Ströer SE & Co. KGaA (SOTDF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you very much. Dear investors, dear analysts, welcome to today's Q2 and H1 2026 earnings call. Let us dive straight into the numbers and details. On the top line, revenues in the first half amounted to 1 billion and 37 million euros, compared to 980 million euros in the prior year period. On an organic basis, growth accelerated from 0.5 to 2.7 percent While on a reported basis, revenue grew by 6%. Moving down the P&L, EBITDA adjusted reached 273 million euros compared to 266 million euros last year. This represents a 3% year-on-year increase. On EBIT adjusted, we reported 150 million euros up from 109 million euros in H1 2025. This corresponds to an increase of 6%. Net income adjusted amounted to 56 million euros compared to 52 million euros in the prior year period. This translates into a 7% year-on-year increase. Turning to cash flow, free cash flow adjusted remained broadly on the prior year level. For the first six months, we reported minus 1.9 million euros compared with minus 1.6 million euros in H1 2025. Christoph will elaborate on this in detail later in the final section. Finally, CapEx before M&A amounted to 51 million euros, up 12 million euros as of H1 2025. On market dynamics, first let us have a look at the news numbers for Q2 of our local German peers in the middle of the chart. As always, please keep in mind that these show gross and that net revenue growth is on average 6-7 percentage points lower. On this gross basis, the German advertising market increased by 1.9% in Q2. OOH grew by 8.8%, clearly outperforming TV at minus 1.1%, print at minus 4.5% and radio at plus 2.9%. by desktop and mobile grew by 15.3%. Against this market backdrop, our autoform media segment delivered reported net revenue growth at 10.3% in the second quarter. Within the...