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Good afternoon, everyone, and welcome to Scout24, fourth quarter and full year 2024 earnings call. My name is Philipp Lindvall, and I'm vice president, group strategy and investor relations at Scout24. With me on the call today are Tobias Hartmann, our chief executive officer, and Dirk Schmelzer, our chief financial officer. Tobi will start the presentation with key business highlights and Dirk 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 as quickly as possible after the event. Please take note of the disclaimer on page 2. Tobi, now over to you. Thank you, Philipp, and welcome, everyone.

Let's go straight to page 4 and start with the key highlights for 2024 and the fourth quarter. 2024 was another very successful year for Scout24 on all fronts. We ended the year at the top end of our guidance range with 11.2% revenue growth and 61.5% ordinary operating EBTA margin. These results build on the strong financial performance we delivered in 2023. 2024 also marks our fourth consecutive year of double-digit revenue growth. Revenue growth accelerated nicely in the fourth quarter, driven by continued strong demand for our core B2B and B2C subscription products, as well as accelerating growth in our transaction enablement business. Professional customer growth accelerated significantly in the fourth quarter compared to the previous quarters. Our customer base surpassed the impressive milestone of 25,000 as we continue to gain market share with our leading product suite and ImmoScout24 brand. Our private subscription business continued its mid-20s growth momentum in the fourth quarter, driven by the strength across our product portfolio. Subscriber base grew strongly, increasing by 24.5% and reaching an average of 470,000 customers in the fourth quarter. Growth in our transaction enablement business saw a significant acceleration in the fourth quarter, driven by strong performance across our data and valuation CRM software and ESG product lines. While demand for seller leads is recovering, demand for mortgage leads is still muted. Our full-year ordinary operating EBITDA margin expansion of 180 basis points is particularly impressive, driven by efficiency gains and the effective implementation of our interconnectivity strategy. As a reminder, in 2023, we already expanded ordinary operating EBITDA margin by 360 basis points. Adjusted EPS showed a strong increase of 15.0% on the back of a 32.1% growth in 2023. Free cash flow generation was particularly strong in 2024, reaching €223.2 million, growing 34% year-on-year and representing an impressive 105% conversion of adjusted net income. Turning to our financial guidance for 2025. Based on the strong Q4 revenue momentum and progress on our interconnectivity strategy, we expect revenue growth in 2025 to accelerate and to be in the range of 12% to 14%. We also anticipate continued EBITDA margin expansion of up to 50 basis points. Turning to page 5 and our customer base. This slide is a very powerful depiction of how we managed to continue growing our B2B and B2C customer base quarter after quarter and setting new records. Starting with B2B, our leading and increasingly interconnected product portfolio combined with the strength of the ImmoScout24 platform and brand continues to drive strong customer demand. We grew our customer base throughout 2024 and even managed to accelerate growth in the fourth quarter to 4.0%. For Germany, the growth rate was even higher at 4.7%. We scored customer wins from all angles, from smaller agents to larger realtor chains, as well as market share gains from competitors. By the end of December, our customer base had grown even further, now exceeding 25,200 customers. Our sales teams are performing exceptionally well and our momentum remains strong. Our private subscription started off the year 2024 strongly with 20.8% growth, but then even managed to accelerate in the second quarter to 27.1% and remain at mid-20s growth levels throughout 2024. All of our products experienced strong demand, tenant plus, buyer plus, and living plus. In the fourth quarter, our customer base exceeded 470,000 subscribers. In January and February of 2025, it has grown further and is now approaching the 500,000 mark. Both our subscription businesses are outperforming the targets we outlined at the Capital Markets Day in February 2024. Now let's turn to page 6 for an update on the state of the German real estate market. As you all know, the availability of transaction data for the German market is very limited and official data comes with significant delay of up to one year. Based on the strong set of data assets we now have available within the company, we have developed a new proprietary Scout24 German transaction index. The index shows that transactions are picking up and that we are in a slow recovery. However, it is also evident that we are still far off transaction levels seen before 2022, when interest rates were lower. The lower graph shows the trends we see for contact requests on the ImmoScout24 platform. The increased interest to buy has contributed to the increased number of transactions. For the residential market, we continue to be optimistic for 2025 and beyond, as increasing demand to buy, coupled with lower interest rates, provides a good basis for further recovery. For customers involved in commercial, development, or new home building sectors, the market remains more challenging. Though there are early signs that these markets may be approaching a turning point, it is still too early to call out a steady recovery. Overall, the current market environment is favorable for Scout24. The decline of the grey market, the increasing complexity of selling property, the growing importance of buyer leads and the clear move towards increasing digitization in Germany are trends we expect to continue in 2025 and beyond. Scout24 will benefit from these developments. Let me wrap up my part of the presentation by recapping 2024. One year after the capital market's day, we are pleased to state that we have delivered an exceptional financial performance. 2024 marks our fourth consecutive year of double-digit revenue growth, and with 2025, we are targeting our fifth year. We continue to deliver strong operating leverage, which has become a key part of our operating model centered around interconnectivity. With the current growth rates in our B2B and B2C subscriptions, we are on track to outperform the CMD targets set for those businesses. On the topic of interconnectivity and innovation, 2024 was also a great year of success. A key focus has been the launch of our new professional memberships offering a new level of interconnected products and enhanced value to our agents. Agents are consuming more of our product universe than ever, such as our valuation products, energy certificates, or modernization calculator. ImmoPunkte, our digital currency for the Scout24 ecosystem, is fostering deeper engagement and loyalty across our agent base. The introduction of Living Plus has enhanced our market position by offering a versatile membership for private customers who have already found their dream home. This seamlessly transitions our customers in Scout24 from the search phase into the living phase. We have enhanced property data transparency for seekers by adding a fair price label which compares listing prices with valuation data from the Sprangnetter API. And by integrating AI filters on listings, we have positioned us as one of the first classifieds globally to offer this feature. With Bulwin Geza and Neubau Kompass, we added two expert companies to the Scout24 group, enhancing our B2B offering and expanding further into commercial real estate data and valuation. 2024 demonstrates that we yet again have raised the bar for this business after an already strong 2023. And based on our guidance for 2025, we are again raising the bar as we will accelerate revenue growth while continuing to expand margins. Since this is my 25th and final earnings call as CEO of Scout24, I would like to provide a couple of thoughts and perspectives for our investors analysts, and shareholders. First of all, it has been an absolute privilege to lead this company for over six years. I am very grateful for the remarkable accomplishments our teams have achieved since the end of 2018, reshaping and repositioning Scout24 from a simple listings marketplace into the interconnected three-sided ecosystem we have today. The transition of Scout24 has created a much improved company for our customers, shareholders, and employees with a significantly strengthened competitive mode. The proof is in the numbers. Since 2018, we have grown B2B customers from 20,000 to 25,000 as of today. We have grown B2C subscribers from 47,000 to 470,000 as of today. We have accelerated Scout24's revenue growth trajectory from single-digit to double-digits. We have added a number of companies to the Scout24 ecosystem through selective and well-targeted M&A, mainly to strengthen our data, product, and tech assets. We have achieved double-digit financial track record across the board, revenue CAGR of 10.2%, ordinary operating EBITDA CAGR of 10.7% and adjusted EPS CAGR of 10.4%. This financial track record has created substantial value for our shareholders as measured by total shareholder return, which amounts to around 180% since the end of 2018. The interconnectivity of B2B customers with seekers and increasingly also with homeowners is something that is unique for Scout24. No other classified business in the world has achieved this. As the company continues to execute on the interconnectivity and data strategy, the competitive mode should compound from here. The company is in excellent shape and our 2025 guidance reflects this strong momentum. I truly believe Scout24's best days lie ahead. We all say that, but based on the unique three-sided marketplace ecosystem, growing collection of data assets, the momentum in the business, the long-term growth potential of the German market, the leadership teams, and the deep talent bench in place, this is really true for Scout24. To all Scout 2014 members, I want to thank wholeheartedly everyone for the tremendous support and commitment helping us driving innovation, growth, and value for our customers during this time. Thank you all for the incredible OneScout spirit, which helped us navigate many challenges together. You are a very special team, and you have successfully demonstrated what it takes to constantly raise the bar. I have absolute confidence that under Ralph's leadership, Scout24 will continue to thrive. I look forward to witnessing its continued success from the sidelines. Finally, I would like to say goodbye to you for now and thank you all for the professional exchanges we have had over the past years. It helped us to become better. And with that, I will hand it over to Dirk.

Thank you, Tobi. Moving to page 9 to a dashboard of our most important financial metrics for the 2024 financial year and the fourth quarter. For the full year, group revenue reached 566.3 million euro, reflecting an 11.2% increase. The ordinary operating EBITDA of the group came in at 348.1 million euro, up 14.5%, representing a margin of 61.5%. These results demonstrate another year of sustained profitable growth, bringing us to the upper end of our guidance range. Revenue for the fourth quarter reached 146.7 million euros, reflecting a 10.7% growth year-on-year and acceleration compared to previous quarter. Ordinary operating EBITDA came in strong at 91 million euros, an increase of 14.6% year-on-year, representing a margin of 62%. Adjusted EPS grew by 15% for the full year and 21% for the fourth quarter. Operating cash flow increased strongly by a 28% year-on-year growth to 257 million euros, highlighting the company's ability to convert revenues to cash flows. Let's turn to page 10 for a closer look at the professional segment. In Q4, revenue in the professional segment grew by 9.6%, totaling 106.2 million euros. This growth was primarily driven by strong performance in our core subscription products, with revenue up 10.9% for the quarter and 9.8% for the full year. Growth acceleration in Q4 was driven by continued strong expansion in our agent customer base, which grew strongly by 4% year on year in Q4. APU in the professional segment rose by 7% in 2024, from €935 to €1001, slightly trailing subscription revenue growth. This was largely due to new customers entering at a lower APU and a more challenging market environment for our commercial customers. Transaction enablement revenues grew by 9.8% in the fourth quarter, accelerating nicely compared to the third quarter. This was fueled by the strong performance of our data and valuation business, CRM software and ESG products. Ordinary operating EBITDA in the professional segment saw a strong 10.5% improvement in Q4. As a result, the ordinary operating EBITDA margin expanded by 0.5 percentage points, reaching 62.2%. This positive performance reflects the successful execution of our interconnectivity strategy, which drove an improved gross margin and enhanced internal productivity. Turning to the private segment on page 11, let's review the results for the fourth quarter. The private segment accelerated its growth rate further in the fourth quarter, achieving a 13.7% revenue growth, reaching 40.5 million euros. Growth was driven by continued high demand for our Plus subscription portfolio, which grew revenues by 25.2% for the full year. All products contributed to this growth in 2024. Tenant Plus, Buyer Plus and Living Plus. Total subscriber stock increased by 24.5% in the fourth quarter, bringing the total to 470,000 customers in Q4. Subscription revenues for the full year 2024 grew by 25.2%, reaching 90.3 million euros. Ordinary operating EBITDA increased by 27.1% in Q4 and 26.2% for the year, reflecting the strong scalability of our subscription-based business model. As a result, the private segment's ordinary operating EBITDA margin expanded substantially to 61.5% in Q4, marking an increase of 6.5 percentage points. Turning to page 12, let's take a closer look at the main ordinary operating items. Our own work capitalized decreased by 1.3% year on year to 22.5 million euros. This is due to the completion of various development and integration projects. As a percentage of revenue, we stood at around 4% for the quarter and the full year. We expect the ratio to decline further in 2025. Operating expenses for the 2024 financial year increased by 5.6% compared to the previous year, growing at a moderate pace relative to revenue. This reflects the positive impact of Scout24's interconnectivity strategy and the productivity gains achieved over the year. The year-on-year rise in operating expenses was primarily driven by an increase in personal cost of 8% due to the first-half consolidation impact of Sprengnetter. For the fourth quarter, which is fully like-for-like, personal expenses increased only by 4.7%. Marketing expenses continued to decline as interconnectivity leads to more leads sourced from our ecosystem. Other operating expenses rose by 24.5%, driven by temporary higher use on external service providers. IT costs increased by 31.4% in operating expenses for Q4, primarily driven by the integration of AI features into our core search platform. Despite this, the overall development of IT costs remains within single-digit growth. On ordinary operating EBITDA, we saw a solid increase of 14.6% in Q4, building on the momentum from earlier in the year. This resulted in a 2.1 percentage point improvement in the ordinary operating EBITDA margin for Q4, with a 1.8 percentage point increase for the full year. These strong margin gains were driven by robust revenue growth from our higher margin products, alongside favorable cost management trends. Overall, we feel good about how we are controlling our cost structure. Looking ahead, we remain focused on accelerating top-line growth while continuing to enhance profitability in the upcoming quarters. Let's turn to page 13, where we highlight the items below ordinary operating EBITDA. Non-operating effects saw a strong increase in 2024 due to our strong share price and Sprengneta business performance. I will comment on these positions on the next page. 2024 reported EBITDA grew by 8.1%, impacted by the above-mentioned increase in non-operating effects. Now turning to the items below reported EBITDA. DNA amounted to 47.1 million euros, reflecting an increase of 29.6% in 2024. This increase was driven by higher amortization related to internally completed projects and DNA from the purchase price allocation associated with the Sprengnetter acquisition. As we communicated in our last earnings call, D&A stabilized in Q4 at 12.1 million euros. The financial result decreased compared to the previous year. This was mainly due to increased expenses from the subsequent measurement of purchase price liabilities as a result of the strong revenue and EBITDA performance of Sprengneter. The increase in income tax rate for 2024 was primarily due to differences between German commercial code and IFRS related to the revaluation of purchase price liabilities from the Sprengneta acquisition. Taking these effects into consideration, reported net income for the fourth quarter decreased by 26.7% and for the full year it decreased by 9.3%. Basic EPS for Q4 amounted to 53 Eurocent, reflecting a year-on-year decrease of 25.7%. This resulted in a decrease of 8.6% for 2024. Adjusted net income, which normalizes for all these effects, continued to grow strongly by 14.1% in 2024 and 19.4% in Q4, growing over proportionately to ordinary operating EBITDA. Let's turn to page 14 for the bridge from reported net income to adjusted net income for full year 2024. I would like to highlight several important elements that affected the numbers. Non-operating effects, excluding share-based compensation, included a €6.4 million provision related to a Sprengnetter 2024 milestone payment, as the company has outperformed targets. In addition, higher level of M&A activity and implementation of a new ERP system drove the increase. Expenses for share-based compensation amounted to 28 million euros for the full year. Provisions had to be increased further in Q4 as the share price continued to climb. For 2025, we do expect a more normalized level of expenses in the range of 15 million euros. Financial result was impacted by 12.1 million euros due to subsequent measures of purchase price liabilities related to the remaining 25% stake in Sprengnetter, which we acquire beginning of 2026. Purchase price liability had to be increased as the company has significantly outperformed. We would expect any additional increase in 2025 to be smaller. The majority of these non-operating effects had no cash impact in 2024. Turning to page 15 and cash flow. Cash generation in 2024 was very strong, driven by our operating performance and positive working capital impacts, as the majority of non-operating effects were non-cash. Accordingly, cash flow from operating activities for the financial year 2024 amounted to 257 million euros, up 27.9% year on year. Free cash flow reached 223.2 million euros and grew by 34% year on year. Our free cash flow conversion as a percentage of adjusted net income and ordinary operating EBITDA stood at 105% and 64% respectively, underlining our focus and capability of turning revenues into cash flows. Turning to page 16 to leverage and capital allocations. In Q4, we saw a slight increase of leverage to 0.47 after consuming the acquisition of Neubau Kompass. We utilized our free cash flow to execute share buybacks to deploy capital for our shareholders. We bought back shares for a total of 24.4 million euros, which is a meaningful increase compared to the previous quarters in 2024. Before turning to our guidance for the 2025 financial year, let me wrap up with some key takeaways. In 2024, we achieved double-digit revenue growth for the fourth consecutive year. Ordinary operating EBITDA margin expanded by 180 base points, while adjusted EPS continued growing with a plus of 15% and free cash flow increasing by an impressive 34%. These results demonstrate our ability to drive significant shareholder value while we continue to execute our interconnectivity strategy and innovate for customers. After two strong years of margin expansion, we will now increasingly focus on accelerating revenue growth while keeping the margin expansion promise. Moving to the guidance on page 17. With strong momentum in our core business, a steady recovery in the German real estate market and continued improvements in organizational efficiency, we are confident for 2025. We expect positive revenue trends from the fourth quarter 2024 to continue in 2025. In terms of guidance for full year 2025, we expect the following. Revenue growth in the range of 12 to 14%. We expect our recent acquisitions to contribute around two percentage points of growth. In terms of ordinary operating EBITDA margin, we expect margin expansion of up to 50 base points. This includes offsetting over 100 base points margin dilution from our recent acquisitions. So on a pro forma basis, full year 2025 margin expansion would be even higher. With this guidance, we are targeting our fifth consecutive year of double digit growth and third consecutive year with expanding ordinary operating EBITDA margin. Our ability to accelerate revenue growth and continue to expand margins while integrating acquisitions with lower profitability highlights the strengths of our operating model and ability to generate scale benefits. Based on our current visibility, we expect revenue growth to be slightly higher in the first half compared to the second half. We will provide the next update during our Q1 2025 earnings call on May 6, 2025. And with that, let's open the line for questions. We would appreciate if you could limit your questions to two per speaker. Operator, over to you.