26/03/2026: Annual Financial Statements 2025 of Scout24 SE

for the financial year

from 1 January 2025 to 31 December 2025

Unlocking

new potential

Combined management report ............................................................................................................................. 3

Key financials of the Group ..................................................................................................................................................................... 4

Fundamentals of the Group .................................................................................................................................................................... 5

Economic report of the Group................................................................................................................................................................ 13

Risks and opportunities report 25

Outlook 35

Sustainability statement 36

Other disclosures 88

Additional disclosures relating to the separate financial statements of Scout24 SE 92

Annual financial statements 96

Statement of financial position 97

Statement of profit or loss 99

Notes to the financial statements 100

Basis of preparation and summary of significant accounting policies 101

Notes to the statement of financial position 103

Notes to the statement of profit or loss 110

Other disclosures 111

Responsibility statement 121

Other statements 122

Independent auditor's report 123

Disclaimer 129

Publication details 130

Remarks

Due to rounding, numbers presented throughout this report may not add up precisely to the totals indicated, and percentages may not precisely reflect the absolute figures for the same reason.

This document is a convenience translation of the German version. In case of any divergence between the two reports, the German original is binding.

Scout24 | Annual report and annual financial report 2025 2

of the Scout24 Group and Scout24 SE

Key financials of the Group .................................................................................................................................... 4

Fundamentals of the Group.................................................................................................................................... 5

Business activity........................................................................................................................................................................................ 5

Segment structure.................................................................................................................................................................................... 6

Strategy ...................................................................................................................................................................................................... 7

Organisation and corporate structure.................................................................................................................................................. 8

Steering system and performance indicators..................................................................................................................................... 9

Product development ............................................................................................................................................................................. 11

Employees.................................................................................................................................................................................................. 12

Economic report of the Group 13

Macroeconomic and sector-specific environment............................................................................................................................ 13

Business performance ............................................................................................................................................................................. 15

Results of operations ............................................................................................................................................................................... 17

Net assets .................................................................................................................................................................................................. 19

Financial position 20

Business performance of the segments 22

Overall assessment 24

Risks and opportunities report 25

Overall statement on the risk and opportunity position 25

Risk and opportunity management system 25

Detailed analysis of the risk position 29

Detailed analysis of the opportunity situation 33

Outlook 35

Sustainability statement 36

General information 36

Environmental information 53

Social information 65

Governance information 84

Other disclosures 88

Takeover-relevant information pursuant to Articles 289a and 315a HGB 88

Additional disclosures relating to the separate financial statements of Scout24 SE 92

Business activity of Scout24 SE 92

Situation of Scout24 SE 92

Risks and opportunities of Scout24 SE 95

Scout24 | Annual report and annual financial report 2025 3

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‌Key financials of the Group

1 EBITDA (unadjusted) is defined by analogy with the presentation in the consolidated statement of profit or loss as earnings before the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.

2 Ordinary operating EBITDA refers to EBITDA adjusted for non-operating effects, which mainly include expenses for share-based payments, M&A activities (realised and unrealised), reorganisation and other non-operating effects.

3 A segment's ordinary operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of external segment revenue.

An overview of current and past key financial figures and non-financial metrics (including for the fourth quarter) at Group and segment level is also provided in table format on the Company's website at www.scout24.com/en/ investor-relations/financial-reports-presentations. These figures were not audited.

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‌Fundamentals of the Group

In this combined management report of the Scout24 Group and Scout24 SE, the term "Scout24" refers to the Scout24 Group. Where reference is made specifically to Scout24 SE, this is explicitly stated as "Scout24 SE".

‌Business activity

As a technology company, Scout24 has been successfully bringing together the various target groups in the real estate market for over 25 years. The Scout24 Group, which operates the online platform ImmoScout24, is continuously expanding its range with new digital products and increasingly with information services in the real estate market, including granular valuation data. ImmoScout24 has been active on the Austrian residential and business real estate market since 2012.

The product portfolio for the Company's professional customers (residential and business real estate agents, appraisers, financing brokers, banks, commercial service providers such as removal companies) essentially comprises the following:

Products offered for professional customers

Product category Description Monetisation method / model

Real estate agent memberships (subscriptions)

Membership packages

Various models for real estate marketing (sale and rental of properties) with additional services for brand building and mandate acquisition

Transaction enablement

Realtor Lead Engine: product for obtaining leads for mandates to sell real estate

Real estate agents pay a price per lead or part of their commission for the lead

Mortgage Lead Engine: mortgage financing products Pay-per-lead model or commission splitting

after successful conclusion of financing

As a module of the membership contract, under

CRM software solutions for real estate agents

ESG: energy performance certificates (certificates based on calculated energy performance or on consumption), products for calculating the costs of energy-efficient building modernisation

a licensing model or under a software-as-a-service (SaaS) payment model

Part of membership packages, alternatively also as SaaS model, pay-per-use (in the case of energy certificates)

Software solutions for real estate valuations As a membership model or pay-per-use model

Other services such as viewings and expert opinions Pay-per-use model

Automated valuation model: product for the automated valuation of real estate through application programming interfaces

Products relating to market data and analyses: provision of transaction-related documents for real estate professionals

Training courses as well as digital training and education software for real estate and financing experts

As a membership model or pay-per-use model

Partly pay-per-document model, or memberships under the SaaS model

Partly memberships or pay-per-use model

Other Pay-per-ad: listing real estate without membership Individual orders

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Private customers include customers looking to buy or rent property (consumers), tenants and private homeowners offering property for sale or rent. Consumers and tenants are offered various memberships (subscriptions). In addition to a membership package, private homeowners are offered pay-per-ad services:

Products offered for private customers

Product category Description Monetisation method / model

Products for consumers and tenants

Products for homeowners

SearchPlus ('SuchenPlus') for rental (formerly TenantPlus - 'MieterPlus') Membership for consumers enabling a professional application with landlords. The core feature is a digital application folder including a verified document portfolio (proof of income, identity verfication and rental payment history) together with a SCHUFA credit report - providing greater security and trust in the application process. In addition, members receive Plus Insights with information on the time of listing and demand as well as competitor analyses on income, household size and employment status.

SearchPlus for buying (formerly BuyerPlus - 'KäuferPlus')

Membership for prospective buyers

with professional market analysis to support well-informed decision-making. A property valuation tool provides the current market value, historical price developments over the past ten years and an outlook for the expected development over the next two years, supporting greater confidence in investment decisions. In addition, members receive Plus Insights, providing information on the time of listing and demand, as well as comparative insights on competing applicants, including income, household size and employment status.

LivingPlus ('WohnenPlus')

Membership for tenants with digital services and legal protection during the tenancy. The product includes a hotline for legal advice on tenancy law from ARAG Versicherung, legal expenses insurance, a locksmith service in the event of getting locked out and an annual ancillary rental costs check. In addition, members receive exclusive discounts from partner companies and support with sensitive issues such as rental deposits and damage repairs.

LettingPlus ('VermietenPlus'): cloud-based software solution for rental and property management for private landlords

Membership packages

Membership package

Pay-per-ad: individual orders of real estate listings Individual orders

‌Segment structure

Scout24 SE's reporting is structured into the following two segments:

Segments Customer groups Products

Professional

Private

• Real estate agents for residential and business real estate

• Appraisers

• Financing intermediaries and banks

• Professional service providers such as removal companies

• Consumers

• Tenants

• Homeowners

• Memberships (subscriptions) and ImmoScout24 Austria products

• Transaction enablement: seller leads (Realtor Lead Engine, immoverkauf24), mortgage leads, real estate appraisals and valuations, relocation leads and CRM software solutions

• Other: pay-per-ad listings and advertisements

• Memberships (subscriptions): SearchPlus for rental, SearchPlus for buying, LivingPlus, LettingPlus

• Pay-per-ad listings

• Other: credit checks

Segment reporting in the Business performance of the segments section presents segment-specific financial and non-financial performance indicators.

For further details, see note 5.5. Segment reporting in the notes to the consolidated financial statements.

Details on the individual products and information on monetisation methods are described under Business activity.

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‌Strategy

Scout24 primarily operates Germany's leading1 real estate platform ImmoScout24, which enjoys a wide reach and strong brand trust. The Company also has a comprehensive product portfolio that extends far beyond pure marketing solutions. The corporate strategy aims to create a unique marketplace that efficiently brings together supply and demand, while providing a sound basis for decision-making through transparent market information and data analytics. Since 2021, Scout24 has already invested over EUR 400 million (including M&A activities) in building a comprehensive product and technology portfolio, aiming to expand the real estate transaction value chain and tap into new revenue potential. The portfolio is continuously being adapted to the respective market requirements and expanded with optimised functionalities for customers. At the beginning of 2023, product and technology teams were merged to create an integrated development organisation. The scalable, cloud-based platform architecture developed as a result forms the technological foundation for implementing the Company's AI strategy.

The Scout24 Group's business and growth strategy is built around interconnectivity. Property and transaction data are matched with consumers' and listers' requirements in a comprehensive digital ecosystem, thereby generating interconnectivity. Connecting all market participants -consumers, homeowners and real estate agents - is a central component of the strategy, as the adjacent illustration shows. Interconnectivity also creates cross-selling opportunities by offering customers suitable products from the comprehensive product portfolio at the right time.

Artificial intelligence (AI) and targeted investments in data create a personalised user experience on the platform along the entire real estate value chain - from property search and transactions to property management. Scout24's AI strategy

comprises several levels in this context. Launched in 2025, the free AI assistant HeyImmo provides users with expert guidance for all property-related activities - from searching for their first home to buying, renting and selling property. In addition, an AI-powered image search has been introduced, which processes search queries such as 'apartment with lake view' and identifies suitable properties based on the image content. AI functions such as PropstackAI also support property professionals in creating listings and floor plans, for example. And last but not least, in-house, AI tools enhance efficiency throughout the Company. To optimise products, Scout24 draws on proprietary data from its subsidiaries Sprengnetter and bulwiengesa.

Another strategic building block is the Property Hub, a central point of contact for the entire property life cycle that brings homeowners and home seekers closer together. Using an intuitive interface, homeowners can digitally manage information about their properties and access customised services. The spectrum offered ranges from market analyses and valuations to financing solutions. The platform draws on historical price data, current market trends and specific property data. It also provides sustainability-related information, such as on property modernisation and energy efficiency. Through its integration into the Scout24 ecosystem, the Property Hub creates interconnectivity between market participants, including real estate agents via corresponding interfaces.

With its various products, the Scout24 Group creates long-term customer loyalty along the entire property life cycle, i.e. from search and financing to property management and sale transactions. This strategy enables a deepening of value creation through a comprehensive offering for customers and strengthens monetisation through memberships. Key objectives include consolidating the Company's position as a leading real estate platform and achieving profitable growth, thereby generating a sustainable increase in value. For further information on the product range, see the Business activity and Product development sections.

In addition to organic growth, Scout24 SE makes targeted use of mergers and acquisitions (M&A) as an instrument to accelerate the execution of its corporate strategy and enhance its product portfolio. The Group is focussing on acquisitions that add to its existing business model, expand its technological capabilities or open up new market segments.

1 Leading in terms of the number of listings on the ImmoScout24 platform, based on own analyses.

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In the 2025 financial year, for example, the Scout24 Group grew its portfolio of real estate data and valuation products in the business real estate sector through the acquisitions of bulwiengesa AG (January 2025) and Exploreal GmbH (January 2025). In addition, Scout24 has signed a deal to acquire the Spanish real estate portals Fotocasa (September 2025; completion effective 27 February).

This selective M&A opportunity gives Scout24 access to one of the most dynamic real estate markets in Europe. The Spanish market offers considerable potential, particularly driven by strong interest by German buyers. To this end, Scout24 plans to transfer the factors that have proven successful in Germany to the Spanish market, including the improvement of the Professional business, optimisation of the platform and user experience, AI integration and also the inclusion of Spanish listings on the German platform. Over the long term, the acquisition is intended to strengthen subscription business in the Professional segment in Germany by offering real estate agents access to the Spanish market. The M&A strategy nevertheless remains unchanged, with a clear focus on Germany. New companies are carefully selected and integrated on the basis of defined criteria for sustainable value enhancement. For further information on M&A transactions, see the Risks and opportunities report.

Sustainability and social responsibility are integral parts of Scout24's corporate strategy and, as such, are integrated in the Company's daily activities, product development and corporate culture, thereby also increasing the Scout24 Group's corporate value. For further information on the topic of sustainability, see the Sustainability statement.

‌Organisation and corporate structure

Management and control

The Scout24 Group is managed by Scout24 SE with business address in Berlin, Germany, and registered office in Munich, Germany. The corporate purpose of Scout24 SE is to acquire, hold, manage and sell interests in entities in Germany and other countries that are active in the area of online and internet services and to render services in the real estate sector, in particular services for the brokerage or management of real estate or related or associated business purposes, such as real estate valuation and financing as well as real estate appraisals. As a holding company with Group management functions, Scout24 SE performs all related activities, especially rendering management, advisory and other services to affiliated entities, as well as operating in the aforementioned fields of business.

The Management Board of Scout24 SE is responsible for the Group's strategy and management. In the 2025 financial year, it comprised the following members:

Name Function

Management Board member of

the SE since change of legal form End of term of office

Tobias Hartmann Chief Executive Officer (until 28 February 2025)

Ralf Weitz

Chief Product & Technology Officer (until 28 February 2025); Chief Executive Officer (since 1 March 2025)

15 October 2021, last appointed on 8 July 2021 (member of the Management Board of the AG since 19 November 2018)

15 October 2021, last appointed on

5 December 2024 (member of the Management Board of the AG since 6 December 2018)

28 February 2025 following a mutually agreed resignation; original term of office until 31 December 2025

Extended until 28

February 2030 upon appointment as Chief Executive Officer; original term of office

until 31 December 2025

Dr Dirk Schmelzer Chief Financial Officer (until 28 February 2026)

15 October 2021, last appointed on

1 October 2021 (member of the Management Board of the AG since 18 June 2019)

28 February 2026 following a mutually agreed resignation; original term of office

until 30 June 2026

Martin Mildner Chief Financial Officer (since 1 March 2026) 1 March 2026 28 February 2029

Dr Gesa Crockford Chief Commercial Officer 1 April 2024 31 March 2027

The following organisational changes on the Management Board came into effect in the 2025 financial year: Ralf Weitz took over the position of Chief Executive Officer (CEO) with effect from 1 March 2025. The Supervisory Board had already reappointed him as a member of the Management Board for a term of five years in December 2024 and appointed him as the new CEO to succeed Tobias Hartmann.

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In addition, following a careful succession and selection process, the Supervisory Board appointed Martin Mildner as a new member of the Management Board with effect from 1 March 2026 and appointed him as the new Chief Financial Officer (CFO) in its resolution dated December 2025. Martin Mildner succeeded Dr Dirk Schmelzer, who left the Company of his own volition as of the end of the day on 28 February 2026.

For information on the operating procedures and composition of the Supervisory Board, see the Report of the Supervisory Board and the corporate governance statement at www.scout24.com/en/investor-relations/ corporate-governance.

The compensation of the Management Board and Supervisory Board as well as the incentive and bonus systems are described in the compensation report. The 2025 compensation report is available alongside the corresponding reports from previous years at www.scout24.com/en/investor-relations/corporate-governance/ compensation.

The Management Board and Supervisory Board of Scout24 SE attach importance to responsible corporate governance geared to long-term performance and refer to the recommendations of the German Corporate Governance Code. This is described in more detail in the corporate governance statement in accordance with Articles 289f, 315d of the German Commercial Code (HGB). It can be accessed on Scout24's website at https://www.scout24.com/en/investor-relations/corporate-governance.

The Management Board is supported in its strategic management tasks by five additional managers. Together with the members of the Management Board, they form the Executive Leadership Team (ELT).

Corporate structure

Scout24 SE, based in Munich, acts as the parent company of the Scout24 Group and directly or indirectly holds shares in other group companies. As of 31 December 2025, the Group's scope of consolidation comprised 22 entities, compared to 23 entities in the previous year.

The following entities were acquired in the reporting period:

Entity Acquiring entity Closing date Shares (%) bulwiengesa AG

Provider of valuation and data services for business real Sprengnetter GmbH 6 January 2025 100%

estate in Germany

Exploreal GmbH

Provider of data-driven analytics tools for real estate Sprengnetter GmbH 13 January 2025 100%

project development in Austria

Mergers and liquidations that took place during the reporting period are listed in the notes to the consolidated financial statements under 1.4 Basis of consolidation.

A complete list of Scout24's shareholdings is provided in the notes to the consolidated financial statements as part of note 5.9. List of shareholdings held by Scout24 SE.

‌Steering system and performance indicators

The Group is steered based on an annual budgeting process, systematic target definition and target monitoring as well as regular meetings at the Management Board and Executive Leadership Team level. Strategic priorities are defined; financial and non-financial performance indicators are planned; and target achievement is monitored. Variance analyses are carried out in monthly ELT updates, and corrective measures are initiated in the event of

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deviations. The Supervisory Board is involved in the budgeting process and receives monthly reports on the business situation.

Revenue and ordinary operating EBITDA2 at Group and segment level are the main financial performance indicators. Setting these in relation to each other produces another indicator of profitability: the ordinary operating EBITDA margin3.

The Scout24 Group reports in the two segments: Professional and Private. The following significant non-financial performance indicators4 are relevant for their respective products:

• Number of customers in the Professional segment: real estate agents, property managers, real estate developers, new home builders, financing partners in the residential and business real estate market who market properties and acquire new business through the Scout24 Group. The indicator includes customers from Germany and Austria (deduplicated) who have a fee-based contract as of the end of the month entitling them to market more than one property (total number as of month-end divided by the number of months in the period)

• Number of customers in the Private segment: consumers and homeowners who use Scout24's Plus

  products and the Vermietet.de platform (total number as of month-end divided by the number of months in the period)

  For this purpose, the Company analyses the average monthly revenue per user (ARPU) generated with these customers:

• Professional ARPU5: subscription revenue with professional customers for the period divided by the average number of professional customers divided by the number of months in the period

• Private ARPU: subscription revenue with private customers for the period divided by the average number of customers divided by the number of months in the period

  Finally, the Group measures certain marketplace activities on ImmoScout24 and uses them as key non-financial performance indicators. These include:

• Number of listings6 as an average value for the period under review of active listings as of the end of each month

• Number of monthly users of the ImmoScout24 website and app as an average value over the period under review. Users of www.immoscout24.de on the web7 and the app8 (including subdomains, excluding satellite sites/apps) are counted once per month on a cookie or installation basis

• Number of monthly sessions9 on the ImmoScout24 website and app as an average value over the period

under review. Sessions of https://www.immoscout24.de on the web and app (including subdomains, excluding satellite sites/apps)

As part of its sustainable corporate development, Scout24 has defined further indicators, the development of which is described in the Sustainability statement.

2 Ordinary operating EBITDA is EBITDA adjusted for non-operating effects. EBITDA is defined by analogy with the presentation in the consolidated statement of profit or loss as earnings before the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.

3 Ordinary operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of revenue.

4 The acquisition of neubau kompass AG (December 2024) had not yet been included in the performance indicators for 2024 (neither in the number of professional customers nor in the Professional segment's ARPU).

5 Professional ARPU is based on the number of customers, including customers in Austria.

6 Source: https://www.immoscout24.de; listings in Germany (average of end-of-month listings in the period).

7 Unique monthly visitors on https://www.immoscout24.de (average of the individual months), irrespective of how often they visit the marketplace during the month. Source: internal measurement using an external tracking service provider.

8 The number of monthly app users (average of the individual months) is based on user identifiers obtained from an external service provider. The performance indicator thus represents an approximation of the actual user figures, which cannot be observed directly.

9 Number of all monthly visits (average of the individual months) in which individual users interact with the website or app via a device; a visit is considered completed if the user is inactive for 30 minutes or more. Source: internal measurement using an external tracking service provider.

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‌Product development

Scout24 develops products based on user feedback. The Company leverages technologies such as AI and machine learning to create personalised solutions that address specific needs. These include AI-supported assistants, new B2B membership models as well as valuation and sustainability tools.

An iterative development process enables rapid market launches with low risk: products are first developed in test environments, then rolled out on the Scout24 platforms and continuously optimised on the basis of user feedback.

The following key product initiatives were pursued in the 2025 financial year:

• Expansion of real estate agent memberships and premium services

  Within its core business, Scout24 has focussed on expanding the functions offered in the existing bronze, silver and gold membership models. Key new features include AI-supported process improvements such as smart lead prioritisation as well as expanded usage options for ImmoPoints through an ImmoPoints shop and digital sales touchpoints. In addition, a new luxury category was introduced with specialised search and property presentation for high price-segment properties.

• Expansion of CRM software solutions with PropstackAI

  AI-supported functions have been integrated into the Propstack product range to increase efficiency in property sales. This solution enables the voice-based creation of property listings and thus significantly reduces the time required. The software also digitises and creates floor plans automatically using 3D capture of property spaces. It also offers visual optimisation through image enhancement, virtual staging and automated video production for a high-quality presentation of property listings. To further strengthen property sales, an AI-supported communication assistant was introduced, among other measures. The assistant records all communication channels centrally and enables messages to be sent directly from Propstack. In addition, international landing pages with automatic translation into over 30 languages have been implemented, eliminating language barriers.

• Introduction of AI-supported search functions

  Scout24 has fully integrated AI-powered features into its search function: with HeyImmo, a free AI-based chatbot is available seamlessly across platforms and throughout the user journey - directly within property listings, in the ImmoScout24 app, on the website, in the search function and in the Property Hub. The assistant provides personalised guidance throughout the entire real-estate life cycle for all market participants and leverages ImmoScout24 data to deliver contextual knowledge about the German real estate market. The multilingual user interface (German/English) is continuously enhanced through regular updates. In addition, a semantic natural-language search has been integrated into the filter search: complex queries such as 'period apartment with wooden floorboards and stucco under 500 euros' are automatically translated into precise search filters. Complementing this, the AI-powered image search enables queries such as 'apartment with lake view' and identifies suitable properties based on image content. Both functions improve the retrieval of relevant properties and strengthen user loyalty.

• Statements of ancillary rental costs and digital document management in the Property Hub

  The Property Hub has been expanded to include AI-supported billing of ancillary costs for rental apartments. This new function simplifies the previously time-consuming and error-prone manual creation process. Landlords upload relevant documents, which are analysed by AI and automatically assigned to the appropriate fields. After a quick check, the billing document is created automatically. In addition, a document management function has been introduced to offer a central storage location for important documents such as energy certificates or ownership deeds. Uploaded documents are automatically analysed and summarised. Users can view either the summary or a preview of the original document.

• Further development of ImmoScout24 Austria

Targeted functional enhancements to the online platform were introduced for the Austrian market. A new map-based property search was introduced for consumers, available on desktop and in mobile apps, providing an entirely new search experience. In addition, the new public transport integration now displays proximity to public transport for each listing and even allows targeted filtering by underground lines in Vienna. A supplementary feature, AI-supported image recognition, was implemented to

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automatically identify property features such as 'modern kitchen' and make them available as searchable criteria.

The Scout24 Group's research and development expenses (R&D expenses) include both its own personnel expenses and the costs for external software engineering service providers. In the 2025 financial year, R&D expenses increased in line with ongoing product developments. Amortisation of capitalised development costs in the reporting year amounted to EUR 25.1 million (2024: EUR 26.1 million).

‌Employees

For detailed information on the Scout24 Group's personnel headcount and their composition as well as information on the percentage of women, see the Employees metrics section of the sustainability statement.

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‌Economic report of the Group

‌Macroeconomic and sector-specific environment

Economic conditions

In the 2025 financial year, the Scout24 Group generated by far most of its Group revenue through the digital marketplace ImmoScout24 in Germany. As a digital marketplace for real estate, Scout24's business model offers relative stability against economic swings. The platform remains relevant as a central infrastructure for real estate transactions, marketing and real estate-related services, even if market dynamics and transaction volumes vary in line with economic developments.

The German economy recorded subdued growth. Following a positive first quarter, supported by front-loaded exports, the economy stagnated over the course of the year.10 Growth for the full year 2025 came to a mere 0.2%.11

The European Central Bank continued the course it has been pursuing since June 2024 and lowered its policy interest rate in four further steps from 3.00% to 2.00% in the 2025 financial year.12 At 2.2%, the inflation rate in 2025 was only slightly above the target value of 2%.13 Despite the easing of monetary policy, mortgage interest rates of relevance to the real estate market remained at an elevated level,14 reflecting the persistent spread between refinancing and lending rates, which must also be viewed in the context of rising government debt in connection with special funds set up for defence and infrastructure.

Domestic demand remained subdued. Despite lower inflation and a slight rise in real incomes, private consumption was subdued, driven by an increased propensity to save in the face of economic uncertainty.15 Corporate investment remained restrained, while construction investment stagnated at a low level.16 Structural challenges,

U.S. tariff policy and growing competitive pressure from China weighed on key economic sectors, in particular the automotive industry, chemicals industry and mechanical engineering. The sector of relevance to Scout24, the construction industry, suffered from a combination of restrictive financing conditions, rising construction costs and complex regulatory requirements, especially in residential construction.

Against the backdrop of the recent developments in the Middle East conflict that occurred after the reporting date, we currently do not observe any material impact on the business activities of the Scout24 Group.

‌German property market trends

The development of transaction volume in the German real estate market has a substantial influence on Scout24 Group's revenue. The market picked up in 2025 from a low baseline, but remains well below the pre-COVID peak of 2019. The following is an overview of some key figures and their changes.

1 GEWOS press release (https://gewos.de/wp-content/uploads/sites/16/2025/09/GEWOS-Pressemitteilung-IMA-2025.pdf) dated 18 September 2025 and GEWOS IMA info 2025, Real Estate Market Germany.

2 Deutsche Bundesbank, New business (volumes) of German banks/housing loans to households, as of: 4 February 2026 (12-month period 01/2025 to 12/2025 and 1/2024 to 12/2024 for the previous year).

3 The figures for 2024 in last year's annual report related to forecasts that have since been adjusted to the actual situation.

10 German Federal Statistical Office, press release no. 017, 15 January 2026.

11 German Federal Statistical Office, press release no. 017, 15 January 2026.

12 https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html, 22 October 2025.

13 German Federal Statistical Office, press release no. 019, 16 January 2026 .

14 Deutsche Bundesbank, October 2025 edition of the Monthly Report.

15 Bundesbank Monthly Report, November 2025; DIW Economic Outlook, Winter 2025.

16 German Federal Statistical Office, press release no. 310, 22 August 2025. Bundesbank, Monthly Report, November 2025.

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This positive development was driven by an increase in supply coupled with persistently high demand, despite a slight rise in mortgage interest rates17.18 While asking prices rose moderately by 3.7% year on year, demand for rental apartments across Germany remained at a high level, albeit below the previous year.19

Key data for Germany's rental market is provided below:

1 https://www.destatis.de/DE/Themen/Gesellschaft-Umwelt/Wohnen/Tabellen/liste-wohnungsbestand.html#115202, 17 September 2025. The previous year's figure corresponds to the number of residential units reported for 2024 (annual report 2024).

2 Number of residential units multiplied by 'non-ownership rate' (58.1%), see footnote 5.

3 Rented residential units multiplied by 66.7% (https://www.hausundgrund.de/sites/default/files/downloads/haus-grund-wohnen-zahlen.pdf, retrieved 14 October 2025).

The number of housing units increased slightly to 43.8 million in the 2025 reporting year (2024: 43.7 million). At the time of reporting, no up-to-date data for the 2025 financial year were available for rental transactions or the homeownership rate. The most recently available figures from the 2024 Annual Report indicate 3.4 million rental transactions and a homeownership rate of 41.9% (as at 19 February 2024).

The German residential real estate market remained challenging in 2025. With some 252,000 apartments having been completed in the previous year20, the German Economic Institute (IW) expects completion figures to remain low in 2025 at around 235,000 units.21 Building permits showed a clear upward trend in the first eleven months of 2025, albeit relative to a very weak level in the previous year.22 The availability of building land on favourable terms remains a key factor, particularly in conurbations.23 In addition, the Federation of the German Construction Industry (HDB) is calling for reliable funding and the reduction of requirements that drive up the cost of buildings.24 The federal government is working on measures to revitalise residential construction.

While the business situation on the business real estate market had initially recovered slightly compared to the previous year, the latest survey for the Real Estate Sentiment Index25 shows a renewed deterioration. After a brief interim high in the summer, sentiment has fallen back to the level seen at the end of 2024. Expectations have also weakened. The situation in the office segment remains weak, and expectations continue to deteriorate. The weak economy is still weighing on demand for business space. The most unfavourable business situation in almost two years is being measured for residential property, and structural challenges persist. Project development continues to suffer from weak demand and high costs. One exception is sustainable and energy-efficient office buildings, which recorded a positive trend.26

The macroeconomic developments described above had varying effects on the Scout24 Group's segments. In the Professional segment, the slight upturn in the transaction market drove demand for real estate agent memberships and extended marketing tools. In the transaction enablement business, data and valuation services continued to develop robustly, while demand for financing leads remained subdued despite a slightly recovering financing market. The structural challenges in the new-build construction sector limited the growth potential in the new construction project business. In the Private segment, demand on the rental market led to continued high interest in Plus products, which offer additional features for property search. Despite the fundamental resilience of Scout24's business model, business performance can also be influenced by interest rate trends, supply and demand behaviour on the real estate market and regulatory conditions in the real estate market. Furthermore, the Management Board does not consider Scout24's business model to be materially adversely affected by global economic and geopolitical developments in the 2025 financial year. For a detailed presentation of the significant market-related risks and opportunities, see the Risks and opportunities report.

17 interhyp, mortgage interest rates, https://www.interhyp.de/ratgeber/was-muss-ich-wissen/zinsen/zins-charts, 8 January 2026.

18 GEWOS press release (https://gewos.de/wp-content/uploads/sites/16/2025/09/GEWOS-Pressemitteilung-IMA-2025.pdf) dated 18 September 2025 and GEWOS IMA info 2024, Real Estate Market Germany.

19 ImmoScout24 Housing Barometer ('WohnBarometer') Q4 2025.

20 German Federal Statistical Office, press release no. 183, 23 May 2025.

21 German Economic Institute (IW), 'IW-Wohnindex: Immobilienpreise steigen leicht, Mieten wachsen kräftig', press release from 31 October 2025.

22 German Federal Statistical Office, press release no. 018, 16 January 2026.

23 Hauptverband der Deutschen Bauindustrie e.V., 'Baugenehmigungen: Gedämpfte Halbjahresbilanz 2025', press release from 18 August 2025.

24 Hauptverband der Deutschen Bauindustrie e.V., 'Zahl der Baugenehmigungen bewegt sich weiter nach oben', press release from 18 November 2025.

25 German Property Federation (ZIA) IW Real Estate Sentiment Index (Q4), December 2025.

26 DZ HYP, 'Regionale Immobilienzentren Deutschland' 2025/2026, October2025.

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Competitive situation

Scout24 offers a versatile product portfolio for various customer groups in the real estate market, which is continuously adapted to current developments. Notwithstanding ImmoScout24's strong market position, the Company faces intense competition in several core fields.

In terms of real estate marketplaces and portals, ImmoScout24 competes in Germany and Austria particularly with established online platforms and classifieds portals that also provide property listings for private and professional listers.

In the area of transaction enablement services, Scout24 faces competitors operating in digital marketing, valuation, financing and administration. This includes providers of digital property valuations as well as providers of CRM software solutions and real estate agent software that are in direct competition with Propstack.

In the field of AI and proptech, innovative start-ups are developing new solutions along the entire real estate value chain. Scout24 is also monitoring the development of large language models, which, on the one hand, create additional competition in the areas of property search and transaction enablement, but on the other hand, can also be used as a distribution channel and for the further development of the Company's own platform.

In addition, social media are used as platforms for property listings, making large social media networks into indirect competitors.

‌Business performance

Scout24 continued its growth trajectory in the mid-teens per cent range in the 2025 financial year. Revenue increased by 14.7% to EUR 649.6 million (2024: EUR 566.3 million), mainly driven by robust organic growth. The main growth drivers were the sustained high demand for real estate agent memberships in the Professional segment and increasing revenue from memberships and pay-per-ad listings in the Private segment. Both segments have continuously expanded their customer base. The transaction enablement business recorded solid growth in the CRM business as well as persistently strong demand for data and valuation services.

For details of the segments' business performance, see Business performance of the segments.

This strong revenue performance highlights the high relevance of Scout24 products for all market participants. Scout24 has consistently executed on its strategy to expand the ecosystem, digitising all processes relating to real estate transactions and efficiently interconnecting all market participants. The efficiency gains and synergies achieved through this interconnectivity strategy have contributed decisively to its success.

Coupled with the strong revenue growth, this resulted in a significant increase in ordinary operating EBITDA of 16.5% to EUR 405.7 million (2024: EUR 348.1 million). The successful integration of the recently acquired companies also contributed to this positive development. The ordinary operating EBITDA margin improved as a result by

1.0 percentage point to 62.5% (2024: 61.5%), whereby the dilution effect from the initially lower margins of the acquired companies was more than compensated for.

Based on the favourable business development in the first half of 2025, the Management Board decided in August 2025 to revise upward the original annual guidance forecast from February 2025 of 12-14% revenue growth and an increase in the ordinary operating EBITDA margin of up to 50 basis points to revenue growth of 14-15% and an increase in the ordinary operating EBITDA margin of up to 70 basis points. Based on the figures for the first nine months of 2025, the Management Board further specified the guidance forecast for the 2025 financial year in October 2025 to the upper end of the margin forecast range and the mid to upper end of the revenue forecast range. Overall, the main focus remained on increasing the Group's ordinary operating EBITDA and the associated margin. The figures for the 2025 financial year show that Scout24 has met or exceeded the targets formulated in February as well as those revised upwards in August and specified in October.

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‌Significant events in the reporting year

Entities acquired in the reporting period

In the 2025 reporting year, Scout24 acquired bulwiengesa AG and Exploreal GmbH in line with its M&A strategy (also see the Strategy section). For more detailed information on the respective transactions, please refer to note 2. Changes in the consolidation scope in the notes to the consolidated financial statements.

The share purchase agreement for the acquisition by Sprengnetter GmbH of all shares in the Austrian IMMOunited GmbH was not completed due to a withdrawal in January 2026; accordingly, the transaction did not close. Prior to that, the request filed by the parties to the purchase agreement with the Austrian Federal Competition Authority for authorisation of the merger had been withdrawn.

In September 2025, Scout24 also signed a deal to acquire the Spanish real estate portal Fotocasa (Adevinta Real Estate S.L.U.) from the investment company EQT. The acquisition is intended to give Scout24 access to the Spanish real estate market. The transaction was completed with effect from 27 February 2026. For further details of the acquisition, see https://www.scout24.com/en/investor-relations/financial-reports-presentations.

DAX listing

On 4 September 2025, Deutsche Börse announced that Scout24 SE will be listed on the DAX, Germany's benchmark index, effective 22 September 2025. The key index criterion is the free-float market capitalisation. Scout24 SE is now among the 40 largest companies listed on the German stock market.27 The inclusion in the index marks a historic milestone in the Company's development since its IPO in 2015 and its promotion to the MDAX in 2018. It is recognition of Scout24 SE's sustained business performance and strengthens its position as one of Europe's leading technology companies.

Share buy-back transactions

On 25 September 2024, Scout24 SE had announced a further share buy-back programme with a volume of up to EUR 150 million. In the first tranche, the Company bought a total of 569,902 shares on the market with a volume of EUR 50 million (26 September 2024 to 2 April 2025). This was equivalent to 0.8% of the share capital at the time of the buy-back transaction (75,000,000 shares). The second tranche of up to EUR 100 million started on 7 April 2025 and ended on 22 December 2025 after the programme was shortened. A total of 990,958 shares were acquired on the market, corresponding to 1.3% of the share capital at the time of the buy-back transaction. In the 2025 financial

year, buy-back transactions with a total value of EUR 124 million were executed. In addition, Scout24 SE announced on 3 December 2025 that it would carry out a further share buy-back programme. The first tranche of up to EUR 100 million started on 5 January 2026 and will end on or before 2 July 2026 (latest possible purchase date). Further information can be found in note 4.12. Equity in the notes to the consolidated financial statements. In addition, more details on the aforementioned share buy-back programmes and past programmes can be found at www.scout24.com/en/investor-relations/share/share-buybacks.

Employee stock purchase programme

To mark Scout24 SE's tenth anniversary as a listed company, the Company granted a bonus issue of ten Scout24 shares for each interested employee, which were transferred to their securities accounts in November 2025. A total of 76.6% of eligible employees took advantage of this offer.

Also in November 2025, the new employee stock purchase programme 2025 that was launched gave Scout24 employees another opportunity to acquire shares in the Company at attractive conditions and thus to participate in the Company's long-term performance. In total, 33.8% of eligible employees took part.

Development of listings and traffic

Activity onwww.immoscout24.de is measured based on the number of listings and number of users/sessions (traffic), among other metrics. For detailed descriptions of these metrics and their sources, see the Steering system and performance indicators section.

27 https://www.deutsche-boerse.com/dbg-de/media/news-stories/explainers/DAX-Index-Benchmark-und-Barometer-f-r-die-deutsche-

Wirtschaft-148654, retrieved on 10 December 2025.

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ImmoScout24 recorded accelerated growth in real estate listings in the 2025 financial year to an average of 582,462 (+13.5%). This positive development reflects increased market activity, the popularity of the platform and trust in the brand.

The buying market showed strong momentum with increasing listing volumes and higher contact rates. In the rental market, the Company also recorded positive growth in property listings amid strong market demand.

User numbers have developed positively across both channels. Both the app and the website recorded further growth in the 2025 financial year, with app usage proving particularly dynamic. The total number of monthly sessions decreased as a result of the broader range and shorter search duration.

‌Results of operations

Definitions of the key figures EBITDA and ordinary operating EBITDA can be found in the Steering system and performance indicators section.

The main drivers for the mid-teens percentage growth in revenue achieved in the 2025 reporting year were the continued high demand for real estate agent memberships in the Professional segment and rising revenue from memberships and pay-per-ad listings in the Private segment. Both segments have continuously expanded their customer base.

For details of the business performance, products and revenue in the respective segments, see the Business performance of the Group and Business performance of the segments sections.

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Own work capitalised decreased in 2025 due to the completion of projects. For concrete examples, see the Product development section.

Development of costs and ordinary operating EBITDA

In the 2025 financial year, operating costs increased mainly due to the consolidation of recent acquisitions. The less pronounced increase in costs in relation to revenue is due to the strong revenue momentum in the subscription business and the efficiency gains successfully captured as part of the interconnectivity strategy.

Personnel expenses increased in connection with the integration of the acquisitions made. Marketing expenses increased slightly overall, mainly owing to the integration of neubau kompass AG. IT expenses increased in 2025, mainly due to higher cloud infrastructure costs (AWS) for the expansion of Scout24's data platform and analytics capacities as well as due to the strengthening of mobile applications and marketing systems. In addition, expenses associated with the consolidation of acquired entities contributed to the increase, in particular higher licence fees, security upgrades and the implementation of new tools at Sprengnetter. Furthermore, costs for AI tools and applications in the organic business rose. Purchasing costs saw the strongest percentage growth, due to the recent business combinations and the upturn in business at Sprengnetter. The positive market momentum led to increased demand for real estate valuations at Sprengnetter and bulwiengesa and, as a result of this growth, also to an increase in the associated costs. In addition, purchasing costs rose in line with the higher number of private memberships sold, which increasingly comprise additional services and therefore lead to higher purchasing costs for the included third-party services. Other operating expenses increased mainly due to the consolidation of the acquired entities and higher legal consultancy costs.

Thanks to continued strong revenue momentum combined with ongoing operational efficiency improvements and synergies from the interconnectivity strategy, ordinary operating EBITDA once again increased at a faster rate than revenue in 2025.

Development of earnings

Non-operating costs rose faster than revenue in the 2025 financial year. As a result, at 13.3%, EBITDA increased somewhat less strongly than ordinary operating EBITDA (+16.5%).

The increase in non-operating expenses is primarily attributable to two factors. First, share-based compensation increased due to the development of the share price and higher levels of target achievement. Second, M&A-related expenses rose, including higher provisions for contingent consideration and increased costs in connection with the acquisition of Fotocasa. These effects were partially offset by a decline in reorganisation expenses, as the migration to a new finance and billing system was largely completed.

The depreciation, amortisation and impairment item increased only slightly year on year, with amortisation of intangible assets identified and recognised as part of purchase price allocations (PPA amortisation) up on the previous year at a total of EUR 9.3 million (2024: EUR 7.6 million). Other depreciation and amortisation (including depreciation from leases in accordance with IFRS 16) totalling EUR 39.5 million (2024: EUR 39.4 million) remained at a similar level to the previous year.

With 14.8%, earnings before interest and tax (EBIT) thus improved by a stronger rate than EBITDA.

The financial result likewise improved on the previous year. The change in the financial result resulted from lower expenses arising from the remeasurement of purchase price liabilities from business combinations as well as lower interest expenses. In addition, the currency effects from the U.S. dollar hedge had a negative impact, as the U.S. dollar has depreciated sharply against the euro since the beginning of 2025. The decrease in the effective tax rate from 31.9% to 14.5% in the reporting period is mainly due to changes in the corporate tax rate in Germany with an effect of EUR 46 million in the second half of 2025. This change is attributable to a law providing for a reduction in the corporate income tax rate in stages starting from 2028, leading to a revaluation of deferred tax items consistent with the future lower tax rates. The reduction in deferred tax liabilities accordingly resulted in deferred tax income. For further information on the tax rate, see the tax reconciliation in note 3.7. Income taxes.

As a result of the significantly lower income taxes and the improved financial result, both earnings after tax (+48.1%) and earnings per share rose steeply (+50.2%). The share buy-back transactions have reduced the average number of shares outstanding. Earnings per share (basic) for the 2025 financial year were therefore based on 72,118,516 shares (2024: 73,137,277). Year on year, (basic) earnings per share increased to EUR 3.33 (2024: EUR 2.22).

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‌Net assets

The Group's net assets are presented in the following condensed statement of financial position (assets).

The change in current assets is mainly due to the reduction in other financial assets and income tax receivables. The decrease in other financial assets mainly resulted from the derecognition of receivables from sublease agreements and the impairment of a convertible loan. The decrease in income tax receivables of EUR 4.5 million was mainly due to tax refunds received in the reporting year relating to prior years.

Cash and cash equivalents decreased by EUR 6.0 million in the 2025 reporting year due to the reporting date. For further information, see the Cash flows section.

Non-current assets remained largely stable in 2025. While goodwill increased due to various acquisitions, decreases in right-of-use assets from leases (mainly due to the termination of a building sublease agreement) and other intangible assets (primarily due to PPA amortisation) had the opposite effect.

Total assets slightly decreased overall by EUR 13.7 million to EUR 2,058.8 million year on year (31 December 2024: EUR 2,072.5 million).

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‌Financial position

Development of the capital structure

The Group's capital structure is presented in the following condensed statement of financial position (equity and liabilities).

Current liabilities increased by a total of EUR 43.4 million as of 31 December 2025, due in particular to the changes in the following items:

Current other provisions increased significantly year on year, primarily due to increased provisions in connection with share-based payments (31 December 2025: EUR 25.6 million) and provisions for personnel expenses as a component of the purchase price from the acquisition of the Sprengnetter Group. Income tax liabilities increased by EUR 9.5 million due to the rise in profits at domestic subsidiaries. These increases were partially offset by the decrease in current other financial liabilities. This was due in particular to the full reduction in liabilities from the current share buy-back programme till year-end and the lower utilisation of credit lines . The liability from the share buy-back programme of EUR 24.3 million recognised as of the previous year's reporting date no longer existed as of 31 December 2025.

Non-current liabilities decreased as of 31 December 2025, mainly due to the reclassification of liabilities from business combinations from non-current to current and due to a lower amount of non-current lease liabilities (also due to a reclassification to current assets). Non-current other provisions mainly related to share-based payments. In the previous year, provisions from the acquisition of the Sprengnetter Group were also included, which were recognised within current other provisions in the reporting year. Deferred tax liabilities were reduced due to the revaluation resulting from the gradual reduction in the corporation tax rate.

On aggregate, current and non-current financial liabilities, including lease liabilities, amounted to EUR 194.0 million as of the reporting date (31 December 2024: EUR 243.1 million). Adjusted for cash and cash equivalents, net debt28 amounted to EUR 144.5 million as of 31 December 2025 (31 December 2024:

EUR 187.6 million). This resulted in a lower leverage ratio of 0.36 as of 31 December 2025 (31 December 2024: 0.54).29

Equity increased by EUR 45.1 million in the reporting period. As of the reporting date, this results in an equity ratio of 71.8% (31 December 2024: 69.1%). This was driven by the increase in profit after tax, which was attributable to the

28 Total current and non-current financial liabilities (including lease liabilities) less cash and cash equivalents.

29 Ratio of net debt in relation to ordinary operating EBITDA for the last twelve months.

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strong operating performance and non-recurring revaluation effects within deferred taxes. The dividend payment and the treasury shares purchased under the share buy-back programmes had the effect of reducing equity.

Financial liabilities and credit facilities

The central refinancing instrument is the revolving credit facility with a total volume of EUR 400 million, which was undrawn as of the reporting date (31 December 2024: EUR 50 million). In addition, the Company has loan facility agreements for money market transactions with banks under which EUR 110 million was available as of the reporting date (31 December 2024: EUR 75 million). Further information on financial liabilities and credit facilities can be found in note 5.2. Disclosures on financial instruments in the notes to the consolidated financial statements.

The primary aim of the cash flow hedging programme is to reduce exchange rate risk by hedging all orders in foreign currency that have a value equivalent to EUR 100 thousand or more over the next 24 months which mainly relates to IT expenses. As of 31 December 2025, the total volume was USD 15.7 million at a hedge ratio of 83.6% (31 December 2024: USD 20.7 million, 96.9%).

‌Cash flows

The year-on-year increase in cash flow from operating activities is mainly due to the positive business development of operating activities.

In the 2025 reporting year, the cash outflow for the acquisition of Exploreal GmbH amounted to EUR 3.7 million and for the acquisition of bulwiengesa AG to EUR 12.9 million. An amount of EUR 20.0 million of the investments in non-current assets related to investments in intangible assets. In the previous year, the higher negative cash flow from investing activities mainly resulted from the acquisition of neubau kompass AG.

The negative cash flow from financing activities is mainly attributable to dividend payments (EUR 95.9 million) and to payments made in connection with purchasing treasury shares (EUR 126.0 million). Furthermore, a credit facility totalling EUR 50.0 million was repaid.

Due to the matters described above, available cash and cash equivalents decreased by EUR 6.0 million.

Free cash flow amounted to EUR 253.1 million in the 2025 financial year and can be derived from earnings after tax as shown in the table below. For detailed information, please refer to the Consolidated statement of cash flows.

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Share buy-back transactions

More detailed information on the share buy-back transactions can be found in the section Significant events in the reporting year. Further information is also provided in the Investor relations section, the section 4.12. Equity in the notes to the financial statements as well as in the information required by Article 160 (1) No. 2 AktG in the Separate financial statements of Scout24 SE in the notes to the financial statements.

Financial management

The Treasury function plans and manages cash requirements, availability and investment within the Scout24 Group. Based on annual financial planning and rolling liquidity planning, the Group's financial flexibility and its solvency are ensured at all times. The cash pooling procedure was additionally used for a large proportion ofGroup companies (measured by their share of Group revenue) in the 2025 financial year.

As in the previous year, Scout24 SE had enough cash at its disposal at all times over the course of the 2025 financial year to meet all financial obligations.

Dividend

Scout24 SE's dividend policy is to distribute between 30% and 50% of the adjusted earnings after tax30 to its shareholders each year.

In June 2025, a dividend of EUR 95.4 million was paid out for the 2024 financial year (in 2024 for 2023: EUR 87.9 million). This corresponds to a payout ratio of 45.0% for 2024, after 47.3% for 2023. For the 2025 financial year, the Management Board and Supervisory Board propose a dividend per share of EUR 1.50 (for 2024: EUR 1.32). Based on 71,369,660 dividend-entitled shares, this corresponds to an absolute dividend payout of EUR 107.1 million as of 31 December 2025 (42.8% of adjusted earnings after tax). For further information, see notes 4.12. Equity and 5.8. Events after the reporting period in the notes to the consolidated financial statements.

‌Business performance of the segments

For detailed descriptions of the customer and ARPU metrics reported below, see the Steering system and performance indicators section.

Professional segment

In the 2025 financial year, Scout24 generated revenue growth of 14.8% in the Professional segment. The Professional business thus contributed 72.4% to the Group's revenue (2024: 72.4%).

Growth in subscription revenue with professional customers accelerated. The high interest reflects the Company's broad product portfolio, which includes marketing solutions as well as data and valuation tools and

30 After regular adjustments (PPA amortisation, financial result effects, taxes) and non-operating effects (expenses for share-based payments, M&A activities, reorganisation).

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CRM functionalities that support real estate agents' workflows. Revenue growth was additionally supported by a further increase in the number of customers in Germany, reflecting the successful acquisition of new customers. The existing customer base remained stable. An upward trend in the number of customers was also recorded in Austria in the 2025 financial year. In addition, ongoing upgrades to higher-value memberships and list price adjustments had a positive impact on revenue growth.

The positive trend in average revenue per user (ARPU) continued with greater momentum than in the previous year. This development was mainly attributable to expanded product offerings, for example, at neubau kompass AG.

In the 2025 financial year, the transaction enablement business saw both solid growth in the CRM business as well as persistently strong demand for data and valuation services. In contrast, performance of the leads business remained modest in line with market conditions. The development of transaction enablement revenue was also supported by the first-time consolidation of bulwiengesa and Exploreal.

Other revenue, which is generated with the individual listings business (pay-per-ad), declined as planned in the 2025 financial year, reflecting the migration of customers to long-term real estate agent memberships. Furthermore, the deliberate reduction of advertising on the platform in favour of an improved user experience contributed to the decline.

The main cost drivers in the organic business were increased costs for leads cooperation agreements and increased costs for performing real estate valuations. Both cost increases within purchasing costs (Other) are linked to higher revenue. The increase in operating costs was also influenced by the first-time consolidation of acquisitions.

Ordinary operating EBITDA showed accelerated growth in the 2025 financial year compared to the increase in the previous year. The improvement was almost proportional to the increase in revenue, making it possible to limit the dilution of the ordinary operating EBITDA margin typically seen during the integration of business combinations to just 20 basis points.

Private segment

At 14.5%, revenue growth in the Private segment accelerated again in the 2025 financial year compared to the already strong previous year. The Private segment thus again contributed 27.6% to the Scout24 Group's revenue in the 2025 financial year (2024: 27.6%).

Subscription revenue once again recorded strong growth momentum in the 2025 financial year. The high demand for Plus products led to a significant year-on-year increase in revenue. At the same time, the number of private customers increased by 14.0%. The robust demand for the entire Plus product portfolio shows that property seekers appreciate the comprehensive solutions to support their home search. ARPU increased significantly more than in the previous year. A key driver was the transition implemented in mid-2024 to paid SCHUFA credit checks, with members receiving discounts of up to 40% on SCHUFA credit checks. This transition generates additional revenue with positive margins alongside existing membership revenues.

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The pay-per-ad business developed very positively in the 2025 financial year and contributed to segment growth with a double-digit percentage increase in revenue. This development benefited from ImmoScout24's brand and product strength as well as increased market activity on the platform.

Other revenue, which primarily stems from the sale of credit checks without a membership commitment, remained broadly unchanged in the reporting year compared to the previous year.

The slight increase in ordinary operating effects is due to a moderate year-on-year increase in marketing expenses, which supported revenue growth. Furthermore, the rise in costs is primarily attributable to the higher default rates, although these have developed in line with revenue growth and are still at a very low level. Personnel expenses were reduced slightly, accompanied by a smaller workforce.

With +22.3%, ordinary operating EBITDA in the Private segment rose faster than segment revenue, widening the corresponding EBITDA margin by 4.0 percentage points. A key driver was the revised onward charging of SCHUFA fees, under which requests previously borne by Scout24 are now charged separately to customers. Additional positive contributions were generated by the scalable subscription business and revenue growth in the pay-per-ad business.

‌Overall assessment

The Scout24 Group continued its strong growth momentum in 2025 while significantly increasing its profitability. Despite economic challenges and a demanding market environment, the Company brought the 2025 financial year to a successful close.

The diversified product portfolio enables Scout24 to react flexibly to different market scenarios and to appropriately address the needs of private and professional customers.

Revenue increased by 14.7% to EUR 649.6 million (2024: EUR 566.3 million), meeting the specified revenue growth guidance at the mid to upper end of the 14-15% range specified in October.

It was possible to increase ordinary operating EBITDA by 16.5% to EUR 405.7 million (2024: EUR 348.1 million). On the one hand, this development was the result of a balanced product mix and, on the other, the efficiency gains achieved. The effect is supported by the increasing use of AI technologies. The ordinary operating EBITDA margin improved to 62.5% (+1.0 percentage point), significantly exceeding the target communicated in October 2025 of an increase at the upper end of the range of up to 70 basis points.

The positive development of the key figures underscores the viability of the digital ecosystem strategy and the expedience for the Group's future success and for the targeted increase in enterprise value. The consistent focus on interconnectivity, product innovation and operational excellence contributes significantly to the Company's sustainable growth.

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‌Risks and opportunities report

Scout24 regularly faces risks and opportunities that can affect the net assets, financial position and results of operations as well as the reputation and public perception of Scout24. To prevent or minimise potential negative impacts in the event that risks materialise, external, operational, compliance, financial and strategic risks are identified, analysed, evaluated and managed as part of risk management. At the same time, opportunity management ensures that opportunities are identified and captured in good time. The aim is to strike a healthy balance between growth and returns, on the one hand, and the associated risks, on the other.

‌Overall statement on the risk and opportunity position

Risk position

The overall risk position, measured as the net expected loss from any downside deviation relative to corporate planning, remains manageable as of 31 December 2025 and is approximately at the same level as in the previous year.

As part of the regular reporting cycle, in the 2025 financial year, assessments at individual risk level were again adjusted based on current developments and the effect of countermeasures. From today's perspective and supported by the results of a risk-bearing capacity analysis, no risks have been identified that, individually or collectively, could jeopardise the Company's ability to continue as a going concern. The potential exposure is covered several times over by the available equity and is manageable overall. An overview and detailed description of certain risks is provided below in the Detailed analysis of the risk position section. The Company either is not aware of any further risks that could affect operations or does not consider such risks substantial.

Opportunity position

The Management Board of Scout24 SE continues to assess the overall opportunity position as solid and stable at the previous year's level. Particularly the progressive digitisation and increased use of data-driven and AI-supported technologies offer attractive growth prospects.

Thanks to the continuous development of its product portfolio, the platform's continuous improvement, the expansion of services and the steady strengthening of the brand, Scout24 believes it is well positioned with its operations to optimally serve its customers' needs. This may be strategically supplemented by targeted M&A transactions that are a good fit to expand the product portfolio, open up new business fields and/or improve the existing range of products or services offered.

An overview and detailed description of the individual opportunities is provided below in the Detailed analysis of the opportunity position section.

‌Risk and opportunity management system

Objective and integration of the risk and opportunity management system

At its core, Scout24's risk and opportunity management seeks to create the requisite transparency with regard to existing risks and opportunities and, in doing so, to build a shared awareness of risks within the Company as well as to establish their significance and impact on achievement of the Company's objectives. The risk and opportunity management system is used to ensure the identification, assessment, analysis and long-term management as well as the reporting and monitoring of substantial risks and opportunities.

Overall responsibility for the risk and opportunity management system of the Scout24 Group lies with the Management Board. To this end, the Management Board has set up the Internal Control & Risk Management Systems department, which integrates and controls the risk management systems and the internal control system (ICS) throughout the Group. It does so in close cooperation with the individual risk owners in the (market) segments, central group functions and investees, who bear responsibility for implementing risk and opportunity management in the operating units.

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The guiding principle of risk and opportunity management is a holistic and integrated approach that combines the governance components of risk management and the ICS, supplemented by supporting internal audit activities.

Framework

The basic design of Scout24's risk management system (RMS) and ICS reflects the internationally recognised frameworks issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO): Enterprise Risk Management - Integrated Framework (2017) and Internal Control - Integrated Framework (2013). This integrated approach helps the Company to direct management and monitoring activities towards the corporate strategy and its inherent risks. The ICS is especially intended to ensure the security and efficiency of business processes as well as the reliability of the financial reporting.

In addition, the Scout24 Group takes into account in its RMS the interrelated basic elements of risk culture, objectives and organisation of the measures, risk identification, assessment, management and communication as well as monitoring and improvement of the RMS, in accordance with Assurance Standard 981 (2017) of the Institute of Public Auditors in Germany (IDW).

Financial (accounting-related) and non-financial ICS

The RMS as well as the ICS constitute key elements of the internal monitoring system. The application of the aforementioned COSO framework and the effective interaction of the RMS and the ICS are intended to contribute towards the effectiveness and efficiency of business operations as well as ensure the completeness and reliability of the financial reporting. Scout24 has a process for identifying and assessing all substantial operational business processes and risk areas as well as those relevant for (Group) accounting purposes, including the associated key controls which generate a high degree of certainty for the regularity of business processes and for decision-making. For standardised documentation, a risk and control matrix in the ICS module of the risk management software is used. Tasks and responsibilities along the process for preparing financial statements are clearly designated.

Since the 2024 financial year, the sustainability statement has been integrated into the management report following the complete voluntary transition to European Sustainability Reporting Standards (ESRS) as a framework. The associated controls cover risks related to the collection of report content and risks in the preparation process. To identify metrics that are particularly subject to risk, all of the report's quantitative data points are evaluated in terms of their relevance to the analysis under the double materiality principle and in terms of compensation and strategy as well as their respective susceptibility to error. Relevant risks and controls for data points and reporting processes are identified and transferred to the ICS based on process interviews with the respective specialist departments responsible. Particular focus is placed on the processes for identifying and reporting greenhouse gas emissions, women in leadership metrics, and data protection and data security metrics.

Other key features of the ICS:

• Group-wide financial reporting policies are in place.

• The digital consolidation process is standardised with a predefined schedule, and key consolidation steps are documented.

• Information on current developments relating to accounting or the financial reporting process is provided on a regular basis.

• Appropriate segregation of functions and assignment of tasks is ensured (access restrictions, authorisation concepts, especially for accounting-related IT systems).

• Established key controls serve in particular to safeguard corporate objectives, prevent and detect any fraudulent activities and protect assets.

Risk management process

Risk identification and assessment comprises the regular and systematic analysis of internal and external risk-relevant developments in the form of a comprehensive risk inventory. This is used as a basis for regular reporting to the ELT and the Supervisory Board's Audit Committee.

Identifying risks and opportunities: the risk management process begins with the identification of substantial risks and opportunities. In this context, risks and opportunities that exceed a defined materiality threshold or that

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represent a certain degree of urgency are reported to the Management Board. Having received appropriate training, decentralised risk assessors in the individual business units are responsible for identifying, recording, reporting and regularly updating risks and opportunities. The risk assessors categorise the risks and opportunities according to a Group-wide catalogue (clusters) and regularly document their findings in the risk management software. The risks and opportunities are reviewed and approved in each area by the respective risk approvers, who are also decentralised. This approach ensures, at a minimum, observance of the dual-control principle for each risk.

Assessing and managing risks and opportunities: Scout24 comprehensively evaluates the risks and opportunities relevant to the Group's corporate development as part of the budgeting and steering process. The risk inventory is fully updated on a decentralised basis in the operating segments every six months (in the second and fourth quarters) and is subject to a quality review of selected individual risks and/or clusters in the first and third quarters. Market and competitive analyses are conducted to support financial planning, and the internal and external risks and opportunities relevant to the Group are assessed.

In the reporting period, risk management focused primarily on those activities that significantly affect future earnings (ordinary operating EBITDA) as well as the future financial position (cash flow) and are of importance for Scout24's future prospects in that they could prevent the Company from achieving its objectives. Tax risks and risks from changes in interest rates were likewise taken into account in the process.

The Scout24 Group classifies its risks according to external, operational, compliance, financial and strategic risks -referred to as risk areas. Risks are subsequently assessed as 'low', 'tolerable', 'moderate', 'substantial' or 'critical', considering the potential impact on net assets, financial position and results of operations as well as estimated probabilities of occurrence. Risks are assessed based on quantitative parameters, namely the probability of occurrence in per cent and the potential financial impact in euros, measured by reference to ordinary operating EBITDA and cash flow. Quantification in this respect is primarily intended as an indication of the respective risk's relevance. The assessment of the monetary impact is the responsibility of the risk owners. The risks are estimated over three horizons extending to a total of three years (of 12, 24 and 36 months, respectively) in each case for the probability of occurrence and the potential financial impact.

The identified risks are assessed applying what is referred to as the 'inherent/residual method'. In a first step, the potential financial impact and probability of occurrence are initially assessed within the framework of the inherent risk assessment without taking into account measures and/or controls implemented to reduce the financial impact or probability of occurrence. The aim of the inherent risk assessment is to reflect the entire magnitude of potential exposure, to thereby prevent an erroneous assessment that can arise from overestimating the impact of existing risk management measures and/or controls.

In a second step, the residual risk analysis takes into account the risk mitigation measures and/or controls implemented. The objective of the inherent/residual assessment is to enable monitoring the effectiveness of the preventive measures deployed.

In the following, risks are presented at their net expected loss over the next twelve months, which is determined from the intercept of the two metrics: the potential financial impact (x-axis) and the probability of occurrence (y-axis), in each case on the basis of the residual method, which takes into account implemented risk mitigation measures. Risks that offset each other are not considered as risk-reducing factors. The scales are presented in the risk matrix below.

Risk matrix

Probability of occurrence

Probable >50%

Possible 25-50%

Unlikely 10-<25%

Remote <10%

<0.5

Low

0.5-<4

Moderate

4-10

Substantial

>10

Significant

Financial impact

(EUR million)

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Opportunities are not factored into the assessment. They are covered separately through opportunity management and as part of budgeting.

The next step concerns managing the risk. Risk owners have the task of developing and implementing suitable measures to mitigate risks. Depending on the risk assessment and potential impact, they choose from different approaches, which are always weighed up in terms of costs and benefits. The available strategies include avoiding risks, limiting them, transferring them to third parties or consciously accepting them. In addition, risks that are identified between two reporting periods and whose potential impact could have a large influence on the Group's earnings are reported without delay to the Management Board and, if necessary, to the Supervisory Board.

Opportunity management is primarily focused on identifying business potential relating to the digitisation of real estate transactions. Opportunities are assessed by reference to qualitative parameters in terms of their probability of occurrence and their potentially positive impact.

In the following, opportunities are presented at their expected benefit for the next twelve months, which is determined from the intercept of the two metrics: the potential benefit (x-axis) and the probability of occurrence (y-axis). The scales are presented in the opportunity matrix below. Opportunities, in contrast to risk management, are not assessed according to the inherent/residual method. Measures to support the realisation of opportunities are not inventoried or reported upon separately.

Opportunity matrix

Probability of realisation

Probable >50%

Possible 25-50%

Unlikely 10-<25% Remote ≤10%

≤0.5

Low

0.5-<4

Moderate

4-10

Substantial

>10

Significant

Benefit

(EUR million)

Risk prevention and ensuring compliance

Risk prevention is a key element of the RMS and an integral component of ordinary business activities. Uniform standards throughout the Group to systematically manage risks and opportunities form the basis for successful risk prevention and compliance in this context. These standards are set out in the RMS and ICS policies. The risk and ICS management processes defined there provide a standardised framework for evaluating, analysing and reporting risks as well as for risk management measures and controls implemented. The risk management and ICS processes provide consistent, comparable and transparent information and monitor risks and opportunities in relation to the achievement of business objectives, the adequacy and reliability of internal accounting and external financial reporting and compliance with pertinent legal requirements and regulations.

Monitoring the appropriateness and effectiveness of the systems31

The ICS is monitored at least once a year by the Risk Management department in the form of an assessment of the appropriateness of the implemented controls and the effectiveness of selected control activities. This assessment provides information on whether the controls reflect the current processes and control activities, cover the risk and fulfil the control objective (assessment of appropriateness) and whether the controls function as intended within a defined period of time (assessment of effectiveness). The Management Board is informed of the outcome at least once a year.

In addition, the Internal Audit department monitors the ICS independently of the process. Its monitoring activities comprise the review of key controls along selected business processes on the basis of a risk-oriented audit plan that is updated as necessary.

The Internal Control & Risk Management Systems department continuously monitors and improves the RMS as part of process-integrated monitoring activities.

31 Disclosures unrelated to the management report that are outside the scope of the auditor's review of the management report's content.

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In addition, the Internal Audit department regularly reviews elements of the RMS and the compliance management system in all material respects for appropriateness and effectiveness in accordance with relevant standards such as DIIR Audit Standard No. 2 on internal audits of risk management systems. Any significant findings in the systems identified in this context are promptly remedied.

On the basis of the findings from the aforementioned monitoring activities, there are no indications known to the Management Board that would call into question the appropriateness and effectiveness of the compliance management system, the RMS and/or the ICS.

‌Detailed analysis of the risk position

To be able to analyse Scout24's overall risk position and initiate suitable countermeasures, all recorded and assessed risks are aggregated into a risk portfolio. Statistically robust methods are used in the risk management software for this purpose. The consolidation scope for risk and opportunity management purposes corresponds to the consolidation scope for the consolidated financial statements. In this context, the overall risk position determined in relation to Scout24's risk-bearing capacity for the reporting period is considered on the basis of suitable key indicators, namely the value at risk32 and the aggregate net expected loss for all risks, and is regularly monitored by the Management Board with regard to the coverage of the net assets, financial position and results of operations.

Overall risk position, risk areas and risk clusters

The risk portfolio is divided into risk areas with respective risk clusters. The risk clusters for each risk area for which risks were reported are presented below.

Risk clusters are addressed in the detailed analysis if

• material changes have taken place compared to the previous year or

• they have been assessed as critical or substantial overall or

• they contain individual risks that have been assessed as critical or substantial.

32 Value at Risk is a statistical measure indicating the maximum loss that will not be exceeded within a defined period with a specified probability.

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The following table shows the risk areas with the relevant risk clusters. These were evaluated based on an analysis of individual risks using the residual method. Unless stated otherwise, the risks presented relate to both the Private and Professional segments. The year-on-year changes in the risk classification are as follows:

↓ Decrease; ↑ Increase; = Unchanged

Material changes compared to the previous year

Compliance risks: the assessment of the 'know-how drain' risk cluster has improved from tolerable to low compared to the previous year. This is due in particular to the fact that other companies in the real estate sector are more reluctant to recruit new personnel as well as to the limited usability of company and customer data outside the sector.

External risks: the classification of the 'competition and market' risk cluster remains unchanged compared to the previous year at a substantial level. However, the potential financial impact has increased due to developments relating to artificial intelligence.

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External risks

Competition and market

Scout24 continues to operate in a highly competitive environment that is constantly evolving.

There is a risk that competitors could challenge Scout24's competitive position by bringing innovative AI solutions to market faster or by leveraging advanced technologies such as large language models. At the same time, large language models represent potential new competitors for the user interfaces (front end) as well as the underlying processes and infrastructures (back end). This can, for example, lead to customers switching to other options instead of using Scout24's AI-supported solutions. Scout24 counters this risk by introducing targeted innovation initiatives as well as by closely monitoring the market and adopting technological trends at an early stage in order to continue meeting our customers' specific needs as effectively as possible. Scout24 develops in-house AI-supported solutions and continuously invests in innovative products to secure its long-term competitiveness.

Further competitive risks for Scout24 can arise from its closest competitors. Horizontally organised classifieds portals leverage their large user base and data to establish a strong customer base at comparatively low cost. Competitors' strategies to deliberately gain market share at the expense of profitability harbour a substantial risk for Scout24 of falling listings and market share. Scout24 is confident, however, that it can counter this risk with new product developments and specific offers.

In addition, Scout24 continues to compete on price or other terms and conditions with hybrid real estate agents and social networks as well as other market players, such as credit rating agencies. For Scout24, this entails, on the one hand, the risk of greater competitive pressure, especially in the Private segment, and on the other hand, the risk of losing real estate agents as customers or competing cooperation partners, for example. To counter these risks, the Company is working to expand and improve the ImmoScout24 platform's product portfolio and to develop it into a fully interconnected digital marketplace for real estate.

The global economic and geopolitical uncertainties described in the Economic risks section may lead to increasing consolidation of customers in residential and business real estate markets in the coming years. Market consolidation harbours the risk of a loss of revenue and customers in individual segments of Scout24.

Overall, the external risks in the 'competition and market' risk area represent a substantial risk component for Scout24, as also illustrated by the importance of the measures described and implemented in this regard. Following the analysis of risks at individual risk level, these risks are, as in the previous year, assessed overall as substantial but manageable despite the increased financial impact.

‌Economic risks

As described in the German property market trends section, the real estate market picked up in 2025, albeit from a low baseline. Although mortgage interest rates have risen slightly, it is mainly due to an increase in supply coupled with persistently high demand. The revival of the real estate market generally had a positive effect on Scout24's business. Nevertheless, there remains a tolerable risk of negative effects.

The overall global economic and geopolitical situation is tense due to various factors. This is evidently leading to uncertainties that may become even more severe. Both an escalation of current crises and the consequences of the ongoing war in Ukraine could have a negative impact on overall economic development. The additional financial burdens for customers and the general market climate for real estate agents among customers, pose a moderate risk of an unexpected increase in default rates.

The existing risks of rising costs and negative business effects due to rising inflation, a potential increase in interest rates and external events, such as the outbreak of a new pandemic, are on aggregate not classified as substantial.

Various monitoring and analysis procedures are used to enable a flexible response to market conditions. Due to the flexibility of the business model demonstrated in the past and the positive trends on the real estate market, the economic risks are overall still considered substantial and deemed manageable.

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Operational risks

IT and cybersecurity

The global rise in threats to information security continued in the 2025 reporting year. The reliability and security of information technology will continue to be of paramount importance for Scout24 in the coming years. The ImmoScout24 platform is exposed to risks from potential security vulnerabilities that could be exploited for fake listings for the purpose of committing deposit fraud or identity theft. Special software and vulnerability management enables the continuous identification and closing of security gaps in the platform or applications. Vulnerability management processes ensure that systems are updated. To combat fraud and identity theft on the ImmoScout24 platform, the Company has additionally invested in identification methods for all real estate listers. In order to ensure greater transparency and trust, Scout24 also offers private sellers the verification feature (verified badge) that is available to professional customers.

Another threat concerns in particular phishing emails, social engineering and malware used in an attempt to access employee login data to compromise employee accounts. Such unauthorised access can lead to data leaks, data tampering or loss of data. To counter this risk, the Security team uses mechanisms to detect suspicious activity and takes preventive measures, reducing the probability and extent of attacks. This includes email security controls, role-based access controls and multi-factor authentication. Moreover, a new mandatory Security Awareness Foundation learning programme was introduced in the 2025 reporting year to further raise awareness among employees of the Scout24 Group. There is also a precisely defined procedure for dealing with incidents in order to investigate them and respond rapidly.

Incorrectly assigned or incorrectly unrevoked access rights entail the risk of unauthorised access to company data by (former) employees or (former) external third parties. To counter this risk, an information security management system and a change management system as well as corresponding guidelines have been implemented. An authorisation management system manages, documents and controls the (de)activation of user accounts.

ImmoScout24's online platform has to be reliably accessible for users and consistently provide reliable information. In this context, the platform is constantly exposed to the risk of systems failing and products and services being unavailable to users. This could be caused by the failure of individual systems or IT services if, for example, necessary updates were not carried out or systems were not regularly developed further. This risk is countered by regular system reviews, which monitor adherence to security measures and ensure systems are regularly updated. To prevent a possible failure or error in the cloud environment, high-availability cloud service providers are used and multi-region storage backups are run. Accordingly, additional backups in different regions reduce vulnerability while ensuring the security and stability of the cloud environment.

Scout24 continuously invests in a wide range of activities to protect the platform and IT infrastructure. This leads to their continuous improvement and the elimination of potential security vulnerabilities. Although the IT and cybersecurity risks are substantial for Scout24 overall, they are manageable thanks to the ongoing measures.

Human resources

Scout24 is an agile, dynamic and multicultural company where employees make a difference and are the foundation for success. With this in mind, particular importance is attached to qualified staff. Nevertheless, there are substantial human resources risks from employee turnover in key functions. In addition, competition for highly qualified employees remains intense. An appealing corporate culture and employees' continuous personal development are among Scout24's core values. Investment is continuously being made in training teams, and they receive further individual support for their personal development. Investing in the teams not only improves their individual skills, but also strengthens their collective ability to adapt quickly to changing market conditions. Based on these and additional measures in the area of human resources (also see the Social information section of the sustainability statement), the overall human resources risk is deemed moderate and manageable.

Compliance risks

Data protection and data security

The compliance risk clusters are assessed as low to moderate and are therefore not subject to reporting requirements. However, due to the general importance of the topic of data protection, at least the key elements of the data protection management system are discussed in the following.

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The data protection management system to comply with the relevant data protection laws, in particular the European General Data Protection Regulation (GDPR), meets the applicable requirements in order to counteract any potential risk of non-compliance. In addition to the central Data Protection department, specially trained individuals have been appointed to monitor the system and coordinate data protection locally. Furthermore, all employees receive regular data protection training.

The use of a consent management platform is an essential measure for the compliance of online platforms. In this way, the user's consent is obtained regarding the collection and handling of certain personal data when using the platform. In order to protect personal data, the data protection organisation is regularly involved in the design of products.

Financial risks

Possible currency or exchange rate risks are considered to be low, as all investments are made exclusively in euros and substantial portions of the U.S. dollar exposure are hedged. In addition, measures have been implemented in the context of financial reporting and debt analysis, together with a regular review of interest rates. Investments in venture capital funds are limited and are regularly monitored and reviewed.

The existing financial risks, including tax risks, are considered to be low to moderate and are deemed manageable in all cases. Risks arising from the use of financial instruments, in particular price risks, liquidity risks and risks from fluctuations in cash flows, do not currently exist to an extent that is of material significance to the Group's position.

‌Detailed analysis of the opportunity situation

Scout24's management of opportunities is organised on a decentralised basis in the segments and is supported by the Group Strategy & Business Development department. Market and competitive analyses as well as dialogue with external experts serve as important sources to identify growth opportunities for Scout24. Strategic opportunities of paramount importance - such as strategy adjustments or potential acquisitions and partnerships - are handled at Management Board level. This is part of the annual budgeting process and, in the case of current topics, part of the regularly scheduled meetings of the Management Board.

Overall opportunity situation, opportunity areas and opportunity clusters

The opportunity portfolio is divided into opportunity areas with respective opportunity clusters. The opportunity clusters for each opportunity area are presented below. In addition, solid individual opportunities are discussed in greater depth in the detailed analysis. Opportunities are explained in descending order of relevance for Scout24.

The year-on-year changes in the opportunity situation are as follows:

Operational opportunities

↓ Decrease; ↑ Increase; = Unchanged

Value added from performance improvement and addition of products and services

Scout24's goal is to create a comprehensive range of products in the real estate market that enables all participants to make informed decisions when searching for and transacting real estate, while also sustainably increasing process efficiency.

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A key element of the development of operations is the increased use of artificial intelligence across the entire organisation and therefore across all segments and products. Scout24 deploys AI-based applications to support both professional and private users in analysing, evaluating and searching for properties; examples include the implementation of AI-supported solutions such as HeyImmo for consumers and PropstackAI in the Professional segment.

In the Professional segment, the Scout24 Group is continuously working to develop the product portfolio and membership models purposefully to enable it to continue to meet customer needs in the best possible way. A key focus is placed on expanding integrated solutions for users, in particular by developing Propstack and Onesystem further as central software solutions for pooling CRM, lead generation, contract management, property marketing and valuation functions, as well as on expanding premium memberships with additional service elements.

Alongside its Professional segment, Scout24 is also continuously developing its products, services and membership models in the Private segment in order to support private users throughout the entire real estate search and decision-making process. The aim is to increase transparency and orientation in the search process and to facilitate decision-making. In the Private segment, this results in opportunities, particularly from the further development of existing offerings.

Given the continuous product enhancements, Scout24 continues to assess the opportunities arising from performance improvements and the expansion of the offering to include additional products and services as solid and thus broadly in line with the level reported in the 2024 annual report.

Strategic opportunities

Value added from successful M&A transactions

Scout24 continuously expands its product and service offering through targeted company acquisitions. In recent years, strategic acquisitions have helped to broaden the portfolio and enhance it with additional complementary services. The aim is to support the advancing digitisation of the value chain for all customer groups. The focus is on innovative business models and products that open up additional growth opportunities and further strengthen interconnectivity within the platform and between the various customer groups, including through the use of AI-supported solutions.

Scout24 focuses in particular on M&A transactions that expand and/or deepen its offering. One example is the acquisition of bulwiengesa AG, a leading provider of valuation and data services for business real estate. In addition, Scout24 has further expanded its data and analytics offering. The acquisition of Exploreal GmbH, which specialises in real estate data and digital tools for new construction and market analyses in Austria, complements the existing range of real estate data services.

Furthermore, Scout24 is looking at acquisition opportunities outside its core market, provided these complement the existing platform and data offering in a meaningful way. With the acquisition of the Spanish online real estate platform Fotocasa, Scout24 took the opportunity to become active in one of the most dynamic real estate markets in Europe with an established platform. The Spanish real estate market has shown high growth momentum in recent years and is also an important international target market for prospective property buyers.33 The platform has significant growth potential and strengthens Scout24's platform strategy by combining platform content and expanding cross-border reach, giving consumers and professionals access to property listings across national market borders. Some Scout24 customers are already active in the professional B2B membership business in Spain.

As in previous years, Scout24 will continue to monitor the markets and make targeted acquisitions in order to sustainably strengthen its growth in the future. Overall, Scout24 considers the opportunity situation to be solid, as in the previous year.

33 Instituto Nacional de Estadística, https://www.ine.es/jaxiT3/Datos.htm?t=6150, 13 January 2026.

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‌Outlook

Annual financial statements

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Other statements

In the 2025 financial year, the Scout24 Group continued its dynamic growth trajectory of recent years. Revenue increased by 14.7% year on year, while ordinary operating EBITDA improved at a faster rate of 16.5% year on year with an ordinary operating EBITDA margin of 62.5% (+1.0 percentage point). The Company has thus met the guidance forecast specified in October 2025 - revenue growth in the mid to upper range of 14-15% and increase in the ordinary operating EBITDA margin at the upper end of up to 70 basis points - and exceeded it in terms of ordinary operating EBITDA. The consistent implementation of the interconnectivity strategy, the strong revenue growth, the diversified product portfolio as well as the efficiency improvements realised and the successful integration of acquired entities formed the basis for this strong development. In addition, the relevance of the ImmoScout24 platform and the marketing capabilities that the product range offers have gained in importance in the current market environment. For further information, see the Overall assessment section. This provides the Company with a strong starting point for the new 2026 financial year.

In 2026, global economic development will still be shaped by various macroeconomic and geopolitical risks. In particular, ongoing international trade conflicts, geopolitical tensions and uncertainties regarding the future economic policy of important trading partners are weighing on the prospects for the heavily export-orientated German economy. Germany's domestic economy likewise poses a risk. The German Council of Economic Experts expects Germany's GDP to grow by 0.9% in 2026. Although this represents a significant improvement on the 0.2% growth seen in 2025, it is still slightly below the long-term average of 1.0% per year over the period from 2000 to 202034. For 2026, positive impetus is expected mainly from the financial package adopted in March 2025.35

There are signs that the transaction market will continue to stabilise in 2026, although the interest rate level with expected mortgage interest rates of just under 4% and still rising construction36 and renovation costs37 will continue to pose challenges for buyers. Residential construction activity is likely to remain restrained. Demand for properties for sale in metropolitan regions is expected to remain robust, while the rental market will likely continue to show stable demand overall, although the increased rent level may dampen demand and lead to more moderate momentum.38

In the Professional segment, this market development should ensure continued strong business with professional customers in the 2026 financial year. The high demand for real estate agent memberships is likely to continue, supported by the comprehensive product portfolio, which includes marketing solutions as well as data and valuation tools and CRM functionalities. The data and valuation services business is expected to remain robust as the market continues to stabilise, while the leads business could improve if the transaction market continues to recover. In the Private segment, the Management Board expects solid demand for Plus products, which offer consumers comprehensive solutions to support them in their search for a home. As a digital marketplace for real estate, Scout24 has a relatively high level of resilience to economic cycles, since the platform is in demand across varying market conditions as it provides a central infrastructure for real estate transactions and marketing. Furthermore, the Management Board does not anticipate any significant adverse impact on Scout24's business model from global economic and geopolitical developments in the 2026 financial year. With its diversified product portfolio, the ongoing integration of AI along the entire real estate value chain and the consistent implementation of the interconnectivity strategy, the Scout24 Group is convinced that it can offer its customers unique added value in a variety of market conditions. The Management Board is therefore confident that revenue can continue to grow in 2026 while maintaining high profitability.

Specifically, the Management Board expects revenue growth of 16-18%, of which 6-7 percentage points are attributable to inorganic contribution from Spain39. Furthermore, the Management Board expects an ordinary operating EBITDA margin of up to 61% (organic40 up to 64%).

34 German Federal Statistical Office, press release no. 032, 1 June 2023.

35 German Council of Economic Experts, Annual Report 2025/26, December 2025.

36 https://www.destatis.de/DE/Themen/Wirtschaft/Preise/Baupreise-Immobilienpreisindex/_inhalt.html, retrieved 18 February 2026.

37 https://www.destatis.de/DE/Themen/Wirtschaft/Konjunkturindikatoren/Preise/bpr210.html, retrieved 18 February 2026.

38 ImmoScout24 Housing Barometer ('WohnBarometer') Q4 2025.

39 Including the (consolidated) revenue contributions of Adevinta Real Estate S.L.U. and its subsidiaries in the 2026 financial year.

40 Excluding the (consolidated) contributions of Adevinta Real Estate S.L.U. and its subsidiaries in the 2026 financial year.

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‌Sustainability statement

‌General information

General disclosures (ESRS 2)

General basis for preparation of sustainability statements (BP-1)

The consolidation scope for this sustainability statement is the same as the consolidation scope for Scout24 SE's consolidated financial statements. Any further deviations from this scope of consolidation are indicated separately in individual disclosures.

In the analysis of Scout24's impacts, risks and opportunities (IROs41) under the double materiality principle, the Company's own operations as well as the upstream and downstream value chain were considered. The upstream value chain included direct and indirect suppliers. The downstream value chain was limited to direct customers. Any policies, actions or targets relating to the upstream and downstream value chain are disclosed in the relevant sections of this sustainability statement.

No use was made of the option to omit classified and sensitive information or of the option to omit information relating to impending developments or matters in the course of negotiation. The exemption provided for in Articles 19a (3) and 29a (3) of Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings was not used.

Disclosures in relation to specific circumstances (BP-2)

Disclosures stemming from other legislation or generally accepted sustainability reporting pronouncements

This sustainability statement presents the sustainability activities of the Scout24 Group as managed by Scout24 SE. This sustainability statement has been prepared on a consolidated basis for the Group in accordance with all requirements of the ESRS. Unless otherwise stated, the short-, medium- and long-term time horizons defined in the ESRS were used. The transitional provisions listed in Appendix C of ESRS 1 were applied in relation to the disclosures required under ESRS 2 SBM-3 para. 48 (e) and ESRS E1-9. The ESRS were used in full as the framework in accordance with Article 315c (3) in conjunction with Article 289d of the HGB on account of the significance of the ESRS as the reporting standards adopted by the European Commission for sustainability reporting. This sustainability statement also complies with the non-financial reporting requirements in accordance with Articles 315b to 315c HGB (consolidated non-financial statement).

The disclosures required of Scout24 by Article 8 of Regulation 2020/852 (EU Taxonomy Regulation) are included in the environmental information in this sustainability statement in the Environmental information section. There are no material risks from the Company's own operations or from business relationships, products and services that are highly likely to have severe adverse impacts on the non-financial aspects in accordance with Article 289c HGB. The key non-financial performance indicators relevant to managing the Company are reflected in the ESRS-compliant metrics presented in this sustainability statement. Furthermore, there are no additional significant nonfinancial performance indicators to report for the Company in accordance with Section 289c (3) No. 5 of the HGB. The reporting period covers the 2025 financial year, i.e. the period from 1 January to 31 December 2025. The sustainability statement has been subject to limited assurance procedures performed by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. Any references to further disclosures made outside of the sustainability statement are not part of the ESRS reporting and have not been audited. Previous nonfinancial reports are available at www.scout24.com/en/sustainability.

Changes in preparation or presentation of sustainability information

For the 2025 financial year, the following changes apply to the preparation or presentation of sustainability information.

41 IRO stands for impacts, risks and opportunities. As this is a standard term defined in the European Sustainability Reporting Standards (ESRS, Delegated Regulation (EU) 2023/2772 of 31 July 2023, published in the Official Journal of the EU on 22 December 2023), this abbreviation is used here accordingly.

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KPI Disclosure requirement Reason for the change Page

the use of the vehicle fleet

Energy consumption and energy mix E1-5 Specification of energy consumption resulting from 59

Gross GHG emissions E1-6 Recalculation based on the Recalculation Policy 63

Starting in the 2025 reporting year, the ELT will be

Diversity figures at the management level below the administrative and supervisory bodies (ELT)

S1-9

reported here, in deviation from previous years'

reports, as this better reflects strategic corporate 74

management. The previous year's figure has been

adjusted accordingly

Value chain estimation

Where data were missing or incomplete when calculating greenhouse gas emissions (gross GHG emissions, ESRS E1-6), assumptions and indirect sources such as average emission factors for the industry were used. In calculating scope 3 emissions, this concerns the categories 'purchased goods and services' (3.1), 'waste generated in operations' (3.5) and 'business travel' (3.6). These may also contain minor measurement uncertainty. More information on estimations is provided under Gross scopes 1, 2, 3 and total GHG emissions. The Company is continuously working to further improve the data basis by gradually integrating newly acquired subsidiaries into the central procurement and accounting systems, thereby replacing estimates based on euro values.

Sources of estimation and outcome uncertainty

Regarding own operations, estimates were occasionally used for:

• metrics in the 'volatile gases' emissions category (scope 1),

• the 'electricity', 'district heating' and 'district cooling' emission categories (all scope 2),

• the number of passenger kilometres travelled by rail (scope 3, Gross scopes 1, 2, 3 and total GHG emissions) and

• determining employee training hours by gender (ESRS S1-13, Training and skills development metrics).

For more information, see the methodology boxes provided.

Governance

The role of the administrative, management and supervisory bodies (GOV-1)

Overall responsibility for processes and controls to monitor and manage the Group's material IROs rests with the Management Board. The members of the Management Board possess the profile of skills and expertise that is of relevance for the material ESG topics. The Supervisory Board has defined the competencies that the Board as a whole shall possess. These include, among other fields, expertise in sustainability, especially in the areas of social responsibility, good corporate governance and data security. The profile of skills and expertise is regularly reviewed and adjusted as necessary. The individual members of the Supervisory Board also regularly update their respective skills and expertise by self-disclosure. Thanks to their many years of professional experience in various industries and leadership positions, almost all members of the Supervisory Board have the skills and expertise required relating to material sustainability matters. As a rule, the members of the Supervisory Board are responsible for pursuing any training and development measures they may need. The Company provides them with related organisational support. The Supervisory Board is also able to obtain external expertise and internal specialist knowledge within the Company on sustainability matters at any time. Beyond the basic skills and expertise required of each member and that each member possesses, the Supervisory Board has the following special skills and expertise:

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Combined management report

Annual financial statements

Notes to the financial statements

Other statements

Took up office

Independence

Digital/tech/ real estate/ media

Leadership/ business set-up/ markets

M&A

International

HR

Sustainability

Accounting/ auditing

Compliance

Gender

Nationality

Year of birth

Member of the Supervisory Board Skills and expertise Diversity

Name

Dr Hans-Holger Albrecht Frank H. Lutz

André Schwämmlein Maya Miteva

Sohaila Ouffata (until 5 June 2025)

Andrea Euenheim Lutz Finger

(since 5 June 2025)

2025 m GER,

USA

*1971

Within the Supervisory Board, sustainability matters are generally assigned to the Executive Committee, including in particular the ESG strategy. Depending on the specific topic focus, the other Supervisory Board's respective committees may additionally consult on sustainability matters. For example, the IROs are assessed and classified as part of the general regular review of risk management and non-financial reporting, and material risks are reported to the Audit Committee. Progress made towards achieving the targets relating to the material IROs are monitored on an ongoing basis.

As of 31 December 2025, Scout24 SE's Supervisory Board had two female members (33% of board members; 2024: 50%), bringing the gender ratio of female to male board members to 1:2. All six members of the Supervisory Board (100%) are independent within the meaning of the GCGC recommendations. In accordance with the SE agreement on the involvement of employees, there are no employee representatives on the Supervisory Board. The percentage of women on the Scout24 Group's Management Board was 33% as of 31 December 2025 (2024: 25%), corresponding to a gender ratio of 1:2 (women to men).

As of the reporting date of 31 December 2025, the Management Board's table of duties provides for the following allocation of responsibilities:

Ralf Weitz (CEO)

• Strategy and business development

• Mergers and acquisitions

• Corporate communications

• Human resources and culture

• ESG / sustainability

• Brand management

• Legal and compliance, internal audit

• Product strategy and product management

• Data, technology, security

• Performance and growth marketing

• Consumer research, customer

  satisfaction (CSAT)

• Transaction strategy

• Business development of the transaction business

  Dr Dirk Schmelzer (CFO)

  (until 28 February 2025, since

  1 March 2026 Martin Mildner)

  • Finance and accounting

  • Controlling

  • Risk management

  • Investor relations and treasury

  • Tax

  • Procurement

    Dr Gesa Crockford

    Chief Commercial Officer (CCO)

• Pricing

• Sales strategy and sales steering

• Customer service operations

• CRM systems

  In general, the Management Board deals with individual sustainability topics within the scope of its respective responsibilities. The Management Board is also generally able to draw on the opinions of external and internal experts on sustainability matters.

  Operational and strategic responsibility for Scout24's sustainability management rests with the Chief People & Sustainability Officer (CPSO), who is also responsible for the People team and is a member of the ELT, reporting directly to the CEO. The CEO is also a member of the Company's internal sustainability committee. This is a practice-oriented group consisting of managers from the relevant departments such as Legal & Compliance, People, Procurement, Investor Relations, Accounting, Facility Management, Product, Technology & Security. The committee defines and evaluates the quantitative and qualitative targets and KPIs in relation to the IROs assessed

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  Combined management report

  Annual financial statements

  Notes to the financial statements

  Other statements

  as material. They are set out annually in the ESG framework as the Scout24 Group's strategic sustainability framework and approved by the CPSO. In addition, committee members are kept informed every six months about regulatory developments relating to sustainability. The Sustainability & DEI team reports to the CPSO.

  The role of the administrative, management and supervisory bodies related to governance

  The Management Board and Supervisory Board of Scout24 SE see good corporate governance as involving responsible business conduct aimed at ensuring sustainable value creation. In particular, the objective is to maintain the trust placed in the Company by its investors, business partners and employees as well as by the general public. Furthermore, Scout24 attaches great value to the Management Board and Supervisory Board working efficiently, as well as to professional, constructive, and trust-based cooperation both between these two boards and also among the Company's employees. The corporate structure is designed to promote responsible and efficient management and oversight of the Company. The Management Board and Supervisory Board as well as the other management levels and employees comply with these principles of responsible business conduct. Scout24 SE has fully complied with all recommendations of the GCGC. This was confirmed in the declaration of compliance issued in December 2024 and December 2025.

  In the Code of Conduct that applies throughout the Group, Scout24 provides its employees, customers and suppliers with a reliable framework for acting responsibly that satisfies legal requirements and reflects the Company's own ethical and social values.

  The Management Board reports on corporate governance matters to the Supervisory Board, which regularly advises the Management Board and monitors its activities. The Management Board involves the Supervisory Board in good time in all decisions of fundamental importance for the Company. In particular, the Management Board liaises with the Supervisory Board on corporate strategy and discusses the current state of strategy implementation with it at regular intervals. The common goal of the Management Board and Supervisory Board is to ensure the Company's continued successful and sustainable growth.

  To duly fulfil its compliance responsibility, the Management Board has set up a Central Compliance function at Scout24 that is managed by the General Counsel as head of the Legal & Compliance department. Risk and opportunity management and the ICS are located in the Accounting, Tax & Risk Management function and report to the CFO. These departments manage the two systems - risk management and compliance management -throughout the Group.

  At Sprengnetter GmbH, Sprengnetter Property Valuation Finance GmbH, Sprengnetter Real Estate Services GmbH, Sprengnetter Zertifizierung GmbH and bulwiengesa GmbH, each entity has a Regulatory & Compliance department that is responsible for compliance matters. Those respective departments report directly to the management of Sprengnetter GmbH. Regular jour-fixe meetings are held for consultation with the relevant management of the Sprengnetter GmbH subsidiaries. Sprengnetter Group is also integrated into Scout24 SE's central compliance organisation, which has the authority to issue technical instructions. Sprengnetter GmbH and Sprengnetter Property Valuation Finance GmbH are also integrated in Scout24's central risk and opportunity management system.

  Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies (GOV-2)

  In the 2025 reporting year, the Management Board dealt in particular with the findings of the annual engagement and inclusion survey as part of the ESG strategy, focussing on the key topics of AI skills and diversity in leadership positions. It also discussed work-life balance in relation to mobile working, compliance, verification of climate targets by the Science Based Targets initiative (SBTi) as well as the new results of the double materiality analysis in accordance with ESRS and the targets derived from this for the ESG framework. The Management Board also receives a quarterly analysis on gender parity as well as monthly reports on the number of women in leadership positions, enabling it to track and manage these and, in turn, address the impacts assessed as material in the area of diversity. The results of the risk analysis required under the German Act on Corporate Due Diligence Obligations in Supply Chains ('Lieferkettensorgfaltspflichtengesetz', LkSG) were reported to the General Counsel in his capacity as Human Rights Officer.

  At four meetings in the 2025 financial year, the Supervisory Board dealt with the regulatory changes in sustainability reporting, Scout24's climate strategy, the Company's positioning with external ESG rating agencies and the gender parity and women in leadership metrics. In addition, the General Counsel reported to the Audit Committee on data privacy and compliance on a quarterly basis.

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  Combined management report

  Annual financial statements

  Notes to the financial statements

  Other statements

  Integration of sustainability-related performance in incentive schemes (GOV-3)

  The compensation system for Scout24 SE's Management Board applicable for 2025 was approved by the Company's Annual General Meeting on 8 July 2021 with a majority vote of 91.9% and was applicable for all members of the Management Board in the 2025 financial year. The compensation system for members of the Management Board has been published on the Company's website in accordance with Article 120a (2) AktG. Scout24 SE's Supervisory Board has established four principles for the compensation system of the members of the Management Board, on the basis of which the compensation system aims to make a significant contribution to Scout24's sustainable and long-term performance.

  Basic features of the compensation system

  Strategy orientation

  Long-term view and

  sustainability Capital market orientation Clarity and comprehensibility

  • Ambitious growth targets for revenue and operating profit

  • Additional targets in LTI related

    to implementation of corporate strategy

• Long-term variable compensation makes up a significant portion of total compensation

• LTI exceeds STI

• Sustainability component that takes social and environmental aspects into account

• Variable compensation components, mainly share-based through performance share units

• Share ownership guideline (100%

of net annual fixed compensation is to be invested in Scout24 shares, CEO: 150%)

• Compliance with requirements of AktG / Second Shareholders' Rights Directive of 12 December 2019

• Consideration of the

recommendations of the GCGC as amended on

16 December 20191

1 The recommendations of the GCGC as of 16 December 2019 were taken into account when developing the compensation system applicable for 2025. The revision of the GCGC as of 28 April 2022 did not result in any additional or deviating recommendations, such that the new compensation system also complies with the latter version of the GCGC.

Since 2021, ESG targets have been part of the Management Board's one-year variable compensation. The key performance criteria are Group revenue (35%), the Group's ordinary operating earnings before interest, taxes, depreciation and amortisation (the Group's ordinary operating EBITDA - ooEBITDA42) (35%), and the non-financial sustainability target (environmental, social and governance target - ESG target) that applies to all members of the Management Board (30%). Scout24 SE's Supervisory Board sets the one-year non-financial sustainability target annually. It reflects the Scout24 Group's social and environmental responsibility and is derived from the sustainability strategy. In setting the non-financial sustainability target, the Supervisory Board is also guided by the materiality analysis for sustainability reporting. Accordingly, the sustainability target can be derived from the sustainability target areas of management or business (including ethics and integrity, product development, data protection and data security).

The financial targets and the non-financial target for the one-year variable compensation of the members of the Executive Board for the 2025 financial year were set by the Supervisory Board in December 2024, and the corresponding target values were approved by the Supervisory Board in March 2025 and subsequently communicated to the Executive Board in writing.

The non-financial objective is to achieve a defined quota in relation to the platform availability of the search function on the ImmoScout24 online platform.

The targets and their weighting for the one-year variable remuneration of the members of the Executive Board for the 2026 financial year were decided by the Supervisory Board in December 2025. The target values were set in March 2026 and communicated to the Executive Board in writing. The non-financial target 'Workforce AI Upskilling' focuses on the systematic development and measurable advancement of AI skills and qualified AI use among the workforce. The aim is to increase efficiency and productivity throughout the Company. Target achievement is measured using a Workforce AI Upskilling Index, which tracks acceptance rates, participation in AI training, usage

42 OoEBITDA (ordinary operating EBITDA) corresponds to EBITDA adjusted for non-operating effects. These mainly include expenses for share-based compensation, M&A activities (realized and unrealized), reorganization, and other non-operating effects. The Group's financial position is measured by net debt, which is calculated as net debt minus cash and cash equivalents.