Scout24 AG

Investor Presentation • Nov 7, 2019

SCOUT24 AG | Q3 2019 Results Conference Call| November 7, 2019

Disclaimer

This document has been issued by Scout24 AG (the "Company" and, together with its direct and indirect subsidiaries, the "Group") and does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision, nor does it constitute a recommendation regarding the securities of the Company or any present or future member of the Group.

All information contained herein has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

The information contained in this presentation is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this document are forwardlooking, which reflect the Company's or, as appropriate, senior management's current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any information contained in this presentation (including forward-looking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.

This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither this document nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person.

By attending, reviewing or consulting the presentation to which this document relates or by accepting this document you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice.

Nothing in this document constitutes tax advice. Persons should seek tax advice from their own consultants or advisors when making investment decisions.

Quarterly figures are unaudited. All numbers regarding the 2019 segment structure are unaudited and preliminary only, if not otherwise stated.

We are well on track to reach Full Year Group guidance

STRONG 9M REVENUE GROWTH AND PROFITABILITY

in €m

• 1) l-f-l (like-for-like): as if new acquisitions or divestments would have been consolidated/deconsolidated as per 1st January 2018.
• 2) Ordinary operating (oo) EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include restructuring expenses, expenses in connection with the company's capital structure and company acquisitions
• (realised and unrealised), costs for strategic projects as well as effects on profit or loss from share-based payment programmes.
• 3) Cash contribution is defined as ooEBITDA less capital expenditures (adjusted, i.e. excluding IFRS16 effects), cash conversion as ooEBITDA / (ooEBITDA less capital expenditure (adjusted)).

3 Scout24 AG | 9M 2019 Results Presentation

Q3 with decelerating revenue dynamics for IS24 & CS

STRONG PROFITABILITY THROUGH HIGH OPERATING LEVERAGE

in €m

1) l-f-l (like-for-like): as if new acquisitions or divestments would have been consolidated/deconsolidated as per 1st January 2018.

2) Ordinary operating (oo) EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include restructuring expenses, expenses in connection with the company's capital structure and company acquisitions

(realised and unrealised), costs for strategic projects as well as effects on profit or loss from share-based payment programmes.

3) Cash contribution is defined as ooEBITDA less capital expenditures (adjusted, i.e. excluding IFRS16 effects), cash conversion as ooEBITDA / (ooEBITDA less capital expenditure (adjusted)).

Residential remains strongest growth driver within IS24

DECELERATING REVENUES WITH BUSINESS REAL ESTATE PARTNERS AND PRIVATE LISTERS

1) l-f-l (like-for-like): as if new acquisitions or divestments would have been consolidated/deconsolidated as per 1st January 2018.

2) Ordinary operating (oo) EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include restructuring expenses, expenses in connection with the company's capital structure and company acquisitions (realised and unrealised), costs for strategic projects as well as effects on profit or loss from share-based payment programmes.

Scout24 AG | 9M 2019 Results Presentation

Bestellerprinzip with 50/50 split for all federal states

DRAFT BILL WAS PUBLISHED IN SEPTEMBER – CABINET APPROVED REFORM OF AGENT COMMISSION EARLY OCTOBER

• The Grand Coalition has reached an agreement: The bill was approved by the cabinet on October 9.
  • There will be a split 50/50 between homeseller and buyer. - The homeseller has to pay first, the buyer only afterwards.
• Further formal votes in the Bundesrat and Bundestag will take place until the end of the year.
• We expect the new law to take effect as of 1st Jan 2020 (with a transition period of 6 months).

50/50 commission split already market practice in 11 states, i.e. Bestellerprinzip will only impact 5 states and lead to uniform commission regime across Germany

AutoScout24 is over-delivering on growth and margin

RECORD MARGIN OF >60%

1) l-f-l (like-for-like): as if new acquisitions or divestments would have been consolidated/deconsolidated as per 1st January 2018.

2) Ordinary operating (oo) EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include restructuring expenses, expenses in connection with the company's capital structure and company acquisitions (realised and unrealised), costs for strategic projects as well as effects on profit or loss from share-based payment programmes.

Scout24 AG | 9M 2019 Results Presentation

CS with strongly growing services revenues, but weaker display and financing business

FINANZCHECK.DE CONTINUES WITH SLIGHTLY SLOWER GROWTH ooEBITDA-margin ooEBITDA-margin l-f-l 1 External Revenues (in €m) Ordinary operating EBITDA² (in €m) 25 28 3 Q3 2018 12 Q3 2019 29 40 +10.9% l-f-l 1 +39.8% 75 85 9M 2019 32 3 9M 2018 78 117 +13.3% l-f-l 1 +49.6% -1.9 -0.3 Q3 2018 Q3 2019 10.8 9.5 11.1 11.4 -5.2% l-f-l 1 -14.5% 38.9% 23.8% 31.3 34.5 9M 2018 -0.3 -8.5 9M 2019 31.0 26.0 -5.7% l-f-l 1 -16.0% 39.7% 22.3% FZ.de Contribution 27.8% 26.8%

1) Like-for-like: as if FINANZCHECK.de has been part of the Scout24 Group since 1 January 2018..

2) Ordinary operating (oo) EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include restructuring expenses, expenses in connection with the company's capital structure and company acquisitions (realised and unrealised), costs for strategic projects as well as effects on profit or loss from share-based payment programmes.

Scout24 AG | 9M 2019 Results Presentation

Ordinary Operating Cost reflects FZ consolidation

(in €m)	9M 2018	9M 2019
Revenues	385.8	456.3
Own work capitalised	13.7	15.1
Personnel (incl. external labour)	(106.6)	(125.9)
Marketing (online & offline)	(41.5)	(62.0)
IT	(14.6)	(19.2)
Other costs	(23.0)	(28.0)
Total operating cost	(171.9)	(220.0)
Ordinary operating EBITDA	213.9	236.4
Ordinary operating EBITDA-margin	55.4%	51.8%

1) l-f-l (like-for-like): as if new acquisitions or divestments would have been consolidated/deconsolidated as per 1st January 2018. Scout24 AG | 9M 2019 Results Presentation

Adjusted EPS up 11.2 %, unadjusted EPS driven by stock price

(in €m)	9M 2018	9M 2019
Ordinary operating EBITDA	213.9	236.4
Non-operating items	(18.0)	(43.0)
Reported EBITDA	196.0	193.4
D&A	(21.0)	(24.3)
D&A on PPA items	(27.1)	(28.9)
EBIT	148.0	140.2
Results Equity Method	0.1	(0.5)
Finance Income	7.7	0.2
Finance Cost	(11.3)	(13.1)
Earnings before Tax	144.5	126.9
Taxes on Income	(41.8)	(40.8)
Earnings after Tax	102.6	86.1
Earnings per Share (in €)	0.95	0.80
Earnings1 Adjusted	124.5	138.3
(in €)1 Earnings per Share adjusted	1.16	1.29

• Including personnel expenses of €30.5m (therein €28.2m for share-based compensation) as well as €10.4m for M&A related activities.

• Finance cost 9M 2019 including interest payments of €8.0m (9M 2018: €6.6m), amortisation of capitalized financing fees (€2.9m) and expenses from evaluation of derivatives instruments (both non-cash) of €2.1m.

• Finance income 9M 2018 including gain from derivative instruments (€7.6m, non-cash).

• Effective tax rate of 32.1% in 9M 2019 versus 29.0% in 9M 2018.

• Mainly attributable to the reduction of deferred tax assets recognized on the unused tax losses as well as to tax effects from previous years.

• Adjusted EPS¹increased by 11.2%

1) Unaudited. Adjusted earnings (consequently adjusted EPS) excluding non-recurring items and D&A on PPA items, calculated with normalized tax rate.

Reconciliation Adjusted Earnings

(in €m)	FY 2018	9M 2018	9M 2019
Earnings before Tax	218.5	144.5	126.9
Add back non-operating items	34.2	18.0	43.0
Add back D&A on PPA items	36.8	27.1	28.9
derivative instruments1 Add back extraordinary finance expenses / income and effects from	(7.2)	(7.6)	2.4
Deduct profit from disposal of investments accounted for using the equity method	(35.0)	-	-
Adjusted Earnings before Tax	247.3	181.9	201.2
rate2 Adjusted Tax based on normalised Tax	(77.3)	(57.4)	(62.9)
Non-Controlling interest	-	-	-
Adjusted Earnings attributable to owners of the parent company	170.0	124.5	138.3
Earnings per Share adjusted (in €)	1.58	1.16	1.29
Weighted average of shares (in million)	107.6	107.6	107.5

We have an excellent financing structure

Debt structure	Loan volume (€m)	Current margin
Term loan	300	1.15%
RCF I (drawn)	20	0.85%
RCF I (undrawn)	180
RCF II (drawn)	315	0.80%
RCF II (undrawn)	185

• Dividend payment of €68.9m in September 2019
• €100m drawn from RCF II to finance share buyback program
• Decrease of interest margin due to strong performance led to leverage step-down below 2.50:1 in Q1 2019
• Leverage ratio per end of September 2019 at 2.39:1

We have already returned €80.5m to our shareholders

Share buy-back Overview to Date
Period	Aggregated volume in no. of shares	Total volume 1 (€)
2/9 – 6/9/2019	250,207	13,086,675
9/9 – 13/9/2019	302,200	15,209,917
16/9 – 20/9/2019	304,500	15,209,289
23/9 – 27/9/2019	181,395	9,236,176
30/9 - 4/10/2019	88,250	4,624,897
7/10 - 11/10/2019	108,900	5,790,420
14/10 – 18/10/2019	108,700	5,790,972
21/10 – 25/10/2019	107,800	5,789,352
28/10 - 1/11/2019	105,700	5,791,513
Total	1,557,652	80,529,211

• Up to €300 million share buyback program was announced on 19 July 2019.
• At that time, this corresponded to about 5.6% of the share capital.
• Current AGM approval allows for max. 10% of current share capital.
• First tranche of the share buyback started on 2 September 2019 with a volume of €150 million.
• This tranche will end earliest on 11 November 2019 and latest on 31 January 2020.

Well on track to achieve the Group guidance

Revenue growth

(adjusted for consolidation effects, i.e. considering FINANZCHECK.de contribution for full year 2018 and not considering the contributions of deconsolidated companies AS24 Spain and classmarkets)

Low- to mid-teens Reported 15.0% to 17.0%

Ordinary operating EBITDA margin

Between 52.0% and 54.0%

Looking forward to seeing you at the Capital Markets Day on November 26

Publications

Quarterly statement Q3 report.scout24.com

Full year report report.scout24.com

CSR Report csrbericht.scout24.com/en

Ursula Querette

Head of Investor Relations

Kai Knitter

Director Investor Relations

Ender Gülcan

Junior Financial Analyst Investor Relations

Tel : +49 89 444 56 3278 ; Fax : +49 89 444 56 193278; Email : ir@scout24.com