Half Year 2026 Scout24 SE Earnings Call Transcript

Aug 6, 2026 / 01:00 PM GMT

Transcript

Key Points

Positve

Scout24 SE (SCCTY) delivered 20% revenue growth in Q2 2026, with continued double-digit organic growth and margin expansion.
AI integration is driving significant engagement, with AI search actions up 47x year-over-year and strong uptake of the AI-powered Unlimited tier, doubling signups.
Professional segment showed exceptional performance with organic operating EBITDA margin exceeding 65%, driven by pricing power and successful acquisition integration.
B2C subscriptions are gaining momentum, with subscriber growth accelerating to 522,000 in June and 528,000 in July, supporting double-digit revenue growth.
The company confirmed its full-year guidance, tracking toward the upper end of the revenue growth range, with strong confidence in margin expansion.
ImmoPoints, the digital currency for AI features, is generating €3.2 million in MRR with over 9,000 active customers, creating new recurring revenue streams.
Exclusive content strategy is paying off, with active listings up 18% and a tenant network of 50,000 listings, strengthening competitive advantage.
Cost discipline remains strong, with organic cost growth of only 6.4% versus 10.5% revenue growth, and personnel costs declining 3.5% organically.
Spain integration is progressing as expected, with a clear blueprint for margin improvement and confidence in reaching €60 million annual revenue run rate.
Adjusted EPS grew 18.8% to €1.97, outpacing revenue growth despite Spain dilution, supported by share buybacks and strong cash generation.

Negative

The German rental market faces structural undersupply and reduced search activity due to high rents and macroeconomic uncertainty, pressuring demand.
New-build market remains challenging, with housing completions down 40% from peak levels, though the company is still growing in this segment.
Private segment margin declined due to targeted marketing investments for new B2C products, which may continue in the second half.
A win-back campaign in April inflated subscriber numbers to 530,000, but was discontinued due to unsustainable growth, causing confusion and a dip to 522,000 in June.
Spain is still in the integration phase, incurring transitional service costs that will burden margins for the next 6-9 months.
Free cash flow declined year-over-year due to €25 million in LTIP cash outflows, though excluding this, it would have increased.
Financial leverage increased to 0.99x after deploying €400 million in M&A, buybacks, and dividends, reducing financial flexibility.
The company faces intense competition in the rental market, though it is gaining share, and external LLMs have not yet driven traffic, but this could change.
Private subscription growth is slower than historical 40% growth, now targeting double-digit, with ARPU growth dependent on higher-tier adoption.
Marketing costs increased 18.9% organically, reflecting investments in brand and new products, which may pressure margins if not offset by revenue growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

G24n.DE - Scout24 SE
Half Year 2026 Scout24 SE Earnings Call
Aug 06, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, welcome to the Scout24 H1 Q2 2026 Results Conference Call. I'm Moritz, the course call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session. You can register for questions at any time by pressing and 1 on your telephone. For operator assistance, please press and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Philip Lindwall, Vice President, Group Strategy and Investor Relations. Please go ahead, sir.

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Unidentified_2 [2]
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