Ströer First Take Q126: Solid beat on OOH momentum but SaaS/E-Commerce weakness tempers upside… still, we see small upgrades.

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Ströer First Take Q126: Solid beat on OOH momentum but SaaS/E-Commerce weakness tempers upside… still, we see small upgrades.

J P M O R G A N Europe Equity Research

12 May 2026

Ströer

First Take Q126: Solid beat on OOH momentum but Overweight

SaaS/E-Commerce weakness tempers upside… still, SAXG.DE, SAX GR

we see small upgrades. Price (11 May 26):€39.00

Price Target (Dec-27):€46.00

Our Take: Ströer delivered a solid Q1 print, with OOH again performing well with European Internet

ACevidence of continued share gains in the German advertising market. Group Marcus Diebel

revenue and EBITDA came in ~2% ahead of consensus, underpinning a broadly (44-20) 7742-4447

constructive set of results. That said, ongoing weakness in the Saas/E-Commerce marcus.diebel@jpmorgan.com

related assets (Statista and Asam Beauty) tempers the overall message and is likely J.P. Morgan Securities plc

to remain an overhang and any disposal optionality appears limited near term. Lara Simpson

Operationally, management’s continued migration toward AI-enabled, streamer- (44-20) 7134-3637

lara.simpson@jpmorgan.com

driven processes remains on track and should support incremental efficiency and J.P. Morgan Securities plc

scalability over time, but remains a “show-me case”. With Q1 execution and Q2

Carmen Graves

guidance broadly consistent with our estimates, we see scope for low-single-digit (44-20) 3493 0506

earnings upgrades. We look to the conference call for additional detail on recent carmen.graves@jpmorgan.com

M&A newsflow and capital allocation priorities. We reiterate our Overweight J.P. Morgan Securities plc

stance on Ströer and the broader OOH sector, as the digital transformation of OOH Thyagarajan J

continues to strengthen structural positioning. (91-22) 6157-5005

thyagarajan.j@jpmchase.com