Scout24 AG

Quarterly Report • May 17, 2023

Quarterly Statement Q1 2023

Making a

difference

Content

Quarterly development at a glance	3
Important events of the first quarter	4
Operating performance of the Group	5
Operating performance of the segments	10
Outlook full year 2023	12
Imprint	13

Disclaimer

Scout24 SE as the parent entity together with its direct and indirect subsidiaries form the Scout24 Group. Insofar as information in the following statement refers exclusively to Scout24 SE, express reference is made to the Company ("Scout24 SE") accordingly. The terms "Scout24 Group", "Scout24" refer to the Group as a whole.

All information contained in this document 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.

This document may contain forward-looking statements regarding the business, results of operations, financial condition and earnings outlook of the Scout24 Group. These statements may be identified by words such as "may", "will", "expect", "anticipate", "contemplate", "intend", "plan", "believe", "continue" and "estimate" and variations of such words or similar expressions. Such forward-looking statements are based on the current assessments, expectations, assumptions and information of Scout24's Management Board. They are subject to a large number of known and unknown risks and uncertainties and there is no guarantee that the anticipated results and developments will actually materialise. In fact, actual results and developments may differ materially from those reflected in the forward-looking statements. Differences may be due to changes in the general macroeconomic and competitive environment, capital market risks, exchange rate fluctuations, changes in international and national laws and regulations, including but not limited to tax laws and regulations, relevant for Scout24, and many other factors.

Scout24 undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise, unless expressly required to do so by law. Scout24 also uses alternative performance measures, not defined by IFRS, to describe the Scout24 Group's results of operations. These should not be viewed in isolation but treated as supplementary information. Alternative performance measures used by Scout24 are defined at the corresponding place in the report. The special items used to calculate some alternative performance measures arise from the integration of acquired businesses, restructuring measures, impairment losses, gains or losses on sale resulting from divestitures and the sale of shareholdings, and other expenses and income that generally do not arise in conjunction with Scout24's ordinary business activities.

Due to rounding, numbers presented throughout this report may not add up precisely to the totals indicated, and percentages may not precisely reflect the absolute figures for the same reason.

The Q1 figures contained in this statement have neither been audited in accordance with §317 HGB nor reviewed by an auditor.

Operating performance segments

Quarterly development at a glance

KEY FINANCIAL PERFORMANCE INDICATORS

EUR million	Q1 2023	Q1 2022	Change
Group revenue	121.9	107.9	+13.0%
of which Professional	78.0	71.4	+9.3%
of which Private	34.9	28.2	+23.7%
of which Media & Other	9.0	8.3	+7.9%
Group ordinary operating EBITDA1	68.2	58.6	+16.3%
Group ordinary operating EBITDA margin2 (in%)	56.0%	54.4%	+1.6pp
Group EBITDA3	58.2	53.6	+8.6%
Earnings after tax	37.1	20.1	+84.5%
Earnings per share (basic, in EUR)	0.50	0.25	+102.4%

1 Ordinary operating EBITDA is EBITDA adjusted for non-operating effects, mainly expenses for share-based payments, M&A activities (realised and unrealised), reorganisation measures and other non-operating effects. 2

The ordinary operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of revenue.

3 Group EBITDA (unadjusted) is defined as earnings before the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.

The Scout24 Group had a good start to the new financial year with Group revenue growth of 13.0%. This was driven in particular by our core agent membership business and continued strong growth in the Private customer business.

As part of our strategic evolution into a digital real estate transaction platform, we offer not only listings for marketing real estate, but also products that make real estate transactions more digital and efficient. Our broadly diversified product portfolio generates attractive, sustainable growth momentum in any market environment. The structural shifts in the real estate market caused by inflation and interest rates are leading to increased demand for marketing and services and are thus having a positive impact on our core business including memberships for professional customers, subscriptions for Plus products, and the individual listings business (pay-per-ad).

The Professional segment achieved a high single-digit percentage increase in revenue (Q1 2023: +9.3%). Despite the current challenging market situation for agents, we were again able to record steady growth in the number of agents, up 4.1% compared to the year-ago period. Segment growth was therefore driven by new customer acquisition, strong demand for memberships which support greater marketing strength, and increased pay-per-ad revenues. This was tempered by weaker revenue from on top products such as seller and mortgage leads. Our Private segment was again characterised by strong demand for Plus subscriptions in this quarter due to market conditions. Overall, revenue in this area increased by 23.7%. The main growth drivers here were the record demand for Plus products, with subscriptions up 20.6% to 342,037, and the strong increase in pay-per-ad bookings. Revenue in the Media & Other segment increased by 7.9%, with strong business in Austria.

As a result of the good revenue momentum, a favourable product mix and an increased focus on cost control, ordinary operating EBITDA increased by 16.3% in Q1 2023, significantly outpacing revenues. Accordingly, the ordinary operating EBITDA margin amounted to 56.0% in the first quarter, which also represents a significant increase of 1.6 percentage points compared to Q1 2022. Group EBITDA increased at a slightly slower rate of 8.6% to EUR 58.2 million compared to the prior-year period, owing to non-recurring reorganisation costs .

The negative financial result improved from EUR -16.6 million in Q1 2022 to EUR -2.7 million in Q1 2023. This is mainly due to the liquidation of the special fund in the first half of 2022. Consequently, we were able to achieve an 84.5% increase in earnings after tax to EUR 37.1 million. As a result of this and the share buyback programmes, earnings per share rose by 102.4% to EUR 0.50.

Operatign performance segments

Outlook full year 2023

Important events of the first quarter

Further share buyback programme and capital reduction approved

With the approval of the Supervisory Board, the Management Board of Scout24 SE agreed in March 2023 to implement a new share buyback programme, with a volume of up to EUR 100 million, in one or more independent tranches via the stock exchange. The new share buyback programme is expected to end in 2024. It follows on from the EUR 350 million programme concluded in mid-December 2022. On 31 March 2023, the buyback of shares with an initial value of up to EUR 60 million was started. In addition, a total of 5.2 million treasury shares originating from the previous buyback programmes were cancelled on 16 March 2023. Thus, the new number of outstanding shares amounts to 75,000,000. At the end of the first quarter, Scout24 held a total of 1,453,804 treasury shares, corresponding to 1.94% of the share capital (75,000,000 shares).

Further information on the share buyback programmes can be found at: }https://www.scout24.com/en/ investor-relations/share/share-buybacks

Higher dividend of EUR 1.00 per share proposed

The Management Board and Supervisory Board will propose a dividend of EUR 1.00 per ordinary share at this year's Annual General Meeting, an increase of 17.6% compared to last year. This corresponds to approximately 50 % of adjusted net income and thus remains at the upper end of Scout24's defined dividend policy. The total amount distributed is expected to be EUR 73.6 million. The final amount of the dividend depends on the announced share buyback ahead of the Annual General Meeting.

BaufiReady! makes real estate purchases more digital and secure

With the launch of its new BaufiReady! product, ImmoScout24 can now offer a financing certificate with precise financial information in real time. The new tool speeds up the financing process and offers more security and transparency to advisors and those seeking financing. Searchers with an interest in buying can check their desired property individually for its financing feasibility. The leads certified from this product are made available to mortgage agents. Pre-certification is also of interest to agents, who can improve the efficiency of their customer service.

Acquisition of the remaining shares in Zenhomes GmbH

Effective 14 February 2023, Immobilien Scout GmbH acquired the remaining 21.65% of the shares in Zenhomes GmbH (with the Vermietet.de brand). As a result, the shareholding now amounts to 100%.

Our new climate strategy: Net Zero by 2045

Scout24 is committed to contributing to fulfilling the Paris Climate Agreement and keeping the global temperature increase below 1.5 °C compared to pre-industrial temperatures. That is why we are now stepping up our efforts and have set an ambitious new goal: By 2045, we want to reduce our absolute emissions by a total of 90% compared to the 2018 base year in order to achieve Net Zero. To achieve this goal, we continue to follow the approach: avoid, reduce, offset.

Operating performance segments

Outlook full year 2023

Operating performance of the Group

Development of listings and traffic

NON-FINANCIAL KEY FIGURES

	Q1 2023	Q1 2022	Change
ImmoScout24.de (IS24) listings1	456,118	347,178	+31.4%
IS24 monthly website users (million)2	15.6	15.9	-1.9%
IS24 monthly app users (million)2	3.9	4.7	-16.0%
IS24 monthly sessions (million)3	102.2	113.3	-9.8%

1 Source: ImmoScout24.de; listings in Germany (average of end-of-month listings in the period).

2 Unique monthly visitors on ImmoScout24.de (average of the individual months), irrespective of how often they visit the marketplace during the month. Source: Internal measurement using Google Analytics.

3 Number of all monthly visits (average of the individual months) in which individual users interact with the website or app via a device; a visit is considered completed if the user is inactive for 30 minutes or more. Source: Internal measurement using Google Analytics.

The number of listings counted at the end of the month improved by 31.4% year-on-year in Q1, as shown in the table above.

The effects of the Ukraine war, and the macroeconomic changes that followed, were not felt until after the first quarter of 2022, which is why the use of our marketplace (traffic, measured in monthly users) declined slightly overall compared with the first quarter of 2022. The market-related increase in rental prices and a resulting decrease in the supply of affordable rental properties on the platform contributed to a decline in the use of the marketplace. As interest rates rose, demand for properties for sale decreased. In March we saw a stabilisation of demand after almost a year of decline. Changes in data forwarding, which became stricter, also had a significantly greater impact on the marketplace's usage figures. Traffic, measured in monthly visits (sessions), also declined by 9.8% in Q1 2023 compared to the year-ago period.

The increasing supply of properties for sale means that more and more agents are using the ImmoScout24 platform for marketing services and buying additional products that increase their visibility on the platform in order to market their properties in the best possible way. Meanwhile, the increase in rent-seekers helped lift demand for Plus products. With our strong marketing platform and a broad range of products, we are excellently positioned to benefit from this market situation.

Earnings situation

Revenue and total operating performance

EUR million	Q1 2023	Q1 2022	Change
Group revenue	121.9	107.9	+13.0%
Own work capitalised	6.2	7.3	-14.2%
Own work capitalised as % of revenue	5.1%	6.7%	-1.6 pp

Our Group revenues grew by 13.0% to EUR 121.9 million in the first quarter of 2023.

Price adjustments and upgrades to memberships with more marketing capacity, combined with continued growth in customer numbers, enabled us to increase revenues in our core agent membership business by 16.5% to EUR 61.4 million.

Operating performance segments

Outlook full year 2023

The seller leads business was weaker than in Q1 2022 resulting in a 16.7% decline in revenue due to market conditions. There are sufficient mandates available to agents in the current market environment, which is why the demand for additional seller leads is declining.

The mortgage business also weakened due to inflation and interest rates (Q1 2023: -19.6%). On the other hand, demand for pre-qualified financing mandates and the corresponding advisory expertise is increasing in the current interest rate environment.

Based on a continued strong increase in the number of customers (Q1 2023: 21,703; +20.6%) Plus product subscriptions was again one of our strongest growth drivers in this quarter. It contributed EUR 16.8 million (Q1 2022: EUR 13.5 million) to Q1 revenue.

Vermietet.de increased the number of registered units by 82% to almost 1.2 million units at the end of the quarter. This reflects the positive impact of the ongoing integration with ImmoScout24.

In the first quarter, own work capitalised decreased by 14.2% to EUR 6.2 million compared with the yearago period, mainly due to completed development and integration projects. The ratio of own work capitalised to revenues decreased by 1.6 percentage points to 5.1% in Q1 2023 from 6.7% in Q1 2022.

The company BaufiTeam GmbH, in which a majority stake was acquired in 2022, is not yet included in the Q1 figures for the previous year.

Group earnings development

EUR million	Q1 2023	Q1 2022	Change
EBITDA (unadjusted)	58.2	53.6	+8.6 %
Depreciation, amortisation and impairment	-8.0	-7.5	+6.0 %
Operating result – EBIT	50.2	46.1	+9.0 %
Financial result	-2.7	-16.6	+84.1 %
Income tax	-10.5	-9.3	+12.3 %
Earnings after tax	37.1	20.1	+84.5 %

Strong revenue growth underpinned the rise in Group EBITDA, outweighing cost increases on both the operating and non-operating side. The reported EBITDA growth of 8.6% was impacted by one-time (nonoperating) costs in connection with the adjustment of our personnel structure.

Depreciation, amortisation and impairment increased by 6.0%, mainly due to higher amortisation of internally generated software. In Q1 2023, a total of EUR 1.1 million (Q1 2022: EUR 1.3 million) was attributable to amortisation of intangible assets identified and recognised as part of purchase price allocations (PPA amortisation). EUR 6.9 million (Q1 2022: EUR 6.2 million) was attributable to regular amortisation (including lease amortisation under IFRS 16).

Our operating result (EBIT) improved by 9.0% compared to the same period last year.

The financial result also improved compared to Q1 2022. This is mainly due to the liquidation of the special fund at the end of the first half of 2022, which enabled us to achieve an 84.5% increase in earnings after tax.

The improved financial result had a significant impact on earnings per share. In addition, the share buybacks carried out in 2022 and 2023 reduced the average number of shares used to calculate earnings per share compared to the prior-year period. The calculation of earnings per share for Q1 2023 is based on 73,552,119 shares (Q1 2022: 80,693,181). Earnings per share in the first quarter increased by 102.4% year-on-year to EUR 0.50.

Operating performance segments

Outlook full year 2023

Ordinary operating Group EBITDA and cost development

EUR million	Q1 2023	Q1 2022	Change
EBITDA (unadjusted)	58.2	53.6	+8.6%
Non-operating effects	10.0	5.0	+99.1 %
of which share-based payments	3.0	2.7	+10.6 %
of which M&A activities	1.7	1.5	+15.1 %
of which reorganisation	4.9	0.7	+591.8 %
of which other non-operating effects	0.5	0.2	+162.3 %
Ordinary operating EBITDA	68.2	58.6	+16.3%
Ordinary operating EBITDA margin (in%)	56.0%	54.4%	+1.6pp
Ordinary operating effects	59.2	56.5	+6.0%
of which personnel expenses	24.4	22.3	+9.1%
of which marketing expenses	12.8	13.7	-6.4%
of which IT expenses	5.2	5.3	-0.3%
of which selling costs	9.7	6.8	+42.8%
of which other operating expenses	7.8	8.5	-8.1%
Own work capitalised	-6.2	-7.3	-14.2%
Group revenue	121.9	107.9	+13.0%

The Group's ordinary operating EBITDA is calculated by adjusting EBITDA for non-operating effects. In the first quarter, these increased primarily due to higher reorganisation expenses incurred in connection with the adjustment of our personnel structure. These one-time (non-operating) expenses also impacted the reported EBITDA growth of 8.6%. In this context, a number of efficiency measures were initiated in the first quarter, which will lead, among other things, to a reduction in the workforce and thus to personnelrelated cost savings in the future. This will also limit the impact of high wage inflation.

Total operating effects increased by 6.0% in the first quarter, significantly less than in previous quarters. This is due in particular to investments made last year that are now being phased out. Personnel expenses, which are allocated to operating effects, increased by 9.1% to EUR 24.4 million in Q1 2023. This increase is mainly explained by sales commissions. A decrease in marketing expenses of 6.4% year-onyear is mainly related to curbed investments in the leads business. IT expenses remained at a comparable level with a slight decrease of 0.3% compared to the same period last year. Purchasing costs increased by 42.8% in Q1 2023. This is primarily related to the credit checks integrated into the high-demand Plus products. Other operating expenses decreased by 8.1%.

As a result of the strong revenue momentum, a favourable product mix and an increased focus on cost control, ordinary operating EBITDA increased by 16.3% in Q1 2023, significantly outpacing revenues. Accordingly, the ordinary operating EBITDA margin amounted to 56.0% in the first quarter, reflecting a significant increase of 1.6 percentage points. Group EBITDA increased by 8.6% to EUR 58.2 million compared to the year ago period.

Operating performance segments

Net assets and financial position

Capital structure

STATEMENT OF FINANCIAL POSITION - ASSETS (CONDENSED)

EUR million	31 Mar 2023	31 Dec 2022	Change
Current assets	84.9	83.4	+1.8 %
of which cash and cash equivalents	37.8	39.1	-3.2 %
of which financial assets	3.2	3.3	-3.1 %
Non-current assets	1,803.7	1,797.2	+0.4 %
of which financial assets	13.4	11.7	+15.1 %
Total equity and liability	1,888.6	1,880.6	+0.4 %

The increase in our consolidated total assets in the first three months of 2023 is largely related to a EUR 2.6 million increase in receivables and an offsetting decrease in cash and cash equivalents of EUR 1.3 million. Non-current financial assets increased by 1.7 million.

STATEMENT OF FINANCIAL POSITION - EQUITY AND LIABILITIES (CONDENSED)

EUR million	31 Mar 2023	31 Dec 2022	Change
Current liabilites	161.3	177.8	-9.3 %
of which financial liabilities	86.0	108.7	-20.8 %
of which lease liabilities	9.8	9.7	+1.1 %
Non-current liablities	342.1	354.4	-3.5 %
of which financial liabilities	5.1	17.4	-70.6 %
of which lease liabilities	46.9	48.9	-4.2 %
Equity	1,385.2	1,348.5	+2.7 %
Total equity and liabilities	1,888.6	1,880.6	+0.4 %

Current financial liabilities decreased by EUR 35.5 million, mainly due to the partial repayment of the promissory note loan. The drawing of the loan under the facility agreement had the opposite effect on current financial liabilities. Total current and non-current financial liabilities, including lease liabilities, amounted to EUR 147.8 million as of 31 March 2023, compared with EUR 184.7 million as of 31 December 2022.

Adjusted for the item cash and cash equivalents, net debt¹ amounted to EUR 110.0 million as of 31 March 2023 (31 December 2022: EUR 145.6 million). This results in a gearing ratio² of 0.42 : 1 as of 31 March 2023 (31 December 2022: 0.58 : 1).

¹ Total current and non-current financial liabilities (including lease liabilities) less cash and cash equivalents.

² Ratio of net debt to EBITDA from ordinary activities for the last twelve months.

Outlook full year 2023

Operating performance of the segments

Professional segment

The Professional segment, i.e. our business with commercial customers, is our strongest segment in terms of revenue, accounting for 64% (Q1 2022: 66%) of total revenue in the first quarter of this year.

Q1 2023	Q1 2022	Change
78.0	71.4	+9.3%
70.8	64.0	+10.7%
61.4	52.7	+16.5%
9.4	11.3	-16.7%
21,703	20,854	+4.1%
1,088	1,023	+6.3%
3.6	2.9	+23.0%
3.6	4.4	-19.6%
48.4	42.8	+12.9%
62.0%	60.0%	+2.0 pp

¹ImmoScout24 customers who have a fee-based contract extending beyond the reporting period on the last day of the month that entitles them to market more than one property, and Immoverkauf24 customers (deduplicated) who completed a sale transaction in the reporting period (number as of month-end divided by the number of months in the period).

²Revenue for the period divided by the average number of customers and further divided by the number of months in the period.

Subscription revenue generated by our core professional customers increased by 10.7% to EUR 70.8 million. Of this, EUR 61.4 million was attributable to our core business with agent memberships, which grew by 16.5% year-on-year. This was primarily driven by a continued increase in the number of customers as well as list price adjustments and ongoing upgrades to higher-value memberships.

With a decline of 16.7%, the seller leads business was weaker than in Q1 2022 due to market conditions. There are sufficient mandates available to agents in the current market environment, which is why the demand for additional seller leads is declining. In this market environment in particular, our ImmoScout24 platform is becoming even more important in terms of its marketing strength, which is why we were able to use it to attract new agents in the first quarter (Q1 2023: +4.1%).

Professional ARPU increased at a slightly slower rate than overall subscription revenue due to lower new customer revenue volumes and a decline in the seller leads business.

In previous quarters, we have seen an increase in our single listing business and the associated rise in pay-per-ad listing revenues. This development continued in Q1 2023. The higher (paid) bookings in Q1 2023 are another sign that our marketing solutions for agents are becoming more attractive in the current market environment.

Other revenue in the Professional segment, which stems from the referral of mortgage finance leads, weakened as a result of inflation and interest rates (Q1 2023: -19.6%).

Ordinary operating EBITDA in the Professional segment, as shown in the table, increased ahead of revenues largely because of the completion of investments undertaken in 2022.

Outlook full year 2023

Operating performance segments

Private segment

On a quarterly basis, the Private segment contributed 29% to the total revenues of the Scout24 Group (Q1 2022: 26%). The largest growth driver of revenues in the Private segment was the Plus product subscription business.

EUR million	Q1 2023	Q1 2022	Change
Total Private revenue	34.9	28.2	+23.7 %
Subscription revenue	17.0	13.8	+23.6 %
Number of customers1 (period average)	342,037	283,567	+20.6 %
Private ARPU2 (Euro/Month)	16.6	16.2	+2.5 %
Pay-per-ad revenue	11.8	8.9	+32.3 %
Other revenue	6.0	5.5	+10.0 %
Private ordinary operating EBITDA	16.3	13.4	+22.2 %
Private ordinary operating EBITDA margin (in %)	46.8%	47.4%	-0.6 pp

1 Plus product subscribers and paying Vermietet.de customers (month-end balances divided by the number of months in the period). 2 Period revenue divided by average number of customers further divided by the number of period months.

The significant increase in Subscription revenue in Q1 2023 is attributable to the strong growth in the number of paying Subscription customers, which rose to 342,037 (+20.6%), underpinned by the improved paywall efficiency of Plus products. Private ARPU increased by 2.5%, driven by an increasing number of subscription customers with proportionally higher revenue. We also saw a strong increase in pay-per-ad revenue in the Private segment in Q1 2023. The reasons for this growth were two-fold. In the current market environment, private advertisers chose the pay-per-ad solution from the outset for faster marketing, and longer-running listings were switched from the free to the paid variant. Other revenues in the Private customer segment, which stem from the brokerage of relocation mandates and the sale of credit checks, declined year-on-year.

Ordinary operating EBITDA in the Private segment grew by 22.2%, slightly lower than revenue growth due to marketing measures for individual product groups in Q1 2023. The ordinary operating EBITDA margin in the Private customers segment remained at a comparable level with a slight decrease of 0.6 percentage points.

Media & Other segment

Our smallest segment, Media & Other, contributed around 7% to Group revenue in the period (Q1 2022: 8%).

EUR million	Q1 2023	Q1 2022	Change
Total Media & Other revenue	9.0	8.3	+7.9%
Media & Other ordinary operating EBITDA	3.5	2.5	+44.0%
Media & Other ordinary operating EBITDA margin (in %)	39.4%	29.5%	+9.9 pp

Media & Other segment revenues increased by 7.9% compared to Q1 2022 - primarily due to the strong ImmoScout24 Austria business and the third-party advertising business. Ordinary operating EBITDA in the Media & Other segment increased by 44.0% on a quarterly basis. The reason for the overproportionate ordinary operating EBITDA growth is that the 2022 investment phase is now complete and the ImmoScout24 Austria business is scaling profitability. Due to the strong revenue growth, the Media & Other ordinary operating EBITDA margin increased by 9.9 percentage points.

Operating performance segments

Outlook full year 2023

Current developments in the German real estate market continue to have a positive impact on demand for Scout24's products and, in turn, the development of revenue. The relevance of the ImmoScout24 platform and the marketing capabilities offered by the product range have gained in importance in the current market environment.

Despite the overall economic development, the Management Board expects the growth momentum to continue in 2023 as reflected by the following guidance for the full year: For the 2023 financial year, Scout24 again expects double-digit growth rates in revenue and ordinary operating EBITDA. On this basis, Scout24 has budgeted for the Group's revenue growth to reach 12% and for the Group's ordinary operating EBITDA to grow 13% in the 2023 financial year. Overall, the main focus will be on increasing the Group's ordinary operating EBITDA and the corresponding margin.

Imprint

Investor Relations Filip Lindvall E-Mail ir@scout24.com

Scout24 SE Invalidenstr. 65

10557 Berlin Deutschland E-Mail info@scout24.com }