Scout24 (G24) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with 16% revenue growth to EUR 157.6 million, 18% ordinary operating EBITDA growth to EUR 93.7 million, and 29% reported EPS growth, driven by robust performance in both professional and private segments, product innovation, and successful integration of recent acquisitions.

• CEO transition completed, with continued commitment to strategy focused on innovation, operational efficiency, and expanding data assets.

• Customer base expanded: professional customers up 5.9% to 25,601 and private subscribers up 19.8% to 495,200, with strong user and listing growth.

• Product innovations, including new AI-powered search and Property Hub enhancements, drove user engagement and platform momentum.

• Strategic acquisitions in Austria and Germany (IMMOunited, EXPLOREAL, neubau kompass AG, bulwiengesa AG) strengthened core platform and data capabilities.

Financial highlights

• Q1 2025 revenue reached EUR 157.6 million, up 15.8%-16% year-over-year; organic growth at 12.1%.

• Ordinary operating EBITDA grew 17.9%-18% to EUR 93.7 million, margin expanded to 59.5%.

• Adjusted EPS increased 17.9%-18% to EUR 0.79; reported EPS up 28.6%-29% to EUR 0.69, aided by lower non-operating costs.

• Reported net income rose 26.7% to EUR 50 million.

• Free cash flow conversion at 89% of adjusted net income and 54% of ordinary operating EBITDA.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: 12%-14% revenue growth, including ~2pp from acquisitions, and up to 50 basis points EBITDA margin expansion.

• Management remains confident in achieving or exceeding targets despite macroeconomic uncertainties and tougher year-on-year comparisons.

• Fifth consecutive year of double-digit growth and third year of margin expansion targeted.