Stroeer (SAX) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated revenue of EUR 2,075m in 2025, with digital out-of-home and programmatic growth driving performance; overall revenue up 4% to EUR 989m.

• Adjusted EBITDA remained stable at EUR 626m, while adjusted EBIT declined 4% to EUR 307m; adjusted net income was just above EUR 165m.

• Major strategic transformation underway, shifting from manual, silo-based advertising sales to an AI-driven platform business, centered on Ströer Ad Manager and Public Mind.

• t-online solidified its position as the leading digital news platform in Germany, with strong reach and trust metrics, achieving 10%+ growth in early 2026.

• Launched Europe's largest LED digital screen, 'The Whale', in Hamburg, showcasing innovation in DOOH.

Financial highlights

• FY 2025 revenues rose 1% to EUR 2,075.1m; organic growth was -0.4% year-over-year.

• Adjusted EBITDA remained flat at EUR 625.9m; adjusted EBIT fell 4% to EUR 306.6m; adjusted net income declined 3% to EUR 165.2m; adjusted EPS down 2% to EUR 2.70.

• Digital out-of-home revenue grew 8% to EUR 398m; programmatic DOOH rose 12% to EUR 151m.

• Adjusted free cash flow was EUR 107m; capital expenditures stable at EUR 93m.

• Q4 2025 revenues up 3% year-over-year; adjusted EBITDA up 3% to EUR 212.3m.

Outlook and guidance

• For 2026, organic revenue growth is expected in the low to mid single-digit range, with cash EBITDA anticipated to develop in line with sales.

• Adjusted EBITDA after IFRS 16 is expected to remain largely stable, with lower IFRS 16 effects due to contract renewals shifting from fixed to variable rents.

• Q1 2026 out-of-home media sales are projected slightly above last year, with Digital & Dialog Media expected to maintain Q4 2025 momentum; DaaS & E-Commerce to decline due to Statista unit disposal.

• AI-driven platform strategy expected to deliver higher margins, improved capital efficiency, and better free cash flow conversion over the next three to five years.

• Positive development is expected for adjusted free cash flow before M&A.