Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Investoren in Scout24 SE (ETR:G24) hatten eine gute Woche, da ihre Aktien um 5,1% auf €71,00 anstiegen, nachdem die ersten Quartalszahlen veröffentlicht wurden. Die Ergebnisse entsprachen etwa den Erwartungen, mit Umsätzen von €180 Millionen und gesetzlichen Gewinn pro Aktie von €3,33. Die Analysten aktualisieren ihre Vorhersagen bei jedem Earnings-Bericht und können daraus ersehen, ob sich ihr Bild vom Unternehmen geändert hat oder ob es neue Bedenken gibt. Mit diesem Hintergrund haben wir die neuesten gesetzlichen Prognosen zusammengetragen, um zu sehen, was die Analysten für das nächste Jahr erwarten.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

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Key Points

Scout24 reported a strong Q1 with revenue up 13.9% to EUR 179.6m, ordinary operating EBITDA up 15.1% to EUR 107.9m (margin 60.1%), adjusted EPS +20.1% to EUR 0.95, and free cash flow of EUR 56.3m. Growth was led by the professional segment—revenue rose to EUR 133.6m (+15.8%) driven by subscription ARPU expansion and AI-enabled PropTech (customers using AI features generate ~EUR 340 monthly ARPU vs EUR 220 otherwise)—while product launches and B2C tiering supported private-segment momentum and subscriber gains. Management increased the 2026 share buyback to up to EUR 350m (net leverage ~0.76x) and reaffirmed guidance of group revenue growth 16–18% and an ordinary operating EBITDA margin of up to 61% (up to 64% organic). Interested in Scout24 SE? Here are five stocks we like better.

Scout24 (ETR:G24) opened fiscal 2026 with what management described as a “good start to the year,” pointing to double-digit organic revenue growth, margin expansion and higher earnings per share as the company continued to invest in product development and artificial intelligence.

Q1 performance: revenue up 13.9% and EBITDA margin at 60.1%

Chief Financial Officer Martin Mildner said Scout24’s first-quarter revenue rose 13.9% year over year to EUR 179.6 million, supported by strong momentum in the professional segment. Ordinary operating EBITDA increased 15.1% to EUR 107.9 million, resulting in an ordinary operating EBITDA margin of 60.1%, up from the prior-year quarter.

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Adjusted earnings per share increased 20.1% to EUR 0.95. Operating cash flow rose 10% to EUR 64.2 million, while free cash flow increased 11% to EUR 56.3 million. Mildner said free cash flow was impacted by working-capital changes tied to cash outs related to long-term incentive programs for prior financial years, but conversion remained “strong,” at 84% of adjusted net income and 52% of ordinary operating EBITDA.

Professional segment leads growth; reporting updated after Spain acquisition

Scout24’s professional segment continued to drive the quarter. Mildner reported professional segment revenue of EUR 133.6 million, up 15.8% year over year, with subscriptions described as the key growth driver. He said the German subscription business delivered “mid-teens revenue growth” driven by ARPU expansion and customer growth, while migration to a new membership model continued.

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The company also updated its reporting structure following the integration of its Spain acquisition. Mildner said Spain’s revenues are now included in subscription revenues, and regional reporting now shows Germany separately, with Austria and Spain combined under “Rest of Europe.” He added that third-party advertising revenues from Spain and Austria were reclassified under “Other Revenue.”

Story Continues

In the quarter, subscription revenue in Rest of Europe totaled EUR 9.6 million, including Spain revenues consolidated for March only, following the close of the acquisition at the end of February. On profitability, the professional segment’s ordinary operating EBITDA margin rose 0.8 percentage points to 60.5%.

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On the call, CEO Ralf Weitz emphasized that ARPU gains were not only price-driven. He attributed the increase to greater use of Scout24’s ecosystem products, saying agents increasingly use more than just listing services, including AI-enabled PropTech capabilities. He also said multi-product usage is rising, which he framed as a key lever for growth even without a large increase in total customer numbers.

Private segment: tiering rollout underway as subscriptions and pay-per-ad grow

In the private segment, revenue increased 8.8%, with growth supported by both subscriptions and pay-per-ad products. Mildner said the average B2C subscription customer base was 507.6 thousand, up 2.5% year over year, while ARPU rose 2.7%, supported by upselling and product mix.

Scout24 is rolling out a new B2C tiering and pricing model. Mildner described a transition phase as customers adapt, but said early indicators include “strong demand for higher-value memberships.” Pay-per-ad revenue in the private segment grew 13.5%, which Mildner said was driven by high market activity, strong brand and product positioning, and higher marketing needs from landlords as the rental market slowed.

The private segment’s ordinary operating EBITDA margin was 58.9%, which Mildner said was stable as Scout24 continued to invest in brand and marketing for the new B2C offering.

In response to questions about the subscription trajectory during the tiering rollout, Weitz said Scout24 had completed pricing tests that had temporarily slowed subscriber stock growth as planned. He said subscriber numbers were “going up again” and added: “We will see in April higher number already where we will be above 530,000 subscribers.” He also said March was the first full month with the tiering structure in place and that internal targets were met.

Product and AI: higher engagement, monetization and internal efficiency

Weitz said product innovation remained “high,” citing Q1 launches including the Tenant Network and Waiting List, Scout the Street, and enhancements to AI-powered search. He said the company’s ecosystem is becoming “increasingly interconnected,” pointing to a higher share of logged-in users and more cross-product purchasing.

Weitz and Mildner both highlighted AI as a contributor to engagement and monetization. Weitz said Scout24’s consumer-facing conversational search product “HeyImmo” reached around 650,000 monthly users within a few months, with “close to 1 million conversations” in April. He also said traffic from external large language models remained low at 0.3% to 0.4%.

On the professional side, Weitz pointed to AI-enabled PropTech features—such as automated listing and exposé creation—as improving productivity for agents. He said customers using these AI features generate around EUR 340 in monthly ARPU, compared to about EUR 220 without them.

Internally, Mildner said personnel costs declined organically by around 5%, attributing the reduction to AI initiatives and workflow automation, with organic full-time equivalents trending down “even with a growing business.” Marketing expenses rose in the mid-teens organically, while IT costs increased due to Spain and ongoing tech and AI investments.

Market conditions, capital allocation, and guidance reaffirmed

Weitz described the German real estate market as “fundamentally stable and healthy,” though he noted buyer interest has moderated amid macroeconomic uncertainty, interest rate movements and geopolitical developments. Scout24’s Transaction Momentum Index stood at 92 in Q1, slightly lower quarter over quarter. Inventory reached around 640,000 listings in March, up about 15% year over year, which Weitz attributed to platform strength and longer standing times in sale and rent markets.

During Q&A, Weitz addressed a decline in web traffic and said the company observed a traffic impact during heightened geopolitical events, adding that Scout24’s business is “not dependent on traffic volatility.” He said the traffic decline was primarily outside core search engagement, likening it to losing “window shopper” behavior, while engaged users remained stable.

On capital allocation, Mildner said Scout24 increased its 2026 share buyback plan to up to EUR 350 million, up from the previously expected EUR 200 million. The company’s net debt rose after buybacks and the Spain purchase price payment, with leverage increasing to 0.76 times. Mildner said the decision reflected confidence in delivering guidance and cited what he called Scout24’s “historically low valuation.”

Scout24 reaffirmed its full-year 2026 guidance. Mildner said the company continues to expect:

Group revenue growth of 16% to 18%, with six to seven percentage points coming from Spain (with full contribution from Q2 onward). Ordinary operating EBITDA margin up to 61%, or up to 64% on an organic basis.

Weitz said management expects B2B membership momentum to continue and described the early response to B2C tiering as encouraging. The company said it will provide more details on its product and AI roadmap at its Capital Markets Day in two weeks.

About Scout24 (ETR:G24)

Scout24 SE operates ImmoScout24, a digital platform for the residential and commercial real estate sectors in Germany and internationally. The company offers Realtor Lead Engine and Immoverkauf24 products for selling real estate; Mortgage Lead Engine, a mortgage financing product under the pay-per-lead model; mortgage and real estate financing advisory services; FLOWFACT and Propstack, which are CRM software solutions for real estate agents; and TenantPlus that provides rental properties. In addition, it offers BuyerPlus for users looking to buy properties; LivingPlus provides coverage and support for tenant protection; and LettingPlus, a cloud-based software solution.

The article "Scout24 Q1 Earnings Call Highlights" was originally published by MarketBeat.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Zusammenfassung (600 Wörter)

Dieser Artikel analysiert die Aktionärsstruktur von Scout24 SE (G24). Der Hauptauszug ist, dass institutionelle Beteiligung die Aktie stark beeinflusst und potenziell auch Entscheidungen des Aufsichtsrates beeinflusst.

Wesentliche Erkenntnisse:

• Dominierende Institutionelle Beteiligung: Über 83 % der Aktien von Scout24 werden von Institutionen gehalten. Diese Konzentration der Beteiligung bedeutet, dass Veränderungen im Anlageverhalten großer institutioneller Anleger sich stark auf den Aktienkurs auswirken werden.
• Einfluss der Analysten: Analystenprognosen, kombiniert mit den Beteiligungsdaten, geben eine starke Auskunft über die Aussichten des Unternehmens. Der Artikel betont die Bedeutung, sowohl institutionelle Beteiligungen als auch Analystenempfehlungen zu berücksichtigen.
• Risiko großer Verkäufe: Der Artikel warnt vor dem Risiko eines Kursrückgangs, wenn zwei große institutionelle Investoren gleichzeitig beschließen, ihre Aktien zu verkaufen.
• BlackRock als größter Aktionär: BlackRock, Inc. hält den größten Anteil (7,1 %) und ist damit ein wichtiger Akteur bei der Unternehmensführung. Andere bedeutende Anteilseigner halten etwa 5,3 % und 5,0 % der Aktien.
• Konzentrierte Beteiligung: Ein signifikanter Anteil von 52 % des Unternehmens wird von den Top 12 Aktionären gehalten, was bedeutet, dass kein einzelner Investor eine Mehrheit hält.
• Insider-Beteiligung: Der Artikel weist auf das Vorhandensein von Aufsichtsräten als Insider hin, gibt aber keine Details zu ihren Beteiligungen. Insider-Beteiligung wird im Allgemeinen positiv bewertet und deutet auf eine Ausrichtung zwischen Management und Eigentümern hin.
• Geringe Beteiligung der Öffentlichkeit: Die Öffentlichkeit – einschließlich Kleinanlegern – hält einen Anteil von 15 % des Unternehmens und kann daher nicht leicht übersehen werden. Diese Größe der Beteiligung mag zwar erheblich sein, aber sie ist nicht unbedingt genug, um Unternehmensrichtlinien zu ändern, wenn die Entscheidung nicht mit der Meinung anderer großer Anteilseigner übereinstimmt.

Methodik und Einschränkungen:

Der Artikel stützt sich auf öffentlich zugängliche Aktionärsdaten und Analystenprognosen. Er betont, dass die präsentierten Informationen auf historischen Daten und Prognosen beruhen und keine aktuelle Empfehlung zum Kauf oder Verkauf der Aktie darstellen. Die Prognosen der Analysten sind ein wichtiger Faktor, um das Potenzial der Aktie zu verstehen, und die bloße Betrachtung institutioneller Beteiligungen ist nicht ausreichend. Die Daten, die dargestellt werden, beziehen sich auf die Finanzberichte für den zwölfmonatigen Zeitraum, der am letzten Tag des Monats endet, an dem der Finanzbericht datiert ist.

Ich hoffe das hilft!