12/08/2021: Q2 2021 Half-yearly Financial Report

Focus on what matters

Half-year financial report H1 2021

Overview | Contents

Contents

Overview	3
Development in the first half of the year	4
Milestones in the development of business	5
The Scout24 share	6

Interim Group Management Report	7
Business model	8
Strategy	8
Corporate steering	9
Sustainability	10
Employees	10
Macroeconomic and sector-specific environment	11
Business development in H1 2021	13
Business performance of the segments	22
Risks and opportunities report	24
Events after the reporting period	25
Overall assessment and outlook	25

Consolidated half-year financial statements	27
Consolidated statement of profit or loss	28
Consolidated statement of comprehensive income	30
Consolidated statement of financial position	31
Consolidated statement of changes in equity	32
Consolidated statement of cash flows	33

Selected notes to the consolidated half-year financial statements	34
Company information and basis of preparation	35
Changes in the consolidation scope	36
Notes to the consolidated statement of profit or loss	39
Disclosures on financial instruments	40
Equity	46
Other notes	47

Other statements	53
Responsibility statement	54
Review report	55
General information	56
Publication details	57

Scout24 _ Half-Year Financial Report H1 2021

2

Overview

Overview | Development in the first half of the year

Development in the first half of the year

The Scout24 Group revenue grew strongly by nearly 10% in the first half of 2021. The main drivers of this development were the positive momentum in the Residential Real Estate business (around 14% year-on-year revenue growth in the first six months of the year; around 19% quarter on quarter) and a strong second quarter with revenue growth of around 14% compared to a weak Q2 2020 impacted by the Covid-19 pandemic. immoverkauf24 has been part of the Scout24 consolidation scope since July 2020 and Vermietet.de since May 2021. The financial figures for these acquisitions are therefore not included in the previous year's figures.

Growth in revenue from residential real estate partners has also picked up since Q2 2021, as is reflected in a 9% increase in Q2 ARPU. This, in combination with the strong growth of the mandate acquisition products (including the immoverkauf.24 business) and the Consumer Plus products, underscores the consistent implementation of our ecosystem strategy, in other words, the expansion of ImmoScout24 into a networked marketplace.

The Business Real Estate segment was slightly down due to the pandemic, with a revenue decrease of around 1%; while revenue in the Media & Other segment increased by roughly 1% year on year.

In a bid to anticipate future growth, ordinary operating costs, particularly in the areas of personnel and marketing, grew faster than revenues. This resulted in a comparatively slower increase of 4.5% in ordinary operating EBITDA in the first half of 2021, and a margin that was down 2.9 percentage points to 58.1%. The newly acquired immoverkauf24 and Vermietet.de have yet to make a positive contribution to EBITDA. Excluding the acquisitions (organic), the ordinary operating EBITDA margin would have been 60.1%.

For the 2021 financial year, the Management Board confirms its forecast of mid to high single-digit percentage revenue growth and an ordinary operating EBITDA margin of up to 60%.

FINANCIAL PERFORMANCE INDICATORS

EUR millions		Q2 20211		Q2 20201		Change	H1 20211		H1 20201		Change
Group revenue		95.9		83.9			+14.4%		189.7		173.0		+9.7%
of which Residential Real Estate segment		71.2		59.9			+19.0%		140.0		123.2		+13.6%
of which Business Real Estate segment		17.0		16.6			+2.4%		34.3		34.6		-0.8%
of which Media & Other segment		7.6		7.3			+4.2%		15.2		15.1		+1.1%
Group ordinary operating EBITDA2		55.2		50.3			+9.6%		110.2		105.4		+4.5%
Group ordinary operating EBITDA margin3 in %		57.5%		60.0%			-2.5pp		58.1%		61.0%		-2.9pp
Group EBITDA		49.0		43.8			+11.8%		101.3		96.4		+5.1%
Earnings per share		0.25		0.19			+31.6%		0.50		0.44		+13.6%
(basic, continuing operations)4

1. The figures presented in this table relate only to the continuing operations of the Scout24 Group.
2. Ordinary operating EBITDA is EBITDA adjusted for non-operating effects, mainly expenses for share-based payments, M&A activities (realised and unrealised), reorganisation measures and other non-operating effects.
3. The operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of revenue.
4. The previous year's value was adjusted accordingly. The previous year's financial result from continuing operations takes into account an effect stemming from the reclassification of certain securities of the special fund, see note 4 to the financial statements. Accordingly, the

reclassification for the first half of 2020 also resulted in an effect on earnings after tax from continuing operations and earnings per share from continuing operations.

.

Scout24 _ Half-Year Financial Report H1 2021

4

Overview | Milestones of the H1 business development

Milestones of the H1 business development

• Shift towards high-growth and recurring revenue continued contributing to the market network strategy. Revenue from consumer subscriptions (Plus products) at EUR 25.1 million exceeds total individual listing revenue for the first time in H1 2021 (professional and private pay-per-adlistings: EUR 23.2 million).
  Strong growth in "Realtor Lead Engine" revenue of 162.2% to EUR 15.7 million in H1 2021.
• Revenue with residential agents accelerated again with a 9% ARPU increase in Q2. Increased demand and willingness to pay of residential real estate partners.
• Integration of immoverkauf24 (part of the Scout24 consolidation group for twelve months) completed. Revenue of EUR 5.2 million in H1 2021 from commission-basedhome seller leads (part of Realtor Lead Engine revenue).
• Acquired Vermietet.de, a leading CRM platform for private landlords and property managers. Investment allows us to significantly leap ahead with the further development of the TenantPlus product; with operating costs of around EUR 1 million since acquisition, the initial focus is on expanding the customer base.
• Conducted targeted residential marketing campaigns to penetrate regional markets and to generate homeowner contacts.
  Increased marketing expenses by 34.0% to EUR 17.8 million in H1 2021.
• Ordinary operating EBITDA margin influenced by market network strategy. Group's ordinary operating EBITDA margin reaches 58.1% in H1 2021.
• Business Real Estate segment still affected by Covid-19 pandemic.
  Revenue declines slightly by 0.8% in H1 2021, with developer business outperforming commercial agent business.
• Customer base continued to grow, reaching a total of 20,488 core customers.
  Number of residential real estate partners up 3.8%, number of business real estate partners up 0.9%.
• Revenue in Media & Other segment grew 1.1% driven by ImmoScout24 Austria business. ImmoScout24 Austria saw revenue growth by 25.2% to EUR 5.9 million in H1 2021.
• Further progress made on sustainability strategy.
  Proportion of women on the executive leadership team (ELT) increases to 29%. Entire vehicle fleet is converted to e-mobility.
• Share buybacks with partial reduction of capital carried out for the equivalent of EUR 994.2 million. As of 30 June 2021, share capital comprised 92,100,000 shares, including 9.3% treasury shares.
• Dividend of EUR 68.5 million paid out stands at upper end of the dividend policy.
  Adjusted dividend proposal after share buybacks of EUR 0.82 per share, with payment on 13 July 2021.

Scout24 _ Half-Year Financial Report H1 2021

5