company presentation - axel springer se...2018/09/18 · slow start to the year at yad2 and...

Company presentationSeptember 2018

Disclaimer

September 2018 Company presentation2

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 securities in any jurisdiction, nor shall they or any part of them nor the fact of their distribution form the basis of, or be relied on in

connection with, any contract or investment decision in relation thereto.

37%

47%

14%

2%

Axel Springer at a glance


58%30%

12%

▪ Leading digital classifieds

operator

▪ Leading digital publisher in

Europe with unique media brands

▪ Successful transformation with

80%1 of adj. EBITDA from digital

activities

▪ Organic growth supported by

targeted M&A with strong track

record

▪ Strong FCF, high dividend yield

and payout ratio (2017: 77%)

Highlights

Financials

Revenues by segment1 Adj. EBITDA by segment1,2

1) Based on H1/18 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments. 3) Adj. for effects from IFRS 16, consolidation and FX effects.

Classifieds Media

Services / Holding

Marketing Media

News Media

2017 Outlook 2018 (reported) Outlook 2018 (organic3)

Revenues in €m 3,562.7 Low to mid single-digit % growth Low to mid single-digit % growth

EBITDA (adj.) in €m 645.8 Low double-digit % growth Mid to high single-digit % growth

EBITDA margin (adj.) 18.1%

EPS (adj.) in € 2.60 Low to mid single-digit % growth Mid to high single-digit % growth

DPS (FY 2017) in € 2.00

80% of adj. EBITDA from digital activities – digital

revenues with organic growth of 9.4% in H1/18


digital

Revenues Advertising Revenues adj. EBITDA

digital digital

69% 85% 80%

Key messages 2017 – strong execution


More disclosure on classifieds

▪ Strong organic revenue growth of 12.7% in FY/17,

driven especially by jobs

▪ Positive response to new single-asset disclosure and

dedicated CMDs in London and New York in June´17

▪ Increased disclosure and better visibility as basis for

re-evaluation of assets (especially of jobs classifieds)

Stable adj. EBITDA in News Media

▪ Mid-term guidance given: adj. EBITDA to be stable in

a range between €225m and €245m for 2017-20191

▪ News Media adj. EBITDA 2017: €218.8m

▪ Advertising revenues in German market up 1.7% in

FY/17

▪ Reorganization of German publishing units

Strict M&A discipline in content

▪ Guidance given: No loss-making content acquisitions

before existing digital content businesses have

proven profitability

▪ Strong progress at Business Insider with organic

revenue growth of 46% in FY/17

▪ Break-even for Business Insider envisaged for H2/18

Leading digital publisher

▪ Focus on classifieds and content

▪ Active portfolio management:

- Acquisition of Logic-Immo in France

- Acquisition of minority stake in Purplebricks in UK

- Acquisition of Universum (employer branding)

- Sale of aufeminin; early sale of Doğan stake

- Merger of Awin and affilinet with IPO as exit option

✓ ✓

✓ ✓

1

3 4

2

1) Includes changes from the adoption of IFRS 16 and corresponds to previous range of €205m - €225m.

What to expect in 2018? We will continue to deliver.


➢ 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

Successful first half of the year – adj. EBITDA up

11.7%, organic increase of 3.7%


▪ 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.

September 2018 Classifieds Media8

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


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

9 September 2018 Classifieds Media9

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


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


▪ 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


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



General/Other with slight improvement in organic

growth in Q2/18


▪ 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



News Media: Good first half for advertising both in

National and International

September 2018 News Media12


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


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

Overview News Media National and International


1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.


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

▪ 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

September 2018 Marketing Media14

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

Overview Marketing Media Subsegments


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.


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

Adj. eps affected by phasing – Guidance for FY 18

confirmed (mid to high single-digit % org. growth)


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


▪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


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


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.

Classifieds Media

Classifieds Media: leading digital classifieds operator


▪ Leading digital classifieds

operator

▪ Portfolio of market leading

classifieds: 76%1 of revenues

from #1 market positions

▪ Digital classifieds clear

beneficiary of structural shift

from offline to online

▪ Strong market positions

yielding high margins

Overview

Financials

Real Estate

▪ #1 in France

▪ #2 in Germany

▪ #1 in Belgium

Jobs

▪ #1 in Germany, Belgium

▪ #1 in UK

▪ #1 in Ireland, South Africa

Cars

▪ #1/2 in France

Generalist

▪ #1 in Israel

Vacation Rental

▪ #1 in Netherlands &

Belgium

Classifieds Media


Revenues in €m 1,007.7 Double-digit % growth Low double-digit % growth3

EBITDA (adj.) in €m 413.2 Double-digit % growthHigh single-digit to

low double-digit % growth


1) Based on FY/17 figures. 2) Adj. for effects from IFRS 16, consolidation and FX effects. 3) Previously: High single-digit to low double-digit % growth.

Classifieds with very strong organic growth and high

underlying margins


Revenues EBITDA margin, adj.

Organic growth

yoy 2015 2016 2017 H1/2018

Jobs +21.2% +17.6% +17.0% +18.0%

Real Estate +4.8% +6.3% +10.8% +6.2%

General/Other +4.0% +9.7% +6.3% +4.2%

Total classifieds +12.9% +12.5% +12.7% +11.3%

Margin 2015 2016 2017 H1/2018

Jobs 43.7% 42.9% 41.7% 35.5%

Real Estate 46.4% 44.9% 50.4% 46.7%

General/Other 30.7% 32.7% 32.0% 36.1%

Total classifieds 40.5% 40.3% 41.0% 38.2%

▪ Clear market leader in the UK in the new segment of

transactional digital real estate platforms, also active in

Australia, the USA and Canada

▪ April 2018: Purchase of 11.5 percent in Purplebricks

through capital increase and purchase of secondary

shares from existing holders; purchase price amounts

to a total of GBP 125m, corresponding to a price per

share of GBP 3.60

▪ July 2018: Increase to 12.5 percent paying GBP 3.07

per each additional secondary share (total of GBP 9m)

▪ Listed on the London stock exchange since Dec. 2015

▪ Board seat for Axel Springer

M&A in Classifieds Media: Recent announcements


▪ One of the world’s leading employer branding

specialists, based in Stockholm

▪ It helps 2,000 companies in more than 35 countries to

monitor, define, develop and communicate their

employer brand.

▪ Purchase price amounts to ~SEK 400m (~€38m)

▪ Transaction closed in May 2018

The underlying markets of our assets show attractive

dynamics

Germany UK

Total online and offline marketing spend, 2012-2016 (in €m)Jobs

France Belgium

Real Estate

Germany

Online Mkt SpendOffline Mkt Spend

2012

29%

2016

50%

50%

1,170

71%

+2%1,091

21%

991

79%

906

64%

36%

781

52%

799

48%

+1%

35%

69%

31%571488

52%

48% 44%

92

56% 67%

8333%

Source: OC&C CAGR

+2%

2012 2016

2012 2016

65%

+4%

2012 2016 2012 2016

+3%


The future of our markets: shift towards online

and constant growth continues

Germany UK

Total Marketing Spend by Channel, 2016-2020F (in €m)

Jobs

France Belgium

Real Estate

Germany

Online Mkt SpendOffline Mkt Spend

2016

50%

2020F

63%

1,447

50%+12%

1,170 15%

1,031

85%

991

79%

799

65%

903

77%

23%

723571

69%

102

67% 73%

92

Source: OC&C CAGR

2016 2020F

2016 2020F

72%

2016 2020F 2016 2020F

37% 21%

35% 28% 31%27%33%

+3%

6% 9% 5%


Our assets have consistently outperformed their

respective online classifieds markets (2012 – 2016)

1) Organic (adjusted for consolidation and FX effects) revenue growth yoy, average, 2) OC&C: online classified marketing spend , 3) excl. Poliris, 4) Belgium: 2013-2016; 5) Incl. CVDB.

Jobs Germany 19.9%

Jobs UK 8.2%

Real Estate France 8.0%3

Real Estate Belgium 10.5%4

Real Estate Germany 1.3%

15.2%5

5.4%5

6.2%

7.7%

13.0%

Axel Springer organic revenue growth1 Total online classifieds growth2

One exception – prior to the merger:


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

September 201827

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

Continued strong double digit organic growth

474

410

23

20062005 2007

+29%

201120092008 20122010 2016201520142013 2017

Unemploy-

ment Office

Company

websites

Google base

referral sites

Craigslist Social

networksAgents Google

Jobs

Social

networksSocial

networks

Indeed /

Meta search

engines

Google /

Facebook

Indeed

+18% +17%

organic growth

Lehman

Group Revenue (in €m)StepStone outperforms other players and has survived numerous

so called ‘disruptive business models’

September 201828

Indeed /

Google

CAGR – total: +29%

Jobs Marketing Spend1: Germany with double digit

growth forecast in Online Classifieds

September 201829

(in €m)

1) Figures may not add up to total per year due to rounding / Source: OC&C.

Germany

Spend / Job €185 €212 €252

Turned Over Jobs 5.9m 5.5m 5.8m

3.4%

-1.5%

4.4%

1.0%

676

30

8 7

283

111,091

22

55

2020

1426

1,447

422

72

5858

29

767

2016

59

486

28 2523

512

1226

1,170

2012

Rev. Stream 12-16 16-20

Referral Schemes 2% 5%

Offline Branding -3% 0%

Recruitment Events 2% 5%

Print Classifieds -8% -3%

Online Branding 35% 24%

Professional Networks 37% 20%

CV Databases 2% 5%

Online Classifieds 16% 11%

CAGR

CAGR

+5%

+2%

Goal to become a comprehensive E-Recruiting

companyCareer

guidance

Search jobs

Browse jobs / be found

Research employer

Research salary

Application

Interview

Hire / Sign contract

Career

development

Orientation

Check cultural fitFollow-up

Applications

Future

Product portfolio

Job seeker journey

September 201830

Companies are charged for listings and access to

candidate profiles

Highly scalable with low

total cost per hire for

recruiter

Job Listings

Targeted branding products to

help employers stand out among

our candidates

Employer Branding

Effective process to fill highly specific

positions, but high cost per hire and

difficult to scale for recruiter

Direct Search

2008

Revenue share

2017

(GE

R/U

K)

88% 6% 6%

88% (98% / 61%) 10% (1% / 34%) 2% (1% / 5%)

September 201831

▪ H1 margin impacted by investments in brand and traffic

▪ FY/18 margin (incl. IFRS 16) expected to be slightly

below prior year

320

257202159137

StepStone Continental continues to provide strong

organic growth

Revenue

StepStone

Continental

52%58% 58% 59%

56%

180

2015

151

2014

1179271

+24%

+16%

+27%

201520142013

+24%

+27%

+26%

+14%

EBITDA

Financial development by subgroup¹ (in €m)

Organic growth1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed product development

costs are not recorded in operational subgroups, Universum (among others) is not allocated to one of the operational subgroups. EBITDA Margin

September 201832

2016

84+26%

152

+25%

2017

2013 2016 2017

H1/17 H1/18

192

+27%

H1/17 H1/18

48%55%

92

StepStone holds #1 positions in candidate

delivery in most core markets Candidate Delivery¹ - StepStone Continental

Germany AustriaBelgium

September 201833

1) Average # of applications per job ad. Source: TNS, figures are corrected for outliers.

3.0

3.5

3.7

3.9

4.9

5.5

5.9

14.9

Xing

Meinestadt

Indeed

Jobware

Monster

Linkedin

Stellenanzeigen

StepStone DE

3.5

4.1

5.7

6.9

7.6

7.8

13.3

Monster

Vacature

Linkedin

Jobat

Regiojobs

Indeed

StepStone BE

1.7

3.9

6.6

13.1

16.3

17.4

19.7

Linkedin

Indeed

Monster

kurier.at

StepStone AT

Karriere.at

derStandard

Increasing customer numbers and high retention

rates drive StepStone Continental

StepStone Continental

Customer number (k)1

1) Customer count based on active contracts in a year except StepStone Germany, meinestadt.de and TJG where end customer (listing owners)

are counted. 1st time inclusion: Ictjob (Q3/17), meinestadt.de and Turijobs (both Q1/18). 2) All subgroups reported based on pro forma development.

September 201834

57.764.4

71.7

88.996.6

2015 2016 2017 LTMJun-17

LTMJun-18

CAGR+11%

+9%

Customer Retention Rate (%)2


Overall RetentionLarge customers

86% 88% 87% 88%

96% 97% 98% 98%

2015 2016 2017 LTMJun-18

StepStone

Continental

LTM figures are pro forma including

meinestadt.de, Turijobs and Ictjob

591191307860

Organic growth in the UK has picked up again

25% 24%

29%

20%

13%

16

2015

24

2014

38

2013

1915

+/-0%

+29%

+67%

20172016201520142013

+7%+3%

+8%

+11%

▪ Totaljobs acquired early 2012, Jobsite late 2014

▪ Introduction of ‘The Partnership’ creates upside

potential from more attractive offer to customers and

also from synergy effects on the cost side (integrated

platforms and overhead functions)

▪ Investments in future growth impact margin

-8%

StepStone

UK

Revenue EBITDA


1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed product development

costs are not recorded in operational subgroups, Universum (among others) is not allocated to one of the operational subgroups.

September 201835

6

H1/18

62

+5%

2016 2017

118

H1/17

+7%

H1/18H1/17

9

9%15%

Organic growth EBITDA Margin

Customer number (k)2

1) Average # of applications per job ad. Source: TNS. 2) Customer count based on active contracts in a year. 3) Retention rates LTM June 2018 temporarily affected by launch

of ‘The Partnership‘ which caused phasing of contract renewals from customers of both TotalJobs and Jobsite who decided to renew after expiry of both former contracts.

September 201836


StepStone

UK

Candidate delivery1

2.8

4.2

10.7

11.6

14.7

17.0

23.1

Linkedin

Monster

CV Library

Reed

Jobsite

Indeed

TotalJobsChanged business focus of Jobsite after

acquisition, low value contracts removed

41.3

36.9

43.8

39.5

44.0

2015 2016 2017 LTMJun-17

LTMJun-18

CAGR+3% +12%


80% 82% 81% 77%

95% 95% 93%90%

2015 2016 2017 LTMJun-18TotalJobs and Jobsite

combine for a potential of 37.8

StepStone UK with high values in relevant KPIs

1193430

SAON Group provides double digit organic growth

rates and high margins

+678%

+30%+14%

2016201520142013

+11%+15%

+7%

▪ SAON Group acquired in late 2013, CareerJunction in 2015

▪ Growth in almost all countries around the world

3

SAON

Group

Revenue EBITDA

23 3430


1) All subgroups adjusted to current company structure, minor revenue recorded centrally is not

presented, non-licensed product development costs are not recorded in operational subgroups,

Universum (among others) is not allocated to one of the operational subgroups. Organic growth EBITDA Margin

September 201837

38

2017

+10%

+11%

1

810 10

12

6 6

20%

37% 34% 30% 33%

0%

10%

20%

30%

40%

50%

0

2

4

6

8

10

12

14

2013 2014 2015 2016 2017 H1/17 H1/18

19 20

H1/17 H1/18

+10%

28%31%

+7%

3.4

5.3

8.1

11.7

15.3

22.5

Facebook

Linkedin

NIJobs

Indeed

Irishjobs

Jobs.ie

South AfricaIreland

Candidate Delivery¹ - SAON Group

September 201838

29.3

56.3

64.6

103.3

Linkedin

Careers24

CJ

Pnet

167.937.8

1) Average # of applications per job ad. Source: TNS.

#1 positions in candidate delivery in most relevant

markets of SAON Group

73% 74% 73% 73%

84%88% 86% 87%

2015 2016 2017 LTMJun-18

Increasing customer numbers and high customer

retention at SAON Group


Customer number (k)1,2

1) Customer count based on active contracts in a year. 2) Restated figures. Tecoloco companies now included in complete history.

Figures subject to adjusted counting methodology. 3) All subgroups reported based on pro forma development.

September 201839




SAON

Group 13.2

14.1

14.6 14.615.0

2015 2016 2017 LTMJun-17

LTMJun-18

CAGR+5%

+3%

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


September 201840

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)

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

1) Sales of individual houses and apartments sold by the unit, excluding any professional premises, whole multi-apartment

buildings and ancillary premises (cellars, parking spaces, fractions of common condo property, etc.) sold separately.2) Organic (adjusted for consolidation and FX effects) revenue growth yoy average, excl. Poliris.

Source: OC&C, Conseil Général de l’Environnement et du Développement.

Structural tailwind in French real

estate market supports…

French real estate classifieds recovery drives

expansion of marketing budgets

LTM cumulated existing home sales transactions in k, 02/2012 – 05/2018, France1

…growth in all online channels beyond classifieds

In €m

799

22%

14%

20%

2012

781

17%

27%

21%

CAGR+3%CAGR

+1%

2020F

47%

25%

9%

19%

2016

903

Online

Offline

750

May 18

1,000

500

Feb 12

Other Offline Advertising

Print Advertising

Other Online Advertising

Online Classifieds

35% 43%

-14%

-1%

CAGR

(12-16)

+6%

+7%

-8%

+1%

CAGR

(16-20F)

+5%

+6%

+8%2

September 201841

Source: SeLoger1) excl. effects of Poliris business, deconsolidated in 2016.

Constant roll-out of new products has been valued

by customers

Growth in core and verticals drive SeLoger’s

profitability

Average monthly ARPA made with professional customers, in €

Historical Revenue and EBITDA performance

Revenues and EBITDA in €m1

2011 2012 2013 2014 2015 2016

8091

98106

116128 140

69

104

4353 58 62

71 76 82

4049

+9%

+9%

CAGR

2011-2017

676

594424 456496 549

615

382 406 440 483544

SeLoger excl. verticals

SeLoger incl. verticals

CAGR

+10%

September 201842

2017

632

724

EBITDARevenues

2011 2012 2013 2014 2015 2016 2017H1/18

400

800

0

656

758

625

715

H1/17

+5%

+6%

H1/18H1/17

Source: autobiz

SeLoger: highest number of professional listings

in FranceAverage of monthly listings H1/18 in k1

992

1,197

733713

529524

922

private listings

September 201843

+8%

SeLoger and Logic-Immo: Merger of two strong

French real estate brands

Joint product offering launched in September 2018

Google Trends analysis on keyword “Logic Immo” in 20173

3.0

6.3

Google Trends analysis on keyword “Seloger” in 20172 Unique users in m1

high

low

high

low

€140m

in revenues

in 2017

€70m

in revenues

in 2017

Source: Google Trends, Mediametrie, SeLoger, SPIR.1) Unique users, global users in m, Q1/2018.

September 201844

2) SeLoger indexed to keyword request “Seloger” for Île-de-France.3) Logic-Immo indexed to keyword request “Logic Immo” for Provence-Alpes-Côte d’Azur.

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 205k (+6%) yoy


September 201845

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

+3% annual growth in agent

commission pool until 2020 ...

Positive outlook for online property portals –

9% annual growth in Germany expected until 2020... fuels favourable marketing spend

for online property portals

Agent commission pool (bn €) Property marketing spend (in €m)

+6%

+4%

2020F

723

2016

571

2012

488

CAGR

16-20F

+2%

+10%

-4%

+9%

+3%

+6%

Sales

Rental

2020F

6.4

5.7

0.7

2016

5.7

5.1

0.6

2012

4.5

3.7

0.8

Other offline adv.

Other online adv.

Print adv.

Online portals

407

287176

CAGRSources: Immowelt, OC&C (German residential real estate only).

September 201846

Highly successful DUO migration completed in 2017 – at very low churn

Immowelt: number of DUO1 agents surpassed

number of IS24 core agents

Number of agents in Germany2

IS24 core agents

IW non-DUO agents

IW DUO agentsNote: Definitions of IW DUO agents and IS24 Core Agents are aligned1) DUO: 1 contract, 2 portals (immowelt.de, immonet.de); Germany only.

2) Real estate professionals with a term contract (term usually 12 months)

Sources: Immowelt, IS24.

September 201847

0

20

16

12

4

8

24

Mar-17

20.5

Dec-16

[k]

22.6

11.1

Dec-15

22.9

19.4

7.4

Sep-15

23.3

20.0

4.3

17.0

19.3

Sep-16

22.6

17.4

17.4

Jun-16

22.3

17.6

14.7

Mar-16

22.1 22.8

17.4 17.2

21.2

22.4

Jun-17

22.0

21.4

Sep-17

17.0

Dec-17

22.0

17.5

21.5

18.5

21.0

21.4

Mar-18

21.7

Jun-18

20.7

Declining listings due to tight German residential market

Strong #2 position for residential listings

Average number of residential monthly listings (k)1

1) House/ flat/ lot to rent or buy in Germany only

Note: Direct comparability of snapshot listing figures limited due to different listing models of IW and IS24 (while IW agents usually rotate listings, IS24 agents usually don’t). Sources: Management estimates, internal data.

September 201848

300k

200k

100k

0k

IS24

IW

H1/18

-9%

-5%

H1/17

Immowelt with strong ARPU growth ...

Immowelt‘s ARPU increased steadily over

last quarters... but below main competitor

1) Average Revenue Per User: monthly revenues, divided by the number of agents

(Immowelt Group DUO and non-DUO agents in Germany with a term contract).

ARPU (€/month)1 ARPU (€/month)1

Sources: Immowelt, IS24

+10%

Q2/18Q1/18Q4/17Q3/17Q2/17 Q4/17

€787

€306

€320€314€306€300€291

IS24

September 201849

2016 2017 2018F 2019F

Substantial revenue growth

Immowelt: Strong revenue growth

with increasing EBITDA

Margin target of > 40% in 2019

Revenue (in €m) EBITDA (% of revenue)

September 201850

+7.3%

H1/17 H1/18

€54.3m€58.2m

34%

40%

Revenue

EBITDA margin

>40%€19.4

€37.4

20%

34%

2018

Outlook: Continuous growth in brand awareness,

performance, revenues and EBITDA

Financial outlook

EBITDA margin to increase

to >40% in 2019 after

brand investment phase

ProfitabilityOperations

Marketing

Revenues

Continue with significant

marketing efforts

Increased focus on products

for lead generation

Double-digit growth driven by

ARPU increase and stable

agent base

€

September 201851

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


September 201852

1) Source: company information2) Source: CIM

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


Solid market growth over the last decade translated

into online marketing budgets

Source: Statistics Belgium, OC&C.

Sales Transactions Index

Average Sales Price Index

Indexed property sale transactions in Belgium, 2005–2016, 2012 = 100 Property Marketing spend by channel, in €m

130

100

70

201620142012201020082006

109

102

Other Offline Advertising

Print Advertising

27%

17%

83

14%

42%

2020F

102+3%

17%

2012

18%92

2016

22%

56%51%

+3%

-3%

CAGR

(12-16)

CAGR

(16-20F)

-2%

+6% +4%

-7% -2%

+8% +5%

+11%

16%

11%9%

Online

Offline

Other Online Advertising

Online Classifieds

Belgian property market is very stable… …and relevant budgets are expected to expand

CAGR 2013-2016

September 201853

Immoweb: THE reference for property search

“Belgians have a brick in their stomach…”

Home ownership rate by country in 2016

…and when it comes to real estate, 8 out of 10 Belgians

think of Immoweb

Unaided awareness questionnaire with 7.2k respondents in 09/2016

Source: OC&C, Produpress study, Eurostat1) Latest available 2014.

BelgiumFranceGermany1

58%

46%

70%

78%

2%6%

x12.4

September 201854

+24pp

Immoweb attracts twice as many visitors than

#2 competitor…

Average of monthly real visitors in H1/181

…leading to strong and highly engaged traffic on

Immoweb

Average of monthly audience statistics on Top3 RE portals in H1/181

Source: CIM, Statistics Belgium. 1) Selected players (excl. app traffic).

2.0x2.2x

22%

Visits

19%

15m

59%

83%

10%

171m minutes

Time spent

8%

September 201855

Immoweb outraces Belgian competition

in market reach

2731

3336

40

20 2216

2022

25 26

13 14

2013 2014 2015 2016 2017 H1/17 H1/18

350 385 410 460 514 515 544

CAGR

+10%

Immoweb: Consistent revenue and EBITDA growth

Successful growth of ARPA over the

last years...

Weighted average monthly ARPA from professional

customers, in €

...results in strong revenue growth at leading EBITDA margins

in €m

2017201620152014

61% 64% 67% 70%

EBITDA EBITDA margin

Going forward, Immoweb expects mid to high single-digit revenue growth and to maintain their margins.

CAGR

+10%

Revenues

September 201856

H1/17

67%

H1/18

+6%

2013

66% 65%

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


September 201857

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

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


20

32449

270

LaCentrale works with professionals

that have a significant used car activity

Sources: Company Information1) Professional ads divided by # of professionals on platform.

Professional listings Listings per professional1

-40% +60%

(in k, monthly average H1/2018) (in k, monthly average H1/2018)

September 201858

1) Listings are based on H1/18 figures.

298

28

476

449270

925

Stable traffic and listings development versus

next competitor

Sources: Company Information.

Total listings

(in k, monthly average)1

Traffic development since Apr. ’15

(Index = 100)

Listings development since Apr. ’15

(Index = 100)

Private

Professional

20162015 2018

4.9m12.1mTraffic

Jan-May 2018

September 201859

201720162015 20182017

Carboat Media has benefited from constantly

growing monetization

Monthly customers

Monthly ARPU (in €)

September 201860

* CAGR 07/13-06/18.

Source: Company Information.

240

290

340

390

440

490

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

Avg. ARPU

growth 7%*

8,403

€459

Jan 2009 Jun 2018Jul 2013

CAGR+14%

Carboat Media developed its EBITDA positively

since AS acquisitionRevenues & EBITDA (in €m)

2012

20.8

48.2

2011

18.7

45.2

2016

24.3

55.2

2015

20.9

52.1

2014

20.9

50.5

2013

20.3

48.5

Revenues

EBITDA

CAGR+4%

Market professionalization and product innovation to drive mid-single

digit revenue and EBITDA growth

AS acquisition: July 2014

2017

September 201861

59.4

27.0

H1/17 H1/18

29.5 31.3

15.213.7

+10%

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)

September 201862

1) Source: company information; monthly listings/UVs/visits

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

Yad2 is best positioned to further grow its

business along three strategic initiatives

Israel’s #1 Generalist

#1

Real Estate#1

Second Hand

Become #1

in Jobs

#1

Cars

1

1 Organic Growth

Getting closer to the transaction

Explore adjacent opportunities

2

3

Comission-based

business models

New car &

tire sales

Commercial &

luxury real estate

Financing, loans,

insurance products

September 201863

Strong network effects provide Yad2‘s customers

with significant liquidity and reach

Sources: 1) Company Information, 2) Similarweb, desktop & mobile traffic

(in k, monthly average H1/18)1

Visits(in m, monthly average H1/2018)2

7.5

>3x

>9x

412184 142 78 8

2nd Hand Real Estate Cars Jobs

64 September 2018

>23x

>26x

11.3

Listings

28% 25% 13%

Yad2 with slow start to the year and impacted by

negative FXRevenue Development

18.4

2016

34.9

2015

26.9

20141

Revenues in €m

Organic YoY growth

Sources: Company Information, Drushim acquisition closed in Sept. 2015.1) 2014 represents FY as AS acquisition closed in May.

Leading revenue stream with ongoing strong

growth

Second largest revenue stream. Since 2013

paid classifieds product for car dealers

Gaining importance since Drushim acquisition

in 2015 with goal of becoming clear #1

September 201865

9%

2017

40.0

H1/17 H1/18

20.1 18.9

1%

@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


September 201866

1) Source: company information, H1/18 vs H1/172) Source: company information, 06/17 vs. 06/18

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


@Leisure focuses on the supply/homeowner side of

the market

Other Full-

service

providerGuest

Homeowner

Secondary

homes

Primary

homes1)There will be some overlap between vacation rentals on Casamundo and on other @Leisure platforms. Source: Company information per Q2/18.

Full-service

>31k Inventory

Aggregator

>500k1 Inventory

Self-service

>83k Inventory

September 201867

Note: Graph shows simplified competitive landscape. Because of hybrid models, landscape is more complex than depicted.

Companies offer differing service levels, take rate

increasing with the service level

30% 50%2% 15%

Take

rate

Full-service

Self-

Service

Self Service

Full Service

Content

management

Key Exchange

and cleaning

Customer

Service

Calendar

Management

Booking, Invoice &

Cash Collection

Acquisition of

Guests

Acquisition of

Homeowners

Additional services

Pricing

management

September 201868

Consolidation opportunity: home owner side with low

degree of digitization and professionalism

Source: Phocuswright, Radius Global Market Research (2011).

Share of (professionally) marketed vacation rentals is low in a very fragmented industry

Holiday homes in Europe (in m)

Total vacation homes in Europe Marketed by owner /

Self-service

Not actively

marketedNot for rent Marketed professionally

/ Full-service

~13% ~3%1/3 of inventory

potential for

active marketing

by owners or

professionals

248

10

4

2

Approximate

inventory share

of leading player

September 201869

Additional

potential for

professional

marketing

@Leisure with “buy and build” strategy

@Leisure full year revenue and EBITDA Notes

▪ H1 with higher revenues and EBITDA (margin) due to

seasonality (Q1 strongest quarter in vacation rentals)

▪ Outlook: Further investments into post-merger

integration, data and product offerings in 2018, mid-term

return to ~20% EBITDA margin

Revenue as reported EBITDA as reported

20162015

55

1411

90

Revenue: >1.5x in next 3-5 years1

EBITDA: >2.0x in next 3-5 years1

20% 15%

x% EBITDA margin

September 201870

16%

2017

125

19

1) Based on FY/16 figures.

H1/17 H1/18

22%

69

15 23%

73

17

News Media

News Media segment at a glance


▪ Focus on market-leading media

brands with clear path to digitization

▪ National News Media dominated by

unique asset BILD

▪ Presence in English-speaking media

market with Business Insider and

eMarketer

▪ Innovative mobile news service for

Samsung devices (upday)

▪ Guidance for stable EBITDA (adj.)

in News Media in a range between

€225m - €245m for 2017-20191

Overview

▪ BILD group

▪ WELT group(formerly: WELTN24 group)

▪ Business Insider

▪ eMarketer

▪ upday

▪ Ringier Axel Springer Media

(Poland, Hungary, Serbia, Slovakia)2

▪ Ringier Axel Springer Schweiz3

National International

News Media

(Main activities)

2) Fully consolidated (50% stake) 3) Consolidated at equity 4) Adj. for effects from IFRS 16, consolidation and FX effects

Financials2017 Outlook 2018 (reported) Outlook 2018 (organic4)

Revenues in €m 1,509.8Low to mid

single-digit % declineLow single-digit % decline

EBITDA (adj.) in €m 218.8 Mid single-digit % growthLow to mid

single-digit % decline

EBITDA margin (adj.) 14.5%1) Including changes from the adoption of IFRS 16 and

corresponds to previous range of €205m - €225m.

0

100.000

200.000

300.000

400.000

500.000

600.000

May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18

Monetizing content in digital: positive development

News Media73

Digital subscribers

Source: IVW

+10.2% August 2018

vs.

August 2017

81,490

408,858

52,672

200,571

September 2018

4356

81

2015 2016 2017

▪ #1 global business publication by reach

▪ Major business news website in the US

(founded 2007)

▪ Total reach of 123.9m monthly unique users and an

average of 3.1bn video views per month in 2017

▪ Acquisition in 2015, based on a company valuation

(cash/debt free) of $390m (~€348m)

▪ Revenues up by 46% in FY/17 yoy

▪ Revenues to grow >30% (CAGR 2015-20),

break-even excl. IFRS 16 effects targeted for H2/18,

break-even incl. IFRS 16 effects achieved in H1/18

Company profile Revenue development in $m

Business Insider – another year of strong growth

in 2017


+30%

+46%

CAGR2015-17

+38%

AS acquisition: Oct 2015

eMarketer with strong revenue growth and

high margins

75

▪ A leading provider of high-quality

analyses, reports, and digital market

data for companies and institutions

▪ Founded in 1996; based in New York City

▪ ~1,200 corporate subscribers (2/3 of Fortune 500 and

2/3 of US top national advertisers)

▪ ~10,000 citations in worldwide media per month

▪ Revenues to grow double-digit* (CAGR 2015-19),

EBITDA margin to reach 40%+ until 2019 (from 30% in

2015)

Company profile High customer satisfaction and retention

News MediaSeptember 2018

73.7 76.3

91.6 89.183.3

78.3

103.298.1

2016 2017 2016 2017

1) As of December 31 Source: Company information.

Limited Seat Open Access

Renewal Rate (in %)

by subscription type1

Recapture Rate (in %)

by subscription type1

* Based on FY/15 revenues of $45.5m.

upday – Europe‘s biggest mobile news service


▪ Strategic partnership to develop mobile news services

exclusively for Samsung devices

▪ #1 news app in Europe

▪ Delivering up to 10% of publishers’ mobile traffic

▪ Advertising for a targeted audience with non-intrusive

formats

▪ More than 20 million monthly users on major Samsung

smartphones (flagships, A-series and J-series)

▪ Expansion onto other Samsung devices (Tablets, Smart

TV, Family Hub fridges)

Company profile European Footprint

Editorial offices since 2016 Editorial offices since 2017

Country editions launched in 2017Country editions launched in 2016

Marketing Media

Marketing Media segment at a glance


▪ #1 positions in all major

marketing business models

▪ European market leader Awin in

performance marketing merged

with affilinet

▪ Sale of aufeminin closed as of

end of April 2018

Overview

Financials

▪ Idealo

▪ Bonial (kaufda/retale)

▪ Finanzen.net

▪ Awin

Reach Based Marketing Performance Marketing

Marketing Media

(Main activities)


Revenues in €m 984.5 High-single-digit % decline3 High single-digit % growth3

EBITDA (adj.) in €m 95.6 High single-digit % growth Low double-digit % growth


2) Adj. for effects from IFRS 16, consolidation and FX effects.3) Revenue outlook based on 2017 revenues restated for negative effect of ~€500m from IFRS 15 adoption.

Sale of aufeminin closed at highly attractive

purchase price


Deal terms

▪ Dec. 12, 2017: Put option agreement signed

with Télévision Française S.A. (TF1) for the

78.43% stake in aufeminin

▪ Price per aufeminin share of €38.74

corresponded to premium of 45.7%

▪ Highly attractive purchase price for Axel

Springer stake of €286.1m1, corresponding

to 15x EV/EBITDA (2017)

▪ Closing of aufeminin sale

as of end of April, 2018

1) Final purchase price of €291.5m includes customary interest rate payments

since signing in December 2017.

Transaction history and rationale

▪ 2007

▪ Acquisition of majority stake of▪ One of the first digital investments of

Axel Springer

▪ 2007 to 2016

▪ High value added through our network –Strong growth and international expansion

▪ Additionally supported through add-onacquisitions

▪ 2017 – entering the next growth phase▪ Sale to TF1 enables next step in aufeminin‘s

development

Marketing Media80

Merger of AWIN and affilinet strengthens competitive

position in Europe

Two leadingperformance

marketingnetworks havejoined forces to

drive futuregrowth and innovation

The leading European performance marketing network,

present in 13 countries with 6,000 advertisers

A leading European performance marketing network,

present in 7 countries with 3,500 advertisers

September 2018

▪ Organic low double-digit EBITDA increase of AWIN group expected going forward

▪ Transaction closed in October 2017, IPO envisaged after period of integration

▪ Holding structure: 80% Axel Springer, 20% United Internet

Investor Relations contacts


Claudia Thomé

Co-Head of Investor Relations

Phone: +49 30 2591 77421

Mobile: +49 160 90445035

[email protected]

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

[email protected]

company presentation - axel springer se...2018/09/18 · slow start to the year at yad2 and...

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