Scout24: Q226 Preview - Steady, but unlikely to be the much-needed catalyst...

研报英文原文证据摘录

Scout24: Q226 Preview - Steady, but unlikely to be the much-needed catalyst...

t one month

in Q126). We forecast +5.8% revenue growth in Private, with private Scott Silver - Specialist Sales -

European TMT

subscription growth (+8.0% YoY) largely driven by ARPU (+5.9% YoY). We

(44-20) 7134-0412

also model +13.1% ooEBITDA growth for the quarter to €115m (60.5% scott.silver@jpmorgan.com

margin).

Key Changes (FYE Dec)

• Berlin Internet Trip Feedback. We recently hosted our 2026 Berlin Investor Prev Cur Δ

Tour, providing direct access to the management teams of Germany-based Adj. EBITDA - 26E (€ mn) 467 466 -0.3%

Internet players — including Scout — in their offices. Our discussions with Adj. EBITDA - 27E (€ mn) 525 523 -0.3%

Scout management focused Scout’s “Intelligence” roadmap, the defensibility

Style Exposure

of Classifieds in an LLM-enabled world, and early traction in agent/consumer

AI-driven workflows. Overall, the conversation reinforced our constructive

stance: we see Scout’s proprietary data advantage and workflow embedding

(agents + consumers) as well ahead of that of peers and we continue to

view “Intelligence” as an incremental monetisation layer that is still in

relatively early innings. We highlight our detailed feedback here.

• Changes in Estimates. We make slight adjustments to our Private segment

estimates but overall our FY26/27/28 Revenue and ooEBITDA estimates

remain unchanged.

• Investment Thesis. We emphasize strong execution by management on new

products, and we argue Scout24 is best positioned to navigate the changing AI

landscape as management has been early in addressing AI concerns and

investing in the company’s technology and data offering. The company has

spent more than €400m since 2021 on data, product, tech, AI, home-owner hub,