Ströer SE & Co. KGaA

Investor Presentation • Jun 6, 2024

Accelerating Momentum in (D)OoH Erste Securities Polska S.A. "Future in CEE - ERSTE Consumer & Technology Conference 2024"

June 6, 2024 online | Ströer SE & Co. KGaA

Agenda

Group Update Financials Outlook

Business segments at a glance

OOH Media

million in EUR	2022	2023	Delta
Revenue	790 9	856 4	3% 8
(adj ) EBITDA	373 0	391 2	4 9%
(adj ) EBITDA margin	47 2%	45 7	-1 5%pts

#1 OOH provider in Germany

MARKET SHARE

Area-wide marketing & operation of around 300,000 advertising spaces and 20,000 items of street furniture

Product variety at the touchpoints street, building & means of transportation; Reach of up to 80%

Industry standards through continuous research & development

Complementing the digital infrastructure of cities with advertising media

Digital & Dialog Media

million in EUR	2022	2023	Delta
Revenue	743 7	815 8	9 7%
(adj ) EBITDA	177 8	155 0	-12 8%
(adj ) EBITDA margin	23 9%	19 0%	-4 9%pts

#1 digital marketer in Germany

High-quality portfolio reaches around 50 million UU per month

Strong market position in news and diverse premium content for digital natives

Full call-center services with focus on outbound sales & cross/up-selling activities

Comprehensive field service

DaaS & E-Commerce

in million EUR	2022	2023	Delta
Revenue	294 4	350 9	19 2%
(adj ) EBITDA	20 7	54 3	100% >
(adj ) EBITDA margin	7 0%	15 5%	+8 4%pts

ASAMBEAUTY |

Leading digital beauty private label platform in DACH, strong retail business

Statista |

Leading global provider of business, consumer and industry data Subscription-based B2B model

Results Q1 2024

m€		Q1 2023	Q1 2024	▲
Revenues	Reported growth	409.9	453.4	+11%
	Organic growth(1)	+7.3%	+8.9%	+1.6%pts
EBITDA (adjusted)		97.2	108.4	+12%
EBIT (adjusted)		26.1	34.7	+33%
Net income	(2) (adjusted)	8.9	12.5	+41%
Free Cash Flow (adjusted)		-14.5	-24.4	-68%
Capex		31.4	19.4	-38%

(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 4

Q1 2024 Market Dynamics: (D)OoH still outperforming the Ad Market German Ad Market with positive Momentum in the first three Months

OoH Category structurally & constantly increases Market Shares Accelerating Momentum since the End of the Pandemic

240

Robust Growth in the OoH Segment in Germany Momentum for 2024 indicates 10% Market Share throughout 2025

OoH market share of the total advertising market in %

7

Source: Nielsen Media Research, gross advertising

*OoH incl. billboard, transport media incl. public video and infoscreen, at-retail media incl. mall video, ambient media

Market Projections indicate sustainable further Growth of (D)OoH Digitization and Programmatic (DOoH) Advertising as Key Levers

OoH DOoH non-programmatic DOoH programmatic

Exemplary KPIs for our DOoH Momentum (+30%) in Q1/2024 Consistent Development for the last nine Months and similar Outlook for Q2/2024

National advertiser segment	Q1/2024 (vs. Q1/2023)	Underlying value driver
Active advertisers (= net customer growth)	+14%	Constantly broader penetration of the total ad market
Net revenue retention (rate card with ~7% increase)	111%	Low customer churn based on strong ROI for advertisers
Share of programmatic revenue / increase	57% +8%-points	Further integration of DOoH in digital marketing universe
Average ticket size below top 20% customers / change	77k EUR	Low entry barriers & almost unlimited longtail potential

Strong Momentum in digital Sales (Online | DOoH) Our Online Business in particular supports the DOoH Momentum

• Marketable reach increased by +40%, e.g. due to transfermarkt, Sport1 and CTV publishers such as Warner Bros, Discovery, among others

• Video as a strong revenue driver: online video +73% and connected TV +159%

• New publisher with Sport1, whole world of sports 24/7, including highlights

• Analyze football like professionals with transfermarkt 4.0 million UUs

• Live soccer scores in real time with TorAlarm 1.1 million UUs

• +30 high impact formats for desktop, mobile and multiscreen implementations

• Ströer can offer over 80% of the high impact formats in demand in the market

Ströer Private Marketplace Online Sports Publishing Special forms of Online Advertising

Top Sports Events 2024 with potential Upsides (i.e. June/July)

In 2024, sports fans can expect one major event after another that offers potential in all our genres, including online, OoH and Public Video.

Ice Hockey WC 05/10 – 05/26/2024

UEFA EURO 2024 06/14 – 07/14/2024

Olympia Paris 07/26 – 08/11/2024

Darts WC 12/15/2024 – 01/03/2025

A turning Point for Out of Home Media

Out of a Niche and into a seamlessly integrated leading digital Medium

Agenda

Group Update Financials Outlook

Profit and Loss Statement Q1 2024

m€	Q1 2023	Q1 2024	▲
Revenues	409.9	453.4	+11%
Organic growth	+7.3%	+8.9%	+1.6%pts
EBITDA (adjusted)	97.2	108.4	+12%
Exceptional items	-2.8	-4.7	-66%
EBITDA	94.4	103.8	+10%
Depreciation & Amortization(1)	-76.0	-76.9	-1%
EBIT	18.3	26.9	+47%
Financial result(1)	-13.6	-18.3	-34%
EBT	4.7	8.6	+83%
Tax result(2)	-1.3	-2.6	-98%
Net Income	3.4	6.0	+77%
Adjustments(3)	5.5	6.5	+18%
Net Income (adjusted)	8.9	12.5	+41%

(1)Thereof attributable to IFRS 16 in D&A 51.4m€ (PY: 48.1m€) and in financial result 7.7m€ (PY: 7.0m€)

(2)Tax rate according to IFRS is 29.7% (PY: 27.5%)

(3)Adjusted for exceptional items (+4.7m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +3.2m€), in financial result (+1.0m€) and in income taxes (-2.3m€) 14

Free Cash Flow Perspective Q1 2024

m€	Q1 2023	Q1 2024
EBITDA (adjusted)	97.2	108.4
- Exceptional items	-2.8	-4.7
EBITDA	94.4	103.8
- Interest	-10.7	-14.2
- Tax	-15.1	-13.0
-/+ WC	-7.5	-19.0
-/+ Others	-8.4	-13.6
Operating Cash Flow	52.6	44.0
Investments (before M&A)	-31.4	-19.4
Free Cash Flow (before M&A)	21.2	24.6
Lease liability repayments (IFRS 16)(2)	-35.8	-48.9
Cash Flow (adjusted)(3) Free	-14.5	-24.4

• Q1 cash flow influenced by seasonality
• Higher earnings contribution contrasted by working capital development and a decrease in others, resulting in a lower operating cash flow compared to PY
• Investments on an overall lower level after high cash outs for digitization in PY
• IFRS 16 lease repayments in PY benefited from phasing effects
• Bank leverage ratio(1) with improvement compared to PY due to higher earnings

Segment Perspective – OoH Media

m€	Q1 2023	Q1 2024	▲
Segment revenue, thereof	157.2	181.9	+15.7%
Classic OoH	94.2	106.3	+12.8%
Digital OoH	49.2	63.8	+29.6%
OoH Services	13.8	11.8	-14.4%
EBITDA (adjusted)	58.9	73.1	+24.2%
EBITDA margin (adjusted)	37.5%	40.2%	+2.7%pts

• OoH Media with significant double-digit revenue and earnings growth; organic growth of 17.4%, exceeding expectations and still outperforming the German advertising market
• Revenue increase also driven by Classic OoH, but in particular by rising demand for DOoH especially by national customers; organic growth for OoH Services also positive
• Very strong earnings performance with over-proportional increase in EBITDA (adj.) also leads to improved margin

Segment Perspective – Digital & Dialog Media

m€	Q1 2023	Q1 2024	▲
Segment revenue, thereof	179.8	203.4	+13.1%
Digital	85.0	95.8	+12.8%
Dialog	94.9	107.5	+13.3%
EBITDA (adjusted)	33.0	31.2	-5.3%
EBITDA margin (adjusted)	18.3%	15.4%	-3.0%pts

• Digital with ongoing double-digit revenue growth especially due to a continuing increase of programmatic sales
• Dialog also with double-digit revenue growth in Q1, driven in particular by Call Centers with the acquisition of additional locations in PY
• EBITDA (adj.) and margin burdened by a technical effect in Digital

Segment Perspective – DaaS & E-Commerce

m€	Q1 2023	Q1 2024	▲
Segment revenue, thereof	87.8	92.0	+4.7%
Data as a Service	38.5	40.1	+4.1%
E-Commerce	49.3	51.9	+5.2%
EBITDA (adjusted)	12.4	12.2	-1.3%
EBITDA margin (adjusted)	14.1%	13.3%	-0.8%pts

• Statista: Sales growth driven by platform business; organic growth with 4.6% above reported growth
• Asam: Increase in sales due to Retail and eCom business
• EBITDA (adj.) on PY level

Agenda

Group Update Financials Outlook

Q2 2024 – Outlook

• For Q2 2024, we expect organic revenue and earnings development for the Group 1-2%-points above Q1 level
• Organic OoH momentum for Q2 broadly in line with Q1 (~15-17%) with a potential smaller acceleration depending on UEFA Euro 2024 revenues
• Digital & Dialog with similar double-digit momentum in Q2 as in Q1 and DaaS & E-Commerce with accelerating growth rate
• Full-year guidance remains unchanged for the moment:

Organic revenue growth noticeably higher than 2023 (+7.5%) and substantial operational leverage based on:

• EBITDA margin (adj.) around prior year level & IFRS effects roughly stable
• therefore EBIT (adj.) with double the growth rate of EBITDA (adj.)
• Free cash flow (adj.) significantly above growth rate of EBIT (adj.)
• Update on full-year guidance with Q2 numbers in early August
• Capital Markets Day (focus on OoH midterm) planned for Q4

Financial Calendar 2024

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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