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Ströer SE & Co. KGaA

Investor Presentation • May 8, 2024

417_ip_2024-05-08_4bf5a08f-2969-4b9e-b92c-12d5b94c2ee8.pdf

Investor Presentation

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Accelerating Momentum in (D)OoH

May 8, 2024 | Ströer SE & Co. KGaA

Agenda

Group Update

Financials

Outlook

Results Q1 2024

€
m		 Q
1
2
0
2
3		 Q
1
2
0
2
4		 ▲
R
e
e
n
e
s
v
u		 R
t
d
t
h
e
p
o
r
e
g
r
o
w		 4
0
9
9		 4
5
3
4		 %
1
1
+
(
1
)
O
i
t
h
r
g
a
n
c
g
r
o
w		 7
3
%
+		 8
9
%
+		 1.
6
%
t
+
p
s
E
B
I
T
D
A
(
d
j
t
d
)
a
u
s
e		 9
7
2		 1
0
8
4		 1
2
%
+
E
B
I
T
(
d
j
t
d
)
a
u
s
e		 2
6
1		 3
4
7		 3
3
%
+
(
2
)
N
i
(
d
j
d
)
t
t
e
n
c
o
m
e
a
u
s
e		 8
9		 1
2
5		 4
1
%
+
F
C
h
F
l
(
d
j
d
)
t
r
e
e
a
s
o
w
a
u
s
e		 1
4
5
-		 2
4
4
-		 6
8
%
-
C
a
p
e
x		 3
1.
4		 1
9
4		 3
8
%
-

(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

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

Source: Nielsen Numbers (gross) 2013 - 2023; 2024 projection based on econometric modelling and estimated net growth of ~ 5.6% in Q1/2024

240

5

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 %

6

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)OoHDigitization and Programmatic (DOoH) Advertising as Key Levers

OoH DOoH non-programmatic DOoH programmatic

Net advertising revenue Out of Home in Germany Source: IDOOH (Institute for Digital Out of Home Media GmbH) - Market growth OoH according to PwC Entertainment & Media Outlook 2022 with adjustments from IDOOH7

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

2600

2800

3000

3200

Exemplary KPIs for our DOoHMomentum (+30%) in Q1/2024

Consistent Development for the last nine Months and similar Outlook for Q2/2024

N
t
i
l
d
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i
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a
o
n
a
a
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e
r
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2
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2
4
(
Q
1
/
2
0
2
3
)
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w
=		 1
4
%
+		 C
l
b
d
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(
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5
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%
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+
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o
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s		 F
h
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f
D
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%
/
h
t
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t
t
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a
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c
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s
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o
p
c
s
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m
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c
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u		 k
E
U
R
7
7		 &
L
t
b
i
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n
r
a
r
r
e
r
s
w
y
l
l
i
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t
t
t
t
a
m
o
s
u
n
m
e
o
n
g
a
p
o
e
n
a

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

Ströer Private Marketplace Online Sports Publishing

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%

Ströer Private Market Place*

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

Special forms of Online Advertising

  • +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

Quarter Media*** Media Impact** Ströer Digital Media* 27.1 UU** 25.2 UU** 18.8 UU** Ströer Digital Media 1 Media Impact 2 Quarter Media3

Source: *Sales // Ströer Data, AGOF daily digital facts | * * million Unique User (UU) | 1incl. sport1 and transfermarkt; 2excl. SPORT1 and transfermarkt; 3incl. kicker and Alpin

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.

0
5
/
1
0
0
5
/
2
6
/
2
0
2
4
–		 0
6
/
1
4
0
7
/
1
4
/
2
0
2
4
–		 0
7
/
2
6
0
8
/
1
1
/
2
0
2
4
–		 1
2
/
1
5
/
2
0
2
4
0
1
/
0
3
/
2
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–
I
H
k
W
C
c
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c
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y		 U
E
F
A
E
U
R
O
2
0
2
4		 O
l
i
P
i
m
p
a
a
r
s
y		 D
W
C
t
a
r
s

A turning Point for Out of Home Media

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

Key OoH product Billboards

Normal campaign size ~ 400k€

Booking logics Selecting individual sites

Lead medium until 2010s: TV

Key OoH product Street furniture / scroller

Normal campaign size ~ 1.5m€

Booking logics Pre-defined networks of sites

Lead medium today: "Digital"

Key OoH product DOoH

Normal campaign size Anything >1k€

Booking logics Programmatic audience buying

Agenda

Group Update

Financials

Outlook

Profit and Loss Statement Q1 2024

€
m		 Q
1
2
0
2
3		 Q
1
2
0
2
4		 ▲
R
e
v
e
n
u
e
s		 4
0
9.
9		 4
3.
4
5		 1
1
%
+
O
i
t
h
r
g
a
n
c
g
r
o
w		 7.
3
%
+		 8.
9
%
+		 1.
6
%
t
+
p
s
(
)
E
B
I
T
D
A
d
j
t
d
a
u
s
e		 9
7.
2		 1
0
8.
4		 1
2
%
+
E
t
i
l
i
t
c
e
p
o
n
a
e
m
s
x		 2.
8
-		 4.
7
-		 %
6
6
-
E
B
I
T
D
A		 9
4.
4		 1
0
3.
8		 %
1
0
+
(
1
)
D
i
i
&
A
i
i
t
t
t
e
p
r
e
c
a
o
n
m
o
r
z
a
o
n		 6.
0
7
-		 6.
9
7
-		 1
%
-
E
B
I
T		 1
8.
3		 2
6.
9		 4
7
%
+
(
1
)
F
i
i
l
l
t
n
a
n
c
a
r
e
s
u		 1
3.
6
-		 1
8.
3
-		 3
4
%
-
E
B
T		 4.
7		 8.
6		 %
8
3
+
(
2
)
T
l
t
a
x
r
e
s
u		 1.
3
-		 2.
6
-		 9
8
%
-
N
I
t
e
n
c
o
m
e		 3.
4		 6.
0		 %
7
7
+
(
3
)
A
d
j
t
t
u
s
m
e
n
s		 5.
5		 6.
5		 1
8
%
+
(
)
N
t
I
d
j
t
d
e
n
c
o
m
e
a
s
e
u		 8.
9		 1
2.
5		 4
1
%
+

(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€)

Free Cash Flow Perspective Q1 2024

€
m		 Q
1
2
0
2
3		 Q
1
2
0
2
4
E
B
I
T
D
A
(
d
j
t
d
)
a
u
s
e		 9
2
7.		 1
0
8.
4
E
i
l
i
t
t
c
e
p
o
n
a
e
m
s
x
-		 2.
8
-		 4.
7
-
E
B
I
T
D
A		 9
4.
4		 1
0
3.
8
I
t
t
n
e
r
e
s
-		 1
0.
7
-		 1
4.
2
-
T
a
x
-		 1
1
5.
-		 1
3.
0
-
/
W
C
+
-		 7.
5
-		 1
9.
0
-
/
O
t
h
+
e
r
s
-		 8.
4
-		 1
3.
6
-
O
t
i
C
h
F
l
p
e
r
a
n
g
a
s
o
w		 5
2.
6		 4
4.
0
I
(
b
f
M
&
A
)
t
t
n
v
e
s
m
e
n
s
e
o
r
e		 3
1.
4
-		 1
9.
4
-
C
(
f
&
)
F
h
F
l
b
M
A
r
e
e
a
s
o
e
o
r
e
w		 2
1.
2		 2
4.
6
(
2
)
(
S
)
L
l
i
b
i
l
i
t
t
I
F
R
1
6
e
a
s
e
a
y
r
e
p
a
y
m
e
n
s		 3
5.
8
-		 4
8.
9
-
(
3
)
F
C
h
F
l
(
d
j
t
d
)
r
e
e
a
s
o
w
a
u
s
e		 1
4.
5
-		 2
4.
4
-

Comment

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

14

(1)Net debt and adj. EBITDA of last 12 month adjusted for IFRS 16

(2)Part of Cash Flow from financing activities; (3)Before M&A and incl. IFRS 16 lease liability repayments

Segment Perspective – OoH Media

€
m		 Q
1
2
0
2
3		 Q
1
2
0
2
4		 ▲
S
f
t
t
h
e
g
m
e
n
r
e
e
n
e,
e
r
e
o
v
u		 1
5
7.
2		 1
8
1.
9		 %
1
5.
7
+
C
l
i
O
H
a
s
s
c
o		 9
4.
2		 1
0
6.
3		 1
2.
8
%
+
O
D
i
i
t
l
H
g
a
o		 4
9.
2		 6
3.
8		 %
2
9.
6
+
O
H
S
i
o
e
r
v
c
e
s		 1
3.
8		 1
1.
8		 1
4.
4
%
-
E
B
I
T
D
A
(
d
j
d
)
t
a
s
e
u		 8.
9
5		 3.
1
7		 2
4.
2
%
+
E
B
I
T
D
A
i
(
d
j
t
d
)
m
a
r
g
n
a
u
s
e		 3
7.
5
%		 4
0.
2
%		 2.
7
%
t
+
p
s

Comment

  • 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

15

Very strong earnings performance with over-proportional increase in EBITDA (adj.) also leads to improved margin

Segment Perspective – Digital & Dialog Media

€
m		 Q
1
2
0
2
3		 Q
1
2
0
2
4		 ▲
S
f
t
t
h
e
g
m
e
n
r
e
v
e
n
u
e,
e
r
e
o		 1
7
9.
8		 2
0
3.
4		 1
3.
1
%
+
D
i
i
l
t
g
a		 8
0
5.		 9
8
5.		 1
2.
8
%
+
D
i
l
a
o
g		 9
4.
9		 1
0
7.
5		 1
3.
3
%
+
E
B
I
T
D
A
(
d
j
t
d
)
a
u
s
e		 3
3.
0		 3
1.
2		 5.
3
%
-
E
B
I
T
D
A
i
(
d
j
d
)
t
m
a
r
g
n
a
s
e
u		 %
1
8.
3		 %
1
5.
4		 %
3.
0
t
p
s
-

Comment

  • 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		 Q
1
2
0
2
3		 Q
1
2
0
2
4		 ▲
S
h
f
t
t
e
g
m
e
n
r
e
v
e
n
u
e,
e
r
e
o		 8
8
7.		 9
2.
0		 4.
%
7
+
S
D
t
i
a
a
a
s
a
e
r
v
c
e		 3
8.
5		 4
0.
1		 4.
1
%
+
E-
C
o
m
m
e
r
c
e		 4
9.
3		 1.
9
5		 2
%
5.
+
E
B
I
T
D
A
(
d
j
d
)
t
a
s
e
u		 1
2.
4		 1
2.
2		 %
1.
3
-
E
B
I
T
D
A
i
(
d
j
t
d
)
m
a
r
g
n
a
u
s
e		 1
4.
1
%		 1
3.
3
%		 0.
8
%
t
p
s
-

Comment

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 Group1-2%-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 andDaaS & 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 leveragebased 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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