SCOUT24 SE Growing impactwith
Results for Q1 2024 2 May 2024
© Scout24 Investor Relations
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2 Q1 2024 Results | May 2024
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Continued double- digit growth in Q1 2024 with strong operating leverage
3 Q1 2024 Results | May 2024
Solid start into 2024 with 12% revenue growth in the first quarter, with all growth metrics on track
Agent membership business continues to grow double-digit;revenues up 10% in the quarter and customer base growing 2% increasing to 22,091
Private customers reached 413,189 in Q1 2024, growing strongly at 21%
Strong revenue growth in core, normalising PPA growth and continued soft demand for leads
ooEBITDA grew strongly at 17%, resulting in 58% margin, up 2.4 pp y-o-y
Adjusted EPS of EUR 0.67 in Q1 2024, growing strongly by 18%
Confirming FY2024 guidance of 9 - 11% revenue growth and about 61% ooEBITDA margin
Q1 2024 revenue growth driven by continued momentum in memberships and private subscriptions
Group | EUR 136.1m | EUR 79.5m | ||||||
+11.7% | +16.5% | |||||||
Group revenue | Group ordinary operating EBITDA | |||||||
(58.4% margin) | ||||||||
Professional | ||||||||
EUR 79.1m | 22,091 | EUR 1,131 | ||||||
+11.7% | +1.8% | +4.0% | ||||||
Subscription revenue | Professional customers | ARPU with professional customers | ||||||
Private | ||||||||
EUR 20.4m | 413k | EUR 16.5 | ||||||
+19.8% | +20.8% | -0.9% | ||||||
Subscription revenue | Private customers | ARPU with private customers | ||||||
4 Q1 2024 Results | May 2024
Revenue growth and increase in ooEBITDA margin across all segments in Q1 2024
+11.7% | 136.1 | |
121.9 | ||
+11.4% | 10.0 | |
9.0 | ||
38.1 | ||
+9.3% | ||
34.9 | ||
+12.8%
88.0
78.0
Revenue
(EUR million)
Q1 2023 | Q1 2024 |
58.4% | +2.4pp | Group | ||
45.4% | +6.0pp | |||
Media & Other | ||||
50.8% | +3.9pp | |||
Private | ||||
63.2% | +1.2pp | |||
Professional | ||||
ooEBITDA | ooEBITDA | |||
margin | margin y-o-y |
5 Q1 2024 Results | May 2024
Professional segmentrevenue and ooEBITDA growth driven by continued strong momentum in memberships
(EUR m) | Q1 | Q1 | +/- |
2024 | 2023 | ||
Professional revenue | 88.0 | 78.0 | +12.8% |
of which subscriptions | 79.1 | 70.8 | +11.7% |
thereof membership | 67.4 | 61.4 | +9.8% |
thereof seller leads | 11.7 | 9.4 | +24.3% |
# Customers (period average) | 22,091 | 21,703 | +1.8% |
Resulting ARPU (in €) | 1,131 | 1,088 | +4.0% |
of which PPA | 2.9 | 3.6 | -20.1% |
of which Other (Mortgage) | 6.0 | 3.6 | +66.9% |
Professional ooEBITDA | 55.6 | 48.4 | +15.0% |
Professional ooEBITDA margin | 63.2% | 62.0% | +1.2pp |
Membership growthdriven by a
combination of customer growth, pricing and product upgrades
Demand for seller and mortgage
leadscontinues to be muted
PPA revenuescontinue to be
impacted by customer migration
into memberships
ooEBITDA marginexpansion despite impact of Sprengnetter consolidation
6 Q1 2024 Results | May 2024
Private segmentrevenue growth driven by strong growth in subscriptions
(EUR m) | Q1 | Q1 | +/- |
2024 | 2023 | ||
Private revenue | 38.1 | 34.9 | +9.3% |
of which subscriptions | 20.4 | 17.0 | +19.8% |
# Customers (period average) | 413,189 | 342,037 | +20.8% |
Resulting ARPU (in €) | 16.5 | 16.6 | -0.9% |
of which PPA | 12.4 | 11.8 | +5.5% |
of which Other | 5.3 | 6.0 | -13.0% |
Private ooEBITDA | 19.3 | 16.3 | +18.5% |
Private ooEBITDA margin | 50.8% | 46.8% | +3.9pp |
Continued strong growing in
subscriber base
PPArevenue growth normalizing
as listing volume have stabilized at high levels
vs. 2023
ooEBITDA marginincreased
due to scaling effects
7 Q1 2024 Results | May 2024
Continued favorable revenue mix and operating leverage drove 17% ooEBITDA growth in Q1 2024
(EUR m) | Q1 | Q1 | +/- |
2024 | 2023 | ||
Revenues | 136.1 | 121.9 | +11.7% |
Own work capitalized | 5.3 | 6.2 | -14.8% |
Personnel costs | -26.3 | -24.4 | -8.0% |
Marketing costs | -13.2 | -12.8 | -3.5% |
IT costs | -4.8 | -5.2 | +9.3% |
Selling costs | -9.5 | -9.7 | +1.8% |
Other operating costs | -8.1 | -7.8 | -3.7% |
Total operating effects | -61.9 | -59.9 | -3.4% |
ooEBITDA | 79.5 | 68.2 | +16.5% |
ooEBITDA margin | 58.4% | 56.0% | +2.4pp |
8 Q1 2024 Results | May 2024
Own work capitalizedcontinues to
decrease due to reduced level of investments
Operating effectsgrew 3% only
despite consolidation of Sprengnetter
Personnel costs increaseof 8% due
to consolidation of Sprengnetter - Like-for-like comparison down y-o-y
ooEBITDA margin at 58.4%- up
2.4pp compared to Q1 2023
Adjusted EPS continues to grow strongly at 18%
(EUR m) | Q1 | Q1 | +/- |
2024 | 2023 | ||
Ordinary operating EBITDA | 79.5 | 68.2 | +16.5% |
Non-operating effects | -12.0 | -10.0 | -20.1% |
Reported EBITDA | 67.4 | 58.2 | +15.9% |
D&A | -9.6 | -8.0 | -19.9% |
EBIT | 57.8 | 50.2 | +15.2% |
Financial result | -1.0 | -2.7 | +62.2% |
Earnings before tax | 56.8 | 47.5 | +19.6% |
Taxes on income | -17.4 | -10.5 | -66.5% |
Net income | 39.4 | 37.1 | +6.4% |
Basic EPS in € | 0.54 | 0.50 | +6.4% |
Adjusted EPS in € | 0.67 | 0.56 | +18.3% |
Weighted av.# shares | 73.5mn | 73.6mn | 0.0% |
9 Q1 2024 Results | May 2024
Non-operating effects increasedas lower costs for organisational changes were offset by increased
costs for share based
compensation
D&A increaseddue to additional
consolidation of Sprengnetter
Net income and basic EPS growth negatively impactedby positive
one-off tax effect in Q1 2023
Unchanged guidance for FY2024
Scout24 Group
2024
9-11% | about 61% |
Revenue growth | ooEBITDA margin |
10 Q1 2024 Results | May 2024
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Scout24 SE published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 12:58:41 UTC.
