Stroer SE & Co (SAX) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue 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 was EUR 273 million (+3%), and adjusted EBIT was EUR 115 million (+6%).

• Adjusted net income for H1 rose 7% to EUR 56 million.

• Free cash flow (adjusted) for H1 was EUR -1.9 million, reflecting higher CapEx.

• 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%.

• Q2 adjusted EBITDA was EUR 154 million (+3% year-over-year), while adjusted EBIT was EUR 61.1 million (-1%).

• Q2 adjusted net income increased 7% to EUR 38.3 million.

• Operating cash flow for H1 improved to EUR 161 million, driven by better working capital.

• CapEx before M&A for H1 was EUR 51 million, up EUR 12 million year-over-year, including a EUR 9.8 million real estate purchase.

Outlook and guidance

• Q3 2026: OOH Media sales expected to grow mid-single digits; Digital & Dialog Media to grow in line with Q2; DaaS & E-Commerce to decline low double digits.

• Full-year 2026 guidance confirmed.

• Q4 order book is positive, with Q3 expected to be softer due to budget shifts from the FIFA World Cup.

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