Scout24 Se · XETR:G24
Scout24 — Investor Day (May 2026)
64 slides from Scout24's investor day presentation, May 12, 2026
Slide 1: CMD 2026, 12 May 2026
12 May 2026 © 2026 Scout24 SE. All rights reserved
Slide 2: Disclaimer
Disclaimer This document has been issued by Scout 24 SE (the This presentation contains certain alternative performance financial effects of the plans and events described herein . “Company” and, together with its direct and indirect measures (“APMs”). These APMs should not be viewed in Statements c
Slide 3: CMD 2026
© 2026 Scout24 SE. All rights reserved 3 CMD 2026
Slide 4: We delivered.
Hit all financial targets Organic-led traffic Revenue CAGR 15% 2024-2026 1 20m Monthly users unique 4 Organic ooEBITDA 64% margin 20262 >90% Unpaid traffic We delivered. Growing customers in all segments 3 S24 as innovation leader On all CMD 2024 commitments +2k B2B customers +36 AI Features +150k B
Slide 5: Every technology wave made us stronger.
Every technology wave made us stronger. Agentic intelligence Interconnected ecosystem and AI 650 566 Mobile first 509 447 App-based marketplace 385 350 354 299 318 285 267 Web 1.0 based portal 177 205 231 149 156 129 102 53 74 37 1 1 3 6 8 12 21 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Slide 6: In agentic times… Classifieds with ecosystems are better prepared
In agentic times… Classifieds with ecosystems are better prepared than pure classifieds and intelligence without context is not possible © 2026 Scout24 SE. All rights reserved 6 CMD 2026
Slide 7: Infrastructure Layer. Data over Context.
Valuation Realtor & Data Software Infrastructure Layer. Data Over Transaction Context. infrastructure EUR 400m backend investments Tech Agentic - infrastructure ready © 2026 Scout24 SE. All rights reserved 7 CMD 2026
Slide 8: Our Interconnected Ecosystem is the foundation
Our Interconnected Ecosystem is the foundation Interconnected Ecosystem © 2026 Scout24 SE. All rights reserved 8 CMD 2026
Slide 9: Introducing the Agentic OS for Real Estate
Introducing the Agentic OS for Real Estate Agentic OS for Real Estate NEW Agent factory and agent communication Intelligence Layer – immo.ai NEW Powered by LLM + Context & Memory Context & Memory CMD24 Verified unique data & exclusive content Infrastructure Layer CMD24 Our digital foundation © 2026
Slide 10: What we mean by Agentic OS
From To Traffic flywheel Intelligence flywheel What we mean by Agentic OS for Real Estate © 2026 Scout24 SE. All rights reserved 10 CMD 2026
Slide 11: Intelligence becomes critical for monetisation.
Intelligence becomes critical for monetisation. Old classifieds flywheel New classifieds flywheel Use cases & personalization Listings Context Intelligence Traffic Engagement (immo.ai) Money Money Traffic^2 © 2026 Scout24 SE. All rights reserved 11 CMD 2026
Slide 12: What we mean by Agentic OS
From To What we mean by Visibility monetization Consumption-based monetization Agentic OS for Real Estate © 2026 Scout24 SE. All rights reserved 12 CMD 2026
Slide 13: ImmoPunkte: Our digital currency enabling us to monetize AI use cases
ImmoPunkte: Our digital currency enabling us to monetize AI use cases Today: Live and scaling in B2B memberships Tomorrow: ~60% Ecosystem token for seekers, professionals, owners and partners Unlocked access to all products Adoption Rate in B2B memberships 1 Monetize any AI use case © 2026 Scout24 S
Slide 14: What we mean by Agentic OS
From To What we mean by Agentic OS Many AI native frontends for Real Traditional search (social, automated, multi-interface) Estate © 2026 Scout24 SE. All rights reserved 14 CMD 2026
Slide 15: Frontends will multiply – search becomes automated
Frontends will multiply – search becomes automated Last 25 years Today Future Traditional search AI augmented & social search Agentic search AI Intent AI Search HeyImmo Smart Chat GPT Follow Filters Integration an Agent AI Agent Keywords & Filters Transaction © 2026 Scout24 SE. All rights reserved 1
Slide 16: What we mean by Agentic OS
From To What we mean by Agentic OS for Real Estate Connected tools Agentic execution © 2026 Scout24 SE. All rights reserved 16 CMD 2026
Slide 17: Every user journey becomes agentic.
Every user journey becomes agentic. From connected product suite To AI powered Agents For Professionals Complete B2B product suite Proppi: autonomous workflow agent For Seekers Listings search HeyImmo: autonomous property finder For Homeowners Property dashboard Autonomous homeownership agent © 2026
Slide 18: What we mean by Agentic OS
From To What we mean by Agentic OS for Real Estate Trusted platform as Brand equity transaction authenticator © 2026 Scout24 SE. All rights reserved 18 CMD 2026
Slide 19: Our brand leadership creates the trusted basis for the Agentic OS
Top of mind #1 59 Our brand Brand for German leadership creates real estate First choice the trusted basis for search the Agentic OS for 58 Real Estate. Brand Trusted today. awareness Creating impact tomorrow 93 19 CMD 2026 Source: Goldberger Marktanalytik, “Brand Study”, quantitative online survey,
Slide 20: AI is already driving growth, loyalty and efficiency
AI is already driving growth, loyalty and efficiency Faster Revenue & Engagement & Loyalty Internal Efficiency Customer Growth © 2026 Scout24 SE. All rights reserved 20 CMD 2026
Slide 21: Our updated strategy positions Scout24 to win the next leg of value creation
1 2 Proven Competitive Execution Advantage Our updated By adapting to technological Content, data, trusted strategy change over decades platform & transaction backend positions Scout24 to win 3 4 the next leg of Agentic OS for Real AI compounds value creation Estate value creation The next evolution
Slide 22: CMD 2026
© 2026 Scout24 SE. All rights reserved 22 CMD 2026
Slide 23: Build and run specialized & autonomous Real Estate AI Agents
Build and run specialized & autonomous Real Estate AI Agents - ready to interact with humans and machines © 2026 Scout24 SE. All rights reserved 23 CMD 2026
Slide 24: We have consistently anticipated technology shifts and are ready to lead agentic AI
We have consistently anticipated technology shifts, built AI into our core, and are ready to lead the next wave of agentic AI growth 2021–2022 2023 Today 2026–2029 Foundation Becoming a data Interactive experiences Agentic OS powered by for interconnected platform & efficient matchmaking autonomous
Slide 25: We are ideally positioned to build the Agentic OS for Real Estate
We are ideally positioned to build the Agentic OS for Real Estate Agent Readiness Trusted Platform Data Platform © 2026 Scout24 SE. All rights reserved 25 CMD 2026
Slide 26: Ready for the agent era: Our trusted platform enables safe agent execution
Ready for the agent era: Our trusted platform enables safe agent execution - where trust becomes critical Autonomous Agents Security protected data and systems Access Data Privacy 28 years as safeguarded sensitive information Trusted Platform Execute Tasks Control Communicate externally governed act
Slide 27: Our data flywheel creates a competitive advantage
Our Data flywheel creates a competitive advantage and powers our intelligence layer. Data Products Valuable First Party Data Data Flywheel Personalization Improves with every Market expertise interaction Data Platform Ensuring quality, access, and governance at scale Market Intelligence Data Transac
Slide 28: AI agents transform every part of our ecosystem
AI agents transform every part of our ecosystem From Customer Value to Internal Operations Agents create Customer Value Agents transform internal operations Product Agents Service Agents Internal Agents Engineering Agents Seekers Marketing Internal workflows Product Agents Sales Development Cycle Au
Slide 29: Engineering Agents transform how we build products.
Engineering Agents transform how we build products. 50% higher output expected over the next two years1 Product Development Cycle via Agents Discover Define Design Build Test Launch Learn Research Agent Spec Agent Build Agent QA / Release Agent Learning Agent Governed by human oversight and control
Slide 30: CMD 2026
© 2026 Scout24 SE. All rights reserved CMD 2026
Slide 31: CMD 2026
© 2026 Scout24 SE. All rights reserved 31 CMD 2026
Slide 32: We have executed the CMD2024 building blocks
We have executed the CMD2024 building blocks Interconnected Ecosystem AI & Innovation Data & Content Taken Search to Enabled Integrated Created Germany’s New Level Products across the Real Estate Memory Lifecycle AI-powered discovery from filters Driving engagement, upselling Powered by unique propr
Slide 33: Agentic OS for Real Estate enables the magic
Agentic OS for Real Estate enables the magic AI First User Experience Digital agents transforming discovery Exclusive Content Unlocking new, untapped content supply Digitization of the transaction Deeper value chain execution for transactions © 2026 Scout24 SE. All rights reserved 33 CMD 2026
Slide 34: CMD 2026
© 2026 Scout24 SE. All rights reserved 34 CMD 2026
Slide 35: The German market: large, diversified, opportunity to grow
The German market: large, diversified, opportunity to grow Large Market Diversified into Owners & Tenants2 Offering growth opportunities SALE ~47% Stable and high real estate prices Sale Growing home-ownership 44 Million Units 1 Need for digitization & efficiency RENT Increasing need for new housing
Slide 36: Large structurally favorable professional customer base
Large structurally favorable professional customer base Large Commision Large Pool Commission Large Addressable High Fragmention resulting in Pool Customer Base need for full product suite ~2% > 100 Listings ~€8bn ~30k ~28% 10-100 Listings < 10 Listings ~70% Commission Pool1 Realtors2 IS24 customers
Slide 37: The German Sale Market is extremely resilient
The German Sale Market is extremely resilient 1 German residential real estate transactions (#k) Offer and transaction prices 1.5 +35% 628 1.4 601 530 525 1.3 445 1.2 1.1 1 0.9 2021 2022 2023 2024 2025 01/19 01/20 01/21 01/22 01/23 01/24 01/25 01/26 Offer prices on IS24 (indexed) Transaction prices
Slide 38: High demand and missing supply
High demand and missing supply 2 Residential Building Permits in Germany in k 400 0.7 300 200 100 0 2022 2023 2024 2025 Million Units 1 Residential Project Volume by Completion Year in Mio. sqm 3 20 15 Annual Housing Demand through 2030 10 5 0 2022 2023 2024 2025 2026 2027 2028 © 2026 Scout24 SE. Al
Slide 39: Rent Super Cycle
Rent Super Cycle Development of rental prices and demand IS24 Rent Price Index (2021=100) IS24 Rental demand Index (2021=100) 180 170 160 +47%1 150 140 130 120 110 100 Q1’21 Q1’22 Q1’23 Q1’24 Q1’25 Q1’26 © 2026 Scout24 SE. All rights reserved 39 CMD 2026 Notes: 1) Since Q1’21
Slide 40: Rental demand stabilizes at a high level (+47% vs. 2021)
Rental demand stabilizes at a high level (+47% vs. 2021) Development of rental prices and demand IS24 Rent Price Index (2021=100) IS24 Rental demand Index (2021=100) 180 170 160 +47%1 150 140 130 +27%1 120 110 100 Q1’21 Q1’22 Q1’23 Q1’24 Q1’25 Q1’26 © 2026 Scout24 SE. All rights reserved 40 CMD 2026
Slide 41: Why the German Market Favours Scout24
1 2 Germany remains Structural market one of Europe`s most fragmentation attractive real estate increases demand for profit pools integrated platform Why the German Market Favours Scout24 3 4 Housing scarcity The grey market reinforces the represents large strategic relevance expansion of Scout24 op
Slide 42: CMD 2026
© 2026 Scout24 SE. All rights reserved 42 CMD 2026
Slide 43: Our Professional Business
Our Professional Business 23% 73% Transaction Enablement B2B Memberships Strategic Foundation of our Professional Business €47 1m Ecosystem Assets Revenue FY2025 ~72% of total Revenue © 2026 Scout24 SE. All rights reserved 43 CMD 2026
Slide 44: CMD 2026
© 2026 Scout24 SE. All rights reserved 44 CMD 2026
Slide 45: Unique private B2C business in global classifieds
Unique private B2C business in global classifieds €179m By Product Revenue FY2025 By Segment Other (e.g. Credit Check) 8% 23% Sale market Private Listings (PPA) 32% Seeker Subscriptions 77% Rental market 60% Scout24 Mindset: Every user is a potential customer © 2026 Scout24 SE. All rights reserved 4
Slide 46: Suchen+ as a tiered Subscription
Suchen+ as a tiered Subscription Price per month in EUR1 30€ 18€ 15€ Unlimited Pro Standard Established Rent journey New Grey market Established Buy journey Coming Agentic Services Notes: 1) Based on 12-month subscription © 2026 Scout24 SE. All rights reserved 46 CMD 2026
Slide 47: CMD 2026
© 2026 Scout24 SE. All rights reserved 47 CMD 2026
Slide 48: Martin Mildner appointed CFO as of 1 March 2026
Martin Mildner appointed CFO as of 1 March 2026 Prior Experience 2023 – 2025 Martin Mildner CFO – ProSiebenSat.1 Media 2020 – 2024 Supervisory Board – IONOS IPO’ed in 2023 2021– 2023 Supervisory Board – PYUR / Tele Columbus 2020 – 2023 CFO – United Internet 2007 – 2020 Global Head of M&A / Group Gen
Slide 49: Health check: We are on track to exceed all our CMD 2024 targets
“Health check”: We are on track to exceed all our CMD 2024 targets high single 16-18% to low 13% high 15% double-digit B2B Membership single-digit Revenue Revenue Growth [%] Growth [%] Target Actual Guidance Target Actual 24-26E 23-25A 2026 24-26E 24-25A CAGR CAGR CAGR CAGR 61% incl. Fotocasa 64.0%
Slide 50: Turned Scout24 into a scalable operating leverage model
Turned Scout24 into a scalable operating leverage model, delivering industry-leading financial performance Actual 23-25 CAGR Actual 23-25 CAGR +17% +16 % Adjusted EPS Actual 23-25 CAGR ooEBITDA +13% Revenue © 2026 Scout24 SE. All rights reserved 50 CMD 2026
Slide 51: The Scout24 Value Creation Formula
1 2 Revenue Operating Leverage & The Scout24 Growth ooEBITDA Margin Uplift “Value Creation Formula” 4 3 Free-Cash-Flow Capital and Conversion Allocation © 2026 Scout24 SE. All rights reserved 51 CMD 2026
Slide 52: Resilient business model: Revenue growth sustained regardless of market environment
Resilient business model: Revenue growth sustained through regardless of market environment Low-interest rate environment Downturn & frozen market Sales market German Residential RE Transactions [#k] 1 698 629 631 628 601 -2.1% 530 18-25 CAGR 525 445 German Mortgage Volume [EUR bn]2 284 241 263 273
Slide 53: Resilient business model: Revenue growth sustained regardless of market environment
Resilient business model: Revenue growth sustained through regardless of market environment Low-interest rate environment Downturn & frozen market Sales market Scout24 Revenue [EURm] +11% 18-25 CAGR 650 566 -2.1% 509 18-25 CAGR 448 389 350 354 318 +0% 18-25 CAGR 2018A 2019A 2020A 2021A 2022A 2023A 2
Slide 54: Revenue growth driven by Professional and Private segment
Revenue growth driven by Professional and Private segment, our two core subscription businesses… 1 Professional Segment Growth Private Segment Growth Exceeded target +13% +19% 1 year ahead of time CAGR 342 CAGR Membership 297 Private 507 Revenue 270 Subscriptions 445 [EUR m] [# k] 358 2023A 2024A 20
Slide 55: … for which we are upgrading our targets today…
… for which we are upgrading our targets today… Professional Memberships Private Subscriptions High-end of high single 700k digit to low double-digit by 2028E 2026-28E CAGR Upgrade Upgrade High single-digit 500k 2024-26E CAGR by 2026E Targets per Upgraded Targets Targets per Upgraded Targets 2024 CM
Slide 56: …resulting in upgraded revenue guidance on Scout24 Group Level
…resulting in upgraded revenue guidance on Scout24 Group Level Scout24 Group Annual Growth Accelerators Revenue Growth High-end of high single Favourable Rent & Sale Market digit to low double-digit Market 2027-28E Low Take Rates Upgrade High-single to low double digit Enhanced B2B Products Core bus
Slide 57: ooEBITDA margin growth driven by higher productivity in personnel and marketing
ooEBITDA margin growth driven by higher productivity in personnel and marketing while absorbing more investment through the P&L Cloud infrastructure optimisation contract renegotiations More efficient management IT tool rationalisation of marketing activities 2,5% 0.4% Higher productivity and (0.2%)
Slide 58: Outperforming CMD 2024 margin targets while remaining asset-light
Outperforming CMD 2024 margin targets while remaining asset-light and innovation-led. Own Work Capitalized ~70% ~30% In EUR m In % of Revenue M&A Organic 27 29 23 +400m 6.8% 6.4% 22 20 Investments 4.5% 4.0% 3.1% 2021A 2022A 2023A 2024A 2025A We have been investing into Data, AI and Technology since
Slide 59: Strong free cash flow and EPS growth underpin continued value creation
Strong free cash flow and EPS growth underpin continued value creation Free Cash Flow [EUR m] Adjusted EPS [EUR] 55% 64% 62% Continued 90% 105% 101% Growth Continued Growth +17% +23% CAGR CAGR 3.47 250 2.90 2.52 212 186 2023A 2024A 2025A 2026E 2028E 2023A 2024A 2025A 2026E 2028E FCF margin % of ooEB
Slide 60: Enabling an integrated capital allocation framework
Enabling an integrated capital allocation framework Share Buyback Progressive Dividend M&A Acceleration of 30% - 50% of Adj. Net Value Accretive Bolt-on Programme Profit M&A Return surplus capital with Deliver a clear, predictable cash Expand capabilities and deepen disciplined timing return market
Slide 61: Accelerating Capital Returns While Preserving Balance Sheet Flexibility
Accelerating Capital Returns While Preserving Balance Sheet Flexibility EUR 350m EUR 105m EUR 455m Share Buyback volume will be returned to Dividend for FY20252 until end of 20261 shareholders in 2026 Leverage Taking advantage of current historically low valuation level 0.76 0.55 0.53 Strong upsizin
Slide 62: Key Takeaway: Outperformance of 2024 CMD targets and increasing guidance
Key Takeaway: Outperformance of 2024 CMD targets and increasing guidance for 2026-2028E CMD 2024 Guidance 2027 – 2028E Guidance Revenue High-single to low High-end of high single digit Upgrade Growth double digit to low double-digit ooEBITDA 61% by 2026 around 64% by 2028 Upgrade margin (including F
Slide 63: CMD 2026
© 2026 Scout24 SE. All rights reserved 63 CMD 2026
Slide 64: Why Scout24 is built to lead the next era
Why Scout24 is built to lead the next era 1 2 3 Proven execution Agentic OS for Real AI is strengthening the Estate as the Next Scout24 flywheel today, Evolution for Scout24 with more upside to come 4 5 6 Attractive market Strong B2C and B2B Value Creation scales opportunity for Businesses with Grow