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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hemnet Group
Hemnet Group (HEM) investor relations material
Hemnet Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Q3 net sales fell 17.8% YoY to SEK 301.5m and EBITDA fell 26.3% to SEK 144.1m, amid fewer listings and Sell first, pay later revenue timing.
Strategic shift targets complete listing coverage, stronger paid-package conversion, improved buyer experience and a leaner operating model.
Financial highlights
EBITDA margin was 47.8%, down 5.5 percentage points YoY; operating profit was SEK 119.4m, down 30.3%, and profit after tax was SEK 89.4m, down 32.5%.
Paid ARPL rose 9.2% YoY to SEK 8,986, while paid listings fell 29.6% and published listings declined 13% to 36.2k.
9M net sales fell 21.9% to SEK 920.4m and EBITDA fell 33.9% to SEK 405.8m; paid listings declined 34.2% to 87,700.
Q3 operating cash flow was SEK 110.9m, down 36.2% YoY; LTM free cash flow was SEK 556.5m and cash conversion was 99.5%.
Other external expenses fell SEK 5.6m with cost optimization and marketing shifted to Q4; personnel costs rose SEK 9.4m, with the prior-year comparison benefiting from a SEK 5.3m bonus accrual reversal.
Outlook and guidance
Restructuring targets SEK 80m–85m in annualized savings versus the Q2 2026 expense run rate, with full run-rate effect expected in H1 2027.
Restructuring implementation is underway; headcount is planned to fall from 184 at Q2-end to ~115, with SEK 36m–37m in one-time Q4 2026 charges.
Q4 marketing expenses are expected to rise temporarily to support free and aggregated listing product launches; published listings may temporarily exceed paid listings.
No 2027 conversion or pricing outlook was given while the free-listing products were newly launched.
Long-term targets are annual net sales growth of 15–20%, adjusted EBITDA margin above 55%, and net debt to adjusted EBITDA below 2.0x.
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Latest events from Hemnet Group
- Free listings, new compensation model, and streamlining drive growth and SEK 80–85m savings.HEM
Investor update - Record growth in sales and users, robust shareholder returns, and new board proposals for 2025.HEMAGM 2025 presentation
- Strong financial growth, digital innovation, and robust governance define 2025 performance.HEMAGM 2026 presentation
- Net sales fell 23.1% in Q2 2026, but ARPL rose 12.4% as strategic initiatives accelerate.HEMQ2 2026
- Net sales dropped 24.7%, but ARPL rose 12.2% and April saw a strong rebound in listings.HEMQ1 2026
- Strong ARPL and value-added services offset listing declines, driving robust 2025 results.HEMQ4 2025
- Q3 saw 36.8% sales growth, 42% ARPL surge, and strong margins with ongoing share buybacks.HEMQ3 2024
- Q2 net sales up 51.3% and EBITDA up 53.7%, fueled by value-added services and higher listings.HEMQ2 2024
- Record sales and EBITDA growth driven by value-added services and premium packages.HEMQ4 2024
Next Hemnet Group earnings date
Q4 202628 Jan, 2027
Hemnet Group
Next Hemnet Group earnings date
Q4 202628 Jan, 2027
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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.