Scout24 (G24) Q3 2025 earnings summary

Executive summary

• Revenue grew 15% in Q3 and 15.3% for the nine months, with consistent double-digit organic growth and margin expansion driven by AI-powered products and platform improvements.

• B2B memberships and private subscriptions delivered strong revenue growth, with B2B up 16.7% and private subscriptions up 17.8% year-over-year.

• The company launched HeyImmo, an AI chatbot, and completed the acquisition of Fotocasa and Habitaclia in Spain, aiming to apply its proven playbook to these assets.

• Customer base expanded to over 26,100 professional customers (+5.7% YoY) and 526,000 private subscribers (+14.5% YoY), with strong growth in homeowner registrations and managed objects.

• Joined the DAX index in September 2025, marking a major milestone.

Financial highlights

• Q3 2025 revenue: €165.6m (+15.0% YoY); 9M 2025 revenue: €483.8m (+15.3% YoY).

• Ordinary operating EBITDA margin for nine months reached 61.9%, expanding 0.6 percentage points year-over-year.

• Adjusted EPS grew 20% for the nine months, with Q3 net income more than doubling to €101.5m due to a one-time tax gain.

• Free cash flow for nine months was €202.4m, up 17% year-over-year, with strong cash conversion (110% of adjusted net income).

• Leverage ratio decreased to 0.38x–0.50, and €74.9m was allocated to share buybacks in the nine-month period.

Outlook and guidance

• Full-year 2025 guidance narrowed to the upper end for OEBITDA margin and mid to upper end for revenue growth (14%-15%).

• Q4 revenue growth expected to be around 13%, reflecting strong prior year comparables and typical seasonality.

• 2026 expected to deliver another year of double-digit organic revenue growth, with ordinary operating EBITDA margin of at least 63% for the core business (excluding Spain).

• Spanish acquisitions expected to dilute group margin by low single digits in 2026 but become accretive by 2027.

• Cautious on global uncertainties affecting interest rates and real estate market dynamics, especially in transactions.