Hemnet Group (HEM) Q2 2025 earnings summary

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.