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Stroeer (SAX) investor relations material
Stroeer Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 revenue rose 2% to €980.2m, with organic growth at 0.5% amid tough comps and a challenging macro environment.
Adjusted EBITDA increased 1% to €266.3m; adjusted net income declined 5% to €52.1m due to higher costs and D&A.
Free cash flow before M&A was €106.2m, down from €121.6m, mainly due to higher tax and negative working capital.
Out of Home Media outperformed the German ad market, with digital and programmatic segments driving growth.
Statista is transitioning to an AI-driven data infrastructure, with new partnerships and pilot phases underway.
Financial highlights
Q2 2025 revenue declined 1% year-over-year to €504.7m; organic growth at -2.3% excluding RBL Media acquisition.
Adjusted EBITDA for Q2 was €148.9m (down 4% year-over-year); reported net income at €32m (vs. €38m prior year).
Free cash flow adjusted for Q2 was €34m, down from €46m last year, mainly due to lower EBITDA and higher interest/taxes.
Net debt increased to €955.6m, leverage ratio at 2.47x (up from 2.28x prior year), mainly from dividends and acquisition.
CapEx for H1 at €39.6m, 40% below 2023 levels.
Outlook and guidance
Guidance for 2025 unchanged: organic growth expected at 6.5%, with adjusted EBITDA to grow ahead of revenue.
Q3 revenue growth in Out of Home Media expected to match Q2; Q4 to benefit from lower comps and seasonality.
Full-year performance increasingly dependent on Q4 due to subdued summer business.
Cost controls and earnings protection measures in place to safeguard margins if ad market weakens.
Macroeconomic and geopolitical risks, including trade disputes, could impact advertising spend and earnings.
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