Stroer SE & Co (SAX) Investor presentation summary

Market dynamics and performance

• Net revenues grew 4% year-over-year in Q1 2026, with organic growth at 1.1% after adjusting for exchange rates and consolidation effects.

• Out-of-home (OOH) media in Germany saw a 1.8% increase, while Ströer's programmatic digital OOH (pDOOH) and DOOH segments grew by 12.1% and 12.0%, respectively.

• OOH Media segment achieved 5.4% revenue growth and nearly three percentage points EBITDA margin improvement, driven by strong DOOH performance.

• Digital & Dialog Media revenue rose 12%, with Dialog up 26% but Digital down 3.4%; EBITDA margin declined by 2 percentage points.

• DaaS & E-Commerce revenue fell 13.5%, with EBITDA margin dropping to 7.2% due to lower Statista and Asam sales.

Financial results and cash flow

• Adjusted EBITDA increased 2% to €119.3m, while adjusted EBIT rose 5% to €41.7m.

• Adjusted net income grew 9% to €17.6m, despite a 31% drop in reported net income due to higher exceptional items.

• Free cash flow (adjusted) improved significantly from -€35.1m to -€9.7m, mainly due to better working capital management.

• Capex decreased by 8% to €16.5m, reflecting continued low investment levels.

• Leverage ratio increased due to higher net debt, despite improved cash flow.

Strategic initiatives and product highlights

• Launched the Iconic Screen Collection, bundling all iconic screens into a single bookable network, inspired by the success of "The Whale Hamburg."

• Expanded digital screen presence at high-traffic locations such as Hamburg Central Station, Spielbudenplatz, Munich Stachus, Cologne Lanxess Arena, and Dusseldorf.

• Introduced new large-format screens, including "The Lighthouse" in Hamburg, released in Q3 2026.