Scout24 publishes preliminary results for 2025 and provides guidance for 2026, confirming growth and strong operating performance

• Double-digit revenue growth (reported +14.7%, organic +11.0%)
• Continued margin expansion to 62.5% (+1.0pp) while investing in product, tech, AI and integrating acquisitions
• Further customer growth across B2B (+5.7%) and B2C (+14.0%) driven by strong demand for product portfolio
• EPS increased by 50.2% to EUR 3.33; adjusted EPS up 19.6% to EUR 3.47
• Free cash flow rose by 13.4% to EUR 253.1 million
• 2026 guidance: 16-18% revenue growth (thereof 6-7 percentage points inorganic contribution from Spain); ooEBITDA margin of up to 61% (organic up to 64%)

Scout24 marked another year of double-digit revenue growth with preliminary full year 2025 results showing revenues up 14.7% to EUR 649.6 million (organic growth: 11.0%). This performance was driven by consistent strong demand for agent memberships in the Professional segment as well as rising revenues from subscriptions and pay-per-ad listings in the Private segment. Both segments continue to expand their customer base. The transaction enablement business delivered solid CRM growth and sustained demand for data and valuation services. While overall demand for leads remains mixed, homeowner lead products delivered solid growth of 15% in 2025.

Ordinary operating EBITDA continued to show operating leverage, increasing significantly by 16.5% to EUR 405.7 million (2024: EUR 348.1 million). The corresponding margin improved by 1.0 percentage point to 62.5% (2024: 61.5%). This performance was underpinned by strong revenue growth coupled with ongoing operational efficiencies and synergies stemming from Scout24’s interconnectivity strategy, complemented by the successful integration of recent acquisitions. 

Product innovation enhances user experience

Scout24 advanced its AI strategy in 2025 across search and B2B workflows (CRM). On the search side, the company launched HeyImmo, an AI assistant that personalises the property search experience, and deployed AI-powered image search with natural language query capabilities within the traditional filter search. In Propstack CRM, Scout24 enhanced the software in 2025 with AI-powered features including voice-based property listing creation and automated floor plan generation, improving productivity and operational efficiency. In January 2026, ImmoScout24 became one of the first European real estate platforms to launch an app in ChatGPT, providing its users an additional entry point for search. 

In 2025, Scout24 continued to strengthen its ecosystem

Scout24 grew key ecosystem metrics in 2025: The company increased its B2B and B2C subscriber numbers, and expanded its base of registered homeowners and units on the platform. Listings on the platform increased alongside growth in monthly visitors, driven by enhanced content engagement with homeowners and the ongoing digitisation of Germany’s real estate market. The growing number of logged-in users further strengthened network effects and platform activity, reinforcing Scout24’s position as Germany’s leading digital real estate ecosystem.

“We had a strong year in 2025. We expanded our ecosystem with greater product depth, grew our customer base and content, and made significant progress integrating AI across our platform and operations. This positions Scout24 to play an even more central role in German real estate transactions. We expect continued momentum in 2026 and I look forward to sharing our updated strategy at our Capital Markets Day in May this year,” comments Ralf Weitz, CEO of Scout24. 

Strong customer growth and subscription momentum drive full year performance

The Professional segment delivered 14.8% revenue growth in fiscal year 2025. Subscription revenue grew strongly by 15.4% to EUR 342.3 million, reflecting high demand for Scout24’s comprehensive product portfolio which is deeply integrated into agents’ workflows and extends far beyond pure marketing solutions. Customer numbers reached an all-time high of 26,027 on average (+5.7% year on year), driven by successful new customer acquisition in Germany and continued growth in Austria. Professional ARPU increased by 9.5%, supported primarily by the residential real estate agent business and the expanded product offering of neubau kompass. Transaction enablement revenue grew by 17.5% to EUR 106.6 million, mainly driven by M&A contribution from bulwiengesa and Exploreal. The CRM business showed solid growth, supported by strong demand for data and valuation services, while overall demand for leads remained mixed.

The Private segment accelerated its revenue growth to 14.5% in fiscal year 2025. Subscription revenue rose strongly by 18.8% to EUR 107.2 million, driven by high demand for Plus products. Private segment customer number grew by 14.0% to an average of 506,937 customers for the full year. Private ARPU increased by 4.2%, driven by monetised Schufa checks in Plus memberships for rent. The pay-per-ad business grew by 10.9%, supported by brand and product strength as well as increased platform activity.

Operating expenses rose at a slower pace than revenues despite ongoing investments in technology, AI, product innovation and integration of acquisitions

Operating expenses for full year 2025 increased by 9.6%, primarily driven by the consolidation of recent acquisitions. The more moderate cost growth relative to revenues reflects strong momentum in the subscription business and successfully realised efficiency potential from the interconnectivity strategy.

Personnel expenses increased due to integration of recently completed acquisitions. Marketing expenses rose slightly overall, attributable to the integration of neubau kompass. IT expenses grew in 2025 mainly due to higher cloud infrastructure costs (AWS) resulting from the expansion of the data platform, analytics capabilities, mobile applications and marketing systems. Furthermore, costs associated with M&A integration as well as costs for AI tools and applications contributed to the increase. Selling costs recorded the strongest growth, driven by recent business acquisitions, increased property valuation activity at Sprengnetter and bulwiengesa, and higher B2C membership sales. 

The more moderate cost development relative to 14.7% revenue growth demonstrates Scout24’s consistent ability to generate operational leverage whilst maintaining strategic investments in product development, AI technologies and technical infrastructure.

Sustained revenue momentum and operational leverage drive continued margin expansion

Operational efficiency, coupled with robust revenue performance, resulted in ordinary operating EBITDA growth of 16.5% to EUR 405.7 million for full year 2025. This delivered strong margin expansion of 1.0 percentage point to 62.5%, with the successful integration of recently acquired companies contributing to this positive development. 

Non-operating effects totalled EUR 64.4 million, an increase of 37.4% compared to the prior year, primarily stemming from M&A-related activities and share-based compensation. Higher M&A-related expenses reflect predominantly Sprengnetter and neubau kompass earn-out provisions as well as costs associated with the Fotocasa/Habitaclia acquisition.

Consequently, EBITDA increased at a somewhat more moderate rate of 13.3% to EUR 341.3 million due to higher non-operating costs, whilst still demonstrating healthy growth largely in line with revenues.

Operating profit (EBIT) grew by 14.8%, exceeding EBITDA growth due to moderate D&A growth of 5.4%.

The financial result improved compared to the prior year due to lower subsequent measurement of M&A purchase price liabilities and declining interest expenses. Currency effects from USD hedging had a negative impact, as the US dollar depreciated significantly against the euro since the beginning of the year.

Financial year 2025 benefited from a EUR 46 million one-time gain from deferred tax revaluation in the second half of the year, following new German legislation that will reduce the corporate tax rate from 2028. This resulted in a reduction of the effective tax rate from 31.9% to 14.5% in the reporting period. The one-off tax benefit, combined with the improved financial result, significantly boosted net income, which rose substantially by 48.1% to EUR 240.0 million for full year 2025.

Earnings per share for full year 2025 amounted to EUR 3.33, representing a 50.2% increase year on year. Adjusted earnings per share, which normalises for non-operating factors, reached EUR 3.47 in 2025, delivering dynamic growth of 19.6% compared to last year.

Cash generation in 2025 showed strong performance with cash flow from operating activities reaching EUR 284.8 million, an increase of 10.8% compared to the previous year. This development was due to the strong revenue and ordinary operating EBITDA performance as well as the non-cash nature of the majority of non-operating costs incurred during 2025. Free cash flow reached EUR 253.1 million and grew by 13.4% year on year. 

“2025 was another strong year for Scout24 – mid-teens revenue growth, high-teens operating EBITDA growth, and adjusted EPS growth approaching twenties. Importantly, we achieved this while expanding our ecosystem across all dimensions, continuing to strengthen our competitive moat. The company is in excellent financial shape, and our 2026 guidance reflects this momentum. As my time as CFO comes to an end, I want to thank our teams for what we’ve accomplished together since 2019, and our shareholders for their trust and support. The company’s development and value creation have been remarkable, and I’m confident this will continue in 2026 and beyond,” said Dirk Schmelzer, CFO of Scout24 SE.

KEY FINANCIAL PERFORMANCE INDICATORS OF THE GROUP (PRELIMINARY, UNAUDITED)

The audited results and the Annual Report for the full year 2025 will be published on 26 March 2026.

^{1 EBITDA (unadjusted) is defined as earnings before the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.}

^{2 Ordinary operating EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include expenses for share-based payments, M&A activities (realised and unrealised), reorganisation and other non-operating effects.}

^{3 The ordinary operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of revenue.}

^{4 Adjusted (1) for non-operating effects, which are also used to determine ordinary operating EBITDA, (2) for depreciation, amortisation and impairment losses on assets acquired in business combinations, and (3) effects from business combinations included in the financial result, such as the measurement of purchase price liabilities. The mentioned one-time tax effect does not apply here, as a standard tax rate is assumed.}

Scout24 provides guidance for 2026, confirming growth and strong operating performance 

Scout24 Group is convinced that it can offer its customers strong added value in various market situations with its diversified product portfolio. The Management Board is therefore confident that revenue can also be increased in 2026 while maintaining high profitability based on the further implementation of the product- and tech-led strategy with a focus on interconnectivity and AI. Specifically, the Management Board expects revenue growth of 16-18%, of which 6-7 percentage points are attributable to inorganic contribution from Spain. Furthermore, the Management Board expects an ordinary operating EBITDA margin of up to 61% (organic up to 64%). 

Next reporting date

Scout24 will publish its Annual Report 2025 on 26 March 2026.

About Scout24

Scout24 is one of the leading tech companies in Germany. With the marketplace ImmoScout24, for residential and commercial real estate, we successfully bring together homeowners, real estate agents, tenants, and buyers – and we have been doing so for more than 25 years. With approx. 19 million users per month on the website or in the app, ImmoScout24 is the market leader for digital real estate listing and search. To digitise the process of real estate transactions, ImmoScout24 is continually developing new products and building up a networked, data-rich ecosystem for renting, buying, and commercial real estate in Germany and Austria. Scout24 is a listed stock corporation (ISIN: DE000A12DM80, Ticker: G24) and member of the DAX, the DAX 50 ESG and the DAX 50 ESG+. Further information is available on LinkedIn.

Contact for media

Theresa Lewandowski
Senior Manager Corporate Communications
Tel: +49 30 243 01-1422
Email: [email protected]

Contact for Investor Relations

Filip Lindvall
Vice President Group Strategy & Investor Relations
Tel: +49 30 243011917
Email: [email protected]

Disclaimer

This document contains carefully prepared information. However, the Company does not guarantee the accuracy, completeness or reliability of the information and assumes no liability for losses resulting from the use of this information. This document may contain forward-looking statements about the business, financial and earnings situation as well as profit forecasts of the Scout24 Group, which are only valid at the time of publication of this document. Terms such as “may”, “will”, “expect”, “anticipate”, “consider”, “intend”, “plan”, “believe”, “continue” and “estimate”, variations of such terms or similar expressions characterise these forward-looking statements. Such forward-looking statements are based on the current assessments, expectations, assumptions and information of the Scout24 Management Board, many of which are beyond Scout24’s control. The statements are subject to a variety of known and unknown risks and uncertainties. Actual results and developments may therefore differ materially from these forward-looking statements. The Company assumes no obligation and does not intend to update, review or correct these forward-looking statements due to new information or future events or for other reasons, unless there is an express legal obligation to do so. Alternative performance measures are used that are not defined according to IFRS and should be considered supplementary. Special items used to calculate some alternative metrics may not derive from ordinary business activities. Due to rounding, numbers and percentages may not accurately reflect the absolute figures. In case of any divergence, the German version shall have precedence over the English translation. The business figures contained in this document have neither been audited in accordance with § 317 HGB nor reviewed by an auditor.