Scout24 AG

Investor Presentation • Aug 13, 2019

SCOUT24 AG | H12019 Results Conference Call| August 13, 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 unaudited. All numbers regarding 2019 segment structure unaudited and preliminary only, if not otherwise stated.

SCOUT24 AG H1 2019 Results Conference Call

Tobias Hartmann - CEO Dr. Dirk Schmelzer - CFO

We are stronger than ever

✓ Outstanding H1 19 trading performance with highest like-for-like YoY growth

• IS24: 9% revenue growth notably supported by ARPU increase with residential and business partners
• AS24: 20% revenue growth driven by continued ARPU expansion in Germany and in core European countries; in addition, EBITDA margins improving by 7pp YoY at 56%
• Consumer Services: 15% revenue growth supported by finance partner revenue take-up, with Finanzcheck integration progressing well

✓ Management team fully committed to pursuing long-term profitable growth

• Strengthened management board and established clear accountability to drive focused execution
• Thorough review of the business and operations concluded
• Setting the context for our ambitions internally and externally with the strategic roadmap

✓ Defined strategic roadmap to enhance long-term value creation

• Implementation of a two-vertical organisational structure to drive efficiency and agility
• Cost base optimisation programme targeting +200-300bps group ordinary operating EBITDA margin expansion by 2021

✓ Conviction around strong business foundation driving expanded capital return policies

• €300m share buyback to start in September 2019
• Long-term leverage of up to 3.5x

We have built highly data-driven Market Networks

Scout24 AG | H1 2019 Results Presentation

We have a clear path to enhance long-term value creation

1 Strengthening of Scout24's two core verticals	• Integration of relevant Consumer Services products and services within IS24 and AS24 • Simplification of the organization • Increased accountability across the company Extension of IS24 and AS24 across the value chain of the two verticals • Strategic flexibility in a consolidating classifieds market environment •
2 Continued top-line growth…	Strong IS24 and AS24 foundations to better serve and monetize both customers and consumer bases • • Scout24's transition towards fully networked marketplaces, underpinning strong growth prospects beyond 2019 • Management Board to communicate long-term growth guidance in an upcoming Capital Markets Day, scheduled for November 26, 2019
…combined with operational efficiency enhancements	• Management Board is currently conducting an operating review Goal is to drive simplicity and agility across organization to support future growth and faster execution • Program to lead to recurring operational efficiency improvements leading to a +200-300bp group ooEBITDA margin • expansion by 2021

We continue to deliver against our commitments

Acceleration of IS24 Revenues with Residential Real Estate Partners to double-digit growth rate

Continued high-teens to low-twenties percentage growth in AS24 dealer revenues

Uptick in margin in Consumer Services, especially FINANZCHECK.de, in Q2 2019

Be ready and in shape for expected market consolidation

Further leveraging of product mix and monetisation opportunities

Enhancing of value proposition to customers providing value to our consumers

Continue the integration path with FINANZCHECK.de and increase profitability over time

Streamline the organizational set-up to support flexibility in pursuing strategic options

Key Operational Highlights

WE ARE THE MOST RELEVANT MARKETPLACE FOR BOTH OUR PARTNERS AND CONSUMERS

Leading market positions in Germany and European core countries²

Management estimates, average on monthly traffic (sessions) measured by own traffic monitor (google analytics). Mobile traffic as a percentage of total traffic (sessions). 1) Based on all listings.

2) Comparison based on listings (end of period); for AS24 based on dealer listings, de-duplicated for AutoTrader.nl and Gebrauchtwagen.at.

3) H1 2019 traffic of all countries including traffic from Gebrauchtwagen.at, AutoTrader.nl and Eastern European language versions. Mobile traffic considers app traffic (mobile phones and tablets) as well as mobile web traffic.

Visits to core brands increased y-o-y 3

8 out of 10 engage through us on the go³

Scout24 AG | H1 2019 Results Presentation

Key Financial Highlights 1/2

WE DELIVER STRONG REVENUE GROWTH AND STRONG SUSTAINABLE PROFITABILITY AND CASH FLOWS…

in €m

Cash contribution figures adjusted for capital expenditures incurred due to the first time application of IFRS 16.

1) 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.

2) Cash contribution is defined as ooEBITDA less Capital expenditures (adjusted, i.e. excluding IFRS16 effects), cash conversion as ooEBITDA less capital expenditure (adjusted) / ooEBITDA. 3) L-f-l (like-for-like): As if new acquisitions or divestments would have been consolidated/deconsolidated in 2018 already. Organic: Excluding new acquisitions in 2019 and divestments in 2018 respectively. Scout24 AG | H1 2019 Results Presentation

Key Financial Highlights 2/2

… WITH ALL OUR SEGMENTS CONTRIBUTING TO THIS STRONG GROWTH

Key Highlights

• ARPU growth driving acceleration in revenues with residential and Business Partners, with doubledigit revenue growth year-on-year across both segments
• Germany benefitting from ARPU expansion along with optimisation of partner base
• Continuing to manifest our leadership position in core countries
• Revenue with Finance Partner benefitting from integration of FINANZCHECK.de in AS24 funnel
• Services Revenue fueled by product offering serving consumer needs

1) 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.

2) L-f-l (like-for-like): As if new acquisitions or divestments would have been consolidated/deconsolidated in 2018 already. Organic: Excluding new acquisitions in 2019 and divestments in 2018 respectively.

Scout24 AG | H1 2019 Results Presentation

xx% ooEBITDA-margin

WE ARE EXPANDING OUR NUMBER ONE POSITION

WE ATTRACT AND ENGAGE A LARGE AUDIENCE

1) Management estimates, based on visits to the IS24 platform from mobile devices, mobile and all IS24 applications as measured by own traffic monitor (google analytics). Based on monthly average.

2) Based on average Unique Monthly Visitors ("UMV") for traffic and total time spent for engagement, comScore MMX May 2019 (desktop only for traffic and desktop and mobile for engagement). H1 average based on Jan- May 2019.

3) Source: ComScore MMX May 2019. Exclusive UMV based on desktop figures only. Share based on total time spent within Germany competitor set for online property classifieds which includes IS24, Immonet and Immowelt.

Scout24 AG | H1 2019 Results Presentation

Increase in

WE PROVIDE MOST VALUE TO OUR PARTNERS' BUSINESSES

VIA Revenues as % of total IS24 Revenues (Q2 2019)

Media Display Advertising	Build local reputation and
products	brand
Acquisition products	Increase stock and market share

IMAGE BOOST: INTEGRATED PROMOTION OF AGENTS TO HOMESELLERS

• ✓ Opportunity to receive home seller leads, targeted to home sellers in an agent's local market
• ✓ Homeseller optimised: Banners target homesellers, natively optimised to convert!
• ✓ Easy to get started: Impressions received are based on the % of listings owned in the district. List more, get more!
• ✓ Be seen across all areas of the IS24 product suite, search results, ImmobilienAtlas, web, mobile
• ✓ Full service: We do the heavy lifting! We create all banner sizes & conversion pages to connect our agents with IS24 home sellers

HOME SELLER HUB: GUIDING OUR CONSUMERS ALONG THE SELLING JOURNEY

Home owners show us their intent to sell on various channels… • Valuation • Demand Check • Content Pages • ImmobilienAtlas 1 …which guides them to our home seller hub, enabling home sellers to evaluate the market… 2 …and start their selling journey • with agent support • with a private listing at IS24 3 15

Scout24 AG | H1 2019 Results Presentation

Summary: ImmobilienScout24

• ✓ IS24 continues to improve in strength
  • Revenue growth is accelerating
  • Partner numbers are on high-level
  • Listing gap to competitor is increasing
  • Traffic remains strong, in particular on mobile
• ✓ Margin expansion is affected by targeted investment in the next generation product suite
  • Preparing for Bestellerprinzip
  • Winning new seller mandates for agents (Realtor-lead-engine product)
  • Securing our position in the private listings market

GERMANY: WE OPTIMISE OUR PARTNER BASE TO PROVIDE BETTER VALUE TO CONSUMERS

1) Management estimate, including commercial vehicle dealers (CVM=Commercial vehicle market=TruckScout24).

2) Management estimate.

3) Management estimates, based on visits to the AS24 platform from mobile devices, mobile and all AS24 applications as measured by own traffic monitor (google analytics). Including traffic from eastern European platforms supporting lead-generation for German dealers; based on H1 2018/ H1 2019 monthly average.

ITALY, AUSTRIA & BENELUX: WE MANIFEST OUR LEADERSHIP

1) Management estimate, including commercial vehicle dealers (CVM=Commercial vehicle market=TruckScout24).

2) Management estimate.

3) Management estimates, based on visits to the AS24 platform from mobile devices, mobile and all AS24 applications as measured by own traffic monitor (google analytics).

WE PROVIDE CLEAR VALUE-ADD TO OUR PARTNERS

MIA Revenues as % of total AS24 Dealer Revenues (Q2 2019)

Premium listing products	Increase demand performance
Media Display Advertising	Build local reputation and
products	brand

ONLINE CAR PURCHASE: MAKING A CAR PUCHASE EASY AND TRANSPARENT

DIRECT SALE: THE FASTEST WAY TO SELL YOUR CAR

Four steps to sell your car:

online valuation	at convenient location (online appointment)		transfer via App
Indicative	Neutral car check	Get offers instantly	Payment

Summary: AutoScout24

✓ AS24 on sustainable growth path

• Revenue growth is on constant high level, in both Germany and Italy, Austria and Benelux
• Dealer location numbers change driven by clean-up with marginal listing and revenue impact
• Traffic is building up: we are increasingly delivering a more engaged and mobiledriven audience
• ✓ Strong margin expansion momentum, whilst still allowing us to build the next generation products with focus on transaction, data-driven solutions and direct sale

Consumer Services

GETTING CLOSER TO THE TRANSACTION

Maintaining outlook of €250m+ in revenues by 2023

Consumer Services

PREMIUM MEMBERSHIP: SHIFTING FROM SEARCH ONLY TO LONG-TERM CONSUMER RELATIONSHIPS

Consumer Services

FINANCE BOOST: HELPING DEALERSHIPS TO OFFER FINANCING ALTERNATIVES

Financial Review H1 2019

SCOUT24 AG Dr. Dirk Schmelzer (CFO)

Scout24 Group

STRONG ORGANIC AND INORGANIC GROWTH COMBINED WITH SUSTAINABLE PROFITABILITY

Scout24 AG | H1 2019 Results Presentation 1) Segment financials 2018 adjusted for changes in financial disclosure, Advertising revenue with OEM partner agencies and the corresponding ordinary operating EBITDA reported in segment CS compared to segment AS24 as before. 2) L-f-l (like-for-like): As if new acquisitions or divestments would have been consolidated/deconsolidated in 2018 already. Organic: Excluding new acquisitions in 2019 and divestments in 2018 respectively.

PLATFORM FOR CONTINUED GROWTH

Subline im Text ImmobilienScout24 (in €m) Lorem ipsum et dolor sit amet. Ut wisi enim ad minim veniam,	Q2 2018	Q2 2019	y-o-y	H1 2018	H1 2019	y-o-y
quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut Revenue with Residential aliquip ex ea commodo consequat. real estate partners	30.2	34.0	12.5%	59.7	67.0	12.2%
• Lorem ipsum et dolor sit amet Revenue with Business real estate partners	13.1	14.7	12.0%	25.6	29.0	13.2%
• Virgine perforatum estes sit Revenue with private amet cujus latus listers and others	18.5	18.5	0.3%	36.9	36.3	-1.8%
• Esto nobis praegustatum mortis Revenue	61.8	67.2	8.7%	122.3	132.3	8.2%
Ordinary Operating EBITDA	43.6	47.0	7.7%	83.6	90.2	7.9%
Ordinary Operating EBITDA-margin	70.6%	69.9%	(0.7)pp	68.3%	68.2%	(0.1)pp

Key highlights

• Revenue growth like-for-like: H1 2019 – 9.1%, Q2 2019 – 9.8%
• Continued acceleration in growth rate by ~6pp in H1 2019 compared to H1 2018 in Revenue with Residential real estate partner driven by strong acceleration in ARPU growth (Q2 2019: 7.1% y-o-y)
• Revenue with Business real estate partners on continued growth track driven by strong ARPU growth (H1 2019: 13.0%)

DELIVERING ON GROWTH POTENTIAL

AutoScout24 (in €m)	Q2 2018	Q2 2019	y-o-y	H1 2018	H1 2019	y-o-y
Revenue with Dealers Germany	18.9	23.0	21.4%	37.4	46.1	23.1%
Revenue with Dealers in European Core Countries	18.3	21.6	18.0%	35.7	42.2	18.0%
Other Revenue	3.1	1.6	-49.2%	6.0	3.2	-46.4%
Revenue	40.4	46.2	14.4%	79.2	91.5	15.5%
Ordinary Operating EBITDA	21.6	26.4	22.1%	39.1	51.2	31.2%
Ordinary Operating EBITDA-margin	53.6%	57.2%	3.6pp	49.3%	56.0%	6.7pp

Key highlights

• Revenue growth like-for-like: H1 2019 – 20.0%, Q2 2019 – 18.8%
• Continued ARPU expansion and optimising value proposition driving Revenues with Dealers in Germany
• Leveraging number 1 positions in Core Countries paying off with revenue growth on steady high-teens level
• Other revenues reflecting divestment of AS24 Spain into JV (H1 2019 like-for-like growth: +5.5%)

29

Note: Financials as reported, not adjusted for acquisitions or divestments. H1 2018 figures considering financial reporting adjustments for IFRS 9, IFRS 15, IFRS 16 as well as adjusted for changes in financial disclosure

Scout24 Consumer Services

TAKING THE BUSINESS TO THE NEXT LEVEL

Consumer Services (in €m)	Q2 2018	Q2 2019	y-o-y	H1 2018	H1 2019	y-o-y
Revenue with Finance Partners	10.6	21.4	102.1%	20.6	42.6	106.5%
Services Revenue	6.7	8.9	33.2%	13.5	18.1	33.3%
rd 3 Party Display Revenue	8.2	8.2	(0.1)%	15.4	16.3	5.6%
Revenue	25.4	38.4	51.1%	49.5	76.9	55.1%
Ordinary Operating EBITDA	11.5	11.4	(0.4)%	19.9	16.6	(16.8)%
Margin	45.2%	29.8%	(15.4)pp	40.2%	21.6%	(18.6)pp

Key highlights

• Revenue growth like-for-like: H1 2019 – 14.6%, Q2 2019 – 10.5%
• Revenue with Finance Partner benefitting from integration of FINANZCHECK.de in AS24 funnel and continued organic growth of FINANZCHECK.de
• Services Revenue fuelled by product offering serving consumer needs
• Strong 3rd party display revenues despite market weakness

Note: Financials as reported, not adjusted for acquisitions or divestments. H1 2018 figures considering financial reporting adjustments for IFRS 9, IFRS 15, IFRS 16 as well as adjusted for changes in financial disclosure

Ordinary Operating Cost

(in €m)	H1 2018	H1 2019
Revenues	251.2	300.7
Own work capitalised	9.6	9.1
Personnel (incl. external labour)	(69.6)	(82.9)
Marketing (online & offline)	(27.4)	(43.3)
IT	(9.5)	(11.9)
Other costs	(15.6)	(17.8)
Total operating cost	(112.4)	(146.8)
Ordinary operating EBITDA	138.8	153.9
Ordinary operating EBITDA-margin	55.2%	51.2%

Below EBITDA Items

(in €m)	H1 2018	H1 2019
Ordinary operating EBITDA	138.8	153.9
Non-operating items	(7.8)	(32.2)
Reported EBITDA	131.0	121.7
D&A	(13.5)	(16.4)
D&A on PPA items	(17.9)	(19.4)
EBIT	99.6	85.8
Results Equity Method	0.0	(0.1)
Finance Income	1.0	0.0
Finance Cost	(8.2)	(9.1)
Earnings before Tax	92.5	76.7
Taxes on Income	(26.1)	(24.7)
Earnings after Tax	66.4	52.1
Earnings per Share (in €)	0.62	0.48
Earnings1 Adjusted	80.3	89.6
(in €)1 Earnings per Share adjusted	0.75	0.83

Note: Financials as reported, not adjusted for acquisitions or divestments. H1 2018 figures considering financial reporting adjustments for IFRS 9, IFRS 15, IFRS 16. 1) Unaudited. Excluding Non-recurring items and D&A on PPA items, calculated with normalized tax rate. Detailed reconciliation in appendix.

• Including personnel expenses of €22.9m (therein €21.5m for share-based compensation) as well as €8.8m for M&A related activities.

• H1 2019 including €3.8m (H1 2018: €3.0m) of depreciation resulting from the adoption of IFRS 16.

• Finance cost H1 2019 including interest payments of €5.4m (H1 2018: €4.5m), amortisation of capitalized financing fees (€1.8m) and expenses from evaluation of derivatives instruments (both non-cash) of €1.9m.

• Finance income H1 2018 including gain from derivative instruments (€1.0m, non-cash).

• Effective tax rate of 32.1% in H1 2019 versus 28.2% in H1 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.

Capital 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)		215	0.80%
RCF II (undrawn)		285
Schuldschein		197
Acquisition of FINANZCHECK.de 250 585	835	785 (50) 0	Repayment of Debt (53) 785 732
28 34	62	(4) 35 58	69 (24) 93
June 2018	Sep 2018	Dec 2018	June 2019 Mar 2019
		Bank Debt	Cash and cash equivalents

• Repayment of 35 million Euros in May towards RCF II increasing the undrawn line to 285 million Euros
• Repayment of 18 million Euros in April towards long term tranches of the Schuldschein
• Decrease of interest margin due to strong performance led to leverage step-down below 2.50:1 in Q1 2019
• Leverage ratio June 2019 at 2.24:1

We have optimised priorities for cash

1

Long-term leverage of up to 3.5:1

	Re-invest into growth	• Scout24 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 accretion and strengthening of the market position of its two core verticals

2	Return cash to		• Existing dividend policy is to pay-out of 30-50% of adjusted net income in the form of recurring dividends • Additionally, Scout24 will implement an up to €300 million share buy-back program, representing around 6.0% of current share capital
	shareholders		• Program will start in September 2019 and is expected to be completed within the next 12 months

3 Repayment of debt		• Scout24 will repay debt with capital not reinvested into growth or returned to shareholders
------------------------	--	--------------------------------------------------------------------------------------------------

Outlook Full Year 2019

Revenue growth¹

ImmobilienScout24	9.0% to 11.0% reported 8.0% to 10.0%
AutoScout24	12.0% to 14.0% reported 9.0% to 11.0%
Scout24 Consumer Services	15.0% to 17.0% reported high 30% to low 40%
Scout24 Group	low- to mid-teens reported 15.0% to 17.0%

ordinary operating EBITDA margin

ImmobilienScout24	Up to 70.0%
AutoScout24	Up to 54.0%
Scout24 Consumer Services	Up to 30.0%
Scout24 Group	Between 52.0% and 54.0%

Scout24 AG | H1 2019 Results Presentation

SCOUT24 AG H1 2019 Results Appendix

New long term incentive programme (LTIP)

• Replacement of existing MEP (only valid for a limited amount of people, running out in 2019)
• Started in Q3 2018 for key personnel of the company, around 90 participants as of today
• Strong focus on performance (65%) with target achievement of 0%-200%, 100% implies at least double-digit revenue and profitability growth
• Total P&L impact over 4 years (valued acc. to IFRS2 as of today) ~€77m, deviations to 2018 valuation driven mainly by share-price performance over last six months
• Share-based payments, including LTIP, are reported as part of the non-operating items as its valuation is to a significant part driven by the share price development rather than operational activity

38

.

AutoScout24: Adjusted to Reflect Operations

AS24 as	reported
AutoScout24 (in €m)	H1 2018	H2 2018	FY 2018
Revenue with Dealers Germany	36.7	40.8	77.5
Revenue with Dealers in European Core Countries	35.4	38.3	73.7
Revenue with OEM	8.7	10.2	18.9 (-18.9)
Other Revenue	5.9	5.5	11.4
Revenue	86.7	94.8	181.5
Ordinary Operating EBITDA	43.2	54.0	(-8.8) 97.2
Margin	49.8%	56.9%	53.5% (-0.3 pp)

AutoScout24 (in €m)	H1 2018	H2 2018	FY 2018
Revenue with Dealers Germany	37.4	43.1	80.5	(+3.0)
Revenue with Dealers in European Core Countries	35.7	38.5	74.3	(+0.6)
Other Revenue	6.0	5.6	11.5	(+0.1)
Revenue	79.2	87.2	166.3
Ordinary Operating EBITDA	39.0	49.4	88.4
Margin	49.3%	56.6%	53.2%

Scout24 Consumer Services: Adjusted to Reflect Operations

Scout24 Consumer Services (in €m)	H1 2018	H2 2018	FY 2018
Revenue with Finance Partners	20.6	34.2	54.8
Services revenue	13.5	14.4	27.9
3 rd Party Display revenue	7.9	9.5	17.4
Revenue	42.0	58.1	100.1
Ordinary Operating EBITDA	15.8	15.8	31.6
Margin	37.6%	27.2%	31.6%

Scout24 CS as reported Scout24 CS new disclosure¹

Scout24 Consumer Services (in €m)	H1 2018	H2 2018	FY 2018
Revenue with Finance Partners	20.6	34.2	54.8
Services revenue	13.5	14.4	27.9
3 rd Party Display revenue	15.4	17.4	32.6	(+15.2)
Revenue	49.5	65.8	115.3
Ordinary Operating EBITDA	19.9	20.4	40.4	(+8.8)
Margin	40.2%	31.3%	35.0%	(+3.4 pp)

Reconciliation Adjusted Earnings

(in €m)	H1 2018	H1 2019
Earnings before Tax	92.5	76.7
Add back non-operating items	7.8	32.2
Add back D&A on PPA items	17.9	19.4
Add back extraordinary finance expenses / income and effects from derivative instruments1	(1.0)	1.9
Adjusted Earnings before Tax	117.2	130.3
rate2 Adjusted Tax based on normalised Tax	(36.9)	(40.7)
Non-Controlling interest	-	-
Adjusted Earnings attributable to owners of the parent company	80.3	89.5
Earnings per Share adjusted (in €)	0.75	0.83
Weighted average of shares (in million)	107.6	107.6

Income Statement

(EUR miilion)	H1 2018	H1 2019
Revenues	251.2	300.7
Own work capitalised	9.6	9.1
Other operating income	2.1	2.3
Total operating performance	262.9	312.1
Personnel expenses	(59.9)	(90.5)
Advertising expenses	(28.2)	(44.1)
IT expenses	(9.8)	(12.1)
Other operating expenses	(33.9)	(43.7)
EBITDA (Earnings before interest. tax. depreciation and amortisation)	131.0	121.7
Depreciation. amortisation and impairment losses	(31.4)	(35.8)
EBIT (Earnings before interest and tax)	99.6	85.8
Results from investments accounted for using the equity method	0.0	(0.1)
Financial income	1.0	0.2
Financial expenses	(8.2)	(9.1)
Net financial result	(7.1)	(9.1)
Earnings before tax	92.5	76.7
Income taxes	(26.1)	(24.7)
Earnings after tax	66.4	52.1
Earnings per share (EUR)	0.62	0.48
Diluted Earnings per share (EUR)	0.62	0.48

Balance Sheet 1 / 2

(EUR million) Assets	31/12/2018 (adjusted)1	36/06/20191
Current assets	137.1	146.6
Cash and cash equivalents	59.2	69.2
Trade receivables	59.4	60.9
Financial assets	7.5	1.2
Income tax assets	0,7	1.2
Other assets	10.3	14.1
Non-current assets	2,327.2	2,302.2
Goodwill	1,071.4	1,071.1
Trademarks	992.1	991.6
Other intangible assets	176.4	156.9
Right-of-use asset leases	29.7	27.4
Property, plant and equipment	13.7	12.4
Investments accounted for using the equity method	39.2	37.8
Financial assets	2.6	2.0
Deferred tax assets	1.2	1.9
Other assets	1.0	1.0
Total assets	2,464.3	2,448.8

1) In November 2018, management committed to a plan to sell the subsidiaries FlowFact GmbH and FlowFact Schweiz AG, which are part of the ImmobilienScout24 segment. In the 2018 consolidated financial statements , these entities were accordingly classified and presented as a disposal group as of 31 December 2018. In April 2019, management decided to make a change to the original plan of sale. As a result of the change to the plan of sale, the criteria for classification as non-current assets held for sale are no longer all satisfied. Thus, the subsidiaries FlowFact GmbH and FlowFact Schweiz AG were no longer classified as disposal group in the Scout24 Group's interim consolidated financial statements. Consequently, the carrying amounts reported in the statement of financial position as of 31 December 2018 have likewise been adjusted retrospectively.

Scout24 AG | H1 2019 Results Presentation

Balance Sheet 2 / 2

(EUR million)	31/12/2018 1	30/06/20191
Equity and liabilities	(adjusted)
Current liabilities	138.4	114.7
Trade payables	38.1	25.1
Financial liabilities	23.4	22.1
Lease liabilities	6.6	6.6
Other provisions	9.0	8.9
Income tax liabilities	28.5	17.1
Contract liabilities	9.7	10.9
Other liabilities	23.2	24.1
Non-current liabilities	1,153.4	1,109.7
Financial liabilities	756.0	705.1
Lease liabilties	23.8	21.6
Pension and similar obligations	0.5	0.6
Other provisions	13.2	32.5
Income tax liabilities	0.1	0.1
Deferred tax liabilities	357.1	347.3
Other liabilities	2.6	2.5
Equity	1,172.5	1,224.5
Subscribed share capital	107.6	107.6
Capital reserve	423.7	171.1
Retained earnings	640.3	945.0
Measurement of pension obligations	(0.1)	(0.1)
Other reserves	1.0	0.9
Equity attributable to shareholders of parent company	1,172.5	1,224.5
Total equity and liabilities	2,464.3	2,448.8

1) In November 2018, management committed to a plan to sell the subsidiaries FlowFact GmbH and FlowFact Schweiz AG, which are part of the ImmobilienScout24 segment. In the 2018 consolidated financial statements , these entities were accordingly classified and presented as a disposal group as of 31 December 2018. In April 2019, management decided to make a change to the original plan of sale. As a result of the change to the plan of sale, the criteria for classification as non-current assets held for sale are no longer all satisfied. Thus, the subsidiaries FlowFact GmbH and FlowFact Schweiz AG were no longer classified as disposal group in the Scout24 Group's interim consolidated financial statements. Consequently, the carrying amounts reported in the statement of financial position as of 31 December 2018 have likewise been adjusted retrospectively.

Scout24 AG | H1 2019 Results Presentation 44

Cash Flow Statement 1 / 2

(EUR million)	H1 2018	H1 2019
Earnings after tax	66.4	52.1
Amortisation, depreciation and impairment losses	31.4	35.8
Income tax expense/(income)	26.1	24.7
Financial income	-1.0	(0.2)
Financial expenses	8.2	9.1
Profit/loss from investments accounted for using the equity method	(0.0)	0.1
Gain/loss on disposal of intangible assets and property. plant and equipment	(1.7)	(0.0)
Other non-cash transactions	1.7	0.2
Change in other assets not attributable to investing or financing activities	(8.7)	(4.0)
Change in other liabilities not attributable to investing or financing activities	(3.4)	(11.1)
Change in provisions	(0.0)	19.2
Income tax paid	(22.2)	(47.1)
Cash flow from operating activities	96.8	78.8
Investments in intangible assets, including internally generated intangible assets and intangible assets under development	(10.0)	(9.7)
Investments in property, plant and equipment	(8.1)	(1.2)
Proceeds from disposal of intangible assets and property, plant and equipment	1.8	0.2
Proceeds from disposal of financial assets	0.0	-
Acquisition of investments accounted for using the equity method	(0.4)	(0.4)
Dividends from investments accounted for using the equity method	-	1.3
Interest received	0	0
Proceeds from subsidiaries sold in the previous year	-	5.3
Cash flow from investing activities	(16.6)	(4.4)

Cash Flow Statement 2 / 2

(EUR million)	H1 2018	H1 12019
Cash flow from investing activities	(16.6)	(4.4)
Repayment of short-term financial liabilities	(32.3)	(4.4)
Raising of medium- and long-term financial liabilities	215.0	-
Repayment of medium- and long-term financial liabilities	(220.0)	(53.0)
Interest paid	(5.7)	(6.9)
Dividends paid	(60.3)	-
Cash flow from financing activities	(103.3)	(64.4)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Change in cash and cash equivalents	(23.1)	10.0
Cash and cash equivalents at beginning of period	56.7	59.2
Cash and cash equivalents at end of period	33.6	69.2

IR Contact details and financial calendar

Financial Calendar 2019 (expected)

Annual general meeting August 30, 2019 Interim report Q3 2019 November 7, 2019 Capital Markets Day November 26, 2019

Publications

Full year report report.scout24.com/2018

CSR Report csrbericht.scout24.com/en

Britta Schmidt

Vice President Investor Relations & Controlling

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