Scout24 stock holds gains after Q3 growth and tighter outlook

Scout24 stock traded at 91.38 euros on Lang & Schwarz at 11:01 CET on Thursday, November 12, 2026. The quote followed the company’s third-quarter update on November 4, when Scout24 reported faster earnings growth and specified its full-year revenue outlook at about 18 percent.

Scout24’s group revenue increased 19.7 percent year over year to 198.2 million euros in the third quarter, according to the company’s Q3 and nine-month results release. Revenue for the first nine months reached 570.5 million euros, up 17.9 percent from the prior-year period. Organic growth excluding the Spanish business remained in double digits at 10.1 percent in the quarter and 10.4 percent for the nine months.

Subscriptions and Spain drive momentum

The Professional segment grew 23.3 percent to 146.7 million euros, while Private revenue advanced 10.5 percent to 51.6 million euros. Private subscription growth accelerated to 10.4 percent, indicating continued demand for higher-value products even as the German property market remains challenging.

Scout24 also pointed to improving performance in Spain. Management said the Spanish business delivered sequential revenue growth, customer gains and better profitability. The company expects the Spanish operations to contribute 7 to 8 percentage points of 2026 revenue growth on an inorganic basis, compared with its previous assumption of 6 to 7 percentage points.

Profit growth remains central

Ordinary operating EBITDA rose 15.9 percent year over year to 120.8 million euros in the third quarter. The reported margin was 60.9 percent, while the organic margin expanded to 63.3 percent. Higher marketing expenses and increased impairment losses on receivables moderated the margin development, but process efficiency, automation and rising AI adoption supported profitability.

Adjusted earnings per share climbed 21.5 percent to 1.09 euros. Basic earnings per share fell 26.5 percent to 1.03 euros because the prior-year quarter benefited from a one-off positive tax effect. The distinction matters for investors: the adjusted measure reflected operating momentum, while the statutory comparison was distorted by the earlier tax item.

Agentic OS expands investment case

Chief Executive Ralf Weitz said Scout24’s Agentic OS strategy was increasing customer value and creating new monetisation opportunities. The company highlighted its AI-powered Application Assistant for consumers and Proppi for agents as products intended to improve engagement across the real-estate platform.

Scout24 maintained its 2026 ordinary operating EBITDA margin target of up to 61 percent, or up to 64 percent on an organic basis. The revised revenue outlook places growth at the upper end of the previous 16 to 18 percent range and gives investors a clearer framework for assessing subscription growth, Spanish integration and AI-led products.

Scout24 at a glance

• Company: Scout24 SE
• ISIN: DE000A12DM80
• Ticker: G24
• Lang & Schwarz quote: 91.38 euros at 11:01 CET on November 12, 2026
• Q3 2026 revenue: 198.2 million euros, up 19.7 percent year over year
• Q3 2026 adjusted EPS: 1.09 euros, up 21.5 percent year over year
• 2026 revenue outlook: About 18 percent growth
• 2026 ordinary operating EBITDA margin target: Up to 61 percent

Germany’s DAX market environment remains relevant for the valuation of growth-oriented domestic technology and platform shares.

Scout24 will publish preliminary full-year and fourth-quarter 2026 results on February 25, 2027. More news and analyses on Scout24 stock will track the next update on growth, margins and the Spanish business.