Company presentation March 2019 Disclaimer This document, which - - PowerPoint PPT Presentation

SLIDE 1

Company presentation

March 2019

SLIDE 2

Disclaimer

Company presentation 2

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 connection with, any contract or investment decision in relation thereto.

SLIDE 3

Investment highlights

Company presentation 3

Axel Springer: Digital company with 71% of revenues and 84% of adj. EBITDA from digital activities Organic growth in digital revenues at 9.6% in FY/18 – investing into further growth potential in digital A leading player in digital classifieds – classifieds contributing 61% to adj. Group EBITDA A leading digital publisher – attractive reach and strong brands delivering profitable growth in digital content Strong alignment of shareholder and management interests: Total shareholder return-based incentivization and management share ownership of ~3% High M&A firepower due to strong balance sheet and free cash-flow High and stable or slightly growing dividend

SLIDE 4

38% 47% 13% 2%

Axel Springer financials at a glance

Company presentation 4

61% 28% 11%

Guidance Revenues by segment1

• Adj. EBITDA by segment1,2

1) Based on FY/18 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments. 3) Subject to approval by AGM. 4) Adjusted for consolidation and FX effects.

Classifieds Media Services / Holding Marketing Media News Media

2018 Outlook 2019 (reported) Outlook 2019 (organic4) Revenues in €m 3,180.7 Low single-digit % growth Low to mid single-digit % growth EBITDA (adj.) in €m / margin in % 737.9 / 23.2% On prior-year level Low to mid single-digit % growth EBIT (adj.) in €m / margin in % 527.9 / 16.6% Low single-digit % decline Low single-digit % growth EPS (adj.) in € 2.73 Stable to low single-digit % decline Single-digit % growth DPS (FY 2018) in €3 2.10

SLIDE 5

2018: Growth in revenues, profits and dividend

5

Revenues €3,180.7m (+4.1% reported, +3.8% organically)

• adj. EBITDA €737.9m (+14.3% reported, +8.5% organically)
• adj. EBIT €527.9m (+4.7% reported, +6.4% organically)
• adj. eps €2.73 (+5.1% reported, +8.3% organically)

Dividend proposal of €2.10 (PY: €2.00)

Company presentation

SLIDE 6

84% of adj. EBITDA from digital activities – digital revenues with organic growth of 9.6% in FY/18

6 digital

Revenues

• adj. EBITDA

digital

71% 84%

Company presentation

SLIDE 7

We have achieved our goals for 2018

7

Further growth in classifieds Deliver on stable

• adj. EBITDA

guidance for News Media Explore further potential from technology & data Break-even at Insider Inc.

Company presentation

SLIDE 8

Classifieds 2018: Strong growth and attractive investments

8

Continued strong organic topline growth of 11.4% – StepStone again the growth engine with 16.9% organic growth Classifieds most important profit contributor – 60.5% of adj. EBITDA Successful integration of Logic-Immo (Real Estate) and Universum (Jobs) Investments into hybrid real estate agents to tap into additional revenue pools

Company presentation

SLIDE 9

News Media 2018: Delivering on targets – excellent progress with digital content

9

Excellent performance at upday and Politico – both on track to profitability in 2019

$

Financial targets achieved Insider Inc.: Revenue target and profitability achieved in FY/18, became second-most-read general news brand in the United States Digital subscriptions at BILD and WELT reach 512k at year-end (+10.9% yoy)

Company presentation

SLIDE 10

General news category

Insider Inc.: Second most-read general news brand in the US

Business news category

>40% 20%

10

Total digital unique visitors in million Total digital unique visitors in million

Source: Comscore, 12/2018.

134 91 90 87 84 73 70 70 64 76 72 60 56 47 29 28 23 19 Company presentation

SLIDE 11

Outlook 2019

11

Continue with our successful path ▪ Focus on classifieds and content – Further growth of classifieds, further digitization

• f content

▪ Leverage potential from technology and data Selectively invest for further top- line growth ▪ Further strengthen and leverage Stepstone‘s market position ▪ Expanding product range in Real Estate classifieds ▪ Insider Inc.: Re-investing near- term profits for further growth

+

Create mid- and long-term shareholder value

Company presentation

SLIDE 12

Outlook 2019 – Group

12

Group

reported

• rganic1

Low single-digit % growth Low to mid single-digit % growth On prior-year level Low to mid single-digit % growth Low single-digit % decline Low single-digit % growth

Revenues

• Adj. EBITDA
• Adj. EBIT

1) Adjusted for consolidation and FX effects.

Stable to low single-digit % decline Single-digit % growth

• Adj. eps

Company presentation

SLIDE 13

Outlook 2019 – Segments

13

1) Adjusted for consolidation and FX effects. 2) Higher negative EBITDA/EBIT.

reported

• rganic1

Classifieds Media high single-digit to low double-digit % growth high single-digit to low double-digit % growth News Media low to mid single-digit % decline low single-digit % decline Marketing Media low single-digit % decline high single-digit % growth Services/Holding low double-digit % decline low double-digit % decline Classifieds Media low to mid single-digit % growth mid single-digit % growth News Media

• n prior-year level
• n prior-year level

Marketing Media low to mid single-digit % growth high single-digit to low double-digit % growth Services/Holding double-digit % decline2 double-digit % decline2 Classifieds Media

• n prior-year level

low to mid single-digit % growth News Media low single-digit % decline

• n prior-year level

Marketing Media low single-digit % decline high single-digit % growth Services/Holding high single-digit to low double-digit % decline2 high single-digit to low double-digit % decline2

Revenues

• Adj. EBITDA
• Adj. EBIT

Company presentation

SLIDE 14

Financials 2018

SLIDE 15

2018 adj. Group EBITDA up 14.3%, organic increase

• f 8.5%

15

▪ Strong organic increase of adj. EBITDA in Q4/18 (+13.7%) driven by Jobs Classifieds and News Media ▪

• Adj. EBIT of €527.9m in FY/18 up by 4.7% yoy (organically up by 6.4% yoy)

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

3,180.7 4.1% 3.8% 854.7 2.6% 4.4%

Advertising

2,159.4 7.2% 6.3% 590.2 3.4% 5.5%

Circulation

591.7

• 6.5%
• 4.8%

142.6

• 4.5%
• 2.3%

Other

429.6 5.2% 4.7% 121.8 7.4% 8.2%

• adj. EBITDA

737.9 14.3% 8.5% 196.5 14.0% 13.7%

Margin

23.2% 2.1pp 23.0% 2.3pp

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

FY2018

Company presentation

SLIDE 16

16

Classifieds Media: adj. EBITDA up 26.5% in Q4/18,

• rganic increase of 21.0%

▪ Both revenue and adj. EBITDA increase driven by strong organic growth as well as consolidation effects from Logic-Immo (Real Estate) and Universum (Jobs). Adj. EBITDA also positively impacted by effects from adoption of IFRS 16 ▪ Margin up slightly in Q4/18 yoy, FY/18 margin down due to investments ▪

• Adj. EBIT of €406.7m up by 12.7% yoy (organically up by 10.6% yoy)

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

for IFRS 16 effects for adj. EBITDA.

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

1,212.5 20.3% 11.4% 322.3 22.8% 13.3%

Advertising

1,167.4 17.9% 11.8% 306.8 19.0% 13.8%

Other

45.1 >100 %

• 12.5%

15.5 >100 %

• 14.9%
• adj. EBITDA

487.2 17.9% 11.4% 133.6 26.5% 21.0%

Margin

40.2%

• 0.8pp

41.5% 1.2pp FY2018

Company presentation

SLIDE 17

Jobs classifieds organic revenue growth remains strong with 16.9% (prior year 17.0%)

17 17

34%

▪ Strong finish of the year with organic revenue growth of 18.2% in Q4/18 and significant margin expansion ▪ Organic revenue growth again driven by Continental Europe (+22.3%) and especially StepStone Germany (+25.0%) ▪

• Adj. EBIT of €197.5m up by 17.9% yoy (organically up by 14.9% yoy)

1) Adjusted for consolidation and FX effects, as well as for 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 €10.9m in 2018 and €8.5m in 2017 (thereof business development, M&A and other), not allocated to the three subsegments.

Jobs

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

602.6 21.5% 16.9% 171.0 25.1% 18.2%

• adj. EBITDA2

245.5 20.9% 14.0% 79.8 40.6% 33.2%

Margin

40.7%

• 0.2pp

46.7% 5.2pp FY2018

Company presentation

SLIDE 18

Real Estate: Strong revenue and adj. EBITDA growth due to good operative performance and M&A

18 18

▪ Reported revenue growth of 29.4% driven by consolidation effects from Logic-Immo (organic revenue increase 6.1%) in 2018 ▪ Organic increase of adj. EBITDA of 11.7% mainly due to strong margin improvement at Immowelt (41.9%), decline of reported margin due to full consolidation of Logic-Immo and at-equity consolidation

• f Purplebricks (organic margin increase of 2.7pp)

▪

• Adj. EBIT of €151.3m up by 11.6% yoy (organically up by 9.6% yoy)

Real Estate

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

375.3 29.4% 6.1% 97.1 30.3% 5.8%

• adj. EBITDA2

172.6 18.1% 11.7% 40.0 9.5% 8.4%

Margin

46.0%

• 4.4pp

41.2%

• 7.8pp

1) Adjusted for consolidation and FX effects, as well as for 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 €10.9m in 2018 and €8.5m in 2017 (thereof business development, M&A and other), not allocated to the three subsegments.

FY2018

Company presentation

SLIDE 19

General/Other with strong finish to the year

19 19

▪ Strong organic revenue increase of 10.9% in Q4/18 driven by @Leisure ▪ Car&Boat Media with healthy mid single-digit revenue growth in FY/18, Yad2 with negative impact from changes in the regulatory environment for real estate ▪

• Adj. EBIT of €68.7m up by 3.6% yoy (organically up by 4.2% yoy)

General/Other

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

234.6 5.8% 5.9% 54.2 5.9% 10.9%

• adj. EBITDA2

79.9 10.5% 5.2% 16.5 18.2% 10.1%

Margin

34.1% 1.4pp 30.5% 3.2pp

1) Adjusted for consolidation and FX effects, as well as for 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 €10.9m in 2018 and €8.5m in 2017 (thereof business development, M&A and other), not allocated to the three subsegments.

FY2018

Company presentation

SLIDE 20

News Media delivers on its guidance

20

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

▪ Organic revenue development almost stable (-0.3%) ▪ 38.5% of revenues from digital activities (prior year: 33.9%) ▪

• Adj. EBITDA reported up by 4.3%, driven mainly by effects from IFRS 16 (organically down by 3.5%) – in line with mid-

term guidance given in 2017. Significant adj. EBITDA improvement in International driven by operative improvements at upday, Insider Inc. and Politico ▪

• Adj. EBIT of €158.2m down by 13.6% yoy (organically down by 12.5% yoy)

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

2018 yoy

• rg.1

2018 yoy

• rg.1

Revenues

1,496.2

• 0.9%
• 0.3%

406.6

• 1.9%
• 0.7%

1,070.4

• 3.5%
• 4.2%

425.7 6.3% 10.9%

thereof digital

575.7 12.5% 11.8% 174.2 12.1% 11.1% 297.5 11.3% 8.4% 278.1 13.9% 15.5%

digital share of revenues

38.5% 4.6pp 42.9% 5.4pp 27.8% 3.7pp 65.3% 4.4pp

Advertising

678.5 1.9% 1.6% 197.9

• 2.9%
• 2.2%

432.4

• 3.5%
• 5.4%

246.1 13.0% 16.3%

Circulation

592.0

• 6.5%
• 4.8%

142.6

• 4.5%
• 2.3%

474.6

• 6.0%
• 6.0%

117.4

• 8.6%

0.1%

Other

225.7 7.2% 7.3% 66.1 7.9% 8.1% 163.4 4.6% 5.0% 62.3 14.6% 13.8%

• adj. EBITDA

228.2 4.3%

• 3.5%

63.1 17.6% 13.6% 161.2

• 2.0%
• 8.9%

67.0 23.5% 14.2%

Margin

15.3% 0.8pp 15.5% 2.6pp 15.1% 0.2pp 15.7% 2.2pp News Media National News Media International News Media

FY2018

Company presentation

SLIDE 21

Marketing Media development impacted by organic

• adj. EBITDA decline in Performance Marketing

21

1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA includes costs of €8.3 in 2018 and €8.1m in 2017 (thereof business development, M&A and other), not allocated to the two subsegments.

▪ Revenues down yoy due to sale of aufeminin. Organic revenues up 2.1% in 2018 yoy: Reach Based Marketing (org. revenues -0.1% yoy) impacted by US exit of Bonial in Q4/17, Performance Marketing with organic increase of 5.3% ▪

• Adj. EBITDA down 6.3% (-2.5% organically) in FY/18, stronger decrease in Q4/18 due to higher integration costs for the

AWIN/affilinet merger and a strong prior-year quarter at finanzen.net. ▪

• Adj. EBIT of €66.0m down by 14.7% yoy (organically on prior-year level (+0.5%))

in €m

2018 yoy

• rg.1

Q4/18 yoy

• rg.1

2018 yoy

• rg.1

2018 yoy

• rg.1

Revenues

418.3

• 12.4%

2.1% 111.4

• 20.7%

4.2% 235.2

• 26.0%
• 0.1%

183.1 14.7% 5.3%

Advertising

313.4

• 12.3%
• 1.0%

85.5

• 21.6%
• 1.3%

205.0

• 22.5%
• 2.2%

108.4 16.7% 1.8%

Other

104.8

• 12.5%

12.5% 25.9

• 17.5%

28.9% 30.2

• 43.1%

19.3% 74.6 11.9% 10.2%

• adj. EBITDA2

89.6

• 6.3%
• 2.5%

26.9

• 31.5%
• 19.9%

66.7

• 6.3%

14.7% 31.2

• 3.8%
• 29.5%

Margin

21.4% 1.4pp 24.1%

• 3.8pp

28.4% 6.0pp 17.0%

• 3.3pp

Marketing Media Reach Based Marketing Performance Marketing

FY2018

Company presentation

SLIDE 22

Adjusted eps increase in line with guidance (+5.1%)

22

in €m

2018 2017 Q4/18 Q4/17

• adj. EBITDA

737.9 645.8 196.5 172.4

yoy change (reported / organic) Depreciation / amortization (excl. PPA)

• 210.1
• 141.9
• 56.5
• 41.8
• adj. EBIT

527.9 504.0 140.0 130.6 Financial result

• 21.1
• 18.4
• 6.3
• 10.7

Taxes

• 171.0
• 158.0
• 54.7
• 36.8
• adj. net income

335.7 327.5 79.0 83.1 thereof attributable to non-controlling interests 41.0 47.1 8.6 16.3

• adj. eps1

2.73 2.60 0.65 0.62

yoy change (reported / organic) Non-recurring effects

• 12.5

117.0

• 66.2

148.3 Depreciation / amortization, and impairments of PPA

• 137.8
• 94.2
• 61.6
• 20.5

Taxes attributable to these effects 23.1 27.8 9.7 3.7 Net income 208.4 378.0

• 39.0

214.6 14.3% / 8.5% 14.0% / 13.7% 5.1% / 8.3% 5.4% / 13.9%

1) Based on weighted average number of shares outstanding in 2018: 107.9m (2017: 107.9m).

Company presentation

SLIDE 23

Net financial debt higher because of IFRS 16 – FCF above expectations due to effects from phasing

23

▪ Net financial debt includes leasing liabilities of €379.6m (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 €869.6m

Free cash flow (FCF) in €m Impact of leasing liabilities on net financial debt

1) Excl. pension liabilities. 2) Based on adj. EBITDA 2018. 3) Expected in Q4/19 or Q1/20.

Net financial debt of €1,249.2m

1 in December 2018 (leverage 1.7x 2)

497.4 341.1 346.9 419.6

2017 2017 2018 2018

FCF FCF excl. effects from headquarter real estate transactions

▪ Positive effects from phasing and one-off of ~€50m ▪ Net positive cash inflow of ~€240m until 2020 from sale of new Berlin building (purchase price of €425m

3) and tax payments of ~€30m expected and capex

and sale related costs of ~€155m in 2019-2020)

Effects on cash flow

Company presentation

SLIDE 24

Classifieds Media

SLIDE 25

Classifieds Media: Leading digital classifieds operator

Classifieds Media 25 ▪ Leading digital classifieds

• perator

▪ Portfolio of market leading classifieds: 79%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

2018 Outlook 2019 (reported) Outlook 2019 (organic2) Revenues in €m 1,212.5 High single-digit to low double-digit % growth High single-digit to low double-digit % growth EBITDA (adj.) in €m / margin in % 487.2 / 40.2% Low to mid single-digit % growth Mid single-digit % growth EBIT (adj.) in €m / margin in % 406.7 / 33.5% On prior-year level Low to mid single-digit % growth

1) Based on FY/18 figures. 2) Adjusted for consolidation

and FX effects.

SLIDE 26

▪ 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) ▪ December 2018: Impairment to year-end market value

• f EUR 62.3m following share price decline

▪ Listed on the London stock exchange since Dec. 2015 ▪ Board seat for Axel Springer

Minority investments in hybrid agent models

Classifieds Media 26 ▪ 50/50 holding company with UK market leader Purplebricks ▪ Acquisition of 22% stake in Homeday in October 2018 (on top of close to 5% owned by Axel Springer already) ▪ Commission based business model ▪ Potential from additional revenue pool ▪ Participation in innovative business model in German real estate market

SLIDE 27

In FY/18, digital classifieds contributed 61% to

• adj. Group EBITDA

27

• Adj. EBITDA1 in €m

57% Long-term adj. Group EBITDA development driven by classifieds

Axel Springer Group Axel Springer Classifieds Share of Group EBITDA (negative EBITDA S/H allocated proportionally to operative segments)

X%

Classifieds Media

1) excl. discontinued operations.

392 448 499 454 507 559 595 646 738 17 65 134 164 218 305 355 413 487

2010 2011 2012 2013 2014 2015 2016 2017 2018

61%

+18%

SLIDE 28

Classifieds with strong organic growth and high underlying margins

Classifieds Media 28

Revenues EBITDA margin, adj.

Margin 2015 2016 2017 2018 Jobs

43.7% 42.9% 41.7% 40.7%

Real Estate

46.4% 44.9% 50.4% 46.0%

General/Other

30.7% 32.7% 32.0% 34.1%

Total classifieds

40.5% 40.3% 41.0% 40.2%

Organic growth yoy 2015 2016 2017 2018 Jobs

+21.2% +17.6% +17.0% +16.9%

Real Estate

+4.8% +6.3% +10.8% +6.1%

General/Other

+4.0% +9.7% +6.3% +5.9%

Total classifieds

+12.9% +12.5% +12.7% +11.4%

Note: Figures for 2018 include meinestadt.de which was allocated to Jobs from General/Other in 2018.

SLIDE 29

StepStone: Continued high organic revenue growth

2018 Financials ▪ Swedish employer branding specialist Universum acquired in Q2/18 ▪ UK: Start of the ‘The Partnership’ (Totaljobs and Jobsite) with joint offer in Q2/18 ▪ Candidate delivery ahead of competition in nearly all areas ▪ Main market Continental Europe with customer number up 6% yoy, retention rate remains on a high level at 88% (+1pp yoy) Operational update 2018

29

1) Minor revenues recorded centrally and attributable to few operational entities (mainly Universum) are not presented

since those are not recorded in operational subgroups. 2) Combined 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. 3) Including meinestadt.de which was allocated to Jobs from General/Other in 2018 4) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for (adj.) EBITDA.

in €m

2018 20173) yoy

• rg.4)

Revenues1)

602.6 495.9 21.5% 16.9% Continental 420.8 342.7 22.8% 22.3% UK 123.7 118.2 4.7% 5.7% SAON Group 40.2 37.5 7.2% 8.9%

EBITDA2)

245.5 203.1 20.9% 14.0% Continental 224.3 185.6 20.8% 17.8% UK 16.7 15.8 5.8%

• 12.5%

SAON Group 13.1 12.4 5.3% 3.1%

Margin

40.7% 41.0%

• 0.2pp

Continental 53.3% 54.2%

• 0.9pp

UK 13.5% 13.3% 0.1pp SAON Group 32.4% 33.0%

• 0.6pp

SLIDE 30

30 496 603

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

CAGR +29%

17% 17%

• rganic growth

StepStone Group Revenue (in €m)

1 Including meinestadt.de which was allocated to Jobs from General/Other in 2018.

Continued double-digit organic growth in 2018

1

SLIDE 31

Goal to become a comprehensive E-Recruiting company

Career guidance Search jobs Browse jobs / be found Research employer Research salary Application Interview Hire / Sign contract Career development Orientation Check cultural fit Follow-up Applications

Job seeker journey

31

JOB SEEKER JOURNEY

SLIDE 32

Revenue share

Revenue split in FY/18 Employer Branding

99% <1% 32 69% 27%

Highly scalable with low total cost per hire for recruiter

Job Listings

Effective process to fill highly specific positions, but high cost per hire and difficult to scale for recruiter

Direct Search

Note: Employer branding and other related products account for 4% of revenue share in UK and <1% in Germany; figures do not include Universum (acquired in Q2/18).

Job listings and direct search main revenue sources

SLIDE 33

159 202 257 343 421

2014 2015 2016 2017 2018

StepStone Continental: Continued strong

• rganic growth

Revenue StepStone Continental

92 117 151 186 224 58% 58% 59% 54% 53%

• 50%
• 40%
• 30%
• 20%
• 10%

0% 10% 20% 30% 40% 50% 60% 70% 80% 40 90 140 190 240 290

2014 2015 2016 2017 2018 +33% +27%

+24% +27% +26% EBITDA

Financial development by subgroup¹ (in €m)

Organic growth EBITDA Margin

33

+23%

+22%

+27%

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

2 2

SLIDE 34

StepStone Continental: #1 positions in candidate delivery in most core markets

Candidate Delivery¹ - StepStone Continental

Germany Austria Belgium

34

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

SLIDE 35

StepStone Continental: Increasing customer numbers and high retention rates

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: iciformation (Q3/17), meinestadt.de and Turijobs (both Q1/18). 2) All subgroups reported based on pro forma development; based on invoiced sales.

35

57.7 64.4 92.0 97.2

2015 2016 2017 2018

+12%

Customer Retention Rate (%)2

StepStone Continental

Overall Retention Large customers

86% 88% 87% 88% 96% 97% 98% 98%

2015 2016 2017 2018

StepStone Continental

Pro forma 2017 figure including meinestadt.de, Turijobs and iciformation

+6%

SLIDE 36

78 130 119 118 124

2014 2015 2016 2017 2018

StepStone UK: Upside potential from ‘The Partnership’

19 38 24 16 17 24% 29% 20% 13% 13%

• 35%
• 20%
• 5%

10% 25% 40%

80

2014 2015 2016 2017 2018 +/-0% +67%

+7% +3% +8% ▪ 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 (e.g., integrated platforms and overhead functions)

• 8%

StepStone UK Revenue EBITDA

Financial development by subgroup¹ (in €m)

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.

36

+5%

+6%

Organic growth EBITDA Margin

SLIDE 37

‘The Partnership’: From separate companies, brands and cultures to one unified organization

37 Market facing effects ▪ One company, one platform, one sales force ▪ More compelling business proposition ▪ One CV-database ▪ Best-in-class candidate delivery Internal effects ▪ Efficient traffic sourcing ▪ Cost efficiencies ▪ Improved IT development effectiveness Resulting in ▪ Improved retention and share of wallet ▪ Accelerated new business ▪ Wider market coverage KPI Jobsite Totaljobs Partnership1 # Applications / month 1.5m 3.8m 6.3m Conversion rate (appl./ visit) 0.22 0.25 0.26 CV database 3.8m 11.8m 18.3m

LinkedIn2: ~25m CV- Library2: ~13m Reed2: ~11m

• Oct. 2017
• Oct. 2018

1) Incl. StepStone UK verticals. 2) Linkedin: number of registered users

per Oct 2018 (source: Statista); CV- Library and Reed numbers as stated

• n respective websites per Nov 2018.

SLIDE 38

Customer number (k)2

1) Average # of applications per job ad. Source: TNS, figures are corrected

for outliers. 2) Customer count based on active contracts in a year.

38

Customer Retention Rate (%)4

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 in 2018 due to deduplication of customers.

41.3 36.9 43.8 40.6

2015 2016 2017 2018

CAGR

• 1%

Overall Retention Large customers

80% 82% 81% 80%

95% 95% 93% 93%

2015 2016 2017 2018

StepStone UK: High values in relevant KPIs

3) Changed business focus of Jobsite after acquisition, removed low value contracts. 4) Retention rates 2018 temporarily affected by launch

• f ‘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; all subgroups reported based on pro forma development; based on invoiced sales.

3

SLIDE 39

23 30 34 38 40

2014 2015 2016 2017 2018 +30% +14%

+11% +15% ▪ Saongroup acquired in late 2013, CareerJunction (South Africa) in 2015 ▪ Growth in almost all countries around the world Saongroup EBITDA

Financial development by subgroup¹ (in €m)

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

+10%

+11%

8 10 10 12 13

37% 34% 30% 33% 32%

• 50%
• 40%
• 30%
• 20%
• 10%

0% 10% 20% 30% 40% 7 8 9 10 11 12 13 14

2014 2015 2016 2017 2018

+9%

+7%

Saongroup: Strong organic growth rates

Revenue

SLIDE 40

4.1 8.7 9.5 17.1 17.5 22.3 Facebook Linkedin NIJobs Indeed Irishjobs Jobs.ie South Africa3 Ireland

Candidate Delivery¹ - Saongroup 40

13.4 33.7 48.7 65.5 153.9 Linkedin Careers24 Indeed CJ Pnet

1) Average # of applications per job ad. Source: TNS, figures are corrected for outliers. 2) NIJobs is the leading player in Northern Ireland. 3) Results of competitors may be unstable across the surveys due to low sample sizes.

Saongroup: Best in class in candidate delivery

2

SLIDE 41

72% 73% 74% 74% 82% 88% 86% 86% 2015 2016 2017 2018

Saongroup: Stable customer numbers and high customer retention

StepStone Continental

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; based on invoiced sales.

41

Customer Retention Rate (%)3

StepStone Continental

Overall Retention Large customers

Saongroup 13.2 14.1 14.6 14.7 2015 2016 2017 2018

CAGR +4%

SLIDE 42

+26% candidate delivery YoY, +130% increase in sales efficiency (e.g. call activities in telesales)2 +98% candidate delivery YoY, +25% increase in sales efficiency (e.g. call activities in telesales)2 Investments in sales (headcount, tooling) and marketing (traffic acquisition & branding) Investments in same areas as in Austria: Focus on sales and traffic

pre-investment enhanced invests 2015 2012 2013 2014 2016 2017 2018 CAGR 8% 35% Invoiced sales 2015 2012 2016 2013 2014 2018 2017 CAGR 1% CAGR 28% Invoiced sales

Austria: From #4 in 2014 to clear #21 France: #6 at start of growth initiatives - first payoff from investments1

1) Market positions in terms of revenue (12/2017). 2) 06/2018.

Source: Company reports and management estimates.

pre-investment enhanced (ongoing) investments

Growth cases in Austria and France progress

42

SLIDE 43

Additional sales headcount¹ Improved sales efficiency via tech and tooling

Customer retention Customer development

Target long tail of the market to gain market share Smart and predictive lead generation Hyper-care for key customers Increased frequency of sales activities Closer, more intense customer approach (field & inside sales) Growing support and analytics for sales force Hire ▪ 1-3 months: Onboarding ▪ 4-6 months: Small targets & first deals ▪ 6-9 months: Being profitable ▪ +9 months: Contributing to StepStone growth

Exemplary Sales Professional journey

1) Attrition of existing sales heads to be decreased through improved training, compensation and benefit packages; Improvement in HR and branding to attract new talent.

Increased sales headcount and improved efficiency

Customer acquisition

43

SLIDE 44

25 50 75

Sources: TNS; Google trends.

0.9%

2018 2017 2016 2013 2014 2015

+6.6% +6.8% 0.0%

Web search for keyword ‘jobs’ in DE

16.62 Mar 2016 Mar 2017 17.19 14.92 Mar 2018 2.48 2.24 2.52

• 10%

+13% Contradicting trends show shortage of candidates

Candidate Delivery (CD)

Candidate Delivery Relative CD vs next competitor

Customer focus: More listings require StepStone to acquire even more candidates in a flat market

44

SLIDE 45

SEA Partner Other Paid JobAgent SEO Direct Other Organic

Paid (~53%) Organic (~47%)

Strategic traffic network

▪ StepStone has in total >500 traffic partners ▪ Top partners include well known brands such as Bild, Handelsblatt, T-Online, Kimeta, Gehalt.de and Experteer ▪ The network is characterised by portals that provide a large / national reach. StepStone’s network is by far the largest in the market

Source: Adobe Analytics; other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media.

StepStone has a diversified traffic mix

StepStone traffic sources (exemplary, FY/18)

45

SLIDE 46

▪ A third of clicks following all job related searches @Google lead to StepStone ▪ For IT job related searches almost half of all clicks lead to StepStone ▪ Google searches related to engineering jobs result in a click for StepStone in 68%

• f cases

SEA

Relates to /

• ptimises

SEA traffic

46 %

Global Clickshare

IT

68%

Engineering

clicks following Google searches for all job related keywords

clicks following Google searches for keywords related to engineering jobs clicks following Google searches for keywords related to IT jobs

33%

Google Clickshare for paid

Source: Google data Q3/18, comparison for top-5 competitors for paid clicks.

For IT and Engineering StepStone already takes highest click share on Google Paid Ads

46

SLIDE 47

United Kingdom (G4J live since July 2018): StepStone UK is fully integrated with Google for Jobs

▪ Fragmented market situation – all major competitors (except Indeed) are integrated ▪ StepStone UK participates for now, but invests in parallel in unique content and branding ▪ Measurable effects so far: Net gains in applications from Google SEO traffic (organic blue links plus Google for Jobs)

South Africa (G4J live since March 2018): Pnet and Careerjunction do not participate

▪ StepStone assets are in a leading position and own a large share of unique content (jobs) ▪ There is no benefit to provide content to Google for free ▪ No negative effects so far for Pnet and CareerJunction

Spain (G4J live since June 2018): Turijobs does not participate

▪ Turijobs is a leading niche player in hospitality with a high brand recognition and unique content ▪ No negative effects so far for Turijobs

Participation in Google for Jobs is decided individually, market by market

47

SLIDE 48

Group GTO Group COO Management Board

1

Decrease time to market ▪ Reuse newly built components to test ideas ▪ Share AI algorithms ▪ Share product & technical designs Increase efficiency ▪ Align IT platforms ▪ Mutualize training, consulting and IT investments Frame joint long-term strategy and support execution ▪ From classifieds to transactional marketplaces ▪ (Early-stage) investments into value chain extension Steer strategic group projects ▪ Joint business initiatives (e.g. seller leads) ▪ Initiatives to “grow together” in group

1) Among others; minority investments.

Classifieds Media

Introducing the AVIV group: Our goal - to capture the full potential of the next period of growth

48

SLIDE 49

Mortgage ~1.63 €bn1 Moving ~250 €m3 Home insurance ~160 €m2

Seller leads

1

Hybrid models

2

Adja- cencies

3

Providing the agent with additional core services

1

Satisfying even more consumer needs with our hybrid agent models

2

Capturing adjacent markets with transaction-triggered services

3 Our three priorities

Online Classifieds ~350 €m Marketing spending ~650 €m Agent commission pool ~6 €bn Total addressable adjacent markets ~2 €bn

1) 2) 1% of total market. 3) 5% of total market. Sources: OC&C (05/2017), McKinsey. Notes: Marketing spending includes spending of agents, property developers and private sellers in online and offline channels. Figures apply to German RE market.

Classifieds Media

Our three priorities allow us to tap into large markets beyond listings

49

SLIDE 50

SeLoger margin decline due to consolidation of Logic-Immo

2018 Financials ▪ Closing of Logic-Immo acquisition in Q1/18 ▪ Joint product offering of SeLoger and Logic-Immo started in September 2018 ▪ ARPA (incl. verticals) increased by 6% yoy to €765 ▪ # of professional listings1) on Seloger.com: 993k (Logic-Immo: 719k, pre-deduplication) ▪ Unique users2) of seloger.com up 4% to 5.6m, unique user of logic-immo -1% to 2.8m Operational update 2018

50

3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for EBITDA. 1) Source: autobiz; monthly listings, Jan-Dec 2018 average. 2) Source: Médiametrie (Jan-Dec 2018 vs Jan-Dec 2017).

in €m

2018 2017 yoy

• rg.3)

Revenues

215.8 140.0 54.2% 6.1%

EBITDA

98.8 81.8 20.7% 6.9%

Margin

45.8% 58.5%

• 12.7pp

SLIDE 51

382 406 440 483 544 594 632 662 424 456 496 549 615 676 724 765

250 500 750 1.000 2011 2012 2013 2014 2015 2016 2017 2018

1) Excl. effects of Poliris business, deconsolidated in 2016. 2) Logic-Immo consolidated since February 2018.

Constant roll-out of new products has been valued by customers

SeLoger with another strong year reconfirming its leading position

Average monthly SeLoger ARPA made with professional customers, in €

Historical Revenue and EBITDA performance

Revenues and EBITDA in €m1,2

80 91 98 106 116 128 140 216 43 53 58 62 71 76 82 99

50 100 150 200 250 2011 2012 2013 2014 2015 2016 2017 2018

+8% +9%

CAGR 2011-2018 SeLoger excl. verticals SeLoger incl. verticals

CAGR +10% 51

EBITDA Revenues

• rg.

+6%

SLIDE 52

# Visits

SeLoger – Traffic SeLoger + Logic-Immo – Traffic

Low High

The merger helps SeLoger and Logic-Immo to close gaps in previously underserved areas

52

SLIDE 53

Background: Leboncoin and AVendreALouer.fr introduced bundled offer in early 2018; bundled offer of SeLoger and Logic-Immo to be introduced in H2/19. Number of unique listings higher at Logic-Immo than at AVendreALouer.fr according to internal analysis.

Based on unique professional listings SeLoger maintains its strong position

Average of monthly listings FY/18 in k (pre-deduplication)

514 548 719 794 993

private listings

53 995

Listings post-deduplication

Source: autobiz; internal analysis based on a panel of major real estate agent networks.

1,302

SLIDE 54

+900 customers with an add-on1 +50k listings on SeLoger or Logic-Immo1 +

▪ Add-on enables agents to extend their listings publication to the other site ▪ Preparing the new „Full Duo“ offer in 2019

SeLoger and Logic-Immo are commercially tapping the potential through DUO offer

54

1) Figures as of November 2018.

SLIDE 55

≈900 SL Customers1

▪ Launched at SeLoger in January 2018, visibility and lead generation product ▪ Dedicated organization as a new market ▪ Logic-Immo seller product was launched in January 2019 ▪ SeLoger will extend to premium qualified leads and luxury market by 2019 ▪ AVIV Group strategic initiative with synergies among assets: shared price estimate engine with Immoweb, based on AI

“Seller lead” strategic initiative has already demonstrated high performance at SeLoger

55

1) Figure as of November 2018.

SLIDE 56

Immowelt: Margin significantly up at 41.9%

2018 Financials ▪ ARPU increases by 13% yoy to €332 ▪ # of DUO≥ 51) customers increased by 4% to 16.0k ▪ Visits2) at 42.2m (+/-0% yoy) ▪ # of residential listings2) at 170k (-11% yoy) Operational update 2018

56

3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for EBITDA. 1) “DUO x” contract allows the simultaneous listing of x properties during the contract time

(x slots), DUO ≥ 5 refers to any DUO contract with at least 5 slots.

2) Source: company information; monthly visits/listings, FY/18 average.

in €m

2018 2017 yoy

• rg.3)

Revenues

117.7 111.3 5.7% 5.7%

EBITDA

49.4 37.4 31.9% 27.9%

Margin

41.9% 33.6% 8.3pp

SLIDE 57

9.1 11.9 13.8 14.8 15.5 15.4 15.1 15.3 14.9 15.0 15.7 16.0 22.1 22.3 22.6 22.8 22.6 22.4 22.0 22.0 21.7 21.0 19.9 19.1 18.5 17.6 17.4 17.4 17.4 17.0 17.2 17.5

Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

DUO migration completed and focus on customers with higher volumes

57

Single/Double DE DUO ≥ 5 DUO 1-2

DUO ≥ 51 customer base with high ARPU achieved significant growth since March 2016

Number of agents in Germany2 (in thousands)

1) DUO: 1 contract, 2 portals / Single: 1 contract, 1 portal / Double: 2 contracts, 2 portals / GER only; the “DUO x” contract allows the simultaneous listing of x properties during the contract time (x slots),

DUO ≥ 5 refers to any DUO contract with at least 5 slots.

2) Real estate professionals with a term contract (term usually 12 months).

IS24 core agents

SLIDE 58

Decline due to increasingly overall stagnating offer

The German listings market is contracting

Comments

▪ Listings in Germany have been under pressure

• ver the past years

▪ Decrease driven by an overall stagnating offer in the German housing market ▪ In order to mitigate the decline in listings Immowelt actively takes counteractions: ▪ Increasing product and price differentiation to activate further potential listings ▪ Individual and temporary flat-options for agents based on their DUO contracts

Listings in German housing market1 (average per month in k)

50 100 150 200 250 300 50 100 150 200 250 300

FY/17 FY/18

• 6%

1) Houses, apartments for sale and rent in Germany; direct comparison with IS24 only partly possible due to different package models.

Source: IW management estimate and internal data collection.

• 11%

58

SLIDE 59

ARPU with strong growth over the last years – increased value creation for agents drives growth

59

1) ARPU = 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).

252 294 332

FY/16 FY/17 FY/18

Contract migration and price increases drive ARPU1 growth

ARPU (€/month)

763 711 CAGR +15%

SLIDE 60

Revenue CAGR of 9% from FY/16 to FY/18

2018: Successful year for Immowelt – margin of 40% reached one year earlier than targeted

Revenue (€m) EBITDA (€m, % of revenue)

EBITDA margin at 42% in FY/18

98 111 118

2016 2017 2018

CAGR +9%

>40% 20%

19 37 49

2016 2017 2018

20% 34% 60 42% CAGR +60%

SLIDE 61

Immoweb margin continuously on a high level

2018 Financials ▪ ARPA increased by 5% yoy to €541 ▪ # of listings1) up by 6% yoy to 153k ▪ Real visitors2) down by 5% with a monthly average of 1.5m in 2018 Operational update 2018

61

1) Source: company information. 2) Source: CIM.

in €m

2018 2017 yoy

• rg.3)

Revenues

42.5 39.5 7.5% 7.3%

EBITDA

28.4 26.5 7.2% 6.9%

Margin

66.7% 66.9%

• 0.2pp

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

SLIDE 62

Immoweb: THE reference for property search

“Belgians have a brick in their stomach…”

Home ownership rate by country in 2017

…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

Sources: Produpress study, Eurostat.

70% 78% 2% 6%

x12.4

62

+22pp

51% 64% 73% Germany France Belgium

SLIDE 63

58% 21% 21% 77% 11% 12% Immoweb attracts almost twice as many visitors than #2 competitor…

Average of monthly real visitors in FY/181

…leading to strong and highly engaged traffic on Immoweb

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

Source: CIM, Statistics Belgium.

1) Selected players (excl. app traffic).

1.9x 2.0x

Visits

15m 139m minutes

Time spent

63

Immoweb outraces Belgian competition in market reach

SLIDE 64

27 31 33 36 40 43 16 20 22 25 26 28

2013 2014 2015 2016 2017 2018

350 385 410 460 514 541

2013 2014 2015 2016 2017 2018

CAGR +9%

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

61% 64% 67% 70%

EBITDA EBITDA margin

CAGR +10%

Revenues

64

67% 67%

SLIDE 65

Car&Boat Media: Organic growth driven by ARPU increase, EBITDA margin up to 47.5%

2018 Financials ▪ ARPU up by 11% yoy to €454 ▪ # of professional customers1) below prior year (-2%) at 8.4k ▪ # of professional listings1) up by 1% yoy to 276k ▪ Unique visitors2) up by 12% to 4.4m Operational update 2018

65

1) Source: company information; monthly, FY/18 average. 2) Source: Mediametrie (Jan-Dec/18 vs Jan-Dec/17); limited comparability of Jan-Dec/18

figures to prior-year period due to new methodology regarding the measurement of mobile traffic introduced by Mediametrie in 2018.

in €m

2018 2017 yoy

• rg.3)

Revenues

62.7 59.4 5.5% 5.5%

EBITDA

29.8 27.0 10.3% 7.1%

Margin

47.5% 45.4% 2.1pp

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

SLIDE 66

21 33 455 276

LaCentrale works with professionals that have a significant used car activity

Sources: Company Information.

1) Professional ads divided by # of professionals on platform.

Professional listings Listings per professional1

• 39%

+57%

(in k, monthly average FY/18) (in k, monthly average FY/18)

66

SLIDE 67 1) Listings are based on FY/18 figures.

455 276 447 27 303 901

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 2016 2015 2018

4.4m 11.5m

Traffic FY/2018

67

2017 2016 2015 2018 2017

SLIDE 68

Car&Boat Media has benefited from constantly growing monetization

Monthly customers Monthly ARPU (in €)

68

* CAGR 01/14-12/18. 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 6%*

Monthly customers: 8,301 €465

Jan 2009 Sept 2018 Sept 2013

SLIDE 69

CAGR +13%

Car&Boat Media developed its EBITDA positively since AS acquisition

Revenues & 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%

AS acquisition: July 2014 2017

69 59.4 27.0

2018

29.8 62.7

SLIDE 70

Yad2 organic growth impacted by regulatory changes in real estate market

2018 Financials ▪ 2018 revenue development negatively impacted by FX effects ▪ # of listings: 406k (-5% yoy) ▪ Unique visitors down by 18% to 2.3m ▪ Visits down by 13% to 10.6m Operational update 2018

70

Source: company information; monthly listings/UVs/visits.

in €m

2018 2017 yoy

• rg.1)

Revenues

38.8 40.0

• 2.9%

1.5%

1) Adjusted for consolidation and FX effects.

SLIDE 71

Israel’s #1 Generalist

#1 Real Estate #1 Second Hand #2 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

71

Strong market position in several relevant verticals

SLIDE 72

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 FY/18)1

Visits

(in m, monthly average FY/18)2

7.5 >~3x >9x 406

181 142 74 8

2nd Hand Real Estate Cars Jobs

72 >22x >24x 10.6

Listings

SLIDE 73

18.4 26.9 34.9 40.0 38.8

2014 2015 2016 2017 2018

28% 25% 13%

Yad2 revenues with strong growth post acquistion

Revenue Development

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 73

9% 2%

1

SLIDE 74

@Leisure with strong finish to the year

2018 Financials ▪ Full service (Belvilla, Land & Leisure): Pro forma booking value up by 12% yoy to €282m ▪ Self service (Traum-Ferienwohnungen): Total listings in Europe up by 7% yoy to 83k ▪ Disposal of casamundo in Q4/18 Operational update 2018

74

Source: company information.

in €m

2018 2017 yoy

• rg.1)

Revenues

133.2 124.5 7.0% 5.6%

EBITDA

24.8 19.5 27.5% 7.8%

Margin

18.6% 15.6% 3.0pp

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

SLIDE 75

Homeowner Secondary homes Primary homes

@Leisure focuses on the supply/homeowner side of the market

Guest

Full-service Self-service

75

Aggregator & OTA

SLIDE 76

News Media

SLIDE 77

News Media segment at a glance

News Media 77

▪ 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 Insider Inc. and eMarketer ▪ Innovative mobile news service for Samsung devices (upday)

Overview

▪ BILD group ▪ WELT group

(formerly: WELTN24 group)

▪ Ringier Axel Springer Media (Poland, Hungary, Serbia, Slovakia)1 ▪ Ringier Axel Springer Schweiz2

National International News Media

(Main activities)

Financials

2018 Outlook 2019 (reported) Outlook 2019 (organic3) Revenues in €m 1,496.2 Low to mid single-digit % decline Low single-digit % decline EBITDA (adj.) in €m / margin in % 228.2 / 15.3% On prior-year level On prior-year level EBIT (adj.) in €m / margin in % 158.2 / 10.6% Low single-digit % decline On prior-year level

1) Fully consolidated (50% stake). 2) Consolidated at

• equity. 3) Adjusted for consolidation and FX effects.

SLIDE 78

News Media Subsegments Q4/18

78

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

in €m Q4/18 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

288.7

• 3.7%
• 4.2%

117.9 2.9% 9.2%

thereof digital

92.9 11.5% 9.8% 81.3 12.8% 12.7%

digital share of revenues

32.2% 4.4pp 69.0% 6.1pp

Advertising

125.2

• 8.4%
• 9.5%

72.7 8.2% 13.5%

Circulation

114.7

• 3.2%
• 3.2%

27.9

• 9.7%

1.6%

Other

48.8 9.0% 9.0% 17.3 4.8% 5.7%

• adj. EBITDA

45.3 31.0% 22.8% 17.8

• 6.6%
• 6.1%

Margin

15.7% 4.2pp 15.1%

• 1.5pp

News Media National News Media International

News Media

SLIDE 79

79 Total net reach 2018:

>300m monthly UU1

Axel Springer Digital/Print

1) Figures as of May of the respective year; for Switzerland, France and Germany the most recent data of the respective year are used.

Source: Various national sources for net reach, overlap of print and digital readership estimated based on selected country data.

Total net reach 2013:

>85m monthly UU1

Axel Springer Digital/Print Print 2013

69m

Digital 2013

49m

Print 2018

53m

Digital 2018

(including upday and Insider Inc.):

290m

Global reach: More than 300 million monthly unique users worldwide

News Media

SLIDE 80

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 Jan-19

Ongoing monetization of digital content: Milestone reached with >500k subscribers in October 2018

News Media 80 Digital subscribers

Source: IVW.

+10.9%

January 2019 vs. January 2018

91,033 423,758

52,672 200,571

SLIDE 81

81

40% 49% 53% 35% 37% 42 %

▪ Revenue CAGR 2015-18 of 33% ▪ Profitable in 2018 ▪ Re-invest near-term profits in growth opportunities; subscriptions, commerce, editorial, original programming ▪ Long-term EBITDA margin of >20% ▪ Leading digital brand for business journalism ▪ Strengthened market leadership in 2018

Source: Comscore.

10 20 30 40 50 60 70 80 90

Jan 16 May 16 Sep 16 Jan 17 May 17 Sep 17 Jan 18 May 18 Sep 18

Insider Inc.: Market leader in the US

43 56 81 100

2015 2016 2017 2018

Revenue development in $m

+30% +46% CAGR 2015-18 +33%

Traffic comparison (unique visitors, m)

News Media +23%

SLIDE 82

700 1000 1300

Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18

eMarketer – leading provider of high-quality research and digital market data for companies and institutions

82 ▪ Founded in 1996; based in New York City ▪ ~1,300 corporate subscribers (2/3 of Fortune 500 and 2/3 of US top national advertisers) ▪ ~10,000 citations in worldwide media per month ▪ Highly profitable business model with margin of ~40%

Company profile Corporate subscribers

News Media

Source: company information; based on number of contracts active

• n the last day of each month.

Dec 18

SLIDE 83

upday: Key player in the news aggregator space and continued growth – break-even expected in 2019

News Media 83

Monthly active users (in millions)

12.9 2.1 N/A 8.2 1.6 11.1 7.9 2.1 N/A

upday Google News Apple News

Source: company information; Comscore, December 2018.

1 2 3 6 8 11 15 20 23 25 27 28

Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18

Monthly unique users (in millions)

SLIDE 84

Marketing Media

SLIDE 85

Marketing Media segment at a glance

Marketing Media 85 ▪ #1 positions in all major marketing business models ▪ European market leader Awin in performance marketing merged with affilinet in October 2017 (holding structure: 80% Axel Springer, 20% United Internet), IPO envisaged after period of integration

Overview Financials

▪ Idealo ▪ Bonial ▪ Finanzen.net ▪ Awin

Reach Based Marketing Performance Marketing Marketing Media

(Main activities)

2018 Outlook 2019 (reported) Outlook 2019 (organic1) Revenues in €m 418.3 Low single-digit % decline High single-digit % growth EBITDA (adj.) in €m / margin in % 89.6 / 21.4% Low to mid single-digit % growth High single-digit to low double-digit % growth EBIT (adj.) in €m / margin in % 66.0 / 15.8% Low single-digit % decline High single-digit % growth

1) Adjusted for consolidation (aufeminin sale in April 2018) and FX effects.

SLIDE 86

Marketing Media Subsegments Q4/18

86

1) Adjusted for consolidation and FX effects, as well as for IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA includes costs of €2.1m in Q4/18 and €1.5m in Q4/17 not allocated to the two subsegments.

in €m

Q4/18 yoy

• rg.1

Q4/18 yoy

• rg.1

Revenues

58.9

• 35.4%

2.2% 52.5 6.7% 6.6%

Advertising

54.4

• 29.5%
• 0.7%

31.2

• 2.3%
• 2.4%

Other

4.5

• 67.8%

75.8% 21.4 23.2% 23.1%

• adj. EBITDA2

20.4

• 26.1%

0.7% 8.5

• 35.0%
• 43.2%

Margin

34.7% 4.4pp 16.3%

• 10.4pp

Reach Based Marketing Performance Marketing

Marketing Media

SLIDE 87

Further information

SLIDE 88

▪ 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

• n ESG issues

Company presentation 88

Overview

Rating / evaluation Last review CDP D- (from A to D-) 2018 FTSE4Good 3.8 out of 5 2018 ISS Environment QualityScore 3 out of 10 (the lower, the better) 03/2019 ISS Governance QualityScore 3 out of 10 (the lower, the better) 03/2019 ISS Social QualityScore 2 out of 10 (the lower, the better) 03/2019 ISS-oekom C+ (from A+ to D-) 2019 MSCI1 A (from AAA to CCC) 2018 Sustainalytics 66 out of 100 2019

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

SLIDE 89

Investor Relations contacts

Company presentation 89

Claudia Thomé Co-Head of Investor Relations Phone: +49 30 2591 77421 Mobile: +49 160 90445035 claudia.thome@axelspringer.de 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 daniel.fard-yazdani@axelspringer.de