Scout24: Helpful CMD in the context of the AI debate; the simplest name to revisit in classifieds

Research evidence excerpt

Scout24: Helpful CMD in the context of the AI debate; the simplest name to revisit in classifieds

Equity Research

EMEA Internet

13 May 2026

Scout24

Helpful CMD in the context of the

AI debate; the simplest name to

G24n.DE/G24 GY OVERWEIGHTrevisit in classifieds

Unchanged

Good CMD; helpful context to counter AI bear case. Implied EMEA Internet POSITIVE

upside to #s in ’28 guide. The simple story to own in Unchanged

classifieds; should be at higher multiple rel to peers. Price Target raised 3% fromEUREUR103.00100.00

Price (12-May-26) EUR 72.90

Potential Upside/Downside +41.3%

Source: Bloomberg, Barclays Research

A positive view of classifieds in the world of AI. We felt the company did a good job of

presenting a vision of a classified ecosystem in a world of agentic AI that is: 1) more useful to Market Cap (EUR mn) 5358

consumers, homeowners and agents, 2) locks in more powerful network effects with deeper Shares Outstanding (mn) 73.50

engagement through the course of the lifecyle of the listing and compounding data benefits, 3) Free Float (%) 97.23

potentially drives accelerated growth with tangible ways to monetise AI features, 4) doesn’t infer 52 Wk Avg Daily Volume (mn) 0.2

margins go down (rather up) with AI as an driver of cost efficiency in spite of risking token costs. Dividend Yield (%) 2.04

The logic presented by the company is applicable to most of the classified peers. But we feel Return on Equity TTM (%) 17.66

that Scout24 is further ahead in its execution of this vision, as well as the tools it has to execute Current BVPS (EUR) 19.67

it, and therefore has the greatest probability of delivering tangible uplift to numbers than most Source: Bloomberg

peers. The guide to 2028 infers this is a double digit % organic top line business with teens %