Scout24 delivers strong start to 2026: double-digit growth, margin expansion; upsizes share buy-back volume in 2026
- Q1 2026 with double-digit revenue growth (reported: +13.9%; organic: +10.7%1))
- Continued Group margin expansion to 60.1% (+0.6 percentage points) while investing in product, tech, AI and integrating acquisitions
- Strong momentum in the B2B subscription business with 20.4% revenue growth and 3.7% customer growth in Germany
- EPS increased by 40.2% to EUR 0.97; adjusted EPS up 20.1% to EUR 0.95
- Free cash flow rose by 10.6% to EUR 56.3 million
- Spain contributes first month of revenues following acquisition (consolidation from March 2026)
- Upsized share buy-back, with up to EUR 350 million to be returned in 2026
- Guidance for financial year 2026 confirmed
Munich / Berlin, 29 April 2026
Scout24 carries strong momentum into 2026, delivering double-digit revenue growth of 13.9% to EUR 179.6 million (organic: +10.7%)1). Performance was driven by high demand for subscriptions in the Professional segment alongside continued growth in subscription and pay-per-ad revenues in the Private segment. Customer numbers increased across both segments in Germany, supported by demand for the company’s integrated products and services. A new tiering and pricing model for B2C products was introduced, providing a more differentiated structure with clear upselling paths and supporting demand for higher-value memberships. The transaction enablement business showed continued growth in CRM as well as in data and valuation services.
Ordinary operating EBITDA increased by 15.1% to EUR 107.9 million, with the corresponding margin improving to 60.1% (+0.6 percentage points). This development reflects continued operating leverage, while Scout24 continues to invest in product innovation, technology and the integration of recent acquisitions. At the same time, AI is increasingly contributing to higher engagement, usage and growth across the platform, while also supporting enhanced data generation and further efficiency gains.
“We have made a good start to 2026. Our B2B membership business continues to deliver industry-leading mid-teens revenue growth and further market share gains, driven by strong demand for our comprehensive membership offerings. We are also seeing dynamic growth in our AI products, such as HeyImmo and PropstackAI, still at an early stage with significant potential ahead. I look forward to sharing more on our vision, innovations and strategy at our Capital Markets Day on 12 May,” comments Ralf Weitz, CEO of Scout24.
1) Group revenues minus the consolidated revenue contribution from the Spanish platforms in financial year 2026 (from March 2026)
Continued customer expansion and robust subscription demand support Q1 performance
In the first quarter of 2026, the Professional segment delivered significant revenue growth of 15.8%. Subscription revenues in Germany increased by 14.5% to EUR 89.5 million, supported by continued high demand for Scout24’s membership models and integrated solutions, which are deeply embedded in agents’ workflows. Customer number in Germany rose by 3.7% to an average of 24,383, driven by ongoing new customer acquisition and a stable customer base. Professional ARPU for Germany grew by 10.5%, reflecting strong execution on membership migration, pricing as well as upselling. Subscription revenues in Spain and Austria will be aggregated and reported under “Subscription revenue Rest of Europe” starting from Q1 2026. Subscription revenue Rest of Europe amounted to EUR 9.6 million in the first three months of 2026. Further details on the updated reporting structure of the Professional segment are available in the Q1 2026 quarterly statement. Revenue from transaction enablement (Q1 2026: EUR 28.6 million) grew by 5.1% year on year. Strength in CRM as well as data and valuation services was partly offset by continued mixed demand in the lead business. In particular, consumer leads remained subdued, while seller leads developed positively.
The Private segment delivered revenue growth of 8.8% in the first quarter, driven primarily by subscription revenues (+5.3%) and continued strength in the pay-per-ad business. Customer numbers increased by 2.5% year on year to an average of 507,602, despite the ongoing implementation and testing of the newly introduced product tiering model. The new tiering and pricing model introduces a more differentiated product structure with clearer feature differentiation and pricing tiers, enabling targeted upselling and providing customers with more tailored offerings. Entry-level packages include benefits such as prioritised contact placement and an improved, fully digital application process. Higher-tier offerings provide additional functionalities, including access to grey market listings via waitlists, expanded listings inventory through the ImmoScout24 tenant network, and combined access to both rental and sale listings. Initial effects are particularly reflected in increasing demand for higher-value memberships, supporting ARPU growth of 2.7%. Demand in the reporting period was also affected by the macroeconomic environment. Revenue from the pay-per-ad business increased by 13.5%, reflecting continued healthy market activity as well as ImmoScout24’s strong brand and product positioning.
Continued revenue growth and operating leverage drive further margin expansion
Operating expenses increased by 12.2% in the first quarter of 2026, remaining well below revenue growth. This was achieved despite the consolidation of recent acquisitions and continued investments in product development, AI capabilities and platform infrastructure. On an organic basis, cost growth remained in the mid-single-digit range. The below-proportional increase highlights cost discipline and operating leverage, supported by subscription revenue growth and efficiency gains from the company’s interconnectivity strategy.
Personnel expenses (+2.2%) rose primarily due to the integration of acquired businesses. This reflects inorganic growth, while organic personnel costs were significantly reduced due to internal efficiency gains.
Marketing expenses (+26.7%) increased, driven by targeted brand and image campaigns as well as investments related to the launch of new B2C subscription offerings, driving increased awareness, product adoption and customer engagement.
IT costs rose year on year (+19.5%), driven by the consolidation and migration of the Spanish platforms. Organic cost growth remained in the mid-single-digit range and well below revenue growth.
Purchasing costs also increased (+14.2%), driven by increased demand for data and valuation services and SCHUFA credit checks.
Other operating expenses (+17.2%) rose mainly due to intensified collaboration with specialised external service providers, and also remained well below revenue growth on an organic basis.
Strong revenue growth and continued cost discipline drove a 15.1% increase in ordinary operating EBITDA to EUR 107.9 million in the first quarter of 2026. The corresponding margin improved by 0.6 percentage points to 60.1%, reflecting ongoing operating leverage alongside continued investments.
Non-operating effects declined significantly compared to the prior-year quarter and were positive overall. This was mainly driven by the reversal of share-based compensation provisions due to a decrease in the share price. Lower reorganisation costs also contributed, partly offset by higher M&A-related expenses related to the Spanish acquisitions, including post-closing migration activities.
As a result, reported EBITDA increased by 30.8% to EUR 112.4 million, driven by strong operating performance and lower non-operating effects.
Operating profit (EBIT) amounted to EUR 98.8 million (+33.8%), benefiting from EBITDA growth and a comparatively lower increase in depreciation and amortisation.
The financial result improved significantly compared to the prior-year period (+59.1%). This is primarily attributable to gains from foreign exchange effects.
Net income increased by 37.1% to EUR 68.5 million, primarily reflecting strong operating performance, lower non-operating effects and an improved financial result.
As a result, earnings per share amounted to EUR 0.97, compared to EUR 0.69 in the prior-year quarter. Adjusted earnings per share, which normalises for non-operating factors, reached EUR 0.95 in the first quarter of 2026, delivering dynamic growth of 20.1% compared to last year.
Cash generation in the first three months of 2026 remained healthy with cash flow from operating activities reaching EUR 64.2 million, an increase of 10.0% compared to the prior-year period. This reflects the strong revenue and ordinary operating EBITDA performance. Free cash flow2) reached EUR 56.3 million and grew by 10.6% year on year.
“Scout24 delivered a successful first quarter, with continued double-digit revenue growth and further operating leverage. This highlights the scalability of our business model and the discipline in our cost base, even as we continue to invest in technology, AI and acquisitions. Since joining, I have seen a company that is fully committed to consistent execution and which has a clear focus on scalable, yet profitable growth. Building on our strong performance, consistent cash generation, and the confidence we have in the business, we decided to increase our share buy-back to up to EUR 350 million in 2026. We remain on track to deliver our full-year 2026 guidance and I look forward to presenting our updated financial framework at our Capital Markets Day,” said Martin Mildner, CFO of Scout24 SE.
2) Free cash flow is calculated on the basis of net income, taking into account depreciation and amortisation, capitalised assets and IFRS 16 leasing, non-cash tax impact, changes in working capital and provisions as well as net financial impact.
| EUR million |
|
Q1 2026 |
|
Q1 2025 |
|
Change |
| Revenue |
|
179.6 |
|
157.6 |
|
+13.9 % |
| Professional segment |
|
133.6 |
|
115.3 |
|
+15.8 % |
| Private segment |
|
46.0 |
|
42.3 |
|
+8.8 % |
| Ordinary operating EBITDA1,2 |
|
107.9 |
|
93.7 |
|
+15.1 % |
| Professional segment |
|
80.8 |
|
68.8 |
|
+17.4 % |
| Private segment |
|
27.1 |
|
24.9 |
|
+8.8 % |
| Ordinary operating EBITDA margin1,2,3 (%) |
|
60.1 % |
|
59.5 % |
|
+0.6pp |
| Professional segment |
|
60.5 % |
|
59.7 % |
|
+0.8pp |
| Private segment |
|
58.9 % |
|
58.9 % |
|
0.0pp |
| EBITDA1 |
|
112.4 |
|
85.9 |
|
+30.8 % |
| Net Income |
|
68.5 |
|
50.0 |
|
+37.1 % |
| Adjusted net Income4 |
|
67.1 |
|
57.1 |
|
+17.5 % |
| Earnings per share (basic, EUR) |
|
0.97 |
|
0.69 |
|
+40.2 % |
| Adjusted earnings per share (basic, EUR)4 |
|
0.95 |
|
0.79 |
|
+20.1 % |
| |
|
|
|
|
|
|
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 confirms its guidance for the financial year 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. Therefore, the Management Board once again confirms its forecast published on 26 February 2026 and expects revenue growth of 16-18%, of which 6-7 percentage points are attributable to inorganic contribution from Spain3). Furthermore, the Management Board expects an ordinary operating EBITDA margin of up to 61% (organic4) up to 64%). In the first quarter of 2026, the Management Board had already confirmed its financial forecast for the 2026 financial year for the first time.
3) Including the (consolidated) revenue contributions of Adevinta Real Estate S.L.U. and its subsidiaries in the 2026 financial year (since March 2026).
4) Excluding the (consolidated) contributions of Adevinta Real Estate S.L.U. and its subsidiaries in the 2026 financial year (since March 2026).
Capital allocation and share buy-back
Based on the strong cash generation and the confirmation of the business outlook, the Management Board of Scout24 SE, with the approval of the Supervisory Board, resolved yesterday to complete the first tranche of up to EUR 100 million, launched in January 2026 and already almost fully utilised, ahead of schedule by the end of May 2026. Directly thereafter, a second tranche with a volume of up to EUR 250 million will be initiated. This second tranche is expected to run until no later than the end of 2026, resulting in a total volume of up to EUR 350 million for the full year 2026.
Quarterly statement Q1 2026
A detailed description of the development of business and the results of operations is provided in the Q1 2026 quarterly statement, which is available at https://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 on the Q1 2026 results today (29 April 2026) at 15.00 CEST. The links to the dial-in details, registration and recording can be found at: https://www.scout24.com/en/investor-relations/financial-events/financial-calendar.
Next reporting dates
12 May 2026: Capital Markets Day
17 June 2026: Annual General Meeting
6 August 2026: Half Year Report 2026 and Analyst Conference Call
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.
Contact for Investor Relations
Filip Lindvall
Vice President Group Strategy & Investor Relations
Tel: +49 30 243011917
Email: ir@scout24.com
Contact for media
Theresa Lewandowski
Senior Manager Corporate Communications
Tel: +49 30 243 011422
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 business figures contained in this document have neither been audited in accordance with § 317 HGB nor reviewed by an auditor.
