Hemnet: Post-call: Green shoots emerging, but macro recovery still the key swing factor for listings.

Research evidence excerpt

Hemnet: Post-call: Green shoots emerging, but macro recovery still the key swing factor for listings.

e increase our 2027 EV/EBITDA target multiple from 8.5x to 9.0x. Specialist Sales contact details:

Scott Silver - Specialist Sales -

• Conference Call Takeaways. 1) On the overall Swedish property market, European TMT

management noted signs of a gradual recovery including transactions (44-20) 7134-0412

increasing (+11% YoY in Q2). This has helped clear the oversupply as sales scott.silver@jpmorgan.com

begin to outpace new listings — which is a short-term negative for Hemnet but Key Changes (FYE Dec)

is supportive of the broader property market. 2) Management confirmed that Prev Cur Δ

Under the Radar listings are posted for free, though the goal is to eventually Adj. EBITDA - 26E (Skr mn) 671 670 -0.2%

convert them to a traditional paid listing (however, there is currently no time Adj. EBITDA - 27E (Skr mn) 852 850 -0.2%

limit for how long a listing can stay Under the Radar). The company highlights

Style Exposure that Under the Radar is providing listings that are in the very early stages that

would otherwise not have been added to Hemnet. 3) On the Max package tier,

management notes that penetration has been improving but from low levels.

However, the company expects a recovery in the underlying housing market to

drive uptake and management notes that penetration could also be driven by the

relative price and features levers. 4) Management also confirmed that it has

removed the requirement for listings to be added to Hemnet within two days

to qualify for Sell First, Pay Later (SFPL). This comes following negative

feedback from agents as well as concerns from the competition authority.

• New Product Initiatives. In addition to highlighting recent product initiatives