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Hemnet Group
Hemnet Group (HEM) investor relations material
Hemnet Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Net sales grew 9.5% year-over-year to SEK 1,526.8m, despite a 13.3% drop in published listings, driven by strong ARPL growth and value-added services.
Q4 net sales declined 4.4% to SEK 348.1m, with listing volumes down 26.4% and EBITDA margin at 44.2%.
EBITDA increased 6.6% to SEK 767.5m for the year, with a full-year EBITDA margin of 50.3%.
Strategic initiatives such as Sell First, Pay Later and over 60 new agent partnerships were launched to address market changes and drive growth.
Continued investment in AI and product innovation, including conversational search, personalized starting pages, and a ChatGPT app.
Financial highlights
Q4 net sales: SEK 348.1m (-4.4% YoY); full-year: SEK 1,526.8m (+9.5% YoY); Q4 EBITDA: SEK 153.7m (-12.8% YoY); full-year EBITDA: SEK 767.5m (+6.6% YoY).
Q4 ARPL: SEK 10,916 (+29.2% YoY); full-year ARPL: SEK 8,175 (+28.1% YoY).
Free cash flow: SEK 745.4m (+7.1% YoY); cash conversion above 96%.
Dividend proposed at SEK 1.90 per share, up 12% from last year.
Earnings per share (diluted) for the year were SEK 5.48, up 9.6% year-over-year.
Outlook and guidance
2026 outlook is positive, with easing credit restrictions, improved macroeconomic conditions, and new product rollouts expected to boost market activity.
Multiple growth levers identified: further ARPL expansion, dynamic pricing, new payment models, and B2B product enhancements.
Short-term revenue recognition and cash flow will be impacted by SFPL adoption, with transparency ensured via monthly sales reporting in 2026.
Long-term financial targets: annual net sales growth of 15-20%, adjusted EBITDA margin >55%, net debt/EBITDA <2.0x.
Quantify "sell first, pay later" impact on listings?
What drove the Q4 net debt increase and facility?
Can ARPL growth offset listing volume declines?
SFPL: expected net revenue impact?
Strategic partnerships: what drives agent uptake?
AI strategy: how does it create long-term value?
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Next Hemnet Group earnings date
Q1 202628 Apr, 2026
Hemnet Group
Next Hemnet Group earnings date
Q1 202628 Apr, 2026
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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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