business dynamics of the past two years
• Video in one segment
• "PLUS" activities bundled in one segment -29 m€
• Non-advertising activities form new

ESG I: Key Milestones and Update 2020

Environment & Social Governance

CO2 Audit and reduction Group-wide project launched to

calculate CCF and PCF. First results April 2021.

Green power supply

sourcing converted to green power. Quantum leap for our digitalization projects.

Pro Bono sustainability advertising

Continuation of our existing Pro Bono activities. T-Online sub-website launched for NGO support. Project team to identify long-term support projects for children, environment and diversity.

KPI

Tailormade KPI framework designed to cover and monitor all Ströer relevant ESG topics.

Multistage project with leading German cybersecurity consulting firm implemented to cover all relevant topics including pen-testing of all relevant systems.

New Auditor KPMG since 2020

• Review of 2019 (opening balance)
• Revenue recognition
• Goodwill Impairment Test
• M&A (e.g. D+S disposal)

ESG II: Creation of Family Foundation

The founding families transferred approx. 80% of their stock into 2 family foundations to secure long-term stability in the cap table

Preparation of structured handover to the next generation of the founding families

Agenda

COVID & Lockdown only with Impact on Out of Home Media in Q1

Besides massive Restrictions of public Life: Group Revenue overall ~ IX 80-85

Ströer expecting Catch-up Effects for the OoH Media segment after the lock down - Plus Businesses as perfect Hedge in the Crisis

Key Messages

• OoH+ continues to be the perfect hedge strategy in crisis scenario
• Q1 = quarter with lowest share of the
• Even with an expected lockdown until moderate impact of ~ 4 percent of our total annual group revenue
• Advertisers are very cautious for Q1 but haven't reduced their annual marketing budget yet

Room for catch-up potential in HY2 2021

*Average 2017-2019

2021 – First Indication

For 2021, we expect business on 2019 level minus lockdown effects plus catch-up after lockdown(s).

As already shown in H2 2020, we do not expect any medium- and long-term structural changes in our revenue and profitability expectations.

German Mobility Patterns already recovering

Real-world Audience Attribution Index (RAAI) for Germany

Measurement via Placense. Source are 35M Unique Mobile Devices. Attribution is counted once if device is within an area of 80m around Ströer Billboards in the Top2000 ZIP-areas ranked by revenue (represents 95% of all Inventory). Index 100 = Same week previous year

Ströer Group – Long term Outlook

Driven by digitization and the further development of local advertising markets, we expect continued structural growth of 5%1 for OoH over the next 10 years.

Our Plus businesses have benefited from the developments triggered by the pandemic and we expect this trend to continue after Corona.

Globally unique OoH+ Strategy with Core-Market-OoH-Focus COVID-19 is only a Bump in the Road for our long-term Targets

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 Q4 2020 Continuing Operations

Profit and Loss Statement Q4 2020 Continuing Operations
m€	Q4 2020	Q4 2019	▲ %
Revenues	454.8	468.1	-3%
EBITDA (adjusted)	154.3	183.3	-16%
Exceptional items	-5.1	-10.7	+52%
EBITDA	149.2	172.6	-14%
Depreciation & Amortization*	-88.7	-94.9	+7%
EBIT	60.4	77.7	-22%
Financial result*	-12.5	-9.8	-27%
Tax result	-10.9	-13.7	+20%
Net Income	37.0	54.1	-32%
Adjustments**	22.2	28.1	-21%
Net Income (adjusted)	59.2	82.3	-28%

Free Cash Flow Perspective Q4 2020 Continuing Operations

Free Cash Flow Perspective Q4 2020 Continuing Operations
m€	Q4 2020	Q4 2019
EBITDA (adjusted)	154.3	183.3
- Exceptional items	-5.1	-10.7
EBITDA	149.2	172.6
- Interest	-8.0	-9.0
- Tax	-13.1	-7.2
-/+ WC	+12.8	+36.2
- Others	+27.8	+8.5
Operating Cash Flow	168.5	201.1
Investments (before M&A)	-28.9	-34.9
Free Cash Flow (before M&A)	139.6	166.2
Lease liability repayments (IFRS 16)*	-37.8	-55.9
Free Cash Flow (adjusted)**	101.8	110.4

Segment Perspective Q4 2020

Continuing Operations