Scout24 (G24) CMD 2026 summary

Strategic evolution and technology leadership

• Achieved all 2024 financial and operational targets, including 15% revenue CAGR (2024–2026) and a 64% organic ooEBITDA margin for 2026, with strong customer growth in both B2B and B2C segments.

• Transitioned from a traffic-driven to an intelligence-driven business model, introducing the Agentic OS for Real Estate powered by AI agents and proprietary data infrastructure.

• Developed a digital currency, ImmoPunkte, to monetize AI use cases and expand ecosystem engagement across all user groups.

• Enhanced user experience with AI-native frontends, automated search, and agentic execution for professionals, seekers, and homeowners.

• Maintained brand leadership as the most trusted real estate platform in Germany, supporting the adoption of new AI-driven services.

Market opportunity and business model resilience

• Operates in a large, diversified German real estate market with 44 million units, stable prices, and growing demand for digitization and efficiency.

• Professional business generates €471m revenue (FY2025), accounting for 72% of total revenue, with B2B memberships as the foundation.

• Unique B2C business model with €179m revenue (FY2025), driven by subscriptions and private listings, and a tiered offering to capture grey market opportunities.

• Demonstrated resilience with sustained revenue growth through varying market environments, achieving an 11% CAGR (2018–2025) despite market downturns.

• Upgraded revenue and margin guidance for 2026–2028, targeting high single to low double-digit growth and around 64% ooEBITDA margin by 2028.

Financial performance and capital allocation

• Delivered industry-leading financial performance: 16% ooEBITDA CAGR, 17% adjusted EPS CAGR, and 13% revenue CAGR (2023–2025).

• Upgraded targets: 500k professional memberships by 2026 and 700k private subscriptions by 2028.

• Strong free cash flow and EPS growth underpin continued value creation, with a 23% FCF CAGR and 17% EPS CAGR (2023–2028E).

• Integrated capital allocation framework includes share buybacks, progressive dividends, and value-accretive M&A, returning €455m to shareholders in 2026.

• Outperformed 2024 CMD targets and increased guidance for all key metrics, reflecting confidence in the business model and future growth.