Scout24 AG

Investor Presentation • Aug 9, 2017

www.scout24.com

Scout24 AG

H1 2017 Results Conference Call

August 9, 2017

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 forward-looking, 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.

Key Operational Highlights

We Continue to Be the Most Relevant Marketplace for BOTH our Customers and Consumers

Visits to core brands at constant high level

7 out of 10 engage through us on the go

Sources: Management estimates, Autobiz June 2017, average on monthly traffic (sessions) measured by own traffic monitor (googly analytics). Mobile traffic as a percentage of total traffic (sessions).

1. For AS24 Dealer listings only, not considering private listings out of lack of comparability.

Key Financial Highlights

Note: All figures in € millions.

1. Ordinary operating (oo)EBITDA represents EBITDA adjusted for non-operating and special effects, ordinary operating EBITDA margin of a segment is defined as ordinary operating EBITDA as a percentage of external segment revenues.

2. Cash contribution is defined as ooEBITDA less Capital expenditures, cash conversion as ooEBITDA / (ooEBITDA less Capital expenditures)

ImmobilienScout24

Source: Management estimates, internal data. Customers with at least one active listing at the respective date (usually end of month).

ImmobilienScout24

• Core agent numbers stable in Q2 2017
• Excluding agents leaving the business, core agent numbers increasing Q2 2017 (+0.4)
• Churn rate on record low level
• Significant increase in customer winback rate (based on monthly run rate) in Q2 2017

Net loss/gain excl. Agents leaving the business¹ Agents leaving the business / inactive Agents

Source: Management estimates, internal data.

1. No listings at any online sources 4 months after inactivation at IS24.

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

3. Based on average Unique Monthly Visitors ("UMV") for traffic and total time spent for engagement in H1 2017, comScore MMX May 2017 (desktop only for traffic and desktop and mobile for engagement). H1 2017

average based on January – May data. 3. Compared to December 2016, comScore MMX May 2017.

1. Given the Group's complex financial history, to facilitate year-on-year comparison and to better represent the business trends and situation of Scout24, additional, voluntary disclosure has been provided for the twelve-month period ended December 31, 2014. These figures represent the sum of financials from the audited consolidated financial statements of Scout24 Holding GmbH for the short financial year from January 1, 2014 until March 31, 2014 and from the audited consolidated financial statements of Asa NewCo GmbH for the period of April 1, 2014 to December 31, 2014.

2. % of Core Agents, targeted for migration, migrated to the membership model as per June 2017

ImmobilienScout24

Listings Traffic Monetization

More and more of our core agents are recognizing our value proposition

ImmobilienScout24 Wrap-Up

AutoScout24 Focus on Germany – Strengthening Market Positioning

1. Management estimates, based on internal data.

2. Autobiz, June 2017; Dealer listings only / not considering private listings due to on-time effect of adjusting duration time

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

4. Given the Group's complex financial history, to facilitate year-on-year comparison and to better represent the business trends and situation of Scout24, additional, voluntary disclosure has been provided for the twelve-month period ended December 31, 2014. These figures represent the sum of financials from the audited consolidated financial statements of Scout24 Holding GmbH for the short financial year from January 1, 2014 until March 31, 2014 and from the audited consolidated financial statements of Asa NewCo GmbH for the period of April 1, 2014 to December 31, 2014.

page 10

AutoScout24 Focus on Italy & Benelux – Cementing our Leadership Positions

1. Autobiz, June 2017, deduplicated for AS24 and AutoTrader.nl., Dealer listings only / not considering private listings due to on-time effect of adjusting duration time

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

3. Given the Group's complex financial history, to facilitate year-on-year comparison and to better represent the business trends and situation of Scout24, additional, voluntary disclosure has been provided for the twelvemonth period ended December 31, 2014. These figures represent the sum of financials from the audited consolidated financial statements of Scout24 Holding GmbH for the short financial year from January 1, 2014 until March 31, 2014 and from the audited consolidated financial statements of Asa NewCo GmbH for the period of April 1, 2014 to December 31, 2014.

page 11

AutoScout24 Wrap-Up

Group Strong organic growth and sustainable profitability

ImmobilienScout24 Platform for Continued Growth

Core Agent revenues

core agent trends

ad business Other revenues

ooEBITDA

innovation

Consumer monetization initiatives under the roof of Scout24 Media driving growth

ooEBITDA margin reflecting the investments in product

Core agent revenues show stable development compared to Q1 2017 reflecting improvement in

Ongoing solid ARPU increase Other Agent revenues Dynamic revenue growth in Austrian marketplace and stable growth in professional pay-per-

AutoScout24 Delivering on Growth Potential

ordinary operating EBITDA

Key highlights

Core Dealer revenues

• Strong ARPU expansion in Germany and Benelux/Italy on the back of implemented price increases and ongoing MIA penetration
• Increasing dealer base, especially in Germany

Other Dealer revenues

Ongoing success of visibility products in smaller European countries

Other revenues

Solid revenue growth in display revenues in Q2 2017

ooEBITDA

Revenue growth combined with operational gearing drive margin increase

Ordinary Operating Cost

(in €m)	H1 2016	H1 2017	Comments
Revenues	215.9	233.4
Own work capitalised	5.5	5.8	increase driven by regular salary increase •
Personnel (incl. external labour)	(58.8)	(60.6)	as well as talent upgrade
Marketing (online & offline)	(24.5)	(25.9)	Marketing expenses reflecting certain • investments in product innovation
IT	(8.4)	(7.8)
Other costs	(20.3)	(22.0)
Total operating cost	(106.5)	(110.6)
Ordinary operating EBITDA	109.4	122.8
Ordinary operating EBITDA-margin	50.7%	52.6%

Strong Free Cash Flow Generation

Revenue to Free Cash Flow Bridge (H1 2017)

1. Cash conversion is defined as (ooEBITDA less Capital Expenditure) / ooEBITDA .

page 18

Below EBITDA Items

	(in €m)	H1 2016	H1 2017	Comments
	Ordinary operating EBITDA	109.4	122.8	include €2.2m effect from share-based •
	Non-operating items	(9.6)	(10.7)	compensation (Management Equity Programmes), €1.5 m performance
	Reported EBITDA	99.7	112.1	based compensation stemming from a purchase price agreement, €1.8m of cost
	D&A	(7.7)	(8.8)	relating to M&A, €4.9 m personnel cost relating to the reorganisation
PPA Effect	D&A on PPA items	(24.7)	(19.6)
	EBIT	67.3	83.8	Amortisation of PPA items decreasing as • technology asset fully amortised
	Results Equity Method	(0.0)	(0.0)
Interest	Finance Income	0.0	3.4	Significantly reduced interest rate • H1 2016 including €5.1 million expense •
	Finance Cost	(23.1)	(7.1)	from derivative instruments, H1 2017 with €1.5 million gain (0% floor on
	Earnings before Tax	44.3	80.1	EURIBOR, non-cash relevant)
Taxes	Taxes on Income	(14.9)	(25.2)	H1 2017 including one-time gain of • €1.9m in interest refund deriving from
	Earnings after Tax	29.5	54.9	2011
	Earnings per Share (in €)	0.28	0.51	Effective tax rate of 31.0% (slightly lower •
	Earnings1 Adjusted	53.7	73.5	than normalized rate of 31.3%)
	Earnings per Share adjusted (in €)1	0.50	0.68

1. Unaudited. Excluding Non-recurring items and D&A on PPA items, calculated with normalized tax rate. Detailed reconciliation in appendix.

Capital structure

Strong deleveraging profile and low interest margins supporting dividend payment

Key highlights

Margin ratchet thresholds

^2. Revolving Facility is subject to a utilisation fee depending of the amount drawn (<33.3% : 0.1% , <66.7% : 0.2% , >66.7% : 0.4%) 3. Net debt is defined as total debt (current and non-current liabilities) less cash and cash equivalents

Outlook Full Year 2017 Reiterating full year outlook

ordinary operating EBITDA

(in €m)

233 Group revenues expected to record high-single-digit percentage growth rate

• IS24 is expected to achieve a mid-single percentage revenue growth rate, revenue growth weighted towards second half 2017 with acceleration to a mid-single-digit growth rate
• AS24 is expected to grow revenues at mid-teens percentage rate

Group ooEBITDA margin is expected to increase by around one percentage point

• IS24 is expected to achieve an ordinary operating EBITDA margin on a slightly lower (but, at least 61.5%) or comparable level than in 2016
• AS24 margin expected to expand by at least five percentage points

Reconciliation Adjusted Earnings

(EUR millions)	H1 2016	H1 2017
Earnings before Tax	44.3	80.1
Add back non-operating items	9.6	10.7
Add back D&A on PPA items	24.7	19.6
Add back extraordinary finance expense/ income and effects from derivative instruments	5.0	(3.4)
Deduct Profit from disposal of investments accounted for using the equity method	(0.0)	(0.0)
Adjusted Earnings before Tax	83.7	107.1
Adjusted Tax based on normalized Tax rate	(26.4)	(33.5)
Non-Controlling interest	(0.2)	-
Adjusted Earnings attributable to owners of the parent	57.1	73.5
Earnings per Share adjusted (in €)1	0.53	0.68
Weighted average of shares (in million)	107.6	107.6

Based on relevant nominal tax rate as stated in Annual Report 2015 and 2016 respectively.

Q2 2016: 31.30%; Q2 2017: 31.33%

Key performance indicators IS24

(in EUR million, unless otherwise stated)	Q2 2016	Q2 2017	+/-	H1 2016	H1 2017	+/-
Revenues from core agents (Germany)	38.8	39.4	1.5 %	77.9	78.7	1.0 %
Revenues from other agents	8.9	9.5	6.7 %	17.4	17.9	2.9 %
Other revenues	23.4	25.5	9.0 %	44.9	50.0	11.4 %
Total external revenues	71.1	74.5	4.8 %	140.2	146.6	4.6 %
Ordinary operating EBITDA	45.5	46.9	3.1 %	87.9	91.4	4.0 %
Ordinary operating EBITDA - margin %	64.0%	63.1%	(0.9)pp	62.7%	62.4%	(0.3)pp
EBITDA	40.2	43.7	8.7 %	79.5	84.8	6.7 %
Capital expenditure	2.6	2.8	7.7 %	5.2	5.3	1.9 %

Key performance indicators AS24

(in EUR million, unless otherwise stated)	Q2 2016	Q2 2017	+/-	H1 2016	H1 2017	+/-
Revenues from core dealers (Germany)	13.5	16.2	20.0 %	26.7	32.1	20.2 %
Revenues from core dealers (Benelux/Italy)	12.6	14.5	15.1 %	23.5	27.9	18.7 %
Revenues from other dealers	3.4	3.6	5.9 %	6.7	7.0	4.5 %
Other revenues	8.2	9.0	9.8 %	15.8	16.6	5.1 %
Total external revenues	37.6	43.3	15.2 %	72.7	83.7	15.1 %
Ordinary operating EBITDA	15.9	22.3	40.3 %	29.8	39.6	32.9 %
Ordinary operating EBITDA - margin %	42.3 %	51.4 %	9.1pp	41.0 %	47.3 %	6.3pp
EBITDA	13.4	19.5	45.5 %	26.0	34.8	33.8 %
Capital expenditure	2.0	2.4	20.0 %	4.3	3.6	(16.3) %

Income Statement

(EUR millions)	H1 2016	H1 2017
Revenues	215.9	233.4
Own work capitalised	5.5	5.8
Other operating income	0.8	0.3
Total operating performance	222.1	239.5
Personnel expenses	(55.0)	(58.4)
Advertising expenses	(24.6)	(25.9)
IT expenses1	(8.4)	(7.8)
Other operating expenses	(34.3)	(35.2)
EBITDA (Earnings before interest. tax. depreciation and amortisation)	99.7	112.1
Depreciation. amortisation and impairment losses	(32.4)	(28.3)
EBIT (Earnings before interest and tax)	67.3	83.8
Net financial result	(23.0)	(3.7)
Earnings before tax	44.3	80.1
Income taxes	(14.9)	(25.2)
Earnings after tax	29.5	54.9
Earnings per share (EUR)	0.28	0.51

Balance Sheet 1/2

Assets	12/31/2016	06/30/2017
(EUR '000)
Current assets	96.2	117.1
Cash and cash equivalents	43.4	62.7
Trade receivables	43.3	42.9
Financial assets	0.4	0.7
Income tax receivables	1.2	1.0
Other assets	7.8	9.8
Non-current assets	2,034.7	2,016.5
Goodwill	816.2	861.2
Trademarks	983.5	983.4
Other intangible assets	217.6	199.8
Property, plant and equipment	10.0	8.8
Investments accounted for using the equity method	1.7	2.7
Financial assets	0.5	0.5
Deferred tax assets	3.5	2.3
Other assets	1.8	2.7
Total assets	2,130.9	2,133.6

Balance Sheet 2/2

Equity and liabilities	12/31/2016	06/30/2017
(EUR '000)
Current liabilities	112.3	99.1
Trade payables	27.9	19.9
Financial liabilities	31.8	32.1
Other provisions	4.0	5.5
Income tax liabilities	15.9	6.9
Other liabilities	32.7	34.8
Non-current liabilities	1,027.8	1,019.9
Financial liabilities	645.5	645.3
Pension and similar obligations	0.4	0.5
Other provisions	0.6	0.6
Income tax liabilities	0.0	0.0
Deferred tax liabilities	378.6	371.1
Other liabilities	2.6	2.3
Equity	990.8	1,014.6
Subscribed share capital	107.6	107.6
Capital reserve	427.6	428.4
Retained earnings	455.0	477.7
Measurement of pension obligations	(0.1)	(0.1)
Other reserves	1.1	1.1
Treasury shares (13,400 and 0 shares respectively)	(0.5)	-
Equity attributable to shareholders of parent company	990.8	1,014.6
Non-controlling interests	-	-
Total equity and liabilities	2,130.9	2,133.6

Cash Flow Statement 1/2

(EUR millions)	01/01/16 - 06/30/16	01/01/17 - 06/30/17
Earnings after tax	29.5	54.9
Depreciation. amortisation and impairment losses	32.4	28.3
Income tax expense/(income)	14.9	25.2
Financial income1	(0.1)	(3.4)
Financial expenses1	23.1	7.1
Result from investments accounted for using the equity method	0.0	0.0
Result on disposal of intangible assets and property. plant and equipment	(0.0)	0.0
Other non-cash transactions	2.4	1.2
Change in other assets not attributable to investing or financing activities	(0.4)	(2.6)
Change in other liabilities not attributable to investing or financing activities	(13.1)	(6.2)
Change in provisions	(0.6)	1.5
Income tax paid	(7.6)	(38.5)
Cash flow from operating activities	80.5	67.6
Purchases of intangible assets	(8.6)	(8.2)
Purchases of property. plant and equipment	(1.0)	(1.2)
Proceeds from disposal of intangible assets and property. plant and equipment	0.0	0.1
Payments made for investments in financial assets	-	(0.3)
Proceeds from sale of financial assets	0.2	0.0
Payments made to acquire subsidiaries	-	(0.4)
Payments made in connection with disposal of investments accounted for using the equity method	(29.5)	-
Interest received	0.0	0.0
Proceeds from disposal of discontinued activities	0.0	-
Cash flow from investing activities	(38.8)	(9.9)

1. The previous year's figures has been adjusted: the previously separately reported interest income and interest expense figures as well as the other financial result are now shown as part of financial income and expenses.

Cash Flow Statement 2/2

(EUR millions)	01/01/16 - 06/30/16	01/01/17 - 06/30/17
Cash flow from investing activities	(38.8)	(9.9)
Repayment of short-term financial liabilities	(40.1)	(0.1)
Interest paid	(15.8)	(6.1)
Dividends paid	-	(32.3)
Cash flow from financing activities	(55.9)	(38.5)
Effect of foreign exchange rate changes on cash and cash equivalents	(0.0)	(0.0)
Change in cash and cash equivalents	(14.3)	19.2
Cash and cash equivalents at beginning of period	70.6	43.4
Cash and cash equivalents at end of period	56.4	62.7

IR Contact details and financial calendar

Financial Calendar (expected)

Wednesday 8 November 2017	Interim Report Q3 2017
Tuesday 14 November 2017	Capital Markets Day

Half year report 2016 http://www.scout24.com/en/Investor-Relations/Financial-Publications/Financial-Reports/Financial-reports.aspx

Full year report 2016 report.scout24.com/2016

Investor Relations Contact

Britta Schmidt Vice President Investor Relations & Treasury

Diana Apostol

Junior Manager Investor Relations

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