Record results: Ströer presents strong results for the first half of 2019

PRESS RELEASE

Record results: Ströer presents strong results for the first half of 2019

• Consolidated revenue increases by 8% from EUR 726m to EUR 787m
• (Adjusted) EBITDA climbs 8% from EUR 237m to EUR 256m
• Adjusted profit for the period also up, climbing 7% from EUR 79m to EUR 84m
• Organic growth at over 7%

Cologne, 8 August 2019Ströer SE & Co KGaA is continuing on the sustainable growth course of the past fiscal years and is presenting record profit once again in its quarterly statement Q2/2019. H1 revenue climbed by 8% like on like, up from EUR 726m to EUR 787m. Organic revenue growth stood at 7.3%. (Adjusted) EBITDA increased by 8% in H1, up from EUR 237m to EUR 256m. Adjusted profit for the period also developed positively, up 7% from EUR 79m to EUR 84m.

With its "Out-of-Home plus" strategy (OOH plus) - the combination of the core OOH business and the supporting Content and Direct Media segments - Ströer is focusing on the German market and thus has a solid basis for long-term organic growth as well as high profitability. The extensive tech and content know-how from Ströer's digital segments bolsters the digitisation of the core OOH business. Ströer expects the structural upward trend for OOH, which is being driven mainly by the ongoing digitisation, to continue for at least another 10 years with growth rates of around 5%. In order to ensure growth at the upper end of the expected structural market growth and increase the utilization of its infrastructure inventory, Ströer, as the first nationally operating OOH player, has developed a new growth strategy "OOH plus," which enables better and above all more direct customer access as well as expected revenue growth that is well in excess of the market average.

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"The positive development of our key financials confirms the success of our OOH plus strategy. The pivotal success factors in the first half of 2019 were stepped up investments in the digitisation of our advertising media, further expansion of local and regional sales and the consistently strong growth in programmatic demand for our digital out-of-home products. The integration of our content and dialog products in our work with and for our customers has enabled us to generate strong growth," says Udo Müller, founder and Co-CEO of Ströer.

"Our organic growth in the second quarter was built on the good performance in the preceding quarter. By narrowing our strategic focus and disposing of non-core business, we were able to invest even more energy in developing our core business," says Christian Schmalzl, Co-CEO of Ströer. "In light of this, we confirm our guidance of mid-single digit growth for the second half of 2019."

Operating segments

OOH Media

Revenue in the OOH Media segment rose 9% from EUR 298m to EUR 324m in the first half of 2019. Overall, the segment increased its (adjusted) EBITDA by 6% in H1 2019, up from EUR 138m to EUR 147m and generated an (adjusted) EBITDA margin of 45.3% (prior year: 46.4%).

Digital OOH & Content

Revenue in the Digital & OOH Content segment grew from EUR 263m to EUR 266m in the first half of 2019, with organic revenue growth at just under 10%. As a result, the Digital OOH & Content segment was able to more than offset the effects from the sale of group companies such as Ströer Mobile Performance announced in the first quarter and further sharpen its focus. (Adjusted) EBITDA soared 20% from EUR 77m to EUR 92m, largely driven by the sustainable and profitable growth recorded by public video and Statista. The (adjusted) EBITDA margin stood at 34.7% (prior year: 29.4%).

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Direct Media

Segment revenue for Direct Media climbed substantially in the first half of 2019, up from EUR 173m to EUR 215m. (Adjusted) EBITDA was at around EUR 25m (prior year: EUR 30m). Against the background of the continued integration and optimization of processes in this segment, the (adjusted) EBITDA margin was 11.9% (prior year: 17.2%).

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THE GROUP'S FINANCIAL FIGURES AT A GLANCE

Continuing operations

REVENUE

EBITDA (ADJUSTED)1

EBITDA-MARGIN (ADJUSTED)

EUR 787.4m	EUR 256.0m	32.5%
(prior year: EUR 236.9m)	(prior year: 32.6%)
(prior year: EUR 725.9m)	ORGANIC REVENUE GROWTH	ADJUSTED CONSOLIDATED PROFIT
		7.3%	EUR 84.0m
		(prior year: 8.0%)	(prior year: EUR 78.5m)
		FREE CASH FLOW BEFORE	ROCE
		M&A TRANSACTIONS
		EUR 126.7m	18.7%
		(prior year: EUR 93.0m)	(prior year: 18.5%)

In EUR m	Q2 2019	Q2 2018	6M 2019	6M 2018
Revenue	413.4	396.7	787.4	725.9
EBITDA (adjusted)1	138.5	129.3	256.0	236.9
Adjustment effects	6.3	6.2	14.6	14.9
EBITDA	132.2	123.1	241.4	222.0
Amortization, depreciation and impairment losses	91.4	87.2	175.8	164.9
thereof attributable to purchase price allocations and
impairment losses	19.5	21.3	34.6	36.7
EBIT	40.8	35.8	65.6	57.0
Financial result	7.2	8.1	14.9	15.8
EBT	33.6	27.7	50.7	41.3
Taxes	5.7	4.1	8.9	5.9
Consolidated profit for the period	27.9	23.7	41.8	35.4
Adjusted consolidated profit for the period	49.7	46.7	84.0	78.5
Free cash flow (before M&A transactions)			126.7	93.0
Net debt (30 June)			671.8	610.0

1 "EBITDA (adjusted)" is in substance identical to the previous term "operational EBITDA."

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About Ströer

Ströer is a leading German provider of out-of-home media and offers advertising customers individualized and fully integrated, end-to-end solutions along the entire marketing and sales value chain. With its "OOH plus" strategy, Ströer is focusing on the strengths of the OOH business, underpinned by the Content and Direct Media segments. With this combination, the Company is in a position to continue expanding its customer relevance and, thanks to its strong market share and longterm contracts on the German market, has an excellent basis from which it can continue to reap more than its share of market growth over the coming years.

The Ströer Group commercializes and operates several thousand websites in German-speaking countries in particular and operates approximately 300,000 advertising media in the out-of-home segment. The portfolio includes all forms of out-of- home media - from traditional poster media and exclusive advertising rights at train stations through to digital out-of-home media. Our core business is supported by the Content and Direct Media segments. With dialog marketing, Ströer offers its customers wrap-aroundperformance-based solutions ranging from location or content-specific reach and interaction across the entire spectrum of dialog marketing through to transactions. Furthermore, in digital publishing, the Company publishes premium content across all digital channels, offering one of Germany's widest reaching networks with its t-online.de and special interest sites.

The Company has approximately 13,000 employees at over 100 locations. In fiscal year 2018, Ströer generated revenue of EUR 1.6b. Ströer SE & Co. KGaA is listed on Deutsche Börse's SDAX.

For more information on the Company, please visit https://www.stroeer.com/en.

Press contact	Investor Relations contact
Marc Sausen	Christoph Löhrke
Ströer SE & Co. KGaA	Ströer SE & Co. KGaA
Head of Corporate Communications	Head of Investor & Credit Relations
Ströer-Allee 1 - D-50999 Cologne, Germany	Ströer-Allee 1 - D-50999 Cologne, Germany
Phone: [phone]	Phone: [phone]
Fax: [phone]	Fax: [phone]
E-mail: [e-mail]	E-mail: [e-mail]

Disclaimer

This press release contains "forward-looking statements" regarding Ströer SE & Co. KGaA ("Ströer") or the Ströer Group, including assessments, estimates and forecasts with respect to the financial position, business strategy, management plans and objectives and future operations of Ströer or the Ströer Group. Forward- looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the results of operations, profitability, performance or achievements of Ströer or the Ströer Group to be materially different from any future results, performance, achievements or achievements expressed or implied by such forward-looking statements. These forward-looking statements are made as of the date of this press release and are based on numerous assumptions that may prove incorrect. Ströer makes no representations or warranties as to the accuracy, completeness, correctness, adequacy or suitability of the information and opinions contained herein. The information contained in this press release is subject to change without notice. It may be incomplete or condensed and may not contain all material information relating to Ströer or the Ströer Group. Ströer undertakes no obligation to publicly update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise.

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