Hemnet Group AB (HEM) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.377 to 50.5 thousand. After a more active start of the year, listing 00:00:05.377 -- 00:00:11.123 volumes declined in the second quarter, reflecting a softer market driven by macroeconomic 00:00:11.123 -- 00:00:16.209 uncertainty and tougher comparables, as last year's interest rate cuts in 00:00:16.209 -- 00:00:21.413 May and June drove an accelerated listing activity. 00:00:21.515 -- 00:00:25.860 The market also shifted into a slower pace earlier than usual ahead of the summer this 00:00:25.860 -- 00:00:31.068 year, as both sellers and agents appear to be more hesitant to list properties 00:00:31.068 -- 00:00:35.335 due to the record high supply and long selling times. 00:00:35.335 -- 00:00:40.544 Now turning to page six to look a bit more on how the market characteristics impact 00:00:40.544 -- 00:00:42.765 our business. 00:00:43.249 -- 00:00:48.078 I wanted to take this opportunity to provide a bit more color on the difficult situation 00:00:48.078 -- 00:00:51.432 the Swedish property market is currently in. 00:00:51.432 -- 00:00:56.958 As you can see on the graph, we're currently experiencing an all-time high supply of 00:00:56.958 -- 00:01:00.663 listings paired with very long listings time. 00:01:00.663 -- 00:01:05.949 This makes for a difficult situation for all our stakeholders and especially the 00:01:05.949 -- 00:01:08.650 real estate agents. 00:01:08.652 -- 00:01:14.539 As on-sale listing supply has grown, so has the so-called pre-market 00:01:14.539 -- 00:01:17.362 that is suffering from the same dynamics. 00:01:17.362 -- 00:01:22.444 A large share of the so-called pre-market supply is old supply and 00:01:22.444 -- 00:01:27.813 does not move. Based on our analysis, we see that roughly 50% 00:01:27.813 -- 00:01:33.559 of t...