h1/2019 results investor/analyst conference call · h1/2019 - investor/analyst conference call 14...

H1/2019 Results Investor/Analyst Conference CallDr Mathias Döpfner, Chairman & CEODr Julian Deutz, CFO

Berlin, 14 August 2019

Disclaimer

14 August 2019H1/2019 - Investor/Analyst Conference Call 2

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.

Successful tender offer by KKR of €63.00


Minimum acceptance threshold exceeded

‒ Voluntary tender offer accepted for 27.8% of Axel Springer shares at the end of theoffer period

‒ Major step towards envisaged partnership with KKR to support our strategy ofgrowth and investments and pursue additional opportunities

‒ High continuity with Friede Springer and Mathias Döpfner keeping their stakes and forming a consortium with KKR

‒ Additional acceptance period until August 21, 2019

‒ Closing subject to merger control, foreign investment and media concentrationclearances, expected until Q4/19 or Q1/20

H1/19 impacted by consolidation effects

14 August 2019 4

Revenues

€1,531.1m -1.9% rep.+1.0% org.1)

adj. EBITDA

€344.8m -2.7% rep.+1.7% org.1)

adj. EBIT

€238.7m -5.8% rep.+0.5% org.1)

adj. eps

€1.19 -11.9% rep.-4.6% org.1)

H1/2019 - Investor/Analyst Conference Call

1) Adjusted for consolidation and FX effects.

87% of adj. EBITDA from digital activitiesOrganic digital revenue growth of 7.7% in H1/19

Revenues adj. EBITDA

74%digital

87% digital


Classifieds Media – add-on acquisitions


StepStone and AVIV expand portfolio

‒ AVIV expands value chain in France with

‒ AVIV granting put option toMeilleursAgents for acquisition of100% for purchase price of €200m (cash/debt-free)

‒ Expanding scope of French real estate classifieds in terms ofproperty valuation and seller leads

‒ Approaching breakeven in 2019‒ Closing expected in Sept. 2019

‒ StepStone with add-on acquisitions in line with growth strategy

‒ – leading provider ofprogrammatic job ads in the US; purchase price of €71.6m for 91.2%1

‒ – Europe‘s leadingdigital platform for students

‒ – leading German compensation analyst portals

1) Fully diluted 85%.

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 contenttechnology in Germany

FinancialsH1/2019


Revenues affected by consolidation effects, lowerorg. revenue growth due to macro trends


‒ 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%))

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

H1/19 adj. EBITDA impacted by investments

Classifieds Media


Reporting changes following sale of @Leisure‒ Sale of 51%-stake in vacation rental

specialist @Leisure

‒ Focus within classifieds on StepStone and AVIV group

‒ Proceeds of €185.5m, cash of€41.5m at closing, transactionmultiple >15x, based on 2018 EBITDA of >€24m

‒ Capital gain of €67.9m‒ Closed in early June 2019

‒ Classifieds subsegments alignedwith new operational setup

‒ StepStone (formerly jobs) –unchanged

‒ AVIV – including the former Real Estate classifieds assets(SeLoger, Immowelt, Immoweb) as well as CarBoatMedia and Yad2

‒ Other – @Leisure group

Classifieds Media


Organic revenue growth of 5.6%


‒ 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%)


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

StepStone


Lower organic revenue growth due tomacro environment

‒ 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.


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

AVIV


Adj. EBITDA up organically by 3.5% while investing in new products

‒ 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.


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

‒ 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%)

News Media


Q2/19 impacted by macro and tough comps


in €m H1/19 yoy org.1 Q2/19 yoy org.1 H1/19 yoy org.1 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

News Media National News Media InternationalNews Media News Media

Marketing MediaStrong organic revenue growth of 12.9%

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.


‒ 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%)

in €m H1/19 yoy org.1 Q2/19 yoy org.1 H1/19 yoy org.1 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

Marketing Media Reach Based Marketing Performance MarketingMarketing Media

Adjusted epsStronger H1 decline due to phasing effects

1) Based on weighted average number of shares outstanding in H1/19: 107.9m (H1/18: 107.9m).


in €m H1/19 H1/18 Q2/19 Q2/18adj. EBITDA 344.8 354.5 177.8 183.3

yoy change (reported / organic)Depreciation / amortization (excl. PPA) -106.0 -101.1 -52.5 -51.7adj. EBIT 238.7 253.4 125.3 131.5

yoy change (reported / organic)Financial result -10.0 -9.5 -5.2 -4.8Taxes -74.6 -74.6 -41.1 -38.3adj. net income 154.2 169.3 79.1 88.4

thereof attributable to non-controlling interests 25.3 23.0 11.6 9.9adj. eps1 1.19 1.36 0.63 0.73

yoy change (reported / organic)Non-recurring effects -12.3 59.7 -6.1 34.4Depreciation / amortization, and impairments of PPA -36.4 -47.1 -17.7 -29.1Taxes attributable to these effects 28.0 3.7 22.8 7.3Net income 133.4 185.6 78.0 100.9

-2.7% / 1.7%

-11.9% / -4.6%

-3.0% / -0.4%

-14.0% / -9.9%

-5.8% / 0.5% -4.7% / -1.3%

FCF FCF excl. effects from headquarter real estate transactions

1) Excl. pension liabilities. 2) Based on Bloomberg consensus for adj. EBITDA 2019. 3) Expected in Q1/20.

Free cash flow (FCF) in €m Net financial debt‒ Net financial debt includes leasing liabilities of €366.3m

(12/31/2018: €379.6m)‒ Net financial debt less effects from leasing liabilities €1,130.7m

Effects on cash flow‒ 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‒ 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 down due to phasing and consolidationeffects

H1/19

134.8

64.1

H1/18 H1/19

171.1

109.6

H1/18

Net financial debt of €1,497.0m1 in June 2019 (leverage 2.1x2)

Outlook2019

Outlook 2019Group outlook as adjusted on June 12, 2019

Outlook prior adjustment as of June 12, 2019: revenues: on prior-year level (reported) / low to mid single-digit % growth (organic), adj. EBITDA: on prior-year level (reported) / low to mid single-digit % growth (organic), adj. EBIT: low to mid single-digit % decline (reported) / low single-digit % growth (organic), adj. eps: low single-digit % decline (reported) / single-digit % growth (organic). 1) Adjusted for consolidation and FX effects.

Group

reported organic1

low single-digit % decline low single-digit % growth

mid single-digit % decline on prior-year level

high single-digit % decline low single-digit % decline

Revenues

adj. EBITDA

adj. EBIT

low to mid single-digit % declineadj. eps high single-digit tolow double-digit % decline


Outlook 2019 Segment outlook as adjusted on June 12, 2019

1) Outlook prior adjustment as of June 12, 2019: revenues: mid single-digit % growth (reported) / high single-digit to low double-digit % growth (organic), adj. EBITDA: on prior-year level (reported) / mid single-digit % growth (organic), adj. EBIT: low single-digit % decline (reported) / low to mid single-digit % growth (organic). 2) Adjusted for consolidation and FX effects. 3) Higher negative EBITDA/EBIT.

reported organic2

Classifieds Media on prior-year level to low single-digit % growth1 mid to high single-digit % growth1

News Media low to mid single-digit % decline low single-digit % declineMarketing Media low single-digit % decline high single-digit % growthServices/Holding low double-digit % decline low double-digit % decline

Classifieds Media mid single-digit % decline1 on prior-year level1

News Media on prior-year level on prior-year levelMarketing Media low to mid single-digit % growth high single-digit to low double-digit % growthServices/Holding double-digit % decline3 double-digit % decline3

Classifieds Media high single-digit to low double-digit % decline1 mid single-digit % decline1

News Media low single-digit % decline on prior-year levelMarketing Media low single-digit % decline high single-digit % growthServices/Holding high single-digit to low double-digit % decline3 high single-digit to low double-digit % decline3

Revenues

adj. EBITDA

adj. EBIT


Tabelle1

reportedorganic2

RevenuesClassifieds Mediaon prior-year level to low single-digit % growth1mid to high single-digit % growth1

News Medialow to mid single-digit % declinelow single-digit % decline

Marketing Medialow single-digit % declinehigh single-digit % growth

Services/Holdinglow double-digit % declinelow double-digit % decline

adj. EBITDAClassifieds Mediamid single-digit % decline1on prior-year level1

News Mediaon prior-year levelon prior-year level

Marketing Medialow to mid single-digit % growthhigh single-digit to low double-digit % growth

Services/Holdingdouble-digit % decline3double-digit % decline3

adj. EBITClassifieds Mediahigh single-digit to low double-digit % decline1mid single-digit % decline1

News Medialow single-digit % declineon prior-year level

Marketing Medialow single-digit % declinehigh single-digit % growth

Services/Holdinghigh single-digit to low double-digit % decline3high single-digit to low double-digit % decline3

Appendix

Organic revenue development


Digital media

Organic means adjusted for consolidation and FX effects.

yoy H1/19 Q2/19 Q1/19 FY/18 Q4/18 Q3/18 Q2/18 Q1/18Digital Media 7.7% 6.4% 8.9% 9.6% 10.8% 8.5% 9.4% 9.5%

Classifieds Media 5.6% 3.9% 7.3% 11.4% 13.3% 9.8% 11.2% 11.3%StepStone 7.5% 5.8% 9.3% 16.9% 18.2% 13.6% 17.2% 18.9%AVIV 2.7% 1.6% 5.6% 5.6% 5.6% 5.3% 5.5% 5.9%Other 8.1% 4.8% 5.2% 4.2% 17.4% 7.5% 6.1% 3.0%

News Media 8.4% 6.7% 10.3% 11.8% 11.1% 11.3% 12.2% 12.8%National 6.5% 3.2% 10.1% 8.4% 9.8% 6.5% 9.8% 6.9%International 10.4% 10.3% 10.5% 15.5% 12.7% 16.5% 14.7% 19.2%

Marketing Media 12.9% 13.9% 11.9% 2.1% 4.2% 0.8% 1.2% 1.9%Reach Based 12.6% 11.9% 13.4% -0.1% 2.2% -1.4% 0.6% -1.4%Performance Based 13.1% 16.1% 10.2% 5.3% 6.6% 3.6% 2.1% 8.5%

Restructuring expenses


in €m H1/19 Q2/19 Q1/19 FY/18 Q4/18 Q3/18 Q2/18 Q1/18 FY/17 Q4/17 Q3/17 Q2/17 Q1/17Group 8.4 3.7 4.7 36.8 24.9 3.7 2.7 5.4 47.6 28.5 9.5 4.8 4.8

Classifieds Media 0.2 0.0 0.2 1.6 1.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0News Media 6.5 3.1 3.5 18.0 13.2 1.9 0.9 2.0 29.3 18.8 4.8 2.9 2.9Marketing Media 0.3 0.0 0.3 5.4 5.1 0.0 0.1 0.2 0.5 0.1 0.2 0.0 0.2Services/Holding 1.4 0.6 0.7 11.8 5.1 1.8 1.7 3.2 17.8 9.6 4.5 1.9 1.8

News Media


Q2/19 with challenging macro environment and tough comps (Bild special edition in Q2/18)


in €m Q2/19 yoy org.1 Q2/19 yoy org.1

Revenues 240.1 -12.4% -12.6% 104.6 -1.7% 2.9%

thereof digital 73.2 4.1% 3.2% 75.1 11.4% 10.3%

digital share of revenues 30.5% 71.8%Advertising 91.1 -22.3% -22.3% 61.3 1.3% 4.8%Circulation 109.6 -6.4% -6.4% 27.1 -10.5% -1.7%Other 39.4 -1.0% -2.6% 16.2 3.7% 4.0%

adj. EBITDA 29.8 -33.8% -32.8% 23.2 22.3% 34.6%

Margin 12.4% -4.0pp 22.2% 4.4pp

News Media National News Media International

Marketing MediaDouble-digit organic revenue growth in both subsegments

1) Adjusted for consolidation and FX effects.2) Total adj. EBITDA/EBIT includes costs of €2.4 in Q2/19 and €2.3m in Q2/18 (thereof business development, M&A and other), not allocated to the

two subsegments.


in €m Q2/19 yoy org.1 Q2/19 yoy org.1

Revenues 53.7 -5.1% 11.9% 50.3 16.9% 16.1%

Advertising 48.5 -1.1% 10.6% 25.7 1.1% -0.1%

Other 5.2 -31.1% 25.9% 24.6 39.7% 39.4%

adj. EBITDA2 19.7 13.9% 25.0% 8.8 7.5% 5.3%

Margin 36.7% 6.1pp 17.4% -1.5pp

Reach Based Marketing Performance Marketing


StepStone

1) Both figures rolling LTM as of June 2019. 2) Minor revenues recorded centrally and 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.

in €m H1/19 H1/18 yoy org.4

Revenues2 306.1 278.1 10.1% 7.5%

Continental 214.7 191.8 11.9% 10.9%

UK 61.8 61.8 -0.1% -0.8%

Saongroup 21.2 20.2 5.0% 6.1%

EBITDA3 107.5 98.6 9.1% 12.3%

Continental 99.5 92.0 8.2% 8.7%

UK 8.3 5.5 51.6% 50.6%

Saongroup 5.1 5.7 -10.3% -10.3%

Margin 35.1% 35.5% -0.3pp

Continental 46.4% 47.9% -1.6pp

UK 13.5% 8.9% 4.6pp

Saongroup 24.2% 28.3% -4.1pp

Operational update

‒ Add-on acquisitions with Appcast (leading provider of programmatic job ads in the US), Studydrive (Europe’s leading digital platform for students) and PersonalMarkt (leading compensation analyst in Germany)

‒ Candidate delivery ahead of competition in nearly all areas

‒ Main market Continental Europe with customer number up 1% yoy, retention rate remains on a high level at 88%1

H1/19 financials


SeLoger

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.

Operational update

‒ Acquisition of MeilleursAgents to enhance product offering

‒ Duo offer successfully launched in June 2019‒ 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


Revenues 114.0 103.8 9.8% 3.9%

EBITDA 51.6 49.0 5.2% 4.0%

Margin 45.3% 47.2% -2.0pp

H1/19 financials


Immowelt

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.

Operational update

‒ ARPU increases by 18% yoy to €375‒ # of DUO≥ 51 customers increased by 11% to 16.6k‒ Visits2 at 47.3m (+8% yoy) ‒ # of residential listings2 at 160k (-9% yoy)


Revenues 60.3 58.2 3.5% 3.5%

EBITDA 27.7 23.3 18.8% 18.8%

Margin 46.0% 40.1% 5.9pp

H1/19 financials


Immoweb

1) Source: company information.2) Source: CIM.3) Adjusted for consolidation and FX effects.

Operational update

‒ ARPA up yoy (+4%) to €566 ‒ # of listings1 up 2% yoy to 154k‒ Real visitors2 down 5% with a monthly average

of 1.5m in H1/19

‒ Investments in branding and seller-lead product


Revenues 21.9 21.8 0.2% 0.2%

EBITDA 13.1 14.1 -7.6% -7.6%

Margin 59.7% 64.8% -5.1pp

H1/19 financials


Car&Boat Media

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.

Operational update

‒ ARPU up 10% yoy to €492‒ # of professional customers1 below prior year’s

figure (-3%) at 8.2k

‒ # of professional listings1 up 5% yoy to 285k‒ Unique visitors2 down 7% to 4.6m


Revenues 31.7 31.3 1.2% 1.2%

EBITDA 15.6 15.2 3.2% 3.2%

Margin 49.3% 48.4% 0.9pp

H1/19 financials


Yad2

Source: company information; monthly listings/UVs/visits.1) Adjusted for consolidation and FX effects.

Operational update

‒ # of listings: 387k (-6% yoy)‒ Unique visitors down 10% to 2.1m ‒ Visits down 14% to 9.4m


Revenues 19.8 18.9 5.2% 1.0%

H1/19 financials

Investor Relations contacts

Claudia Thomé Co-Head of Investor RelationsT +49 30 2591 77421M +49 160 [email protected]

Daniel Fard-Yazdani Head of Investor RelationsT +49 30 2591 77425M +49 151 [email protected]

Axel Springer SEAxel-Springer-Str. 65, 10888 Berlin, Germanywww.axelspringer.com


H1/2019 Results �Investor/Analyst Conference CallDisclaimerSuccessful tender offer by KKR of €63.00H1/19 impacted by consolidation effects87% of adj. EBITDA from digital activitiesClassifieds Media – add-on acquisitionsNews Media – operational highlightsFinancialsH1/19 adj. EBITDA impacted by investmentsClassifieds MediaClassifieds MediaStepStoneAVIV News Media Marketing MediaAdjusted eps FCF down due to phasing and consolidation effects�OutlookOutlook 2019Outlook 2019 AppendixOrganic revenue developmentRestructuring expensesNews MediaMarketing MediaStepStoneSeLogerImmoweltImmowebCar&Boat MediaYad2Investor Relations contacts

h1/2019 results investor/analyst conference call · h1/2019 - investor/analyst conference call 14...

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