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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Scout24 (G24) investor relations material
Scout24 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Revenue grew 15% in Q3 and 15.3% for the nine months, with consistent double-digit organic growth and margin expansion driven by AI-powered products and platform improvements.
B2B memberships and private subscriptions delivered strong revenue growth, with B2B up 16.7% and private subscriptions up 17.8% year-over-year.
The company launched HeyImmo, an AI chatbot, and completed the acquisition of Fotocasa and Habitaclia in Spain, aiming to apply its proven playbook to these assets.
Customer base expanded to over 26,100 professional customers (+5.7% YoY) and 526,000 private subscribers (+14.5% YoY), with strong growth in homeowner registrations and managed objects.
Joined the DAX index in September 2025, marking a major milestone.
Financial highlights
Q3 2025 revenue: €165.6m (+15.0% YoY); 9M 2025 revenue: €483.8m (+15.3% YoY).
Ordinary operating EBITDA margin for nine months reached 61.9%, expanding 0.6 percentage points year-over-year.
Adjusted EPS grew 20% for the nine months, with Q3 net income more than doubling to €101.5m due to a one-time tax gain.
Free cash flow for nine months was €202.4m, up 17% year-over-year, with strong cash conversion (110% of adjusted net income).
Leverage ratio decreased to 0.38x–0.50, and €74.9m was allocated to share buybacks in the nine-month period.
Outlook and guidance
Full-year 2025 guidance narrowed to the upper end for OEBITDA margin and mid to upper end for revenue growth (14%-15%).
Q4 revenue growth expected to be around 13%, reflecting strong prior year comparables and typical seasonality.
2026 expected to deliver another year of double-digit organic revenue growth, with ordinary operating EBITDA margin of at least 63% for the core business (excluding Spain).
Spanish acquisitions expected to dilute group margin by low single digits in 2026 but become accretive by 2027.
Cautious on global uncertainties affecting interest rates and real estate market dynamics, especially in transactions.
Detail M&A costs' impact on non-operating effects.
How does transaction market uncertainty affect strategy?
Explain the decline in monthly sessions.
AI: How to maintain market leadership?
Spain: How to balance investment vs. efficiency?
TenantPlus: Gray market strategy details?
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Q4 202526 Feb, 2026
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Scout24 SE operates digital marketplaces specializing in real estate listings and related services. It provides online platforms for buying, selling, and renting residential and commercial properties in Germany and other European markets. The company is headquartered in Munich, Germany, and its shares are listed on the XETRA.
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