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Investing.com -- Swedish property portal Hemnet on Thursday reported weaker-than-expected third-quarter results Thursday, with both revenue and earnings falling short of analyst forecasts as property listings declined.
Shares of Hemnet fell 2.3% in morning trade.
The company’s net sales and adjusted EBITDA came in approximately 7% below company-compiled consensus estimates. The disappointing performance was broad-based, with both average revenue per listing (ARPL) and total listings missing expectations.
Hemnet’s adjusted EBITDA margin declined by 2.5 percentage points in the quarter, compared to increases of 0.6 and 0.7 percentage points in the second and first quarters of 2025, respectively. Despite the decline, the margin was in line with analyst expectations.
Property listings, which Hemnet publishes weekly, were 3% below consensus forecasts. The company experienced a 19.2% decline in listings during the third quarter, a significant deterioration from the 9.3% drop in the second quarter and the 0.2% increase seen in the first quarter of 2025.
ARPL growth slowed to 20.9% in the third quarter, down from 34.7% in the second quarter and 36.9% in the first quarter. This metric also fell 6.3% short of analyst expectations. According to the company, ARPL growth continues to be driven by demand for its Plus, Premium, and Max services.
Hemnet maintained its financial objectives without providing explicit targets for fiscal year 2025. The company reiterated its goals of 15-20% net sales growth, long-term EBITDA margins exceeding 55%, and leverage below 2x.
Current analyst consensus estimates project 17.5% net sales growth and approximately 51.6% EBITDA margins for fiscal year 2025. However, assuming zero growth in the fourth quarter, consensus estimates would be approximately 6% above the likely full-year results.
The CEO’s statement in the results release acknowledged the challenges and emphasized a sense of urgency in protecting Hemnet’s role in the property ecosystem, with plans to discuss multiple product initiatives during the analyst call.
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