In This Article:
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Revenue Growth (Q3 2024): 8.5% year-on-year, reaching EUR144.0 million.
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Revenue Growth (9 Months 2024): 11.4%, totaling EUR419.6 million.
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Ordinary Operating EBITDA (Q3 2024): EUR90.7 million, up 16.1%, with a margin of 62.9%.
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Ordinary Operating EBITDA (9 Months 2024): EUR257.1 million, up 14.5%, with a margin of 61.3%.
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Professional Segment Revenue (Q3 2024): EUR103.4 million, up 6.5%.
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Private Segment Revenue (Q3 2024): EUR40.7 million, up 13.8%.
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Adjusted EPS (Q3 2024): EUR0.75, up 16.0%.
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Free Cash Flow (9 Months 2024): EUR172.9 million, up 24% year-on-year.
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Leverage (End of Q3 2024): 0.4 times.
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Subscriber Growth (Q3 2024): 24.7%, reaching 470,507.
Release Date: October 31, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Scout24 SE (SCOTF) reported a revenue growth of 8.5% in Q3 2024, contributing to an 11.4% increase for the first nine months of the year.
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The company's core agent membership business and private subscription segment showed strong performance, with membership business revenue growing by 9.0% during the quarter.
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The private subscription business experienced a significant growth of 27.6% in Q3, with the customer base surpassing 470,000.
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Scout24 SE (SCOTF) achieved a 16.1% growth in operating leverage and a 4.1 percentage point margin expansion in Q3.
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Adjusted EPS rose by 16.0% to EUR0.75 during the reporting period, indicating strong profitability.
Negative Points
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Transactional volumes in the real estate market remain lower than historical levels due to decreased buyer affordability.
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The market for commercial developers and new homebuilding remains challenging, with no clear signs of recovery yet.
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Demand for mortgage leads remains soft, impacting the transaction enablement segment.
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The ordinary operating EBITDA margin for the Professional segment decreased slightly by 0.1 percentage points to 62.5%.
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Non-operating effects increased by 41.4% year-on-year for the nine-month period, driven by higher accruals for share-based compensation.
Q & A Highlights
Q: When do you expect to see a substantive improvement in transaction levels in the German real estate market, and how will this impact your key business lines? A: Dirk Schmelzer, CFO, explained that while transaction enablement grew by about 3%, indicating a recovery, a return to 2021-2022 transaction levels is expected in the longer term, around 2027-2028. The recovery will benefit their mortgage and seller leads businesses, with organic seller leads expected to increase. The core membership business will also profit from more transactions, ensuring the health of their agent base.