Stroeer (SAX) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated revenue of EUR 2,075m in 2025, with stable adjusted EBITDA of EUR 626m, meeting guidance despite challenging market conditions and a major transformation toward an AI-driven platform business.

• Strategic shift underway from manual, silo-based sales to automated, scalable AI-powered platforms, with Ströer Ad Manager and Public Mind as core pillars.

• t-online solidified its leadership as Germany's top digital news platform, achieving notable reach growth and strong trust metrics.

• Launched Europe's largest LED digital screen, 'The Whale', in Hamburg, showcasing innovation in DOOH.

• Net income adjusted was just above EUR 165 million; adjusted free cash flow reached EUR 107 million.

Financial highlights

• FY 2025 revenues rose 1% to EUR 2,075.1m; OOH Media segment revenue reached EUR 989m, with DOOH contributing around EUR 400m.

• Adjusted EBITDA remained stable at EUR 626m; adjusted EBIT declined 4% to EUR 307m.

• Adjusted net income declined 3% to EUR 165.2m; adjusted EPS down 2% to EUR 2.70.

• Adjusted free cash flow dropped 32% to EUR 106.7m, mainly due to working capital outflows.

• Digital & Dialog Media segment revenue increased to EUR 892m, with digital portfolio revenue at EUR 442m and dialog business at EUR 450m.

Outlook and guidance

• FY 2026 organic revenue growth expected in the low to mid single-digit range, with adjusted EBITDA projected to remain stable and improved free cash flow before M&A.

• AI-driven platform strategy expected to deliver higher margins, improved capital efficiency, and better free cash flow conversion over the next three to five years.

• Q1 2026: OOH Media sales expected slightly above prior year; Digital & Dialog Media to grow in line with Q4 2025; DaaS & E-Commerce to decline due to Statista unit disposal.

• Statista anticipates ongoing business growth and double-digit million improvement in free cash flow.

• Adjusted EBITDA after IFRS 16 expected to remain stable, with lower IFRS 16 effects due to contract renewals and a shift to variable rents.