Sto SE & Co. KGaA (0G5B) Q1 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Dear ladies and gentlemen, thank you for joining our today's call on our Q1 2023 results. Let me start the call with a short overview of the key figures of Q1 2023 and then go straight into more strategic topics. Henning will then take over and present the financials of the first quarter in more detail before I give you a short outlook what to expect for Q2. After our presentation, we will be available for Q&A. In Q1, we deliver a very solid quarter, especially against the backdrop of a German advertising market that contracted by more than 5%. Overall, developments are fully in line with our expectations, published with the prelims in March. State growth in the mid-singled digital percentage range and a significant outperformance compared to the overall advertising market. Reported growth revenues in Q1 2023 in total were up by 6% from 385 to 410 million euros. Organic revenue growth was even higher, with 7.3% compared with reported revenue growth. Adjusted EBITDA increased by 3% from 95 million euros to 97 million euros. At the same time, dialogues as well as ASAM and SATISA contributed to the overall positive development. Our further KPIs will be discussed by Henning in the finance section later on. 6% growth for the group, 4% growth for the core out-of-form segment, and 17% growth for digital out-of-form are the expected strong numbers against the German ad market, according to Nielsen. Autoform Media outperformed the German advertising market, minus 5.4%, by around 9 percentage points, and significantly outperformed TV, minus 9.8 percentage points, by around 13%. As a consequence, we see an increasing market share of Autoform in the German advertising market, which reached an all-time high of 8.6% in March 2023. We expect this number to grow further in the upcom...