Scout24 stock gains as Q3 growth lifts 2026 outlook

Scout24 reported strong third-quarter momentum on November 4, 2026, and narrowed its full-year revenue outlook to about 18 percent growth. The company said in its November 4 release that growth was broad-based across its professional and private segments.

Scout24 stock traded at 89.90 euros on Lang & Schwarz at 11:04 CET on Tuesday, November 10, 2026, 1.24 percent above the Xetra close of Monday, November 9. The Xetra comparison uses the 88.80-euro closing price for the previous session.

Revenue momentum remains broad-based

Group revenue rose 19.7 percent year over year to 198.2 million euros in the third quarter. Organic growth, excluding the Spanish business, reached 10.1 percent. For the first nine months, revenue increased 17.9 percent to 570.5 million euros, with organic growth of 10.4 percent.

The professional segment remained the main growth engine. Revenue increased 23.3 percent to 146.7 million euros, helped by 11.5 percent growth in German subscription revenue and a 3.9 percent increase in customers. Transaction Enablement revenue grew 8.8 percent to 29.1 million euros.

Private-segment revenue rose 10.5 percent to 51.6 million euros, its strongest quarterly growth rate of the year. Subscription revenue increased 10.4 percent, while the average customer base grew 1.4 percent to about 534,000. Scout24 said higher-value memberships and product mix effects supported average revenue per user.

Profit growth and AI investment

Ordinary operating EBITDA increased 15.9 percent to 120.8 million euros in the quarter. The reported margin was 60.9 percent, while the organic margin expanded to 63.3 percent. Scout24 attributed some moderation in the quarterly margin expansion to temporarily higher marketing costs and increased impairment losses on receivables, but expects stronger organic margin expansion in the fourth quarter.

Adjusted earnings per share rose 21.5 percent to 1.09 euros. Basic earnings per share fell 26.5 percent to 1.03 euros because the prior-year quarter benefited from a one-off positive tax effect. The distinction makes the adjusted measure more useful for assessing the underlying quarterly trend, although it remains a non-IFRS performance measure.

Management also highlighted its Agentic OS strategy, which uses artificial intelligence across the real-estate search and transaction process. Higher-value Pro and Unlimited plans represented about 40 percent of the membership mix, while more than 10,000 professional customers used ImmoPoints in September. The company said usage of the product increased more than 40 percent year over year.

Guidance points to continued execution

Scout24 now expects full-year revenue growth of about 18 percent, compared with its previous range of 16 to 18 percent. The expected contribution from Spain was raised to 7 to 8 percentage points from 6 to 7 percentage points. The ordinary operating EBITDA margin target remains up to 61 percent on a reported basis and up to 64 percent organically.

CEO Ralf Weitz said the Spanish business was gaining momentum and that the company was confident it could carry the current momentum into 2027. CFO Martin Mildner pointed to the first nine months as the basis for the revised outlook. Scout24 also accelerated share buybacks to 165 million euros in the third quarter and said more than 4 million shares had been repurchased by the end of September.

The next scheduled publication is the preliminary full-year and fourth-quarter 2026 result on February 25, 2027.

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