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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.
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Q2 2025 earnings summary13 Aug, 2025

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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Frequently asked questions

Stroeer SE & Co KGaA provides out-of-home media and online advertising solutions in Germany and internationally. It offers services for digital billboard advertising, vehicle advertising, printing and routing services, corporate design and identity, city light posters, bulletin boards, shopping window posters, moving graphics through digital image projections, events and promotions, video displays in cinemas and on media facades.

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