Scout24 delivers strong Q3 2025; full-year guidance narrowed towards upper end

Scout24 delivers strong Q3 2025; full-year guidance narrowed towards upper end

• Continued mid-teens revenue growth of 15.0% in Q3 and 15.3% for 9M

• Strong customer growth in both segments

• Operating leverage drives margin expansion in 9M

• EPS growth continued in Q3, with adjusted EPS up 20.3% for 9M

• Operating Cash Flow growing 15.2% to EUR 225 million for 9M

• FY2025 guidance narrowed towards upper end for ooEBITDA margin expansion and mid to upper end for revenue growth

Munich / Berlin, 30 October 2025

Scout24 maintained its mid-teens growth path in the third quarter. Revenues rose by 15.0% to EUR 165.6 million (organic growth: 11.1%). In the first nine months of 2025, revenues increased by 15.3% to EUR 483.8 million. Organic growth remained double-digit, reaching 11.5% over the same period.

Third quarter revenue performance was again fuelled by strong customer demand for B2B and B2C subscription products. The Private pay-per-ad business continued to deliver accelerated double-digit growth. In the transaction enablement business, CRM showed solid growth. Data and valuation services also experienced continued strong demand.

Ordinary operating EBITDA increased significantly by 16.5% in the nine-month period. This was driven by strong revenue growth coupled with ongoing operational efficiencies and synergies stemming from Scout24’s interconnectivity strategy. The effective integration of recently acquired businesses also supported this positive development. This led to an improvement in the ordinary operating EBITDA margin to 61.9% (+0.6 percentage points).

“We delivered strong Q3 results with robust revenue and customer growth. At the same time, we’ve implemented HeyImmo, an AI-powered search assistant to enhance the user experience. The acquisition of Fotocasa and Habitaclia expands our European footprint at an attractive valuation, while we execute on the significant German growth opportunities ahead,” comments Ralf Weitz, CEO of Scout24.

Record customer numbers and strong subscription revenues remain primary growth drivers

The Professional segment maintained its strong momentum in the third quarter delivering 15.2% growth for the first nine months of the year (Q3 2025: 15.1%). Subscription revenue accelerated quarter on quarter and rose strongly by 15.5% (organic growth: 12.3%) to EUR 253.8 million in the nine-month period. Customer growth continued its strong performance in the third quarter with 5.7% year on year, pushing the average customer count to an all-time high of 26,143 customers. ARPU even accelerated compared to the already healthy growth momentum from Q2 and grew by 10.4%. This was supported by the extended product portfolio of neubau kompass. Transaction enablement revenue expanded by 19.3% to EUR 80.3 million in the first nine months of 2025, with an organic contribution of 5.8%, reflecting mixed performance across business lines: The CRM business delivered the strongest growth and demand for data and valuation services was robust. While homeowner leads showed a stable development, demand for mortgage, ESG and relocation leads remained soft.

The Private segment’s total revenue increased by 15.5% in the nine-month period. Subscription revenue remained the primary growth driver, rising by 21.9% to EUR 80.2 million in the first nine months of the year. This was reinforced by continued strong demand for Plus products. The subscriber base maintained its growth trajectory (+24,474 customers quarter on quarter) to reach 526,740 customers on average during July to September 2025. ARPU growth moderated to 2.9% in Q3, reflecting the year-on-year increased baseline effect due to the implementation of the dual-vendor strategy for credit checks in 2024. The Private pay-per-ad product continues to perform very well. This was supported by the ongoing recovery of the real estate sales market. The respective revenues grew by 15.1% in the third quarter.

Operating expenses continued to increase at lower rate than revenues despite ongoing investments in tech, AI and product

Operating expenses for the first nine months 2025 increased by 11.1% year on year, mainly driven by the consolidation of recent acquisitions. On an organic basis, operating expenses only rose by mid-single digits.

Personnel expenses remained stable organically and increased by 9.9% driven by the integration of recent acquisitions. While reported marketing expenses rose slightly due to brand and image campaigns, they declined organically driven by efficiency gains in the leads business. These efficiency improvements from the interconnectivity strategy enabled strategic reinvestment into brand marketing, supporting long-term growth. IT expenses increased by 17.2%, mainly due to new cloud-based enterprise software implementation and higher AWS costs. The AWS costs were driven by the migration of acquisitions to AWS and increased data volumes. Additional factors include ongoing AI investments and the integration of recent acquisitions.

Compared to the 15.3% revenue growth, the lower increase in costs demonstrates Scout24’s ability to continuously generate operating leverage while maintaining investments in product development, AI technologies, technical infrastructure and IT systems.

Strong revenue momentum and operating leverage leads to continued margin expansion

Operational efficiency, combined with strong revenue growth, led to an increase in ordinary operating EBITDA by 16.5% to EUR 299.6 million in the January to September 2025 period. This resulted in a strong nine-month margin expansion to 61.9% despite M&A integration.

Non-operating effects totalled EUR 42.8 million and saw an increase of 29.7% in the first nine months of the year (Q3 2025: EUR 7.2 million; +33.0%), primarily stemming from higher M&A-related expenses and share-based compensation.

As a result, while still showing healthy growth, Group EBITDA rose at a somewhat lower rate of 14.6% to EUR 256.8 million compared to the nine-month period of 2024 due to increased non-operating costs.

The financial result improved in both periods due to lower impact from valuations of M&A purchase price liabilities as well as lower interest expenses. Currency effects from USD hedging had a negative impact, as the US dollar has depreciated against the euro since the beginning of the year.

Despite higher depreciation and amortisation, earnings before taxes grew positively in line with revenue growth, supported by the improved financial result and operating costs rising at a slower pace than revenues.

The third quarter 2025 benefited from a EUR 43 million one-time gain from deferred tax revaluation, following a new German legislation that will reduce the corporate tax rate from 2028. This one-off tax benefit significantly boosted third-quarter net income which rose substantially by 53.8% to EUR 190.5 million in the first nine months of 2025.

As a result, earnings per share for the first nine months of the year amounted to EUR 2.64, representing a 55.9% increase year on year.

Adjusted earnings per share, which normalises for specific non-operating factors, reached EUR 2.55 in the nine-month period, delivering dynamic growth of 20.3% compared to the same period last year.

Cash generation in the first nine months of 2025 showed strong performance with cash flow from operating activities reaching EUR 225.1 million, an increase of 15.2% compared to the previous year. This development was due to the strong revenue and ordinary operating EBITDA performance as well as the non-cash nature of the majority of non-operating costs incurred during 9M 2025. Free cash flow¹ reached EUR 202.4 million and grew by 17.1% year on year.

^{1 Free cash flow is calculated on the basis of net income, taking into account depreciation and amortisation, capitalised assets and IFRS 16 leasing, net taxes paid, changes in working capital and provisions as well as net financial impact.}

“We delivered strong nine-month results and narrowed our guidance to the upper end. This puts us on track to achieve our fifth consecutive year of double-digit revenue growth and third year of margin expansion. We continue converting our product- and tech-led strategy into shareholder value, with adjusted EPS growing 20% and free cash flow up 17% in the first nine months,” said Dirk Schmelzer, CFO of Scout24 SE.

 ^{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 narrows guidance for financial year 2025 to the upper end based on strong business performance

The Management Board of Scout24 SE is very satisfied with the continuous, dynamic growth recorded in the third quarter and the resulting financial and operational performance for the current financial year. Nevertheless, current global uncertainties could continue to influence interest rates, consumer confidence, and the general dynamics of the real estate market in Germany. The transaction market in particular remains characterised by these uncertainty factors.

With the ImmoScout24 platform, the Scout24 Group has an excellent position to strategically further develop its offering in the German real estate market. Despite a persistently challenging market environment, the Scout24 Group is confident that its diversified product portfolio will continue to deliver specific added value to its customers even in demanding market situations.

The Management Board hereby narrows the current guidance for the 2025 financial year from 14-15% revenue growth as well as an increase in the ordinary operating EBITDA margin of up to 70 basis points to the upper end of the margin guidance and the mid to upper end of the revenue guidance, respectively. Overall, the main focus remains on increasing the Group’s ordinary operating EBITDA and the associated margin.

Quarterly statement Q3/9M 2025

A detailed description of the development of business and the results of operations is provided in the Q3/9M 2025 quarterly statement, 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 today at 15.00 CET to discuss the results for the third quarter/first nine months of 2025. The links to the dial-in details and registration can be found at: https://www.scout24.com/en/investor-relations/financial-events/financial-calendar.

A recording of the webcast will be available after the event at the following link: https://www.webcast-eqs.com/scout24-q32025

Next reporting date

Scout24 will publish its preliminary financial results for the full year (and Q4) 2025 on 26 February 2026.

About Scout24

Scout24 is one of the leading digital 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 digitise 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. 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

Viktoria Götte

Senior Manager Corporate Communications

Tel: +49 89 262024943

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 quarterly figures included in this document have neither been audited in accordance with § 317 HGB nor reviewed by an auditor.