Scout24 SE (G24n.DE): 2Q26 preview: Topline growth to remain resilient despite slower rental demand

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Scout24 SE (G24n.DE): 2Q26 preview: Topline growth to remain resilient despite slower rental demand

Goldman Sachs Scout24 SE (G24n.DE)

topline guidance; 3) key drivers underpinning near-to medium term growth across

professional and private segments; 4) progress towards private subscribers and any

further clarity on pathway to achieve mid-term target; 5) key levers for near-to-medium

term adjusted EBITDA driving operating leverage; 6) FCF, and any updates on capital

allocation.

Latest trends in German Real Estate Market

As per the Wohn Barometer of 1Q26, German rental demand continued to moderate in

1Q26, declining across most regions both sequentially and year-on-year. However,

activity remains well above historical levels, with metropolitan-area demand still 43%

higher than in 1Q21. The decline in demand is likely being driven by rental prices, which

continue to rise from high levels across Germany (Exhibit 1). Many residents are

choosing to remain in their current homes rather than move, limiting housing turnover

and, in turn, demand generation for Scout24’s tenant+ product. Offsetting these market

pressures, we expect Scout24 to see engagement through initiatives such as its tenant

network and property-related services (see Exhibit 2). As tenants increasingly use higher

priced tiers, we would expect to see ARPU growth.

Exhibit 1: Rent prices in Germany have ticked up 4.5% yoy Exhibit 2: Pre-market listings of rental apartments shared

in Q1 and have been on the rise since 2Q25 directly between departing tenants within the

% yoy growth in rental prices ImmoScout24 Tenant Network increased from c.25k since

the time of CMD to c.40k as of end-June

#

c.45000 8.0% 7.4% 7.2% 40543 6.9%

7.0% c.40000

5.8% c.35000 6.0%

5.0% 4.5% c.30000

5.1% 4.2% c.25000

3.7% c.25000

4.0%