Ströer : Annual Report 2025 (23-03-2026)

About this update from Stroeer Se & Co. Kgaa

2025 annual report Ströer SE & Co. KGaA READY TO THINK BIGGER? ‌CONTENTS‌ The Group's financial figures at a glance 3 The Board of Management of the general partner 4 Foreword by the general partner 5 Supervisory Board report 8 Combined management report of the Company and the Group Background and strategy of the Ströer Group 14 Economic report 24 Business environment 24 Financial performance of the Group 26 Net assets and financial position 28 Financial performance of the segments 33 Information on Ströer SE & Co. KGaA 35 Share information 39 Employees 42 Opportunities and risks 45 Forecast 59 Information in accordance with sections 289a and 315a HGB 62 TTPA regulation appendix to the management report 65 2025 combined consolidated sustainability statement 66 Consolidated financial statements Consolidated income statement 137 Consolidated statement of comprehensive income 138 Consolidated statement of financial position 139 Consolidated statement of cash flows 141 Consolidated statement of changes in equity 143 Notes to the consolidated financial statements 144 Responsibility statement 215 Independent auditor's report 216 Independent auditor's report on the combined non-financial statement 223 Other information Contacts and editorial information/Financial calendar 226 Ströer SE & Co. KGaA ('Ströer KGaA') ‌The Group's financial fifures at a flance THE GROUP'S FINANCIAL FIGURES AT A GLANCE 1 REVENUE 2,075.1 EUR m (prior year: EUR 2,046.8m) SEGMENT REVENUE 953.2 988.9 878.3 891.7 357.8 352.0 In EUR m EBITDA (ADJUSTED) 625.9 EUR m (prior year: EUR 625.5m) ORGANIC REVENUE GROWTH −0.4% (prior year: 6.4%) EBITDA MARGIN (ADJUSTED) 30.2% (prior year: 30.6%) ADJUSTED EARNINGS PER SHARE EUR 2.70 (prior year: EUR 2.77) 2024 2025 2024 2025 2024 2025 FREE CASH FLOW BEFORE M&A TRANSACTIONS 317.8 EUR m ROCE 19.0% OOH Media Digital & Dialog Media DaaS & E-Commerce (prior year: EUR 360.8m) (prior year: 21.6%) EUR m 12M 2025 12M 2024 Revenue 2,075.1 2,046.8 EBITDA (adjusted) 625.9 625.5 Exceptional items −24.5 −20.2 EBITDA 601.4 605.3 Amortization, depreciation, and impairment −333.7 −318.6 thereof attributable to purchase price allocations and impairment losses −14.4 −13.3 EBIT 267.7 286.7 Net finance income/costs −66.8 −76.6 EBT 200.9 210.1 Taxes −60.9 −62.5 Consolidated profit or loss for the period 140.0 147.5 Adjusted consolidated profit or loss for the period 165.2 171.2 Free cash flow (before M&A transactions) 317.8 360.8 Free cash flow (before M&A transactions) (adjusted) 106.7 157.9 Net debt (Dec. 31) 870.7 837.4 1 For further details on the individual financial figures, please refer to the section 'Value-based management'. ‌The Board of Manafement of the feneral partner THE BOARD OF MANAGEMENT OF THE GENERAL PARTNER Udo Müller Co-CEO Udo Müller, born in Rüdesheim in 1962, entered the field of out-of-home advertising in 1987 by marketing his handball team, the Reinickendorfer Füchse, in Berlin. In 1990, he teamed up with Heiner W. Ströer to establish Ströer City Marketing GmbH, which was reorganized as an Aktiengesellschaft (German stock corporation) in 2002. Acquiring Deutsche Städte Medien in 2004 and Deutsche Eisenbahn Reklame in 2005, Müller advanced the growth of the Company and took it public in 2010. In 2011, he was awarded the title of Senator h. c. by the German Association for Small and Medium-sized Businesses (BVMW) in recognition of his exceptional entrepreneurial achievements. Udo Müller added online marketing to the Company's portfolio in 2012. In 2017, he successfully expanded Ströer's product portfolio to include direct marketing. Christian Schmalzl Co-CEO Christian Schmalzl, born in Passau in 1973, studied politics, philosophy, literature, and sociology at the Universities of Passau, Munich, and Cardiff. After his studies, he joined MediaCom in Munich in 1999 and became the youngest managing director of the agency group in 2002. In 2007, he assumed responsibility for the entire Germany business, before being appointed Worldwide Chief Operations & Investment Director (COO) of the international media group in 2009. Christian Schmalzl joined Ströer's Board of Management as COO at the end of 2012. He was appointed Co-CEO of the general partner of Ströer SE & Co. KGaA in March 2017, forming the Ströer Group's leadership duo alongside Udo Müller. Henninf Gieseke CFO Henning Gieseke was born in Hilden in 1971. He studied business administration at the University of Cologne and joined the Metro Group via Kienbaum Consultants. During his time at Metro, he held responsibility for functions such as corporate development, investor relations, and group financial planning and reporting. In 2012, he took up the position of Chief Financial Officer (CFO) at Real Holding and went on to become its Co-CEO. Henning Gieseke was appointed CFO of the Ströer Group with effect from June 1, 2021. ‌FOREWORD BY THE GENERAL PARTNER Dear reader, dear shareholder, 2025 was a stand-out year in many respects. The global economy was characterized by persistent market uncertainty, triggered primarily by the USA's tariff policy. These macroeconomic conditions impacted directly on Germany and indirectly on our Company. The tangible nervousness among consumers led to a reluctance to spend, which had a knock-on effect on the German advertising market. At the same time, the far-reaching shift in the use of media is further accelerating the structural transition of the advertising market toward out-of-home advertising (OOH) and, specifically, toward digital OOH advertising (DOOH). This process had a very material effect on the structural growth of our core OOH business in 2025 and will continue to do so. The continually growing share of OOH in the wider German advertising market - which is primarily driven by us - is significant testimony to our positive business performance and, in particular, the buoyancy of our core business. For example, the market share of the OOH and DOOH category rose from 9.1% in 2024 to another record high of 10.0% as at the end of 2025. We expect further steady growth in the years to come. The Federal Association for Out-of-Home Media anticipates that the out-of-home advertising category will account for 15% of the overall advertising market. OOH and DOOH The consistent growth in revenue in our core business - digital and analog OOH media - is one of the main drivers of our success. With revenue increasing by around 4%, from EUR 953m to EUR 989m, we added another chapter to the OOH business's success story. Ströer outperformed the market by some distance in all four quarters, adding market share. A notable contribution to this very satisfying growth came from our DOOH business. Innovative, individual, and efficient solutions, both in targeting and from a sustainability perspective, allowed us to convert a steady stream of new and existing customers to this innovative advertising channel. As at the end of 2025, DOOH accounted for more than 40% (prior year: 39%) of our revenue in the OOH segment and established itself as a key driver of growth, revenue, and earnings. Revenue growth of around 8% in DOOH and more than approximately 12% in the programmatic DOOH subsegment is clear confirmation of Ströer's success story. The trajectory of our DOOH business is the result of a long-term innovation strategy that we initiated more than a decade ago. Today, we are seeing how digitalization not only transforms existing structures but also opens up entirely new possibilities, such as programmatic booking, flexible targeting options, and almost real-time implementation of campaigns. Our vision is clear: Ströer makes ongoing investments in expanding its digital portfolio in order to further grow its reach and flexibility, and its efficiency for customers. With innovative technologies, data-driven solutions, and forward-looking plans, Ströer is already laying the foundations for the next growth phase. National and international customers recognize this strategic advantage and are increasingly adjusting their advertising budgets accordingly in favor of the media channel with some of the best prospects for the future, i.e. DOOH. I am confident that, in the medium term, this trend will provide a further significant boost to the share of DOOH in the overall OOH segment. ‌One highlight of 2025 was the launch of our new flagship screen 'The Whale' at Hamburg central station. Ströer is setting new standards in DOOH advertising with this new screen, which is Germany's largest digital 3D screen. We switched on this digital highlight on the north side of the station concourse in December. Covering an impressive area of 342m², The Whale at Hamburg central station will be home to spectacular brand presentations and digital innovations in Germany. It should be noted that our digital portfolio is increasingly becoming an integral part of local author-ities' critical infrastructure as it is one of the few remaining media channels through which local government can communicate with the public directly and impartially. Our public video screens offer a reliable platform for such communication, allowing public information, news, air pollution statistics, traffic updates, weather warnings, and information on police and fire service deployments to be advertised. This offering is financed through advertising. Difital & Dialof Our Digital & Dialog Media segment was comparatively robust in 2025. Revenue, for example, increased by just under 2% year on year, from EUR 878m to EUR 892m. We further cemented our position as a leading marketer on the open web (online) in 2025, resolutely moving the Company forward on its strategic path. Ströer's portfolio includes an open web news portal, t-online. The portfolio also has a third distribution channel - our digital screen infrastructure - alongside desktop and mobile, providing an unparalleled architecture of reach. The close alignment between our media channels gives rise to effective cross-media synergies that generate additional traffic and significantly increase contact frequency. This integrated offering allows us to reach a much broader target group and age range than our competitors, while further enhancing the appeal of our portfolio for advertising customers. In 2025, revenue in the digital business came to around EUR 442m. The dialogue business (call centers and direct sales activities) notched up growth once again. Telecommunications continues to be an important customer segment and we also made notable gains in the tourism segment in 2025. Revenue in the dialogue business advanced by just under 6% to EUR 450m (prior year: EUR 425m), partly thanks to increases in capacity in Germany and at nearshore locations. DaaS & E-Commerce The DaaS & E-Commerce segment recorded mixed growth figures once again in 2025. In 2025, Statista focused on initiatives and projects to keep pace with the rapid advances in artificial intelligence and on bringing about and successfully implementing important changes. Based on Statista Connect's infrastructure, we prepared and adapted our products for the AI era. With our new MCP server, Statista provides leading AI assistants and automation platforms with secure real-time access to more than a million verified datapoints from in excess of 20,000 different sources on over 80,000 topics. Building on Statista Connect, the integration of reliable market and statistics data in AI-powered workflows is becoming a reality. In this way, Statista is positioning itself as a core data provider for AI ecosystems and propelling the next generation of intelligent applications forward. All in all, Statista recorded revenue growth in 2025, taking its revenue to a record of around EUR 165m (prior year: EUR 164m). This equated to growth of 2.8% when adjusted for currency effects. ‌Despite the challenging consumer spending situation in the core German-speaking markets, AsamBeauty was able to maintain its retail revenue in leading drug stores at virtually the same level as the prior year. Conversely, sales through TV shopping went down due to the changing nature of TV consumption for this advertising format. Overall, Asam's revenue stood at approximately EUR 187m (prior year: EUR 194m). The Ströer Group Our figures reflect the aforementioned developments, with the Group ultimately achieving a new record in 2025. Despite a weak overall advertising market in a year marked by crisis, we exceeded the consolidated prior-year figure with revenue of EUR 2,075m. As forecast, our core OOH business played a major part in this very satisfying growth, advancing its revenue by around 4% to EUR 989m (prior year: EUR 953m). In 2025, consolidated EBITDA (adjusted) came to approximately EUR 626m (prior year: EUR 626m), free cash flow (adjusted) was around EUR 107m (prior year: EUR 158m), and the leverage ratio stood at 2.31 at the end of the year (prior year: 2.14). All in all, debt continued to be at an appropriate and comfortable level for our Company. Shareholder value In light of our earnings performance in 2025, our robust strategy, the continuing digitalization of our core business, and changing media consumption, I firmly believe that we will continue to achieve sustained profitable growth over the coming years. Sustainability Although public interest in sustainability has waned considerably, it remains of key importance for Ströer. For the first time, this report includes comprehensive sustainability reporting on a voluntary basis in accordance with the requirements of the EU Corporate Sustainability Reporting Directive (CSRD), which has yet to be transposed into German law. Thanks I would like to extend my thanks to our dedicated and highly skilled employees for their hard work last year and to our business partners and investors for the trust they have placed in our Company, and I wish you all a successful year in 2026. The general partner, represented by its Co-CEO Udo Müller Co-CEO ‌SUPERVISORY BOARD REPORT Christoph Vilanek Chairman of the Supervisory Board Dear reader, Defying the trend and the challenging conditions, your company, Ströer SE & Co KGaA, proved itself to be extremely resilient and adaptable in 2025. The year under review was the most difficult year in decades for businesses that are traditionally dependent on advertising, such as publishers, radio broadcasters, online providers, and TV channels. They saw substantial falls in net advertising revenue and growing losses to global internet platforms. Ströer with its focus on out-of-home advertising business is the last stronghold against this decline. Out-of-home advertising in combination with digital elements is a crucial advertising medium both for brand building and selling. It grew by around 4% in 2025. A core aspect of our resilience is the fact that no single Ströer customer accounts for more than 3% of total out-of-home advertising revenue. Ströer is broadly diversified in terms of industries and customers, which, together with its share of regional business, puts it in a position to weather crises experienced in individual sectors, such as the automotive industry. Pivotal to this success are a motivated team, customer-centric processes, operational excellence, and a strategically and intelligently selected portfolio of services. Our contribution as members of the Supervisory Board is largely to continually check and ensure - by asking questions and holding discussions with the Board of Management of the general partner - that the Company is working tirelessly to adapt these elements of success to the ever changing circumstances in which it operates. In 2025, the Supervisory Board discharged, in full, the responsibilities incumbent upon it under the law, the Company's articles of association, and its rules of procedure. We carefully monitored and advised the general partner, Ströer Management SE, on a regular basis. In doing so, the Supervisory Board primarily checked that the general partner, represented by its Board of Management, was running the Company lawfully, expediently, and properly. Both during and between Supervisory Board meetings, the general partner regularly provided the Supervisory Board with written and oral reports on business policy and all relevant aspects of business planning, and therefore fully complied with its obligations to provide information. At additional meetings, the chairman of the Supervisory Board, the deputy chairman of the Supervisory Board, and the chairwoman of the Supervisory Board's Audit Committee discussed key business developments with each other and with the Board of Management of the general partner. The full Supervisory Board received regular oral reports on these deliberations. ‌Meetinfs of the full Supervisory Board The Supervisory Board of Ströer SE & Co. KGaA held four ordinary meetings and one constitutive meeting in 2025. In agreement with all members of the Supervisory Board, the chairman decided that these meetings would be held as hybrid events. The Supervisory Board also adopted a resolution in writing. The main subjects examined during these routine discussions were the Ströer Group's revenue and earnings, its financial position and financial performance, and personnel planning. The topic of sustainability was a firm fixture at our meetings. At each of the meetings, the general partner reported to us on the current course of business in the Ströer Group and on the impact on the Ströer Group of the ever more pronounced weakening of the German and global economy. The Supervisory Board regularly discussed agenda items without the Board of Management of the general partner, particularly when the agenda items related to internal Supervisory Board matters. On January 27, 2025 we adopted a written resolution to amend the Company's articles of association in respect of the amount and allocation of its share capital and the amount of 2015 conditional capital following the exercising of stock options by senior managers in 2024. Our meeting on March 21, 2025 was dominated by a discussion of the work on the financial and non-financial reporting for 2024. In the presence of the auditor, who presented its key audit matters and findings, we discussed in detail and subsequently approved - as recommended by the Audit Committee -the separate financial statements of Ströer SE & Co. KGaA and the consolidated financial statements of Ströer SE & Co. KGaA. The auditor had issued an unqualified opinion for each of these sets of financial statements. We also reviewed and approved the non-financial statement for 2024, the remuneration report, and the report on relationships with affiliated entities. The general partner then reported on the liquidity of the Company's equity. A further major item of discussion was the adoption of the motion to be put to the shareholder meeting on the appropriation of profit for 2024. We then adopted the motions brought by the general partner to be put to the Company's annual shareholder meeting. Finally, the general partner reported on the key outcomes of risk management and internal audit for the second half of 2024 and presented the compliance report for 2025. During our meeting on June 4, 2025 , immediately before the Company's annual shareholder meeting, the general partner reported at length on the course of business. At our meeting on the same day, immediately after the annual shareholder meeting, we elected the chairman of the Supervisory Board and his deputy and the members of the Audit Committee and the Nomination Committee. Our meeting on September 11, 2025 primarily involved intensive discussions with the general partner on its deliberations with regard to confirming the forecast for 2025 given that the German economy had still not recovered, and on the focus on earnings for the upcoming fourth quarter of 2025. The general partner then presented the Group's current governance, risk, and compliance reports for 2025. We also discussed the general partner's proposal to fill the vacant position on the Supervisory Board by making an application for a court appointment. At our meeting on December 18, 2025 , the general partner reported on pay scales in the Ströer Group and its strategy for the call center business. We then concurred with the recommendation of the general partner and the Audit Committee and resolved to engage the Company's auditor to formally examine the Company's remuneration report for 2025. Next, the chairwoman of the Audit Committee reported on the main results of the committee's review of the quality of the audit by KPMG AG Wirtschaftsprüfungsgesellschaft of the separate and consolidated financial statements of Ströer SE & Co. KGaA for 2024. We also agreed on how to execute the efficiency review in 2025. Furthermore, the general partner explained the internal audit plan for 2026 prepared in consultation with the Audit Committee. We also agreed the declaration of compliance for 2025 with the general partner. Finally, we held a discussion without the Board of Management of the general partner in which we discussed the improvements in the efficiency of our work following the extensive efficiency review carried out in 2024. ‌Supervisory Board committees The Supervisory Board had two committees in the reporting year. These committees are tasked with preparing resolutions and topics to be discussed by the full Supervisory Board. The committee chairs reported regularly and comprehensively to the Supervisory Board on the work of the committees. The Audit Committee The Audit Committee met five times in 2025. It supported us in the monitoring of the financial reporting process and held in-depth discussions on the voluntary report on relationships with affiliated entities and the non-financial statement. The committee also monitored the effectiveness of risk management, discussed at length the ongoing improvements to the internal control system, heard reports on the work of internal audit, approved the latter's audit plan, and examined the annual compliance report. Discussion of these topics gave the committee a detailed insight into the status of governance, risk, and compliance certification. The discussions also involved an analysis of the internal resources of the relevant internal departments. The Audit Committee devoted an increasing amount of time to the discussion of sustainability topics, receiving reports from the ESG officer of the Supervisory Board. The Audit Committee resolved to recommend to the Supervisory Board that it engage KPMG AG Wirtschaftsprüfungsgesellschaft as the independent auditor, a decision that took account of the review of the auditor's independence, which did not indicate any shortcomings. The committee monitored the quality and efficiency of the auditor as well as the services it provided (audit quality review) in accordance with the plan for reviewing the quality of the auditing of the financial statements that it adopted in 2022. It also discussed the preparatory measures for the audit of the 2025 separate and consolidated financial statements and agreed the key audit matters. The Audit Committee convened regularly in the presence of the CFO of the general partner and in some cases also with the auditor. During preparations for the audit and while it was being conducted, the members of the Audit Committee also held regular discussions without the Board of Management of the general partner. The Nomination Committee The Nomination Committee did not meet in 2025. ‌Attendance of meetinfs The following table details the attendance of members of the Supervisory Board at its meetings and at the meetings of the committees. The meetings were in hybrid format. The attendance figures for meetings refer to the meetings that took place during the respective Supervisory Board member's term of appointment and not simply the total number of all meetings in the year: Meetinfs (incl. committees) Meetinfs (plenary) Attendance (plenary) Meetinfs (committees) Attendance (committees) Attendance (all meetinfs and committees, %) Dang 3 3 3 0 0 100 Diederichs 10 5 5 5 4 90 Eilers 5 5 5 0 0 100 Güth 5 5 5 0 0 100 Hüttinger 5 5 4 0 0 80 Kascha 5 5 5 0 0 100 Kollmann-Göbels 3 3 2 0 0 67 Kulartz 6 3 3 3 3 100 Lepique 10 5 5 5 5 100 Liese-Bloch 2 2 1 0 0 50 Meuser 5 5 5 0 0 100 Reuter 1 1 1 0 0 100 Sardiña Gellesch 5 5 5 0 0 100 Schleich 5 5 5 0 0 100 Somberg 5 5 5 0 0 100 Sontheimer 5 5 4 0 0 80 Steinkamp 5 5 5 0 0 100 Vilanek 5 5 4 0 0 80 Voigt 4 2 1 2 1 50 German Corporate Governance Code At its meeting on December 18, 2025, the Supervisory Board issued a declaration of compliance pursuant to section 161 of the German Stock Corporation Act (AktG). This declaration of compliance was made permanently available to shareholders on the Company's website at i r.stroeer.com/investor-relations/corporate-governance . The most recent declaration of compliance is also included in the corporate governance declaration. Traininf All of the new Supervisory Board members received an induction on the main commercial, legal, personnel, and other criteria of the Company and the Ströer Group and were given a summary of the rights and obligations of a Supervisory Board member. In the reporting year, training was also provided internally to all members of the Supervisory Board. ‌Audit of the separate and consolidated financial statements KPMG AG Wirtschaftsprüfungsgesellschaft has audited the Company's separate and consolidated financial statements, together with the bookkeeping system and the combined management report of the Company and the Group for 2025, and on March 13, 2026 issued an unqualified opinion in each case. KPMG AG Wirtschaftsprüfungsgesellschaft has been the auditor for Ströer SE & Co KGaA and the Ströer Group since 2020. The documentation on the financial statements and the audit reports were made available to all Supervisory Board members in good time by the general partner. They were discussed at length by the Audit Committee and during the Supervisory Board's meeting to discuss the financial statements on March 23, 2026. The responsible auditor, KPMG AG Wirtschaftsprüfungsgesellschaft, participated in the Supervisory Board's discussions. The auditor reported on the scope, focus, and key findings of the audit and went into particular detail on the key audit matters and the audit procedures. The Supervisory Board agreed with the results of the audit of the financial statements. Based on the conclusions drawn by the Audit Committee and on our own examination, there are no objections to be raised. We therefore approved the separate and consolidated financial statements. Personnel chanfes Supervisory Board With effect from the end of the annual shareholder meeting on June 4, 2025, the term of appointment of shareholder representative Ulrich Voigt came to an end and shareholder representative Barbara Liese-Bloch stepped down from the Supervisory Board. In their place, Matthias Dang and Hans Jürgen Kulartz were each elected to the Supervisory Board for a term of three years by the shareholder meeting on June 4, 2025. Ms. Simone Kollmann-Göbels stepped down from the Supervisory Board with effect from June 26, 2025 due to leaving the Company. The Cologne local court appointed Ms. Franziska Reuter as her successor in a decision dated October 23, 2025. The Board of Manafement of the feneral partner There were no changes on the Board of Management of the general partner in the year under review. Thanks The Supervisory Board of Ströer SE & Co. KGaA would like to express its thanks and appreciation to the Board of Management of the general partner, the management teams of the Group entities, the works council, and all employees for their outstanding personal dedication, excellent work, and unwavering commitment. As Chairman of the Supervisory Board, I would like to take this opportunity to also thank the Board of Management of the general partner and my colleagues on the Supervisory Board for the excellent working relationship that we enjoy, and to thank all those who apply their strengths and passion to drive the Company's success. On behalf of the Supervisory Board Christoph Vilanek Chairman of the Supervisory Board Ströer SE & Co. KGaA ‌COMBINED MANAGEMENT REPORT OF THE COMPANY AND THE GROUP The references to page numbers in this combined management report of Ströer SE & Co. KGaA, Cologne, ('Ströer KGaA') and of the Group relate to the numbering in the annual report. Due to rounding differences, totals in tables or charts may differ slightly from the total of the figures in an individual column. Combined management report of the Company and the Group1 Background and strategy of the Ströer Group 14 Economic report 24 Information on Ströer SE & Co. KGaA 35 Share information 2 39 Employees 42 Opportunities and risks 45 Forecast 59 Information in accordance with sections 289a and 315a HGB 62 TTPA regulation appendix to the management report 65 1 Any references to webpages in the combined management report were not included in the audit. 2 This section is not included in the audit conducted by the independent auditor. ‌BACKGROUND AND STRATEGY OF THE STRÖER GROUP Stratefy The Ströer Group's performance in 2025 was once again testimony to the structural growth of its core business and the resilience of its overall portfolio, particularly in periods of weakness in the wider economy such as those seen over the past three years. The core OOH business provides stability and growth. It is complemented by open web (online), call center, and direct marketing activities (Digital & Dialog Media segment). The DaaS & E-Commerce segment is where the business activities of the Statista and AsamBeauty brands are grouped. Despite 2025 being a challenging year in terms of macroeconomic conditions, Ströer expanded its market position in the German out-of-home advertising market through structural growth. Its strategic investments in digital OOH infrastructure played a major role in this regard, allowing Ströer to offer new products and reach additional customer groups. These investments are crucial to ensuring a sustained increase in value. Out-of-home advertising has a lever function in multi-channel set-ups, acting as a base medium for a growing number of local and national customers. The structural growth of the core business reflects the changing nature of media consumption, which is resulting in larger budgets for OOH advertising at the expense of other advertising channels 1 . By expanding the digital portfolio, Ströer is not just taking this trend into account in its long-term strategy, it is also accelerating this trend. While other advertising channels such as TV, newspapers, and magazines are under pressure, OOH is experiencing continued growth and outperforming the overall market by some distance. For example, whereas revenue in the TV advertising market declined by around 4.2% 2 in 2025, out-of-home advertising revenue grew by 9.9% 3 . According to advertising statistics from Nielsen, out-of-home advertising thus accounted for 10.0% of the German market in 2025 - an all-time record. Digital out-of-home (DOOH) advertising notched up very strong growth, advancing by around 8% and thus accounting for around 40% of OOH revenue. With the ongoing expansion of digital OOH advertising infrastructure, automation and programmatic booking options are becoming increasingly important as drivers of growth. Programmatic booking options mean that DOOH is being booked more and more in combination with open web media. Ticket sizes and targeting options are flexible and campaigns can be implemented very rapidly and fluidly. OOH - fueled by digitalization - is thus becoming the pivotal medium in numerous media strategies, the dominant medium for all campaigns with a local connection, and the base medium for physical local markets. Programmatic marketing also opens up new sales channels and boosts capacity utilization, allowing inventories to be used more efficiently. Performance of the German advertisinf market, 2015−2025 EUR b 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TV Print Online Radio OOH Cinema Source: Nielsen Media Germany GmbH, gross advertising spend. All figures adjusted (excluding direct mailing). As at January 2026. 1 Nielsen Werbetrend [advertising trend] (adjusted) (Dec. 2025). 2 Nielsen Werbetrend [advertising trend] (adjusted) (Dec. 2025). 3 Nielsen Werbetrend [advertising trend] (adjusted) (Dec. 2025). ‌The analog advertising business went from strength to strength too, with revenue increasing by around 2% to EUR 536m. This growth underscores the resilience of the OOH business and the robust positioning of the portfolio. Infrastructure in public spaces is more than just an advertising medium - it is the strategic foundation of long-term growth. Innovation plays a key role in this growth. Artificial intelligence is bringing about fundamental changes in the advertising industry. Personalized campaigns, automated content production, and fine-tuning in real time are already being successfully deployed. AI-based systems manage campaigns more efficiently and more precisely, reduce targeting inefficiency, and scale up creative processes. At the same time, however, Ströer's infrastructure and advertising portfolio remain at the heart of its business model. Moreover, long-term concessions, a physical presence in public spaces, and the operation of complex networks are factors that remain largely independent of short-term technological trends. AI complements Ströer's strategy by enhancing marketing and facilitating data-driven decision-making. Ströer understands innovation not as an end in itself but as a scalable process. The focus lies on solutions that dovetail with existing structures and create immediate added value. One example is programmatic DOOH, which allows the fully automated real-time purchase and sale of advertising space and brings budgets from online channels into public spaces. Equally, Ströer uses location-, traffic-, and weather-based data to play out campaigns fluidly and effectively. Besides expanding digital OOH infrastructure, Ströer has aligned its portfolio of products more broadly and more deeply with national, regional, and local customers from a wide variety of different industries and sectors. Advertising inventory is sold through a national sales organization that serves customers and their agencies centrally from all major cities, and through a regional and local sales organization that is able to provide a personal service, either in person or remotely, to even the smallest customers. The work of all sales units is facilitated by modern sales-support systems, such as CRM solutions and bidding systems. This ensures that resources and inventory are managed efficiently on a centralized basis. Business model Ströer is a provider of out-of-home and online advertising space and of manifold aspects of dialogue marketing. It focuses on the German advertising market. Within this market, Ströer will position itself going forward as an AI-driven media company for the outernet and the open web. To this end, Ströer will combine the reach of digital out-of-home advertising in public spaces with open digital media offerings, increasingly championing artificial intelligence to do so. The aim is to stop defining advertising in terms of pure reach and to gauge it instead through measurable and predictable impact. Ströer sees itself as an alternative to walled gardens because it is open, contextual, and platform-independent. Whereas the outernet is the central driver of growth, the open web provides essential infrastructure for the general public in the digital space, for diversity of opinion, and for democratic financing of media. Together with its open web platforms, Ströer operates call centers and direct marketing business that are all part of the Digital & Dialog Media segment. The 'data as a service' (DaaS) business under the Statista brand and the e-commerce activities under the AsamBeauty brand are grouped in the DaaS & E-Commerce segment. Sefments and orfanizational structure General In 2025, the Ströer Group's three reporting segments continued to be Out-of-Home Media, Digital & Dialog Media, and DaaS & E-Commerce. Ströer reportinf sefments OOH Media (incl. Public Video) Digital & Dialog Media 01110110 10101010 10010011 11010110 DaaS & E-Commerce ‌The Ströer Group's segments work in close cooperation with the Group holding company Ströer SE & Co. KGaA, although they operate independently in the market. The cooperation notably extends to the strategy used for overall management and to servicing national, regional, and local advertising markets, as well as to Group functions such as human resources, IT, governance, security, finance, legal, strategy & innovation, corporate communications, investor relations, and ESG 4 . The structured nature of the cooperation enables the targeted sharing of knowledge among the individual segments. It facilitates the creation of new products for Ströer customers and strengthens business relationships for the long term. Financing and liquidity planning are also managed centrally in the Ströer Group. This means that the Group is well funded and its liquidity is ensured, giving the operating units the flexibility they need to seize and invest in market opportunities as soon as they arise. Out-of-Home Media The Out-of-Home Media segment incorporates all of Ströer's analog and digital out-of-home advertising spaces (OOH and DOOH). Basis of the out-of-home advertisinf business Ströer has a broad and deep portfolio of long-term agreements with local authorities and private partners. They comprise concessions with cities and municipalities, and agreements with leading infrastructure providers such as Deutsche Bahn. It also has an extensive network of private real estate partners. As a whole, these agreements secure access to virtually all relevant OOH advertising formats in public spaces and form the basis of Ströer's broad and high-reach positioning. The targeted use of digital technologies at existing and new advertising locations continued to be a core strategic focus in 2025. Ströer's involvement with the German Federal Association for City and Town Marketing (BCSD) is one of the ways in which it is playing its part in the digitalization of towns and cities in Germany. The objective is to use proprietary infrastructure and expertise to simplify communication in public spaces and provide smart municipal services to help people to go about their increasingly digital daily lives. With advertising revenue of around EUR 1.4b (OOH and Digital) in 2025, Ströer is one of the three largest marketers in Germany. Ströer expects to be able to expand its position further thanks to the appeal of its platforms and its portfolio. Difital out-of-home advertisinf media (DOOH) Digital advertising media marketed under the aforementioned contracts can be broken down into three categories: Premium public video roadside screens Digital advertising spaces that are installed along a road and are more than 2 m² in size Premium indoor screens Premium digital advertising spaces with a screen size of more than 60", installed in train stations, public transportation systems, shopping malls, and airports Lonftail Digital indoor advertising spaces, mostly in a smaller format and typically in retail settings Digital out-of-home advertising spaces make it possible for campaigns to be played out flexibly across all sales channels. Moreover, fully digitalized processes mean that very flexible and highly granular solutions can be offered, from comprehensive networks and bundles to individual locations, from long-term utilization of spaces to short-term campaigns. Free capacity can also be marketed at very short notice. The underlying technology needed for this is being continually enhanced to accommodate flexible design options and the possibility of timing adverts to run depending on specific factors - e.g. product requirements or context-dependent triggers. Digital municipal information systems play a key role in the DOOH business. These systems allow large numbers of people to be informed or warned quickly. Ströer's advertising media are integrated into federal and regional government plans for dealing with emergencies and are regularly used in test exercises. Thanks to its background, Ströer has a broad portfolio of traditional advertising media - on roadsides, at train stations, on and in public transportation, and in pedestrian areas. This means it can offer made-to-measure solutions for a wide range of customer requirements on a local, regional, or national basis. Advertising media designs are refined and adapted to local needs and requirements on an ongoing basis. With this in mind, Ströer maintains close dialogue with many German municipalities about the future of urban spaces and how they will be developed. In addition to its German OOH advertising business, Ströer is active in Poland and conducts giant poster business in the Benelux countries and the UK. 4 The environment, social matters, and corporate governance (sustainability). ‌Difital & Dialof Media Ströer Difital Media Ströer supplements its core OOH business with the provision of solutions for marketing open web advertising in the context of proprietary and third-party content. The Company markets scalable products on this basis, ranging from branding and storytelling to performance, native advertising, and social media. In the area of display and mobile marketing, Ströer Digital Media has a broad base of direct customers, its own websites, and an automated technology platform for the supply and the demand side. The websites include the news portal t-online.de as well as special interest portals such as giga.de, familie.de, desired.de, and kino.de. Ströer has pooled its marketing capacity for direct customers and has an extensive portfolio of marketing rights for digital offerings. Ströer X (Avedo/Ranfer) The call center business of Ströer X focuses on customer experience and sales. In recent years, Ströer X has become one of the leading providers of performance-based direct sales via call centers in Germany. It also operates nearshore locations. The Ranger Group is a field sales specialist providing performance-based direct sales services on behalf of its customers. It sells products to retail and business customers on behalf of its customers in the telecommunications, energy, retail, financial services, and media sectors. DaaS & E-Commerce Statista Statista is a global database for statistics and reports that offers its users access to information on over 80,000 topics from the areas of business, politics, society, media, technology, and science. Proprietary data is supplemented with data from other sources, such as market research institutes, governmental organizations, trade associations, and businesses. The reporting year was dominated by artificial intelligence (AI) and the strategic adjustment of Statista's business model to a playing field undergoing rapid change due to AI. With the increasing take-up of AI technology, there is a widespread realization in the industry that the quality of a model depends to a large extent on the quality of its underlying data. The reliability of the output is determined by high-quality input. With this in mind, Statista has taken steps to cement and expand its position as a provider of data, and to further raise its profile as a marketplace for reliable statistical data with global relevance. Registered users can access Statista's data directly using application programming interfaces (APIs) with a range of AI models, such as Gemini, Copilot, and ChatGPT. The option was also created of seamlessly linking internal knowledge bases of Statista customers to the Statista database using Model Context Protocol (MCP) servers. This link ensures a secure connection and provides access to data prepared and verified by Statista. This is making Statista a part of, and a data supplier in, the AI ecosystem. A key step in this context is the transformation of the monetization model, which involves supplementing the purely user- or seat-based approach with a data-volume-based model. This model is specifically aimed at professional groups of users with considerably larger IT budgets. It will therefore open up new growth and earnings opportunities. AsamBeauty AsamBeauty is a multi-channel company in the masstige beauty product segment. Its product portfolio comprises facial, body, and hair care products, as well as cosmetics. AsamBeauty's products are mainly developed and produced in Germany. It attaches great importance to combining selected plant-based substances with innovative active ingredients. AsamBeauty sells its products through an integrated multi-channel model focused on e-commerce and supplemented by brick-and-mortar retail and telesales channels, as well as international wholesale business. ‌Stratefic environment Ströer's strategy focuses on a combination of traditional out-of-home advertising (OOH) and digital media. This business model opens up considerable growth prospects thanks to a highly diversified portfolio of rights and high standards of operational excellence. Scaling the business up globally remains challenging, however, due to the disparate structures in the local markets. Integrating digital technologies in the OOH business is giving rise to granular and flexible forms of advertising as well as new sales channels, such as programmatic advertising. At the same time, going digital means that business processes can be managed more efficiently and individual customer needs can be met more fully. This is generating sustained growth and allows the digital and analog portfolio of advertising media to be monetized in an optimal way. The success of this strategy derives from a deep knowledge of the market, the highest standards of quality, and made-to-measure customer solutions. Ströer continually enhances its ability to compete in the market through excellent customer relationships and the use of innovative technologies, such as artificial intelligence. The Board of Management firmly believes that Ströer will be able to continue growing with its business strategy and its clear focus on the German market going forward. Advertisinf market Compared with the advertising market as a whole in 2024, advertising spend fell by 0.5% in 2025, from EUR 35.6b to EUR 35.4b. 5 In terms of structural changes in the advertising market, detailed analysis reveals that, besides a 0.7% gain in the newspaper category, OOH was the only advertising category to significantly increase its market share in 2025. The share of OOH in the overall advertising market rose from 9.1% to 10.0%, which was an all-time record. By contrast, the market share of the largest advertising category - TV - declined to 46.8% in 2025 (prior year: 48.6%). Print media (magazines, newspapers) edged up from 23.0% to 23.5%. Radio, on the other hand, held steady at 5.8%. Cinema has virtually lost its significance as an advertising medium with a share of the market of 0.3%. Product development The Group's continuous efforts to enhance technological solutions, which enable it to operate at local and regional level and in direct marketing, are a major factor in its success. Technologies for the precise targeting of campaigns and the professional management of anonymized data are becoming increasingly critical to success. They enable the seamless integration of brand marketing and performance marketing. As part of the Public Mind project, Ströer is designing a new industry standard for measuring the effectiveness of out-of-home advertising. The aim is to make the quality and success of a campaign measurable using clearly defined metrics. To this end, ten standardized metrics were drawn up and a model on causal attribution of advertising impact was created in order to clearly highlight additional effects. Statista's online portal with its statistics and databases is also a key focus of the Company's development work. Ongoing efforts are aimed at further enhancing the range of statistics on offer and making it easier for customers to access relevant data and statistics and find what they are looking for. Statista is also developing interfaces (API / MCP servers) in order to be able to seamlessly connect Statista data to external customer systems. In addition to the development of digital applications and software solutions, Ströer is also concentrating on the development of the next generation of OOH advertising media. Ströer's development center in Cologne has primary responsibility for product innovations, working in close collaboration with the Shanghai office and other partners. This enables products to be tailored to the specific circumstances of local and regional partners. In 2025, one of the development priorities was improving the energy efficiency and recyclability of digital advertising media. In 2025, the Ströer Group capitalized own development costs totaling EUR 30.9m. A significant portion thereof related to the aforementioned development activities of the Statista Group and to the marketing of digital advertising. Amortization and impairment of internally generated intangible assets came to EUR 27.5m in total. The capitalization rate stood at around 49%. Value-based manafement The Ströer Group's central aim is to achieve a sustained, longterm increase in value. To achieve this aim, it uses financial and non-financial key performance indicators to manage the Group. These key performance indicators (KPIs) are defined internally and follow the Group's reporting structure. They are used as management and monitoring instruments but are not defined in the International Financial Reporting Standards (IFRS). The most important KPIs for the management of the Group are organic revenue growth, EBITDA (adjusted), adjusted consolidated profit or loss for the period, free cash flow (before M&A transactions), return on capital employed (ROCE), and the leverage ratio. 5 Nielsen Media Research Dec. 2025, all media. ‌Organic revenue growth is one of the most important KPIs for measuring the performance of the Ströer Group. It is therefore also an important metric for managing the individual segments. Growth expectations and revenue targets are set for each individual segment based on this metric as part of the budgeting and medium-term planning process. Achievement of these targets is continuously monitored throughout the year, with both organic revenue growth and nominal revenue growth being tracked. At the start of 2022, the Ströer Group changed the way it calculates organic revenue growth. Additional revenue from newly acquired companies is now only included in the calculation of organic revenue growth after one year. Disposals are treated in the same way. In addition, adjustments are made for exchange rate effects in the calculation of organic revenue growth. Under the described method, organic revenue growth in the Ströer Group was negative in 2025 with a contraction of 0.4% (prior year: growth of 6.4%). EBITDA (adjusted) - consolidated profit or loss for the period before interest, taxes, depreciation, amortization, and impairment, and adjusted for exceptional items (e.g. capital structure measures, restructuring measures, and other exceptional items) - is another of the most important KPIs and gives an insight into the Group's long-term earnings performance. EBITDA (adjusted) is a standard capital market metric for determining enterprise value using a multiples-based method. Furthermore, EBITDA (adjusted) is a key input for determining the leverage ratio to be reported to the lending banks on a quarterly basis. However, the effects of IFRS 16 on both EBITDA (adjusted) and net debt are eliminated from the calculation of the leverage ratio. Adjusted consolidated profit or loss for the period (consolidated profit or loss for the period adjusted for exceptional items, impairment adjustments, adjustments in net finance income/costs, and income taxes) is one of the most important KPIs for determining the dividend to be proposed to the shareholder meeting by the Board of Management and the Supervisory Board. Adjusted consolidated profit or loss for the period includes the adjustments to EBITDA (adjusted), amortization and depreciation from purchase price allocations, impairment losses, extraordinary effects in net finance income/costs, and adjustments to take into account the tax rate anticipated in the medium term. In line with its shareholder value-based strategy, Ströer strives to pursue a dividend policy - to the extent permitted under German commercial and company law - under which between 50% and 75% of the adjusted consolidated profit for the period is paid as a dividend to shareholders. Free cash flow (before M&A transactions) is another one of the most important KPIs used by the Group. It is calculated from the cash flows from operating activities less net cash paid for investments, i.e. the sum of cash received from and paid for intangible assets and property, plant, and equipment. Free cash flow (before M&A transactions) therefore represents the cash earnings power of the Company and is thus the principal metric for guiding investment, financing, and dividend policy. One of the main aims of the Ströer Group is to increase the return on capital employed (ROCE) on a sustained basis. ROCE is therefore another one of its most important KPIs. To achieve this and monitor target attainment on an ongoing basis, Ströer has developed a management and financial control system. ROCE is defined as EBIT (adjusted) divided by capital employed. EBIT (adjusted) is calculated as follows: consolidated profit or loss for the period before interest and taxes, write-downs arising from purchase price allocations, and impairment losses, and adjusted for exceptional items. Capital employed comprises total intangible assets, property, plant, and equipment, and current assets less non-interest-bearing liabilities (trade payables and other non-in-terest-bearing liabilities). The arithmetic mean of these values at the start of the year and the end of the year is calculated. ROCE provides Ströer with a tool that enables value-based management of the Group and its segments. Positive value added, and thus an increase in the Company's value, is achieved when ROCE exceeds the cost of capital of the cash-generating unit (CGU). Another of the most important KPIs for the Group is the leverage ratio. It is an important factor for the capital markets, which use it to assess the quality of the Company's financial position. The leverage ratio is the ratio of net debt (excluding IFRS 16 lease liabilities) to EBITDA (adjusted) (also adjusted for the effects of IFRS 16). Net debt is the sum of liabilities from the facility agreements, from note loans, and from other financial liabilities less cash. The Company uses workforce-related key figures, such as headcount at Group level on the reporting date, as non-financial indicators. ‌Reconciliation: orfanic revenue frowth The following table presents the reconciliation to organic revenue growth. For 2025, it shows that organic growth was negative at minus 0.4% based on a decrease in revenue (excluding foreign exchange rate effects) of EUR 7.7m and adjusted revenue for the prior year of EUR 2,043.5m. In 2025, expenses and income from changes in the investment portfolio were negatively impacted by extraordinary expenses of EUR 4,262k for external advisory services for the Board of Management. This was offset to some extent by a number of smaller income items. The reorganization and restructuring expenses in 2025 mainly related to restructuring at various Group companies such as the EUR k 2025 2024 Revenue for prior year (reported) 2,046,841 1,914,330 Entities sold −3,390 −11,688 Revenue for prior year (adjusted) 2,043,452 1,902,641 Foreign exchange rate effects −3,277 2,509 Organic revenue growth −7,662 121,545 Revenue for current year (adjusted) 2,032,513 2,026,695 Acquisitions 42,537 20,146 Revenue for current year (reported) 2,075,050 2,046,841 Reconciliation: EBITDA (adjusted) The segment performance indicator EBITDA (adjusted) is adjusted for certain exceptional items. The Group has defined Statista Group (EUR 6,035k) and in the dialogue media business (EUR 5,053k). Other exceptional items represented an expense of EUR 3,876k in 2025 (prior year: expense of EUR 2,855k). As in the prior year, the expenses mainly related to the Ströer Group's stock option plan, which accounted for EUR 2,531k of the expenses (prior year: EUR 2,361k). The reconciliation from segment figures to Group figures contains information on Group units that do not meet the definition of a segment ('reconciliation items'). They mainly relate to all costs for central functions, such as the Board of Management, corporate communications, accounting, and financial planning and reporting less their income from services rendered. The following table shows the reconciliation of segment earnings to the figures included in the consolidated financial statements: the following as exceptional items: expenses and income from Total sefment earninfs -EBITDA (adjusted) 661,055 656,848 Reconciliation items −35,135 −31,302 EBITDA (adjusted) 625,920 625,546 Adjustments −24,527 −20,239 EBITDA 601,393 605,307 Depreciation (right-of-use assets under leases (IFRS 16)) −220,469 −210,546 Amortization and depreciation (other non-current assets) −111,348 −105,160 Impairment losses (including goodwill impairment)/reversals of impairment losses −1,883 −2,940 Net finance income/costs −66,792 −76,593 Profit or loss before taxes 200,901 210,067 changes in the investment portfolio (e.g. transaction costs for due diligence, legal advice, recording by a notary, purchase price allocations), reorganization and restructuring measures (e.g. costs for integrating entities and business units, adjustments for exceptional items arising from material restructuring and from performance improvement programs), capital structure measures (e.g. material fees for amending and adjusting loan agreements, including external consulting fees), and other exceptional items (e.g. costs for potential legal disputes and currency effects). The exceptional items are broken down into individual classes in the table below: EUR k 2025 2024 EUR k 2025 2024 Expenses and income from changes in the investment portfolio −3,889 −6,094 Expenses and income from capital structure measures 0 −2 Reorganization and restructuring expenses −16,763 −11,288 Other exceptional items −3,876 −2,855 Total −24,527 −20,239

View stock analysis, news, and events for Stroeer Se & Co. Kgaa