Scout24 (G24) Q2 2024 earnings summary

Executive summary

• Revenue grew 14.4% in Q2 and 13.0% in H1 2024, driven by strong core agent membership, private subscription businesses, and Sprengnetter consolidation.

• Customer base expanded to over 22,400 professional customers and 440,000 private subscribers by end of June, with private subscribers up 27.1% year-over-year in Q2.

• Ordinary operating EBITDA rose 13.7% in H1 to €166.5 million, with margin expanding to 60.4%.

• Adjusted EPS increased 11.4% to €1.37 in H1, while reported EPS decreased 8.1% to €1.01 due to higher income taxes.

• From Q3 2024, reporting will focus on Professional and Private segments, with Media & Other integrated into Professional.

Financial highlights

• Group revenue reached €139.5 million in Q2 (+14.4% year-over-year) and €275.6 million in H1 (+13.0%).

• Ordinary operating EBITDA was €87.0 million in Q2 (+11.2%) and €166.5 million in H1 (+13.7%), with margin at 60.4%.

• Net income for H1 was €73.9 million.

• Cash flow from operating activities was €119.8 million (+14.6% year-over-year); net debt at €197.0 million (leverage ratio 0.61).

• All segments delivered double-digit revenue growth in H1 2024.

Outlook and guidance

• 2024 guidance confirmed: 9–11% revenue growth and ordinary operating EBITDA margin of about 61%.

• Q3 expected to be seasonally slower than Q4; organic growth momentum anticipated to continue.

• Focus remains on expanding product range, digitising real estate transactions, and leveraging economies of scale.

• No inorganic revenue from Sprengnetter in H2 as consolidation is now lapped.

• New segment structure (Professional and Private) to provide clearer strategic focus from Q3 2024.