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Germany's Scout24 Q3 revenue beats on strong subscription growth

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

EUR 198.20 mln

EUR 193.57 mln (5 Analysts)

Q3 Adjusted EPS

EUR 1.09

Q3 Net Income

EUR 71.10 mln

Q3 Ordinary Operating EBITDA

Slight Beat*

EUR 120.80 mln

EUR 119.82 mln (4 Analysts)

Q3 Basic EPS

EUR 1.03

Q3 EBITDA Margin

60.90%

*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

  • Nov 3 - Zalando Q3 revenue slightly beats estimates on B2B expansion


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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