Ströer Revenue Rises 4% to €513 Million in Third Quarter as It Reaffirms 2026 Outlook
Key Facts
Ströer reported on November 12 that consolidated revenue rose 4% to €513 million in the third quarter of 2026, from €492 million a year earlier, and reaffirmed its full-year outlook. Sales growth was driven mainly by digital out-of-home advertising and Dialog, while revenue in the DaaS & E-Commerce segment declined. Chief Executive Udo Müller said, "Digital out-of-home advertising remains the most important growth driver for our core business." dpa-AFX reported that the company's revenue fell short of analysts' expectations, while operating profit exceeded them. The reaffirmed annual outlook therefore comes amid mixed quarterly performance across segments and a gap between revenue growth and market estimates.
Digital Out of Home activity grew 11% in the third quarter, while programmatic digital out-of-home advertising rose 21%, according to the company's statement. Dialog grew 30%, making it one of the group's leading growth drivers alongside digital advertising. This performance was reflected in revenue at the Digital & Dialog Media segment, which rose 15.7% to €239 million from €206 million in the third quarter of 2025. The segment's adjusted operating profit also increased 19.1% to €38 million, from €32 million a year earlier. The figures highlight uneven momentum across the business, with growth concentrated in digital and dialog activities rather than extending evenly across segments.
At group level, adjusted EBITDA was €148 million in the third quarter, compared with €147 million in the same period of 2025. Adjusted consolidated net profit was €35 million, versus €34 million a year earlier. Both adjusted profitability measures therefore edged higher, compared with a 4% rise in consolidated revenue. In the first nine months of 2026, revenue reached €1.55 billion, up 5% from the same period a year earlier. Organic growth over the nine months was 2.1%, following a contraction of 0.4% in the same period of 2025.
By contrast, revenue in the DaaS & E-Commerce segment fell to €74 million in the third quarter, from €85 million a year earlier. The company attributed the decline at Statista to the sale of its strategy and consulting unit and adverse currency effects. It also said weak consumer demand weighed on Asam. This decline contrasts with growth in Digital & Dialog Media, illustrating the differing revenue trends across the group's businesses during the quarter. The figures provided for the declining segment did not separately quantify Statista's and Asam's contributions to the revenue drop.
Cash flow from operating activities rose to €258 million in the first nine months, from €243 million in the same period of 2025. The company said the increase was mainly due to a lower amount of funds tied up in working capital. The improvement in cash flow adds another dimension to the nine-month results, which saw revenue increase and organic growth turn positive. The comparison is between matching nine-month periods, while the adjusted earnings figures cited above reflect the third quarter alone. The statement did not provide a separate third-quarter cash flow figure.
Ströer reaffirmed its 2026 outlook and said it expects positive performance to continue in the fourth quarter. The company is targeting organic revenue growth in the low-to-mid single-digit range, with adjusted EBITDA roughly stable compared with the previous year. dpa-AFX estimated analysts' average forecast for organic revenue growth at around 5% for 2026. In its report on the results, the agency said operating profit exceeded analysts' expectations, while revenue fell short. The fourth quarter will show how closely full-year performance approaches the company's range and market estimates.