Scout24 SE
/ Key word(s): Quarter Results/9 Month figures
Scout24 sustains revenue momentum in Q3 and accelerates earnings growth; revenue guidance specified to c. 18%
04.11.2026 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Scout24 sustains revenue momentum in Q3 and accelerates earnings growth; revenue guidance specified to c. 18%
Strong Q3 2026 revenue growth of 19.7%, with double-digit organic growth of 10.1%
German B2B subscription revenue continues strong double-digit growth
Spain delivers sequential revenue growth, customer gains and improved profitability
B2C subscription revenue growth accelerated to 10.4%
ooEBITDA growth increased to 15.9%, with sequential and organic margin expansion
Agentic OS execution drives increased customer value and new monetisation opportunities
Adjusted EPS growth accelerated to 21.5%, supported by share buy-backs
FY 2026 revenue guidance specified to c. 18% growth; profitability targets reaffirmed
Munich / Berlin, 4 November 2026
Scout24 delivered strong third-quarter results in a challenging market environment, with double-digit organic revenue growth and broad-based contributions across products. B2B subscription revenue maintained its strong momentum, while B2C subscription revenue growth accelerated. The Spanish business also continued to progress, delivering sequential revenue growth. ImmoScout24 maintained strong user engagement, with high reach, more search requests per session and rapidly growing adoption of AI-powered search. This performance underlines the strength of Scout24's business model, with increasing customer value and growing use of additional ecosystem products supporting ARPU growth. Continued execution of the Agentic OS strategy and growing adoption of new AI applications create further opportunities for monetisation and long-term ecosystem growth.
On the cost side, more efficient processes, increasing automation and AI adoption supported a further decline in organic personnel costs, showing early benefits as Scout24 develops into an AI-native organisation.
Ordinary operating EBITDA and adjusted EPS growth accelerated respectively.
“In Q3, we continued to deliver strong revenue momentum, financial performance and growing customer base. Our Agentic OS strategy is the right response to a market where AI is changing how people search and act. Scout24's trusted brands, technology platform, customer relationships and unique data give us a strong foundation to build the best AI platform for real estate – we are already seeing this in the growing adoption of our AI products. Our B2C subscription growth re-accelerated, reflecting the positive response to our new product tiering. Our Spanish business is gaining momentum, with a growing customer base. We are confident about the opportunities ahead and our ability to carry this momentum into 2027,” said Ralf Weitz, CEO of Scout24 SE.
Update on Agentic OS for real estate
Scout24 continued to advance its Agentic OS strategy in the third quarter of 2026, expanding its AI-powered offering for consumers and professionals. These products create customer value by helping consumers improve their chances of securing a property and enabling professionals to automate recurring tasks. They also support monetisation through higher-value memberships and usage-based ecosystem products.
Unlimited members benefit from the AI-powered Application Assistant and receive four times as many viewing invitations. The higher-value Pro and Unlimited plans now account for around 40% of the membership mix, supporting B2C ARPU growth.
Scout24 also expanded its offering across the rental journey with the launch of the product “KautionsbürgschaftPlus”, a digital rental deposit guarantee that provides additional value to tenants.
In the Professional segment, Scout24 introduced Proppi, a new AI assistant within Propstack that supports agents with automation of recurring communication and work processes. Usage increased during the phased rollout, with further capabilities planned across key agent workflows. ImmoPoints continued to grow strongly: in September, more than 10,000 professional customers on the new membership plans used ImmoPoints, an increase of more than 40% y-o-y. ImmoPoints volume increased by more than 30% y-o-y, expanding usage-based monetisation of AI-powered features and other ecosystem products beyond membership fees. Continued execution of the Agentic OS strategy strengthens customer value and supports long-term ecosystem growth.
Group financials
Group revenue increased by 19.7% y-o-y to EUR 198.2 million in Q3 (9M: EUR 570.5 million, +17.9%). Organic revenue growth, excluding the Spanish business, remained double-digit at 10.1% (9M: 10.4%).
Ordinary operating EBITDA increased by 15.9% y-o-y, reaching EUR 120.8 million in Q3 (9M: EUR 344.7 million, +15.1%). Reflecting the consolidation of the Spanish business, the reported margin was 60.9% (9M: 60.4%).
On an organic basis, the margin expanded by 0.4pp y-o-y to 63.3% in Q3 (9M: 63.1%, +1.2pp). Temporarily higher marketing expenses and increased impairment losses on receivables moderated organic margin expansion in the reporting quarter. Scout24 expects stronger organic margin expansion in Q4 2026.
Adjusted EPS increased by 21.5% y-o-y, reaching EUR 1.09 compared with EUR 0.90 in Q3 2025 (9M 2026: EUR 3.06, +19.7%). Basic EPS declined by 26.5% y-o-y to EUR 1.03 from EUR 1.41 in Q3 2025, reflecting the one-off positive tax effect in the prior-year quarter.
“Q3 demonstrates Scout24's ability to deliver consistent, attractive revenue and earnings growth in a changing macroeconomic environment, while continuing our transformation towards an Agentic OS. Growth is broad-based across our product portfolio, and profitability continues to improve as we embed AI across the organisation. We have significantly improved the operating performance of our Spanish business, with sequential revenue growth and markedly higher profitability, underscoring our track record as a disciplined acquirer of complementary businesses. We also continued to return capital to shareholders in 3Q through accelerated share buy-backs of EUR 165 million, driving adjusted EPS accretion and long-term shareholder value creation through disciplined capital allocation. Based on our strong performance in the first nine months, we now expect full-year revenue growth of c. 18% and reaffirm our profitability targets,” said Martin Mildner, CFO of Scout24 SE.
Professional: German subscriptions and progress in Spain drive growth
Professional revenue increased by 23.3% to EUR 146.7 million in Q3. German subscription revenue grew by 11.5%, supported by customer growth of 3.9%, its highest rate of the year. ARPU growth moderated to 7.4%, reflecting subdued project activity among property developers and new-build providers. Continued migration to the new membership models lays the foundation for further ARPU growth from 2027 through upgrades and increased adoption of additional products and services.
The Spanish business increased revenue sequentially to EUR 15.8 million from EUR 15.5 million in Q2, gained 2.4% professional customers between the end of June and the end of September, and markedly improved profitability. Transaction Enablement revenue grew by 8.8% to EUR 29.1 million, its highest growth rate of the year, with contributions across the portfolio.
Private: Subscription revenue growth accelerates as expected
Private revenue grew by 10.5% to EUR 51.6 million in Q3 2026, its highest growth rate of the year. Subscription revenue growth accelerated to 10.4%. Higher-value memberships and positive product mix effects drove ARPU growth of 8.9%, while the average customer base increased by 1.4% to around 534,000 against a tough prior-year comparable. Pay-per-ad revenue increased by 9.8%, supported by higher listing volumes and continued demand from private landlords. Targeted marketing investments supported customer and product growth, while profitability improved sequentially.
Capital allocation
In the third quarter of 2026, Scout24 continued to execute its value-creating capital allocation strategy. Share buybacks accelerated to EUR 165 million, more than three times the amount repurchased in Q2. Scout24 also acquired the remaining 25% stake in Sprengnetter. By the end of September 2026, more than 4 million shares had been repurchased and 3 million treasury shares had been cancelled during the year, reducing share capital from EUR 75 million to EUR 72 million and further accelerating adjusted EPS growth for shareholders. Net debt stood at EUR 612.7 million at quarter-end, equivalent to a leverage ratio of 1.36x (net debt to LTM ordinary operating EBITDA).
Management Board specifies revenue outlook and confirms margin target for 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.
Based on the strong business performance in the first nine months of 2026, the Management Board specifies its full-year outlook and now expects revenue growth of c. 18%, including an inorganic contribution of 7-8 percentage points from Spain1 (previously: revenue growth of 16–18%, including 6–7 percentage points from Spain). The Management Board reaffirms its profitability target for the financial year 2026, with an ordinary operating EBITDA margin of up to 61% (organic2 up to 64%).
1Including 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).
2Excluding 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).
| EUR million |
|
Q3 2026 |
|
Q3 2025 |
|
Change |
|
9M 2026 |
|
9M 2025 |
|
Change | | Group revenue |
|
198.2 |
|
165.6 |
|
+19.7% |
|
570.5 |
|
483.8 |
|
+17.9% | | Professional segment |
|
146.7 |
|
119.0 |
|
+23.3% |
|
424.3 |
|
350.0 |
|
+21.2% | | Private segment |
|
51.6 |
|
46.7 |
|
+10.5% |
|
146.2 |
|
133.8 |
|
+9.3% | | Group ordinary operating EBITDA1,2 |
|
120.8 |
|
104.2 |
|
+15.9% |
|
344.7 |
|
299.6 |
|
+15.1% | | Professional segment |
|
89.1 |
|
74.6 |
|
+19.4% |
|
256.1 |
|
216.5 |
|
+18.3% | | Private segment |
|
31.8 |
|
29.6 |
|
+7.3% |
|
88.6 |
|
83.1 |
|
+6.6% | | Group ordinary operating EBITDA margin1,2,3(%) |
|
60.9 % |
|
62.9 % |
|
-2.0pp |
|
60.4 % |
|
61.9 % |
|
-1.5pp | | Professional segment |
|
60.7 % |
|
62.7 % |
|
-2.0pp |
|
60.4 % |
|
61.8 % |
|
-1.5pp | | Private segment |
|
61.6 % |
|
63.5 % |
|
-1.9pp |
|
60.6 % |
|
62.1 % |
|
-1.5pp | | Group EBITDA1 |
|
116.6 |
|
97.0 |
|
+20.2% |
|
330.0 |
|
256.8 |
|
+28.5% | | Net Income |
|
71.1 |
|
101.5 |
|
-30.0% |
|
202.8 |
|
190.5 |
|
+6.4% | | Adjusted net Income |
|
75.1 |
|
64.8 |
|
+15.8% |
|
213.6 |
|
184.5 |
|
+15.8% | | Earnings per share (basic, EUR) |
|
1.03 |
|
1.41 |
|
-26.5% |
|
2.90 |
|
2.64 |
|
+10.1% | | Adjusted earnings per share (basic, EUR)4 |
|
1.09 |
|
0.90 |
|
+21.5% |
|
3.06 |
|
2.55 |
|
+19.7% | 1EBITDA (unadjusted) is defined as earnings before the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.
2Ordinary 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.
Quarterly statement Q3/9M 2026
A detailed description of the development of business and the results of operations is provided in the Q3/9M 2026 quarterly statement, which is available at . 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 Q3/9M 2026 results today (4 November 2026) at 15.00 CET. The links to the dial-in details, registration and recording can be found at .
Next reporting dates
Scout24 will publish its preliminary financial results for the full year (and Q4) 2026 on 25 February 2027.
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.
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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.
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