Scout24 AG

Investor Presentation • May 6, 2025

Q1 2025 Results Presentation 6 May 2025

Disclaimer

This presentation does not constitute an offer or invitation to sell or issue securities of the Company, nor should it be construed as an offer or invitation to purchase or subscribe for securities of the Company, nor should any part of it or the fact of its distribution be construed as part of or relied upon 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.

The presentation contains carefully prepared information. However, the Company does not guarantee the accuracy, completeness or reliability of the information and assumes no liability for losses resulting from the use of this information. The presentation and discussion may contain forward-looking statements about the business, financial and earnings situation as well as profit forecasts of the Scout24 Group, which are only valid at the time of publication of this document. Terms such as "may", "will", "expect", "anticipate", "consider", "intend", "plan", "believe", "continue" and "estimate", variations of such terms or similar expressions characterise these forward-looking statements. Such forward-looking statements are based on the current assessments, expectations, assumptions and information of the Scout24 Management Board, many of which are beyond Scout24's control. The statements are subject to a variety of known and unknown risks and uncertainties. Actual results and developments may therefore differ materially from these forward-looking statements. The Company assumes no obligation and does not intend to update, review or correct these forward-looking statements due to new information or future events or for other reasons, unless there is an express legal obligation to do so.

Alternative performance measures are used that are not defined according to IFRS and should be considered supplementary. Special items used to calculate some alternative metrics may not derive from ordinary business activities. Due to rounding, numbers and percentages may not accurately reflect the absolute figures.

The business figures contained in this document have neither been audited in accordance with § 317 HGB nor reviewed by an auditor.

Business & Market Update

CEO update: Capital markets strategic framework and financial targets fully confirmed

The #1 digital real estate platform in Germany

• Double-digit revenue CAGR since 2008

speed to market Focus on: Content, Content, Content B2B business with growing customer base and long-growth runway

Globally unique private subscription business & Homeowner opportunity

Pioneering vision to merge data & classifieds

2024 strategic framework CEO focus areas

Evolving beyond a listing marketplace • 20m monthly visitors

Homeowner as starting point for every future transaction

Digitisation of real estate transactions via technology and AI

Continue expanding our data and content asset base

Accelerate innovation and

Extend Scout24 position as product and tech leader

Drive efficiency / operating leverage through interconnectivity and simplification

Executive Summary

Continued growth acceleration in Q1 2025 with margin expansion

Strong start into 2025: Accelerated organic revenue, continued ooEBITDA margin expansion and strong EPS development

Customer growth continues in both segments, driven by strong demand for our innovative product line-up

Product innovations drive Platform user growth, traffic and engagement: new map search and continuous Property Hub enhancements

Strategic data expansion accelerates: IMMOunited and EXPLOREAL acquisitions in Austria strengthen core platform and data capabilities

FY2025 guidance reiterated: high level of confidence based on strong start into the year

Customer growth: Professional accelerated impressively in Q1 2025; Private growth remains high at 20%

Transaction recovery continues in Q1 2025; remainder of year more uncertain due to increased mortgage rates

7 Q1 2025 Results | May 2025

Index includes residential as well as commercial transactions, and is derived from various data sources and proprietary Sprengnetter data. Listings Index contains all German listings on the platform.

Index is based on contact requests for existing properties for sale or rent.

Product & innovation update

N "I d"

Early success of Living+ highlights innovation capabilities within our Private segment

Strong growth in Homeowner ecosystem since CMD 2024

Key takeaways

Financial Update

Financial metrics dashboard

11 Q1 2025 Results | May 2025

Professional segment: Mid-teens growth driven by strong subscriptions and transaction enablement recovery

EUR m	Q1 2025	Q1 2024	Change
Professional revenue	115.3	99.3	+16.2%
Subscription revenue	82.8	72.0	+15.0%
Customers (period # ) avg	25,601	24,175	+5.9%
Resulting ARPU (EUR)	1,078	993	+8.6%
Transaction enablement revenue	27.2	21.7	+25.4%
Other revenue	5.4	5.6	-4.8%
Professional ooEBITDA	68.8	60.1	+14.4%
Professional ooEBITDA margin	59.7%	60.6%	-0.9pp

Subscription revenue accelerated

on organic basis to 12%, driven by strong customer gains and product adoption; 15% reported growth includes neubau kompass

Outstanding organic customer growth in Germany of 5.7% excluding neubau kompass

Healthy ARPU growth at 8.6%

Transaction enablement benefitted from M&A, but organic growth also accelerated slightly compared to Q4 2024; demand for data & valuation remains strong

ooEBITDA margin down slightly due to dilutive impact from recent acquisitions

Private segment performance continues to be driven by exceptional momentum in Plus subscription products

EUR m	Q1 2025	Q1 2024	Change
Private revenue	42.3	36.8	+14.9%
Subscription revenue	25.8	20.4	+26.3%
# Customers (period avg.)	495,150	413,189	+19.8%
Resulting ARPU (EUR)	17.3	16.5	+5.4%
PPA revenue	12.6	12.4	+1.0%
Other revenue	3.9	3.9	+0.2%
Private ooEBITDA	24.9	19.3	+28.6%
Private ooEBITDA margin	58.9%	52.6%	+6.3pp

Subscription portfolio showing strong growth across all product lines (Tenant+, Buyer+ and Living+)

Strong profitability with exceptional margin expansion demonstrating powerful operating leverage in subscription model

Strong revenue growth continues to translate into healthy operating leverage due to interconnectivity efforts

EUR m	Q1 2025	Q1 2024	Change
Revenues	157.6	136.1	+15.8%
Own work capitalised	5.1	5.3	-4.3%
Personnel costs	-29.4	-26.3	-11.6%
Marketing costs	-12.9	-13.2	+2.5%
IT costs	-5.5	-4.8	-16.6%
Selling costs	-12.0	-9.5	-26.5%
Other operating costs	-9.2	-8.1	-12.9%
Total operating effects	-69.0	-61.9	-11.4%
ooEBITDA	93.7	79.5	+17.9%
ooEBITDA margin	59.5%	58.4%	+1.0pp

Personnel costs are driven by salary adjustments and integration of recent acquisitions

Decreased marketing costs reflect more efficient performance marketing due to interconnectivity

IT costs include higher AWS costs, AI integration and recent acquisitions

Selling costs relate to transaction enablement business recovery

Other operating costs stem from increased use of external IT service providers and higher bad debt provisions

Adjusted EPS growth in line with ooEBITDA growth; outsized basic EPS growth driven by lower non-operating effects

EUR m	Q1 2025	Q1 2024	Change
ooEBITDA	93.7	79.5	+17.9%
Non-operating effects	-7.8	-12.0	+35.1%
Reported EBITDA	85.9	67.4	+27.4%
D&A	-12.0	-9.6	-25.5%
EBIT	73.8	57.8	+27.7%
Financial result	-1.9	-1.0	-86.0%
Earnings before tax	72.0	56.8	26.6%
Taxes on income	-22.0	-17.4	-26.4%
Net income	50.0	39.4	+26.7%
Basic EPS (EUR)	0 69	0 54	+28 6%
Adjusted net income	57.1	49.1	+16.2%
Adjusted EPS (EUR)	0 79	0 67	+17 9%
Weighted avg. # shares	72,472,982	73,533,360	-1.4%

Non-operating effects decreased compared to previous year, primarily due to lower share-based compensation

D&A increased primarily driven by newly capitalised platform developments and acquisition-related PPA amortisation

Financial result decreased due to negative FX impact from Euro hedging vs US dollar

18% adjusted EPS growth in line with ooEBITDA; basic EPS growth of 29% supported by lower non-operating effects

Non-operating effects decreased 35% in Q1 2025 y-o-y

¹Net Income is adjusted for: (1) non-operating effects (2) D&A and impairment losses on assets acquired in mergers, and (3) effects from mergers included in the financial result, such as measurement of purchase price liabilities and tax impacts.

Non-operating effects decreased

significantly, primarily due to lower share-based compensation costs

EUR 4m non-operating effects mainly from higher M&A expenses driven by recent acquisitions

Slightly lower Free Cash Flow caused by timing effects of receivables and payables

Free Cash Flow conversion ratios for Q1 2025

• as % of adjusted net income: 89%
• as % of ooEBITDA: 54%

Leverage improves to 0.42x, maintaining flexibility for strategic investments and shareholder returns

Leverage = Net Debt / ooEBITDA LTM; share buy-back liabilities excluded corresponding to leverage calculation within RCF agreement

Capital Returns

• − 23.5 EUR million directed to share repurchases in Q1 2025
• − Share Buy-Back Programme: Second share repurchase tranche announced (100 EUR million), extending from April 2025 through June 2026

Scout24 Group Guidance 2025

Accelerated revenue growth with continued ooEBITDA margin expansion

Revenue growth

(including ca. 2pp contribution from acquisitions)

ooEBITDA margin

expansion of up to 50 basis points

Q&A

Annual General Meeting 2025 – 5 June 2025 Q2/H1 2025 results – 7 August 2025

Filip Lindvall – Vice President Group Strategy & Investor Relations ir@scout24.com