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Investing.com -- Scout24 AG (ETR:G24n) reported a solid second quarter, underpinned by continued strength in its core segments and supported by recent acquisitions.
As revealed in the recent preliminary results, group revenue rose 15.1% year-on-year to €160.6 million, slightly ahead of consensus.
Operating EBITDA increased 16.9% to €101.7 million, also beating expectations, with the margin improving to 63.3%.
Still, the company’s shares retreated around 3% following the results.
UBS analysts note that much of the positive news had already been priced in following the preliminary release and guidance upgrade.
The Professional segment delivered €115.7 million in revenue, up 14.5% from a year earlier. This was broadly in line with estimates, though transaction enablement revenue came in weaker than expected.
Still, subscription revenue within the segment rose 14.8%, driven by a 6.1% increase in the customer base. Segment margin was stable at 63.1%.
The Private segment once again outperformed. Revenue rose 16.8% to €44.9 million, beating consensus by 3.6%. This was supported by 15.3% growth in the customer base and a 6% increase in ARPU.
EBITDA for the segment was €28.6 million, 7.1% ahead of consensus, with a margin of 63.7%.
UBS analysts emphasized that the Private segment continues to deliver upside surprise and was the main driver of the Q2 beat. That said, they flagged lingering uncertainties in the transaction enablement business, tied to rising mortgage rates and broader market dynamics in Germany.
Scout24 also cautions that "current global uncertainties could continue to influence interest rates, consumer confidence, and the general dynamics of the real estate market in Germany."
"We acknowledge solid 2Q25/1H25 results, but highlight market uncertainties," UBS analysts said.
The company reaffirmed the upgraded full-year guidance issued earlier this week, targeting 14–15% revenue growth for full-year 2025 (FY25), including around 3 percentage points from M&A, and an up to 70-basis-point improvement in the EBITDA margin.