Focus on what matters

FY 2020 Results Analyst Call, 25 March 2021

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Agenda

Delivering on Strategy Tobias Hartmann (CEO)

2020 Financial Results Dirk Schmelzer (CFO) & Outlook Tobias Hartmann & Dirk Schmelzer

Q&A

Focus on strategy Building the ecosystem for real estate

In 2020, we delivered on our ecosystem strategy and made significant progress with key product and market initiatives

Customer needs Acquire new mandates Efficient marketing Build a brand

Key 2020 initiatives Covid-19 action plan Media campaign Enhanced RLE Membership migration FLOWFACT

Customer needs Find a new home or business place Personalised search journey Maximised transparency & guidance

Key 2020 initiatives TenantPlus+ and BuyerPlus+ Online viewings Reworked price atlas

Customer needs Sell fast & for the best price Find the right tenant Safe & efficient transaction

Key 2020 initiatives Free listings LandlordPlus+ Digital rental contract Enhanced online valuation immoverkauf24

Our 2020 results are proof of a resilient business model and underpin our distinct market leadership

€353.8m +1.2%	60.0% +0.1pp	€716 +2.5%	€1,754 -0.4%
Group revenue	Group ordinary operating EBITDA margin	ARPU with residential real estate partners	ARPU with business real estate partners
20,013 +4.7%	416,973 -3.9%	13.8m +2.1%	101.4m +7.4%
professional customers (residential and business real estate partners) 6 FY 2020 Results Call March 2021	IS24 listings (period average)	IS24 monthly users multiplatform (period average)	IS24 monthly sessions (period average)

We strengthened the relationship with our professional customers and created strong momentum for future growth

	Q4 2020	Q4 2019	+/-	FY 2020	FY 2019	+/-
Residential real estate partners Residential agents and property managers, finance partners (# of core customers1 end of period)	17,213	16,344	+5.3 %	17,213	16,344	+5.3 %
Residential real estate partner ARPU2 (€/month)	717	718	-0.2 %	716	698	+2.5 %
Business real estate partners Commercial agents, project developers, new home builders (# of core customers1 end of period)	2,800	2,774	+0.9 %	2,800	2,774	+0.9 %
Business real estate partner ARPU2 (€/month)	1,801	1,828	-1.5 %	1,754	1,761	-0.4 %

1 Customers with an existing contract containing an obligation for payment which entitles the customer to publish more than one object within the runtime of the contract

2 Average revenue per user per month, calculated by dividing the revenue generated with the respective core customer in the reported period by the average number of core customers in this period (calculated from the opening and closing balance) further divided by the number of months in the corresponding period

Our transition towards full transaction monetisation is working: from Classifieds to Ecosystem!

Product examples

Realtor Lead Engine (incl. immoverkauf24) Mortgage Leads Relocation Leads RentPlus+ (MieterPlus+) BuyPlus+ (KäuferPlus+) Professional PPA (including OTP) Membership editions

Other

More diversified revenue base in 2020 (vs. 2015):

74% (vs. 85%) of revenues linked to core listing product
23% (vs. 9%) complementary high growth product revenues
3% (vs. 6%) contribution from 3rd party advertising & other
Leads revenues pushed by RLE (+67% yoy)
Consumer subscriptions pushed by RentPlus+ (+30% yoy)
Recurring revenue base up to 81% (vs. 69% in 2015)

Breakdown of ImmoScout24 revenue streams

Our residential agents are quickly moving up the membership ladder in an accelerated migration effort, leaving comfortable headroom for ARPU increases

~13,300 Residential Agents (for Oct-19 without finance partners) without property managers
Membership contract ARPU only, excluding revenues from additional value added services
Including all other legacy memberships except those under 4
Including legacy memberships MY5 + Top List All

With the strategic moves we made in 2020 to target homeowners, we moved closer to the transaction than ever before

~42.5m residential units* in Germany *Destatis Press Release No. 281 of 29-Jul 2020; value for 2019

~19m

owner-occupied units (with a home ownership rate of 45%*, Germany ranks second to last in the OECD)

*Deutsche Bundesbank, January 2020

626,000

German residential real estate transactions* in 2020 (without landplots) *GEWOS – IMA info 2020

~1,000,000 homeowners on IS24 each month (~7% of UMV according to own survey)

~500,000 IS24 registered and addressable homeowners (end of December)

~72,800 realtor leads in 2020, generating €17.5m of RLE revenues

~900

transactions (commission-share RLE)

FLOWFACT is key to our ecosystem strategy driving recurring agent revenues, customer engagement and digital sales

FLOWFACT is a leading real estate CRM software player in Germany

The most modern SaaS CRM solution in the market
Migration of customers from the legacy on-premise solution ongoing
ScoutManager transition will help achieve critical mass

Owning FLOWFACT has various advantages for IS24

Superior IS24 product experience vs. other portals
Digital sales of IS24 products
Churn prevention at IS24
Tap into real estate transactions outside of IS24

of all FLOWFACT seats are already using the cloud solution

We are making significant progress with consumers in the rent journey - in a supplyconstrained market

~1/3 of MieterPlus+ memberships are generated via the listing search; significant uptake with free-to-list (first 48 hours exclusive for MieterPlus+ members)

Extended customer life cycle, slightly lower ARPU: Terms of the MieterPlus+ membership: 2 / 6 / 12 months (note: according to IS24 data, 52% of seekers search for >2 months)

Product features: application portfolio, check-yourchances, exclusive listings, viewings planner, deposit guarantee, emergency key service, tenancy law consulting ~3.2m

Rent transactions in Germany p.a.

~166,500

IS24 residential rent listings (Feb-2021)

~117,500

MieterPlus⁺ members (Feb-2021)

18€

MieterPlus⁺ monthly ARPU (Feb-2021)

39m€

FY 2020 total rent consumer subscription revenues (+30% yoy)

Focus on value creation 2020 and beyond

We fully met our annual guidance with Q4 turning out as the strongest revenue quarter ever in the IS24 history

Q4 2020 IS24 revenue: €91.1m (+1.3%)

62.2% 62.6%

Q4 2020 IS24 oo EBITDA margin: 61.7% (-0.9pp)

15 FY 2020 Results Call | March 2021

We intensified our future investments reflecting a more diversified IS24-focused revenue base Strong increase in own work

(€m)	FY 2020	FY 2019	+/-
Revenues	353.8	349.7	+1.2%
Own work capitalised	21.9	14.0	+57.1%
Personnel	-71.4	-72.8	-1.9%
Marketing	-31.1	-30.4	+2.2%
IT	-17.1	-14.1	+20.9%
Other operating costs	-43.9	-37.0	+18.6%
Total operating effects1	-163.5	-154.4	+5.9%
ooEBITDA	212.3	209.3	+1.4%
ooEBITDA-margin	60.0%	59.9%	+0.1pp

capitalised due to focus on IS24 and accelerated product roll-out

Operating effects development mainly driven by increased IT and other operating costs

Growth in IT costs due to transfer to the cloud
Other operating costs mainly affected by external labour and selling costs and by Covid-19 bad debt provisions
Marketing costs increased due to Q3 marketing campaign and performance marketing activities

2020 operating effects include dissynergies of €3.4m

Short-term Covid-19 cost savings were realised and structural cost 1 Other operating income to small extent included in other operating costs items efficiencies leveraged

Our net income benefitted significantly from lower non-operating items

(€m)	FY 2020	FY 2019	+/-
Ordinary operating EBITDA	212.3	209.3	+1.4%
Non-operating items	-14.0	-45.7	-69.2%
Reported EBITDA	198.3	163.7	+21.1%
D&A	-51.5	-54.2	-5.0%
EBIT	146.8	109.4	+34.1%
Financial result	-4.9	-15.2	-68.0%
Earnings before Tax	141.9	94.2	+50.6%
Taxes on Income	-39.5	-30.7	+28.5%
Net income (cont'd operations)	102.4	63.5	+61.3%
Basic EPS (cont'd operations)	1 00	0 59	+69 5%
Weighted shares (million) # av	102 1	107 1	6% -4

Significant decrease in nonoperating items mainly due to lower share-based compensation and M&A-related costs in 2020

D&A below previous year driven by lower amortisation of intangibles and depreciation of PPE

Investment of AS24 proceeds in special securities fund reflected in improved financial result

Net income from continuing operations increased significantly by 61.3%
Basic EPS for cont'd operations at €1.00 (€23.17 incl. discont'd)

We propose a dividend of €0.70 per share at the upper end of the communicated payout-ratio

	2020	2019
Adjusted net income	€137.1m	€189.6m
share1 Adjusted earnings per	€1.34	€1.77
share2 Dividend per	€0.70	€0.91
Dividend	€68.5m	€93.7m
Pay-out ratio	50.0%	49.4%
Price per share end of December	€67.05	€58.95
Dividend yield	1.0 %	1.5 %

1 Calculation based on IFRS earnings per share logic (as used in annual report). Weighted average number of shares (basic) in 2020: 102.144.808 shares. 2 Calculation based on AktG dividend calculation logic. Number of shares as of 31. Dec 20 after deduction of own shares from share buy back: 97.836.291 shares. Scout24 AG's dividend policy is to distribute between 30% and 50% of the adjusted net income.

The 2019 adjusted net income includes 12 months of AutoScout24, 2020 includes 3 months

Adjustments are made for regular effects, non-operating effects and special effects relating to the AutoScout24 transaction.

The precise amount of the dividend per share depends on the planned capital reduction and share buybacks effected before the AGM.

We reconfirm our previously announced capital return roadmap – with the up to €1.0bn capital decrease transaction as the key pillar

*) Timing: after announcement of FY 2020 results and before AGM 2021

The current trading gives us confidence on our 2021 outlook for the Group

We see reduced listing activity due to a mix of:
- − Covid-19 / lockdown effect
- − Bestellerprinzip effect
- − General market trend of reduced transactions
Traffic implies significant demand increase
Revenue and earnings development in line with expectations
Continued customer growth
Outlook reconfirmed: mid single-digit % revenue growth and a near-stable ooEBITDA margin (proviso: pandemic situation increasingly improves with a return to normality from H2 onwards)

German real estate market:

Continued positive price trend and increasing demand for residential real estate
Uncertain development in the commercial real estate market
Covid-19 pandemic has underscored the advantages of digitisation

389,198 IS24 listings end of Feb-21 +0.7% vs. Dec-20 -5.4% vs. Feb-20	14.0m IS24 monthly users desktop+mobile (Feb-21)* +33.3% vs. Dec-20 -2.4% vs. Feb-20
20,093 professional customers end of Feb-21 +0.4% vs. Dec-20 +4.3% vs. Feb-20	102.8m IS24 monthly sessions (Feb-21) +32.0% vs. Dec-20 -2.6% vs. Feb-20

*Due to change of provider, usage of Google Analytics data; not deduplicated

We reconfirm our 2021 revenue outlook by segment

	Tailwinds	Areas of caution Areas of caution	2021E Revenue outlook
Residential Real Estate	• Continued customer growth • Agent listing initiatives underway • Agent migration and upgrades • Enhanced realtor leads product • Growing consumer Plus+ subscriptions	• Limited (price increase) spill-over benefits • Continued Covid-19 impacts (at least in H1) • Foregone private listing revenues	Mid to high single digit % growth
Business Real Estate	• New and enhanced products • Moving into larger TAMs	• Pandemic-induced uncertainty • Softness in construction volumes • Reduced developers' marketing spend	Slight growth
Media & Other	• FLOWFACT integration (positive strategic impact) • Growth of IS24 Austria • Shift towards inhouse-agency revenues	• FLOWFACT cloud migration De-prioritising 3rd • party ad sales business	Declining to flat

What we achieved in 2020 will translate into attractive growth in 2021 and beyond

Focus on what matters

Increased customer base Created more value for agents than ever Enabled transactions for agents Had consumers pro-actively participate Launched key product and market initiatives … … and prepared ground for 2021 Enhanced RLE through immoverkauf24 Enhanced customer relationships through FLOWFACT Reinvest(ed) into the business Return(ed) capital to shareholders Pursue(d) opportunistic M&A strategy Partnership Innovation Integration Digitisation Capital allocation