Hemnet: Latest data implies declining market share for Hemnet

Research evidence excerpt

Hemnet: Latest data implies declining market share for Hemnet

J P M O R G A N Europe Equity Research

06 July 2026

Hemnet Underweight

HEM.ST, HEM SS

Latest data implies declining market share for Hemnet Price (03 Jul 26):Skr87.90

Price Target (Dec-27):Skr78.00

Our Take: On Friday, Statistics Sweden released its annual statistics indicating European Internet

AC+3% YoY growth in 2025 housing transaction volumes, which compares against Marcus Diebel

a -13% decline in new listings for Hemnet in FY25. Most notably, against that (44-20) 7742-4447

backdrop, Hemnet estimates that 82% of total home sales were advertised on marcus.diebel@jpmorgan.com

Hemnet (here). This implies a market share decline vs the 89% share in 2024 and J.P. Morgan Securities plc

90% in 2023 - notably this share has been 86%+ throughout 2019-2024. We see this Specialist Sales contact details:

as incremental evidence of rising competitive pressure from Booli, which remains

Scott Silver - Specialist Sales -a key debate around Hemnet. European TMT

• Under the Radar Listings. Today, Hemnet also announced the launch of its (44-20)scott.silver@jpmorgan.com7134-0412

Under the Radar listings as outlined in its last results. This offering helps

address the pre-market by allowing agents to list “upcoming” listings under a

controlled launch where only logged in users can access the full details. The

offering is available to agencies who have a strategic partnership with Hemnet

and who already show “under the radar” listings for logged-in users on their

own agency websites. Similar to Hemnet’s other recent product launches

(including Sell First, Pay Later), we see this as a strategically sensible step to

strengthen its pre-market offering, where Booli retains an advantage as a

scraper

• Investment Thesis.