Scout24's CMD 2026: Catalyst delivered, material upgrade to mid-term framework

研报英文原文证据摘录

Scout24's CMD 2026: Catalyst delivered, material upgrade to mid-term framework

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Scout24 SE (G24 GR)

EQUITY RESEARCH Quick Take

May 12, 2026

Scout24's CMD 2026: Catalyst delivered, material Price: €70.90

Price Target: €117.00 upgrade to mid-term framework

Rating: Overweight Takeaways

Key Statistics: Scout24's CMD. Scout24's Capital Markets Day delivered squarely

Symbol XETRA: G24 GR on management's pre-commitment to raise the mid-term financial

52-Week Range 62.65 - 122.80 framework. The headline is a group ooEBITDA margin target of ~64% by Market Cap 5,211.2

ADV (3 mo) 322,581 2028 on the full perimeter including Spain, versus current Street at 60.9%

Shares Out (M) 73.5 – a material upgrade. Revenue growth was similarly upgraded to the high

end of the HSD-LDD range, approximately 3%-4% above current consensus

Research Analysts: expectations. These are not soft qualitative targets – they are anchored

Bharath Nagaraj by a 700k Private subscriber target by 2028 (vs 507k at FY25-end) and

Cantor Europe an upgraded Professional subscription growth framework, both of which

+44 20 7894 7347

Bharath.Nagaraj@cantor.com carry clear ARPU and margin flow-through. The new mid-term guidance

framework implies a c.8%-9% uplift to current Street ooEBITDA etimates.

One-Year Price History

Scout24's AI strategy. The AI narrative has shifted decisively from defensive

130 120 to offensive. Scout24 unveiled immo.ai as its intelligence layer and Agent

100 Factory as its agentic deployment capability, with the platform now

80 70 processing over 1 million AI-driven conversations per month. This is a

60 different metric to the ~650k users disclosed at Q1, but directionally

05/25 08/25 11/25 02/26 05/26 consistent with exponential adoption of Scout24's owned-channel AI, and