Ströer Post-call Q126: Encouraging developments with a focus now on the AI-transition

Research evidence excerpt

Ströer Post-call Q126: Encouraging developments with a focus now on the AI-transition

J P M O R G A N Europe Equity Research

12 May 2026

Ströer Overweight

SAXG.DE, SAX GR

Post-call Q126: Encouraging developments with a Price (11 May 26):€39.00

focus now on the AI-transition Price Target (Dec-27):€46.00

Following a solid set of Q126 results, management struck a constructive tone, European Internet

AChighlighting the encouraging Q2 guidance, while noting that economic and Marcus Diebel

geopolitical uncertainty remains. Notably, when asked about recent market (44-20) 7742-4447

speculation of a potential bid for the core business, CEO, Udo Müller, marcus.diebel@jpmorgan.com

(c.24% shareholder) said he expects to remain CEO for the “foreseeable future,” J.P. Morgan Securities plc

without commenting further on the speculation. With near-term momentum Lara Simpson

appearing supportive, attention now turns to the June 17th call, where Ströer is (44-20) 7134-3637

lara.simpson@jpmorgan.com

expected to outline its strategy and roadmap for transitioning toward a more AI- J.P. Morgan Securities plc

integrated platform.

Carmen Graves

• Conference Call Highlights.1) Management highlighted that, in Germany, (44-20)carmen.graves@jpmorgan.com3493 0506

OOH continues to outperform all other advertising media other than desktop/ J.P. Morgan Securities plc

mobile, with total OOH growing +1.8% vs the overall German Ad Market Thyagarajan J

growing +0.8%. 2) On the recently reported speculation of a potential (91-22) 6157-5005

upcoming acquisition bid, management did not comment on the speculation, thyagarajan.j@jpmchase.com

but CEO, Udo Müller (who holds a c.24% stake), confirmed that he intends to J.P. Morgan India Private Limited

remain as CEO for the "foreseeable future".