Scout24 Unsp/Adr

Ladies and gentlemen, welcome to the Scout24 Q3 9 months 2026 results conference call. I'm Moritz, the chorus call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Filip Lindvall, Vice President, Group Strategy and Investor Relations. Please go ahead.

Good afternoon everyone and welcome to Scout24's earnings call for the third quarter and first nine months of 2026. My name is Filip Lindvall and I'm Vice President, Group Strategy and Investor Relations at Scout24. With me on the call today are Ralf Weitz, our Chief Executive Officer, and Martin Mildner, our Chief Financial Officer. Ralf will start the presentation with key business highlights and Martin will provide a detailed overview of our financial results. As always, we will conclude the call with a Q&A session. You can find today's presentation on our website under Financial Reports and Presentations. This session will be recorded and a replay will be made available shortly after the event. Please take note of the disclaimer on page 2. Ralf, now over to you.

Thank you, Filip. Good afternoon, everyone, and thank you for joining us. Our Q3 results show once again that Scout24 can deliver consistent results in changing market conditions while executing on our agentic OS strategy. We maintained our organic revenue momentum, with total revenue up 20%. Growth was broad-based, led by professional and private subscriptions. German professional subscriptions continued to grow at a healthy double-digit rate, supported by customer additions, higher APU and IMO points. In private, the momentum we described after Q2 translated into double-digit subscription revenue growth, supported by our higher value memberships. Our platform continued to grow engagement and relevance. Listings increased by 19.7% year on year. Users engaged more deeply and search requests increased. Importantly, total leads grew compared with Q2. Our transition towards an AI-native organization is in full swing. It is helping our teams develop products faster and work more efficiently. Freeing up resources to invest in technology and marketing while creating scope for further margin expansion. In Spain, integration is progressing well and we are starting to see the benefits of our operational playbook. Photocasa grew its customer base, traffic and leads, while revenue increased and profitability improved significantly. Ordinary operating EBITDA and adjusted EPS growth accelerated. with adjusted EPS up 21.5%. Finally, we are specifying our full-year revenue guidance and now expect growth of circa 18%, while margin targets remain unchanged. Despite challenging market conditions in Germany, we grew our average professional customer base by more than 900 year-on-year to almost 25,000 in Q3. Year-on-year growth reached 3.9%, its highest rate this year. Beyond Germany, we continued to add professional customers in the rest of Europe. We continued migrating customers to our new membership models, with around 20,000 using them by the end of September. This creates opportunities for upgrades and additional product use, supporting ARPU growth from 2027. On the private side, our average subscriber base reached 534,000, around 16,000 more than in Q2, representing quarter-and-quarter growth of 3.1%. Year-on-year growth was 1.4%. Going into Q4, we expect the usual seasonal pattern with a potentially slightly lower subscriber base than in Q3. but still well above last year's Q4 average of around 504,000. Turning to the German real estate market on page 6. Let me start with the sales market. After a healthy 2025 and a solid start to 2026, higher mortgage rates and a challenging labor market in Germany have made financing more difficult for buyers. Transactions are taking longer to complete, extending marketing periods. Buyer inquiries continue to fall slightly but remain at healthy levels and well above the lows seen in 2023. In the rental market, demand remains strong while affordable homes remain scarce. Rental inquiries have picked up again in recent months. We continue to gain market share and are opening up the rental market and making access more fair. Coming soon listings and the tenant network give seekers access to homes that would otherwise remain in the grey market. This additional rental supply, together with longer marketing periods in the sales market, contributed to the almost 20% increase in total listings. Turning to page 7, transaction prices remain broadly flat year-on-year. Meanwhile, asking prices have continued to rise in 2026, despite higher interest rates since the summer. As a result, the gap between asking and achieved prices is widening again. So while the market remains healthy, this dynamic is leading to longer transaction times. Let me now update you on our Gentico S for real estate on page 8. We are delivering the roadmap presented at CMD, while the growing role of AI agents reinforces our strategic direction. First, our platform engagement remains strong. With a stable audience, increasing search activity and growing adoption of our AI services. Second, we are extending our role from helping people find a home to helping them secure it. Exclusive properties and AI services are making our consumer memberships more valuable and encouraging more customers to choose higher value offers. Third, PropSec is going from strength to strength as a leading CRM for realtors in Germany. With Porpy, we are turning it into an energetic service that helps them run their businesses. Fourth, Inbupoints are becoming our digital currency across this expanding range of services, translating greater product use into growing membership revenue. Fifth, our exclusive properties, verified data and software give our specialist AI agents a strong foundation to support customers throughout the property journey. Let me take you through these developments on the next slides. Let's start with platform engagement. In light of the recent discussion about traffic, it is worth highlighting that our users are becoming more active in their searches and developing closer relationships with our platform. Around 19 million people use ImmoScout24 each month, broadly unchanged from last year, while search requests increased by 3.5% year on year. Our relationships with seekers are also deepening. Registered accounts increased by 17% and saved searches by 5%. By registering and saving their preferences, seekers enable us to support their search over time and alert them when suitable properties become available. Lead volume increased by 8% compared with Q2, driven by stronger rental demand. Turning now to AI search. AI is becoming a growing part of our search experience. We recorded more than 10 million AI supported searches in Q3, 26 times the level a year ago. AI's share of total searches reached 2.5% in August, up from just 0.1% a year earlier. We also lead in visibility on external AI channels, ranking first among the peers tracked on both ChatGPT and Google AI overviews. AI adoption is also translating into increased lead generation. These services are also contributing to the renewed growth in our consumer memberships, which I will cover next. Our private subscription business is accelerating further. Revenue growth returned to double digits in Q3, reaching 10.4% driven by stronger APU growth. The new memberships we launched earlier this year are an important driver. Around 40% of subscribers now use Pro or Unlimited. And Unlimited's share increased by 4 percentage points compared with Q2. These memberships combine access to properties beyond public listings with AI support through the application process. Users of the Unlimited AI Application Assistant receive four times as many viewing invitations and our Application Assistant already accounts for 5% of total rental leads. This shows how we can combine exclusive properties with AI to create distinctive services for renters. We are now seeing the benefits in both customer outcomes and subscription growth. Propstack continues to strengthen its position at the market-leading CRM for realtors, with revenue growth accelerating from 18% in Q1 to 25% in Q3. With Propi, we are turning Propstack into an agentic service that helps agents run their businesses better. It prepares replies, organizes tasks, and turns meeting notes into follow-up actions, giving agents more time for their clients while keeping them in control. This embeds our software more deeply in their daily work and creates further opportunities to grow our software business. ImmuPoints reached revenue of 3.4 million in September, up 37% year-on-year and outpacing B2B subscription revenue growth. More than 10,000 customers within our new memberships now use ImmuPoints. Immupoints are our digital currency for services such as greater listing visibility, valuations, and AI-powered marketing. As customers use up the points included in their memberships, they can buy additional points online. In September, around 1,600 professional customers purchased Immupoints outside their membership contracts, up around 58% year-on-year. These additional purchases demonstrate demand beyond the points included in the memberships. Expanding the services available through ImmuPoints gives customers more ways to use their points and supports further growth within our membership business. In our Capital Markets Day in May, we outlined our agenticOS strategy for a world where people use AI agents to find a home and take the next steps on their behalf. So our own services for external providers. That shift is accelerating. We believe our specialist agents like Heimo or Propi are best placed to help customers through the property journey. At the same time, we are working to open our platform to external agents, giving their users access to our properties and services. We will be agent friendly. We believe we can thrive as an agentic real estate specialist in this environment. Our exclusive properties, verified data and tools embedded in agents' daily work, give us a valuable role wherever customers begin their search. With that, let me hand over to Martin to take you through our financial performance.