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Hemnet Group (HEM) investor relations material
Hemnet Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net sales in Q3 2025 declined 1.5% year-over-year to SEK 366.7 million, mainly due to a 19.2% drop in published listings amid a challenging property market.
ARPU/ARPL grew 21%/20.9% year-over-year, driven by strong demand for value-added services and higher-tier packages.
EBITDA fell 5.9% to SEK 195.4 million, with an EBITDA margin of 53.3%, 2.5 percentage points lower than Q3 2024.
Strategic initiatives included a pilot for a pay-on-sale commercial model and new partnerships with franchisors, brand owners, agents, and developers.
Product innovation accelerated, including the launch of Hemnet Insights (AI-powered analytics), enhanced CRM functionality, and new data tools.
Financial highlights
Free cash flow (LTM) reached SEK 808 million, up 36% year-over-year; free cash flow conversion was 87%.
Net debt leverage improved to 0.5x from 0.6x a year ago; net debt at SEK 392–426.9 million.
Share buybacks totaled SEK 149 million in Q3 and SEK 408.8 million in 2025, as part of a SEK 600 million mandate.
Operating profit in Q3 was SEK 171.3 million (down 7.8%); profit after tax SEK 132.4 million (down 6.4%).
Cash flow from operating activities in Q3 was SEK 173.8 million, up 31.8% year-over-year.
Outlook and guidance
Continued investment in marketing, talent, and product development is planned, with operational leverage targeted for 2026 and beyond.
Growth ambition of 15%-20% remains, with future growth expected from value-based pricing and higher VAS penetration.
The new pay-on-sale model and strategic partnerships are expected to roll out more broadly in 2026 to drive volume and market efficiency.
Market remains challenging with high supply, long listing durations, and hesitant consumer sentiment.
Lower interest rates, stabilizing inflation, and easing mortgage regulations are expected to support future activity.
Impact of 'pay upon sale' model on 2026?
Strategy to meet sales and EBITDA targets?
Long-term strategy for listing volume decline?
Pay-on-sale: How does it mitigate market risks?
Agent compensation: Best use of capital with new partnerships?
Hemnet Max adoption: What are the key levers?
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Next Hemnet Group earnings date
Q4 202529 Jan, 2026
Next Hemnet Group earnings date
Q4 202529 Jan, 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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