Hemnet Q4 Hit by Listings Slump as ARPL Surge Softens the Blow

Sweden’s dominant property portal Hemnet closed out 2025 with falling revenues and profits in the fourth quarter, as a depressed housing market continued to choke off new listings. Once again, pricing power and strong uptake of premium products did much of the heavy lifting.

For the October to December period, net sales fell 4.4% year-on-year to SEK 348.1m, while EBITDA dropped 12.8% to SEK 153.7m. Operating profit declined 15.5% to SEK 129.8m, with margins squeezed as volumes slid sharply.

• Net sales down 4.4% to SEK 348.1m
• EBITDA down 12.8% to SEK 153.7m, margin of 44.2%
• Operating profit down 15.5% to SEK 129.8m
• Published listings down 26.4% to 27,300
• ARPL up 29.2% to SEK 10,916

The decline in listings remains the core issue. Hemnet said the number of published homes fell 26% in the quarter, reflecting what CEO Jonas Gustafsson described as persistent lock-in effects, weak price development for smaller apartments and longer sales cycles across Sweden.

Gustafsson struck a familiar tone in his commentary, pointing to resilience beneath the headline numbers. “A very strong ARPL growth of 29% for the quarter and 28% for the full year significantly offset the impact of lower listing volumes,” he said, adding that growth was driven by record conversion rates into Hemnet’s value-added services.

He also highlighted the contrasting dynamics in the wider market, noting: “A persistent ‘sell-first’ mentality, weak price development among small apartments and longer sales cycles, continued to create lock-in effects. Consequently, published new listings on Hemnet declined by 13% for the full year and 26% in the fourth quarter.”

On a full-year basis, the picture looks healthier. Net sales for 2025 rose 9.5% to SEK 1.53bn, with EBITDA up 6.6% to SEK 767.5m. The board proposed an increased dividend of SEK 1.90 per share, underlining Hemnet’s continued cash generation despite market headwinds.

Strategically, the company is doubling down on initiatives designed to pull listings earlier into the funnel. Following a pilot in Q4, Hemnet will roll out its “sell first, pay later” model in Stockholm from February, aiming to lower the threshold for sellers to advertise and counter the inertia gripping the market.

The results echo Hemnet’s Q3 narrative, where management blamed a “continued challenging property market” for softer numbers, while talking up ARPL growth and new commercial models. With mortgage rule changes due in April, Hemnet is betting that a thaw in mobility will arrive just in time.