Scout24 AG Reports 20% Revenue Jump, Raises Outlook

Scout24 AG reported a nearly 20% year-over-year increase in third-quarter revenue to €198 million, leading the company to nudge its full-year revenue growth forecast slightly higher to approximately 18%. The positive results, announced November 4th, sent the company’s stock price up over 7% during afternoon trading.

The revenue increase, which reached nearly a fifth compared to the same period last year, was partially driven by acquisitions of Spanish online real estate platforms Fotocasa and Habitaclia; excluding these, revenue still grew by 10%. Alongside the revenue bump, adjusted EBITDA rose by 16% to nearly €121 million. However, the faster growth in revenue relative to operating income resulted in a contraction of the EBITDA margin, falling by two percentage points to 60.9%.

Scout24 CEO Ralf Weitz now anticipates a circa 18% revenue increase for the full year, a slight improvement on the previous forecast of 16-18%. The company maintains its EBITDA margin guidance of up to 61%, or up to 64% when adjusted for the Spanish acquisitions. In 2025, Scout24 achieved a 15% revenue increase to €650 million, with an operating margin of 62.5%.

These results follow a 'Buy' rating and €102.50 price target from Jefferies, citing better-than-expected performance. The Q3 gains demonstrate continued momentum in both the professional and private segments, attributed to strong customer demand for subscriptions and the increasing implementation of AI-assisted tools. While the revenue picture is promising, the shrinking margin suggests operating expenses are outpacing top-line growth, a dynamic investors will likely watch closely in subsequent reports.