Scout24 Raises 2026 Revenue Growth Forecast to About 18% After 19.7% Third-Quarter Increase
Key Facts
Scout24 raised its 2026 revenue growth forecast to about 18%, after reporting third-quarter revenue of 198.2 million euros, up 19.7% year on year, according to its results statement published on November 4. Organic revenue growth, excluding the Spanish business, was 10.1%, separating expansion in the existing business from the impact of growth in Spain. The company said Spain’s inorganic contribution to its full-year growth forecast was 7 to 8 percentage points. In its first-half results update, it had forecast growth of between 16% and 18%, with an inorganic contribution from Spain of between 6 and 7 percentage points. The update puts the full-year forecast near the top of the previous range, with a larger expected role for the Spanish business.
At the operating level, ordinary earnings before interest, taxes, depreciation and amortization rose 15.9% year on year to 120.8 million euros in the third quarter. The reported margin was 60.9%, while the organic margin reached 63.3%. The company said the organic margin widened by 0.4 percentage points compared with the third quarter of the previous year. The management board maintained its full-year profitability target of an ordinary operating earnings margin of up to 61%. These figures place revenue growth in the context of improving earnings, while distinguishing between the reported and organic margins.
Revenue growth came from both the private and professional customer segments, though expansion rates differed. Professional-segment revenue grew 23.3% to 146.7 million euros in the third quarter. Private-segment revenue rose 10.5% to 51.6 million euros, according to the results details. Subscription revenue growth in the private segment accelerated to 10.4%. These indicators highlight both businesses’ contribution to group growth, with the professional segment posting the faster revenue increase during the period.
Revenue growth also lifted adjusted earnings per share, which rose 21.5% year on year to 1.09 euros in the third quarter, compared with 0.90 euros in the corresponding period of 2025. Adjusted earnings-per-share growth outpaced the reported revenue growth rate for the period. The comparison shows higher adjusted profitability per share alongside growth in revenue and operating earnings. The company presented the results in its nine-month and third-quarter 2026 report. It was scheduled to hold its analyst conference on November 4 at 15:00 Central European Time.
Chief Executive Ralph Weitz said the company was confident in the opportunities ahead and its ability to sustain momentum into 2027. In the company statement, he linked this outlook to its Agentic OS strategy, which he said responds to changes in search behavior driven by artificial intelligence. The comments came as management set its 2026 revenue growth forecast at about 18%, with an inorganic contribution from Spain of between 7 and 8 percentage points. The company also maintained its ordinary operating earnings margin target of up to 61%. Scout24 will publish preliminary financial results for fiscal 2026 and the fourth quarter on February 25, 2027.