Scout24 (ETR:G24) reported 20% revenue growth in the second quarter of 2026, alongside continued double-digit organic growth and further organic margin expansion, as the German real estate platform expanded its subscription offerings and rolled out more artificial intelligence-based features.
Chief Executive Officer Ralf Weitz said the company’s professional subscription business continued to post mid-teen growth, while consumer subscriptions gained momentum despite a challenging rental market. Scout24 confirmed its full-year outlook, with management saying revenue performance was tracking toward the upper end of its guidance range.
AI features support engagement and monetization
The company said it has seen virtually no meaningful traffic from external large language models, leading management to conclude that consumers prefer using AI tools directly on ImmoScout24, which it described as the source of truth for real estate searches.
On the consumer side, Scout24 introduced an AI application assistant within its highest-tier Unlimited subscription package. The €30 monthly package carries an average revenue per user, or ARPU, that is double the company’s standard product, according to Weitz. The tool monitors property listings, automatically submits applications and updates searches. Signups for the Unlimited tier have doubled since the feature launched, he said.
AI capabilities are also being incorporated into Silver and Gold professional memberships, helping customers create content, improve listing relevance and generate leads. Scout24 said more than 9,000 professional customers actively use ImmoPoints, its digital currency for additional platform services and AI features. ImmoPoints generated €3.2 million in monthly recurring revenue.
Management did not provide a detailed breakdown of AI’s direct contribution to professional ARPU growth, but said ImmoPoints were growing materially faster than the overall membership line and had a net positive impact on ARPU.
Professional business expands despite weak new-build market
The German professional subscription business delivered mid-teen growth, supported by customer additions, retention, pricing, membership migrations and double-digit ARPU growth, Chief Financial Officer Martin Mildner said. More than 16,000 professional customers have migrated to Scout24’s membership offering, with most still on Bronze memberships, leaving potential for further upgrades and ARPU expansion.
Scout24’s developer and new-home-builder businesses each grew around 15% year-to-date, despite a weak new-build environment. Housing completions in Germany fell from roughly 300,000 in 2021 to approximately 200,000 in 2025, with another decline expected in 2026, management said.
Weitz attributed the resilience to Scout24’s broader workflow products, including Propstack, bulwiengesa and neubau kompass, rather than reliance solely on marketing products. Propstack revenue grew about 20% year-to-date, while customer use of its AI functions nearly doubled during the first half.
Scout24 said its professional segment’s organic operating EBITDA margin exceeded 65% in the second quarter. Spain contributed €50 million in quarterly revenue, though the company is still incurring transitional service agreement costs as it completes the carve-out and integration of the acquired Spanish operations. Mildner said those costs should decline over the next six to nine months.
Management said Spain’s business model currently relies more heavily on shorter customer contracts than Scout24’s German operations. The company plans to shift customers toward longer-term subscription agreements, while reducing dependence on advertising revenue, which it characterized as low to mid-single-digit millions.
Private subscriptions recover following campaign adjustment
Scout24’s private business grew 8.4% in the second quarter, broadly in line with the first quarter. Management highlighted accelerating growth in Search Plus, Living Plus and AI-enabled subscription products, while noting that targeted marketing spending reduced the segment’s margin.
Weitz said Scout24 ended June with 522,000 consumer Plus subscribers and had 528,000 in July. He clarified that an earlier figure of more than 530,000 subscribers in April reflected a temporary win-back and cross-selling campaign. The company discontinued the campaign after determining that the associated revenue and customer value were not sufficiently sustainable.
Management said the current subscriber base and revenue run rate support double-digit private-business revenue growth, though it did not disclose the distribution of subscribers among the Standard, Pro and Unlimited tiers.
The company has also expanded its “gray market” initiatives, including its tenant network and landlord products. Active listings increased nearly 18% year-over-year, while Scout24’s tenant network grew to more than 50,000 listings from approximately 25,000 at the time of its Capital Markets Day. Its property network now provides seekers access to more than 6.5 million properties across Germany, according to the company.
Earnings, cash flow and outlook
Adjusted earnings per share rose 18.8% to €1.97 in the first half, while basic EPS increased to €1.87. The weighted average share count declined 3%, supporting EPS growth through the company’s share repurchase program.
Organic revenue grew 10.5% in the first half, while the organic cost base increased 6.4%. Organic personnel costs declined 3.5%, and organic IT costs rose 8.4%, according to Mildner. Marketing costs increased 18.9%, reflecting investments in brand, consumer products and the Spain integration.
First-half free cash flow totaled €101 million, down year-over-year primarily because of roughly €25 million in long-term incentive plan cash outflows. Excluding that item, free cash flow would have increased from the prior year, the company said. Cash conversion was 73% of adjusted net income and 45% of ordinary operating EBITDA.
Scout24 deployed nearly €400 million during the first half on acquisitions, share repurchases and dividends. It paid a €105 million dividend and repurchased more than 1.7 million shares for €123 million. At the end of the first half, it held more than 3.8 million treasury shares, representing 5.25% of share capital, and had about €220 million remaining under a current buyback tranche. Net leverage stood at 0.99 times at the end of the second quarter.
The company reaffirmed 2026 guidance for revenue growth of 16% to 18%, including approximately six to seven percentage points from Spain, and an ordinary operating EBITDA margin of up to 61%, or up to 64% on an organic basis.
About Scout24 (ETR:G24)
Scout24 SE operates ImmoScout24, a digital platform for the residential and commercial real estate sectors in Germany and internationally. The company offers Realtor Lead Engine and Immoverkauf24 products for selling real estate; Mortgage Lead Engine, a mortgage financing product under the pay-per-lead model; mortgage and real estate financing advisory services; FLOWFACT and Propstack, which are CRM software solutions for real estate agents; and TenantPlus that provides rental properties. In addition, it offers BuyerPlus for users looking to buy properties; LivingPlus provides coverage and support for tenant protection; and LettingPlus, a cloud-based software solution.
