Company presentation · 3 Company presentation 61% 28% 11% Leading digital classifieds operator ......

Company presentationNovember 2018

Disclaimer

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

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38%

47%

13%

2%

Axel Springer at a glance


61%28%

11%

▪ Leading digital classifieds

operator

▪ Leading digital publisher in

Europe with unique media brands

▪ Successful transformation with

81%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 9M/18 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments. 3) Adj. for effects from IFRS 16, consolidation and FX effects.4) Previously: Low to mid single-digit % growth. 5) Previously: Mid to high single-digit % growth.

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 Mid single-digit % growth4 High single-digit % growth5

DPS (FY 2017) in € 2.00

81% of adj. EBITDA from digital activities – digital

revenues with organic growth of 9.1% in 9M/18


digital

Revenues adj. EBITDA

digital

69% 81%

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 stakes in Purplebricks in UK

and Homeday in Germany

- Acquisition of Universum (employer branding)

- Sale of aufeminin; early sale of Doğan stake

✓ ✓

✓ ✓

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.

6

➢ 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

Company presentation

9M/18 adj. group EBITDA up 14.4%, organic increase

of 6.7%

7

▪ Organic revenue increase of 3.6% and adj. EBITDA up by 6.7% organically

▪ Consolidation effects mainly from Logic-Immo, Universum and affilinet, deconsolidation of aufeminin

Comments

in €m 9M/18 yoy org.1 Q3/18 yoy org.1

Revenues 2,326.0 4.7% 3.6% 765.1 2.3% 2.0%

Advertising 1,569.1 8.7% 6.7% 510.3 7.1% 6.0%

Circulation 449.0 -7.2% -5.6% 154.3 -8.6% -7.1%

Other 307.8 4.4% 3.5% 100.4 -1.9% -1.2%

adj. EBITDA 541.4 14.4% 6.7% 186.9 19.7% 12.8%

Margin 23.3% 2.0pp 24.4% 3.6pp

1) Adjusted for consolidation and FX effects, as well

as IFRS 16 effects for adj. EBITDA.


8

Classifieds Media: adj. EBITDA up 20.9% in Q3/18

▪ Revenue increase driven by strong organic growth (+10.8%) as well as consolidation effects

▪ Adj. EBITDA increase of 15.0% due to organic increase of 8.0% as well as effects from IFRS 16 and

consolidation effects

▪ Margin up slightly in Q3 yoy, 9M/18 margin down due to investments

Comments


as IFRS 16 effects for adj. EBITDA. in €m 9M/18 yoy org.1 Q3/18 yoy org.

1

Revenues 890.2 19.4% 10.8% 305.0 19.9% 9.8%

Advertising 860.6 17.5% 11.1% 292.8 17.0% 10.1%

Other 29.6 >100 % -11.6% 12.2 >100 % -10.0%

adj. EBITDA 353.5 15.0% 8.0% 130.2 20.9% 13.7%

Margin 39.7% -1.6pp 42.7% 0.3pp

Classifieds Media

Jobs classifieds with 16.4% organic growth in 9M/18

and lower margin due to investments

99

34%

▪ Strong organic growth of 16.4% in 9M/18, mainly driven by Continental Europe (+22.3% organic)

▪ Organic growth of 13.6% in Q3/18 due to a tough prior year comp

▪ Margin down 2.4pp due to planned investments for future growth in 9M/18, slightly up in Q3/18 –

margin expected to be significantly up yoy in Q4/18

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 €8.2m in 9M/18 and €6.8m in 9M/17 (thereof business development, M&A and other), not allocated to the three subsegments.

Jobs


Revenues 431.6 20.2% 16.4% 153.6 18.8% 13.6%

adj. EBITDA2 165.7 13.2% 6.6% 67.2 19.8% 13.8%

Margin 38.4% -2.4pp 43.7% 0.4pp

Classifieds Media

10

Jobs classifieds: Phasing effects in quarterly growth

rates

▪ Q3/17 with strongest

growth rate due to

additional revenues on

top of annual contracts

▪ 2018 revenues split more

evenly across the

quarters due to larger

annual contracts

Comments

16%14%

22%

16%

19%17%

14%

0%

5%

10%

15%

20%

25%

0

50

100

150

200

250

300

350

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

Revenues (Jobs) Organic growth

in €m

meinestadt.de included from Q1/18 following re-allocation to Jobs (from General/Other).

Classifieds Media

Real Estate classifieds with further good

development in Q3/18

1111

▪ Reported revenue growth of 29.1% driven by consolidation effects from Logic-Immo (organic revenue

increase 6.3%) in 9M/18

▪ Re-acceleration of organic revenue growth at SeLoger to high single-digit in Q3/18

▪ Adj. EBITDA up 20.9% (+12.8% organically), decline of reported margin due to integration of Logic-

Immo (4ppts margin increase excl. Logid-Immo), continued strong margin improvement at Immowelt

Comments

Real Estate


Revenues 278.2 29.1% 6.3% 94.4 30.8% 6.4%

adj. EBITDA2 132.6 20.9% 12.8% 46.8 24.1% 16.1%

Margin 47.7% -3.2pp 49.5% -2.7pp



Classifieds Media

General/Other with better margin in Q3/18

1212

▪ Revenue increase of 5.8% (4.4% organic growth) in 9M/18

▪ @Leisure with improved revenue development following slow start to the year, Yad2 with continued

negative impact from changes in the regulatory environment for real estate

▪ Adj. EBITDA up 8.6% (+4.0% organically) in 9M/18

Comments

General/Other

in €m 9M/18 yoy org.1 Q3/18 yoy org.

1

Revenues 180.4 5.8% 4.4% 57.0 7.8% 5.0%

adj. EBITDA2 63.4 8.6% 4.0% 18.9 14.1% 5.9%

Margin 35.1% 0.9pp 33.1% 1.8pp



Classifieds Media

News Media revenues only slightly below prior year

13


as IFRS 16 effects for adj. EBITDA.

▪ Revenues down slightly by 0.5%, only minor effects from consolidation and FX

▪ 36.8% of revenues from digital activities

▪ National revenues with tough prior year comps in Q3/18 advertising, international revenue growth driven by

continued strong growth of Business Insider

▪ Adj. EBITDA reported on prior year level, driven mainly by effects from IFRS 16 (organically down 8.8%)

Comments


1

Revenues 1,089.6 -0.5% -0.1% 357.6 -3.3% -2.9%

thereof digital 401.5 12.7% 12.1% 135.4 13.2% 11.3%

digital share of revenues 36.8% 37.9%

Advertising 480.6 4.0% 3.2% 150.2 1.9% 1.3%

Circulation 449.4 -7.1% -5.5% 154.3 -8.6% -7.1%

Other 159.6 6.9% 6.9% 53.0 -1.0% -1.0%

adj. EBITDA 165.1 0.0% -8.8% 51.6 -4.8% -13.4%

Margin 15.1% 0.1pp 14.4% -0.2pp

News Media

Overview News Media National and International

14

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


1 9M/18 yoy org.1 Q3/18 yoy org.

1

Revenues 781.8 -3.4% -4.2% 257.4 -6.7% -7.5% 307.8 7.6% 11.6% 100.2 6.4% 11.4%

thereof digital 204.6 11.2% 7.8% 69.1 10.4% 6.5% 196.8 14.4% 16.7% 66.3 16.3% 16.5%

digital share of revenues 26.2% 26.8% 63.9% 66.2%

Advertising 307.2 -1.4% -3.6% 92.8 -5.4% -7.8% 173.4 15.1% 17.5% 57.3 16.4% 20.0%

Circulation 359.9 -6.8% -6.8% 126.0 -8.1% -8.1% 89.4 -8.3% -0.3% 28.3 -11.1% -2.7%

Other 114.6 2.8% 3.3% 38.5 -5.1% -5.1% 45.0 18.8% 17.4% 14.5 11.6% 11.8%

adj. EBITDA 115.9 -10.8% -17.4% 35.0 -15.6% -22.5% 49.2 39.8% 23.9% 16.7 30.3% 18.0%

Margin 14.8% -1.2pp 13.6% -1.4pp 16.0% 3.7pp 16.6% 3.1pp

News Media National News Media International

News Media

▪ Revenues down yoy due to deconsolidation of aufeminin. Organic revenues up 1.3% in 9M/18 yoy: Reach-

based marketing slightly below 9M/17 (-0.8%) due to US exit of Bonial in Q4/17, Performance Marketing with

organic increase of 4.8%

▪ Adj. EBITDA up 11.4% (+8.9% organically). Reach Based Marketing adj. EBITDA with strong organic increase

of 22.4% due to US exit of Bonial, Performance Marketing with significant decline of 20.2% due to lower

incoming orders, negative FX effects especially from the US business and higher integration costs due to the

affilinet merger

Comments

Marketing Media development impacted by organic

EBITDA decline in Performance Marketing

15

1) Adjusted for consolidation and FX effects, as well as

IFRS 16 effects for adj. EBITDA.in €m 9M/18 yoy org.1 Q3/18 yoy org.1

Revenues 306.8 -8.9% 1.3% 89.0 -19.0% 0.8%

Advertising 227.9 -8.3% -0.8% 67.4 -14.5% 1.1%

Other 78.9 -10.7% 8.0% 21.6 -30.3% -0.1%

adj. EBITDA 62.7 11.4% 8.9% 16.0 0.6% 6.9%

Margin 20.4% 3.7pp 18.0% 3.5pp

Marketing Media

Overview Marketing Media Subsegments

16

1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.2) Total adj. EBITDA includes costs of €6.2in 9M/18 and €6.6m in 9M/17 (thereof business development, M&A and other), not allocated to the two pillars.


1 9M/18 yoy org.1 Q3/18 yoy org.

1

Revenues 176.3 -22.2% -0.8% 46.7 -36.5% -1.4% 130.5 18.3% 4.8% 42.3 16.4% 3.6%

Advertising 150.6 -19.7% -2.7% 42.6 -27.9% -0.3% 77.3 26.7% 4.0% 24.8 25.6% 4.1%

Other 25.7 -34.2% 13.5% 4.1 -71.7% -13.4% 53.2 7.9% 5.7% 17.5 5.5% 3.1%

adj. EBITDA2 46.3 6.2% 22.4% 11.3 -7.8% 28.6% 22.6 17.4% -20.2% 6.7 13.9% -29.4%

Margin 26.2% 7.0pp 24.3% 7.6pp 17.3% -0.1pp 15.7% -0.3pp

Reach Based Marketing Performance Marketing

Marketing Media

Adjusted eps with strong increase in Q3/18

17

in €m 9M/18 9M/17 Q3/18 Q3/17

adj. EBITDA 541.4 473.4 186.9 156.1

yoy change

Depreciation / amortization (excl. PPA) -153.5 -100.0 -52.4 -34.1

adj. EBIT 387.9 373.4 134.5 122.0

Financial result -14.8 -7.7 -5.3 -6.0

Taxes -116.4 -121.2 -41.7 -41.1

adj. net income 256.7 244.4 87.4 74.9

thereof attributable to non-controlling interests 32.4 30.7 9.4 10.6

adj. eps1 2.08 1.98 0.72 0.60

yoy change (reported / organic)

Non-recurring effects 53.6 -31.3 -6.0 -14.1

Depreciation / amortization, and impairments of PPA -76.3 -73.8 -29.2 -21.2

Taxes attributable to these effects 13.4 24.1 9.6 6.8

Net income 247.4 163.4 61.9 46.4

14.4%

5.0% / 6.7%

19.7%

21.5% / 24.4%

1) Based on weighted average number of shares outstanding in 9M/18: 107.9m (9M/17: 107.9m).


Net financial debt higher because of IFRS 16 –

FCF in line with expectations

18

▪Net financial debt includes leasing liabilities of €359.6m (PY: €0.3m), thereof

€153.6m 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 €957.8m

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 €1,317.4m1

in September 2018 (leverage 1.8x2)

226.3

268.5

220.9

280.3

9M/17 9M/179M/18 9M/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


Increased to:

Group guidance 2018 confirmed and increased for

adjusted eps

19

(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 Mid single-digit % growth2

High single-digit % growth3

Group

1) Revenue outlook based on 2017 revenues restated for negative effect of IFRS 15 adoption. 2) Previously: Low to mid single-digit % growth 3) Previously: mid to high

single-digit % growth


Segment outlook 2018: Guidance downgrade for

Marketing Media

20

Reported Organic(adjusted for effects from the adoption of IFRS

16 as well as consolidation and FX effects)

Classifieds

MediaRevenues Double-digit % growth Low double-digit % growth

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

MediaRevenues1 Low double-digit % decline2 Roughly on prior year level3

adj. EBITDA Mid to high single-digit % decline4 Low to mid single-digit % decline5

Services/

HoldingRevenues Mid single-digit % decline Mid single-digit % decline

adj. EBITDA Low to mid single-digit % growth6 Low to mid single-digit % growth6

1) Revenue outlook based on 2017 revenues restated for negative effect of IFRS 15 adoption. 2) Previously: High single-digit % decline. 3) Previously: High single-digit % growth. 4) Previously: High single-digit %

growth. 5) Previously: Low double digit % growth. 6) Improvement/smaller negative EBITDA.

Decreased to:


Classifieds Media

Classifieds Media: leading digital classifieds operator

Classifieds Media22

▪ 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 % growth

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.

Classifieds with strong organic growth and high

underlying margins

Classifieds Media23

Revenues EBITDA margin, adj.

Margin 2015 2016 2017 9M/2018

Jobs 43.7% 42.9% 41.7% 38.4%

Real Estate 46.4% 44.9% 50.4% 47.7%

General/Other 30.7% 32.7% 32.0% 35.1%

Total classifieds 40.5% 40.3% 41.0% 39.7%

Organic growth

yoy 2015 2016 2017 9M/2018

Jobs +21.2% +17.6% +17.0% +16.4%

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

General/Other +4.0% +9.7% +6.3% +4.4%

Total classifieds +12.9% +12.5% +12.7% +10.8%

▪ 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

Classifieds Media24

▪ 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

Investment in Homeday to participate in innovative

business model in German real estate market

25

▪ Commission based business model

▪ Potential from additional revenue pool

50/50 holding company with UK market leader

Acquisition of 22% stake in Homeday in October 2018 (on

top of 4% owned by Axel Springer already)

Classifieds Media

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%

Classifieds Media26

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%

Classifieds Media27

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:

Classifieds Media28

StepStone: High organic revenue growth

H1/18 Financials

▪ Swedish employer branding specialist Universum

acquired in Q2/18

▪ Start of ‘The Partnership’ (Totaljobs & Jobsite)

with joint offer in Q2/18

▪ Candidate delivery ahead of competition in nearly

all areas

▪ Main market Continental Europe continues to be

growth driver with increasing customer number

(+8%) and high retention rate at 88%1)

Operational update

29

1) Both figures per LTM Sept-18. 2) Minor revenues recorded centrally and attributable to few operational entities

(mainly Universum) are not presented since those are not recorded in operational subgroups. 3) 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. 4) Adjusted for consolidation and FX

effects, as well as IFRS 16 effects for adj. EBITDA.

in €m H1/18 H1/17 yoy organic4)

Revenues2) 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%

EBITDA3) 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’

30

Indeed /

Google

CAGR – total: +29%

Jobs Marketing Spend1: Germany with double digit

growth forecast in Online Classifieds

31

(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

32

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

20

08

Revenue share

20

17

(G

ER

/UK

)

88% 6% 6%

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

33

▪ 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 growth EBITDA Margin

34

2016

84+26%

152

+25%

20172

2013 2016 20172

H1/17 H1/18

192

+27%

H1/17 H1/18

48%55%

92

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. 2) Excluding meinestadt.de which was allocated to Jobs from General/Other in 2018.

StepStone holds #1 positions in candidate

delivery in most core markets Candidate Delivery¹ - StepStone Continental

Germany AustriaBelgium

35

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.

36

57.764.4

71.7

90.197.2

2015 2016 2017 LTMSept-17

LTMSept-18

CAGR+11%

+8%

Customer Retention Rate (%)2


Overall RetentionLarge customers

86% 88% 87% 88%

96% 97% 98% 98%

2015 2016 2017 LTMSept-18

StepStone

Continental

LTM figures are pro forma including

meinestadt.de, Turijobs and Ictjob

591191307860

Upside potential from introduction of joint offer in UK

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.

37

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.

38


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

TotalJobs‘The Partnership’ with negative technical impact on

LTM Sept-18 due to deduplication of contacts.

41.3

36.9

43.8

41.841.0

2015 2016 2017 LTMSept-17

LTMSept-18

CAGR+3%

-2%


80% 82% 81% 80%

95% 95% 93% 93%

2015 2016 2017 LTMSept-18TotalJobs and Jobsite with

combined potential of 37.8

StepStone UK with high values in relevant KPIs

3) Retention rates LTM September 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.

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

39

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%

4.1

8.7

9.5

17.1

17.5

22.3

Facebook

Linkedin

NIJobs

Indeed

Irishjobs

Jobs.ie

South Africa2Ireland

Candidate Delivery¹ - SAON Group

40

13.4

33.7

48.7

65.5

153.9

Linkedin

Careers24

Indeed

CJ

Pnet219.439.8

1) Average # of applications per job ad. Source: TNS. 2) Results of competitors may be unstable across the surveys due to low sample sizes.

#1 positions in candidate delivery in most relevant

markets of SAON Group

72% 73% 74% 75%

82%88% 86% 88%

2015 2016 2017 LTMSept-18

Stable 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.

41




SAON

Group 13.2

14.1

14.6 14.7 14.7

2015 2016 2017 LTMSept-17

LTMSept-18

CAGR+5%

0%

SeLoger margin decline due to consolidation of

Logic-Immo

H1/18 Financials

▪ Closing of Logic-Immo acquisition in Q1/18

▪ Joint product offering of SeLoger and

Logic-Immo started in September 2018

▪ SeLoger ARPA (incl. verticals) increases by

6% yoy to €762 in 9M/18

▪ # of professional listings1) on Seloger.com: 995k

(Logic-Immo: 720k, pre deduplication)

▪ Unique users2) of seloger.com up 5% to 5.8m,

unique user of logic-immo.com +3% to 2.9m

Operational update

42

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

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) Source: autobiz; monthly listings, 9M/18 average2) Source: Médiametrie 9M/18 vs 9M/17

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 – 08/2018, 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

Aug 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

43

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%

44

2017

632

724

EBITDARevenues

2011 2012 2013 2014 2015 2016 20179M/18

400

800

0

660

762

628

719

9M/17

+5%

+6%

H1/18H1/17

Source: autobiz

SeLoger: Leading market position in professional

real estate in FranceAverage of monthly listings 9M/18 in k1

995

1,276

766720

543523

972

private listings

45

+2%

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

2.8

5.7

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, Q3/2018.

46

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 12% yoy to €324 in 9M/18

▪ 20.8k DUO customers in 9M/18 (+/-0% yoy)

▪ Visits1) at 43.3m (+/-0% yoy)

▪ # of residential listings1) at 173k (-11%) yoy

Operational update

47

2) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA1) Source: company information; monthly visits/listings, 9M 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).

48

DUO migration completed in 2017 at low customer churn

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.

49

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

Sep-18

19.9

19.7

Customer number below prior year level

9M/17 9M/18

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.

50

300k

200k

100k

0k

IS24

IW

-11%

-5%

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

+13%

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

€787

€306

€338€320€314€306€300

IS24

51

2016 2017 2018F 2019F

Substantial revenue growth Margin target of > 40% in 2019

Revenue (in €m) EBITDA (% of revenue)

52

+7.3%

H1/17 H1/18

€54.3m€58.2m

34%

40%

Revenue

EBITDA margin

>40%€19.4

€37.4

20%

34%

Immowelt with strong EBITDA improvement

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

Profitability

Operations

Marketing Continue with significant

marketing efforts

Increased focus on

products for lead generation

€

53

Immoweb with high single-digit revenue growth and

strong margin

H1/18 Financials

▪ ARPA increases by 5% yoy to €540 in 9M/181)

▪ # of listings1) up by 6% yoy to 153k

▪ Real visitors2) down by 5% with a monthly

average of 1.5m in 9M/18

Operational update

54

1) Source: company information, 9M/18 average.2) Source: CIM, 9M/18 average.

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

55

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

56

+24pp

Immoweb attracts almost twice as many visitors than

#2 competitor…

Average of monthly real visitors in 9M/181

…leading to strong and highly engaged traffic on

Immoweb

Average of monthly audience statistics on Top3 RE portals in 9M/181

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

1.9x 2.0x

22%

Visits

20%

15m

58%

81%

10%

153m minutes

Time spent

9%

57

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

350 385 410 460 514 515 540

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

58

9M/17

67%

9M/18

+5%

2013

66% 65%

Car&Boat Media: Organic growth driven by ARPU

increase

H1/18 Financials

▪ ARPU up by 11% yoy to €451 in 9M/18

▪ # of professional customers1) slightly (-1%)

below prior year at 8.4k

▪ # of professional listings1) down by 1% yoy

to 271k

▪ Unique visitors2) up by 19% to 4.5m

Operational update

59

1) Source: company information; monthly, 9M/18 average2) Source: Mediametrie (9M/18 vs 9M/17); limited comparability of 9M/18 figures to prior-

year period due to new methodology regarding the measurement of mobile traffic

introduced by Mediametrie in 9M/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


19

32447

271

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

-39% +68%

(in k, monthly average 9M/2018) (in k, monthly average 9M/2018)

60

1) Listings are based on 9M/18 figures.

298

27

461

447271

907

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

4.5m12.0mTraffic

9M/2018

61

201720162015 20182017

Carboat Media has benefited from constantly

growing monetization

Monthly customers

Monthly ARPU (in €)

62

* CAGR 10/13-09/18.

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%*

8,280

€463

Jan 2009 Sept 2018Sept 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

63

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: 413.8k (-4% yoy) in 9M/18

▪ Unique visitors down by 13% to 2.4m

(9M/17: 2.7m)

▪ Visits down by 7% to 11.2m (9M/17: 12.1m)

Operational update1)

64

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%

2) 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

65

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 9M/18)1

Visits(in m, monthly average 9M/2018)2

7.5

>2x

>9x

414187 143 76 8

2nd Hand Real Estate Cars Jobs

66

>23x

>25x

11.2

Listings

28% 25% 13%

Yad2 revenues impacted by regulatory changes in

real estate and negative FX in 2018Revenue 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 impacted by

regulatory changes

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

67

9%

2017

40.0

H1/17 H1/18

20.1 18.9

1%

@Leisure with improved performance following

slow start to the year

H1/18 Financials

▪ Full service (Belvilla, Land & Leisure):

pro forma booking value1) down in 9M/18 by

10% yoy to €177m

▪ Self service (Traum-Ferienwohnungen):

total listings2) in Europe up in 9M/18 by

10% yoy to 84k

▪ Disposal of casamundo in Q3/18

Operational update

68

1) Source: company information2) Source: company information, 09/17 vs. 09/18

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


Homeowner

Secondary

homes

Primary

homes

@Leisure focuses on the supply/homeowner side of

the market

Guest

Source: Company information per Q3/18.

Full-service

>31k Inventory

Self-service

>84k Inventory

69

Aggregator

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

70

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

71

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

72

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

News Media74

▪ 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 Media75

Digital subscribers

Source: IVW

+10.7% September 2018

vs.

September 2017

82,411

411,431

52,672

200,571

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

News Media76

+30%

+46%

CAGR2015-17

+38%

AS acquisition: Oct 2015

eMarketer – leading provider of high-quality research

and digital market data for companies and institutions

77

▪ 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 Media

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

News Media78

▪ 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

Marketing Media80

▪ #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

▪ Finanzen.net

▪ Awin

Reach Based Marketing Performance Marketing

Marketing Media

(Main activities)


Revenues in €m 984.5 Low double-digit % decline2,3 Roughly on prior year level2,4

EBITDA (adj.) in €m 95.6 Mid to high single-digit decline5 Low to mid single-digit % decline6


1) Adj. for effects from IFRS 16, consolidation and FX effects. 2) Revenue outlook based

on 2017 revenues restated for negative effect of ~€500m from IFRS 15 adoption.

3) Previously: High single-digit % decline. 4) Previously: High single-digit % growth.5) Previously: High single-digit % growth. 6) Previously: Low double-digit % growth.

Sale of aufeminin closed at highly attractive

purchase price

Marketing Media81

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 Media82

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

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

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

Further information

▪ Sustainability Report is published every two years

(available on corporate website)

▪ Comprehensive information on corporate governance

as well as responsibility and sustainability are

available on corporate website

▪ Participation in relevant ESG / SRI ratings

Axel Springer delivers constantly and successfully

on ESG issues


Overview

Rating / evaluation Last review

CDP D (from A to D-) 2017

FTSE4Good 3.8 out of 5 2018

ISS Environment

QualityScore

3 out of 10

(the lower, the better)10/2018

ISS Governance

QualityScore

4 out of 10


ISS Social

QualityScore

2 out of 10


ISS-oekom C+ (from A+ to D-) 2018

MSCI1 A (from AAA to CCC) 2018

Sustainalytics 68 out of 100 2017

1) In 2018 , Axel Springer SE received a rating of A (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment.

High transparency regarding ESG issues

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]

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