Hemnet: Q2 results in line, conference call likely to center around further product improvements

研报英文原文证据摘录

Hemnet: Q2 results in line, conference call likely to center around further product improvements

J P M O R G A N Europe Equity Research

17 July 2026

Hemnet Underweight

HEM.ST, HEM SS

Q2 results in line, conference call likely to center around Price (16 Jul 26):Skr81.70

further product improvements Price Target (Dec-27):Skr78.00

Our Take: Hemnet provided Q2 results that are in line with market expectations European Internet

ACon both revenues and EBITDA and we expect limited share price reaction on the Marcus Diebel

back of these results. The key will be what management says on the conference call (44-20) 7742-4447

in regard to Booli taking share and further product initiatives that the market can marcus.diebel@jpmorgan.com

anticipate in the next few months. J.P. Morgan Securities plc

Lara Simpson

(44-20) 7134-3637• Noteworthy Areas: 1) Q2 saw a sequential listings improvement (-14% YoY

va -31% in Q1) supported by the roll-out of the Sell First, Pay Later offering; lara.simpson@jpmorgan.com

2) Management noted that, as the revenues for SFPL are recognized upon final J.P. Morgan Securities plc

sale rather than publication, Q2 absorbs much of the financial impact of this Carmen Graves

shift (Q2 revenues -23.1% YoY); 3) On the property market overall, (44-20) 3493 0506

carmen.graves@jpmorgan.com

management noted a slower-than expected-recovery though eased credit J.P. Morgan Securities plc

requirements and increased economic activity have supported a gradual Thyagarajan J

recovery with total housing inventory decreasing; 4) On the recent data (91-22) 6157-5005

suggesting market share losses, Hemnet acknowledged a shift in consumer and thyagarajan.j@jpmchase.com

agent behaviour towards selling before investing in broad marketing and the J.P. Morgan India Private Limited