Slide 1: Presentation of Hemnet Group's year-end report Q4 2025
Q4 2025 Presentation of Hemnet Group’s year-end report Hemnet Group AB ⎸ January 2026 1 Hemnet Group AB (publ) ｜Sveavägen 9｜111 57｜Stockholm｜Sweden
Slide 2: Summary of Q4 and full-year 2025
Summary of Q4 and full-year 2025 Q4 2025 Highlights Full-year 2025 Net sales growth ● Negative net sales development of -4.4% in Q4, while Net sales growth net sales grew by 9.5% for the full-year -4.4% ● Q4 listings down by -26.4%, reflecting a challenging 9.5% (SEK 348.1m) Swedish property market,
Slide 3: Decline in net sales and EBITDA driven by significant decline in listing volumes
Decline in net sales and EBITDA driven by significant decline in listing volumes Net Sales | Q4 2025 (SEK) Net sales growth | YoY (%) EBITDA | Q4 2025 (SEK) EBITDA Margin | Q4 2025 (%) 348.1M -4.4% 153.7M 44.2% -4.4% -12.8% 3
Slide 4: Immense pressure on new published listings in Q4 driven by continued slow market
Immense pressure on new published listings in Q4 driven by continued slow market Published listings per quarter (Y/Y change) Property market commentary Published listings decreased by 26.4% in Q4 and by 13.3% on an LTM basis Average LTM listing duration on Hemnet in Q4 increased by 20% year-on-year
Slide 5: Q4 ARPL growth of 29.2% driven by continued increasing demand for value-added services
Q4 ARPL growth of 29.2% driven by continued increasing demand for value-added services Average revenue per listing (ARPL), quarterly and LTM ARPL growth drivers +29.2% Higher demand for Hemnet’s value-added services for property sellers continues to drive ARPL growth The conversion rate to higher-ti
Slide 6: 2025 a year with key product, marketing and sales initiatives
2025 a year with key product, marketing and sales initiatives Oct: ‘Sell First Dec: Strategic Feb: Simplified Apr: Launch of Sep: Launch of Pay Later’ Pilot partnerships with agent change Hemnet Max new CRM tool across 10 offices agencies Spontaneous Listing times on Agent interactions Listing Impro
Slide 7: Financial highlights
Financial highlights Anders Örnulf, CFO 7
Slide 8: Financial summary Q4 2025
Financial summary Q4 2025 Net sales growth ARPL growth EBITDA margin -4.4% +29.2% 44.2% year-on-year year-on-year SEK 348.1m SEK 10,916 SEK 153.7m Published listings Free cash flow (LTM) Leverage (LTM) Headcount -26.4% +7.1% 0.7x 167 year-on-year year-on-year 27.3k listings SEK 745.4m +0.2x vs. Q4 24
Slide 9: Slight year-on-year decline in B2B revenues in Q4
Slight year-on-year decline in B2B revenues in Q4 B2C Property sellers ● Negative growth driven by a continued challenging property market SEK 297.5m (-5%) ● Published listings -26.4% Real estate agents ● Sold by Us main driver of growth in the quarter, partly offset by a difficult SEK 24.2m (+3%) dis
Slide 10: EBITDA decreased by -12.8% compared to same period last year
EBITDA decreased by -12.8% compared to same period last year EBITDA bridge Y/Y | SEK million, Y/Y change Key drivers Net sales decreased by -4.4% driven by lower A Net sales listing volumes year-on-year Compensation to real Agent compensation decreased slightly driven B estate agents by lower volume
Slide 11: Financial summary FY 2025
Financial summary FY 2025 Net sales growth ARPL growth EBITDA margin Published listings +9.5% +28.1% 50.3% -13.3% year-on-year year-on-year SEK 1526.8m SEK 8,175 SEK 767.5m 160.7k listings 11 11
Slide 12: B2B revenues declined by 0.7 percent in 2025
B2B revenues declined by 0.7 percent in 2025 ● ARPL grew by 28.1% in 2025, driven by more customers buying B2C Property sellers value-added services SEK 1314.8m (+11%) ● Weak property market leading to published listings of -13.3% Real estate agents ● Sold by Us was the main driver of growth in 2025
Slide 13: EBITDA grew by 6.6% in 2025
EBITDA grew by 6.6% in 2025 EBITDA bridge Y/Y | SEK million, Y/Y change Key drivers Net sales grew by 9.5%, the decline in A Net sales published listings were compensated by an increase in ARPL Agent compensation increased by 12.3%, Compensation to real B driven by higher net sales and higher estate
Slide 14: Continued strong cash flow generation funding further share buybacks
Continued strong cash flow generation funding further share buybacks 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: Summary
Summary Jonas Gustafsson, CEO 15
Slide 16: Summary: Strong ARPL growth in a complex market
Summary: Strong ARPL growth in a complex market ● Continued pressure on new published listings in Q4, negatively impacting both net sales and EBITDA in the quarter ● Strong ARPL growth of 28% for the full year offset the impact of lower listing volumes, leading to a net sales growth of 9.5% in 2025
Slide 17: Business update Q4 2025
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Slide 18: Agenda
Hemnet’s position & the Swedish 01 property market Jonas Gustafsson, CEO 02 Product & commercial update Lisa Farrar, COO Agenda 03 Financial reporting 2026 Anders Örnulf, CFO Summary 04 Jonas Gustafsson, CEO 05 Q&A 18
Slide 19: Hemnet is the no property portal in Sweden
Hemnet is the no 1 property portal in Sweden 96% 2.7m 70-75% brand awareness among average weekly active of total traffic comes to property sellers in Sweden unique users in 2025 Hemnet directly through browser or app 87% 3rd 25+ consider Hemnet the largest commercial website years of working closely
Slide 20: Hemnet is highly integrated into the Swedish property ecosystem with +25 years of experience
Hemnet is highly integrated into the Swedish property ecosystem with +25 years of experience Help agent find Help transacting sellers properties Sellers Agents Buyers Sweden’s property market has a history of being efficient and attractive ● Highly professionalized and well-functioning real estate agen
Slide 21: Hemnet has been through a fantastic financial growth development over recent years
Hemnet has been through a fantastic financial growth development over recent years Net sales and ARPL development (2020-2025) Profit development (2020-2025) 21
Slide 22: Hemnet is a traffic powerhouse - users and reach remain intact across market cycles
Hemnet is a traffic powerhouse - users and reach remain intact across market cycles Hemnet average weekly users and reach (2015-2025) Relationship between paid listings and users (2023-2025) Dec 2022 Jun 2023 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Dec 2025 ● Hemnet’s traffic has been stable over time, ex
Slide 23: Our ambition is to create value across the entire property journey
Our ambition is to create value across the entire property journey Our ambition: Hemnet, every step of the journey for every property transaction We are the number one We are top of mind and partner for agents, property We have all relevant listings have the largest property developers audience in S
Slide 24: Sweden's property market dynamics has changed post-pandemic
Sweden’s property market dynamics has changed post-pandemic Longer sales cycles Sell before you buy Weak price development Median sales duration time % selling first vs. buying first 2022-2025 Swedish apartment prices 2022-2025 Increasingly prominent pre-market characterized by lower seller intent, lo
Slide 25: The role of the pre-market has become increasingly important over the last years
The role of the pre-market has become increasingly important over the last years Commonly referred to as the “pre-market” Off market Under-the-radar Upcoming For sale Current market characteristics: ● Larger share of the sales cycle takes place on the pre-market ● Pre-market characterized by low effic
Slide 26: Hemnet's value proposition has primarily catered to the 'For sale' segment
Hemnet’s value proposition has primarily catered to the ‘For sale’ segment Key strengths of the Hemnet model align well with Core model remains strong - expanded value the high-paced and high-intent ‘For sale’ phase proposition to cater for emerging needs ● Hemnet’s core model remains strong and ser
Slide 27: We are now moving into execution on significant strategic actions to address full market
We are now moving into execution on significant strategic actions to address full market We get there through a win-win situation for Key strategic initiatives in Q1 2026: sellers, agents and buyers Our ambition: Sell first, pay later Strategic partnerships Hemnet, every step of the journey for every
Slide 28: Agenda
Hemnet’s position & the Swedish 01 property market Jonas Gustafsson, CEO 02 Product & commercial update Lisa Farrar, COO Agenda 03 Financial reporting 2026 Anders Örnulf, CFO Summary 04 Jonas Gustafsson, CEO 05 Q&A 28
Slide 29: Accelerating customer and partner value creation with "Hemnet hela vägen"
Accelerating customer and partner value creation with “Hemnet hela vägen” “Hemnet hela vägen” / “Hemnet all the way” Off market Under-the-radar Upcoming For sale Sell First, Pay Later ● List early on Hemnet and pay only if you sell Key strategic Strategic partnerships initiatives in Q1 2026 ● Streng
Slide 30: Sell First, Pay Later: Expanding Hemnet's presence in the sales journey
Sell First, Pay Later: Expanding Hemnet’s presence in the sales journey - driving early stage volumes YoY change in pilot office listing volumes - adjusted for Pilot Oct - Dec 2025 across 10 offices with strong results overall listing volume drop*** higher YoY listing volume change vs. +40% overall mark
Slide 31: Sell First, Pay Later: Universally positive feedback from customers and partners
Sell First, Pay Later: Universally positive feedback from customers and partners “No reason not to list with the knowledge that I only have to pay “No doubt we will list more and when I sell” earlier on Hemnet with SFPL” - SFPL pilot seller - Franchise owner Agents Buyers Sellers No hurdle to talk a
Slide 32: Sell First, Pay Later: Available to all agents who publish on Hemnet within two days
Sell First, Pay Later: Available to all agents who publish on Hemnet within two days Overview: This is Sell first, pay later Key business rules ● Available to all agents who choose to list on Hemnet within 2 days of publishing on agent website, for all Hemnet Object published on agency site packages
Slide 33: Strategic partnerships: The next step in our 25+ year win-win partnership
Strategic partnerships: The next step in our 25+ year win-win partnership with the real estate industry Overview: How we work with the agent industry The strategic partnership creates a win-win situation for sellers, agents and Hemnet HQ/ Strategic partnerships that strengthens Partners Partners get
Slide 34: Strategic partnerships: Monetary incentive for a successful partnership around the pre-market
Strategic partnerships: Monetary incentive for a successful partnership around the pre-market The partnership monetary incentive model Overview: Partnership compensation model tiers ● Working with Hemnet as a partner throughout the 5%* whole property journey, a mutual ambition to post more pre-marke
Slide 35: Strategic partnerships: How it looks in practice
Strategic partnerships: How it looks in practice Branding Traffic & Leads ‘Under the radar’ listings Please note! Indicative design. Increased branding on object pages Higher agent exposure in ‘My Home’ Expose “Under the radar” listings Tailored area to highlight USPs Bank partner exclusively in cal
Slide 36: AI at Hemnet: Unmatched position to leverage AI and significantly elevate user experience
AI at Hemnet: Unmatched position to leverage AI and significantly elevate user experience AI at Hemnet: Working three tracks in parallel - Utilizing our strengths to keep building AI into the core of our product Building our core Improving user Exploring new frontiers & AI foundation + experience +
Slide 37: Consumer-facing products to cater for immersing needs and drive personalisation
Consumer-facing products to cater for immersing needs and drive personalisation Product launches in Q1 unlocking consumer value from Hemnet’s unmatched data Conversational search Hemnet inside ChatGPT AI-enabled personalised All properties starting page Live next Live next Live Submitted week week 3
Slide 38: Agenda
Hemnet’s position & the Swedish 01 property market Jonas Gustafsson, CEO 02 Product & commercial update Lisa Farrar, COO Agenda 03 Financial reporting 2026 Anders Örnulf, CFO Summary 04 Jonas Gustafsson, CEO 05 Q&A 38
Slide 39: SFPL revenue is recognized when listings are sold, creating a timing effect
SFPL revenue is recognized when listings are sold, creating a timing effect in reported revenue ● Revenues from sales with “Sell First Pay Later” (SFPL) are PLIR and direct payment listings recognized at the point in time when the invoice is issued, i.e., when the listed object is marked as sold Lis
Slide 40: The timing impact from SFPL on revenues and profits depends on the rate of uptake
The timing impact from SFPL on revenues and profits depends on the rate of uptake Illustrative example* of how SFPL adoption impacts reported revenue assuming all listings on the platform are sold within 15 months, but assuming no upside from volumes or price Quarters after launch 1 2 3 4 5 Scenario
Slide 41: The market downturn in 2022 had a negative impact on sales durations
The market downturn in 2022 had a negative impact on sales durations Sales durations have increased but share of properties sold remains intact Share of listings sold on Hemnet after certain time period (2015-2025) ● The share of properties published on Hemnet that 85% are sold within 24 months 81%
Slide 42: ARPL metric will be adjusted in 2026 financial reporting
ARPL metric will be adjusted in 2026 financial reporting to better capture actual revenue per listing Starting in Q1 2026, Hemnet will change ARPL definition from “Average Revenue per Published Listing” to “Average Revenue per Paid Listing” to better capture actual revenue per listing ARPL published
Slide 43: Listing volumes and preliminary net revenues will be reported monthly in 2026
To enhance transparency in 2026, listing volumes and preliminary net revenues will be reported monthly Monthly volumes and preliminary sales figures Financial calendar 2026 13 Mar 2026 February preliminary revenue ● Starting with March, Hemnet will report preliminary sales figures on a monthly basis i
Slide 44: Agenda
Hemnet’s position & the Swedish 01 property market Jonas Gustafsson, CEO 02 Product & commercial update Lisa Farrar, COO Agenda 03 Financial reporting 2026 Anders Örnulf, CFO Summary 04 Jonas Gustafsson, CEO 05 Q&A 44
Slide 45: While executing on strategic actions, Hemnet's growth levers will enable continued growth
While executing on strategic actions, Hemnet’s growth levers will enable a continued growth journey Value-added- Drive Max conversion services ● Optimize package structure Enhance dynamic pricing model through data-driven pricing Pricing Utilize pricing power Leverage payment options Payments Integr
Slide 46: Positive 2026 market outlook, with easing credit restrictions and stronger macro-economic conditions
Positive 2026 market outlook, with easing credit restrictions and stronger macro-economic conditions Several metrics point toward an improved 2026 market trajectory with an increase in supply Eased credit restrictions taking effect Improved macroeconomic conditions Rising price expectations April 1s
Slide 47: Summary: Hemnet business update
Summary: Hemnet business update ● Hemnet is the no 1 property portal in Sweden with a large and stable audience and is highly integrated to the ecosystem with +25 years of experience ● Sweden’s property market dynamics have changed post-pandemic, which has favored the pre-market, with longer sales c
Slide 48: Announcement: Capital Markets Day in early June
Announcement: Capital Markets Day in early June ● Hemnet will arrange a Capital Markets Day in Stockholm in early June, exact date to be announced within short ● The event will feature presentations from Hemnet’s management team on Hemnet’s business strategy, financials, product roadmap and AI strate
Slide 49: Q&A
Q&A 49 Hemnet Group AB (publ) ｜Sveavägen 9 ｜111 57｜Stockholm｜Sweden
Slide 50: Important links, IR Contact
Important links IR Contact Corporate website: https://www.hemnetgroup.se/en/ Ludvig Segelmark Hemnet statistics: Head of IR https://www.hemnet.se/statistik/finansiell-rapportering +46 702 50 14 40 Media & subscription for press releases and regulatory updates: ludvig.segelmark@hemnet.se https://www.h
Slide 51: 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