Stroeer (SAX) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue rose 2% to €980.2m, with organic growth at 0.5% amid tough prior-year comps and challenging market conditions.

• Adjusted EBITDA increased 1% to €266.3m, but adjusted net income declined 5% to €52.1m due to higher costs.

• Free cash flow adjusted was -€1.6m for H1, down from €21.7m last year, reflecting higher CapEx, cost base, and tax payments.

• Q2 2025 revenue declined 1% year-over-year to €504.7m, with adjusted EBITDA down 4% and adjusted net income down 15%.

• Statista is transitioning to an AI-driven data infrastructure, expanding partnerships and piloting with major corporates and LLMs.

Financial highlights

• H1 2025 organic revenue growth slowed to 0.5% from 10.3% in H1 2024.

• Adjusted EBITDA for Q2 was €148.9m, down from €155m in Q2 2024.

• Net debt increased to €955.6m, leverage ratio at 2.47x, mainly due to dividend payout and acquisitions.

• CapEx for H1 was €39.6m, about 3% below prior year and focused on digital out-of-home network expansion.

• ROCE remained strong at 20.7% for H1 2025.

Outlook and guidance

• Guidance for 2025 is unchanged: organic growth expected at ~6.5%, with adjusted EBITDA growing ahead of revenue.

• Q3 revenue growth in out-of-home media expected to be similar to Q2; Q4 to benefit from easier comps.

• Full-year performance depends on Q4, with expectations of improved cash flow and margin recovery.

• Mid- to long-term, double-digit top-line growth expected in core out-of-home media.

• DaaS & E-Commerce expected to show improved revenue development in H2.