Germany's Scout24 Q3 revenue beats on strong subscription growth

Overview

• Germany real estate marketplace's Q3 revenue grew 19.7%, beating analyst expectations

• Ordinary operating EBITDA for Q3 showed a slight beat versus analyst estimates

• Adjusted EPS increased 21.5% yr/yr, supported by share buybacks

Outlook

• Scout24 expects full-year 2026 revenue growth of about 18%, including Spain's contribution

• Company reaffirms 2026 EBITDA margin target of up to 61%, organic margin up to 64%

• Scout24 anticipates stronger organic margin expansion in Q4 2026

Result Drivers

• B2B SUBSCRIPTIONS - Strong double-digit growth in German B2B subscription revenue drove overall performance

• B2C SUBSCRIPTIONS - Accelerated B2C subscription revenue growth, supported by higher-value memberships and new product tiering

• SPANISH BUSINESS - Sequential revenue growth and improved profitability in Spain contributed to results

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 22 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the online services peer group is "buy"

• Wall Street's median 12-month price target for Scout24 SE is €101.75, about 18.9% above its November 3 closing price of €85.55

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 17 three months ago

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)