Ströer SE & Co. KGaA

Thank you very much. Dear investors, dear analysts, welcome to today's Q2 and H1 2026 earnings call. Let us dive straight into the numbers and details. On the top line, revenues in the first half amounted to 1 billion and 37 million euros, compared to 980 million euros in the prior year period. On an organic basis, growth accelerated from 0.5 to 2.7 percent While on a reported basis, revenue grew by 6%. Moving down the P&L, EBITDA adjusted reached 273 million euros compared to 266 million euros last year. This represents a 3% year-on-year increase. On EBIT adjusted, we reported 150 million euros up from 109 million euros in H1 2025. This corresponds to an increase of 6%. Net income adjusted amounted to 56 million euros compared to 52 million euros in the prior year period. This translates into a 7% year-on-year increase. Turning to cash flow, free cash flow adjusted remained broadly on the prior year level. For the first six months, we reported minus 1.9 million euros compared with minus 1.6 million euros in H1 2025. Christoph will elaborate on this in detail later in the final section. Finally, CapEx before M&A amounted to 51 million euros, up 12 million euros as of H1 2025. On market dynamics, first let us have a look at the news numbers for Q2 of our local German peers in the middle of the chart. As always, please keep in mind that these show gross and that net revenue growth is on average 6-7 percentage points lower. On this gross basis, the German advertising market increased by 1.9% in Q2. OOH grew by 8.8%, clearly outperforming TV at minus 1.1%, print at minus 4.5% and radio at plus 2.9%. by desktop and mobile grew by 15.3%. Against this market backdrop, our autoform media segment delivered reported net revenue growth at 10.3% in the second quarter. Within the segment, DOH increased by 24.3% and the DOH subcategory programmatic digital autoform by 45%. The half-year picture confirms the same structural trend. The German advertising market increased by 1.1% on a gross basis, with OOH up 5.6%, ahead of TV at minus 0.3%, print at minus 0.9%, and radio at minus 0.5%. Desktop and mobile increased by 10.9%. Our age media segment achieved reported net revenue growth at 8% in age 1, while DOO age grew by 18.5% and programmatic was up by 29.3% in the same period. Driven by the strong development of Steuer, the share of out-of-home advertising increased to 10.7% of the German advertising market, according to Niesen. So far my remarks. And with that, a hand over to Christoph.

Thank you, Udo. A warm welcome also from my side. A very good morning to everybody. Thanks for having me today. Let me immediately start the finance section with a quick look at the Q2 2026 P&L. In total, we delivered a solid set of results for the second quarter. Group revenue increased by 7% to 542 million euros compared with 505 million euros in Q2 2025. If we exclude exchange rate and consolidation effects, the organic growth came in at 4.2%, which is an improvement of 6.5 percentage points year over year. The adjusted EBDR amounted 154 million euros, 4.9 million euros or 3% higher then the same quarter in 2025. Exceptional items for the quarter were minus 9.5 million euros compared with minus 3.7 million euros in the prior year period. The increase resides mainly from our internal reorganizations. Accordingly, the EBDA was 144 million euros stable compared to 145 million euros of last year. Depreciation and amortization are virtually unchanged at the level of 83 million euros. EBIT came in at 61 million euros compared to 62 million euros previous year. The overall financial result was minus 19 million euros against minus 16 million euros in the prior year period due to an higher average debt level compared to the previous year. Accordingly, earnings before tax came in at 42 million euros compared to 46 million euros. The tax rate is unchanged at 29.9% and the tax results amounted to minus 13 million. All in all, reported net income for the quarter came in at 29.7 million euros compared with 32.3 in Q2 2025. The total adjustments amount to 8.6 million euros, mainly reflecting exceptional items and additional reconciliation factors shown on the slide. The adjusted net income increased by 7% to 38.3 million euros from 36 million euros. Let's now switch over to a view on the cash flow. In the first half of 2026, operating cash flow flow improved to 161 million euros compared to 146 million euros in the previous year, primarily due to the better working capital development, which came in at minus 13 million euros compared to minus 31. The positive development overcompensated high tax outflows, which amounted 36 million compared to 32 in the previous year. Investment cash flows for the first six months amount to 51.2 million euros compared to 39.6 there was an exceptional investment in real estate. As a result for free cash flow before M&A there was 110 million euros in the first half year of 26 compared to the 106 of the previous year after lease liability repayments which slightly increased compared to the corresponding Thank you very much. The remaining difference in the reconciliation of around 7 millions relates to a reduction of accrued interest liabilities paid in Q2, representing a cash flow with no effect on net debt. Net debt year over year was up 40 million euros to 996 million including accumulated free cash flow over the last 12 months of 106 million euros cash out for dividend payment of minus 115 and the share buyback volume of 23 million and 4 million earn out payment on minor M&A activities. With that, Our bank leverage ratio increased to 2.6 times compared to 2.47 times at the end of June 2025, reflecting a higher net debt and a slight decline in the earnings contribution used for the calculation. Then let's have a look at the performance of the individual segment. As is customary, let's start with out-of-home media. During the first half of 2026, segment revenue increased by 8.1% on organic and 8% on a reported basis to 492 million euros and outperformed the German advertising market significantly, as Udo already pointed out. As in previous quarters, digital out of home again was the key growth driver, increasing by 18.5% to a total of 207 million euros. supported by programmatic demand and also the FIFA World Cup which took place in June which accounts for approximately 12 million euros in this segment. Classic out-of-home revenue was 1% lower at 253 million euros. Services increased by 26.7% to 32 million euros driven by the newly won clients as mentioned in our last call. EBITDA adjusted for the segment increased by 10.3% to 224 million euros for the first half of the year and EBITDA adjusted margin improved by 0.9 percentage points to 45.6 during this period. Looking on to the adjusted EBITDA before IFRS 16, this increased over proportionally by 23% to 115 million euros The corresponding margin improved 2.9% to 23.4%. From a Q2 perspective, basically the same picture emerges. Total revenues of the segment were up 10.3% to 270 million. With digital out-of-home SMI and gross driver EBITDA, it just came in at 128 million euros compared to 170 million euros in the prior year period Q2. Then let's have a look at digital and dialogue media segment. The first six months, the segment revenue increased by 5.4% on an organic and by 14.4% on a reported basis to 476 million euros. Digital revenue was up, reported by 2.6%, while dialogue revenue increased organically by 8%. On a reported basis, considering the additional revenues coming from Amevida acquisition, you remember last year, The dialogue was up by 25.5%. The adjusted EBDR declined by 4% or 2 million euros to 57 million euros for the first six months of the year. The corresponding margin decreased by 2.3 basis points to 11.9 mainly due to a shift in product mix and higher minimum wages in the very personally intensive dialogue business. From a Q2 perspective digital dialogue revenue increased by 16.6% to 245 million digital revenue grew by 8.3% to 113 millions as the strong performance of the programmatic digital out-of-home category more than offset the challenging online media market. Dialog revenue increased by 24.9% or 7.4% on an organic basis to a total of 131 million euros. The adjusted EBTA of the quarter came in at 30 million, just a million euro lower compared to the previous year period. The corresponding margin was 12.2%. Last but not least, let's also have a look on the performance of Data as a service and e-commerce. As expected, the performance in our third segment remained below the prior year level. Segment revenues declined by 11.2% to 156 millions. In e-commerce, revenue was down by 10% to 83 millions and it still reflects low consumer spending in Germany in that specific field. Data as a service revenue was 12.2% below prior year revenue of 82 million and came in with 72. Adjusted for the disposal of Statista's strategy and consulting unit which we reported and also negative currency effects the organic revenue decline amounts 4.4% year-to-date. The adjusted EBITDA was 11.4 million euros for the first six months down 43% and the corresponding margin logically is also down 7.3%. If we look at Q2, the picture is very similar. Overall segment revenue fell by just under 9% from 85 million to 77 million euros. Data as a service recorded revenues of 36 million euros down 11.6% and e-commerce achieved revenues just under 42 million euros, a decline of 6%. These downward trends logically also reflect in the performance of the adjusted EBDA and the adjusted EBDA margin with 6 million euros and 7.5% respectively at the end of the quarter. Having given you an overview on the details of the financials, I'd like to hand back to Udo for his remarks.

Thank you Christoph. Before ending the presentation, let me provide some comments. and the outlook for Q3 and its current trading momentum. For the third quarter, we expect the following developments. For OOH media, sales should grow in a mid-single-digit percentage range. For digital and dialogue media, we expect sales to grow broadly in line with the developments seen in Q2 2026. For darts and e-commerce, we expect sales to continue to decline in a low double-digit percentage range. Against this backdrop, we confirm our full year guidance for 2026. Let me now close the presentation with a short look into our financial calendar for 2026. Our next scheduled reporting date is November 12th. On that date, we will publish our Q3 2026 quarterly statement. As always, updates, reports and roadshow presentations can be found on our IR website. Thank you everyone. We are now happy to take your questions.