Company presentation - Axel Springer SE
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Company presentation
Disclaimer
This document, which has been issued by Axel Springer SE (the "Company"), comprises the written materials/slides for a presentation of the
management.
Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and
expectations contained herein are fair and reasonable no representation or warranty, express or implied, is given by or on behalf of the
Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this
document and no liability is accepted for any such information or opinions.
This document contains forward looking statements which involves risks and uncertainties. These forward-looking statements speak only as of
the date of this document and are based on numerous assumptions which may or may not prove to be correct. The actual performance and
results of the business of the Company could differ materially from the performance and results discussed in this document.
The Company undertakes no obligation to publicly update or revise any forward-looking statements or other information contained herein
whether as a result of new information, future events or otherwise.
This document does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or
subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in
connection with, any contract or investment decision in relation thereto.
Company Presentation September 2019 2
Successful tender offer by KKR of €63.00
Final acceptance rate at 42.5%
‒ Voluntary tender offer accepted for 42.5% of Axel Springer shares at the end of the
additional acceptance period
‒ Major step towards envisaged partnership with KKR to support our strategy of
growth and investments and pursue additional opportunities
‒ High continuity with Friede Springer and Mathias Döpfner keeping their stakes
and forming a consortium with KKR
‒ Closing subject to merger control and media concentration clearances,
expected until Q4/19 or Q1/20
Company Presentation September 2019 3
Axel Springer financials at a glance
Revenues by segment1 Guidance
2%
14% 2018 Outlook 20193 (reported) Outlook 20193 (organic4)
40%
low to mid single-digit
Revenues in €m 3,180.7 on prior-year level
% decline
45%
EBITDA (adj.) in €m 737.9
mid teens % decline low to mid teens % decline
margin 23.2%
Adj. EBITDA by segment1,2 EBIT (adj.) in €m 527.9 significantly below
High teens % decline to
significantly below
13% margin 16.6% prior-year level
prior-year level
significantly below significantly below
EPS (adj.) in € 2.73
26% 61% prior-year level prior-year level
DPS (FY 2018) in € 2.10 --- ---
1) Based on H1/19 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments. 3) Outlook
prior adjustment as of September 30, 2019: revenues: low single-digit % decline (reported) / low single-digit
Classifieds Media Marketing Media % growth (organic), adj. EBITDA: mid single-digit % decline (reported) / on prior-year level (organic), adj. EBIT:
News Media Services / Holding high single-digit % decline (reported) / low single-digit % decline (organic), adj. eps: high single-digit to low
double-digit % decline (reported) / low to mid single-digit % decline (organic). 4) Adjusted for consolidation
and FX effects.
Company Presentation September 2019 487% of adj. EBITDA from digital activities
Organic digital revenue growth of 7.7% in H1/19
Revenues adj. EBITDA
74%
digital
87%
digital
Company Presentation September 2019 5H1/19 impacted by consolidation effects
Revenues adj. EBITDA adj. EBIT adj. eps
€1,531.1m €344.8m €238.7m €1.19
-1.9% rep. -2.7% rep. -5.8% rep. -11.9% rep.
+1.0% org.1) +1.7% org.1) +0.5% org.1) -4.6% org.1)
1) Adjusted for consolidation and FX effects.
Company Presentation September 2019 6Classifieds Media – add-on acquisitions
StepStone and AVIV expand portfolio
‒ StepStone with add-on acquisitions in ‒ AVIV expands value chain in France
line with growth strategy with
‒ – leading provider of ‒ AVIV closed acquisition of 100% of
programmatic job ads in the US; MeilleursAgents for purchase price
purchase price of €71.6m for 91.2%1 of €200m (cash/debt-free)
‒ Expanding scope of French real
‒ – Europe‘s leading
estate classifieds in terms of
digital platform for students
property valuation and seller leads
‒ – leading German ‒ Approaching breakeven in 2019
compensation analyst portals
1) Fully diluted 85%.
Company Presentation September 2019 7News Media – operational highlights
‒ Continued growth in digital subs ( & : +11.5% H1/19 yoy)
‒ Challenging advertising environment for media brands
‒ with strong growth and profitability in H1/19
‒ and – B2B businesses to be combined from 2020 onwards
‒ Acquisition of – one of the leading players in paid content
technology in Germany
Company Presentation September 2019 8Group outlook 2019
As adjusted on September 30, 2019
reported1 organic1,2
Revenues Low to mid single-digit % decline on prior-year level
adj. EBITDA mid teens % decline low to mid teens % decline
Group
high teens % decline to
adj. EBIT significantly below prior-year level
significantly below prior-year level
adj. eps significantly below prior-year level significantly below prior-year level
1) Outlook prior adjustment as of September 30, 2019: revenues: low single-digit % decline (reported) / low single-digit % growth (organic),
adj. EBITDA: mid single-digit % decline (reported) / on prior-year level (organic), adj. EBIT: high single-digit % decline (reported) / low single-digit
% decline (organic), adj. eps: high single-digit to low double-digit % decline (reported) / low to mid single-digit % decline (organic).
2) Adjusted for consolidation and FX effects.
Company Presentation September 2019 9Segment outlook 2019
As adjusted on September 30, 2019
reported organic2
Classifieds Media on prior-year level to low single-digit % decline1 low single-digit % growth1
News Media mid single-digit % decline1 mid single-digit % decline1
Revenues
Marketing Media on prior-year level1 high single-digit % growth
Services/Holding mid to high teens % decline 1
mid to high teens % decline1
Classifieds Media mid to high single-digit % decline1 low to mid single-digit % decline1
News Media significantly below the prior-year level1 significantly below the prior-year level1
adj. EBITDA
Marketing Media mid teens % growth1 significantly above the prior-year level1
Services/Holding mid teens % decline3 mid teens % decline3
Classifieds Media low double-digit % decline1 mid to high single-digit % decline1
News Media significantly below the prior-year level1 significantly below the prior-year level1
adj. EBIT
Marketing Media high teens % growth1 significantly above the prior-year level1
Services/Holding high single-digit to low double-digit % decline3 high single-digit to low double-digit % decline3
1) Outlook prior adjustment as of September 30, 2019: revenues – Classifieds Media (CM): on prior-year level to low single-digit % growth (reported) / mid to high single-digit % growth (organic), News Media (NM): low
to mid single-digit % decline (reported) / low single-digit % decline (organic), Marketing Media (MM): low single-digit % decline (reported), Services & Holding: low double digit % decline (reported) / low double-digit %
decline; adj. EBITDA – CM: mid single-digit % decline (reported) / on prior-year level (organic), NM: on prior-year level (reported) / on prior-year level (organic), MM: low to mid single-digit % growth (reported) / high
single-digit to low double-digit % growth (organic); adj. EBIT – CM: high single-digit to low double-digit % decline (reported) / mid single-digit % decline (organic), NM: low single-digit % decline (reported) / on prior-
year level (organic), MM: low single-digit % decline (reported) / high single-digit % growth (organic) 2) Adjusted for consolidation and FX effects. 3) Higher negative adj. EBITDA/EBIT.
Company Presentation September 2019 10H1/19 adj. EBITDA impacted by investments
Revenues affected by consolidation effects, lower
org. revenue growth due to macro trends
in €m H1/19 yoy org.1 Q2/19 yoy org.1
Revenues 1.531,1 -1,9% 1,0% 759,4 -3,6% -1,1%
Advertising 1.039,8 -1,8% 1,3% 512,3 -4,2% -1,0%
Circulation 277,6 -5,8% -4,0% 136,8 -7,1% -5,4%
Other 213,7 3,0% 7,0% 110,3 4,7% 4,5%
adj. EBITDA 344,8 -2,7% 1,7% 177,8 -3,0% -0,4%
Margin 22,5% -0,2pp 23,4% 0.1pp
‒ Adj. EBITDA down (-2.7%) due to consolidation effects, organic increase of 1.7%
‒ Adj. EBIT of €238.7m down 5.8% (organically on prior-year level (+0.5%))
1) Adjusted for consolidation and FX effects.
Company Presentation September 2019 12Classifieds Media
Reporting changes following sale of @Leisure
‒ Sale of 51%-stake in vacation rental ‒ Classifieds subsegments aligned
specialist @Leisure with new operational setup
‒ Focus within classifieds on ‒ StepStone (formerly jobs) –
StepStone and AVIV group
unchanged
‒ Proceeds of €185.5m, cash of
€41.5m at closing, transaction ‒ AVIV – including the former Real
multiple >15x, based on 2018 Estate classifieds assets
EBITDA of >€24m (SeLoger, Immowelt, Immoweb)
as well as CarBoatMedia and
‒ Capital gain of €67.9m
Yad2
‒ Closed in early June 2019
‒ Other – @Leisure group
Company Presentation September 2019 13Classifieds Media
Organic revenue growth of 5.6%
in €m H1/19 yoy org.1 Q2/19 yoy org.1
Revenues 613,6 4,8% 5,6% 298,7 1,3% 3,9%
Advertising 594,1 4,6% 6,5% 285,7 1,1% 5,1%
Other 19,5 12,3% -22,0% 13,0 5,2% -20,6%
adj. EBITDA 233,4 4,5% 8,0% 120,3 8,6% 9,8%
Margin 38,0% -0,1pp 40,3% 2,7pp
‒ Revenue increase driven by organic growth of 5.6%; deconsolidation effects from @Leisure not fully
offset by consolidation effects from Logic-Immo and Universum
‒ Adj. EBITDA impacted by negative consolidation effects and by investments in branding, product
and technology
‒ Adj. EBIT of €190.2m up 2.5% (organically up 6.7%)
1) Adjusted for consolidation and FX effects.
Company Presentation September 2019 14StepStone
Lower organic revenue growth due to
macro environment
in €m H1/19 yoy org.1 Q2/19 yoy org.1
Revenues 306,1 10,1% 7,5% 155,6 8,7% 5,8%
adj. EBITDA2 107,5 9,1% 12,3% 62,1 19,6% 18,9%
Margin 35,1% -0,3pp 39,9% 3,7pp
‒ Organic revenue growth of 7.5% driven by Continental Europe (+10.9%), UK business flat due to
Brexit uncertainties
‒ Adj. EBITDA2 up 9.1% due to strong Q2 (+19.6%) following higher branding investments in Q1;
negative consolidation effects (seasonal effects from Universum), organically up 12.3%
‒ Adj. EBIT2 of €81.1m up 6.4%, organically up 11.5%
1) Adjusted for consolidation and FX effects.
2) Total adj. EBITDA/EBIT of Classifieds Media subsegments does not equal Classifieds Media segment adj. EBITDA which includes costs of €5.5m in
H1/19 and €5.6m in H1/18 (thereof business development, M&A and other), not allocated to the subsegments.
Company Presentation September 2019 15AVIV
Adj. EBITDA up organically by 3.5% while
investing in new products
in €m H1/19 yoy org.1 Q2/19 yoy org.1
Revenues 247,2 5,7% 2,7% 124,6 2,0% 1,6%
adj. EBITDA2 114,8 1,4% 3,5% 58,5 0,8% 2,1%
Margin 46,5% -2,0pp 46,9% -0,6pp
‒ Reported revenue growth of 5.7% driven by consolidation effects from Logic-Immo, organically
up 2.7%
‒ Adj. EBITDA2 (+1.4%) impacted by at-equity consolidation of hybrid agents, organically up 3.5%
with strong increase at Immowelt
‒ Adj. EBIT2 of €99.4m down 1.1% (organically up 1.5%)
1) Adj. for consolidation and FX effects.
2) Total adj. EBITDA/EBIT of Classifieds Media subsegments does not equal Classifieds Media segment adj. EBITDA which includes costs of €5.5m
in H1/19 and €5.6m in H1/18 (thereof business development, M&A and other), not allocated to the subsegments.
Company Presentation September 2019 16News Media
Q2/19 impacted by macro and tough comps
News Media News Media News Media National News Media International
1 1 1
in €m H1/19 yoy org. Q2/19 yoy org. H1/19 yoy org. H1/19 yoy org.1
Revenues 685,9 -6,3% -5,2% 344,7 -9,4% -8,5% 481,0 -8,3% -8,4% 205,0 -1,3% 3,4%
thereof digital 290,7 9,3% 8,4% 148,4 7,7% 6,7% 145,0 7,0% 6,5% 145,7 11,6% 10,4%
digital share of revenues 42,4% 43,0% 30,1% 71,1%
Advertising 295,5 -10,6% -9,6% 152,4 -14,2% -13,3% 179,5 -16,3% -16,3% 116,0 -0,1% 3,3%
Circulation 277,6 -5,9% -4,1% 136,8 -7,3% -5,5% 223,1 -4,6% -4,6% 54,4 -10,9% -2,1%
Other 112,9 5,9% 5,5% 55,6 0,3% -0,8% 78,3 2,9% 2,0% 34,6 13,5% 14,0%
adj. EBITDA 99,8 -12,0% -9,0% 53,1 -17,2% -14,2% 63,0 -22,2% -21,6% 36,8 13,2% 26,0%
Margin 14,5% -0,9pp 15,4% -1,4pp 13,1% -2,3pp 18,0% 2,3pp
‒ 42.4% of revenues from digital activities (prior year: 36.3%)
‒ Weaker advertising revenues due to macro trends and tough prior year comps (BILD special edition in Q2/18)
‒ Adj. EBITDA reported down 12.0%, driven by National (-22.2%), International up by 13.2% despite
deconsolidation effects (sale of print business in Slovakia), organically up 26.0% due to improvements at
upday and eMarketer
‒ Adj. EBIT of €66.3m down 16.3% (organically down 12.2%) 1) Adjusted for consolidation and FX effects.
Company Presentation September 2019 17Marketing Media
Strong organic revenue growth of 12.9%
Marketing Media Marketing Media Reach Based Marketing Performance Marketing
1 1 1
in €m H1/19 yoy org. Q2/19 yoy org. H1/19 yoy org. H1/19 yoy org.1
Revenues 208,5 -4,3% 12,9% 104,0 4,4% 13,9% 107,9 -16,8% 12,6% 100,6 14,0% 13,1%
Advertising 150,3 -6,4% 6,4% 74,2 -0,4% 6,7% 97,9 -9,3% 11,2% 52,3 -0,3% -1,7%
Other 58,2 1,6% 33,9% 29,8 18,3% 36,8% 10,0 -53,9% 29,0% 48,2 35,2% 34,9%
adj. EBITDA2 51,3 9,8% 21,5% 26,1 12,6% 19,7% 38,2 9,4% 27,1% 17,3 8,1% 5,4%
Margin 24,6% 3,2pp 25,0% 1,8pp 35,4% 8,5pp 17,2% -0,9pp
‒ Reported revenues down (-4.3%) due to sale of aufeminin in 2018, organically up 12.9% with double-digit
growth in Performance Marketing (+13.1%) and Reach Based Marketing (+12.6%) mainly due to an excellent
development at Idealo
‒ Adj. EBITDA2 up 9.8%, organically up 21.5%
‒ Adj. EBIT2 of €39.1m up 11.8% (organically up 28.3%)
1) Adjusted
for consolidation and FX effects.
2) Total
adj. EBITDA/EBIT includes costs of €4.2 in H1/19 and €4.2m in H1/18 (thereof business development, M&A and other), not allocated to the
two subsegments.
Company Presentation September 2019 18Adjusted eps
Stronger H1 decline due to phasing effects
in €m H1/19 H1/18 Q2/19 Q2/18
adj. EBITDA 344,8 354,5 177,8 183,3
yoy change (reported / organic) -2.7% / 1.7% -3.0% / -0.4%
Depreciation / amortization (excl. PPA) -106,0 -101,1 -52,5 -51,7
adj. EBIT 238,7 253,4 125,3 131,5
yoy change (reported / organic) -5.8% / 0.5% -4.7% / -1.3%
Financial result -10,0 -9,5 -5,2 -4,8
Taxes -74,6 -74,6 -41,1 -38,3
adj. net income 154,2 169,3 79,1 88,4
thereof attributable to non-controlling interests 25,3 23,0 11,6 9,9
adj. eps1 1,19 1,36 0,63 0,73
yoy change (reported / organic) -11.9% / -4.6% -14.0% / -9.9%
Non-recurring effects -12,3 59,7 -6,1 34,4
Depreciation / amortization, and impairments of PPA -36,4 -47,1 -17,7 -29,1
Taxes attributable to these effects 28,0 3,7 22,8 7,3
Net income 133,4 185,6 78,0 100,9
1) Based on weighted average number of shares outstanding in H1/19: 107.9m (H1/18: 107.9m).
Company Presentation September 2019 19FCF down due to phasing and consolidation
effects
Net financial debt of €1,497.0m1 in June 2019 (leverage 2.1x2)
Free cash flow (FCF) in €m Net financial debt
‒ Net financial debt includes leasing liabilities of €366.3m
171.1 (12/31/2018: €379.6m)
‒ Net financial debt less effects from leasing liabilities €1,130.7m
134.8
Effects on cash flow
109.6
‒ Free cash flow down in H1/19 especially due to reversal of prior year
positive phasing and one-off effects as well as the sale of @Leisure
64.1 ‒ Net positive cash inflow of ~€240m until 2020 from sale of new Berlin
building (purchase price of €425m3) and tax payments of ~€30m
expected and capex and sale related costs of ~€155m in 2019-2020)
FCF FCF excl. effects from headquarter real estate transactions
H1/18 H1/19 H1/18 H1/19
1) Excl. pension liabilities. 2) Based on Bloomberg consensus for adj. EBITDA 2019.
3) Expected in Q1/20.
Company Presentation September 2019 20Classifieds Media
Leading digital classifieds operator
Overview StepStone AVIV
− Leading digital classifieds − #1 Germany and Belgium − #1 in France − #1/2 in France
operator
− #1/2 in UK − #2 in Germany − #1 in Israel
− Portfolio of market leading
classifieds: 79%1 of revenues − #1 in Ireland and South Africa − #1 in Belgium
from #1 market positions
− Digital classifieds clear Financials
2018 Outlook 20192 (reported) Outlook 20192 (organic3)
beneficiary of structural
on prior-year level to low
shift from offline to online Revenues in €m 1,212.5
single-digit % decline
low single-digit % growth
− Strong market positions EBITDA (adj.) in €m 487.2 mid to high single-digit low to mid single-digit
margin 40.2% % decline % decline
yielding high margins
EBIT (adj.) in €m 406.7 mid to high single-digit
low double-digit % decline
margin 33.5% % decline
1) Based on FY/18 figures. 2) Outlook prior adjustment as of September 30, 2019: revenues: on prior-year level to low single-digit % growth (reported) / mid to high
single-digit % growth (organic), adj. EBITDA: mid single-digit % decline (reported) / on prior-year level (organic), adj. EBIT: high single-digit to
low double-digit % decline (reported) / mid single-digit % decline (organic). 3) Adjusted for consolidation and FX effects.
Company Presentation September 2019 22Minority investments in hybrid agent models
Tapping into additional revenue pools
‒ Clear market leader in the UK in the new segment of ‒ 50/50 holding company with UK market leader
transactional digital real estate platforms, also active Purplebricks
in the USA and Canada, listed on the London stock
‒ Acquisition of 22% stake in Homeday in October 2018
exchange since Dec. 2015
(on top of close to 5% owned by Axel Springer
‒ April 2018: Purchase of 11.5% in Purplebricks through capital already)
increase and purchase of secondary shares from existing
‒ Commission based business model
holders; purchase price amounts to a total of GBP 125m,
corresponding to a price per share of GBP 3.60 ‒ Potential from additional revenue pool
‒ July 2018: Increase to 12.5% stake for GBP 3.07 per each ‒ Participation in innovative business model in
additional secondary share (total of GBP 9m) German real estate market
‒ December 2018 and March 2019: Impairment to
year-end market value of EUR 62.3m and to
quarter-end market value of EUR 55.4m, respectively,
following share price decline
‒ June 2019: Increase to 26.6% stake for GBP 1.00 per share
(approx. EUR 49 million in total)
‒ Board seat for Axel Springer
Company Presentation September 2019 23Classifieds Media
61% contribution to adj. Group EBITDA in H1/19
Long-term adj. Group EBITDA development driven by classifieds
+18% +4.5%
Adj. EBITDA1 in €m
738 354 345
646
559 595
499 507 487
448 454 223 233
392 413
355
305
218
134 164
65
17
2010 2011 2012 2013 2014 2015 2016 2017 2018 H1/18 H1/19
Axel Springer Group
57% 61% 58% 61%
Axel Springer Classifieds
X% Share of Group EBITDA (negative EBITDA S/H allocated proportionally to operative segments)
1) Excl. discontinued operations.
Company Presentation September 2019 24StepStone
Operational update H1/19 financials
in €m H1/19 H1/18 yoy org.4
‒ Add-on acquisitions with Appcast (leading provider of
Revenues2 306,1 278,1 10,1% 7,5%
programmatic job ads in the US), Studydrive (Europe’s
Continental 214,7 191,8 11,9% 10,9%
leading digital platform for students) and UK 61,8 61,8 -0,1% -0,8%
PersonalMarkt (leading compensation analyst in Saongroup 21,2 20,2 5,0% 6,1%
Germany) EBITDA 3
107,5 98,6 9,1% 12,3%
Continental 99,5 92,0 8,2% 8,7%
‒ Candidate delivery ahead of competition in nearly all
UK 8,3 5,5 51,6% 50,6%
areas Saongroup 5,1 5,7 -10,3% -10,3%
‒ Main market Continental Europe with customer number Margin 35,1% 35,5% -0,3pp
up 1% yoy, retention rate remains on a high level at 88%1 Continental 46,4% 47,9% -1,6pp
UK 13,5% 8,9% 4,6pp
1) Both figures rolling LTM as of June 2019. 2) Minor revenues recorded centrally and Saongroup 24,2% 28,3% -4,1pp
attributable to few operational entities (mainly Universum) are not presented since
those are not recorded in operational subgroups. 3) Combined EBITDA of subgroups
does not equal sub-segment as central costs (mainly non-licensed product
development costs) and a few entities (mainly Universum) are not recorded in
operational subgroups. 4) Adjusted for consolidation and FX effects.
Company Presentation September 2019 25StepStone
Continued double-digit organic growth
StepStone Group Revenue (in €m)
603
CAGR
496
+29%
17% 17%
organic growth
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 2018
1) Including meinestadt.de which was allocated to StepStone in 2018.
Company Presentation September 2019 26Goal to become a comprehensive
E-Recruiting company
Career
guidance Orientation
Search jobs
Career
development
Browse jobs / be found
Hire / Sign contract JOB SEEKER JOURNEY Research employer
Interview
Research salary
Follow-up Check cultural fit
Applications
Application
Job seeker journey
Company Presentation September 2019 27StepStone
Job listings and direct search main
revenue sources
Revenue split in FY/18
Job Listings Direct Search
Highly scalable with low Effective process to fill highly specific
total cost per hire for positions, but high cost per hire and
recruiter
Employer Branding
difficult to scale for recruiter
Revenue share
99%StepStone Continental
Continued strong organic growth
Financial development by subgroup1 (in €m)
Revenue 290
EBITDA
+22% 80%
+24% 58% 58% 59% 54% 53%
70%
+27% +23% 240
60%
+26% 50%
40%
+33% 190 30%
20%
StepStone 10%
Continental +27% 421 224
140
0%
+27% 343 186 -10%
257 90 151 -20%
202 117 -30%
159 92 -40%
40 -50%
2
2014 2015 2016 2017 2018 2014 2015 2016 2017 2 2018
1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed
product development costs are not recorded in operational subgroups, Universum (among others) is not allocated to Organic growth EBITDA Margin
one of the operational subgroups. 2) Including meinestadt.de which was allocated to StepStone in 2018.
Company Presentation September 2019 29StepStone Continental
Ahead of competition in German core market
Candidate delivery…1,2 …with continuously high lead over #2
StepStone DE 18.3
2.48x 2.52x
Monster
2.41x
7.6 2.24x
Indeed 6.6
Stellenanzeigen 4.5
Xing 2.4
Mar-16 Mar-17 Mar-18 Mar-19
1) Average # of applications per job ad. Source: TNS.
2) Due to GDPR a new survey methodology was introduced in 2019: data cannot be compared to prior figures.
Company Presentation September 2019 30StepStone Continental: #1 positions also in
Belgium and Austria
Candidate Delivery1,2 - StepStone Continental
Belgium Austria
StepStone BE 12.8 StepStone AT 17.2
Linkedin 6.4 Karriere.at 14.3
Competing Competing
6.3 10.5
job boards job boards
Xing/Indeed/
Indeed 6.2 4.2
Linkedin
1) Average # of applications per job ad. Source: TNS.
2) Due to GDPR a new survey methodology was introduced in 2019: data cannot be compared to prior figures.
Company Presentation September 2019 31StepStone Continental: Increasing customer
numbers and high retention rates
Customer number (k)1 Customer Retention Rate (%)2
StepStone
Pro forma 2017Continental
figure including StepStone Continental
meinestadt.de, Turijobs and iciformation
96% 97% 98% 98% 99%
+6% +1%
+12%
97.2 96.6 97.5
92.0
StepStone
64.4
Continental 57.7
86% 88% 87% 88% 88%
2015 2016 2017 2018 LTM
2015 2016 2017 2018 LTM LTM Jun-19
Jun-18 Jun-19 Large customers Overall Retention
1) Customer count based on active contracts in a year except StepStone Germany, meinestadt.de and TJG where end customer (listing owners) are counted.
1st time inclusion: iciformation (Q3/17), meinestadt.de and Turijobs (both Q1/18). 2) All subgroups reported based on pro forma development; based on invoiced
sales.
Company Presentation September 2019 32StepStone UK: ‘The Partnership’ with more
attractive customer offering
Financial development by subgroup1 (in €m)
Revenue +6% EBITDA
+7%
+3% 29% 40%
+8% 24% 20%
+67%
80
13% 13% 25%
-8% +5%
+/-0% 10%
130 119 118 124
-5%
StepStone
UK 38 -20%
78 19 24 16 17
0 -35%
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Totaljobs acquired early 2012, Jobsite late 2014
Introduction of ‘The Partnership’ in May 2018 combining TotalJobs and Jobsite to optimize candidate delivery
‘The Partnership’ with 19.1m CVs ranking 2nd behind LinkedIn (~26m), before CV Library (13.8m) and Reed (10.8m)2
1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non
licensed product development costs are not recorded in operational subgroups, Universum (among others) is not
allocated to one of the operational subgroups. 2) StepStone: data per April 2019; Linkedin: number of registered Organic growth EBITDA Margin
users per May 2019 (source: Statista); CV Library and Reed numbers as stated on respective websites per May 2019.
Company Presentation September 2019 33StepStone UK
High values in relevant KPIs
Candidate delivery1 Customer number (k)3 Customer Retention Rate (%)5
‘The Partnership’ with negative technical impact Brexit related uncertainties and phasing effects6
TotalJobs & in 2018 due to deduplication of customers. due to the launch of ‘The Partnership’ result in
2 27.0 decline in customer retention.
Jobsite CAGR 0%
-1% 95% 95% 93% 93% 92%
Indeed 26.6 44.0 44.2
43.8
41.3
Reed 14.1 40.6
StepStone
UK 36.9
4
82% 81%
CV Library 11.6 80% 80% 79%
Monster 5.5
2015 2016 2017 2018 LTM LTM 2015 2016 2017 2018 LTM
Linkedin 5.2 Jun-18 Jun-19 Jun-19
Large customers Overall Retention
1) Average # of applications per job ad. Source: TNS. 4) Changed business focus of Jobsite after acquisition, removed low value contracts. 5) All subgroups reported based on
2) TotalJobs and Jobsite combine for ‘The Partnership’ pro forma development; based on invoiced sales. 6) Retention rates affected by launch of ‘The Partnership‘ which caused
as joint offering since May 2018. phasing of contract renewals from customers of both TotalJobs and Jobsite who decided to renew after expiry of both
3) Customer count based on active contracts in a former contracts.
year.
Company Presentation September 2019 34Saongroup
Strong organic growth rates
Financial development by subgroup1 (in €m)
Revenue +9% EBITDA
+10%
+11% +7% 14 37% 34% 30% 33% 32% 40%
+15% +11% 13
30%
20%
+14%
12
10%
11 0%
+30% 40 13
38 10 -10%
Saongroup 34 9
12 -20%
30 10 10 -30%
8
8
-40%
23 7 -50%
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Saongroup acquired in late 2013,
CareerJunction (South Africa) in 2015
1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-
licensed product development costs are not recorded in operational subgroups, Universum (among others) is not Organic growth EBITDA Margin
allocated to one of the operational subgroups.
Company Presentation September 2019 35Saongroup
Best in class in candidate delivery
Candidate Delivery1 - Saongroup
Ireland South Africa3
Jobs.ie 21.6 Pnet 153.9
CJ 65.5
Indeed 19.5
Indeed 48.7
Irishjobs.ie 16.9
Careers24 33.7
2
NIJobs 10.4 Linkedin 13.4
Facebook 5.2
Linkedin 5.1 1) Average # of applications per job ad. Source: TNS.
2) NIJobs is the leading player in Northern Ireland.
3) Results of competitors may be unstable across the surveys due to low sample sizes.
Company Presentation September 2019 36Saongroup: Stable customer numbers and
high customer retention
Customer number (k)1,2 Customer Retention Rate (%)3
StepStone Continental StepStone Continental
-1% 88% 86% 86% 85%
CAGR 82%
+4%
15.0 14.9
14.6 14.7
14.1
Saongroup 72% 73% 74% 74% 73%
13.2
2015 2016 2017 2018 LTM
2015 2016 2017 2018 LTM LTM Jun-19
Jun-18 Jun-19
Large customers Overall Retention
1) Customer count based on active contracts in a year. 2) Restated figures. Tecoloco companies now included in complete history.
Figures subject to adjusted counting methodology. 3) All subgroups reported based on pro forma development; based on invoiced sales.
Company Presentation September 2019 37Growth cases in Austria and France progress
Austria: From #4 in 2014 to clear #21 France: #6 at start of growth initiatives
- first payoff from investments1
Invoiced sales CAGR Invoiced sales
28% 35%
CAGR
CAGR 8%
1%
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
enhanced (ongoing) enhanced
pre-investment pre-investment
investments investments
+26% candidate delivery YoY, +56% increase in +98% candidate delivery YoY, +17% increase in
sales efficiency (e.g. call activities in telesales)2 sales efficiency (e.g. call activities in
telesales)2
Investments in sales (headcount, tooling) and Investments in same areas as in Austria:
marketing (traffic acquisition & branding) Focus on sales and traffic
1) Market positions in terms of revenue (12/2017). 2) Sales efficiency: FY/18 vs FY/16.
Source: Company reports and management estimates.
Company Presentation September 2019 38Increased sales headcount and improved
efficiency
Customer acquisition Exemplary Sales Professional journey
Target long tail of the market to gain market share
Smart and predictive lead generation Hire
− 1-3 months: Onboarding
Customer retention
− 4-6 months: Small targets & first deals
Hyper-care for key customers
− 6-9 months: Being profitable
Increased frequency of sales activities
− +9 months: Contributing to StepStone
growth
Customer development
Closer, more intense customer approach (field & inside sales)
Growing support and analytics for sales force
Additional sales headcount1
Improved sales efficiency via tech and tooling
1) Attrition of existing sales heads to be decreased through improved training, compensation and benefit packages;
improvement in HR and branding to attract new talent.
Company Presentation September 2019 39StepStone has a diversified traffic mix
StepStone traffic sources (exemplary, FY/18)
Strategic traffic network
SEA
Partner − StepStone has in total >500 traffic partners
Other Paid − Top partners include well known brands
JobAgent
such as Bild, Handelsblatt, T-Online,
SEO
Kimeta, gehalt.de1 and Experteer
Direct
Other Organic Organic Paid − The network is characterised by portals
(c. 47%) (c. 53%) that provide a large / national reach.
StepStone’s network is by far the largest in
the market
Source: Adobe Analytics; other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media.
1) PersonalMarkt, operating portals gehalt.de and gehaltsvergleich.com, was acquired in March 2019 by StepStone.
Company Presentation September 2019 40Google for Jobs
Participation in Google for Jobs is decided
individually, market by market
Decision Impact on StepStone Rationale
Marginal decline in Very strong positioning in Germany
G4J live:
OUT May 2019
applications which can
be compensated High share of unique listings inventory in comparison to competition
Net gains in applications Fragmented market situation – all major competitors (except
G4J live: from Google SEO traffic Indeed) are integrated
IN July 2018 (organic blue links StepStone UK participates for now, but invests in parallel in unique
plus G4J) content and branding
G4J live: No negative effects StepStone assets are in a leading position and own a large share of
OUT March so far for Pnet and unique content (jobs)
2018 CareerJunction There is no benefit to provide content to Google for free
G4J live: Marginal decline in Turijobs is a leading niche player in hospitality with a high brand
OUT June 2018 applications recognition and unique content
G4J live: Marginal uplift in
IN June 2019 applications
Fragmented market led by Figaro, Monster and RegionsJob
Company Presentation September 2019 41AVIV Group: Our goal – to capture the full
potential of the next period of growth
Frame joint long-term strategy and support
execution
− From classifieds to transactional marketplaces
Group
− (Early-stage) investments into value chain
COO
extension
Steer strategic group projects
Management Board
− Joint business initiatives (e.g. seller leads)
− Initiatives to “grow together” in group
Decrease time to market
− Reuse newly built components to test ideas
Group − Share AI algorithms
GTO − Share product & technical designs
Increase efficiency
− Align IT platforms
1 − Mutualize training, consulting and IT investments
1) Among others; minority investments.
Company Presentation September 2019 42Our three priorities allow us to tap into large
markets beyond listings
Total addressable adjacent Our three priorities
markets
~2 €bn
Providing the agent with
Agent commission Mortgage 1
additional core services
pool ~1.63 €bn1
~6 €bn
Home
insurance
Marketing spending ~160 €m2 Satisfying even more consumer
~650 €m 2 needs with our hybrid agent
Moving models
~250 €m3
Online Classifieds
~350 €m 1 2 3 Capturing adjacent markets with
3
transaction-triggered services
Seller Hybrid Adja-
leads models cencies
1) 2) 1% of total market. 3) 5% of total market.
Sources: OC&C (05/2017), McKinsey. Notes: Marketing spending includes spending of agents, property developers and private sellers in online and offline channels. Figures apply to German RE market.
Company Presentation September 2019 43SeLoger
Operational update H1/19 financials
‒ Acquisition of MeilleursAgents to enhance product in €m H1/19 H1/18 yoy org.3
offering Revenues 114,0 103,8 9,8% 3,9%
EBITDA 51,6 49,0 5,2% 4,0%
‒ Duo offer successfully launched in June 2019
Margin 45,3% 47,2% -2,0pp
‒ ARPA (incl. verticals) increased by 7% yoy to €773
‒ # of professional listings1) on Seloger.com: 934k
(Logic-Immo: 706k, pre-deduplication)
‒ Unique users2) of seloger.com up 1% to 6.0m, unique
users of Logic-Immo up 6% to 3.3m
1) Source:autobiz monthly listings, H1/19 average.
2) Source: Médiametrie (Jan-May 2019 vs Jan-May 2018).
3) Adjusted for consolidation and FX effects.
Company Presentation September 2019 44SeLoger
Leading position with continuous ARPA growth
Constant roll-out of new products has been
valued by customers Historical Revenue and EBITDA performance
Average monthly SeLoger ARPA with professional customers, Revenues and EBITDA in €m1,2
in € org.
250 CAGR +6%
216
1.000 CAGR +10%
200
2011-2018
750 +9% 140
150
116 128
724 765 98 106 99
500 676 80 91 82
615 100 71 76
549 53 58 62
456 496 43
250 424 50
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018
1) Excl. effects of Poliris business, deconsolidated in 2016. SeLoger incl. verticals Revenues EBITDA
2) Logic-Immo consolidated since February 2018.
Company Presentation September 2019 45The merger helps SeLoger and Logic-Immo
to close gaps in previously underserved areas
SeLoger – Traffic SeLoger + Logic-Immo – Traffic
# Visits
High
Low
Company Presentation September 2019 46Based on unique professional listings SeLoger
maintains its strong position
Listings post-deduplication Average monthly listings H1/19 in k (pre-deduplication)
1,389
1,039 1,074
934
706
589
487
Background: Leboncoin and AVendreALouer.fr introduced bundled offer in early 2018;
bundled offer of SeLoger and Logic-Immo was introduced in June 2019. Number of
unique listings higher at Logic-Immo than at AVendreALouer.fr according to internal
analysis. private listings
Source: autobiz; internal analysis based on a panel of major real estate agent networks.
Company Presentation September 2019 47SeLoger and Logic-Immo are commercially
tapping the potential through Duo offer
− Duo enables agents to extend their listings
publication to the other site
− Non-compulsory offer for customers
− Duo supports ARPA growth
− Detailed migration/execution plan
− Launched in June 2019
Company Presentation September 2019 48“Seller lead” strategic initiative has already
demonstrated high performance
− Launched at SeLoger in January 2018, visibility and
lead generation product
− Dedicated organization as a new market
− Logic-Immo seller product was launched in January 2019
− SeLoger will extend to premium qualified leads and luxury market by 2019
− AVIV Group strategic initiative with synergies among assets: shared price
estimate engine with Immoweb, based on AI
Company Presentation September 2019 49Immowelt
Operational update H1/19 financials
‒ ARPU increases by 18% yoy to €375 in €m H1/19 H1/18 yoy org.3
Revenues 60,3 58,2 3,5% 3,5%
‒ # of DUO≥ 51 customers increased by 11% to 16.6k
EBITDA 27,7 23,3 18,8% 18,8%
‒ Visits2 at 47.3m (+8% yoy) Margin 46,0% 40,1% 5,9pp
‒ # of residential listings2 at 160k (-9% yoy)
1) “DUO x” contract allows the simultaneous listing of x properties during
the contract time (x slots), DUO ≥ 5 refers to any DUO contract with at
least 5 slots.
2) Source: company information; monthly visits/listings, H1/19 average.
3) Adjusted for consolidation and FX effects.
Company Presentation September 2019 50DUO migration completed and focus on
customers with higher volumes
DUO ≥ 51 customer base with high ARPU achieved significant growth since March 2016
Number of agents in Germany2 (in thousands) DUO ≥ 5 DUO 1-2 Single/Double DE IS24 core agents3
22.1 22.3 22.6 22.8 22.6 22.4 22.0 22.0 21.7 21.0
19.9 19.1
18.5 17.6 17.4 17.4 17.2 17.5 18.4 18.2
17.4 17.0
14.8 15.5 15.4 15.1 15.3 14.9 15.0 15.7 16.0 16.2 16.6
11.9 13.8
9.1
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19
1) DUO: 1 contract, 2 portals / Single: 1 contract, 1 portal / Double: 2 contracts, 2 portals / GER only; the “DUO x” contract allows the simultaneous listing of x properties during the
contract time (x slots), DUO ≥ 5 refers to any DUO contract with at least 5 slots. 2) Real estate professionals with a term contract (term usually 12 months). 3) Due to changed
methodology at IS24, core agent figures are only comparable until December 2017.
Company Presentation September 2019 51The German listings market is contracting
Decline due to increasingly overall stagnating offer Comments
Listings in German housing market1 (average per month in k) − Listings in Germany have been under
pressure over the past years
-3%
− Decrease driven by an overall stagnating
300 300 offer in the German housing market
250 250 − In order to mitigate the decline in listings
-9% Immowelt actively takes counteractions:
200 200
− Increasing product and price
150 150 differentiation
− Individual and temporary flat-options
100 100 for agents based on their DUO
50 50 contracts
0 0
H1/18 H1/19
1) Houses, apartments for sale and rent in Germany; direct comparison with IS24 only partly possible due to different package models.
Source: IW management estimate and internal data collection.
Company Presentation September 2019 52ARPU with strong growth over the last years
Increased value creation for agents drives growth
Contract migration and price increases drive ARPU1 growth
ARPU (€/month)
711 7632
+18%
CAGR
+15% 375
332 317
294
252
FY/16 FY/17 FY/18 H1/18 H1/19
1) ARPU = Average Revenue Per User: monthly revenues, divided by the number of agents (Immowelt Group DUO and non-DUO agents in Germany with a term contract).
2) Due to changed methodology at IS24, ARPU figures are only comparable until FY/17.
Company Presentation September 2019 532018: Successful year for Immowelt – margin of
40% reached one year earlier than targeted
Revenue CAGR of 9% from FY/16 to FY/18 EBITDA margin at 42% in FY/18
Revenue (€m) EBITDA (€m, % of revenue)
CAGR
+9%
20% 34% 42%
118 CAGR
111
+60%
98
>40%
49
37
19
20%
2016 2017 2018 2016 2017 2018
Company Presentation September 2019 54Immoweb
Operational update H1/19 financials
‒ ARPA up yoy (+4%) to €566 in €m H1/19 H1/18 yoy org.3
Revenues 21,9 21,8 0,2% 0,2%
‒ # of listings1 up 2% yoy to 154k
EBITDA 13,1 14,1 -7,6% -7,6%
‒ Real visitors2 down 5% with a monthly average Margin 59,7% 64,8% -5,1pp
of 1.5m in H1/19
‒ Investments in branding and seller-lead product
1) Source: company information.
2) Source: CIM.
3) Adjusted for consolidation and FX effects.
Company Presentation September 2019 55Immoweb
THE reference for property search
…and when it comes to real estate, 8 out of 10
“Belgians have a brick in their stomach…” Belgians think of Immoweb
Home ownership rate by country in 2017 Unaided awareness questionnaire with 7.2k respondents in 09/2016
+22pp 12.4x
78%
73%
64%
51% 6%
2%
Germany France Belgium
Sources: Produpress study, Eurostat.
Company Presentation September 2019 56Immoweb outraces Belgian competition
in market reach
Immoweb attracts 1.5x as many visitors than #2 …leading to strong and highly engaged traffic
competitor… on Immoweb
Average of monthly real visitors in Q1/191 Average of monthly audience statistics on Top3 RE portals in Q1/191
17m 108m minutes
15%
24%
14%
17%
1.5x 2.2x
71%
59%
Visits Time spent
Source: CIM, Statistics Belgium. 1) Selected players (excl. app traffic).
Company Presentation September 2019 57Immoweb
Consistent revenue and EBITDA growth
Successful growth of ARPA over the ...results in strong revenue growth
last years... at leading EBITDA margins
Weighted average monthly ARPA from professional in €m
customers, in €
CAGR
+10%
+2% 43
CAGR 40
+9% 36
33
31
27 26 28
25
22
20
16
514 541 546 559
410 460
350 385
2013 2014 2015 2016 2017 2018 Q1/18 Q1/19 2013 2014 2015 2016 2017 2018
61% 64% 67% 70% 67% 67%
Revenues EBITDA EBITDA margin
Company Presentation September 2019 58Car&Boat Media
Operational update H1/19 financials
‒ ARPU up 10% yoy to €492 in €m H1/19 H1/18 yoy org.3
Revenues 31,7 31,3 1,2% 1,2%
‒ # of professional customers1 below prior year’s
EBITDA 15,6 15,2 3,2% 3,2%
figure (-3%) at 8.2k
Margin 49,3% 48,4% 0,9pp
‒ # of professional listings1 up 5% yoy to 285k
‒ Unique visitors2 down 7% to 4.6m
1) Source: company information; monthly, H1/19 average.
2) Source: Médiametrie (Jan-May 2019 vs Jan-May 2018).
3) Adjusted for consolidation and FX effects.
Company Presentation September 2019 59LaCentrale works with professionals
that have a significant used car activity
Professional listings Listings per professional1
(in k, monthly average Q1/19) (in k, monthly average Q1/19)
474 35
-40%
285 +70%
20
Sources: Company Information.
1) Professional ads divided by # of professionals on platform.
Company Presentation September 2019 60Stable traffic and listings development
versus next competitor
Total listings Traffic development since Apr. ’15 Listings development since Apr. ’15
(in k, monthly average)1 (Index = 100) (Index = 100)
Traffic
11.2m 4.7m
Q1/19
869
395
316
30
474
285
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Private
Professional 1) Listings are based on Q1/19 figures. Sources: Company information.
Company Presentation September 2019 61Car&Boat Media has benefited from
constantly growing monetization
9.000 Monthly customers: 8,220 600
8.000 550
7.000
500
€492
6.000
450
5.000
400
4.000 Avg. ARPU
growth 7%* 350
3.000
2.000 300
1.000 250
Jan 2009 Feb 2014 Mar 2019
Monthly customers * CAGR 04/13-03/19.
Monthly ARPU (in €) Source: Company Information.
Company Presentation September 2019 62Car&Boat Media
Positive EBITDA development since acquisition
Revenues & EBITDA (in €m)
AS acquisition: July 2014
CAGR CAGR
+4% +13%
62.7
59.4
52.1 55.2
48.2 48.5 50.5
45.2
27.0 29.8
20.9 20.9 24.3
18.7 20.8 20.3
Revenues
EBITDA
2011 2012 2013 2014 2015 2016 2017 2018
Company Presentation September 2019 63Yad2
Operational update H1/19 financials
‒ # of listings: 387k (-6% yoy) in €m H1/19 H1/18 yoy org.1
Revenues 19,8 18,9 5,2% 1,0%
‒ Unique visitors down 10% to 2.1m
‒ Visits down 14% to 9.4m
Source: company information; monthly listings/UVs/visits.
1) Adjusted for consolidation and FX effects.
Company Presentation September 2019 64Strong market position in several relevant
verticals
1
Israel’s #1 Generalist
#1 #1 #1 #2
Real Estate Cars Second Hand Jobs
1 Organic Growth
Comission-based Commercial &
business models 2 Getting closer to the transaction
luxury real estate
Financing, loans,
New car & tire sales
3 Explore adjacent opportunities
insurance products
Company Presentation September 2019 65Strong network effects provide Yad2‘s
customers with significant liquidity and reach
Listings Visits
(in k, monthly average Q1/19)1 (in m, monthly average Q1/19)2
2nd Hand Real Estate Cars Jobs
171 137 7.5 69 8 386 9.6
>2.5x >20x
>7.5x >24x
Sources: 1) Company Information. 2) Similarweb, desktop & mobile traffic.
Company Presentation September 2019 66Yad2
Strong growth post acquisition in 2014
Revenue Development
28% 25% 13% 9% 2% Leading revenue stream impacted by
regulatory changes
40.0 38.8
34.9
26.9 Second largest revenue stream. Since
2013 paid classifieds product for car
18.4 dealers
Gaining importance since Drushim
acquisition in 2015
20141 2015 2016 2017 2018
Revenues in €m
Organic yoy growth
Sources: Company Information, Drushim acquisition closed in Sept. 2015.
1) 2014 represents FY as AS acquisition closed in May.
Company Presentation September 2019 67News Media
The segment at a glance
Overview National International
‒ Focus on market-leading − BILD group − Ringier Axel
media brands with clear Springer Media
path to digitization (Poland, Hungary,
− WELT group Serbia, Slovakia)1
‒ National News Media (formerly: WELTN24 group)
dominated by unique asset − Ringier Axel
(Main activities)
BILD Springer Schweiz2
‒ Presence in English- Financials 2018 Outlook 20193 (reported) Outlook 20193 (organic4)
speaking media market
with Insider Inc. and mid single-digit
Revenues in €m 1,496.2 mid single-digit % decline
eMarketer % decline
EBITDA (adj.) in €m 228.2 significantly below the significantly below the
‒ Innovative mobile news margin 15.3% prior-year level prior-year level
service for Samsung
EBIT (adj.) in €m 158.2 significantly below the significantly below the
devices (upday)
margin 10.6% prior-year level prior-year level
1) Fully consolidated (50% stake). 2) Consolidated at equity. 3) Outlook prior adjustment as of September 30, 2019: revenues: low to mid single-digit % decline
(reported) / low single-digit % decline (organic), adj. EBITDA: on prior-year level (reported) / on prior-year level (organic), adj. EBIT: low single-digit % decline
(reported) / on prior-year level (organic). 4) Adjusted for consolidation and FX effects.
Company Presentation September 2019 69Global reach: More than 300 million monthly
unique users worldwide Total net reach 2018:
>300m monthly UU1
Total net reach 2013: Axel Springer Digital/Print
>85m monthly UU1
Axel Springer Digital/Print Digital 2018
(including upday and
Print 2018 Insider Inc.):
Print 2013 53m 290m
Digital 2013
69m
49m
1) Figures as of May of the respective year; for Switzerland, France and Germany the most recent data of the respective year are used.
Source: Various national sources for net reach, overlap of print and digital readership estimated based on selected country data.
Company Presentation September 2019 70Ongoing monetization of digital content
600.000
Digital subscribers
500.000
102,156
+11.5%
400.000
436,147
300.000 H1 2019
52,672
vs.
200.000
200,571 H1 2018
100.000
0
May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19
Source: IVW.
Company Presentation September 2019 71Insider Inc.
Growth and break-even targets achieved
in 2018
Financials Revenue development in $m
‒ Revenue CAGR 2015-18 of 33%
CAGR
‒ Profitable in 2018
2015-18
‒ Re-invest near-term profits in growth +33%
opportunities, subscriptions, commerce,
editorial, original programming
‒ Long-term EBITDA margin of >20%
100
81
40%
+23%
56
43 +46%
+30%
2015 2016 2017 2018
Company Presentation September 2019 72Insider Inc.
Successful content offering among the
leading news brands
General news category Business news category
Total digital unique visitors in million Total digital unique visitors in million
143
73
67
102 62
94 86 54
85 48
76 72 71 71
29 27 26
>40% 18
20%
Source: Comscore, H1/19.
Company Presentation September 2019 73eMarketer
Leading provider of high-quality research
and digital market data
Company profile Corporate subscribers
‒ Founded in 1996; based in New York City 1300
‒ ~1,300 corporate subscribers (2/3 of
Fortune 500 and 2/3 of US top national
advertisers)
‒ ~10,000 citations in worldwide media 1000
per month
‒ Highly profitable business model with
margin of ~40%
700
Jan 14 Nov 14 Sep 15 Jul 16 May 17 Mar 18 Dec 18
Source: company information; based on number of contracts active on
the last day of each month.
Company Presentation September 2019 74upday
Key player in news aggregation showing
steady growth – FY profitability expected in ‘19
Monthly active users (in millions) Monthly unique users (in millions)
28 29
27 Google Apple
25 upday News News
23
20
15
12.9 2.1 N/A
11
8
6 8.2 1.6 11.1
3
1 2
7.9 2.1 N/A
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19
Source: company information; Comscore, December 2018.
Company Presentation September 2019 75Marketing Media
The segment at a glance
Overview Reach Based Marketing Performance Marketing
‒ #1 positions in all major ‒ Idealo ‒ AWIN
marketing business
models ‒ Bonial
‒ Finanzen.net
‒ European market
(Main activities)
leader Awin in
performance
marketing merged Financials
with affilinet in 2018 Outlook 2019 (reported) Outlook 2019 (organic1)
October 2017 (holding Revenues in €m 418.3 on prior-year level2 High single-digit % growth
structure: EBITDA (adj.) in €m 89.6 significantly above the
mid teens % growth2
80% Axel Springer, 20% margin 21.4% prior-year level2
United Internet), IPO EBIT (adj.) in €m 66.0 significantly above the
high teens % growth2
envisaged after period margin 15.8% prior-year level2
of integration
1) Adjusted for consolidation (aufeminin sale in April 2018) and FX effects. 2) Outlook prior adjustment as of September 30, 2019: revenues: low single-digit % decline (reported), adj. EBITDA:
low to mid single-digit % growth (reported) / high single-digit to low double-digit % growth (organic), adj. EBIT: low single-digit % decline (reported) / high single-digit % growth (organic).
Company Presentation September 2019 77Axel Springer delivers constantly and
successfully on ESG issues
High transparency regarding ESG issues Overview
‒ Sustainability Report is published every two Rating / evaluation Last review
years (available on corporate website) CDP D- (from A to D-) 2018
FTSE4Good 2.7 out of 5 2019
‒ Comprehensive information on corporate
governance as well as responsibility and ISS Environment 3 out of 10
09/2019
sustainability are available on corporate QualityScore (the lower, the better)
website
ISS Governance 2 out of 10
09/2019
QualityScore (the lower, the better)
‒ Participation in relevant ESG / SRI ratings
ISS Social 2 out of 10
09/2019
QualityScore (the lower, the better)
ISS-oekom C+ (from A+ to D-) 2019
MSCI1 A (from AAA to CCC) 2019
Sustainalytics 66 out of 100 2019
1) In 2019, Axel Springer SE received a rating of A (on a scale of AAA-CCC)
in the MSCI ESG Ratings assessment.
Company Presentation September 2019 79Investor Relations contacts
Daniel Fard-Yazdani
Head of Investor Relations & Head of Sustainability
T +49 30 2591 77425
M +49 151 52844459
daniel.fard-yazdani@axelspringer.com
Axel Springer SE
Axel-Springer-Str. 65, 10888 Berlin, Germany
www.axelspringer.com
Company Presentation September 2019 80You can also read
