Scout 24 Financial Statement: Q3 2024 Delivers €144 Million in Revenues, Up 8.5% Year-on-Year

Scout24 SE, the owner of German real estate classifieds giant Scout24 Group, has released its financial statement for the third quarter of the 2024 financial year.

Highlights include:

• Revenues grew 8.5% to €144 million for the quarter
• Ordinary operating EBITDA rises 16.1% YoY, to €90.7 million
• Private subscriptions (24.7%) and revenues (9.7%) both experience healthy growth Year-on-Year
• ARPU for the Professional segment slows but still records 6.4% growth YoY

Scout24 operates the market-leading real estate portal in Germany, ImmoScout24—one of the oldest and most profitable real estate portals in the world.

However, Scout24's admirable record of eleven consecutive quarters of double-digit revenue growth finally ended—at 8.5% YoY for the quarter.

The portal is notable for successfully monetising buyers and sellers, a segment which has gone from strength to strength over time.

In context, Scout24's Private Segment has contributed more than a quarter of total Group revenues so far this year; €115.9 million is 28% of overall revenues of  €419.6 million since January.

Scout24 said:

At 13.8% in the third quarter of 2024, the Private segment once again accelerated its revenue growth compared with the already strong previous quarters. Subscription revenue also recorded very dynamic growth of 27.6% in the reporting quarter.

Private subscribers, combining landlords and home seekers, surpassed 460,000 in Q3, contributing €40.7 million of total revenue.

On the other side of the business, the Professional segment, made up mostly of agents, increased revenues by 6.5% YoY to a more than respectable €103 million, with ARPU breaking €1000 per month for the quarter, and €999 per month for the year to date.

As the major contributor to Scout24's business model, Subscription revenues contributed €74.5 million with a further €23.3 million from transaction enablement.

Scout24 said:

The current developments in the German real estate market continue to have a positive impact on Scout24’s product demand and thus revenue development. The relevance of the ImmoScout24 platform and the marketing capabilities of the product offering have gained importance in the current market environment.

Based on the strong business performance in the first nine months of 2024, the Management Board has decided to narrow the current guidance to the upper end, both for revenue growth of 9-11% and ordinary operating EBITDA margin of about 61%. The main focus is still on increasing the operating performance in absolute terms (measured by ordinary operating EBITDA) and improving profitability (measured by the corresponding margin).