Corrected: Germany's Scout24 Q2 revenue beats on B2B subscription growth
CORRECTED-Germany's Scout24 Q2 revenue beats on B2B subscription growth Corrects Key Details table and Overview section to say EBITDA was a slight beat, not miss. The Super Summary was previously corrected to fix EBITDA number in Key Details table
Overview
Germany real estate marketplace's Q2 revenue grew 20%, beating analyst expectations
EBITDA growth was supported by operating leverage and Spanish business consolidation, slightly beating expectations
Company confirmed full-year guidance, citing strong subscription demand and AI-driven product innovation
Outlook
Scout24 confirms 2026 full-year revenue growth guidance of 16-18%
Company expects 2026 ordinary operating EBITDA margin of up to 61%, organic margin up to 64%
Scout24 says ongoing AI integration expected to support sustainable long-term growth
Result Drivers
B2B SUBSCRIPTION GROWTH - Co said mid-teens revenue growth in B2B subscriptions was driven by ImmoPoints monetisation and ARPU expansion
B2C SUBSCRIPTION MOMENTUM - Co said sequential and year-on-year acceleration in B2C subscription growth was supported by new product tiering and higher-value memberships
AI INTEGRATION - Co said AI products increasingly transformed customer experiences, workflows and monetisation in both B2B and B2C segments
Company press release: ID:nEQ61Mp8ca
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | EUR 192.70 mln | EUR 190.06 mln (3 Analysts) |
Q2 Net Income |
| EUR 63.20 mln |
|
Q2 EBITDA | Slight beat* | EUR 116.0 mln | EUR 114.98 mln (3 Analysts) |
Q2 Basic EPS |
| EUR 0.90 |
|
Q2 EBITDA Margin |
| 60.20% |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 21 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the online services peer group is "buy"
Wall Street's median 12-month price target for Scout24 SE is €103.00, about 34.8% above its August 5 closing price of €76.40
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 17 three months ago
Reuters Recommended Reads
Aug 5 - Zillow Q2 revenue rises on mortgage growth
Aug 5 - Vonovia portfolio value goes up, and so do financing costs
Aug 5 - Europe's established tech firms emerge as unexpected AI winners
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)