Scout24 (G24) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue grew 8.5% year-on-year, with nine-month revenue up 11.4%, driven by strong agent membership and private subscription growth in both Professional and Private segments.

• Membership business revenue rose 9.0% in Q3, with the professional customer base nearing 25,000 and private subscribers surpassing 470,000, both at all-time highs.

• Transaction enablement revenue grew 2.9% in Q3, reflecting a gradual real estate market recovery.

• Operating leverage improved, with ordinary operating EBITDA up 16.1% in Q3 and margin expanding by 4.1 percentage points to 62.9%.

• Adjusted EPS increased 16% to EUR 0.75 for Q3; Q3 net income grew 8.4% to EUR 50.1m.

Financial highlights

• Q3 revenue: EUR 144.0 million (+8.5% YoY); nine-month revenue: EUR 419.6 million (+11.4% YoY).

• Q3 ordinary operating EBITDA: EUR 90.7 million (+16.1% YoY, margin 62.9%); nine-month EBITDA: EUR 257.1 million (+14.5%, margin 61.3%).

• Professional segment Q3 subscription revenue: EUR 74.5 million (+9.0% YoY); private segment Q3 subscription revenue: +27.6% YoY.

• Q3 net income grew 8.4%; EPS EUR 0.69 (+9.9% YoY); adjusted net income up 14.4%.

• Free cash flow for nine months: EUR 172.9 million (+24% YoY), with conversion rates of 111% (adjusted net income) and 67% (EBITDA).

Outlook and guidance

• FY 2024 guidance narrowed to upper end: revenue growth near 11% and ordinary operating EBITDA margin at or above 61%.

• Trends expected to remain similar in Q4; confidence in closing 2024 on a high note and carrying momentum into 2025.

• Double-digit revenue growth expected for the fourth consecutive year.