Half Year 2026 Stroeer SE & Co KgaA Earnings Call Transcript
Key Points
- Group revenue grew 6% to EUR1,037 million in H1 2026, with organic growth accelerating to 2.7%.
- Out-of-home media segment delivered strong performance, with digital out-of-home revenue up 18.5% and programmatic up 29.3%.
- Adjusted EBIT increased 6% to EUR150 million, and adjusted net income rose 7% to EUR56 million.
- Operating cash flow improved to EUR161 million, driven by better working capital development.
- The FIFA World Cup contributed approximately EUR12 million to Q2 revenue, boosting digital out-of-home growth.
- Management confirmed full-year 2026 guidance, with expectations of mid-single-digit growth in out-of-home media for Q3.
- The new 'Ad Manager' platform is on track for launch by end of 2027, with promising early tests of self-service tools.
- Statista's business model transition to tokenization is showing positive initial results with first B2B customers.
- The company is successfully reducing rent costs through new concessions, such as the Hamburg win.
- Iconic super screens, like the 'Whale' in Hamburg, are delivering spectacular returns and attracting new customers.
- Data as a Service and e-commerce segment revenue declined 11.2% to EUR156 million, with adjusted EBITDA down 43%.
- Adjusted EBITDA margin in the digital and dialogue media segment decreased by 2.3 percentage points to 11.9% due to product mix and higher minimum wages.
- Net debt increased to EUR996 million, and the bank leverage ratio rose to 2.6 times from 2.47 times year-over-year.
- Free cash flow adjusted remained negative at minus EUR1.9 million, in line with the prior year.
- Exceptional items increased to minus EUR9.5 million in Q2, mainly due to internal reorganizations.
- The German advertising market remains weak, with gross growth of only 1.9% in Q2 and 1.1% in H1.
- Classic out-of-home revenue declined 1% in H1, reflecting ongoing structural challenges.
- E-commerce revenue fell 10% due to low consumer spending, and the beauty segment faces margin pressure from channel mix and high customer acquisition costs.
- Statista's revenue decline is expected to continue through the year as the business model transition takes time.
- The share buyback program has been paused, with no plans to accelerate unless the share price drops significantly.
Ladies and gentlemen, welcome to the Estrua H1 Q2 figures 2026 conference call. I'm Matilde, the course call operator.
I would like to remind you that all participants will be in listen-only mode and the conference is being recorded.
The presentation will be followed by a Q&A session.
You can register for questions at any time by pressing star and one on your telephone.
For operator assistance, please press and 0.
The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Udo Milam, CEO. Please go ahead.
Thank you very much. Dear investors, dear analysts, welcome to today's Q2 and H1 2026 earnings call.
Let us dive straight into the numbers and details.
On the top-line, revenues in the first half amounted to EUR1,037 million, compared to EUR980 million in the prior year period.
On an organic basis, growth
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