Scout24 SE (WBO:G24)

Q3 2024 Scout24 SE Earnings Call Transcript

Oct 31, 2024 / 02:00PM GMT

Release Date Price: €79.1 (-1.37%)

Transcript

Key Points

Positve

Scout24 SE (SCOTF) reported a revenue growth of 8.5% in Q3 2024, contributing to an 11.4% increase for the first nine months of the year.
The company's core agent membership business and private subscription segment showed strong performance, with membership business revenue growing by 9.0% during the quarter.
The private subscription business experienced a significant growth of 27.6% in Q3, with the customer base surpassing 470,000.
Scout24 SE (SCOTF) achieved a 16.1% growth in operating leverage and a 4.1 percentage point margin expansion in Q3.
Adjusted EPS rose by 16.0% to EUR0.75 during the reporting period, indicating strong profitability.

Negative

Transactional volumes in the real estate market remain lower than historical levels due to decreased buyer affordability.
The market for commercial developers and new homebuilding remains challenging, with no clear signs of recovery yet.
Demand for mortgage leads remains soft, impacting the transaction enablement segment.
The ordinary operating EBITDA margin for the Professional segment decreased slightly by 0.1 percentage points to 62.5%.
Non-operating effects increased by 41.4% year-on-year for the nine-month period, driven by higher accruals for share-based compensation.

Operator

Ladies and gentlemen, welcome to the Q3 2024 results conference call. I am Elo, the Chorus Call operator (Operator Instructions) The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Filip Lindvall, Vice President, Group Strategy and Investor Relations. Please go ahead.

Filip Lindvall

Scout24 SE - Director Group Strategy & Investor Relations

Good afternoon, everyone, and welcome to Scout24 third-quarter and nine months 2024 earnings call. My name is Filip Lindvall, and I'm Vice President, Group Strategy and Investor Relations at Scout24. With me on the call today are Tobias Hartmann, our Chief Executive Officer; and Dirk Schmelzer, our Chief Financial Officer. Tobi will start the presentation with an overview of our quarterly performance, and Dirk will dive deeper into our nine months and third-quarter 2024 results.

Let me just remind you that we have now completed the first full year since the consolidation of Sprengnetter on July 1, 2023. This means there is no longer any inorganic

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