Scout24 (G24) Q2 2026 earnings summary

Executive summary

• Achieved 20% revenue growth in Q2 2026 and 17% in H1, with double-digit organic growth and margin expansion, confirming full-year guidance.

• AI-driven innovation accelerated product development, workflow automation, and customer engagement, boosting both B2B and B2C subscription momentum.

• Spain integration is on track, contributing €50 million in Q2 revenue and supporting overall growth, with margin improvements expected as transitional costs decline.

• Adjusted EPS grew 18.8% in H1, with net income up 47.9% to €131.7 million and basic EPS rising to €1.87.

• Ordinary operating EBITDA rose 14.6% to €223.9 million, with a margin of 60.1%.

Financial highlights

• Q2 2026 revenue reached €192.7 million (+20% YoY); H1 2026 revenue was €372.2 million (+17% YoY).

• Adjusted EPS up 18.8% to €1.97 in H1; basic EPS up 52% YoY to €1.87; net income for H1 was €131.7 million (+47.9% YoY).

• Ordinary operating EBITDA margin at 60.1% (organic up to 64.2% in Q2); oOEBITDA up 14.6% YoY in H1.

• Free cash flow for H1 2026 was €100.6 million, impacted by LTIP outflows; cash conversion at 73% of adjusted net income.

• Financial leverage increased due to M&A and share buybacks, with net debt at €652.2 million and leverage ratio at 1.50.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue growth of 16–18% (6–7pp from Spain), ordinary operating EBITDA margin up to 61% (organic up to 64%).

• Tracking toward upper end of revenue growth range, with margin improvement expected as Spain integration progresses and AI efficiencies scale.