After a strong start to 2025, the German out-of-home advertising market entered one of its deepest crises in over 30 years during the second and third quarters - and it happened almost unnoticed. Unlike previous downturns marked by dramatic shocks, this slump crept in quietly, leaving the industry scrambling for answers. The DooH segment bore the brunt of the decline, with bookings dropping sharply and unexpectedly.
Silent Crisis: German Out-of-Home Market Faces Worst Slump in Decades
“In recent months, we have experienced one the worst advertising market crisis of the last three decades,” Ströer Co-CEO Udo Müller told investors in a call today. Only the 2008 global financial crisis and the Covid pandemic caused a greater contraction. This time, the trigger was geopolitical uncertainty – particularly U.S. tariffs – which cast a long shadow over advertiser confidence and spending.
Ströer’s DooH Performance: Surprisingly Flat
Despite the market turmoil, Ströer managed to hold its ground better than most competitors. The company reported stagnant DooH revenue growth in Q3, an anomaly for an industry accustomed to double-digit gains. For the first nine months of 2025, Ströer still posted a 10% increase in DooH revenue (5% combined OoH & DooH) thanks to a strong first quarter. But a quarter without DooH growth remains a rare exception for the market leader.
Static Outperforms Digital
One of the most striking developments: static OoH grew faster than digital in Q3. This reversal highlights the vulnerability of DooH to short-term market volatility. While traditional poster and billboard campaigns are booked months in advance, digital campaigns tend to be planned and purchased on short notice – making them more susceptible to sudden budget freezes in uncertain times.
Signs of Recovery Ahead
Despite the setbacks, optimism is returning. The Christmas quarter looks promising, and early indications for 2026 are encouraging. Annual plans from major advertisers and positive feedback from agencies suggest a rebound. Ströer expects overall market growth in the low single digits next year, while targeting double-digit growth for its own operations.
“The worst is behind us,” Müller assured. The company is banking on a more stable global environment and the revival of short-term digital bookings, which were hit hardest during the downturn.
Even Ströer Feels the Advertising Crisis – But DooH Remains the Bright Spot
Despite a turbulent advertising market, Ströer has once again demonstrated resilience – reporting a record €1.472 billion in revenue for the first nine months of 2025. Yet even the German market leader could not escape the slowdown that hit the industry in the third quarter.
A Market Under Pressure
The German advertising market is facing what Ströer calls “turbulent times”, comparable only to the Covid pandemic. According to the ZAW (Central Advertising Association), gross advertising revenues fell by 2% in Q3, while net revenues are expected to decline by 8–9%. Out-of-home (OoH) advertising held up relatively well, with a gross decline of around 0%, but the overall environment remains challenging.
Ströer’s Numbers: Growth Despite Headwinds
- Group revenue: €1.472 billion (+1% YoY)
- OoH Media revenue: €691 million (+5%)
- DOOH revenue: €267 million (+10%)
- Programmatic DOOH: +13%
- Adjusted EBITDA: €318 million (up from €306 million)
Digital out-of-home continues to be the growth engine, accounting for around 40% of Ströer’s OoH revenue. Programmatic DooH, in particular, remains a strong driver, reflecting advertisers’ appetite for flexibility and data-driven targeting – even in uncertain times.
Q3 Slowdown: A Warning Sign
While the first half of the year delivered strong results, Q3 marked a turning point. Ströer reported stagnant DooH growth during the quarter – a rare occurrence in an industry accustomed to double-digit gains. This slowdown underscores the vulnerability of short-term digital bookings in volatile markets.
Looking Ahead: Optimism for Q4 and Beyond
Despite the headwinds, Ströer remains optimistic. The Christmas quarter is expected to bring renewed momentum, and early signals for 2026 annual planning are encouraging. Ströer forecasts low single-digit growth for the overall market, while targeting double-digit growth for its own operations.
