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Visual21 Oct 2025
Hermès' growth by geographical region visualized
Hemnet Group (HEM) investor relations material
Hemnet Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary18 Jul, 2025
Executive summary
Net sales grew 19.4% year-over-year to SEK 483.5m in Q2 2025, driven by higher-tier package demand and ARPL growth despite a 9.3% drop in published listings.
EBITDA rose 20.7% to SEK 260.9m, with margin improving to 54.0%.
Hemnet Max launched in April, boosting conversion to premium packages and reinforcing market leadership.
Maintained dominant market position, with 89% of all property sales in 2024 advertised on the platform.
Continued investment in product development and marketing to strengthen user experience and market position.
Financial highlights
Net sales reached SEK 483.5m, up 19.4% year-over-year, offsetting a 9.3% decline in published listings.
EBITDA margin improved to 54.0%, up 0.6 percentage points from Q2 last year.
Free cash flow (LTM) increased 34% to SEK 775m, with cash conversion above 90%.
Leverage reduced to 0.6x LTM, down from 0.7x in Q2 last year.
Share buyback program expanded, with SEK 140–141m repurchased in Q2.
Outlook and guidance
Reaffirmed long-term financial guidance of 15–20% annual revenue growth and 55% EBITDA margin.
Management remains confident in the strategy, focusing on continued platform innovation and long-term growth.
Expect Hemnet Max to be an important growth driver in coming quarters and years.
Market remains uncertain; Q3 volumes may be delayed until after summer, with agents expecting an uplift post-holiday.
Continued targeted investments in product and marketing expected.
Explain the B2B sales performance.
Assess Hemnet Max's impact on upgrades.
Detail the credit facility refinancing.
Hemnet Max: How to boost penetration?
Pre-market: Strategy for upcoming listings?
B2B: Monetization beyond cyclical recovery?
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Next Hemnet Group earnings date
Q3 202523 Oct, 2025
Next Hemnet Group earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Sweden’s #1 property marketplace
Hemnet is the leading property marketplace in Sweden and accounts for over 90 percent of all house listings in the country. With over 60 million monthly visits on their platform, the company is well positioned to defend its almost monopolistic state in the Swedish market. Through superior site traffic and leading brand recognition, Hemnet is one of the most recognized and trustworthy Swedish media brands, and in 2021, every Swede spent an average of 37 minutes per month browsing around the Hemnet platform.
A result of printed ads being overly expensive
As a result of printed ads being overly expensive and ineffective, the idea of Hemnet was born by real estate agents that saw the potential to create an online marketplace and consolidate all residential property listings on one platform. The site Hemnet.se was launched together with over 1400 real estate agents in 1998, and during April 2002, the site was visited by almost 2.7 million people.
Network effects
With the vision to be the key to every property journey in Sweden, Hemnet has built lasting relationships with buyers, sellers, and agents for over 20 years, and offers a win-win for the actors in the housing market. The sellers benefit from seamless, fast, and cost-efficient transactions, real estate agents benefit from effective marketing, access to the widest network of buyers, and deep market analysis, and buyers benefit by having basically the whole market searchable in one place. Through these network effects and the modest pricing of Hemnet, there is simply no other place to be.
Taking the first steps towards commercialization in 2013
Hemnet took its first steps towards commercialization in 2013 when they started charging homeowners for listing on their site. Looking at Hemnet’s UK peer Rightmove, one can really see the power of network effects and pricing power combined with a digital business model. Rightmove has averaged a 60% FCF margin over the last decade. Other peers include Zillow, REA Group, and Redfin.
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