Ströer Q1 2026
May 12, 2026 | Ströer SE & Co. KGaA
Agenda
1 2 3
Group Update
Financials
Outlook & Financial Calendar
2
Results Q1 2026
m€ Q1 2025 Q1 2026 ▲
Revenues | Reported growth | 475.5 | 495.6 | +4% |
Organic growth(1) | +3.8% | +1.1% | -2.7%pts | |
EBITDA (adjusted) | 117.4 | 119.3 | +2% | |
EBIT (adjusted) | 39.7 | 41.7 | +5% | |
Net income (adjusted)(2) | 16.2 | 17.6 | +9% | |
Free Cash Flow (adjusted) | -35.1 | -9.7 | +72% | |
Capex(3) | 17.9 | 16.5 | -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
(3) Investments (before M&A)
(4) After minorities 3
Q1 2026 Market DynamicsGlobal Points of Reference
Desktop/Mobile(4)
+10.7%
Ad Market
German
(4)
+0.8%
Local German Peers
Ströer Core Business
Reported Net Revenues Reported Net Revenues
Alphabet(2)
+21.8%
Ströer pDOOH(5)
+12.1%
Youtube(2)
+10.7%
TV Germany(4)
-1.5%
Print Germany(4)
+0.6%
Ströer DOOH
+12.0%
Meta(3)
+33.1%
Radio Germany (4)
-3.2%
OoH Germany (4)
+1.8%
OOH Media
+5.4%
(1)Internal estimates & ZAW; (2)Alphabet IR; (3)Meta; (4)Nielsen Numbers (gross) for Q1 2026; (5)Programmatic DOOH 4
Agenda 1 2 3Group Update
Financials
Outlook & Financial Calendar
5
Preliminary Profit and Loss Statement Q1 2026
m€ Q1 2025 Q1 2026 ▲
Revenues | 475.5 | 495.6 | +4% |
Organic growth | +3.8% | +1.1% | -2.7%pts |
EBITDA (adjusted) | 117.4 | 119.3 | +2% |
Exceptional items | -2.5 | -9.2 | <-100% |
EBITDA | 114.9 | 110.1 | -4% |
Depreciation & Amortization(1) | -81.3 | -80.5 | +1% |
EBIT | 33.5 | 29.6 | -12% |
Financial result(1) | -15.4 | -17.0 | -11% |
EBT | 18.2 | 12.6 | -31% |
Tax result(2) | -5.4 | -3.8 | +31% |
Net Income | 12.7 | 8.8 | -31% |
Adjustments(3) | 3.5 | 8.8 | >+100% |
Net Income (adjusted) | 16.2 | 17.6 | +9% |
(1) Thereof attributable to IFRS 16 in D&A 53.4m€ (PY: 52.8m€) and in financial result 7.6m€ (PY: 7.6m€)
(2) Tax rate according to IFRS is 29.9% (PY: 29.9%)
(3) Adjusted for exceptional items (+9.2m€) and additional other reconciling factors in D&A (PPA related amortization and impairment losses, +2.9m€), in financial result (+0.5m€)
and in income taxes (-3.8m€) 6
Free Cash Flow Perspective Q1 2026EBITDA (adjusted) | 117.4 | 119.3 |
- Exceptional items | -2.5 | -9.2 |
EBITDA | 114.9 | 110.1 |
- Interest | -11.7 | -12.0 |
- Tax | -14.7 | -13.4 |
-/+ WC | -37.9 | -12.1 |
-/+ Others | -11.2 | -8.6 |
Operating Cash Flow | 39.3 | 64.0 |
Investments (before M&A) | -17.9 | -16.5 |
Free Cash Flow (before M&A) | 21.4 | 47.4 |
Lease liability repayments (IFRS 16)(2) | -56.5 | -57.1 |
Free Cash Flow (adjusted)(3) | -35.1 | -9.7 |
m€ Q1 2025
Q1 2026
Comment
Q1 Cash Flow significantly higher than in PY period despite slightly lower earnings contribution
Free Cash Flow improvement compared to PY mainly driven by better Working Capital development as interest, taxes and lease repayments roughly on PY level
Working Capital follows seasonality with negative effect in Q1, but improved compared to Q1/2025
Continued low investment level
Bank Leverage ratio(1) increased compared to PY due to higher net debt
2.18 | 2.47 | 2.53 | 2.31 | 2.33 | |||
864.2 | 955.6 | 944.7 | 870.7 | 880.9 | |||
Financial net debt Leverage ratio(1) | |||||||
31 Mar | 30 Jun | 30 Sep | 31 Dec | 31 Mar | |||
2025 | 2025 | 2025 | 2025 | 2026 |
(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 7
Segment Perspective - OoH Mediam€ | Q1 2025 | Q1 2026 | ▲ |
Segment revenue, thereof | 209.8 | 221.0 | +5.4% |
OOH | 115.2 | 114.5 | -0.6% |
DOOH | 81.3 | 91.1 | +12.0% |
Services | 13.3 | 15.5 | +16.6% |
EBITDA (adjusted) | 86.3 | 96.6 | +11.9% |
EBITDA margin (adjusted) | 41.1% | 43.7% | +2.6%pts |
EBITDA (adjusted) before IFRS 16 | 33.4 | 44.4 | +32.7% |
EBITDA margin (adjusted) before IFRS 16 | 15.9% | 20.1% | +4.1%pts |
Comment
OoH Media with single-digit revenue and double-digit earnings growth
Revenue growth mainly driven by DOOH, particularly programmatic, including the effect from "The Whale" at Hamburg Central Station with a strong start
Overproportional growth in EBITDA (adj.) leads to margin improvement of nearly three percentage points
8
Segment Perspective - Digital & Dialog Mediam€
Q1 2025
Q1 2026
▲
Segment revenue, thereof
206.2
231.0
+12.0%
Digital
98.1
94.8
-3.4%
Dialog
108.1
136.2
+26.0%
EBITDA (adjusted)
28.0
26.8
-4.1%
EBITDA margin (adjusted)
13.6%
11.6%
-2.0%pts
Comment
Dialog in Q1 with double-digit growth rate driven by Call Center; organic growth +8.5%
Slight revenue decline in Digital (online advertising, PPV and content) as positive PPV performance could not offset lower revenues in online Media in Q1
EBITDA (adj.) and margin below PY level due to a revenue-driven earnings reduction at content
9
Segment Perspective - DaaS & E-Commercem€
Q1 2025
Q1 2026
▲
Segment revenue, thereof
90.9
78.6
-13.5%
Data as a Service
42.2
36.8
-12.7%
E-Commerce
48.7
41.7
-14.2%
EBITDA (adjusted)
11.4
5.7
-50.2%
EBITDA margin (adjusted)
12.5%
7.2%
-5.3%pts
Comment
Statista revenue in Q1 below PY; organic revenue decline of -3.7% adjusted for the sale of strategy and consulting unit and negative currency effect
Sales decline at Asam compared to PY due to continued subdued consumer spending in Germany
EBITDA (adj.) and margin declined in Q1
10
Agenda
Group Update
Financials
Outlook & Financial Calendar
11
Outlook & Current Trading Momentum
Q2 2026: Based on the current status of our orderbook and forecast we expect
OoH Media sales should continue to grow at the same pace as in Q1 2026
Digital & Dialog Media with sales growth broadly in line with Q1 2026 developments
DaaS & E-Commerce sales with single digit decline mainly due to the disposal of Statista strategy/consulting unit
12
Financial Calendar 2026Q1 2026 Q2 2026
Q3 2026 Q4 2026
March 5 Publication of Preliminary Figures
2025
March 23
Annual Financial
Report
May 12
Publication of Q1 Quarterly Statement
August 13
Publication of Q2 / H1 Statement
November 12
Publication of Q3 Quarterly Statement
13
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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