Scout24 Q1 2026: Revenues up 13.9% as Spanish Acquisitions Absorbed

Scout24 has delivered a strong start to 2026, posting double-digit revenue growth as the German real estate portal absorbs its newly acquired Spanish business and pushes harder into AI products.

Highlights from Q1 include:

• Revenue was €179.6m, up up 13.9% year-on-year, with organic growth of 10.7%
• Ordinary operating EBITDA was €107.9m, up 15.1%
• Professional revenue was €133.6m, up 15.8%
• Professional ARPU Germany was €1,224 per month; up 10.5%
• Private revenue was €46.0 m, up 8.8%
• Private ARPU was €17.8, up 2.7%
• EBITDA Margin was 60.1%

Ralf Weitz, CEO at Scout24, said:

"We have made a good start to 2026. Our B2B membership business continues to deliver industry-leading mid-teens revenue growth and further market share gains, driven by strong demand for our comprehensive membership offerings. We are also seeing dynamic growth in our AI products, such as HeyImmo and PropstackAI, still at an early stage with significant potential ahead. I look forward to sharing more on our vision, innovations and strategy at our Capital Markets Day on 12 May."

The Professional segment, which now accounts for 74.4% of group revenue, did the heavy lifting. Subscription revenue in Germany rose 14.5% to €89.5m, with the average professional customer paying €1,224 a month, up 10.5% year-on-year. Customer numbers in Germany grew 3.7% to an average of 24,383. Pricing power is the stronger lever, supported by upgrades into higher-tier memberships, expanded data and valuation services, and selective price moves.

Weitz's AI agenda builds on Scout24's earlier moves to embed itself in conversational search interfaces, including the launch of an ImmoScout24 app inside ChatGPT and the HeyImmo AI assistant. PropstackAI, namedropped for the first time in Q1, is the latest addition to the portfolio.

The quarter also marks Scout24's initial consolidation of the Spanish business, Fotocasa group, acquired from EQT in February. March contribution flowing through the Professional segment under a newly carved-out "Rest of Europe" reporting line, which combines Spain with the existing Austrian operation (Immoscout24.at).

Subscription revenue from Rest of Europe came in at €9.6m, more than double the year-earlier €4.2m, thanks to Fotocasa and Habitaclia. The management board reaffirmed full-year 2026 guidance for revenue growth of 16-18%, of which 6-7 percentage points are attributable to the inorganic Spain contribution.

In the Private segment, consumer revenue rose 8.8% to €46.0m, with subscription income from homeowners and renters at €27.1m (up 5.3%) and pay-per-ad listings up 13.5% to €14.3m.

Private ARPU climbed 2.7% to €17.8 a month, with Scout24 crediting upselling and a recently overhauled product structure with sharper service-level differentiation.

Private customer numbers grew 2.5% year-on-year to 507,602. Listings on ImmoScout24 rose 14.5% to 617,863, although monthly website users fell 6.8% to 15.0m, which Scout24 attributed to macroeconomic and geopolitical headwinds.

Martin Mildner, CFO, commented:

"Scout24 delivered a successful first quarter, with continued double-digit revenue growth and further operating leverage. This highlights the scalability of our business model and the discipline in our cost base, even as we continue to invest in technology, AI and acquisitions. Since joining, I have seen a company that is fully committed to consistent execution and which has a clear focus on scalable, yet profitable growth. Building on our strong performance, consistent cash generation, and the confidence we have in the business, we decided to increase our share buy-back to up to EUR 350 million in 2026. We remain on track to deliver our full-year 2026 guidance and I look forward to presenting our updated financial framework at our Capital Markets Day."

A scaled-up share buy-back builds on the €500m programme announced in December. Scout24 will execute a first tranche of up to €100m by end of May, followed by a second tranche of up to €250m later in the year.

Net debt rose from €144.5m at year-end to €340.9m, lifting leverage from 0.36x to 0.81x ordinary operating EBITDA. Drawings on the credit facility were stepped up by €180m to fund both Spain and the buy-back programme.

The bigger reveal is reserved for the Capital Markets Day on 12 May, when Weitz is expected to set out a refreshed strategic framework. With Spain now absorbed, AI shipping at pace, and the buy-back upsized, Scout24 is heading into that day on the front foot, even if the market is yet to give the share price the same treatment, up 8.56% in the past month but down around 32% in the past twelve months.