Scout24 AG
5-year stock timeline
Scout24's share price around 70.7 EUR as of 22 February 2026 reflects a strong multi-year rerating—from a mid-cap classifieds name into a higher-quality, data- and subscription-driven real estate platform, punctuated by strategic M&A and index inclusion. Over the last five years, the stock has cycled through COVID volatility, a derating phase with rising rates, then a powerful 2023–2025 uptrend driven by margin expansion, capital returns, and a clearer structural growth narrative.
2021–2022: Post-COVID reset and rate shock
In 2021, Scout24 continued its post-AutoScout24 refocus on ImmoScout24, emphasizing classifieds, lead generation, and adjacent services. Investors largely viewed it as a steady online real estate marketplace rather than a high-growth tech story. The broader shift to higher interest rates and a weakening German housing cycle in 2022 weighed on most property-related names. Scout24 was treated more as an interest-rate-sensitive "property exposure proxy" than a pure software platform, contributing to multiple compression despite resilient digital business metrics.
2023: From cyclical proxy to structural platform
By 2023, management increasingly framed Scout24 as a platform with subscription and data services rather than just listings, highlighting cross-selling and ARPU growth in investor materials. The narrative shifted from "property-cycle proxy" toward "defensive digital infrastructure" for the housing market, as investors focused more on recurring revenues, pricing power, and resilience even in a sluggish transaction environment.
2024: Strategy clarification and bolt-on M&A
In February 2024, Scout24 held a Capital Markets Day outlining a growth strategy and updated financial framework for 2024–2026, emphasizing mid-teens revenue growth, margin expansion, and capital allocation discipline. This strengthened the perception of a predictable compounder. Through 2024, Scout24 executed targeted acquisitions—neubau kompass AG for new-build marketing in Germany and bulwiengesa AG for valuation and data in commercial real estate—reinforcing the story of a broader data, marketing, and valuation ecosystem around ImmoScout24.
2025: Index inclusion, acceleration and international expansion
2025 marked visible acceleration: preliminary 2024 results landed at the upper end of guidance, the 2024 annual report proposed a 10% dividend increase, and Q1 and Q2 2025 results showed accelerating revenue growth, continued margin expansion, and guidance upgrades. In September 2025, Scout24 joined the DAX index—a milestone that typically triggers benchmark buying and improves liquidity. Soon after, it acquired Spanish portals Fotocasa and Habitaclia plus Austrian data provider IMMOunited, pushing the narrative firmly toward a leading European real estate data and marketplace platform.
Technical phases and investor narrative (approx. last 5 years)
From the COVID aftermath into 2022, the chart displayed periods of strength followed by a derating phase as European tech and property-linked names de-valued with rates, with the stock trading in a wide sideways to mildly downward range. From late 2023 through late 2025, the stock entered a pronounced uptrend, with prices in 2025 often in the high 80s to low 100s and sharp rallies around strong quarterly prints and DAX inclusion. The investor story evolved into a higher-quality, dividend-growing, M&A-supported "digital real estate infrastructure" name rather than a simple cyclical classifieds play.
Key risks and downside factors
G24.XETRA is Scout24 SE, a German online classifieds and digital marketplace operator anchored in real estate and related services. It competes across European property portals and broader classifieds platforms in a landscape defined by intense digital marketing, strong network effects, and ongoing consolidation among the major players—particularly in German-speaking markets and beyond. The business carries real constraints. Real estate activity is inherently cyclical, which flows directly into Scout24's revenues. Regulators are watching housing markets and digital platforms more closely. The company needs to keep investing in technology and data products just to hold ground against both niche competitors and the generalists. And there's the classic risk that comes with growth plays: Scout24 is pursuing expansion through new products, pricing adjustments, and potential acquisitions in a market that's already fairly mature. Execution matters here, and so does valuation.
- Exposure to cyclical movements in real estate activity and housing market conditions across Germany and other core European markets—shifts that can meaningfully affect listing volumes, customer spending capacity, and pricing power.[0]
- Intense competition from other online real estate and classifieds platforms, along with large digital players, could pressure margins, marketing spend, and the pace of innovation needed to maintain traffic and agent adoption.
- Regulatory and political pressures around housing affordability, data privacy, and digital platform governance could constrain how the company designs products, runs advertising, or builds revenue models across its core markets.
- The company faces execution risk as it pursues new products, data capabilities, fintech-adjacent services, and potential acquisitions—all while maintaining the high margins and premium valuation its mature core classifieds business commands.[0]
Competitive landscape
G24.XETRA is Scout24 SE's listing on Xetra—a German digital marketplace operator that built its reputation on ImmoScout24, Europe's prominent real estate platform. The company operates in a crowded space where pan-European classifieds groups and local real estate specialists compete fiercely on reach, listing quality, and the services layered on top. Scout24 sits exposed to the usual suspects: cyclical real estate markets that dictate listing volume and advertiser spend, the perpetual need to stay ahead on platform features, and the tightening regulatory environment around data and online platforms in the EU. It's the kind of structural exposure that doesn't go away—you just learn to live with it.
| Company | Ticker |
|---|---|
| Zillow Group, Inc. | Z.US |
Private competitors
- Immowelt
- Immonet
- Seloger
- Idealista
- Leboncoin Immobilier
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Relative Performance vs Benchmarks
| Period | Scout24 AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -17.26% | -18.25% | -17.29% |
| 3M | -18.88% | -26.05% | -21.32% |
| 6M | -37.43% | -42.01% | -44.66% |
| 1Y | -23.96% | -36.79% | -40.23% |
| 3Y | +44.52% | -20.82% | -36.42% |
| 5Y | +20.86% | -59.07% | -67.66% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 22.3 | 8.0 | 3.9 | 19.9 |
| 1Y ago | 41.7 | 11.5 | 4.9 | 26.3 |
| 3Y ago | 31.1 | 8.2 | 2.8 | 23.7 |
| 5Y ago | 2.9 | 19.5 | 2.5 | 82.9 |
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2025 | 1.32 EUR | 1.09% | 1.45% |
| 2024 | 1.20 EUR | 1.68% | |
| 2023 | 1.00 EUR | 1.71% | |
| 2022 | 0.85 EUR | 1.74% | |
| 2021 | 0.82 EUR | 1.15% | |
| 2020 | 1.82 EUR | 2.64% | |
| 2019 | 0.64 EUR | 1.19% | |
| 2019 | 0.56 EUR | 1.22% | |
| 2018 | 0.56 EUR | 1.22% | |
| 2017 | 0.30 EUR | 0.88% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Revenue | 566.34M | 509.11M | 447.54M | 389.04M | 353.82M |
| Operating income (EBIT) | 254.17M | 245.83M | 196.11M | 142.92M | 144.76M |
| Net income | 162.10M | 178.78M | 123.53M | 90.50M | 102.43M |
| Free cash flow | 232.11M | 176.66M | 132.32M | 106.09M | 47.09M |
| Total assets | 2.07B | 2.02B | 1.88B | 2.42B | 3.52B |
| Equity | 1.43B | 1.45B | 1.35B | 1.77B | 2.81B |
| Net debt | 124.21M | 128.90M | 122.55M | 139.19M | 153.26M |
PWP Leeway UG (haftungsbeschränkt)
