Scout24 Model Update

Research evidence excerpt

J P M O R G A N

Europe Equity Research

10 August 2026

Scout24

Overweight

G24n.DE, G24 GR

Price (07 Aug 26):€74.20

Model Update

▲Price Target (Dec-27):€101.00

Prior (Dec-27):€93.00

We are updating our estimates on Scout post Q2 results. Our estimates remain

broadly unchanged with a 1% revenue increase in both Professional and Private for

FY2026 and unchanged estimates for FY27/28. As we have also slightly increased

peer multiples in our SOTP, our Dec 2027 price target moves from €93 to now

€101. Scout remains our key (only) pick in the wider Online Classifieds space as

we see strong tech execution on the tech side that should allo for a re-rating versus

Classifieds peers.

European Internet

Marcus Diebel AC

(44-20) 7742-4447

J.P. Morgan Securities plc

Lara Simpson

(44-20) 7134-3637

J.P. Morgan Securities plc

Carmen Graves

(44-20) 3493 0506

J.P. Morgan Securities plc

Thyagarajan J

(91-22) 6157-5005

J.P. Morgan India Private Limited

Specialist Sales contact details:

Scott Silver - Specialist Sales European TMT

(44-20) 7134-0412

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.