Scout24 Scout.ai – CMD signals widening moat as next‑gen products outpace international peers

Research evidence excerpt

Scout24 Scout.ai – CMD signals widening moat as next‑gen products outpace international peers

t is best-in-class versus peers which warrants a meaningful valuation Specialist Sales contact details:

premium. We reiterate our OW rating and increase our to price target to €91/share Scott Silver - Specialist Sales -

(previously €83). European TMT

(44-20) 7134-0412

Note that we will host Feedback calls post the CMD on Thursday and Friday, scott.silver@jpmorgan.com

14th/15th May. Please reach out to your JPMorgan representative if you would Key Changes (FYE Dec)

like to book a slot. Prev Cur Δ

EBITDA margin - 27E 61.5% 62.0% 0.5pp

• Agent Intelligence - A key new lever to drive revenue growth. CEO Ralf Adj. EBITDA - 27E (€ mn) 513 519 1.1%

Weitz highlighted that the company is moving quickly beyond the current

“reasoning AI stage” with AI agents able to autonomously perform tasks in the Style Exposure

future, boosting property agent efficiency. Scout’s set of AI-driven tech

products allows for highly efficient communication with homehunters, faster

solutions for price finding and standout performance. A new intelligence layer

(with elements such as fast context assessment and memory functionality)

allows for better monetization of ImmoPunkte (payment for different tech

services) as agents are taking on more product.

• Scout’s flywheel creates a clear competitive advantage and underpins the

build-out of a new intelligence layer. The company highlighted its leadership

in data products and personalisation, supported by valuable — often exclusive

— first‑party data and deep market expertise, which together form a powerful

toolkit versus peers. Management also showcased a robust “agent factory”

within immo.ai, with multiple digital agents already in the portfolio designed