Berlin, July 27, 2018
H1/2018 Results
Investor/Analyst Conference Call
Dr Mathias Döpfner, Chairman & CEO
Dr Julian Deutz, CFO
Disclaimer
July 27, 2018 H1/2018 - Investor/Analyst Conference Call2
This document, which has been issued by Axel Springer SE (the "Company"), comprises the written materials/slides for a presentation of the
management.
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expectations contained herein are fair and reasonable no representation or warranty, express or implied, is given by or on behalf of the Company,
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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
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Successful H1/18 – Group guidance confirmed,
guidance for classifieds revenues increased
July 27, 2018 H1/2018 - Investor/Analyst Conference Call3
adj. EBITDA €354.5m (+11.7% reported, +3.7% organically)
Revenues €1,560.9m (+5.9% reported, +4.3% organically)
adj. eps €1.36 (-2.1% reported, -0.7% organically)
Portfolio management: Sale of final stake in Dogan TV closed at end of
May (proceeds of €160m)
80% of adj. EBITDA from digital activities – digital
revenues with organic growth of 9.4% in H1/18
July 27, 2018 H1/2018 - Investor/Analyst Conference Call4
digital
Revenues Advertising Revenues adj. EBITDA
digital digital
69% 85% 80%
Continued strong growth in Classifieds – Further
improvements in digital content
5
Classifieds
▪ Continued strong organic revenue growth, driven by jobs vertical
▪ Margin in H1/18 impacted by strong investments in marketing and product as well as newly
consolidated businesses – margin gap to prior year to narrow in H2/18
▪ Revenue guidance increased to low double-digit growth
(before: high single-digit to low double-digit growth)
Digital content
▪ Business Insider: Strong top line growth and significantly improved bottom line
▪ Encouraging development in News Media National regarding both reach (485k digital
subscriptions) and revenue growth
July 27, 2018 H1/2018 - Investor/Analyst Conference Call
What to expect in 2018? We will continue to deliver.
July 27, 20186
➢ Further growth in classifieds
➢ Deliver on mid-term stable EBITDA guidance for News Media
➢ Break-even at Business Insider in H2/18
➢ Explore further potential from technology and data
H1/2018 - Investor/Analyst Conference Call
Financials H1/2018
Successful first half of the year – adj. EBITDA up
11.7%, organic increase of 3.7%
July 27, 2018 H1/2018 - Investor/Analyst Conference Call8
▪ Organic revenue increase of 4.3% and adj. EBITDA up by 3.7% organically
▪ Consolidation effects mainly from Logic-Immo and affilinet, deconsolidation of aufeminin
Comments
in €m H1/18 yoy org.1 Q2/18 yoy org.1
Revenues 1,560.9 5.9% 4.3% 787.4 4.9% 3.9%
Advertising 1,058.8 9.5% 7.0% 534.8 7.8% 6.3%
Circulation 294.7 -6.4% -4.8% 147.3 -5.7% -4.2%
Other 207.4 7.7% 5.8% 105.4 7.1% 5.1%
adj. EBITDA 354.5 11.7% 3.7% 183.3 7.8% 1.1%
Margin 22.7% 1.2pp 23.3% 0.6pp
1) Adjusted for consolidation and FX effects, as well
as IFRS 16 effects for adj. EBITDA.
July 27, 2018 H1/2018 - Investor/Analyst Conference Call9
Classifieds Media continues with low double-digit
organic revenue growth in H1/18
▪ Revenue increase due to continued strong organic growth (11.3%) as well as consolidation effects
▪ Adj. EBITDA increase of 11.7% due to organic increase of 4.9% as well as effects from IFRS 16 and
consolidation effects
▪ Margin below the prior-year level due to planned investments into marketing and product for future
growth as well as lower margins of newly consolidated companies
Comments
1) Adjusted for consolidation and FX effects, as well
as IFRS 16 effects for adj. EBITDA. in €m H1/18 yoy org.1 Q2/18 yoy org.
1
Revenues 585.2 19.2% 11.3% 295.0 22.3% 11.2%
Advertising 567.8 17.7% 11.7% 282.6 19.4% 11.7%
Other 17.4 >100 % -12.3% 12.4 >100 % -17.4%
adj. EBITDA 223.3 11.7% 4.9% 110.7 12.1% 4.0%
Margin 38.2% -2.5pp 37.5% -3.4pp
Jobs classifieds with continued excellent organic
growth of 18.0% in H1/18
10 July 27, 2018 H1/2018 - Investor/Analyst Conference Call10
34%
▪ Reported revenue increase of 20.9% mainly driven by strong organic growth of 18.0%
▪ Continental European operations again the main driver for organic revenue growth (organic increase
of 24.6%)
▪ Adj. EBITDA up 9.1% (2.1% organically)
▪ Margin down 3.8pp due to planned investments for future growth (marketing and product)
Comments
1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA of Classifieds Media subsegments does not equal Classifieds Media segment
adj. EBITDA which includes costs of €5.6m in H1/18 and €4.3m in H1/17 (thereof business development, M&A and other), not allocated to the three subsegments.
Jobs
in €m H1/18 yoy org.1 Q2/18 yoy org.1
Revenues 278.1 20.9% 18.0% 143.2 23.0% 17.2%
adj. EBITDA2 98.6 9.1% 2.1% 51.9 9.1% 1.0%
Margin 35.5% -3.8pp 36.2% -4.6pp
Real Estate classifieds with consolidation effects
from Logic-Immo
11 July 27, 2018 H1/2018 - Investor/Analyst Conference Call11
▪ Reported revenue growth of 28.2% driven by consolidation effects from Logic-Immo
(organic revenue increase 6.2%)
▪ Adj. EBITDA up 19.2% (+11.1% organically)
▪ Decline of reported margin due to integration of Logic-Immo (lower margin business)
Comments
Real Estate
in €m H1/18 yoy org.1 Q2/18 yoy org.1
Revenues 183.7 28.2% 6.2% 96.8 33.0% 6.0%
adj. EBITDA2 85.9 19.2% 11.1% 44.1 19.5% 9.6%
Margin 46.7% -3.5pp 45.6% -5.2pp
1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA of Classifieds Media subsegments does not equal Classifieds Media segment
adj. EBITDA which includes costs of €5.6m in H1/18 and €4.3m in H1/17 (thereof business development, M&A and other), not allocated to the three subsegments.
General/Other with slight improvement in organic
growth in Q2/18
12 July 27, 2018 H1/2018 - Investor/Analyst Conference Call12
▪ Revenue increase of 4.9% (4.2% organic growth)
▪ Slow start to the year at Yad2 and @Leisure
▪ Meinestadt.de reallocated to Jobs classifieds (prior year numbers restated)
▪ Adj. EBITDA up 6.4% (+3.3% organically)
Comments
General/Other
in €m H1/18 yoy org.1 Q2/18 yoy org.
1
Revenues 123.4 4.9% 4.2% 55.1 5.6% 5.1%
adj. EBITDA2 44.5 6.4% 3.3% 17.7 7.0% 4.3%
Margin 36.1% 0.5pp 32.1% 0.4pp
1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA of Classifieds Media subsegments does not equal Classifieds Media segment
adj. EBITDA which includes costs of €5.6m in H1/18 and €4.3m in H1/17 (thereof business development, M&A and other), not allocated to the three subsegments.
News Media: Good first half for advertising both in
National and International
July 27, 2018 H1/2018 - Investor/Analyst Conference Call13
1) Adjusted for consolidation and FX effects, as well
as IFRS 16 effects for adj. EBITDA.
▪ Revenues up 0.9%, only minor effects from consolidation and FX
▪ 36.3% of revenues from digital activities
▪ Advertising revenue development strong in Q2/18 – German print ad revenues underlying almost stable yoy
▪ Adj. EBITDA up 2.3% reported, driven mainly by effects from IFRS 16 (organically down 6.6%)
Comments
in €m H1/18 yoy org.1 Q2/18 yoy org.
1
Revenues 732.0 0.9% 1.2% 380.5 0.2% 0.9%
thereof digital 266.0 12.5% 12.5% 137.8 11.2% 12.2%
digital share of revenues 36.3% 36.2%
Advertising 330.4 4.9% 4.1% 177.7 2.3% 2.3%
Circulation 295.0 -6.3% -4.7% 147.5 -5.6% -4.1%
Other 106.6 11.3% 11.3% 55.4 11.2% 11.7%
adj. EBITDA 113.4 2.3% -6.6% 64.0 -3.5% -10.0%
Margin 15.5% 0.2pp 16.8% -0.7pp
▪ Revenues down yoy due to deconsolidation of aufeminin. Organic revenues up 1.6% in H1/18 yoy:
Reach-based marketing slightly below H1/17 (-0.5%) due to US exit of Bonial in Q4/17, Performance
Marketing with organic increase of 5.3%
▪ Adj. EBITDA up 15.7% (+9.5% organically). Reach Based Marketing EBITDA with strong organic
increase of 20.5%, Performance Marketing with decline of 16.3%
Comments
Marketing Media with significant margin increase
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1) Adjusted for consolidation and FX effects, as well as
IFRS 16 effects for adj. EBITDA.in €m H1/18 yoy org.1 Q2/18 yoy org.1
Revenues 217.8 -4.0% 1.6% 99.7 -12.9% 1.2%
Advertising 160.5 -5.4% -1.6% 74.5 -13.2% -2.0%
Other 57.3 -0.1% 11.4% 25.2 -12.0% 11.8%
adj. EBITDA 46.7 15.7% 9.5% 23.1 -8.4% -7.5%
Margin 21.4% 3.7pp 23.2% 1.2pp
Adj. eps affected by phasing – Guidance for FY 18
confirmed (mid to high single-digit % org. growth)
July 27, 2018 H1/2018 - Investor/Analyst Conference Call15
1) Based on weighted average number of shares outstanding in H1/18: 107.9m (H1/17: 107.9m).
in €m H1/18 H1/17 Q2/18 Q2/17
adj. EBITDA 354.5 317.2 183.3 170.1
yoy change
Depreciation / amortization (excl. PPA) -101.1 -65.9 -51.7 -33.6
adj. EBIT 253.4 251.3 131.5 136.5
Financial result -9.5 -1.7 -4.8 -2.0
Taxes -74.6 -80.1 -38.3 -43.0
adj. net income 169.3 169.5 88.4 91.5
thereof attributable to non-controlling interests 23.0 20.1 9.9 9.4
adj. eps1 1.36 1.38 0.73 0.76
yoy change (reported / organic)
Non-recurring effects 59.7 -17.2 34.4 -5.4
Depreciation / amortization, and impairments of PPA -47.1 -52.6 -29.1 -21.3
Taxes attributable to these effects 3.7 17.3 7.3 5.0
Net income 185.6 116.9 100.9 69.6
11.7%
-2.1% / -0.7%
7.8%
-4.4% / -3.2%
Net financial debt higher because of IFRS 16 –
increase in FCF in line with expectations
July 27, 2018 H1/2018 - Investor/Analyst Conference Call16
▪Net financial debt includes leasing liabilities of €359.3m (PY: €0.4m), thereof
€156.7m due to lease of Axel-Springer-Passage and high-rise headquarter in
Berlin since January 1, 2018
▪Net financial debt less effects from leasing liabilities €1,057.2m
Free cash flow (FCF) in €m Impact of leasing liabilities on net financial debt
1) Excl. pension liabilities. 2) Based on Bloomberg consensus for adj. EBITDA 2018.
Net financial debt of €1,416.5m1
in June 2018 (leverage 1.9x2)
133.9
163.2
134.8
171.1
H1/17 H1/17H1/18 H1/18
FCF FCF excl. effects from headquarter real estate transactions
▪Net positive cash inflow of ~€165m until 2020 from sale of new Berlin building
(purchase price of €425m and tax payments of ~€30m expected in Q4/19 and
capex and sale related costs of ~€230m in 2018-2020)
Positive effects on cash flow going forward
Outlook 2018 unchanged on group level
July 27, 2018 H1/2018 - Investor/Analyst Conference Call17
Reported Organic(adjusted for effects from the adoption of IFRS
16 as well as consolidation and FX effects)
Revenues Low to mid single-digit % growth1
Low to mid single-digit % growth1
adj. EBITDA Low double-digit % growth Mid to high single-digit % growth
adj. eps Low to mid single-digit % growth Mid to high single-digit % growth
Group
1) Revenue outlook based on 2017 revenues restated for negative effect of IFRS 15 adoption.
Segment outlook 2018: Increase of organic revenue
guidance for classifieds media
July 27, 2018 H1/2018 - Investor/Analyst Conference Call18
Reported Organic(adjusted for effects from the adoption of IFRS
16 as well as consolidation and FX effects)
Classifieds
MediaRevenues Double-digit % growth Increased to: Low double-digit % growth1
adj. EBITDA Double-digit % growth High single-digit to low double-digit % growth
News
MediaRevenues Low to mid single-digit % decline Low single-digit % decline
adj. EBITDA Mid single-digit % growth Low to mid single-digit % decline
Marketing
MediaRevenues High single-digit % decline2 High single-digit % growth2
adj. EBITDA High single-digit % growth Low double-digit % growth
Services/
HoldingRevenues Mid single-digit % decline Mid single-digit % decline
adj. EBITDA Low to mid single-digit % growth3 Low to mid single-digit % growth3
1) Previously: High single-digit to low double-digit % growth. 2) Revenue outlook based on 2017 revenues restated for negative effect of IFRS 15 adoption. 3) Improvement/smaller negative EBITDA.
Appendix
Organic revenue development digital media
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yoy H1/18 Q2/18 Q1/18 FY/17 FY16 FY15 FY14
Digital Media 9.4% 9.4% 9.5% 12.5% 10.7% 9.2% 7.6%
Classifieds Media 11.3% 11.2% 11.3% 12.7% 12.5% 12.9% 9.8%
Jobs 18.0% 17.2% 18.9% 17.0% 17.6% 21.2% 13.5%
Real Estate 6.2% 6.0% 6.4% 10.8% 6.3% 4.8% 6.0%
General/Other 4.2% 5.1% 3.4% 6.3% 9.7% 4.0% 9.8%
News Media 12.5% 12.2% 12.8% 12.0% 14.7% 3.2% 8.4%
National 8.4% 9.8% 6.9% 3.2% 17.4% 0.8% 11.5%
International 16.8% 14.7% 19.2% 25.1% 9.4% 8.2% 4.2%
Marketing Media 1.6% 1.2% 1.9% 12.4% 7.5% 9.2% 6.2%
Reach Based -0.5% 0.6% -1.4% 12.0% 15.6% 13.6% 7.8%
Performance Based 5.3% 2.1% 8.5% 12.7% 4.2% 7.7% 5.3%
Restructuring expenses
July 27, 2018 H1/2018 - Investor/Analyst Conference Call21
in €m H1/18 Q2/18 Q1/18 FY/17 Q4/17 Q3/17 Q2/17 Q1/17
Group 8.1 2.7 5.4 47.6 28.5 9.5 4.8 4.9
Classifieds Media 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
News Media 2.9 0.9 2.0 29.3 18.8 4.8 2.9 2.9
Marketing Media 0.3 0.1 0.2 0.5 0.1 0.2 0.0 0.2
Services/Holding 4.9 1.7 3.2 17.8 9.6 4.5 1.9 1.8
Overview News Media National and International
July 27, 2018 H1/2018 - Investor/Analyst Conference Call22
1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.
in €m H1/18 yoy org.1 Q2/18 yoy org.
1 H1/18 yoy org.1 Q2/18 yoy org.
1
Revenues 524.4 -1.7% -2.4% 274.1 -1.4% -1.9% 207.7 8.2% 11.7% 106.4 4.7% 8.9%
thereof digital 135.5 11.6% 8.4% 70.3 12.1% 9.8% 130.5 13.4% 16.8% 67.5 10.4% 14.7%
digital share of revenues 25.8% 25.7% 62.8% 63.4%
Advertising 214.4 0.4% -1.7% 117.2 -0.6% -1.8% 116.1 14.4% 16.4% 60.5 8.4% 11.2%
Circulation 233.9 -6.1% -6.1% 117.2 -5.2% -5.2% 61.1 -6.9% 0.8% 30.3 -7.1% 0.2%
Other 76.1 7.3% 8.1% 39.8 8.7% 8.7% 30.4 22.6% 20.3% 15.6 17.9% 19.8%
adj. EBITDA 80.9 -8.6% -15.0% 45.0 -14.6% -19.3% 32.5 45.2% 27.2% 19.0 39.2% 26.7%
Margin 15.4% -1.2pp 16.4% -2.5pp 15.7% 4.0pp 17.9% 4.4pp
News Media National News Media International
Overview Marketing Media Subsegments
July 27, 2018 H1/2018 - Investor/Analyst Conference Call23
1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.2) Total adj. EBITDA includes costs of €4.2m in H1/18 and €4.3m in H1/17 (thereof business development, M&A and other), not allocated to the two pillars.
in €m H1/18 yoy org.1 Q2/18 yoy org.
1 H1/18 yoy org.1 Q2/18 yoy org.
1
Revenues 129.6 -15.3% -0.5% 56.6 -26.8% 0.6% 88.2 19.2% 5.3% 43.1 15.8% 2.1%
Advertising 108.0 -15.9% -3.6% 49.0 -24.9% -3.2% 52.5 27.2% 4.0% 25.5 23.6% 0.9%
Other 21.6 -12.3% 19.6% 7.6 -37.0% 38.5% 35.7 9.1% 7.0% 17.6 6.1% 3.6%
adj. EBITDA2 34.9 11.8% 20.5% 17.3 -13.5% 1.5% 16.0 18.8% -16.3% 8.1 6.5% -24.2%
Margin 27.0% 6.5pp 30.6% 4.7pp 18.1% -0.1pp 18.9% -1.6pp
Reach Based Marketing Performance Marketing
StepStone: Continued high organic revenue growth
H1/18 Financials
▪ Swedish employer branding specialist Universum
acquired in Q2/18
▪ Candidate delivery ahead of competition in
nearly all areas
▪ ‘The Partnership’ (Totaljobs and Jobsite)
introduced in May 2018: Joint offerings incl.
cross-promotion of jobs
▪ Main market Continental Europe with customer
number up 9% yoy, retention rate remains on a
high level at 88% (-1pp yoy)
Operational update H1/18
24
1) Minor revenues recorded centrally and attributable to few operational entities (mainly Universum) are not presented
since those are not recorded in operational subgroups 2) Combined adj. 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. 3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for
adj. EBITDA.
in €m H1/18 H1/17 yoy organic3)
Revenues1) 279.5 230.5 21.3% 18.4%
Continental 191.8 152.5 25.8% 24.6%
UK 61.8 58.9 5.0% 7.4%
SAON Group 20.2 18.8 7.2% 9.9%
EBITDA2) 98.6 90.3 9.1% 2.1%
Continental 92.0 83.7 9.8% 6.1%
UK 5.5 8.8 -37.3% -52.4%
SAON Group 5.7 5.8 -2.5% -4.0%
Margin 35.3% 39.2% -3.9pp
Continental 47.9% 54.9% -7.0pp
UK 8.9% 14.9% -6.0pp
SAON Group 28.3% 31.1% -2.8pp
July 27, 2018 H1/2018 - Investor/Analyst Conference Call
SeLoger margin decline due to consolidation of
Logic-Immo
H1/18 Financials
▪ Closing of Logic-Immo acquisition in Q1/18
▪ ARPA (incl. verticals) increases by 6% yoy to
€758
▪ # of professional listings1) on Seloger.com: 984k
(Logic-Immo: 708k, pre deduplication)
▪ Unique users2) of seloger.com up 2% to 5.9m,
unique user of logic-immo +3% to 3.1m
Operational update H1/18
July 27, 201825
3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA
1) Source: autobiz; monthly listings, Jan-May/18 average2) Source: Médiametrie (Jan-May/18 vs Jan-May/17)
H1/2018 - Investor/Analyst Conference Call
in €m H1/18 H1/17 yoy org.3)
Revenues 103.9 69.5 49.5% 4.3%
EBITDA 48.9 40.4 21.1% 6.9%
Margin 47.1% 58.2% -11.1pp
Immowelt: Margin significantly up at 40%
H1/18 Financials
▪ ARPU increases by 11% yoy to €317
▪ 21.2k DUO customers
▪ Visits1) at 43.9m (+1% yoy)
▪ # of residential listings1) at 175k (-9%) yoy
Operational update H1/18
26
2) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA1) Source: company information; monthly visits/listings, H1 average
in €m H1/18 H1/17 yoy org.2)
Revenues 58.2 54.3 7.3% 7.3%
EBITDA 23.3 18.3 27.7% 23.7%
Margin 40.1% 33.7% 6.4pp
July 27, 2018 H1/2018 - Investor/Analyst Conference Call
Immoweb with strong revenue growth and high
margin
H1/18 Financials
▪ ARPA increases by 6% yoy to €544
▪ # of listings1) up by 5% yoy to 151k
▪ Real visitors2) slightly down by 1% with a monthly
average of 1.6m 2018
Operational update H1/18
July 27, 201827
1) Source: company information2) Source: CIM
H1/2018 - Investor/Analyst Conference Call
in €m H1/18 H1/17 yoy org.3)
Revenues 21.8 20.0 9.2% 8.9%
EBITDA 14.1 13.1 8.0% 8.0%
Margin 64.8% 65.5% -0.7pp
3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA
@Leisure with slow start to the year
H1/18 Financials
▪ Full service (Belvilla, Land & Leisure):
pro forma booking value1) down by 10% yoy to
€155m
▪ Self service (Traum-Ferienwohnungen):
total listings2) in Europe up 13% yoy to 83k
Operational update H1/18
July 27, 201828
1) Source: company information, H1/18 vs H1/172) Source: company information, 06/17 vs. 06/18
H1/2018 - Investor/Analyst Conference Call
in €m H1/18 H1/17 yoy org.3)
Revenues 73.2 69.1 6.0% 2.7%
EBITDA 17.1 14.9 14.5% 3.4%
Margin 23.3% 21.6% 1.7pp
3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA
Yad2 with headwind from FX and slower organic
growth due to difficult real estate market
H1/18 Financials
▪ # of listings: 412.3k (-4% yoy)
▪ Unique visitors slightly up by 12% to 2.4m
(H1/17: 2.7m)
▪ Visits down by 7% to 11.3m (H1/17: 12.1m)
Operational update H1/18 1)
July 27, 201829
1) Source: company information; monthly listings/UVs/visits
H1/2018 - Investor/Analyst Conference Call
in €m H1/18 H1/17 yoy org.2)
Revenues 18.9 20.1 -6.0% 1.1%
3) Adjusted for consolidation and FX effects
Car&Boat Media: Organic growth driven by ARPU
increase
H1/18 Financials
▪ ARPU up by 10% yoy to €447
▪ # of professional customers1) slightly (-1%) below
prior year at 8.5k
▪ # of professional listings1) down by 2% yoy to
270k
▪ Unique visitors2) up by 25% to 4.9m
Operational update H1/18
July 27, 201830
1) Source: company information; monthly, H1/18 average2) Source: Mediametrie (Jan-May/18 vs Jan-May/17); Limited comparability of Jan-May/18
figures to prior-year period due to new methodology regarding the measurement of mobile
traffic introduced by Mediametrie in H1/18
H1/2018 - Investor/Analyst Conference Call
in €m H1/18 H1/17 yoy org.3)
Revenues 31.3 29.5 6.2% 6.2%
EBITDA 15.2 13.7 10.4% 7.2%
Margin 48.4% 46.5% 1.8pp
3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA
Investor Relations contacts
July 27, 2018 H1/2018 - Investor/Analyst Conference Call31
Claudia Thomé
Co-Head of Investor Relations
Phone: +49 30 2591 77421
Mobile: +49 160 90445035
Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422
Daniel Fard-Yazdani
Co-Head of Investor Relations
Phone: +49 30 2591 77425
Mobile: +49 151 52844459