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Ströer SE & Co. KGaA
Investor Presentation • Nov 11, 2025
417_rns_2025-11-11_187bed88-6a4e-4d20-a768-4cb26a80896f.pdf
Investor Presentation
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Agenda
Group Update
Financials
Outlook
Results 9M 2025
| m€ | 9M 2024 | 9M 2025 | A | |
|---|---|---|---|---|
| Reported growth | 1,460.9 | 1,471.7 | +1% | |
| Revenues | Organic growth (1) | +7.8% | -0.4% | -8.2%pts |
| EBITDA (adjusted) | 419.8 | 413.6 | -1% | |
| EBIT (adjusted) | 192.2 | 175.6 | -9% | |
| Net income (adjusted) (2) | 96.2 | 86.3 | -10% | |
| Free Cash Flow (adjusted) | 78.3 | 19.1 | -76% | |
| Capex | 62.0 | 67.3 | +9% |
(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
YTD 2025 Market Dynamics
Global Points of Reference Ströer Core Business Local German Peers
Reported Net Revenues
Alphabet(2)
+14%
Youtube(2)
+13%
Meta(3)
+22%
Reported Net Revenues
Desktop/Mobile(4)
+2%
TV Germany(4)
-4%
Radio Germany(4)
+1%
German Ad Market(4)
0%
Print Germany(4)
+2%
OoH Germany (4)
+10%
Ströer pDOoH(5)
+13%
Ströer DOoH
+10%
DOoH & OoH
+5%
Q3 2025 Market Dynamics
Global Points of Reference Ströer Core Business Local German Peers
Reported Net Revenues
Alphabet(2)
+16%
Youtube(2)
+15%
Meta(3)
+26%
Reported Net Revenues
Desktop/Mobile(4)
+6%
TV Germany(4)
-6%
Radio Germany(4)
+0%
German
-2%
Ad Market(4)
Print Germany(4)
+1%
OoH Germany (4)
+0%
Ströer pDOoH(5)
-4%
Ströer DOoH
-1%
DOoH & OoH
+0%
Customers appreciate OOH
Research Case Danone Top 10 DOOH Customers (Q3 2025) Research Case San Pellegrino (1)
-
- Amazon
-
- Rewe
-
- Aldi
- 4. Lindt & Sprüngli(2)
-
- United Internet
- 6. Unilever Deutschland(2)
-
- Axel Springer
-
- Deutsche Telekom
-
- Audible
-
- Medion
Gamechanger Digital Out-of-Home, the impact Boosterin the Media Mix
Aided advertizing recall
Social Pulse brings trends into real life
Social Pulse transforms Public Video into an open stage for social impulses – curated by brands, enlivened by community dialogue.
In a one-stop shop process, Social Pulse brings social media trends into real life. This enables communityoriented brand messages to be placed even with targetgroups outside the social media bubble.
Public Video City Urban Fullmotion-Video in the City
- Eye-catching addition to the public video offering
moving images bridge the gap between
advertising message and context with their proximity to the POI
- Striking passe-partouts maximum visibility in the heart of the city
- Over 1,190 screens installed in 21 cities across Germany – a unique stage for brand and advertising messages
Agenda
Group Update
Financials
Outlook
Profit and Loss Statement Q3 2025
| m€ | Q3 2024 | Q3 2025 | A |
|---|---|---|---|
| Revenues | 495.9 | 491.5 | -1% |
| Organic growth | +3.3% | -2.1% | -5.4%pts |
| EBITDA (adjusted) | 156.5 | 147.4 | -6% |
| Exceptional items | -3.6 | -3.1 | +15% |
| EBITDA | 152.9 | 144.3 | -6% |
| Depreciation & Amortization (1) | -80.6 | -84.0 | -4% |
| EBIT | 72.3 | 60.3 | -17% |
| Financial result (1) | -18.3 | -17.6 | +4% |
| EBT | 54.0 | 42.7 | -21% |
| Tax result (2) | -16.0 | -12.8 | +20% |
| Net Income | 38.0 | 29.9 | -21% |
| Adjustments (3) | 3.4 | 4.2 | +23% |
| Net Income (adjusted) | 41.4 | 34.1 | -17% |
(¹)Thereof attributable to IFRS 16 in D&A 54.4m€ (PY: 53.7m€) and in financial result 7.9m€ (PY: 8.2m€) (²)Tax rate according to IFRS is 29.9% (PY: 29.6%)
(3)Adjusted for exceptional items (+3.1m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +3.5m€), in financial result (-0.5m€) and in income taxes (-1.9m€)
Free Cash Flow Perspective Q3 & 9M 2025
| Q3 | 9M | |||
|---|---|---|---|---|
| m€ | 2024 | 2025 | 2024 | 2025 |
| EBITDA (adjusted) | 156.5 | 147.4 | 419.8 | 413.6 |
| - Exceptional items | -3.6 | -3.1 | -11.8 | -9.3 |
| EBITDA | 152.9 | 144.3 | 408.0 | 404.4 |
| - Interest | -12.3 | -11.5 | -47.7 | -49.4 |
| - Tax | -14.4 | -14.8 | -38.9 | -46.5 |
| -/+ WC | -2.4 | -23.1 | -18.4 | -53.8 |
| -/+ Others | -0.3 | 2.6 | -16.9 | -11.4 |
| Operating Cash Flow | 123.5 | 97.6 | 286.1 | 243.4 |
| Investments (before M&A) | -21.1 | -27.7 | -62.0 | -67.3 |
| Free Cash Flow (before M&A) | 102.5 | 69.9 | 224.1 | 176.1 |
| Lease liability repayments (IFRS 16) (2) | -45.9 | -49.2 | -145.8 | -156.9 |
| Free Cash Flow (adjusted) (3) | 56.6 | 20.7 | 78.3 | 19.1 |
- Free Cash Flow (adj.) in Q3 and 9M positive but below PY
- Working Capital movement compares against strong prior year business trajectory
- Slight increase in investments after low PY level
- Higher IFRS 16 lease repayments YTD including RBL Media
- Bank leverage ratio(1) increased compared to PY due to higher Net Debt including the acquisition of RBL Media in Q4 2024 and higher dividend payment in Q2 2025
(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
| Q3 | 9М | |||||
|---|---|---|---|---|---|---|
| m€ | 2024 | 2025 | A | 2024 | 2025 | A |
| Segment revenue, thereof | 236.5 | 236.4 | -0.1% | 660.8 | 691.3 | +4.6% |
| ООН | 130.6 | 131.7 | +0.8% | 381.4 | 386.9 | +1.4% |
| DOOH | 92.9 | 92.4 | -0.6% | 241.6 | 266.7 | +10.4% |
| Services | 13.0 | 12.4 | -5.2% | 37.8 | 37.7 | -0.2% |
| EBITDA (adjusted) | 115.4 | 114.2 | -1.1% | 305.8 | 317.5 | +3.8% |
| EBITDA margin (adjusted) | 48.8% | 48.3% | -0.5%pts | 46.3% | 45.9% | -0.3%pts |
- Q3 revenue in total on PY level
- Earnings and margin in Q3 slightly below PY
- Segment revenue and earnings YTD with mid single-digit growth rate; growth driver is DOOH with growth >10%, especially from programmatic
Segment Perspective – Digital & Dialog Media
| Q | 3 | 9M | |||||
|---|---|---|---|---|---|---|---|
| m€ | 2024 | 2025 | A | 2024 | 2025 | A | |
| Segment revenue, thereof | 212.3 | 206.2 | -2.9% | 631.0 | 622.1 | -1.4% | |
| Digital | 112.4 | 102.9 | -8.4% | 315.9 | 305.7 | -3.2% | |
| Dialog | 99.9 | 103.3 | +3.4% | 315.2 | 316.4 | +0.4% | |
| EBITDA (adjusted) | 36.8 | 32.1 | -12.9% | 105.4 | 91.0 | -13.7% | |
| EBITDA margin (adjusted) | 17.4% | 15.6% | -1.8%pts | 16.7% | 14.6% | -2.1%pts |
- Revenue growth at Dialog supported by call center takeovers in Q3 and YTD cannot fully compensate for decline at Digital. Within digital almost stable sales from owned content portfolio, declining sales from third party portfolio
- EBITDA (adj.) below PY both in Q3 and YTD mainly due to challenging online ad-market and subdued scaling of direct marketing sales force
Segment Perspective – DaaS & E-Commerce
| Q3 | 9 | |||||
|---|---|---|---|---|---|---|
| m€ | 2024 | 2025 | A | 2024 | 2025 | A |
| Segment revenue, thereof | 85.5 | 85.4 | -0.0% | 263.0 | 260.9 | -0.8% |
| Data as a Service | 40.7 | 39.7 | -2.6% | 120.5 | 122.1 | +1.3% |
| E-Commerce | 44.7 | 45.8 | +2.3% | 142.5 | 138.8 | -2.6% |
| EBITDA (adjusted) | 11.3 | 10.1 | -10.4% | 32.4 | 30.4 | -6.3% |
| EBITDA margin (adjusted) | 13.2% | 11.8% | -1.4%pts | 12.3% | 11.6% | -0.7%pts |
- Statista: Revenue in Q3 adjusted for currency effects up by 0.6%; YTD up by 2.6%
- Asam: Q3 with revenue increase, mainly in retail business; YTD development still affected by restraint consumer spending
- EBITDA (adjusted) YTD below PY level for both Asam and Statista despite slight increase in earnings at Asam in Q3
Agenda
Group Update
Financials
Outlook
Outlook
Q4
- Based on current order book we expect Q4 revenue growth in OOH Media in a low to mid single digit range
- Digital & Dialog Media with revenue development ahead of Q3 growth rate
- DaaS & E-Commerce revenue growth rate broadly in line with 9M
Full-year
Guidance for 2025, as updated on September 18, 2025, remains unchanged
Mid- / Long-term
Double digit top-line growth (average) in our core business (OOH Media)
Financial Calendar 2025 / 2026
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 newinformation, future events or otherwise.