CMD 2026: Taking Back Control

Research evidence excerpt

CMD 2026: Taking Back Control

Germany | Internet

Scout24 EquityMayResearch12, 2026

FLASH NOTECMD 2026: Taking Back Control

Reasserting control over the Agentic AI narrative was always within grasp of RATING BUY

this management team, given its long track record of having a progressive PRICE €70.70^

mindset for the role of its platform in the ecosystem it serves, and an R&D PRICE TARGET | % TO PT €103.50 | +46%

budget to realise it. The CMD didn't disappoint. In January, we argued that 52W HIGH-LOW €122.80 - €62.70

Agentic AI Fears Are Overdone - we are now confident that Agentic AI will FLOAT (%) | ADV MM (USD) 90.8% | 25.32

make classifieds a higher-quality sector, with operators like Scout trailing MARKET CAP €5.2B | $6.1B

the blaze. TICKER G24 GR

^Prior trading day's closing price unless otherwise

noted.

Scout24 outlined today the next phase of its growth strategy, quoting from the

announcement, "Scout is evolving from an interconnected ecosystem into an Agentic Operating

System (Agentic OS) for Real Estate – a platform that automates and orchestrates real estate

workflows throughout the transaction lifecycle".

The CEO presented a decidedly agentic future. Key themes: whoever can bridge human intent

and machine intelligence will thrive - trust is mission-critical; in the agentic era, well-invested

platforms with an ecosystem mindset will be better prepared than pure-play classifieds;

Scout’s data layer is the foundation for its agentic future (“we have the largest memory for

real estate in German”; “only a classifieds platform can create intelligence”); the flywheel

will transition form listings / traffic / monetisation to context / intelligence / monetisation –

“the more intelligence that is consumed in the ecosystem, the more user will pay” (and the