Company presentation - Axel Springer SE

 
Company presentation - Axel Springer SE
Company presentation
Company presentation - Axel Springer SE
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
Company presentation - Axel Springer SE
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
Company presentation - Axel Springer SE
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               4
87% 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   5
H1/19 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   6
Classifieds 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   7
News 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   8
Group 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              9
Segment 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                         10
H1/19 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   12
Classifieds 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   13
Classifieds 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   14
StepStone
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         15
AVIV
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        16
News 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         17
Marketing 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          18
Adjusted 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   19
FCF 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          20
Classifieds 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                    22
Minority 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    23
Classifieds 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            24
StepStone

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   25
StepStone
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      26
Goal 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          27
StepStone
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          29
StepStone 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    30
StepStone 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   31
StepStone 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            32
StepStone 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          33
StepStone 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                34
Saongroup
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        35
Saongroup
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             36
Saongroup: 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   37
Growth 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          38
Increased 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       39
StepStone 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   40
Google 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       41
AVIV 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    42
Our 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         43
SeLoger

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       44
SeLoger
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          45
The 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   46
Based 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          47
SeLoger 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   49
Immowelt

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       50
DUO 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                51
The 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   52
ARPU 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    53
2018: 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   54
Immoweb

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       55
Immoweb
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        56
Immoweb 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        57
Immoweb
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   58
Car&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       59
LaCentrale 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     60
Stable 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          61
Car&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   62
Car&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   63
Yad2

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       64
Strong 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        65
Strong 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     66
Yad2
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            67
News 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           69
Global 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           70
Ongoing 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   71
Insider 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   72
Insider 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     73
eMarketer
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            74
upday
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          75
Marketing 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                 77
Axel 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   79
Investor 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   80
You can also read