Scout24 (G24) Q2 2026 earnings summary

Executive summary

• Achieved 20% revenue growth in Q2 2026 and 17% in H1, with double-digit organic growth and margin expansion, driven by AI integration and strong B2B/B2C subscription momentum; Spain integration contributed significantly.

• Adjusted EPS grew 18.8% in H1, net income rose 47.9% to EUR 131.7 million, and basic EPS increased by 52.0%.

• AI-powered features accelerated product development, workflow automation, engagement, and monetization across all segments.

• Spain integration is progressing as planned, contributing €50 million in Q2 revenue and supporting transition to longer-term contracts.

• Full-year 2026 guidance confirmed, expecting 16-18% revenue growth (6-7pp from Spain) and up to 61% ordinary operating EBITDA margin.

Financial highlights

• Q2 2026 revenue rose to €192.7m (+20% YoY); H1 2026 revenue reached €372.2m (+17% YoY).

• Ordinary operating EBITDA increased by 14.6% to EUR 223.9 million, with a margin of 60.1%.

• Adjusted EPS up 18.8% to €1.97 in H1; basic EPS up 52% to €1.87.

• Free cash flow for H1 2026 was €100.6m; cash conversion at 73% of adjusted net income.

• Financial leverage increased due to M&A and share buybacks; net debt at EUR 652.2 million, leverage ratio at 1.50.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue growth of 16-18% (including 6-7pp from Spain), ordinary operating EBITDA margin up to 61% (organic up to 64%).

• Tracking toward the upper end of revenue growth range; margin improvement expected as Spain integration and AI efficiencies progress.