Scout24 SE
XETRA:G24
Scout24 SE
Scout24 SE, a prominent player in the digital marketplace landscape, primarily caters to the real estate sector in Germany. Established initially to facilitate connections in the automotive and real estate markets, the company has since honed its focus exclusively on the real estate domain. At the core of Scout24's operations is its leading platform, ImmobilienScout24, which acts as a bridge between property seekers and real estate professionals. This digital platform offers a comprehensive array of services, enabling users to browse listings, obtain market insights, and engage with property agents or landlords directly. By leveraging technology, Scout24 has established a robust network that attracts millions of users looking to buy, sell, or rent properties, securing its position as the market leader in Germany.
The revenue model at Scout24 SE is driven by a multifaceted approach, primarily through charging subscription fees to real estate professionals and agents who list properties on its platform. Additionally, the company capitalizes on advertising income, as the vast user base offers an attractive proposition for businesses looking to target consumers actively engaging in property transactions. Premium memberships and ancillary services—like financial offerings and market reports—add to Scout24’s revenue stream, providing added value to both individual users and corporate clients. This diversified business strategy not only enhances user engagement but also ensures a steady flow of income, underscoring Scout24's robust and scalable business model in the real estate technology sector.
Scout24 SE, a prominent player in the digital marketplace landscape, primarily caters to the real estate sector in Germany. Established initially to facilitate connections in the automotive and real estate markets, the company has since honed its focus exclusively on the real estate domain. At the core of Scout24's operations is its leading platform, ImmobilienScout24, which acts as a bridge between property seekers and real estate professionals. This digital platform offers a comprehensive array of services, enabling users to browse listings, obtain market insights, and engage with property agents or landlords directly. By leveraging technology, Scout24 has established a robust network that attracts millions of users looking to buy, sell, or rent properties, securing its position as the market leader in Germany.
The revenue model at Scout24 SE is driven by a multifaceted approach, primarily through charging subscription fees to real estate professionals and agents who list properties on its platform. Additionally, the company capitalizes on advertising income, as the vast user base offers an attractive proposition for businesses looking to target consumers actively engaging in property transactions. Premium memberships and ancillary services—like financial offerings and market reports—add to Scout24’s revenue stream, providing added value to both individual users and corporate clients. This diversified business strategy not only enhances user engagement but also ensures a steady flow of income, underscoring Scout24's robust and scalable business model in the real estate technology sector.
Revenue Growth: Scout24 delivered strong double-digit revenue growth, with Q3 and 9-month revenue up 15%, and is guiding to the mid- to upper end of its full-year growth range.
Margin Expansion: Ordinary operating EBITDA margin reached 61.9% for the 9 months, expanding by 60 basis points year-over-year, and is expected to hit the upper end of guidance for 2025.
AI Product Momentum: Management highlighted rapid adoption of AI-powered products like the HeyImmo chatbot, with user engagement more than doubling month-over-month.
Spanish Acquisition: The recent Photocasa and Habitaclia acquisitions in Spain are integrating well, with the group expecting initial margin dilution in 2026 but accretion from 2027.
Cash Generation & Buybacks: Free cash flow grew 17% to EUR 202.4 million, leverage fell to 0.38x, and Scout24 increased share buybacks to EUR 74.9 million for the 9 months.
2026 Outlook: Management expressed high confidence in sustaining double-digit organic growth and maintaining an ordinary operating EBITDA margin of at least 63% (excluding Spain) in 2026.
