Stroer SE & Co (SAX) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached EUR 1,037.4 million, up 6% year-over-year, with organic growth of 2.7%, driven by strong OOH and Digital & Dialog Media performance.

• Adjusted EBITDA for H1 2026 was EUR 273 million (+3%), and adjusted EBIT was EUR 115 million (+6%). Adjusted net income rose 7% to EUR 56 million.

• Free cash flow (adjusted) for H1 2026 remained negative at EUR -1.9 million, reflecting higher capex.

• Net debt increased to EUR 995 million as of June 30, 2026, due to dividend and share buyback.

• OOH Media and Digital & Dialog Media segments were key growth drivers, offsetting weaker DaaS & E-Commerce performance.

Financial highlights

• Q2 2026 revenue increased 7% to EUR 542 million, with organic growth of 4.2%.

• Adjusted EBITDA for Q2 2026 was EUR 154 million (+3%), with exceptional items of EUR -9.5 million due to internal reorganizations.

• Adjusted net income for Q2 2026 increased 7% to EUR 38.3 million.

• Free cash flow (adjusted) for Q2 2026 was EUR 7.8 million, down from EUR 33.5 million in Q2 2025.

• CapEx before M&A was EUR 51 million, up EUR 12 million year-over-year, including a EUR 9.8 million real estate purchase.

Outlook and guidance

• OOH Media sales expected to grow mid-single-digit percentage in Q3 2026.

• Digital & Dialog Media sales growth anticipated to align with Q2 2026 trends.

• DaaS & E-Commerce sales projected to decline in low double-digit percentage range.

• Full-year 2026 guidance/outlook confirmed.

• Macroeconomic risks remain, but no threats to going concern are identified.