Scout24 (G24) Q2 2025 earnings summary

Executive summary

• Achieved double-digit revenue growth in H1 2025, with revenue up 15.5% to €318.2 million, driven by strong demand and record customer numbers in both Professional and Private segments.

• Ordinary operating EBITDA rose 17.3% to €195.4 million, with margin expansion to 61.4%, and EPS up 22.3% to €1.23.

• Upgraded 2025 guidance: revenue growth now expected at 14–15%, with EBITDA margin expansion up to 70 basis points, reflecting strong business momentum and AI-driven innovation.

• AI integration accelerated across products and operations, with Prospect AI and Hey Emu driving platform engagement and efficiency.

• Management Board transition: Ralf Weitz appointed CEO in March 2025, with continued focus on interconnectivity and AI strategy.

Financial highlights

• Q2 2025 revenue reached €160.6 million (+15.1% YoY); H1 revenue totaled €318.2 million (+15.5% YoY).

• Ordinary operating EBITDA margin improved to 61.4% in H1 2025 (+1.0pp YoY); Q2 margin at 63.3%.

• Adjusted EPS up 23.6% in Q2 to €0.87; H1 EPS up 22.3% to €1.23; H1 net income rose 20.5% to €89 million.

• Free cash flow for H1 was €118.1 million (+15% YoY), with a 99% conversion rate of adjusted net income.

• Cash flow from operating activities reached €133.5 million (+11.5% YoY).

Outlook and guidance

• Upgraded 2025 guidance: revenue growth of 14–15% (including ~3pp inorganic), EBITDA margin expansion up to 70bps.

• Q3 expected to show lower revenue and EBITDA growth, with acceleration in Q4.

• Focus remains on margin expansion and operational efficiency despite market uncertainties.

• Positive outlook for 2026, with growth expected from professional and private segments, transaction enablement, and AI-driven products.