SCOUT24 (+) : CMD showcases agentic ambitions

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SCOUT24 (+) : CMD showcases agentic ambitions

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SCOUT24 OUTPERFORMPRICE* EUR70.7  TARGET PRICE EUR100 (UPSIDE 41%) TARGET 5%PRICE EPS 3%27e EPS 5%28e

CMD showcases agentic ambitions

Online classified shares have been buffeted in the last 6m (average listed shares down >40% in12 MAY 2026

Securities Research Report LTM) as Gen AI disruption fears (detailed in our Fallout report) have dominated the sub-sector (and

Production time: 19:21* (London time)

wider sector) investment debate. At the CMD, Scout24 sought to challenge that narrative, providing

Research Analysts & Publishing Entities

a vision of their agentic AI-fuelled future and enhanced financial profile with DD growth and margin

William Packer expansion. Scout24 remains a growth story offering teens EPS growth for just 15x PE 27. O/P.BNP Paribas London Branch

(+44) 207 039 9509

william.packer@uk.bnpparibas.com Management outlined their vision of an agentic-enhanced consumer and agent offering

While much of the classified industry remains sceptical of agentic AI’s LT impact (unique

homebuying processes a potential insulation), G24 mgmt argued its immo.ai intelligence layer and

agent factory will reshape both consumer‑facing and professional‑agent offerings. G24 can offer

more personalised experience for consumers while boosting agents’ productivity through tighter

integration of proprietary data, valuation, transaction back‑ends and software. The ambitious vision

looks to turn G24’s unique data and trusted brand into an intelligent, automation‑focused flywheel.

Upgrading forecasts and TP to reflect new company guidance

Management provided a detailed overview of the group’s success in achieving its 2024 CMD

guidance and updated with a new framework for FY27/28 (FY26 already provided).