Ströer has started the 2026 financial year on a solid footing – despite a persistently challenging advertising market and substantial changes at the top of the company. In the first quarter, consolidated revenue increased organically by 1.1 percent to €496 million. Once again, growth was driven primarily by the core Out-of-Home business, with Digital-out-of-Home (DooH) leading the way.
Q1 2026: Ströer DooH Achieves Double-Digit Growth
While the German advertising market largely stagnated in Q1 2026, Ströer recorded reported revenue growth of 4 percent year-on-year. On an organic basis, revenues rose by 1.1 percent. OoH Media proved to be the key growth engine, posting a gain of 5.4 percent. Within the segment, DooH delivered strong double-digit growth of 12 percent.
The increase was driven mainly by the continued expansion of the programmatic DooH business. In addition, the launch of The Whale at Hamburg Central Station made a visible contribution, getting off to a stronger-than-expected commercial start.
Earnings Improve – Cash Flow Turns Positive
Adjusted EBITDA rose by around 2 percent to €119 million (Q1 2025: €117 million). Adjusted EBIT improved to €42 million, up from €40 million a year earlier. Cash flow showed a marked turnaround, reaching a positive €9.7 million compared with a cash outflow of €35.1 million in Q1 2025. Lower capital expenditures were a key driver of this improvement.
Outlook: Cautious Optimism amid High Uncertainty
Ströer continues to refrain from issuing formal full-year guidance. For the second quarter of 2026, CEO Udo Müller expects business performance to broadly mirror the start of the year. One notable exception is the digital products business, where a single-digit percentage revenue decline is anticipated, driven by the planned divestment of Statista’s consulting activities.
Against the backdrop of the war in the Middle East and ongoing geopolitical uncertainty, management expects growth momentum to slow as the year progresses. So far, only a limited number of OoH campaigns – mainly from travel-related clients with exposure to the region – have been cancelled. Booking trends, particularly in DooH, have exceeded expectations at the beginning of the year. Nevertheless, visibility remains limited.
No Sale in Sight – Restructuring Planned
During the analyst call, CEO Udo Müller once again addressed recurring speculation about a possible sale of the company. He emphasized that there are currently no plans to change the ownership structure or his role as CEO.
Following the departure of former Co-CEO Christian Schmalzl, the Management Board has already been streamlined. The CFO is also expected to leave the company shortly. Beyond the top management level, Ströer plans to simplify its entire organizational structure. The aim is to create a leaner, more integrated “Unified Company.” One key lever in this process is the increased internal use of AI, which is already delivering measurable efficiency gains in the current financial year.
invidis Commentary: Ströer in Transition
Even as CEO Udo Müller seeks to emphasize “business as usual” – and Q1 results came in better than expected – Ströer is in the midst of what may be its most far-reaching transformation in years. The company’s founder has once again taken operational control and is repositioning the German market leader with a sharper focus on its core business.
For years, Ströer pursued the “OoH Plus” strategy: Out of Home complemented by mobile and online advertising, data businesses such as Statista, e-commerce and call-center activities. Going forward, the organization is expected to operate more cohesively, with internal silos dismantled. This does not automatically imply imminent divestments, but it would be surprising if the portfolio were not materially streamlined within the next 18 to 24 months.
AI – alongside Ströer’s proprietary Ad Manager – is a central catalyst of this transformation. Management has announced an update on the strategic development of the Ad Manager by the end of June.
Who will ultimately join Udo Müller as CFO or COO remains an open question. A smooth ride seems unlikely. However, with its dominant market position and long-term advertising contracts, Ströer remains well positioned to withstand both internal restructuring and external shocks.