Scout24 maintains strong momentum in Q2 with 20% revenue growth, double-digit organic revenue growth and 18% adjusted EPS growth

Scout24 maintains strong momentum in Q2 with 20% revenue growth, double-digit organic revenue growth and 18% adjusted EPS growth

• Revenue growth of 20.0% in Q2 (+17.0% in H1), with double-digit organic revenue growth of 10.4%¹ in Q2 (+10.5% in H1)

• B2B subscription business delivering industry-leading mid-teens revenue growth, with ImmoPoints driving incremental monetisation and ARPU expansion

• B2C subscription growth accelerated both sequentially and y-o-y, with new product tiering driving increasing adoption of higher-value memberships and a longer customer lifetime

• Artificial Intelligence products increasingly transform customer experiences, workflows and monetisation across Scout24´s B2C and B2B platform

• Strong operating leverage in the German business, while continuing to invest in product, technology and AI (organic ooEBITDA margin H1: 63.0%; +1.6pp)

• ooEBITDA margin of 60.1% in H1, reflecting consolidation of the Spanish business

• Adjusted EPS grew 18.8% in H1, outpacing revenue growth despite absorbing the consolidation of the Spanish business

• Full-year guidance confirmed

 

Munich / Berlin, 6 August 2026

Scout24 continued to deliver strong financial performance in the first half of 2026. Group revenue increased by 20.0% in Q2, supported by the first full-quarter consolidation of the Spanish business, while H1 2026 revenue growth reached 17.0%. On an organic basis, Scout24 maintained its double-digit growth trajectory, with revenue increasing by 10.5% in the first half of the year.

The double-digit organic growth was driven by the strength of the B2B subscription business. B2C subscriptions and the pay-per-ad business provided further growth contributions in the Private segment. The integration of artificial intelligence (AI) across the platform enhanced user engagement, product adoption and monetisation opportunities in both customer segments.

Ordinary operating EBITDA increased by 14.6% to EUR 223.9 million in the first half of 2026. While the reported ordinary operating EBITDA margin of 60.1% reflects the expected consolidation effect from the Spanish business, profitability in the core business improved. Excluding Spain, the organic ordinary operating EBITDA margin expanded to 63.0% (+1.6pp y-o-y). This reflects the scalability of Scout24's business model, continued operating leverage and the Company's proven ability to successfully integrate acquisitions while enhancing their profitability.

^{1) Group revenues minus the consolidated revenue contribution from the Spanish business in financial year 2026 (from March 2026)}

Update on Agentic OS for real estate

AI integration accelerated further in the first half of 2026, marking another step towards Scout24's vision of becoming the agentic operating system for the real estate sector. AI is increasingly embedded across the Scout24 platform, enhancing customer experiences, automating workflows and creating additional monetisation opportunities across both segments. HeyImmo and AI-powered filter search continued their dynamic growth, further establishing themselves as a key AI-powered entry point for property search. In June 2026, users generated around 3.3 million AI-supported search interactions, over 47 times the prior-year level, while referral traffic from external large language models (LLMs) remained less than 1% of the total traffic volume. In the Professional segment, Scout24 further expanded AI capabilities within its membership products, including automatically generated property videos and intelligent listing placement features. Around 60% of B2B customers were already using ImmoPoints in June 2026, enabling access to AI-powered products and supporting monetisation across the platform. Usage of Propstack AI also continued to grow strongly, with the share of customers using AI features doubling year on year as intelligent capabilities expanded across key broker workflows. As AI capabilities continue to expand across consumer and professional products, Scout24 expects customer value, engagement and monetisation to reinforce one another, strengthening the platform flywheel and supporting sustainable long-term growth.

“Scout24 again delivered outstanding  quarterly results, with 20% revenue growth and continued double-digit organic growth in Q2. We have started executing our strategy to build the Agentic OS for real estate that we presented at our Capital Markets Day and are already turning it into tangible value. HeyImmo and our AI-powered search experience are industry-leading and growing exponentially. As a result, matchmaking efficiency of the platform increases, users are more engaged and find their homes faster – every interaction strengthens our intelligence flywheel. In the Professional business, customers are embracing AI features integrated in Propstack and our core memberships. This drives further monetisation and increased usage of ImmoPoints, our digital currency for AI consumption within our ecosystem. We have an exciting product pipeline and what we are seeing today is only the beginning. AI is expanding the opportunity ahead for Scout24,” comments Ralf Weitz, CEO of Scout24.

Strong subscription demand and continued customer growth drive both segments

The Professional segment increased revenue by 20.2% to EUR 277.6 million in the first half of 2026 (organic: +11.3%). Subscription revenue rose by 26.4% to EUR 209.7 million (organic: +14.2%) and remained the segment’s central growth driver. In Germany, subscription revenue grew by 14.4% to EUR 180.2 million, supported by successful new customer acquisition and a stable existing customer base, with the average number of customers up 3.6% to 24,525. Professional ARPU increased by 10.4% to EUR 1,224 per month, reflecting upgrades into higher-value memberships, value-based pricing measures as well as the increasing use of AI-powered product features monetised via ImmoPoints. Subscription revenue Rest of Europe, comprising Spain and Austria, amounted to EUR 29.5 million, with the Spanish business consolidated for a complete quarter for the first time in the second quarter. Transaction Enablement revenue increased by 4.7% to EUR 56.1 million, driven by continued strong growth in the agent software business Propstack as well as our digital valuation tools and ecosystem products, including homeowner leads and life assessment reports. Growth in non-digital valuation services and mortgage leads was more moderate, reflecting the strategic focus on scaling Propstack and digital ecosystem products. Professional ordinary operating EBITDA rose by 17.7% to EUR 167.0 million. While the segment margin of 60.2% (-1.2pp y-o-y) reflects the consolidation of the Spanish business, the organic EBITDA margin from ordinary operating activities rose again by 2.3 percentage points y-o-y to a new all-time high margin of 65.4% in the second quarter of 2026. It demonstrates that the existing business continues to benefit from high operating leverage and cost discipline despite ongoing investments.

The Private segment increased revenue by 8.6% to EUR 94.6 million in the first half of 2026, driven by both higher subscription revenue and the continued strong performance of the pay-per-ad business. Subscription revenue increased by 6.2% to EUR 55.7 million. Growth accelerated both sequentially and year-on-year in the second quarter. Demand for SearchPlus for Rental remained particularly strong, while LivingPlus maintained its rapid growth of around 60% in the first half of the year. With its longer membership duration, LivingPlus creates an increasing customer lifetime value that keeps customers on our platform beyond their search for a property. At the same time, the increasing adoption of higher-value memberships contributed to Private ARPU, which increased by 3.3% to EUR 18.1 per month. The pay-per-ad business again grew at a double-digit rate in H1 (+11.1% to EUR 30.2 million), supported by a higher number of property listings on the platform and continued demand from private landlords to market their properties successfully in a still challenging market environment. Private ordinary operating EBITDA increased by 6.3% to EUR 56.8 million, with a margin of 60.1% (H1 2025: 61.4%), mainly reflecting higher marketing expenses.

Continued revenue growth and organic Group margin expansion while investing in product, tech and AI

Operating expenses increased by 21.0% to EUR 160.8 million in the first half of 2026, primarily due to the initial consolidation of the Spanish platforms. On an organic basis, the cost base increased by 6.4% and thus remained well below organic revenue growth of 10.5%. The below-proportional increase in costs reflects Scout24’s ability to continue to generate operating leverage while maintaining investments in product development, AI and platform infrastructure.

Personnel expenses rose by 9.7%, primarily reflecting the consolidation of the Spanish business, while organic personnel costs declined as a result of intensive efforts to achieve internal efficiency gains with the help of AI. Marketing (+43.7%) and IT expenses (+32.7%) increased predominantly as a result of the newly consolidated Spanish platforms as well as targeted brand and product campaigns; organically, IT costs continued to develop mid-single digit revenue growth in H1.

Purchasing costs rose by 11.2% on higher demand for data and valuation products and SCHUFA credit checks, and other operating expenses increased by 33.4%, mainly due to external consulting, legal and audit services.

Non-operating effects improved significantly to EUR -10.5 million in the first half of 2026 (H1 2025: EUR -35.6 million). In the first quarter, the revaluation of provisions for share-based compensation following the decline in the Company's share price resulted in a positive earnings effect. Share-based compensation expenses therefore remained well below the prior-year level throughout the first half of 2026 despite share-based compensation expenses of 8.3 million in Q2. At the same time, M&A-related expenses continued to be incurred in connection with the acquisition of the Spanish platforms, primarily for closing, post-closing and migration activities. In addition, reorganisation expenses increased compared with the prior-year period.

EBITDA rose by 33.6% to EUR 213.4 million. In addition to the strong operating performance, EBITDA benefited from substantially lower non-operating effects compared with the same period last year. The financial result improved markedly to EUR 2.3 million (H1 2025: EUR -8.0 million), driven by income from venture capital fund investments and positive foreign exchange effects. Supported by the operating performance and the improved financial result, profit before tax increased by 46.9%, outpacing EBITDA growth. As a result of the slightly lower tax rate compared with the first half of 2025, net income increased significantly by 47.9% to EUR 131.7 million.

Following the strong increase in net income, basic earnings per share (EPS) rose by 52.0% to EUR 1.87 in the first half of 2026 (H1 2025: EUR 1.23), also benefiting from the lower average number of shares following the ongoing share buy-backs.

Adjusted net income rose by 15.7% to EUR 138.5 million. Adjusted earnings per share, which normalises for specific non-operating factors, reached EUR 1.97 in the six months period (H1 2025: EUR 1.65), delivering growth of 18.8% compared to the same period last year.

Cash flow from operating activities amounted to EUR 120.7 million in the first half of 2026 (H1 2025: EUR 133.5 million). Although benefiting from positive operational performance, it was 9.6% below the prior-year level. The decline was primarily driven by cash outflows from the utilization of LTIP provisions amounting to EUR 25.4 million (H1 2025: EUR 3.3 million).

“After more than 5 months at Scout24, my hypothesis has been confirmed and I am even more convinced of the quality of this business and its long-term potential than when I joined. What impressed me most is our relentless product- and innovation-first mindset. Financial performance is the outcome of building products that customers truly value. This quarter once again demonstrates how our strategy translates into financial performance, combining strong growth, expanding margins in Germany and 19% adjusted EPS growth in the first half. Our Professional membership business is a great example of this approach. By continuously innovating our products and putting customers first, we have built a business with industry-leading double-digit revenue growth rates. Our track record of successfully integrating acquisitions while expanding margins in our Professional business gives us strong confidence in the margin trajectory of our Spanish business as we look towards 2027. Combined with the opportunities we outlined at our Capital Markets Day, we are well positioned to continue delivering sustainable growth, increasing profitability and long-term shareholder value in the years ahead,” said Martin Mildner, CFO of Scout24 SE.

 

EUR million   Q2 2026   Q2 2025   Change   H1 2026   H1 2025   Change Group revenue   192.7   160.6    +20.0%    372.2   318.2    +17.0%  Professional segment   144.0   115.7    +24.5%    277.6   231.0    +20.2%  Private segment   48.7   44.9    +8.4%    94.6   87.2    +8.6%  Group ordinary operating EBITDA^1,2   116.0   101.7    +14.1%    223.9   195.4    +14.6%  Professional segment   86.2   73.1    +18.0%    167.0   141.9    +17.7%  Private segment   29.8   28.6    +4.1%    56.8   53.5    +6.3%  Group ordinary operating EBITDA margin^1,2,3 (%)    60.2 %    63.3 %   -3.1pp    60.1 %    61.4 %   -1.3pp Professional segment    59.9 %    63.1 %   -3.3pp    60.2 %    61.4 %   -1.2pp Private segment    61.2 %    63.7 %   -2.5pp    60.1 %    61.4 %   -1.3pp Group EBITDA¹   101.0   73.9    +36.7%    213.4   159.8    +33.6%  Net Income   63.2   39.0    +61.9%    131.7   89.0    +47.9%  Adjusted net Income   71.4   62.6    +14.1%    138.5   119.7    +15.7%  Earnings per share (basic, EUR)   0.90   0.54    +67.0%    1.87   1.23    +52.0%  Adjusted earnings per share (basic, EUR)⁴   1.02   0.87    +17.7%    1.97   1.65    +18.8% 

^{1 EBITDA (unadjusted) is defined as earnings before the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.
2 Ordinary operating EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include expenses for share-based payments, M&A activities (realised and unrealised), reorganisation and other non-operating effects.
3 The ordinary operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of revenue.
4 Adjusted (1) for non-operating effects, which are also used to determine ordinary operating EBITDA, (2) for depreciation, amortisation and impairment losses on assets acquired in business combinations, and (3) effects from business combinations included in the financial result, such as the measurement of purchase price liabilities.}

Management Board confirms its guidance for the financial year 2026

Scout24 Group is convinced that it can offer its customers significant added value in various market situations with its diversified product portfolio as well as the ongoing integration of AI along the entire real estate value chain. The basis for this is the consistent execution of the product- and technology-driven strategy with a clear focus on interconnectivity and AI. In this context, the Management Board remains confident that it will again increase revenue in 2026 while maintaining high profitability. Therefore, the Management Board once again confirms its forecast published on 26 February 2026 and expects revenue growth of 16-18%, of which 6-7 percentage points are attributable to inorganic contribution from Spain². Furthermore, the Management Board expects an ordinary operating EBITDA margin of up to 61% (organic³ up to 64%). In the first quarter of 2026, the Management Board had already confirmed its financial forecast for the 2026 financial year for the first time.

^{2) Including the (consolidated) revenue contributions from Fotocasa Group S.L.U. (formerly: Adevinta Real Estate S.L.U.) and its subsidiaries in the financial year 2026 (as of March 2026).
3) Excluding the (consolidated) contributions from Fotocasa Group S.L.U. (formerly: Adevinta Real Estate S.L.U.) and its subsidiaries in the financial year 2026 (as of March 2026).}

Half-year report 2026

A detailed description of the development of business and the results of operations is provided in the half-year financial report 2026, which is available at www.scout24.com/en/investor-relations/financial-reports-presentations. An overview of the current and historical key financial figures at Group and segment level is also provided in a table on that page.

Webcast

Scout24 will hold a webcast and conference call on the Q2/H1 2026 results today (6 August 2026) at 15.00 CEST. The links to the dial-in details, registration and recording can be found at www.scout24.com/en/investor-relations/financial-events/financial-calendar.

Next reporting dates

Scout24 will publish the results for the third quarter and the first nine months of 2026 on 4 November 2026.

About Scout24

Scout24 is one of the leading tech companies in Germany. With the marketplace ImmoScout24, for residential and commercial real estate, we successfully bring together homeowners, real estate agents, tenants, and buyers – and we have been doing so for more than 25 years. With approx. 19 million users per month on the website or in the app, ImmoScout24 is the market leader for digital real estate listing and search. To digitalise the process of real estate transactions, ImmoScout24 is continually developing new products and building up a networked, data-rich ecosystem for renting, buying, and commercial real estate in Germany and Austria, and since 2026 also in Spain. Scout24 is a listed stock corporation (ISIN: DE000A12DM80, Ticker: G24) and member of the DAX, the DAX 50 ESG and the DAX 50 ESG+. Further information is available on LinkedIn.

Contact for Investor Relations
Filip Lindvall
Vice President Group Strategy & Investor Relations
Tel: +49 30 243011917
Email: ir@scout24.com

Contact for media

Theresa Lewandowski
Senior Manager Corporate Communications
Tel: +49 30 243 011422
Email: mediarelations@scout24.com

Disclaimer

This document 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. This document 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. In case of any divergence, the German version shall have precedence over the English translation. The business figures contained in this document have neither been audited in accordance with § 317 HGB nor reviewed by an auditor.