Stroeer (SAX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached €495.6 million, up 4% year-over-year, with organic growth between 1.1% and 3.8%, driven by strong Out-of-Home and Dialog business performance.

• Adjusted EBITDA was €119.3 million, up 2%, with a higher margin, while adjusted EBIT increased 5% to €41.7 million.

• Adjusted net income rose 9% to €17.6 million, and adjusted free cash flow improved significantly to -€9.7 million from -€35.1 million.

• Reported EBIT declined to €29.6 million due to higher costs and exceptional items.

• CapEx before M&A was €16.5 million, down 8% year-over-year.

Financial highlights

• Reported EBITDA declined 4% to €110 million due to €9.2 million in exceptional items, mainly restructuring.

• Reported net income was €9 million, down from €13 million in Q1 2025.

• Net debt increased year-over-year by €17 million to €881 million.

• Free cash flow before M&A improved to €47.4 million from €21.4 million.

• Bank leverage ratio increased to 2.47x from 2.18x a year ago.

Outlook and guidance

• Q2 2026 expected to deliver solid performance, with Out-of-Home and Digital & Dialog segments maintaining Q1 growth trends.

• Data as a Service and E-Commerce segment anticipated to improve sequentially but still decline year-over-year.

• Management reaffirmed the 2026 forecast as set out in the 2025 annual report.

• No change to full-year guidance due to ongoing macroeconomic uncertainty.

• Management emphasizes the sustainability of the business model and ongoing transformation toward an integrated platform.