Scout24 AG

Investor Presentation • Nov 26, 2019

Make it happen! Capital Markets Day 2019

26 November 2019

Disclaimer

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Table of contents

• 1. From strategy to reality Making it happen
• 1. ImmoScout24: building the ecosystem for real estate in Germany
• 1. AutoScout24: driving innovation across the consumer and customer journey
• 1. Translating strategy into value creation
• 1. Shaping the marketplace of the future

1. From strategy to reality -Making it happen

We are more relevant than ever

Well positioned in an evolving industry

Notes: 1. AutoScout24 Germany

Leading market player

ImmoScout24 is #1 in Germany and we are a leading player across AutoScout24 geographies

Successful track record Deep repository of consumer, listing and transactional data over 20 years

History of product innovation

Track record of sector leading innovation and bringing new products to market (e.g. DirectSale / HomesellerHub)

Trusted player in ecosystem

Leading consumer awareness Significant brand equity

ImmoScout24: unaided brand awareness

AutoScout241: unaided brand awareness

We have delivered on our commitments

2017 CMD objectives

Revenue growth at low doubledigit

ooEBITDA margin at low-singledigit expansion p.a.

Strong cash flow profile that de-levers at c.1x p.a.

Improve Consumer Journey -Increase Lead Quality & Revenue

What we delivered

Revenue growth

+10.5% Revenue CAGR since CMD

Margin expansion

+430bps ooEBITDA margin expansion since CMD

Cash flow generation

91%

average cash conversion1

Significant evolution of product and solution portfolio along the consumer journey

Total Shareholder Return2 since CMD (Nov-17)

1. Defined as ooEBITDA less operational capex divided by ooEBITDA. Operational Capex excludes IFRS 16 related capex 2. Total shareholder return from 14-Nov-17 to 20-Nov-19, including all dividends paid out

Page 6 Capital Markets Day 2019

Online marketplaces are evolving beyond their traditional roles

Consumer

manual search specification of preferences

Platform

growth primarily from scale / price increases

/ Dealer / agents

traffic

leads listings + money

As consumers' and customers' needs get more complex, marketplaces need to evolve

traffic

triggering demand

Consumer

• ್ needs a trusted partner
• Q predict demand
• ി deliver individualized results
• ್. multi-choice & best-choice

Platform

• ഴ highly localized
• » beyond listings
• (4) actively triggering demand
• രു real time
• Q) a more transparent marketplace
• (\$) more involved in the action

ച്ച് help winning mandates / sourcing deals

ല smooth transaction experience

-0- differentiate vs. competition

Dealer / agents

Core remains robust - evolving market presents huge new opportunity

Opportunity to expand beyond our attractive core market

Notes: 1. Germany only

We have a deep understanding of the needs of the Property and Auto ecosystems...

OEMs

Dealers

... and our product offering is stronger than ever for ImmoScout24...

Further investments

Premium membership: Subscription package for users that reduces friction for rental applications

Homeseller Hub: One-stop-shop for all seller needs

Realtor Lead-Engine (RLE): Leading avenue for sourcing mandates for agents

... and AutoScout24

DirectSale: Lets consumers sell their car online with ease and convenience

Dealers

Consumers

AutoScout24 OneClick: So einfach wie Klamotten shoppen! Jetzt Wunschauto online kaufen. Mehr erfahren

SocialTurbo: Allows dealers to present their stock on Facebook and Instagram

OneClick: Enables transactions for dealers by letting buyers purchase online

Our roadmap to long term shareholder value creation

Profitable growth

• The best positioned online classifieds platform in Europe
• Transition to fully networked marketplace
  • Increase TAM
  • Improve monetization
  • Accelerate product rollout

Operational excellence

• · Simple, lean, aqile structure and processes
• "Growth Simply Done" (GSD) program to further optimize efficiency

● Commitment to deliver €20m annual cost savings by 2021

Value accretive capital allocation

• Reinvest into growth
• Returning cash to shareholders
  • Dividend pay-out ratio of 30-50%
  • Share buy-back programme
• · Long term leverage of up to 3.5x
• · Open to value accretive M&A opportunities

Sustainable competitive advantage

Attractive total shareholder return

in Germany

Page 14 Capital Markets Day 2019

Making hard decisions easy for real estate

At the heart of the German real estate ecosystem for 21 years

The #1

platform serving home owners, agents and consumers

Superior value proposition with unique localized data capabilities

to capitalize on market dynamics to increase monetization and TAM

We have changed the way home owners, agents and consumers transact

Shaping the German real estate market over the past 20 years

Page 17 Capital Markets Day 2019

Uninterrupted and resilient growth delivered since our inception

Source: GEWOS (2019)

Notes:

1. Revenues adjusted for IRS 15, applied as of January 2017, including Immoscout24 Consumer Services and investments.

We have delivered on our 2017 CMD promises

2017 Capital Markets Day objectives...

Increase listings market share

Continue product innovations, support with marketing activities

Continue to drive VIA usage and further expand ARPA alongside strategy

Drive sales force performance

Create a €100m+ Consumer Services business in the mid-term5

... achieved across our ecosystem1

1. As of Oct-2019

2. Including AutoScout24 - related Consumer Services revenue

Scout24

Demonstrated listing and usage leadership

lmmoScout24 regional listing leadership development

ImmoScout24 regional usage leadership development

Source: Mindline RTTS Page 20 Capital Markets Day 2019

The greatest listing advantage in the most valuable areas

Ratio of Immoscout24 / next competitor listings

Massive TAM expansion opportunity

	TAM expansion levers		A . B . B . B
Multiple touch points across ecosystem	Source of mandates for agents - not just leads	Moving into the transaction	Mortgage business providing additional opportunity
c. €0.4bn	c.€0.7 bn	c.€6bn+		c.€184bn c.€240bn
Online marketing	Marketing spend ~60% Objects marketing ~40% Mandate acquisition	Agent commission pool	Real estate transaction value	Total mortgage market

We are taking advantage of changing market conditions as we head into 2020

	Macro	Regulatory	Competition
Perception	The German economy is slowing down	Multiple regulatory headwinds	Competition with existing players is intensifying; new players are entering the market
Key facts	1.4% real estate prices CAGR '95-'17 in Germany: relatively stable vs. 4.4% for Spain and 6.5% for the UK 67% loan-to-disposable-income ratio in Germany vs. EU average of 74%1	· take effect in the course of 2020 · (Bundesdatenschutzgesetz) · Rent pricing caps in specific regions	· Challenging competitive position in low-value private listings · New entrants, including hybrid agents, remaining relatively small
Our position	ImmoScout24 = the "go-to" platform √ Valuable product set for every market environment √ Agents facing increasing challenges to find buyers	√ positive catalyst for market changes √ Track record of successfully navigating regulatory changes	√ Development of a freemium model to regain market share in private listings √ Hybrid agents need a strong marketing platform

Source: Press, Hypostat Notes: 1. As of 2017 Page 23 Capital Markets Day 2019

Building the ecosystem for real estate in Germany

• ✓ Acquire new mandates and lead management (digital farming)
• √ Use most efficient marketing channel
• ✓ Build up local brand
• ✓ Benefit from an integrated ecosystem out of one hand

Medium

Indicative digitization levels

Consumers

• √ Benefit from a personalised home search journey
• √ Get the most transparent consumer experience
• ✓ Receive guidance in decision making

Sale: we are the place where sellers start their journey

220k Home seller
addressable audience1

Stefanie joins HomesellerHub and enters her personal data

Alerts from HomesellerHub on the value of your property

Stefanie, for your apartment's size and neighbourhood, there are only a few agents worth considering!

3

Realtor Lead Engine: ImmoScout24 sells the lead to relevant agents

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29K tome seller enquiries
29K to agents1

4

The agent sells her apartment at a price above her minimum threshold

Notes: 1. As of Nov 19 YTD 2. Q3'19 vs. Q3'18 Page 25 Capital Markets Day 2019

Investing into sales to demonstrate our products' value

MaklerPuls report: clear insights ...

Notes: 1. As of Q3'19 Page 27 Capital Markets Day 2019

... getting us closer than ever before to our agents

Seamless experience + continued investment in our product suite = outstanding consumer satisfaction

Notes:

1. App Annie, usage penetration iOS and Android as of Oct-19 2. Company (as of Sep-2019) 3. Online survey as of Jan-19

Page 28 Capital Markets Day 2019

Clear strategic vision to deliver on the new Immo Scout24

Scout24

1. AutoScout24: driving innovation across the consumer and customer journey

We are a leading European automotive platform

Largest

Europe wide online vehicle platform

Aleading position in 5 EU Markets

2.5m+ listings1

43k+ dealer partners?

Notes: 1. Based on total listings (dealer + private) 2. Excludes c. 5k dealers in France

Page 31 Capital Markets Day 2019

We have consistently delivered double digit growth and margin expansion over the last decade

1. Excluding Finanzcheck.de.

Page 32 Capital Markets Day 2019

We are a leading player in our markets...

Notes: As of Q3'19

1. Based on listings (average of period); for AS24 based on dealer listings, De-duplicated for AutoTrader.at 2. Based on visits to the AS24 platform from mobile and all AS24 applications as measured by own traffic monitor (gogle analytics), Including traffic from eastern European platforms supporting lead-generation for German dealers; based on Sep 19 3. Includes private listings

... and continue to improve monetization...

... and accelerate product innovation

We are led by what our customers want

Dealer requirements

Maximize reach of inventory

Stand out from competition

Digitizing transactions What we deliver

Access to pan EU demand

Options to increase visibility to drive turnover

On the ground sales, account and support teams

Track record of product innovation

Trusted partner to the dealer as the automotive ecosystem goes digital

... with further headroom from value added products

Key On Top Products ("OTP")

ੁ MIA	VIP Showroom
Platzhirsch	#SocialTurbo

Notes: 1. Based on contact emails from January 2019 - November 2019

Page 37 Capital Markets Day 2019

2.4x

MIA driven lead uplift to dealers 1

1.4m dealer listings

viewed through #SocialTurbo

Our OTP products provide clear and tangible benefits to dealers

Price adjustment via advertisement duration on AutoScout24 website

Our value add for dealers

1. Conservative assumption of 10% based on test result of 18% standing time reduction

Page 38 Capital Markets Day 2019

Unmatched value proposition for our consumers

Consumer needs

Want a trusted counterparty

Price transparency

What we deliver

Easy

Trustworthy

Transparent

Proactive support

Personalized guidance

Connecting buyers, sellers and others

Page 39 Capital Markets Day 2019

We have built a highly engaged and mobile audience base

More sessions

E

Highly mobile

	2017	20192	A %
Sessions1 (m)	94	108	+15%
% mobile3	67%	76%	+9%

Notes: 1. Monthly average session; includes AutoTrader in NL and gebrachtwagen in AT 2. Average from Jan-19 to Oct-19 3. Includes Android, iOS and mobile web

Page 40 Capital Markets Day 2019

Large and attractive German car market...

€156bn spent on cars annually

€61bn spend on insurance and financing

€64bn spent on after sales

Highly resilient car transaction volumes

Used car sales price expected to increase at c. 2% p.a.

Sources: DAT / KBA (2019), IHS; LMC; Minstere de la Transition ecologique et solidare; Interviews with market participants. Notes: 1. Germany only.

Automotive

Classifieds

Total Addressable Market Our product suite expansion levers sets us up for the future Expanding across the entire consumer and dealer journey Automotive retail c.€260bn After sales Automotive advertising Insurance c.€0.7bn c.€0.3bn

Automotive Dealer Marketing

Total Automotive Sector

Financing

... with stable trends across core European countries

used and new cars sold ('000s)

Sources: Krone Grafik (Statistik Austrial, SPF Mobilité & Transports – FEBIAC, Cars sales Automotive Management Netherlands, UNRAE, ACI Notes Share of vallet analysis based on AS24 car dealers who hine portals within the last 12 months; sample size (# of car dealers); taby – 200 Belgium - 151, Netherlands - 156; analysis timing: 19-19; nethod used: Computer Assisted Telephone Interiewing (CAT); instruments used: Filly structured questionnaire; neutral study approach (no mentioning of the client); average interview duration 15 minutes 1. Refers to number of car transactions with new cars defined as first registration and used cars as transfer of ownership net of B2B transactions 2. Refers to car registration, i.e. new or used car put on a market with a Belgian plate (exports & B2B transactions are excluded) 3. Refers to cars sold; used cars sold are defined as cars which changed ownership

Page 42 Capital Markets Day 2019

We have reviewed multiple market trends to position ourselves for the future

Robust opportunity for the core business

German used car market to remain relevant in the mid term

Rural areas make up bulk of vehicle ownership

Source: Bank research report, DAT / KBA (2019), IHS; LMC; Ministère de la Transition écologique et solidaire Notes: 1. As of 2017 Page 44 Capital Markets Day 2019

Increasing adoption of financing

via loans or leasing in Germany

AutoScout 2.0

The way forward

Page 45 Capital Markets Day 2019

We have a clear vision and plan for the future

Our strategic vision is based on 5 principles

Strategic Vision

Focusing on customer AND consumer centricity / simplicity Remaining asset-light Covering the full transaction Driving dealer growth through various car ownership and financing models Investing into the future

Our focus is on 5 key operational areas

We want to extend across the entire consumer and customer journey...

Auto Scout24

They start to check which car is best for a family with a baby

They use AutoScout24 Al search

• · Personalized recommendations
• · Reviews
• · Find the best car for you!

They use OneClick to buy the car and schedule delivery

... and close the transaction loop

... direct end-customer relationships

We will focus on... ... transactional business models

... higher share of wallet

Scout24

Finanzcheck -Pursuing the next stage of growth /

An integrated two-sided marketplace beneficial for consumers and partners

Well positioned in the consumer loan market with significant penetration upside potential

Finanzcheck controls the value chain end-to-end solution creating market efficiency and becoming system relevant Optimize processes to drive conversion

To recap

Leading platform with track record of double digit growth and margin expansion

lolla

Improving monetization with acceleration of product innovation

Clear value proposition to our customers and consumers

Material TAM expansion opportunity

Optimizing the core and extending across the transaction

Finanzcheck well positioned for next stage of growth and profitability

AutoScout24 strategic review is still ongoing

Objective: long-term shareholder value creation

1. Translating strategy into value creation

We are on track in the first 9 months of 2019

	9M 2018	Revenue (in €m) 9M 2019	y-o-y% change reported L-f-l²			9M 2019	ooEBITDA¹ (in €m) 9M 2019 margin	y-o-y l-f-l pp change
ImmoScout24	186	201	8.1%	9.0%	126	138	68.9%	+0.8pp
AutoScout24	122	139	13.9%	18.1%	64	80	57.9%	+5.6pp
Consumer Services	78	117	49.6%	13.3%	31	26	22.3%	-4.5pp
Scout24	386	456	18.3% -	12.7%	214	236 -	51.8%	+0.5pp

Notes:

. O diray coeating by BBTD A alysted for nor-ceating experse, experse in conection rib the Concary scapital stuckner and company copital studios and company sousibes and unrealized), costs for strategic projects as well as effects on profit or loss from share-based compensation programmes

1. L-f-I (like-for-like); As if new acquisitions or divestments would have been consolidated in 2018 already

We have delivered a strong performance in Q3 2019

	Q3 2018	Revenue (in €m)	y-o-y% change reported L-f-12		ooEBITDA¹ (in €m) Q3 2018 Q3 2019		Q3 2019 margin	y-o-y l-f-l pp change
ImmoScout24	64	69	7.9%	87%	42	48	70.2%	+3.2pp
AutoScout24	43	47	11.0%	14.6%	25	29	61.4%	+3.3pp
Consumer Services	29	40	39.8%	10.9%	11	10	23.8%	-4.0pp
Scout24	135	156	15.6% -	11.0%	75	83	53.0%	+0.7pp

Notes:

. O diray coeating by BBTD A alysted for nor-ceating experse, experse in conection rib the Concary scapital stuckner and company copital studios and company sousibes and unrealized), costs for strategic projects as well as effects on profit or loss from share-based compensation programmes 2. L-f-I (like-for-like); As if new acquisitions or divestments would have been consolidated in 2018 already

Page 59 Capital Markets Day 2019

We have implemented a number of measures in 2019 YTD

• Two-vertical organizational structure to drive efficiency, agility and accountability
  • Acceleration in product roll-out to:
    • Get closer to ImmoScout24 and AutoScout24 customers and consumers

    • Better monetize respective ecosystems

    • Drive revenue growth

  • "Growth Simply Done": optimization of cost base with +200-300bps of further ooEBITDA margin expansion by 2021
  • Capital structure optimization: €300m share buyback; c. 30%+ completed
  • Ongoing AutoScout24 strategic review

We make it happen!

Our cost base optimization is "simply done"

Area	ldentified efficiency gains	Included in 2020 guidance
General and Administration	~€4m	~€2m
Sales Support	~€6m	~€6m
Marketing	~€6m	~£4m
Other Product / Engineering	~€4.5m	~€2m
Total	~€20m	~814m

Our capital allocation priorities remain the same

Re-invest into growth	· We will continue to re-invest into growth as first priority Any potential M&A activities will be undertaken in a disciplined manner with a focus on value creation and strengthening of the market position of our two core verticals
2 Return cash to shareholders	• Existing dividend policy is to pay-out 30-50% of adjusted net income in the form of recurring dividends • We started a share buy-back program of up to €300m in September 2019, representing around 6% of share capital at that time - €100m+ bought back to date, i.e. c. 2% of total shares outstanding – Program is expected to be completed by September 2020 (first tranche by January 2020)
Repayment of debt	• We will repay debt with capital not reinvested into growth or returned to shareholders · Long-term leverage of up to 3.5x (2.4x per end of Sep. 2019)

We are adapting our reporting to our new two-vertical organization

We are folding back Consumer Services into ImmoScout24 and AutoScout24 Revenue and ooEBITDA / 20181 (in €m)

Notes: 1. 12M FZ pro-forma

Page 64 Capital Markets Day 2019

We are folding back Consumer Services into ImmoScout24 and AutoScout24 Revenue and ooEBITDA / 9M 2019 (in €m)

The new ImmoScout24 segment

ImmoScout24 (in €m)	2018
Revenue	247.8
Revenue with Residential real estate partners	122.6
Revenue with Business real estate	53.5
Revenues with private listers and others	71.8
Ordinary Operating EBITDA	169.7
Ordinary Operating EBITDA margin	68.5%

ImmoScout24 (in €m)	2018	9M 2018	9M 2019	y-o-y % change
Revenue	315.9	234.3	259.9	10.6%
Revenue with Residential real estate partners	152.2	112.6	126.5	12.3%
Revenue with Business real estate	53.5	39.3	43.9	11.7%
Revenues with Consumers	78.1	58.6	65.1	11.1%
300 Party Display Revenue and Others	32.1	23.7	24.3	25%
Ordinary Operating EBITDA	195.6	145.4	161.4	11.0%
Ordinary Operating EBITDA margin	61.9%	62.1%	62.1%	0.1pp

Consumer Services (in €m)	2018
Revenue	139.9
Revenue with Finance partners	80.1
Services Revenue	279
3rd Party Display Revenue	31.8
Ordinary Operating EBITDA	36.7
Ordinary Operating EBITDA margin	26.2%

- Residential gets Finance on top (Agents; Prop; Prof PPA; Finance (listings; ads; mortgage-leads)) Additional KPIs : ARPU & core customers

• Business remains unchanged
• Additional KPIs : ARPU & core customers
• New line Revenue with Consumers which includes Private PPA, RRI and B2C
• | Revenues with Others (Barter, FF, IS24-AT) gets 3rd Party Media on top

Notes:

1. Like-for-like revenue exc. Spain, Classmarkets and inc. FZ pro-forma 12 months

The new AutoScout24 segment

AutoScout24 (in €m)	20181
Revenue	160.7
Revenue with Dealers Germany	79.9
Revenue with Dealers in European Core Countries	74.8
Other Revenue	5.9
Ordinary Operating EBITDA	85.6
Ordinary Operating EBITDA marqin	53.3%

AutoScout24 (in €m)	2018	9M 2018	9M 2019	y-o-y % change
Revenue	232.7	170.5	196.8	15.4%
Revenue with Customers Germany	823	59.9	71.5	19.5%
Revenue with Customers International	75.4	55.6	65.0	17.0%
Revenues with Consumers, 3rd Party Display and Others	75.1	55.1	60.3	94%
Ordinary Operating EBITDA Ordinary Operating EBITDA margin	96.6 41.5%	69.2 40.6%	83.4 42.4%	20.5% 1.8pp

Consumer Services (in €m)	20181
Revenue	139.9
Revenue with Finance partners	80.1
Services Revenue	27.9
3rd Party Display Revenue	31.8
Ordinary Operating EBITDA	36.7
Ordinary Operating EBITDA margin	26.7%

• New perspective: who pays the invoice? (vs. who receives the product)

• Customers Germany gets additional products on top of its previous definition, in particular Dealer Financing offers, Online Transaction and DirektVerkauf

• Customers International follows the new definition of Customers Germany and in addition to that gets Dealer France on top so that all Non-DE Dealer business is now combined in one line again
• Revenues with Consumers (PPP) will be grouped with 3rd parties & OEMs (Programmatic Advertising, OEM Display, Financial Institutions, FinanceScout24, Leasing, Subscription like AutoAbo etc.) and Other Revenues (Barter, License revenue, ASM in historicals)

• ✓ Continued strong growth in residential real estate due to value-based OTP and despite Bestellerprinzip impact
• √ Double-digit growth in business real estate
• √ Shifting gears in private listings to regain market share and increase strong market position

• ARPU growth opportunity based on customer value approach
• ✔ Well balanced innovation in key consumer products
• √ Use leverage of international and single platform to increase innovation efficiency and speed

Guidance for 2020 ...

New World

Old World

Revenue growth	/ImmobilienScout24	6.0 to 8.0%	ImmobilienScout24	5.0 to 7.0%
	AutoScout24	12.0 to 15.0%	AutoScout24	11.0 to 13.0%
			Consumer Services	12.0 to 15.0%
	Scout24 Group	8.0 to 11.0%	Scout24 Group	8.0 to 11.0%

Ordinary operating	ImmobilienScout24	Up to 65.0%	ImmobilienScout24	Up to 71.0%
EBITDA marqın	AutoScout24	Up to 47.0%	AutoScout24	Up to 61.0%
			Consumer Services	Up to 28.0%
	Scout24 Group	Up to 56.0%	Scout24 Group	Up to 56.0%

2021

Revenue growth	ImmobilienScout24	low teens	ImmobilienScout24	low to mid teens
	AutoScout24	mid to high teens	AutoScout24	high teens
	Scout24 Group	low to mid teens	Scout24 Group	mid teens

2022

Ordinary operating	ImmobilienScout24	Up to 66.0%	ImmobilienScout24	Up to 67.0%
EBITDA marqın	AutoScout24	Up to 49.0%	AutoScout24	Up to 51.0%
	Scout24 Group	Up to 57.0%	Scout24 Group	Up to 58.0%

5. Shaping the networked | marketplace of the future

ImmoScout24: Building the ecosystem for real estate in Germany

Notes:

ImmoScout24 revenue including ImmoScout24 Consumer Services

1. Addressable market size as of 2018

Page 72 Capital Markets Day 2019

AutoScout24: Driving innovation across the consumer journey

Notes:

Germany only 1.

AutoScout24 revenue including AutoScout24 Consumer Services

Page 73 Capital Markets Day 2019

Our roadmap to long term shareholder value creation

Profitable growth

• The best positioned online classifieds platform in Europe

· Transition to fully networked marketplace

• Increase TAM
• Improve monetization
• Accelerate product rollout

Operational excellence

• Simple, lean, agile structure and processes
• "Growth Simply Done" (GSD) program to further optimize efficiency
• · Commitment to deliver €20m annual cost savings by 2021

Value accretive capital allocation

• Reinvest into growth
• Returning cash to shareholders
  • Dividend pay-out ratio of 30-50%
  • Share buy-back programme
• · Long term leverage of up to 3.5x
• · Open to value accretive M&A opportunities

Sustainable competitive advantage

Attractive total shareholder return

Ursula Querette Head of Investor Relations

Kai Knitter Director Investor Relations