Scout24 AG

Investor Presentation • Aug 13, 2024

Scout24

Growing impact

Results for H1/Q2 2024
8 August 2024

This document has been issued by Scout24 SE (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.

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Accelerated revenue growth of $14.4 \%$ in Q2 resulting in 13.0\% growth for H1 2024, driven by continued strong performance in core
Agent memberships maintaining strong momentum; customer base grew $2.4 \%$ to 22,359 and revenues $9.1 \%$ in Q2 2024

Private subscription growth accelerated meaningfully with exceptional customer and revenue growth of $26.7 \%$ in Q2 2024, reaching 436 k subscribers during the quarter

Operating leverage continues in H1 2024 with 13.7\% ooEBITDA growth and margin expansion, despite absorbing impact of Sprengnetter consolidation

Adjusted EPS grew 11.4\% to EUR 1.37 in H1 2024
Confirming FY2024 guidance of 9 - 11\% revenue growth and about $61 \%$ ooEBITDA margin

Announcing updated segment reporting

Q2 2024 with continued momentum in memberships and private subscriptions

Group	EUR 139.5m	EUR 87.0m
	$+14.4 \%$	+11.2\%
	Group revenue	Group ordinary operating EBITDA (62.3\% margin)

Professional
EUR 80.3m	$+14.5 \%$	EUR 1,132
Subscription revenue	Professional customers	ARPU with professional customers

Private	EUR 21.3m	436k	EUR 16.7
	$+26.7 \%$	+27.1\%	$-0.3 \%$
	Subscription revenue	Private customers	ARPU with private customers

Strong H1 2024 with double-digit revenue growth and increasing profitability

Group	EUR 275.6m	EUR 166.5m
	$+13.0 \%$	+13.7\%
	Group revenue	Group ordinary operating EBITDA (60.4\% margin)

Professional
EUR 159.5m	22.225	EUR 1,132
$+13.1 \%$	$+2.1 \%$	$+4.8 \%$
Subscription revenue	Professional customers	ARPU with professional customers

Private
EUR 42.2m	424k	EUR 16.6
$+23.3 \%$	$+24.0 \%$	$-0.6 \%$
Subscription revenue	Private customers	ARPU with private customers

All segments with double-digit revenue growth in H1 2024

Professional segment growth driven by continued strong membership performance

(EUR m)	$\begin{gathered} \text { Q2 } \ 2024 \end{gathered}$	$\begin{gathered} \text { Q2 } \ 2023 \end{gathered}$	$+/-$	$\begin{gathered} \text { H1 } \ 2024 \end{gathered}$	$\begin{gathered} \text { H1 } \ 2023 \end{gathered}$	$+/-$
Professional revenue	89.9	77.4	$+16.1 \%$	177.8	155.4	$+14.4 \%$
of which subscriptions	80.3	70.2	$+14.5 \%$	159.5	141.0	$+13.1 \%$
thereof membership	68.5	62.7	$+9.1 \%$	135.9	124.1	$+9.4 \%$
thereof seller leads	11.9	7.4	$+59.7 \%$	23.6	16.9	$+39.9 \%$
# Customers (period average)	22,359	21,835	$+2.4 \%$	22,225	21,769	$+2.1 \%$
Resulting ARPU (in EUR)	1,132	1,071	$+5.7 \%$	1,132	1,080	$+4.8 \%$
of which PPA	3.3	3.9	$-15.3 \%$	6.2	7.5	$-17.6 \%$
of which Other	6.2	3.4	$+85.0 \%$	12.2	6.9	$+75.7 \%$
Professional ooEBITDA	59.8	54.6	$+9.5 \%$	115.4	103.0	$+12.1 \%$
Professional ooEBITDA margin	$66.5 \%$	$70.5 \%$	$-4.0 p p$	$64.9 \%$	$66.2 \%$	$-1.4 p p$

Membership growth driven by a combination of customer growth and product upgrades

Demand for seller and mortgage back continues to be muted; Consolidation of Sprengnetter driving reported growth in both lines

PPA revenues continue to be impacted by customer migration into memberships

DOEBI DA margin impacted by Sprengnetter consolidation

Private segment with accelerating growth and margin expansion in Q2

(EUR m)	Q2 2024	Q2 2023	$+/-$	H1 2024	H1 2023	$+/-$
Private revenue	39.8	35.5	$+12.2 \%$	77.9	70.4	$+10.7 \%$
of which subscriptions	21.8	17.2	$+26.7 \%$	42.2	34.3	$+23.3 \%$
# Customers (period average)	435,657	342,661	$+27.1 \%$	424,423	342,349	$+24.0 \%$
Resulting ARPU (in EUR)	16.7	16.8	$-0.3 \%$	16.6	16.7	$-0.6 \%$
of which PPA	13.2	12.9	$+2.3 \%$	25.6	24.7	$+3.9 \%$
of which Other	4.8	5.4	$-10.8 \%$	10.1	11.4	$-12.0 \%$
Private ooEBITDA	23.1	19.4	$+18.8 \%$	42.4	35.7	$+18.7 \%$
Private ooEBITDA margin	57.9 \%	54.6 \%	$+3.3 p p$	54.4 \%	50.8 \%	$+3.6 p p$

Continued (strong growth in Subscriber base)

PPA revenues continue to normalise

Other revenues continue to decline as we de-emphasize selling standalone credit checks

Gestrious margin increased due to scaling effects

Continued favourable revenue mix and operating leverage drove 14 \% ooEBITDA growth in H1 2024

(EUR m)	Q2	Q2	$+/-$	H1	H1	$+/-$
	2024	2023		2024	2023
Revenues	139.5	122.0	$+14.4 \%$	275.6	243.8	$+13.0 \%$
Own work capitalised	5.5	5.9	$-7.9 \%$	10.8	12.2	$-11.4 \%$
Personnel costs	$-25.9$	$-22.1$	$-17.1 \%$	$-52.3$	$-46.5$	$-12.3 \%$
Marketing costs	$-10.0$	$-9.3$	$-7.7 \%$	$-23.3$	$-22.1$	$-5.3 \%$
IT costs	$-4.7$	$-5.2$	$+8.5 \%$	$-9.5$	$-10.4$	$+8.9 \%$
Selling costs	$-8.4$	$-7.1$	$-18.9 \%$	$-17.9$	$-16.7$	$-6.9 \%$
Other operating costs	$-8.9$	$-6.0$	$-49.4 \%$	$-17.0$	$-13.8$	$-23.5 \%$
Total operating effects	$-58.0$	$-49.6$	$-16.8 \%$	$-119.9$	$-109.5$	$-9.5 \%$
ooEBITDA	87.0	78.2	$+11.2 \%$	166.5	146.5	$+13.7 \%$
ooEBITDA margin	$62.3 \%$	$64.2 \%$	$-1.8 p p$	$60.4 \%$	$60.1 \%$	$+0.3 p p$

Wwwwnk capitalised continued to decrease due to reduced level of investments

Despite consolidation of Sprengnetter, overall cost base grew only $9.5 \%$

H1 2024 personnel costs increase of $12.3 \%$ due to consolidation of Sprengnetter - like-for-like comparison down $y$-o-y

H1 2024 ooEBITDA margin at $60.4 \%$ - up 0.3 pp

Adjusted EPS with continued double-digit growth; reported EPS impacted by one-offs

(EUR m)	Q2	Q2	+/- H1 2024	H1	+/-
Ordinary operating EBITDA	87.0	78.2	$+11.2 \%$	166.5	146.5
Non-operating effects	$-15.5$	$-8.2$	$-89.3 \%$	$-27.6$	$-18.2$
Reported EBITDA	71.4	70.0	$+2.0 \%$	138.9	128.2
D\&A	$-13.9$	$-8.2$	$-70.4 \%$	$-23.5$	$-16.2$
EBIT	57.5	61.9	$-7.0 \%$	115.4	112.1
Financial result	$-8.6$	$-3.6$	$<(100 \%)$	$-9.6$	$-6.3$
Earnings before tax	49.0	58.3	$-15.9 \%$	105.8	105.8
Taxes on income	$-14.6$	$-14.9$	$+2.2 \%$	$-32.0$	$-25.3$
Net income	34.4	43.4	$-20.6 \%$	73.9	80.5
Basic EPS in €	0.47	0.59	$-20.5 \%$	1.01	1.09
Adjusted Net income	51.4	48.8	$+5.3 \%$	100.5	90.3
Adjusted EPS in €	0.70	0.66	$+5.5 \%$	1.37	1.23
Weighted av. # shares	73.3	73.4	$-0.2 \%$	73.4	73.5

Non-operating effects increased driven by higher accruals for SBC due to favourable share price performance

D\&A increased due to completion of projects and consolidation of Sprengnetter

Financial result impacted by increased provisions for Sprengnetter e/o due to positive business development

Basic e/o impacted by higher tax due to comp effect
Y-0-4
All one-offs in Q2 2024 on non cash basis and result of successful business performance

Unchanged guidance for FY2024

Scout24 Group 2024

$9-11 \%$

Revenue growth

about $61 \%$

00EBITDA margin

Q8A

Scout24

9M/Q3 results - 31 October 2024

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