Stroer SE & Co (SAX) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 5% to €1,550.4m; organic growth was 2.1%, versus -0.4% a year earlier. Adjusted EBITDA increased 2% to €420.9m.

• Q3 revenue increased 4% to €513.0m, with 0.8% organic growth; adjusted EBITDA was €147.8m versus €147.4m.

• Growth was led by DOOH, programmatic DOOH and Dialog, offsetting weakness in DaaS & E-Commerce.

• The FY 2026 outlook was reaffirmed.

Financial highlights

• 9M adjusted EBIT rose 4% to €183.4m and adjusted consolidated profit increased to €90.4m from €86.3m.

• 9M reported profit fell to €61.5m from €75.0m; exceptional items were €32.1m versus €9.3m.

• Q3 reported net income declined 23% to €23.0m, while adjusted net income increased 1% to €34.5m.

• 9M operating cash flow rose to €257.6m from €243.4m; free cash flow before M&A was €177.3m versus €176.1m.

• Adjusted free cash flow declined to €5.0m from €19.1m.

Outlook and guidance

• FY 2026 guidance was confirmed: organic revenue growth in the low- to mid-single-digit range and adjusted EBITDA largely stable YoY.

• Adjusted EBITDA before IFRS 16 is expected to develop in line with sales; adjusted free cash flow before M&A is expected to improve.

• Management cited positive Q4 prospects, current trends, order books and bookings; remaining Q4 weeks were described as decisive.

• 2027 CapEx was provisionally targeted at a similar level to 2026; 2027 free cash flow, net debt and leverage were expected at similar levels to 2026 absent M&A.

• Statista’s sustainable positive development is expected in 2027, with AI and digital optimization expected to have meaningful P&L impact from 2028.