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London December 12 2018 CAPITAL MARKETS CMDDAY LONDON DECEMBER 12 2018 Name: Berkeley WiFi [No password required] CAPITAL MARKETS DAY 2018 London, December 12, 2018 AGENDA I. Keynote Mathias Döpfner, Chairman & CEO II. Financials Julian Deutz, CFO III. StepStone Ralf Baumann, CEO / Thorsten Otte, CFO IV. Classifieds Media Andreas Wiele, President Classifieds Media V. SeLoger Bertrand Gstalder, CEO VI. Immowelt Ulrich Gros, CFO VII. Purplebricks Michael Bruce, Founder & CEO VIII. Homeday Steffen Wicker, CEO IX. News Media Jan Bayer, President News Media X. Insider Inc. Henry Blodget, CEO & Editorial Director XI. Closing Remarks Mathias Döpfner, Chairman & CEO Disclaimer The following presentations, which have been issued by Axel Springer SE (the "Company"), comprise the written materials/slides for the Capital Markets Day of the Company, held on December 12, 2018. 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 these presentations or of any oral information provided in connection therewith, and no liability, responsibility or obligation is accepted for any such information or opinions. These presentations contain forward looking statements which involve risks and uncertainties. The forward looking statements speak only as of the date of these presentations and include the Company’s beliefs and expectations and the assumptions underlying them, which may or may not prove to be correct. These statements are based on plans, estimates and projections as they are currently available to the management of the Company. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in these presentations. The Company undertakes no obligation to update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise. These presentations do 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. ĉ Capital Markets Day 2018 Mathias Döpfner Chairman & CEO You can access the webcast of Mathias Döpfner‘s speech on our website www.axelspringer.com/investors Ċ Financials Julian Deutz CFO 1 Looking back – strong execution on our key messages 1 More disclosure on classifieds 2 Stable adj. EBITDA in News Media (2017-2019) Strict M&A discipline in content and reaching 3 profitability at Business Insider 4 Leading digital publisher – focus on classifieds and content 2 81% of adj. EBITDA from digital activities – digital revenues with organic growth of 9.1% in 9M/18 Revenues Adj. EBITDA 69% 81% digital digital 3 9M/18 overall in line with expectations – group guidance increased for adjusted eps Adj. EBITDA €541.4m (+14.4% reported, +6.7% organically) Revenues €2,326.0m (+4.7% reported, +3.6% organically) Adj. eps €2.08 (+5.0% reported, +6.7% organically) FY/18 guidance confirmed for group revenues / adj. EBITDA and increased for adj. eps to mid single-digit % growth 4 In 9M/18, digital classifieds contributed 61% to adj. Group EBITDA Long-term adj. Group EBITDA development driven by classifieds Classifieds contribute 61% to adj. Group EBITDA EBITDA1 in m € +15% 646 595 559 541 499 507 473 448 454 392 413 355 354 305 308 218 164 134 65 17 2010 2011 2012 2013 2014 2015 2016 2017 9M/20179M/17 9M/20189M/18 57% 58% 61% AS Group AS Classifieds X% Share of Group EBITDA (negative EBITDA S/H allocated proportionally to operative segments.) 1) excl. discontinued-operations. 5 Jobs classifieds continue to outperform other verticals: 16.4% organic growth in 9M/18 Jobs Real Estate General/Other 18% 46% 37% EBITDA EBITDA EBITDA share3 share3 share3 In m € 9M/18 yoy 9M/18 yoy 9M/18 yoy Revenues 431.6 20.2% 278.2 29.1% 180.4 5.8% Organic growth1 16.4% 6.3% 4.4% Adj. EBITDA2 165.7 13.2% 132.6 20.9% 63.4 8.6% Margin 38.4% -2.4pp 47.7% -3.2pp 35.1% 0.9pp 1) Adjusted for consolidation and FX effects. 2) Segment EBITDA, adjusted includes non-allocated costs of €8.2m in 9M/18 and €6.8m in 9M/17. 3) Of total classifieds subsegments EBITDA contributions. 6 Net financial debt higher because of IFRS 16 – FCF in line with expectations Net financial debt of €996.6m1 in March 2017 (leverage 1.6x2) Net financial debt of €1,317.4m1 in September 2018 (leverage 1.8x2) Free cash flow (FCF) in m € Attractive Financing 280 269 Average interest rate at 0.8% p.a. as of September 2018 226 221 €704.5m Schuldschein €1,500m Revolving Credit Facility (maturity 2023+1+1), with lower margin negotiated in May Recent implementation of an up to €750m Commercial Paper program to tap further attractive capital market 3 financing; currently €270m issued Positive effects on cash flow going forward 9M/179M/18 9M/17 9M/18 Net inflow of ~€165m until 2020 from headquarter real estate transactions FCF FCF excl. effects from headquarter real estate transactions 1) Excl. pension liabilities. 2) Bloomberg consensus for EBITDA 2018. Includes leasing liabilities of €359.6m (PY: €0.3m). 3) As of November 27th 2018. 7 Investments of ~€200m in early-stage portfolio since 2012 The strategic reasons for corporate early-stage investments I Gain market insights and know-how III Create early M&A access points II Learn about potential disruptors IV Financial upside Selected Cases 8 Investment highlights 81% of adj. EBITDA from digital activities (9M/18) Classifieds with further double-digit top-line growth and high margins Stable adj. EBITDA for News Media expected 2017-2019 Focus on classifieds and content Strong underlying FCF and positive effect from real estate transactions High dividend yield and payout ratio (2017: 77%) 9 ċ Ralf Baumann, CEO Thorsten Otte, CFO Today’s agenda 1 Company snapshot 3 2 Operating and financial performance 6 3 Growth performance driver 2018 29 4 Investment Highlights 47 2 Today’s agenda 1 Company snapshot 3 2 Operating and financial performance 6 3 Growth performance driver 2018 29 4 Investment Highlights 47 3 Leading player in Europe’s largest and fast growing markets Global 3,100+ 150k+ 600k+ 65m+ 95%+ business employees customers jobs per month visits per month rev from #1 positions StepStone Group Portfolio¹ StepStone Continental StepStone UK Saongroup Data & Insights ~86% of total EBITDA² ~7%² ~5%² ~2%² DACH BENELUX France Spain & United Kingdom Ireland Central America Africa Worldwide StepStone StepStone StepStone Portugal Totaljobs Group Irishjobs & The Caribbean Pnet Universum meinestadt ictjob.be IciFormation Turijobs Jobsite Group Jobs.ie Caribbeanjobs Career- YCG Jobs.lu NIJobs Tecoloco Junction Candidate myjob.mu Manager 1 Figures based on 9M/18 ² EBITDA % excluding overhead costs 4 Continued double-digit organic growth expected for 2018 StepStone Group Revenue (in m €) 496 410 +29% 17% ~17% organic growth 200520062007 2008 20092010 2011 2012 2013 2014 2015 2016 2017 ¹ 2018 1 Including meinestadt.de which was allocated to Jobs from General/Other in 2018 5 Today’s agenda 1 Company snapshot 3 2 Operating and financial performance 6 3 Growth performance driver 2018 29 4 Investment Highlights 47 6 StepStone Group: Continued strong EBITDA growth Revenue (m €) Comments +21% +14% +20% 496 Continued strong growth and high EBITDA 410 432 361 359 Organic revenue growth 9M/18: 16.4% after 17.6% and 17.0% in 2016 and 2017 2017: Acquisitions of Iciformation and Turijobs 20152016 2017¹ 9M/17 9M/18 2018: Re-allocation of meinestadt to StepStone 2018: Acquisition of Universum EBITDA (m €) Margin EBITDA 44% 43% 41% 41% 38% 203 157 176 146 166 20152016 2017¹ 9M/17 9M/18 1 Meinestadt revenue 2017: €22.7m, EBITDA 2017: €5.8m 7 StepStone Group: Full year organic growth expected on prior year level Group revenue and organic growth (m €) Q3/17 with strongest growth rate due to additional revenues in €m in % +17% +~17% on top of annual contracts 350 25 22% 2018 revenues split more 300 evenly across the quarters due 19% 20 to larger annual contracts 17% 250 16% 16% 14% H1/18 EBITDA decreased due 14% 15 200 to investments in brand and 154 candidate delivery 150 135 143 123 131 10 108 111 100 67 5 54 55 47 52 50 42 46 0 0 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Organic revenue growth Revenue EBITDA Note: meinestadt.de included from Q1/18 following re-allocation to Jobs (from General/Other). 8 Continental Europe: Continued strong organic growth Financial development (m €)1 Revenue EBITDA +24% +27% +22% +26% +33% 58% 58% 59% 54% 56% +23% 51% +27% StepStone +27% Continental 343 299 257 243 186 202 299 151 154 159 257 226 117 137 92 137 159 202 20142015 20162017 9M/17 9M/18 20142015 20162017 9M/17 9M/18 1 All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, Organic growth EBITDA Margin non-licensed product development costs are not recorded in subgroups 9 Continental Europe: Increasing customer numbers and high retention rates Operational KPI Customer number (k)¹ Customer Retention Rate (%, based on invoiced sales)² StepStoneLTM figures are Continental pro forma including meinestadt.de, Turijobs and iciformation CAGR +8% 97 98 98 +11% 96 97.2 90.1 StepStone 71.7 64.4 Continental 57.7 86 88 87 88 88 2015 2016 2017 LTM LTM 20152016 2017 LTM LTM Sept-17 Sept-18 Sept-18 Sept-18 1 Customer count based on active contracts in a year except StepStone Germany, meinestadt.de and TJG where end customer (listing owners) are counted.
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