Scout24 stock gains as Q3 growth supports tighter 2026 outlook

Scout24 reported strong third-quarter results on Wednesday, November 4, with revenue growth across its products and a more specific full-year outlook. In its official results release, the company said third-quarter revenue rose 19.7 percent year over year to 198.2 million euros. Organic growth excluding Spain reached 10.1 percent.

Revenue growth remains broad

The Professional segment increased revenue by 23.3 percent to 146.7 million euros. German subscription revenue grew 11.5 percent, supported by 3.9 percent customer growth, while average revenue per user rose 7.4 percent. Scout24 said subdued project activity among property developers and new-build providers moderated the pace of average revenue growth.

Private segment revenue climbed 10.5 percent to 51.6 million euros, its strongest growth rate of the year. Subscription revenue increased 10.4 percent, with higher-value memberships and product mix supporting average revenue per user growth of 8.9 percent. The average customer base rose 1.4 percent to around 534,000.

Scout24 also highlighted the expansion of its Agentic OS strategy. AI-powered products include an application assistant for consumers and Proppi, an AI assistant for property professionals. More than 10,000 professional customers used ImmoPoints in September, up more than 40 percent from a year earlier, while ImmoPoints volume increased by more than 30 percent.

Profitability and guidance in focus

Ordinary operating EBITDA increased 15.9 percent to 120.8 million euros, while the reported margin was 60.9 percent. The organic margin rose 0.4 percentage points to 63.3 percent, although temporarily higher marketing costs and increased impairment losses on receivables limited the expansion. Scout24 expects stronger organic margin expansion in the fourth quarter.

Adjusted earnings per share rose 21.5 percent to 1.09 euros from 0.90 euros a year earlier. Basic earnings per share fell 26.5 percent to 1.03 euros because the prior-year quarter included a one-off positive tax effect. Share buybacks of 165 million euros in the quarter supported adjusted earnings per share growth.

Management now expects full-year 2026 revenue growth of about 18 percent, including an inorganic contribution of 7 to 8 percentage points from Spain. The previous outlook called for growth of 16 to 18 percent, with 6 to 7 percentage points from Spain. The ordinary operating EBITDA margin target remains up to 61 percent, or up to 64 percent on an organic basis.

Share price reflects results

Scout24 stock traded at 89.43 euros on Lang & Schwarz at 11:14 CET on Wednesday, November 4, 4.54 percent above the Xetra close of Tuesday, November 3. Investors are likely to focus next on the sustainability of organic growth, the contribution from Spain and the pace of monetisation from AI-enabled products.

For investors tracking the company, the real-time quote of Scout24 stock provides the latest market indication.

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Scout24 plans to publish preliminary full-year and fourth-quarter 2026 results on February 25, 2027. More news and analyses on Scout24 stock are available in the company topic.