Slide 1: Hemnet Group's Interim report Q2 2026 and in-depth update
Hemnet Group AB (publ) Hemnet Group’s Interim report Q2 2026 and in-depth update Q2 2026 ⎸ 17 July 2026
Slide 2: Agenda
Agenda 01. Presentation of Q2 results 02. In-depth update ● Introduction & business update, CEO ● Commercial & product update, COO ● Tech & AI update, CTO ● Wrap-up & Summary, CEO 03. Questions and Answers 2
Slide 3: Presentation of Q2 results
01 Presentation of Q2 results 3
Slide 4: Q2 2026 Highlights
01 · Presentation of Q2 results Q2 2026 Highlights Jonas Gustafsson · CEO 4
Slide 5: Summary of Q2 2026
Summary of Q2 2026 Key financials Highlights Net sales growth ● Net sales decreased by -23.1% driven by lower Sequential listing volumes paired with a timing shift in revenue improvement in listing -23.1% recognition from ‘Sell first, pay later’ volume trend in a (SEK 371.7m) ● Published listings amou
Slide 6: Decline in net sales and EBITDA driven by lower listing volumes and revenue recognition
Decline in net sales and EBITDA driven by lower listing volumes and revenue recognition effects Net Sales | Q2 2026 (SEK) Net sales growth | YoY (%) EBITDA | Q2 2026 (SEK) EBITDA Margin | Q2 2026 (%) 371.7M -23.1% 172.4M 46.4% -33.9% -23.1% 6 Q2 2026 Highlights
Slide 7: Signs of gradual improvement in Q2
Signs of gradual Published listings per quarter (Y/Y change) improvement in Q2 Property market commentary ● ‘Published listings decreased by 14.3% in Q2 and by 21.6% on an LTM basis ● Average LTM listing duration on Hemnet in Q2 increased by 33% year-on-year from 48 days to 64 days ● Broader market
Slide 8: Supply is coming down from historical highs, while old inventory dominates transactions
Supply is coming down from historical highs, with old inventory still dominating transactions Weekly listings supply (# listings) Monthly supply year-on-year (2015-2026) Age of sold listings (2021 vs. 2026) 8 Q2 2026 Highlights
Slide 9: Underlying market fundamentals in place for a stronger H2 2026 and 2027
Underlying market fundamentals in place for a stronger H2 2026 and 2027 +11% 1.75% +6.2% 39% Eased credit restrictions Stable price expectations live since 1 April 2026, going forward with 39 driving increased market The Swedish Central Apartment prices percent of surveyed activity with total proper
Slide 10: Q2 2026 Financials
01 · Presentation of Q2 results Q2 2026 Financials Anders Örnulf · CFO 10
Slide 11: Financial summary Q2 2026
Financial summary Q2 2026 Net sales growth Paid ARPL growth EBITDA margin -23.1% +12.4% 46.4% year-on-year year-on-year SEK 371.7m SEK 9,095 SEK 172.4m Published listings Free cash flow (LTM) Leverage (LTM) Headcount -14.3% -19.9% 1.1x 184 year-on-year year-on-year 43.3k listings SEK 621.0m +0.5x vs.
Slide 12: B2B revenues slightly down year-on-year, B2C impacted
B2B revenues slightly down year-on-year, B2C revenues impacted by ‘Sell first, pay later’ B2C Property sellers ● Paid listings and net sales were significantly impacted by the launch of ‘Sell first, SEK 317.5m (-26%) pay later’, which means that revenue is recognised only when the listing is sold Real
Slide 13: EBITDA development reflects lower listing volumes and transition
EBITDA development reflects lower listing volumes and 'Sell first, pay later' transition EBITDA bridge Y/Y | SEK million, Y/Y change Key drivers Net sales decreased by -23.1% driven by lower A Net sales listing volumes paired with a timing shift in revenue recognition from ‘Sell first, pay later’ Com
Slide 14: Continued high cash conversion, while lower EBITDA and FCF increase leverage ratio
Continued high cash conversion, while lower EBITDA and FCF increase leverage ratio LTM FCF & cash conversion Share buybacks Net debt & leverage SEK million, percent SEK million, thousand shares SEK million, leverage x 14 Note: definitions of alternative key ratios can be found in the financial report
Slide 15: Q2 2026 Summary
01 · Presentation of Q2 results Q2 2026 Summary Jonas Gustafsson · CEO 15
Slide 16: Improved property market and strong ARPL development
Improved property market and strong ARPL development ● Decline in net revenue and EBITDA reflect an expected transitional phase following the nationwide rollout of ‘Sell first, pay later’ ● Paid ARPL growth of 12% in Q2, driven by a continued high demand for Hemnet’s value-added services ● Sign of gra
Slide 17: In-depth update
02 In-depth update 17
Slide 18: Introduction & Business Update
02 · In-depth update Introduction & Business Update Jonas Gustafsson · CEO 18
Slide 19: A changing Swedish property market requires Hemnet to adapt
A changing Swedish property market requires Hemnet to adapt New technology shifting Increased competition and user expectations and Changed consumer evolving industry value enabling for rapid product behaviours chain development 19 Introduction & Business Update
Slide 20: Selling and buying a property in Sweden follows a different logic today
Selling and buying a property in Sweden follows a different logic today compared to a few years ago Longer sales cycles Sell before you buy Weak price development Listing days sold properties on the platform % selling first vs. buying first 2022-2026 Swedish apartment prices 2022-2026 Increasingly pro
Slide 21: Larger share of sales cycle on the pre-market
Larger share of sales cycle Share of sold properties published on Hemnet on the pre-market, leading to more properties sold before reaching Hemnet ● Sold properties on Hemnet decreased by -5% in 2025, while total market transactions increased slightly from 2024, lowering Hemnet’s share of sold prope
Slide 22: Evolving market dynamics are shifting consumer expectations and agent behaviour
Evolving market dynamics are shifting consumer expectations and agent behaviour Market trends impacting Hemnet’s business ● Pre-market listings are becoming more relevant as property listings are published earlier and transactions are taking place earlier in the sales cycle ● An increase in new mark
Slide 23: Hemnet maintains its position as the #1 property portal in Sweden
Hemnet maintains its position as the #1 property portal in Sweden despite increasing competition Monthly sessions (million) in 2026 Sessions per listing per platform in 2025 Hemnet has almost 40 million sessions per month, Hemnet generated ~4x more sessions per published listing on the ~2.4x compare
Slide 24: Hemnet's core model is strong while changing market dynamic requires adoption
Hemnet’s core model is strong while changing market dynamic requires adoption and change Our ambition: Hemnet, every step of the journey for every property transaction We are the number one We are top of mind and We have all relevant partner for agents, property have the largest property listings de
Slide 25: We have delivered on our strategic priorities during the first half of 2026
We have delivered on our strategic priorities during the first half of 2026 ‘Sell first, pay later’ Strategic partnerships Leveraging AI & product Sales & marketing innovation focus 25 Introduction & Business Update
Slide 26: Sell first, pay later: Successfully live since April
‘Sell first, pay later’: Successfully live since April, highly appreciated among sellers and agents ● ‘Sell first, pay later’ successfully launched countrywide in April, with strong uptake from first day of launch and onwards ○ The share of sellers choosing ‘Sell first, pay later’ has been stable at 40
Slide 27: Strategic partnerships: Partners are leaning in
Strategic partnerships: Partners are leaning in, proving the value of Hemnet’s platform ● Strategic partnerships launched in Q1 2026, with onboarded partners receiving increased branding and more exposure on the platform ○ 100+ strategic partnerships signed in H1 2026, representing >30% of property
Slide 28: We have leveraged AI and significantly accelerated our product development
We have leveraged AI and significantly accelerated our product development in 2026 ‘Home Potential’ Under-the-radar Next phase of Conversational Reimagination listings ‘My home’ search feature 28 Introduction & Business Update
Slide 29: New technology is shaping user expectations but not how they visit Hemnet
New technology is shaping Share of weekly sessions on Hemnet from LLMs in 2026 user expectations but not how they visit Hemnet ● AI services have become household and a majority of Swedes* use AI services on a weekly basis ● Despite widespread usage, traffic from LLMs to Hemnet continues to be low, st
Slide 30: We have accelerated our pace, and we will take additional actions going forward
We have accelerated our pace, and we will take additional actions going forward Transforming culture and mindset Increased productivity More to come ● A cultural transformation ● Launched strategic initiatives over ● We are not satisfied with the accelerating operational efficiency the last six months,
Slide 31: Uniquely positioned in the Swedish property market
Uniquely positioned in the Swedish property market ● Superior traffic and reach ● Industry leading brand built and nurtured throughout 25+ years of market leadership ● The scale to win through marketing- and technology investments ● Structured proprietary data collected over 25+ years, enabling a new
Slide 32: We look forward to introducing further innovations across our ecosystem
We look forward to introducing further innovations across our ecosystem during the remainder of 2026 ● With nearly 40 million monthly sessions and exceptional brand awareness, Hemnet remains the engine for Swedish property search ● Hemnet’s core value proposition relies on gathering all buyers and s
Slide 33: Commercial and product update
02 · In-depth update Commercial and product update Lisa Farrar · COO 33
Slide 34: Network effects are the foundation of our value
Network effects are the foundation of our value and anchor our entire product strategy Supply A superior seller, buyer Network and agent effects Leads & Traffic & experience Revenue Engagement 34 Commercial and product update
Slide 35: Our ambition holds firm - beginning of 2026 execution was centered on strategic priorities
Our ambition holds firm - beginning of 2026 execution was centered on our strategic priorities We get there through a win-win situation for Key strategic initiatives in Q1 2026: sellers, agents and buyers Our ambition: Hemnet, every step of the journey for every property transaction Sell first, pay l
Slide 36: Three main forces structurally impacting property search
Three main forces structurally impacting property search - forming a new era for Hemnet A more Buyers are demanding to see as many properties as possible and more information than ever, 1 demanding homes are taking longer to sell, and sellers only transact if all criteria are met market Our users Us
Slide 37: A new era demands new ways - from an on-sale listing platform to a lifelong property ecosystem
A new era demands new ways - from an on-sale listing platform to a lifelong property ecosystem From an on-sale listing platform meeting users when they decide to buy or sell To: A lifelong property ecosystem present at every stage of the home ownership journey: Hemnet all the way Buy Own Sell Buildi
Slide 38: Scaling our network effects - we are building a full ecosystem
Scaling our network effects - we are building a full ecosystem with proof points launched continuously A selection of releases this year (not exhaustive) Agent relationship Buyers In focus today: Agents Buy ● ‘Hemnet Home Potential’ New feature ● Conversational search New feature In focus today: ● S
Slide 39: Buy: Completing Sweden's property market with Hemnet's 'Home Potential'
Buy: Completing New feature Sweden’s property market with Hemnet’s ‘Home Potential’ Home Potential ● Buyers can instantly see a property’s future rebuilding and expansion options - a tool for buyers available directly on the listing page to maximize their return on investment ● No more chasing old d
Slide 40: Own: Empowering Sweden's 3.5 million homeowners with more data and insights
Own: Empowering Evolving product Sweden's 3.5 million homeowners with more data and insights Next phase of My Home A win-win product across the whole ecosystem - increasing mobility on the Swedish property market by activating our most engaged My Home users ● Homeowners can get a sense for real dema
Slide 41: Sell: Lowering barriers to list, and bringing the invisible market onto Hemnet
Sell: Lowering barriers New feature to list, and bringing the 1,000+ invisible market onto listings in first half of July Hemnet Under-the-radar ● Strategic partners can publish ‘under-the-radar’ listings that are shown behind login in the upcoming result list ● Under-the-radar targets early listings
Slide 42: Sales & Marketing: Meeting more real estate agents and strengthening our brand
Sales & Marketing: Meeting more real estate agents and strengthening our brand Sales team as a strategic pillar Improving Hemnet’s brand metrics through targeted campaigns ● Sales transformation - Next wave in transforming sales to ● Investment in our category is increasing, hence we are becoming a
Slide 43: Expanding our presence and relevancy - unlocking new opportunities for Hemnet
Expanding our presence and relevancy - unlocking new opportunities for Hemnet Buy Own Sell What it means for Hemnet ● Further extended data advantage that deepens with every transaction, with seller, Guiding life’s Bringing the buyer and agent intelligence Building a largest invisible market superio
Slide 44: Tech & AI leadership
02 · In-depth update Tech & AI leadership Hanna Lindqvist · CTO 44
Slide 45: Accelerating delivery by combining cross-functional teams with AI-powered workflows
Accelerating delivery by combining cross-functional teams with AI-powered workflows 60 Engineers Cross-functional 10+ Years Highly compact and efficient tech Cross-functional agile teams Of structured, scaled data & organization supporting the entire covering native mobile, frontend pipeline automatio
Slide 46: A highly flexible tech platform built on three pillars
A highly flexible tech platform built on three pillars 1. Modular architecture 2. Standardized tech stack 3. Data driven decisions Core decisions informed by Eliminating monolithic bottlenecks Standardizing on proven tech analytics, data and through a modern modular design. stacks to scale efficiency.
Slide 47: We approach AI with a focus on concrete user benefit
We approach AI with a focus on concrete user benefit, rather than for technology's sake. 47 Tech & AI leadership
Slide 48: The three distinct waves of AI evolution at Hemnet
The three distinct waves of AI evolution at Hemnet Wave 1: 2016–2024 Wave 2: 2024–2025 Wave 3: 2025–PRESENT Prediction & Valuation Visualisation & Tagging Generative AI & Search First valuation models built, teaching Building the data structures that Shift to natural language, machines to understand
Slide 49: Building an AI foundation to enhance user experience
Building an AI foundation to enhance user experience and enable users to make better decisions Building our core AI foundation to enable our users to make better and more informed decisions Building our core AI foundation Improving user experience and ● Automated semantic tagging of listings explori
Slide 50: AI is transforming how we work, significantly increasing operational efficiency
AI is transforming how we work, significantly increasing operational efficiency and output 100+ ~70% +40% increase in efficiency since deployments per week in Q2, up of all code written with the help January, enabling significantly by 24% from Q1, with of AI, the share has increased by higher output fr
Slide 51: AI product deepdive: Search for your dream home with your own words
AI product deepdive: Search for your dream home with your own words Problem to solve: Traditional filter-based search creates friction, users think in natural language, not dropdowns Solution to problem: Conversational search: type what you want in plain Swedish, Hemnet does the rest How it works (te
Slide 52: Empowering our users to make better decisions with structured data
Empowering our users to make better decisions with structured data Deeper personalisation ● Hemnet holds the richest dataset in the Swedish housing market - historical, behavioural, geographic, and transactional ● Data enables a personalised experience that is difficult for competitors to replicate ●
Slide 53: Wrap-up & Summary
02 · In-depth update Wrap-up & Summary Jonas Gustafsson · CEO 53
Slide 54: Working with an accelerated pace to announce and deliver the next wave
Working with an accelerated pace to announce and deliver the next wave of strategic initiatives ● Financial performance in Q2 2026 characterised by the ‘Sell first, pay later’ rollout, negatively impacting net sales and profitability ● Market recovery slower than anticipated, but now clear signs impro
Slide 55: Questions and Answers
° Questions and Answers © Hemnet
Slide 56: Disclaimer
Disclaimer This presentation may contain forward-looking information and statements with respect to the financial condition, results of operation and business of Hemnet Group AB (publ) (the "Company"). Such forward-looking information and statements are based on current expectations, estimates and pr
Slide 57: Financial calendar IR Contact
Financial calendar IR Contact 21 Aug 2026 Net sales July 2026 Ludvig Segelmark 14 Sep 2026 Net sales August 2026 Head of IR 22 Oct 2026 Interim report Q3 2026 +46 702 50 14 40 ludvig.segelmark@hemnet.se 13 Nov 2026 Net sales October 2026 Important links Corporate website: https://www.hemnetgroup.se/