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Investing.com -- German advertising company Stroer reported a 2% organic decline in third-quarter sales to €491.5 million, slightly below consensus expectations, while operating EBITDA fell 6% year-over-year to €147.4 million, approximately 3% below analyst forecasts.
The company’s shares dropped 1% following the announcement.
In its core Out-of-Home (OOH) Media division, Stroer posted flat sales and operating EBITDA of €114 million, both broadly in line with expectations. However, the Digital category, which had grown 10.4% in the first nine months of the year, showed no growth in the third quarter amid an exceptionally weak market.
The Digital & Dialog segment saw sales decline by 3% and operating EBITDA fall by 13%. Within this segment, Digital sales decreased by 8.4%, driven by declining third-party business, while Dialog sales grew by 3.4%.
The Data-as-a-Service (DaaS) & eCommerce division reported flat sales and a 22% drop in operating EBITDA, approximately 9% below consensus. Statista sales fell 2.6% in the third quarter as the business model undergoes transition, while eCommerce posted marginal growth of 2.3%.
Despite these challenges, Stroer reconfirmed its guidance and indicated at least a modest upturn in the fourth quarter. Free cash flow was soft in the third quarter, but the fourth quarter is seasonally the strongest. With leverage at 2.5x and a modest acceleration expected in Q4, the company’s financial position appears stable.
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