Hemnet Group AB (HEM) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

to 50.5 thousand. After a more active start of the year, listing volumes declined in the second quarter, reflecting a softer market driven by macroeconomic uncertainty and tougher comparables, as last year's interest rate cuts in May and June drove an accelerated listing activity. The market also shifted into a slower pace earlier than usual ahead of the summer this year, as both sellers and agents appear to be more hesitant to list properties due to the record high supply and long selling times. Now turning to page six to look a bit more on how the market characteristics impact our business. I wanted to take this opportunity to provide a bit more color on the difficult situation the Swedish property market is currently in. As you can see on the graph, we're currently experiencing an all-time high supply of listings paired with very long listings time. This makes for a difficult situation for all our stakeholders and especially the real estate agents. As on-sale listing supply has grown, so has the so-called pre-market that is suffering from the same dynamics. A large share of the so-called pre-market supply is old supply and does not move. Based on our analysis, we see that roughly 50% of the pre-market inventory is older than 180 days. And close to 70% of the so-called pre-market is older than 60 days. Given that very few transactions actually take place in the pre-market, This part of the market adds additional friction to an already difficult property market. This is especially true for buyers that need to navigate a large number of properties that are not actually for sale and for agents that are spending a significant part of their time on properties that are not for sale. Going forward, Hemnet will continue to focus on making the property journey as simple and...