Scout24 (G24) Q4 2024 earnings summary

Executive summary

• Achieved fourth consecutive year of double-digit revenue growth, reaching EUR 566.3 million and the upper end of guidance, with a 61.5% ordinary operating EBITDA margin in 2024.

• Free cash flow grew 34% year-on-year to EUR 223.2 million, with a 105% conversion of adjusted net income.

• Customer base surpassed 25,200 professional customers and 470,000 private subscribers in Q4, both outperforming targets.

• CEO transition announced, with Tobias Hartmann stepping down and Ralf Weitz taking over in March 2025.

• Integration of bulwiengesa and neubau kompass enhanced B2B and commercial real estate data capabilities.

Financial highlights

• Group revenue for 2024 reached EUR 566.3 million, up 11.2% year-on-year; Q4 revenue was EUR 146.7 million (+10.7% YoY).

• Ordinary operating EBITDA was EUR 348.1 million, up 14.5%, with a margin of 61.5% (+1.8pp YoY).

• Adjusted EPS grew 15% to EUR 2.90; free cash flow reached EUR 223.2 million.

• Operating cash flow increased 28% to EUR 257 million.

• Reported net income for 2024 decreased by 9.3% due to non-operating effects, while adjusted net income grew 14.1%.

Outlook and guidance

• 2025 revenue growth expected in the range of 12%-14%, with recent acquisitions contributing about 2 percentage points.

• Ordinary operating EBITDA margin expected to expand by up to 50 basis points, offsetting margin dilution from acquisitions.

• Targeting a fifth consecutive year of double-digit growth and third year of margin expansion.

• Revenue growth anticipated to be higher in H1 2025 than H2.