Quarterly statement g1 2026
CONTENTS
The Group's financial figures at a glance 3
Financial performance, financial position, and net assets of the Group 4
Financial performance of the segments 8
Significant events / Subsequent events 10
Outlook 10
Consolidated income statement 12
Consolidated statement of financial position 13
Consolidated statement of cash flows 14
Financial calendar, contacts and editorial information, disclaimer 16
THE GROUP'S FINANCIAL FIGURES AT A GLANCE
EUR m | Q1 2026 | Q1 2025 |
Revenue | 495.6 | 475.5 |
EBITDA (adjusted) | 119.3 | 117.4 |
Exceptional items | -9.2 | -2.5 |
EBITDA | 110.1 | 114.9 |
Amortization, depreciation, and impairment | -80.5 | -81.3 |
thereof attributable to purchase price allocations and impairment losses | -2.9 | -3.7 |
EBIT | 29.6 | 33.5 |
Net finance income/costs | -17.0 | -15.4 |
EBT | 12.6 | 18.2 |
Taxes | -3.8 | -5.4 |
Consolidated profit or loss for the period | 8.8 | 12.7 |
Adjusted consolidated profit or loss for the period | 17.6 | 16.2 |
Free cash flow (before M&A transactions) | 47.4 | 21.4 |
Free cash flow (before M&A transactions) (adjusted) | -9.7 | -35.1 |
Net debt (Mar. 31/Dec. 31) | 880.9 | 870.7 |
FINANCIAL PERFORMANCE OF THE GROUP
All in all, the Ströer Group made a positive start to the new year. Ströer increased its revenue once again to EUR 495.6m, surpassing the amount achieved in the first quarter of 2025 by EUR 20.1m (prior year: EUR 475.5m). The OOH business and Dialog business notched up particularly significant increases in revenue. While the OOH business was able to benefit from the ongoing digitalization and the protracted structural shift in a still challenging advertising market, revenue in the Dialog business advanced partly as a result of the acquisition of additional call centers in the fourth quarter of 2025. On the other hand, the Ströer Group recorded small decreases in revenue from AsamBeauty and Statista. Organic revenue growth came to 1.1% (prior year: 3.8%).
The revenue growth was accompanied by a rise in the cost of sales, which went up by EUR 20.5m to EUR 301.4m (prior year: EUR 280.9m). This was primarily due to higher personnel expenses, which stemmed to a large extent from the newly acquired call centers but also from a general rise in personnel-related costs. Gross profit deteriorated slightly by EUR 0.4m to EUR 194.2m (prior year: EUR 194.6m).
Selling and administrative expenses, meanwhile, came to EUR 167.6m, which was EUR 4.4m higher than in the first quarter of 2025 (prior year: EUR 163.2m). This increase was chiefly due to higher personnel expenses and IT costs, with other factors playing an insignificant role. Selling and administrative expenses as a percentage of revenue declined from 34.3% to 33.8%. At the same time, other net operating income improved by EUR 1.0m to EUR 1.5m (prior year: EUR 0.5m), whereas the share of the profit or loss of investees accounted for using the equity method was virtually unchanged year on year at a profit of EUR 1.5m in the first quarter (prior year: profit of EUR 1.6m).Despite the positive business performance overall in the first quarter of 2026, the Group's EBIT of EUR 29.6m did not quite match the strong EBIT achieved in the prior-year period of EUR 33.5m. Adjusted for exceptional items, however, Ströer managed to advance its EBITDA (adjusted) slightly compared with the first three months of 2025 to EUR 119.3m (prior year: EUR 117.4m). At 18.8%, return on capital employed (ROCE) remained at a high level (prior year: 21.3%).
Over the same period, the Group saw its net finance costs deteriorate slightly to EUR 17.0m (prior year: EUR 15.4m). Besides general funding costs for existing loan liabilities, expenses from unwinding the discount on lease liabilities constituted a significant element of this item. Of the aforementioned net finance costs, the unwinding of the discount on IFRS 16 lease liabilities accounted for total costs of EUR 7.6m (prior year: costs of EUR 7.6m) and exchange rate effects accounted for costs of EUR 0.5m (prior year: income of EUR 1.2m); the remaining costs of EUR 8.9m were largely attributable to the Ströer Group's financing (prior year: costs of EUR 9.0m).
The Group's tax expense was lower as a result of the smaller tax base and came to EUR 3.8m in the first quarter (prior year: EUR 5.4m).
All in all, the Ströer Group's consolidated profit for the period of EUR 8.8m was unable to match the strong figure from the first quarter of 2025 due to the adverse impact of exceptional items (prior year: EUR 12.7m). Adjusted for exceptional items, however, adjusted consolidated profit for the period of EUR 17.6m was actually slightly higher than the figure of EUR 16.2m reported for the prior-year period.
FINANCIAL POSITION
Liquidity and investment analysisEUR m | Q1 2026 | Q1 2025 |
Cash flows from operating activities | 64.0 | 39.3 |
Cash received from the disposal of intangible assets and property, plant, and equipment | 1.5 | 0.3 |
Cash paid for investments in intangible assets and property, plant, and equipment | -18.0 | -18.1 |
Cash received and cash paid in relation to investees accounted for using the equity method and to financial assets | 0.0 | 0.0 |
Cash received from and cash paid for the sale and acquisition of consolidated entities | -0.5 | -0.9 |
Cash flows from investing activities | -17.0 | -18.7 |
Cash flows from financing activities | -46.2 | -25.4 |
Change in cash | 0.8 | -4.8 |
Cash at the end of the period | 74.5 | 70.6 |
Free cash flow before M&A transactions (incl. IFRS 16 payments for the principal portion of lease liabilities) | -9.7 | -35.1 |
Free cash flow before M&A transactions | 47.4 | 21.4 |
The Ströer Group generated cash flows from operating activities of EUR 64.0m in the first quarter of 2026, representing strong growth of EUR 24.6m compared with the same period of 2025 (prior year: EUR 39.3m). With EBITDA not quite able to match the figure for the prior-year period due to the adverse impact of exceptional items (minus EUR 4.8m), it was primarily the changes in working capital (plus EUR 25.8m) that took much less of a toll on cash flows from operating activities in the first quarter of 2026 than they had a year earlier. Furthermore, changes in provisions made a positive contribution to cash flows from operating activities (plus EUR 4.5m).
Meanwhile, cash flows from investing activities amounted to a net outflow of EUR 17.0m (prior year: net outflow of EUR 18.7m). As in the first quarter of 2025, nearly all of this was attributable to investment in organic growth, whereby the level of that investment was generally within a normal range. Overall, free cash flow before M&A transactions improved tangibly to a net inflow of EUR 47.4m (prior year: net inflow of EUR 21.4m). Taking into account IFRS 16 payments for the principal portion of lease liabilities, free cash flow before M&A transactions was much improved with a net outflow of EUR 9.7m (prior year: net outflow of EUR 35.1m).
Within cash flows from financing activities, IFRS 16 payments for the principal portion of lease liabilities of EUR 57.1m were virtually on a par with the prior-year period (prior year: EUR 56.5m), while cash received from net borrowing declined significantly as a result of the improvement in free cash flow before M&A transactions. Overall, cash flows from financing activities came to a net outflow of EUR 46.2m (prior year: net outflow of EUR 25.4m).
Cash stood at EUR 74.5m at the end of the first quarter of 2026, which was EUR 0.8m higher than as at December 31, 2025. Financial structure analysisThe Group's non-current liabilities totaled EUR 1,596.4m as at March 31, 2026, which was just EUR 2.9m lower than at the end of the prior year (Dec. 31, 2025: EUR 1,599.2m). Within non-current liabilities, a slight decline in IFRS 16 lease liabilities was largely outweighed by additions to non-current liabilities to banks.
The Group's current liabilities also only experienced a slight decline compared with the end of 2025, decreasing to EUR 708.8m (Dec. 31, 2025: EUR 711.9m). Although trade payables fell significantly due to seasonal effects, this reduction was largely offset by an increase in other liabilities and financial liabilities.
Over the same period, the Group's equity rose by EUR 5.1m to EUR 496.6m (Dec. 31, 2025: EUR 491.5m). This increase was primarily attributable to the Group's consolidated profit for the period of EUR 8.8m. As a result, the equity ratio improved from 17.5% as at the end of 2025 to 17.7%. Adjusted for the lease liabilities accounted for in accordance with IFRS 16, the equity ratio was 26.5% as at the reporting date (Dec. 31, 2025: 26.3%).
Net debtThe Ströer Group bases the calculation of its net debt on the loan agreements in place with its lending banks. The additional lease liabilities that have had to be recognized since the introduction of IFRS 16 are explicitly excluded from the calculation of net debt, both for the credit facilities and for the note loans. This is because the contracting parties do not believe that the financial position of the Ströer Group has changed as a result of the new standard being introduced. To maintain consistency, the positive impact of IFRS 16 on EBITDA (adjusted) is also excluded from the calculation of the leverage ratio.
EUR m | Mar. 31, 2026 | Dec. 31, 2025 | |
(1) | Lease liabilities (IFRS 16) | 781.1 | 785.0 |
(2) | Liabilities from credit facilities | 481.6 | 475.8 |
(3) | Liabilities from note loans | 402.4 | 402.3 |
(4) | Liabilities to purchase own equity instruments | 29.6 | 29.6 |
(5) | Liabilities from dividends to be paid to non-controlling interests | 1.5 | 1.5 |
(6) | Other financial liabilities | 70.0 | 64.8 |
(1)+(2)+(3)+(4)+(5)+(6) | Total financial liabilities | 1,766.1 | 1,759.0 |
(2)+(3)+(5)+(6) | Total financial liabilities excluding lease liabilities (IFRS 16) and liabilities to purchase own equity instruments | 955.4 | 944.4 |
(7) | Cash | 74.5 | 73.8 |
(2)+(3)+(5)+(6)-(7) | Net debt | 880.9 | 870.7 |
Operating performance is usually a little weaker in the first quarter of the year due to seasonal effects and so is often accompanied by an increase in net debt. However, the Ströer Group's net debt rose by only a comparatively moderate EUR 10.3m to EUR 880.9m as at March 31, 2026. The leverage ratio (defined as the ratio of net debt to EBITDA (adjusted)) stood at 2.33 at the end of the first quarter, which was virtually unchanged compared with the ratio of 2.31 as at December 31, 2025. However, the leverage ratio deteriorated slightly compared with the end of the first quarter of 2025 (Mar. 31, 2025: 2.18).
NET ASSETS
Analysis of the asset structureThe Ströer Group's non-current assets fell by EUR 8.4m in the first three months of 2026 to EUR 2,370.4m (Dec. 31, 2025: EUR 2,378.8m). Specifically, this decline was attributable to IFRS 16 right-of-use assets, other property, plant, and equipment, and intangible assets, where additions were in each case outweighed by depreciation and amortization.
By contrast, the Group saw a rise of EUR 7.6m in its current assets to EUR 431.3m (Dec. 31, 2025: EUR 423.8m). Within this item, prepaid expenses and receivables from income taxes increased compared with their level as at the end of 2025, while trade receivables decreased sharply due to seasonal effects.
FINANCIAL PERFORMANCE OF THE SEGMENTS
Out-of-Home Media
EUR m | Q1 2026 | Q1 2025 | Change | |
Segment revenue, thereof | 221.0 | 209.8 | 11.2 | 5.4% |
OOH (Classic OOH) | 114.5 | 115.2 | -0.7 | -0.6% |
DOOH (Digital OOH) | 91.1 | 81.3 | 9.7 | 12.0% |
Services | 15.5 | 13.3 | 2.2 | 16.6% |
EBITDA (adjusted) | 96.6 | 86.3 | 10.3 | 11.9% |
EBITDA margin (adjusted) | 43.7% | 41.1% | 2.6 percentage points | |
At EUR 221.0m, the revenue generated by the OOH Media segment in the first quarter of 2026 was higher than in the equivalent period of 2025 (prior year: EUR 209.8m). Ströer, with an attractive portfolio of advertising media and a strong sales performance, outperformed the market as a whole.
The OOH product group, which consists of our traditional out-of-home products, generated revenue that was virtually unchanged year on year at EUR 114.5m (prior year: EUR 115.2m) despite the figure for the prior-year period having been unusually high. The DOOH product group, which consists of our digital out-of-home products (particularly public video and roadside screens), registered a further substantial increase in revenue of EUR 9.7m to EUR 91.1m in the reporting period. Our high-performance network of digital advertising media notched up strong year-on-year growth on the back of the further strategic expansion of our portfolio. Ever more customers are opting for programmatic placement of advertising using our digital advertising media. At EUR 15.5m, revenue in the Services product group was up on the first three months of 2025 (prior year: EUR 13.3m). This product group includes the local marketing of digital products to small and medium-sized customers as well as complementary activities that are a good fit with the customer-centric offering in the out-of-home advertising business.
The OOH Media segment increased its earnings too, generating EBITDA (adjusted) of EUR 96.6m in the reporting period, which was EUR 10.3m higher than in the same period of 2025 (prior year: EUR 86.3m). The EBITDA margin (adjusted) was above the figure for the prior-year period at 43.7% (prior year: 41.1%).
Digital & Dialog Media
EUR m | Q1 2026 | Q1 2025 Change | ||
Segment revenue, thereof | 231.0 | 206.2 | 24.8 | 12.0% |
Digital | 94.8 | 98.1 | -3.3 | -3.4% |
Dialog | 136.2 | 108.1 | 28.1 | 26.0% |
EBITDA (adjusted) | 26.8 | 28.0 | -1.2 | -4.1% |
EBITDA margin (adjusted) | 11.6% | 13.6% | -2.0 percentage points | |
Overall, the segment delivered EBITDA (adjusted) of EUR 26.8m in the period under review (prior year: EUR 28.0m). The decline in revenue in the Digital product group adversely affected earnings. In addition, increased ancillary wage costs had an impact on our personnel-intensive Dialog product group. The EBITDA margin (adjusted) was lower than in the prior-year period at 11.6% (prior year: 13.6%).
EUR m | Q1 2026 | Q1 2025 Change | ||
Segment revenue, thereof | 78.6 | 90.9 | -12 | .3 -13.5% |
Data as a Service | 36.8 | 42.2 | 5.4 -12.7% | |
E-Commerce | 41.7 | 48.7 | 6.9 -14.2% | |
EBITDA (adjusted) | 5.7 | 11.4 | - | 5.7 -50.2% |
EBITDA margin (adjusted) | 7.2% | 12.5% | -5.3 | percentage points |
DaaS & E-Commerce
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In the first quarter of 2026, the DaaS & E-Commerce segment recorded revenue of EUR 78.6m (prior year: EUR 90.9m). At EUR 36.8m, revenue in the Data as a Service product group was down year on year (prior year: EUR 42.2m). In the equivalent period of the prior year, the revenue figure had contained a small, non-core business activity that was sold in January 2026. Negative exchange rate effects also had an adverse impact on revenue in this segment. The E-Commerce product group, which encompasses AsamBeauty's business, reported lower revenue than in the prior-year period at EUR 41.7m (prior year: EUR 48.7m). The challenging environment for consumer spending weighed particularly heavily on e-commerce business in Germany.
Overall, the segment delivered EBITDA (adjusted) of EUR 5.7m in the period under review (prior year: EUR 11.4m). AsamBeauty's revenue, coupled with ongoing targeted investment in the dynamic expansion of the platforms, meant that the EBITDA margin (adjusted) of 7.2% was below the corresponding prior-year figure of 12.5%.
SIGNIFICANT EVENTS / SUBSEQUENT EVENTS
Share buyback programStröer SE & Co. KGaA commenced a share buyback program on March 26, 2026. The program has a total volume of up to EUR 50.0m. Between March 26 and April 22, 2026, a total of 687,263 treasury shares were repurchased under the program for an overall amount of EUR 23,441k. The share buyback was suspended on April 22, 2026.
Board of Management changesMr. Christian Schmalzl, Co-CEO, stepped down from the Board of Management as at March 31, 2026. Mr. Henning Gieseke, CFO, will leave the Company effective June 4, 2026. Mr. Christoph Vilanek, Chairman of the Supervisory Board, was appointed to the role of CFO on an interim basis.
No other material events of particular importance have occurred.
OUTLOOK
The Board of Management of the general partner of Ströer SE & Co. KGaA stands by its forecast for 2026 set out in the 2025 annual report.
APPENDIX
Consolidated income statement 12
Consolidated statement of financial position 13
Consolidated statement of cash flows 14
CONSOLIDATED INCOME STATEMENT
Ströer SE & Co. KGaA 12 Q1 2026 quarterly statement
EUR k | Q1 2026 | Q1 2025 |
Revenue | 495,603 | 475,471 |
Cost of sales | -301,437 | -280,887 |
Gross profit | 194,166 | 194,584 |
Selling expenses | -86,756 | -89,347 |
Administrative expenses | -80,817 | -73,833 |
Other operating income | 7,423 | 4,755 |
Other operating expenses | -5,898 | -4,254 |
Share of the profit or loss of investees accounted for using the equity method | 1,482 | 1,630 |
Finance income | 1,960 | 2,062 |
Interest expense from leases (IFRS 16) | -7,627 | -7,569 |
Other finance costs | -11,329 | -9,855 |
Profit or loss before taxes | 12,605 | 18,174 |
Income taxes | -3,769 | -5,434 |
Consolidated profit or loss for the period | 8,836 | 12,740 |
Thereof attributable to: | ||
Shareholders of the parent company | 7,252 | 8,535 |
Non-controlling interests | 1,584 | 4,205 |
8,836 | 12,740 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Ströer SE & Co. KGaA 13 Q1 2026 quarterly statement
Assets (EUR k) | Mar. 31, 2026 | Dec. 31, 2025 |
Non-current assets | ||
Intangible assets | 1,154,498 | 1,160,159 |
Property, plant, and equipment | 1,138,495 | 1,146,259 |
Investments in investees accounted for using the equity method | 23,923 | 22,441 |
Financial assets | 4,266 | 4,238 |
Other financial assets | 1,761 | 1,215 |
Other non-financial assets | 6,001 | 7,329 |
Deferred tax assets | 41,453 | 37,154 |
Total non-current assets | 2,370,397 | 2,378,795 |
Current assets | ||
Inventories | 43,560 | 40,322 |
Trade receivables | 235,278 | 246,005 |
Other financial assets | 13,717 | 14,276 |
Other non-financial assets | 54,580 | 44,060 |
Current tax assets | 9,691 | 5,371 |
Cash | 74,521 | 73,756 |
Total current assets | 431,347 | 423,790 |
Total assets | 2,801,744 | 2,802,586 |
Equity and liabilities (EUR k) | Mar. 31, 2026 | Dec. 31, 2025 |
Equity | ||
Issued capital | 55,780 | 55,848 |
Capital reserves | 770,996 | 772,244 |
Retained earnings | -340,270 | -347,224 |
Accumulated other comprehensive income/loss | -4,633 | -4,293 |
481,873 | 476,575 | |
Non-controlling interests | 14,741 | 14,899 |
Total equity | 496,614 | 491,474 |
Non-current liabilities | ||
Provisions for pensions and similar obligations | 29,115 | 29,105 |
Other provisions | 33,702 | 33,764 |
Financial liabilities from leases (IFRS 16) | 602,274 | 609,935 |
Other financial liabilities | 885,982 | 880,092 |
Other liabilities | 2,144 | 2,120 |
Deferred tax liabilities | 43,160 | 44,210 |
Total non-current liabilities | 1,596,377 | 1,599,227 |
Current liabilities | ||
Other provisions | 46,175 | 51,731 |
Financial liabilities from leases (IFRS 16) | 178,776 | 175,101 |
Other financial liabilities | 99,040 | 93,901 |
Trade payables | 228,260 | 248,399 |
Other liabilities | 134,815 | 120,885 |
Current income tax liabilities | 21,688 | 21,868 |
Total current liabilities | 708,754 | 711,885 |
Total equity and liabilities | 2,801,744 | 2,802,586 |
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR k | Q1 2026 | Q1 2025 |
Cash flows from operating activities | ||
Consolidated profit or loss for the period | 8,836 | 12,740 |
Expenses (+)/income (-) from net finance income/costs and net tax income/expense | 20,765 | 20,795 |
Amortization, depreciation, and impairment (+) on non-current assets | 27,054 | 28,493 |
Depreciation and impairment (+) on right-of-use assets under leases (IFRS 16) | 53,400 | 52,833 |
Share of the profit or loss of investees accounted for using the equity method | -1,482 | -1,630 |
Cash received from profit distributions of investees accounted for using the equity method | 0 | 0 |
Interest paid (-) in connection with leases (IFRS 16) | -7,637 | -7,701 |
Interest paid (-) in connection with other financial liabilities | -4,494 | -4,060 |
Interest received (+) | 91 | 35 |
Income taxes paid (-)/received (+) | -13,357 | -14,686 |
Increase (+)/decrease (-) in provisions | -5,037 | -9,518 |
Other non-cash expenses (+)/income (-) | -1,160 | 25 |
Gain (-)/loss (+) on the disposal of non-current assets | -892 | -48 |
Increase (-)/decrease (+) in inventories, trade receivables, | -3,936 | 10,672 |
and other assets | ||
Increase (+)/decrease (-) in trade payables | -8,197 | -48,621 |
and other liabilities | ||
Cash flows from operating activities | 63,954 | 39,326 |
Cash flows from investing activities | ||
Cash received (+) from the disposal of intangible assets and property, plant, and equipment | 1,494 | 252 |
Cash paid (-) for investments in intangible assets and property, plant, and equipment | -18,021 | -18,138 |
Cash received (+)/cash paid (-) in relation to investees accounted for using the equity method and to financial assets | -9 | 27 |
Cash received (+) from/cash paid (-) for the sale of consolidated entities | -452 | 0 |
Cash received (+) from/cash paid (-) for the acquisition of consolidated entities | 0 | -864 |
Cash flows from investing activities | -16,989 | -18,723 |
Cash flows from financing activities | ||
Cash paid (-) for the acquisition of treasury shares | -2,041 | 0 |
Cash received (+) from/cash paid (-) for the acquisition of shares not involving a change | 0 | -56 |
of control | ||
Cash received (+) from borrowings | 96,505 | 67,858 |
Cash repayments (-) of borrowings | -83,517 | -36,711 |
Cash payments (-) for the principal portion of lease liabilities (IFRS 16) | -57,148 | -56,539 |
Cash flows from financing activities | -46,201 | -25,448 |
Cash and cash equivalents at the end of the period | ||
Change in cash and cash equivalents | 765 | -4,845 |
Cash and cash equivalents at the beginning of the period | 73,756 | 75,491 |
Cash and cash equivalents at the end of the period | 74,521 | 70,646 |
Composition of cash and cash equivalents | ||
Cash | 74,521 | 70,646 |
Cash and cash equivalents at the end of the period | 74,521 | 70,646 |
FINANCIAL CALENDAR
H1/Q2 2026 half-year financial report August 13, 2026
9M/Q3 2026 quarterly statement November 12, 2026
CONTACTS AND EDITORIAL INFORMATION
IR CONTACT / PRESS CONTACT Ströer SE & Co. KGaAChristoph Löhrke
Head of Capital Markets & Communications Ströer-Allee 1 . 50999 Cologne
Phone: +49 (0)2236 9645 356 / Phone: +49 (0)2236 9645 246
Fax: +49 (0)2236 9645 6356 / Fax: +49 (0)2236 9645 6246
ir@stroeer.de / cloehrke@stroeer.de / presse@stroeer.de
PublisherStröer SE & Co. KGaA
Ströer-Allee 1 . 50999 Cologne
Phone: +49 (0)2236 9645 0
Fax: +49 (0)2236 9645 299
info@stroeer.de
Cologne local court HRB 86922
VAT identification no.: DE811763883
This quarterly statement was published on May 12, 2026 and is available in German and English.
In the event of inconsistencies, the German version shall prevail.
DISCLAIMERThis quarterly statement contains forward-looking statements that entail risks and uncertainties. The actual business performance and results of Ströer SE & Co. KGaA and of the Group may differ significantly from the assumptions made in this quarterly statement. This quarterly statement does not constitute an offer to sell or an invitation to submit an offer to purchase securities of Ströer SE & Co. KGaA. There is no obligation to update the statements made in this quarterly statement.
Ströer SE & Co. KGaA
Ströer-Allee 1
50999 Cologne
Germany