Hemnet Group (HEM) Q3 2026 earnings summary

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.