Scout 24 Q1 2024: Solid Growth Driven by Professional and Private Subscriptions

Scout24, the Berlin-based operator of Germany's market-leading portal ImmoScout24, has released its Q1 financials results.

Highlights include:

• Q1 revenues increased 11.7% year-on-year, to €136 million (USD 146 million)
• Ordinary operating EBITDA increased by 16.5%
• Ordinary operating EBITDA margin increased by 2.4%, reaching 58.4%
• The "Private" segment recorded revenues of €38.1 million for the quarter

Scout24 has made waves with its "Professional" and "Private" segments in recent years after shifting its model to prioritise subscription revenues from everyday users.

The Professional segment, core to the business, achieved revenues of €88 million for the quarter driven by 22k+ customers and over 400k subscriptions.

A solid 9.3% growth YoY saw Private revenues reach €38.1 million for the quarter, with notable progress for the Group's TenantPlus product, which recorded over 426,000 users in March 2024, or an additional 90k users in 12 months.

Scout24 recently announced its "Interconnectivity" strategy at a Capital Markets Day in March.

Scout24 Tobias Hartmann mentioned this in his comments, saying:

“We are off to a good start in 2024. Our core business continues to show great momentum, and this quarter is another proof point of our successful multi-year product strategy.

"The number of professional customers and private subscribers reached a new record. This shows that our solutions and products resonate very well with market participants in this challenging environment. On interconnectivity we are also making good progress - our new agent memberships are well received, and on the homeowner side we continue to grow users and functionality.

"We look at 2024 with confidence as the German real estate market slowly continues to improve. We will continue to be laser focused on executing the strategy presented at the Capital Markets Day."

Meanwhile, listings on ImmoScout24 were up 8.7% YoY, to a shade under 500,000 in Q1. However, web visits to the market leader dipped slightly to 15.1 million web users for the quarter, from 15.6 million in the same period last year.

Scout24 recently acquired 21st Real Estate via its Sprengnetter division, an acquisition the Group says contributed to flatter metrics including operating expenses, while marketing expenses for ImmoScout24 also increased.

Immoscout24 is the number-one destination for residential and commercial real estate in Germany, and one of the most successful property portals in the world. The company was Germany's first nationwide property portal when it launched in 1998, and has remained at the forefront of the industry ever since. ImmoScout24 expanded to Austria in 2012.