AI Terminal
Scout24 AG
Investor Presentation • Oct 30, 2025
385_rns_2025-10-30_fffd4e44-f1b4-47da-b520-e2336421fe2a.pdf
Investor Presentation
Open in ViewerOpens in native device viewer
Q3/9M 2025 Results Presentation 30 October 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 characterize 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 forwardlooking 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.
In case of any divergence, the German version shall have precedence over the English translation.
Quarterly figures included in this document have neither been audited in accordance with § 317 HGB nor reviewed by an auditor.
Executive Summary
On track to deliver 5 th consecutive year of double-digit growth
Sustained growth momentum in Q3 2025: double-digit organic revenue growth continues, ooEBITDA margin resilient against strong prior-year comparables while integrating acquisitions
Core businesses continue to perform strongly in Q3: B2B membership growth impressive at 16.7%, private subscriptions maintaining high-teens momentum at 17.8%
Advancing AI product roadmap: HeyImmo search assistant launched both in web and app
Acquisition of Fotocasa & Habitaclia: presents attractive long-term opportunity, strengthening German B2B membership proposition
FY2025 guidance narrowed: upper end for ooEBITDA margin expansion and mid to upper end for revenue growth
Customer base continues to expand: Professional growth remains strong while private maintains mid-teens growth and strong net adds quarter-on-quarter
Scout24 surpassing 600k listings as transaction volumes continue to normalise
Key takeaways
Q3 and 9M results show consistent execution, balancing customer and seeker investments with strong financials
Product-led strategy driving strong revenue and customer growth in our core business
Embracing AI while building on Scout24's unique data and content
German market fundamentals support long-term B2B and B2C growth - confident to retain momentum into 2026
Spain acquisition: opportunity complementing our German growth trajectory
Confident to deliver narrowed guidance and 5th consecutive year of double-digit growth
Financial Metrics Dashboard
Professional segment: Mid-teens growth driven by strong subscriptions
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|---|---|---|
| Professional revenue | 119.0 | 103.4 | +15.1 % | 350.0 | 303.7 | +15.2 % |
| Subscription revenue | 86.9 | 74.5 | +16.7 % | 253.8 | 219.7 | +15.5 % |
| # Customers (period avg.) | 26,143 | 24,730 | +5.7 % | 25,887 | 24,446 | +5.9 % |
| ARPU (EUR) | 1,108 | 1,004 | +10.4 % | 1,089 | 999 | +9.1 % |
| Transaction enablement revenue |
26.7 | 23.3 | +14.5 % | 80.3 | 67.3 | +19.3 % |
| Other revenue | 5.4 | 5.6 | -3.3 % | 15.9 | 16.7 | -4.8 % |
| Professional ooEBITDA | 74.6 | 65.7 | +13.5 % | 216.5 | 189.8 | +14.1 % |
| Professional ooEBITDA margin | 62.7% | 63.6% | -0.9pp | 61.8% | 62.5% | -0.6pp |
Subscription revenue very strong in Q3 on reported as well as organic basis
Continued strong organic customer growth in Germany of 5.0% (excl. neubau kompass)
Healthy ARPU acceleration
Transaction enablement driven by strong demand for CRM, data and valuation products
ooEBITDA margin near prior year levels, despite integrating multiple acquisitions
Private segment performing strongly: subscriptions growing high-teens, PPA growth accelerating
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|---|---|---|
| Private revenue | 46.7 | 40.7 | +14.7 % | 133.8 | 115.9 | +15.5 % |
| Subscription revenue | 27.8 | 23.6 | +17.8 % | 80.2 | 65.8 | +21.9 % |
| # Customers (period avg.) | 526,740 | 460,067 | +14.5 % | 508,052 | 436,304 | +16.4 % |
| ARPU (EUR) | 17.6 | 17.1 | +2.9 % | 17.5 | 16.8 | +4.7 % |
| PPA revenue | 15.0 | 13.0 | +15.1 % | 42.2 | 38.6 | +9.1 % |
| Other revenue | 3.9 | 4.1 | -4.9 % | 11.4 | 11.5 | -0.2 % |
| Private ooEBITDA | 29.6 | 24.9 | +18.7 % | 83.1 | 67.4 | +23.3 % |
| Private ooEBITDA margin | 63.5% | 61.3% | +2.2pp | 62.1% | 58.1% | +4.0pp |
Mid-teens subscriber growth continues; strong net adds of 24.5k and 4.9% growth quarter on quarter
ARPU growth starting to normalise in Q3 as we lap the dual-vendor credit check benefit
PPA growth accelerated as our brand and product strength turns market recovery into results
ooEBITDA margin increased in Q3 and continues to expand in 9M based on scalability and operational excellence
Strong 9M margin expansion despite M&A integration, Q3 margins resilient
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|---|---|---|
| Revenue | 165.6 | 144.0 | +15.0% | 483.8 | 419.6 | +15.3% |
| Revenue (organic) | 160.1 | 144.0 | +11.1% | 467.7 | 419.6 | +11.5% |
| Own work capitalised | 4.4 | 5.5 | -20.3% | 14.4 | 16.3 | -11.4% |
| Personnel costs | -29.5 | -26.8 | -10.2% | -86.8 | -79.0 | -9.9% |
| Marketing costs | -10.7 | -10.4 | -2.8% | -34.0 | -33.7 | -1.0% |
| IT costs | -5.7 | -4.9 | -15.8% | -16.9 | -14.4 | -17.2% |
| Purchasing costs | -11.2 | -9.3 | -20.2% | -34.5 | -27.2 | -26.5% |
| Other operating costs | -8.7 | -7.5 | -16.7% | -26.6 | -24.5 | -8.4% |
| Total operating effects | -65.8 | -58.9 | -11.8% | -198.7 | -178.8 | -11.1% |
| ooEBITDA | 104.2 | 90.7 | +14.9% | 299.6 | 257.1 | +16.5% |
| ooEBITDA (organic) | 102.4 | 90.7 | +13.0% | 295.5 | 257.1 | +14.9% |
| ooEBITDA margin | 62.9% | 62.9% | 0.0pp | 61.9% | 61.3% | +0.6pp |
| ooEBITDA margin (organic) | 64.0% | 62.9% | +1.0pp | 63.2% | 61.3% | +1.9pp |
Personnel costs organically stable, reported increase due to M&A additions
Marketing: organic spend down via leads efficiency, partly offset by brand; M&A drives reported increase
IT cost increased from investments in cloud, AI, ERP and M&A - driving innovation and efficiency
Purchasing costs higher due to strong demand for third-party valuation services
ooEBITDA margin expanding 9M and stable Q3 despite integrating lower-margin acquisitions
Strong earnings performance continues: Adjusted EPS up 20% in 9M, basic EPS boosted by one-time tax gain
| EUR m | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|---|---|---|
| ooEBITDA | 104.2 | 90.7 | +14.9% | 299.6 | 257.1 | +16.5% |
| Non-operating effects | -7.2 | -5.4 | -33.0% | -42.8 | -33.0 | -29.7% |
| Reported EBITDA | 97.0 | 85.3 | +13.8% | 256.8 | 224.2 | +14.6% |
| D&A | -12.1 | -11.5 | -5.8% | -36.3 | -35.0 | -3.8% |
| EBIT | 84.9 | 73.8 | +15.0% | 220.5 | 189.2 | +16.5% |
| Financial result | -0.8 | -1.7 | -52.5% | -8.8 | -11.2 | -21.8% |
| Earnings before tax | 84.1 | 72.1 | +16.6% | 211.7 | 177.9 | +19.0% |
| Taxes on income | 17.4 | -22.0 | >100% | -21.2 | -54.0 | -60.8% |
| Net income | 101.5 | 50.1 | >100% | 190.5 | 123.9 | +53.8% |
| Basic EPS (EUR) | 1.41 | 0.69 | >100% | 2.64 | 1.69 | +55.9% |
| Adjusted net income | 64.8 | 55.1 | +17.8% | 184.5 | 155.5 | +18.6% |
| Adjusted EPS (EUR) | 0.90 | 0.75 | +19.3% | 2.55 | 2.12 | +20.3% |
| Weighted avg. # shares | 72,070,026 | 73,007,811 | -1.3% | 72,277,470 | 73,275,432 | -1.4% |
Non-operating effects detailed on next page
Financial result improved in Q3 and 9M due to lower M&A purchase price liability valuations and lower interest expenses, partially offset by FX impacts
Q3 tax benefit from German corporate tax reform: Gradual rate reduction from 2028 onwards required revaluation of deferred taxes, resulting in one-time relief of EUR 43m
Strong earnings performance continues 9M: adjusted EPS up 20%, basic EPS includes one-time EUR 43m tax benefit
Q3: non-operating effects reflect M&A expenses; reported net income benefited from one-time tax gain
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 (excl. SBC) increased due to increased earnout valuation for Sprengnetter and M&A fees related to Spain acquisition
SBC returned to normal levels in Q3 after exceptionally high Q2
Tax bar in bridge represents reversal of one-time Q3 tax benefit
Most of non-operating effects in Q3 with no-cash impact in 2025
Free cash flow increasing strongly by 17% for 9M 2025, exceeding revenue and ooEBITDA growth
Free cash flow conversion ratios for 9M 2025
- as % of adjusted net income: 110%
- as % of ooEBITDA: 68%
Leverage down to 0.4x from strong cash generation, increased buy-back activity in Q3
Leverage = Net Debt / ooEBITDA LTM; share buy-back liabilities excluded corresponding to leverage calculation within RCF agreement
Fotocasa & Habitaclia Update
- Leverage in H1 2026 could reach circa 1x; expect to return to current levels in H1 2027
- Capital allocation policy unchanged share buy-backs and progressive dividend growth to continue
narrowed to
mid to upper end of revenue growth of
14-15%
upper end of ooEBITDA margin expansion guidance of
up to 70 bps
Financial Impact: Fotocasa & Habitaclia Guidance 2025
2026
- EPS neutral
- Low single-digit Group margin dilution
- 63% margin target unchanged (for existing business, excluding Fotocasa & Habitaclia)
2027
- Fotocasa & Habitaclia to be ooEBITDA growth accretive
- Scout24 Group margin expansion resumes
Update German Corporate Tax Rate
Planned government changes to corporate tax rate
- Current rate (2025-2027): c. 30%
- Overall corporate tax rate reducing by ~1 percentage point per year from 2028 to reach c. 25% by 2032
FY (and Q4) 2025 preliminary results – 26 February 2026
Filip Lindvall – Vice President Group Strategy & Investor Relations [email protected]