Scout24 AG — Call Transcript 2026

Ladies and gentlemen, welcome to the Scout24 preliminary full year 2025 results conference call. I'm Moritz, the call's 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 one on your telephone. For operator assistance, please press star and zero. 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. Good afternoon, everyone. Welcome to Scout24's earnings call for the preliminary fourth quarter and full year 2025 results. My name is Filip Lindvall. I'm Vice President, Group Strategy and Investor Relations at Scout24. With me on the call today are Ralf Weitz, our Chief Executive Officer. Dirk Schmelzer, our Chief Financial Officer. Ralf will start the presentation with key business highlights. 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. A replay will be made available as quickly as possible after the event. Please take note of the disclaimer on page 2. Ralf, now over to you. Thank you, Filip, and welcome, everyone. Let's turn to page 4. 2025 was another great year for Scout24. We delivered strong financial results while continuing to execute our interconnectivity strategy. Revenue grew by 15%. Ordinary operating EBITDA increased by 17%. Adjusted EPS rose by 20%. Growth was driven by our B2B and B2C subscription businesses. Our ecosystem expanded across all key metrics. We gained more customers and more content. We introduced better and more innovative products. User engagement increased. Cross-selling continued to grow. In 2025, we further strengthened our leadership in search. AI is now integrated across the entire customer journey, from semantic and elastic capabilities to agentic experiences through HeyImmo and our ImmoScout24 app in ChatGPT. Internally, we continue to embrace technology. We simplified processes and embedded AI into our workflows. Combined with healthier revenue growth, this drove higher profitability. Our margin increased to 62.5%. Looking ahead to 2026, we expect revenue growth of 16%-18% and an ordinary operating EBITDA margin of up to 61%. Scout24 is more relevant, stronger, and better positioned than ever to power the German real estate ecosystem. Technology and AI will continue to enhance our platform and strengthen our competitive position. Let's turn to page 5 and look at customer development. Starting with our professional segment. We closed the year with 26,400 professional customers. This represents growth of 5.1% in Q4 and 5.7% for the full year. Clearly, industry-leading rates. Our responsible pricing approach is working. Churn is at a minimum, and we see virtually no net churn. Our success in B2B is driven by a strong and integrated product portfolio, including our market-leading agent software, Propstack. We are deeply embedded in agent workflows through software, data, valuation, and marketing tools. Our Bronze, Silver, and Gold membership tiers serve both smaller and larger agencies. In 2025, we spent more time than ever with our B2B customers. This strengthens relationships and positions Scout24 increasingly as a business enabler. 2026 has started well. We are adding customers and continue to see healthy revenue growth across the base, including non-residential. Turning to the private segment. We ended the year with 503.6 thousand subscribers, representing 14% growth for the full year. Growth moderated in Q4 due to normal year-end seasonality, softer rental demand, and following the rollout of our new group-wide ERP system. We are currently updating the private subscriptions offering, including product tiers, features, and pricing. Looking at page 6, let me walk you through the German real estate market dynamics. Our Scout Transaction Momentum Index stands at 97. The residential transaction market has stabilized. Based on preliminary data, 2025 recorded around 600,000 transactions, up 14% compared to 2024. This environment supports our residential B2B membership business. We are also seeing improving trends in commercial as we enter 2026. Our listings index reached 146 in January. Inventory continues to grow following the normal seasonal dip in December. Approachable content grew to 17 million objects. This reflects improving activity and strong trust in the ImmoScout24 platform. On the demand side, rental contact requests moderated slightly from very high levels as rents increased. Buyer side, contact requests remain stable at elevated levels, indicating healthy demand to buy. Let me now provide a strategic update. Over the past year, we have continued to execute our strategy with discipline while embracing technology to stay ahead. In the current market environment, it is important to understand what differentiates Scout24 and why our competitive position continues to strengthen. Let me highlight five points. First, we have accelerated execution of our interconnectivity strategy. Second, we have expanded our AI-native search and extended audience reach across the entire user journey. Third, we have built the market-leading software platform for German real estate agents. Fourth, we are driving structural margin expansion through technology and AI. Fifth, we are outperforming our CMD 2024 targets and raising ambition again at CMD 2026. Let me walk you through each of these. Turning to page 8, let me be very clear, Scout24 is not only a listing platform, we have built the digital ecosystem for German real estate transactions. Over the past years, we have invested more than EUR 400 million and executed our interconnectivity strategy with discipline to achieve this. At the core, sits our proprietary backend. We operate the leading agent software, subscription products across the buy and rent journey, and Germany's leading residential and commercial real estate database. More than 10% of residential units are registered in our property hub. We also provide valuation and banking software used by financial institutions. These systems are deeply embedded in daily workflows. They are exclusive to Scout24. They are not accessible to AI models or web crawlers. On top of this infrastructure, we connect all stakeholders. We reach 20 million users per month and serve 26,000 professional customers. Around 25% of annual real estate transactions in Germany now involve a Scout24 B2C subscription product. As the ecosystem grows, our data becomes stronger. As our data becomes stronger, our products improve. This is digital infrastructure powering German real estate. Scout24 is embedded in how the market operates. At our Capital Markets Day in early 2024, we outlined our vision for AI-driven natural language search. Today, that vision is fully live across semantic, elastic, and agentic search. First, AI-powered filter search. User describe what they want in natural language and receive relevant results instantly, including image-based search. Second, HeyImmo, our specialized real estate LLM. It is built on 28 years of proprietary behavioral and transaction data, combined with exclusive residential and commercial inventory across our ecosystem. This enables contextual accuracy that generic LLMs cannot replicate. We are seeing strong user growth and engagement. Third, we integrate with external LLMs as audience extension. Through our ChatGPT app integration, ImmoScout connects users directly back to our platform for engagement and transaction execution. Referral traffic from LLMs remains insignificant at 0.4% in December and below last year's peak levels. General AI models will need trusted platforms with proprietary data to deliver a strong real estate experience. That is where Scout24 plays a central role. Our backend for agents is Propstack, our fully cloud-based software platform. This is where agents run their business. They manage contacts, listings, marketing, and their pipeline. It also serves as a marketplace for Scout24 products and partner integrations, many powered by AI. AI is embedded directly into these workflows. More than 30,000 AI actions have already been executed. Voice to Listing reduces listing creation time by over 80%. These are real productivity gains. We estimate our market share in Germany at around 30%, and it is growing. We are on track to become market leader. Propstack significantly increases our relevance by covering a large part of the agent value chain, and we are taking the next step. Our ambition is clear: to transform Propstack into agentic AI, software that not only documents workflows but actively drives them. Software that helps agents prioritize leads, draft communication, prepare listings, and move transactions forward. We will share more at our Capital Markets Day in 2026. At our Capital Markets Day in 2024, we committed to building a scalable technology platform and deploying AI internally to improve efficiency. Today, we operate a very cost-effective tech platform and one integrated builder organization serving all three customer groups. We build our product solutions centrally and deploy them across consumers, professionals, and homeowners. This allows us to grow without increasing complexity or capacity. The impact is visible in our cost structure. Personnel, our largest cost bucket, has remained broadly stable in an organic level over the past three years, despite continued revenue growth. At the same time, we continue to invest in technology and AI to enable that leverage. Even as we invest further, IT costs grow at a disciplined mid-single-digit rate and represents only around 9% of our total cost base. The structural leverage is reflected in our margins. Ordinary operating EBITDA increased from 59.7% in 2023 to 62.5% in 2025, and we continue to see further margin expansion over the next years. Technology and AI are structurally increasing our profitability. Turning to page 12. Our CMD 2026 will define the next chapter of Scout24. We have evolved beyond classifieds into the digital back end of German real estate. AI is strengthening our platform and our proprietary data advantage. As our products become more personalized and more automated, our ecosystem becomes more valuable, and our competitive moats deepen. We will present the next evolution of our ecosystem, the acceleration B2C expansion, and further scaling of our B2B leadership. We will also introduce updated midterm targets for 2027-2029, including higher margin ambition. Let me close with a few key takeaways on page 13. In 2025, we delivered what we set out to deliver. That is Scout24. We set clear targets, and we execute, while continuing to invest in technology and AI. Our ecosystem is increasingly central to the German real estate market. We are deeply embedded across stakeholders, workflows, and data, and that position continues to strengthen. We have shown that disciplined investment and margin expansion are not mutually exclusive. Innovation and profitability reinforce each other. AI is already making our products more personalized and automated. It increases the value of our data and strengthens our competitive moats. With this foundation, we expect to deliver again in 2026. At our next CMD, we will outline the next chapter, including further margin ambition. Before handing over to Dirk, I would like to thank him personally. Working with you over the past 6 years has been a pleasure. You have powered our financial profile, expanded margins, improved cash generation, and built a strong finance organization. Dirk, thank you for your leadership, your partnership, and your commitment. On a personal note and on behalf of the entire Scout24 leadership team, we wish you all the very best in your next chapter. With that, I hand over to you. Thank you, Ralf, and good afternoon, everyone. 2025 was an excellent financial year for Scout24. Revenue grew 15% to EUR 649.6 million. Ordinary operating EBITDA increased 16.5%, and adjusted EPS rose 19.6%. We delivered strong operating leverage. The margin expanded by 100 basis points to 62.5%, while continuing to invest in product, AI, and the integration of acquisitions. Cash generation remains a core strength of our model. Operating cash flow reached EUR 284.8 million, up 11%. Turning to page 16 and the professional segment. Revenue grew 14.8% in 2025 to EUR 470.5 million, driven by subscription growth of 15.4%. Average customers increased 5.7% to 26,027. We completed over 5,000 migrations, bringing adoption of the new membership model to around 60% of the base. Growth was particularly strong in the Bronze tier, creating further up-migration opportunities ahead. Subscription momentum and new customer wins have continued into January and February 2026. ARPU increased 9.5% for the full year and accelerated further in Q4. Transaction enablement revenue grew 17.5%, supported by CRM expansion and M&A contributions. Overall lead demand remains muted. Homeowner lead products showed solid momentum, growing 9% in 2025. Ordinary operating EBITDA rose 14.5% to EUR 292.9 million. The professional ordinary operating EBITDA margin remained strong at 62.3% for full year 2025. In Q4, the margin increased to 63.4%. Acquisition-related dilution was fully offset through operational improvements, keeping margins at a structurally high level. Turning to the private segment on page 17. The segment delivered strong performance in 2025. Revenue increased 14.5% to EUR 179 million, driven by subscription growth of 18.8% and strong PPA performance. The average customer base expanded 14% year-over-year to approximately 507,000. Q4 included a temporary adjustment related to our system migration. ARPU increased 4.2% for the full year. As expected, growth moderated in Q4 as we lapped the Schufa monetization benefit. PPA delivered a strong performance, growing 10.9% for the full year and accelerating further in Q4. Growth was supported by improving market activity, product simplification, increasing brand strengths, and targeted marketing initiatives. Ordinary operating EBITDA increased 22.3% to EUR 112.8 million. Margin expanded by 4 percentage points to 63%, demonstrating the scalability of the subscription model and strong operating leverage. Turning to page 18. Operating expenses increased 9.6% in 2025, largely driven by the consolidation of recent acquisitions. Organically, cost growth remained disciplined. Personnel costs increased on a reported basis due to M&A, but remained broadly stable organically, despite continued revenue growth and investment in technology and AI. To build on Ralf's remarks, we continue to invest in AI and technology while keeping IT costs under control. IT expenses increased 14% for the full year and only 4% in Q4, despite the significant product launches you have seen across search and other areas. Marketing expenses were organically flat, with efficiency gains offsetting selective brand investments. Purchasing costs grew most strongly, driven by higher valuation volumes and increased service components within B2C memberships. Overall, we maintained cost discipline while investing strategically. As a result, ordinary operating EBITDA increased 16.5% to EUR 405.7 million, and the margin expanded by 100 basis points to 62.5%, demonstrating continued operating leverage. Turning to page 19, where we show the items below ordinary operating EBITDA. Non-operating effects increased in 2025, driven by M&A-related expenses and higher share-based compensation linked to share price development. I will comment on these positions on the next page. D&A increased moderately, mainly reflecting acquisition-related PPA amortization. The financial result improved compared to last year, supported by lower subsequent measurement effects on M&A purchase price liabilities and reduced interest expenses. This was partially offset by negative foreign exchange effects due to the depreciation of the US dollar. On taxes, the year benefited from EUR 46 million one-time deferred tax gain following the reduction of the German corporate tax rate from 2028 onwards. This led to a temporary reduction of the effective tax rate to 14.5% in 2025. Net income increased to EUR 240 million, and basic EPS rose to EUR 3.33. Adjusted net income and adjusted EPS also grew strongly, with adjusted EPS up 19.6% to EUR 3.47. Finally, the weighted average share count declined by 1.4% due to our share buyback program, further supporting EPS growth. Now let's turn to page 20 and walk through the bridge from reported to adjusted net income. Non-operating effects, excluding share-based compensation, increased during the year, primarily driven by M&A-related items, including earn-out revaluations related to Sprengnetter and Neubaur Kompass, as well as transaction costs associated with the Spain acquisition. Share-based compensation increased year-on-year, mainly driven by higher share price levels during most of 2025, as well as strong performance factors. We expect share-based compensation to decline in 2026, which I will address in more detail on the guidance slide. The tax bar reflects the reversal of the one-off time deferred tax revaluation benefit recorded in 2025. Importantly, the majority of these non-operating effects are non-cash in nature. Speaking of cash, now turning to page 21 and cash flow. Free cash flow for the full year 2025 amounted to EUR 253.1 million, representing growth of 13% year-on-year. This reflects our strong operating performance, solid cash conversion, and the fact that a significant portion of non-operating costs are non-cash items. Free cash flow conversion remains strong, corresponding to 101% of adjusted net income and 62% of ordinary operating EBITDA. Turning to page 22, to leverage and capital allocation. At year-end 2025, net debt stood at EUR 144.5 million, resulting in a leverage ratio of 0.36x, supported by strong cash generation and disciplined capital management. In 2025, we returned significant capital to shareholders. We allocated EUR 124.3 million to share buybacks over the full year and paid a dividend of EUR 95.4 million. As of Monday, we have already executed EUR 47 million of the initial EUR 100 million share buyback program, demonstrating our continued commitment to disciplined capital return. Moving to the guidance on page 23. For the 2026 financial year, we expect group revenue growth in the range of 16%-18%. 6 to 7 percentage points of that growth are expected to come from Spain. This reflects approximately 10 months of contribution, as we expect to close the transaction tomorrow. In terms of profitability, we expect the group ordinary operating EBITDA margin to be up to 61%. Excluding Spain, the organic ordinary operating EBITDA margin is expected to be up to 64%, reflecting continued operating leverage in our core German business. A few phasing comments to 2026. Our B2B membership business has started the year strongly, supported by sustained demand and continued new customer acquisition. Churn entering 2026 is lower compared to the prior year, providing a solid foundation. In B2C, we are testing new product tiering and pricing initiatives. This may impact growth rates in the first quarter. As a result, organic growth in Q1 might be a bit softer, with acceleration expected from the second quarter onwards. Overall, we expect growth to build as the year progresses, consistent with our full year guidance. Regarding share-based compensation, we expect cost for 2026 to be in the range of EUR 15 million-EUR 20 million. If the share price remains at current levels, the lower end of the range is more likely. On the implied ordinary operating EBITDA contribution from Spain, this includes one-off transition-related costs, such as TSA arrangements, which are recorded as operating expenses and therefore impact ordinary operating EBITDA. These effects are expected to unwind from 2027 onwards. Overall, we are confident in our 2026 guidance and the momentum across the business. In particular, the up to 64% organic ordinary operating EBITDA margin exceeds the 2026 target communicated at CMD 2024. We will provide an updated, increased midterm margin ambition at our Capital Markets Day in May. Turning to page 24. Our Capital Markets Day will take place on May 12th, 2026. As Ralf mentioned earlier, the company will present its updated strategic framework and midterm financial ambition in more detail. It will provide a comprehensive view on the next stage of Scout24's development. Before we conclude, I would like to say a few personal words. After more than six years as CFO of Scout24, this will be my final earnings call. It has been a privilege to help shape the financial and strategic development of this company during a period of strong growth and transformation. Together, we accelerated growth, strengthened profitability, improved capital allocation discipline, expanded our ecosystem, and positioned Scout24 as a scalable, resilient business. I would like to thank Ralf, Gesa, and the entire leadership team for the close and constructive partnership over the years. Our collaboration has been built on trust, strategic clarity, and disciplined execution. It has been fun working with you. I would like to thank my directs and the entire Scout24 team for their dedication and execution, and of course, our shareholders, for their trust and support. Scout24 is in excellent shape, strategically and financially, and I'm confident the company will continue its successful trajectory. Thank you. With that, let's open for questions. Please limit to two questions per speaker. Operator, over to you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. In the interest of time, please limit yourself to two questions. Anyone with a question may press star and one at this time. One moment for the first question, please. The first question comes from Ed Young from Morgan Stanley. Please go ahead. Thank you very much. My first question: could you perhaps give a bit more color on the private customer growth development in Q4? You mentioned a system migration impact, also seasonality and user demand. I wonder if you could help quantify what that might be, or build a relative impact of those three different parts, and how we should think about the timeline for new products and tiering there. Second of all, on buyback and capital returns, just wonder if there was any updated thoughts from you, given the divergence between the share price performance, the sort of overall center in the sector, compared to your continued confidence in the business. Thanks. Hi, Ed. Thanks very much. It's Dirk. Let me start off with the second question you raised with regards to capital allocation. As you are probably aware, we announced a EUR 500 million buyback program in December last year. We started that with the first tranche of EUR 100 million early January this year, and we're now down the road, I think of EUR 50 million roundabout that we already bought back. ... Of course, you can imagine that we, as executives of this company, are convinced that the intrinsic value of the company is higher than what we see at the moment, given the recent backdrops at the capital markets. We are still discussing and continue to discuss additional share buyback programs with the board and within the management board, and we will update you as soon as we have new information. On the private growth with regards to third and fourth quarter, some of you know that we changed our ERP system last year, and the biggest chunk of change here was the order to cash module, and we changed that in the transition from the third to the fourth quarter. In that transition, there were a few customers which we kept in the systems in the third quarter and only deleted out of the system, so to say, in their data in the fourth quarter, and that came to a slight change and a slight delay. If you look at the numbers around that, I think you should deduct around 2 percentage points in Q3 and put another 2 percentage points in Q4 on growth. That will bring you roughly there where we are. Apart from that, I think we're quite optimistic when it comes to the 2026 growth in private subscribers. Ralf will elaborate a bit more on the initiatives we're putting forward there. For this, for the second part of the first question, I hand over to Ralf. Yeah. I think, we also reported a bit to you last year that there is a kind of saturation if it comes to the private Plus subscription product. Saturation means not that we are not able to grow in subscriptions because subscription numbers are driven by lifetime in particular, and this is actually what we're working on. The other thing we're working on is actually the tiering, the product tiering. I mean, this product now is the market standard here in Germany, if it comes to real estate search trend. The question is, how can I differentiate as a seeker? We will come up with new product tiers, and we are testing those actively. We started last year. We continue to do this in Q1. What I can say is we see a positive positive impact here to all the KPIs. We are quite optimistic that we can, let's say, launch another rocket for our Plus subscription business. Yeah, that's what I mean. So far, we haven't had a tiering here, as you know. We follow actually the path what we did over the last years in the professional business. It's actually a well-known, let's say, playbook to us. Yeah, that's how you should read it. There's no decline in the subscription base, as Dirk said, right? We changed the ERP system. I mean, the customers, the subscribers been there. We had a payment delay process we changed with the ERP system. That was actually the reason why we, saw the numbers declining in Q4. Thank you. The next question comes from Will Packer, from BNP Paribas. Please go ahead. Hi, thanks for taking my questions, and Dirk, a big congrats on the Spinters CFO. 2 from me, please. Firstly, you've entered into a wide-ranging partnership with OpenAI across HeyImmo, Enterprise, and of course, the ChatGPT app. Whilst I wouldn't imagine you share specific commercial details, could you share some details around the app? In particular, around data sharing, for example, to what extent do they get insight into your inventory and consumer behavior, or is that in a Scout walled garden? Secondly, in terms of the guidance for Spain for 2026, the margin looks a fair bit lighter than consensus expectations. I imagine the deal timing is a factor, but could you help us through the factors that are weighing on margin in 2026 and how that will impact 2027? Thank you. Yeah, I can start, Dirk. Maybe you can jump in then. To your first question, regarding the ChatGPT cooperation here. First of all, we don't pay for this app, right? I mean, it's we built the app. This is actually an API wrapper, we call it. You get access via API to our listing, let's say, database. We are not giving access to proprietary data we have in the system. This is guarded behind lock and vaults and everything. If you want to contact somebody on the listing and so on, you have to do it in our ecosystem. AI wrapper means it's actually you funnel the traffic from ChatGPT into our system directly. It's not that they're taking over customer data, ever, it's just they are able to search, to execute a search on our listing database, which is publicly available anyway, more or less. If you want to do more, you execute everything on our website. You can experience that, right? You start the search, you get the results immediately. If you click on the results, you land immediately on our website, you also continue there the search. Actually, what we see so far is that the traction is okay-ish, but it's not really there's no exponential growth as people might expect, I don't know. We see traction in our HeyImmo product. That's more a couple of 100,000 now using it. There's some exponential growth in our own product because the experience here is much better. This is, and the HeyImmo is also getting limited access to proprietary data if people are logged in, for instance. Yeah, the partnership is good. We actually took the first mover advantage here as we did with the Apple ecosystem a while ago. We are quite happy here. Second question was. About the Spanish development where. Uh, Yeah, maybe I start, Ralf? Yeah. Maybe I start with that. Ralf will certainly add something to that. With regards to guidance, I mean, we're getting the keys for the business tomorrow. Give us some time to take a look under the into the motor of the business. As of today, we're talking about 10 months instead of 12 months that we're getting the business. We've been guiding something around EUR 60 million of revenues. If I read it correctly, last year ended on plan. January started okay-ish in Spain. Most importantly, I think what you need to take into account is our constant message that we are deploying the German playbook when we are entering into Spain with Fotocasa. That also means that we will take some changes on the user interface and the user experience on the platform, which we did in Germany a few years ago as well. That had the effect that advertising revenues were going down. Today, advertising revenues in Spain are around 10% of revenue, and you can imagine us driving that down very fast to a level that we see in Germany, which is below 2%. That has an impact this year already of around EUR 5 million-6 million, and that's what you see reflected in our guidance with regards to Spain. I hope that clarifies. What you also have to see, I mean, we're doing a carve out of a carve out, right? Yeah. There might be parallel costs for doing this because we have the TSAs we have to pay, and parallel, we have to build the systems we need in order to take over. This will be relevant for this year, not for next year. Hopefully we can finish most of the TSAs end of this year. That's actually the plan, but as Dirk mentioned, right, we just get the keys. We will get the keys tomorrow or so. We lost two months this year. Let's see. Yeah. It's on plan, and for us, everything is in our expectations, let's say, and now we look more into it and driving actively the business from beginning of all. Thanks, thanks for the color. In terms of the 2027 margin outlook for Spain, that's something that comes with the CMD. Once you've had some more time with the business, because some of those costs will unwind, right? If we have something to tell you in May, we can rely on, I would do it. Give us a bit time here. I mean, this is. We said in the midterm perspective, the business should be able to deliver 40% margin. That's what we said, and we still believe that. As I said, also, we have to stabilize the business here. For us, it's more important that we deliver on the key metrics, and key metrics are the customer numbers here. It's the listing numbers, it's traffic up to here is in particular, and also leveraging the synergies we have. As I said, right there's also benefit for German customers. That's what we want to deliver on, and then hopefully revenue and margin applies in as we expect. Executing the playbook, I think what Dirk mentioned is correct, and that is actually also a challenge for us because it's not that easy to take over a business, 300 people, in such a situation. We stay optimistic here because everything is as we expected so far. Then we give you an update if we, if we can, maybe in May. Thanks for the color. The next question comes from Joseph Barnet-Lamb from UBS. Please go ahead. Hi. Yes, Joe from UBS. Firstly, I'd like to add my congratulations on your tenure, Dirk, and all the best for the future. A couple of private questions, if I may. Firstly, should we read into the launch of the new tiering that you're pivoting to a more ARPU-driven growth strategy due to volume-based growth running out? Is this about elongating subscription duration by giving a variance of products to consumers? Can you sustain Teams growth in private post the product launches? The second question is on private margin. It increased significantly in 4Q. Was this at all related to the slower revenue growth in the quarter? Maybe asking the question differently, is there any reason why margin within private wouldn't be sustainable for FY 2026 or even expand further? Thank you. I'll start with the second question and hand over to Ralf for the first part of the question. No, there's no reason why the margin in private should change. As you've probably seen, we came from a margin of 30%-40% in the early innings of the product, we now reach professional margins here. I think that's a good sign, and that is something that will continue. Joe, it's a good sign that our analysts understand the business so well that they answer their questions themselves. Nonetheless, I would hand over to Ralf to answer the remainder. I think it's a really good question, to be honest. I mean, this, you have two key metrics you can optimize. As revenue growth is created by number of customers and the prospective subscribers, and the ARPU growth, so the pricing power you might have. On the pricing power side, we've been quite conservative in the past because we grow heavily on the customer side. And this is something we're going to change with our tiering here. There will be hopefully more pricing power in the future on this, because we just had 4.5% ARPU growth last year, blended, and we had 14% subscriber growth last year. The year before in 2024, it was over 25. I think what we can also do on the subscriber side, on the number of customer side, and this will be iterated sometimes, is that if you extend the lifetime, today we have lifetime close to 6. If you double the lifetime, then you would double the number of subscribers, number of customers who are paying at the same moment. This is also where we have some initiatives on, but it's a bit tricky, right? You need to add also new product features to those product tiers as well to make the difference here, but also to extend at the same time, the lifetime. This is actually what we're working on, and we are testing it. Maybe it's... To why is it so difficult? I mean, nobody really has this product, so there's no playbook we can copy or so, where there's not much experience on this, right? We are the market maker here, and therefore, we have to learn, and that takes time a bit. We started last year in Q3, end of Q3 with the testings and we continued this in Q4, and we will continue this in Q1. We are making progress, that's actually the message I would like to send. We have an interest that we create sustainable growth here, and at the same time, we can deliver the margin. The margin, you might remember, we optimized the margin because we changed a bit the products here. From products we used from third-party vendors into products we developed on our own capabilities, and that led also to this margin expansion. This is also now part in the new product here, that we have to come up with own products, new own products, and also to maintain the margin profile we delivered already. You can see it's not easy to run such a business, but we are, as I said, positive. The first signs we see now will hopefully accelerate the subscriber growth, but also the ARPU growth in Q2. Excellent. Thank you very much. The next question comes from Marcus Diebel from J.P. Morgan. Please go ahead. Hi, everyone. Yeah, I would also echo that, Dirk, thank you very much, and Tili good luck in your new endeavors. First question is again, on private, just to be really clear, so sort of like the comment on sort of like the some bad debts in there. That effect will basically stop in Q4, so we won't really see much of this in Q1 and Q2 going forward. I think that's the case, but just wanted to be really clear on this. And secondly, also for Dirk, I guess, on personal costs. I mean, clearly quite an impressive performance, 4% only increase. Could you talk a little bit more about the moving parts here? Where is the efficiency really coming from, and how should we think about personal costs going forward, in the next quarters? Is it volume? Is it number of headcount? Is it salary? If you can just explain a bit more where the efficiency is coming from. Thank you. Thanks, Marcus. First of all, to your first question, I can confirm that the migration to the platform has been finished in Q4. All customer numbers and everything related to non-paying customers and bad debt, so there will be no effects leaping into the first quarter, 2026. On the efficiency side, I think it's quite an interesting discussion here. I would like to remind you to the discussions we had in 2024, when there were a lot of companies standing up and saying, "Oh, from AI, we will achieve 25% savings, 30% savings on headcount costs in the next years because our efficiency will increase in engineering, our efficiency will increase in programming, product development, and everything else." As you are aware, we took a slightly different approach here. We said at a certain point in time, that was Q3 2024, where we said, "Okay, we're sticking to the full-time equivalents we have in the company," and that is around 1,000. "We are not growing here, but we're growing revenues and we're growing profitability." Hence, what we did was we gave every one of our employees a second employee. In 2025, that second employee was called Claude, when we had the arrangement with Anthropic. This year it's called ChatGPT, 'cause we've changed the arrangement from Anthropic to OpenAI. Now, AI is structurally embedded across the organization. We have a huge amount of users. We have 1,200 AI-driven projects company-wide. A lot of sort of what's going on in AI is really helping us to maintain that amount of 1,000 full-time equivalents. That is the approach we have been taking, that is the approach we have been communicating with you, and that is the approach we will continue in 2026 and 2027. You shouldn't expect our personal cost to increase beyond any merit increases over the years to come. Yeah, great. Thank you. The next question comes from Craig Abbott from Kepler Cheuvreux. Please go ahead. Yeah. Hi, good afternoon, everyone, and also Dirk, from my side, all the best going forward. Yeah, two follow-up questions, please. Just turning over, first of all, to the traffic sourcing mix again, could you just confirm that your direct traffic share has been stable, still around 80%, I think, and that the cost of the inorganic traffic is also stable? Excuse me. Secondly, also, as you continue to roll out your AI product suite, can you also confirm that you do not expect a material increase in your product development cost? Thank you. Yeah, I can confirm all three. Craig, that was a short answer. No, no, please elaborate a bit. Yeah, I think, I mean, on the traffic side, there's what we see is that there is no change here when it comes to organic traffic. I mean, yeah, as you know, quite strong on the brand awareness, this hasn't changed. We don't expect that there will be a change in the organic traffic. Direct traffic, it's still over 80% and dominated by the app traffic in particular here, which is the main organic traffic source. On the paid side, I mean, there's no paid traffic channel in LLMs at the moment. We do, of course, some marketing here and there to integrate ourselves better, to become more visible in LLM sources. That's what we do, and that costs a bit of money. We expect if this is, if they are models, they will replace other traffic sources like Google Search in particular. We don't expect additional paid marketing costs for our model. The last question is whether we expect more AI costs if we are going to roll out our AI suites to the market. That's of course. I mean, if you, if we have more, let's say, LLM calculations in the system, that would drive a bit cost. As I iterated in one of the other meetings is that, we had before that, actually, the way how we use LLMs is a bit different. We have most of the data in our own databases. It's called vector databases, we have different access, even if people execute an LLM search. We have the cost side here under control and token prices, by the way, dropped by 30% in Q4 last year. Because of the competition we have in LLMs, there are also arguments why the costs will not going up dramatically here, even if the usage would go up exponential. Therefore, we are quite confident that we can manage the cost side would be for the market, right? Yeah. Craig, maybe a short advertising break on my end, for Andrew Ross's report from Barclays on LLM traffic on classifieds, because this report mirrors exactly what we are seeing on our platform at the moment. The LLM traffic is roughly stable to slightly decreasing and constantly remaining below 1% on our platform. We believe that this will sort of not go into an exponential growth by the end of this year or next year. External, yeah. Yeah, that's the external traffic, Ross. corrected me here. Yes, that's the external traffic. The HeyImmo traffic that we're seeing is a positive for us, to be honest, right? It's a great customer experience, and I elaborated on the cost for HeyImmo versus OpenAI/ChatGPT, and that would cost us below EUR 1 million this year for a great customer experience. That's good. Yeah. Okay, thank you both very much. The next question comes from Fathima-Nizla Naizer from Deutsche Bank. Please go ahead. Hey, thanks, and all the best to you, Dirk, from my end as well. Just a couple of questions for me. On the professional segment, ARPU growth, when you think of 2026, sort of how is that phasing over the course of the year, given the strong ARPU growth you reported in 2025? Some color there would be great. The second question is on PropTech. It was really good to see that you've got such a good penetration among the agent base with PropTech. Where do you think that can sort of expand to? And could you remind us again, how is it monetized? Is it a monthly subscription? you know, how profitable is PropTech, and how much of revenue does it contribute at the moment, and what's your sort of objective for that segment going forward, given that's, you know, fundamentally different to the rest of the classifieds, business that you do? Thank you. I thought, Dirk, maybe you take over with it. If it comes to PropTech, we are quite heavy, happy, on PropTech here. We are on the way to become clear market leader if it comes to agent software systems in Germany. Why is it important? For the agents, they interact, engage, they engage much more intensive with the CM solutions than they do with listing marketplaces, because they also save the customer data, for instance, in agent software solutions like PropTech. They prepare the listings there and so on. This is often the starting point of the agent. With the agent software product, we mirror the business of an agent in a software, in a digital format. We have a clear strategy here. We would like to become market leader this year in terms of customer numbers, in terms of listing imports, so we can measure how many listings on the portal are imported via our own agent software, and we're making progress here, which is really, really great. The way how we monetize it is, of course, the agents, depending a bit on the size of the agent business, they have to pay a monthly subscription fee. Here, it's a classical SaaS model. We're also combining it, depending on the packages, with the membership products here and there. Actually, what the product does is, we are creating much more loyalty, because if customer not just using the listing portal membership, they are also using our technology, our system for running their business, day to day. Of course, we're creating a kind of loyalty and pricing power, and this is actually a big advantage. What we achieved in 2025 is that the number of customers who are using more than just one product in our ecosystem increased. This is actually something we would like to continue. For this, we have PropTech, our agent software system, but also other products, valuation products, for instance, we have on the energy certificate side, we have products. We are building and creating this product suite for the agents more and more, and it's well accepted, I have to say. Of course, agents, they see also benefits because, I mean, everything is integrated, it's connected, and if you sum up the product and the, let's say, the prices you would need to pay standalone for each product, there is an advantage if you bundle it, right? And therefore, we are able to bring over more and more customers also from competitors into this, into those products, and that's quite positive. The other question, Dirk. This one was around ARPU development over 2026 and where do we see it? What I can say is that we, at the moment, envisage a similar development that we saw in 2025. We were very positively surprised by our customer numbers in January, February. I was a bit more conservative when I guided you on that in the Q3 call. I have to say, January, February start was good. We saw a very low churn. We're seeing good migration efforts from our sales teams, and we're seeing a healthy development on ARPU. All in all, I think that business should develop nicely over the course of the year, and expect an ARPU growth in the high single digits. Thank you. Very helpful. The next question comes from Giles Thorne from Jefferies. Please go ahead. Thank you. My first question was on your partnership with OpenAI, and specifically, it'd be useful to know what the cost profile or the commercial agreement would have looked like for the powering of the HeyImmo products and then the app SDK integration if you hadn't done a migration from Anthropic to ChatGPT. Did you get a good price because of that migration? Secondly, we're clearly in a very volatile and febrile environment for investor sentiment towards the sector and to Scout24. There's no consensus on what happens here next. Perhaps the one area of consensus is that you want to be a well-invested platform with a progressive mindset. Given all that, does the current environment and the risks and opportunities around AI, Ralf, change your attitude towards the ideas of regional scale? Thanks. Yeah, I can. A lot of questions, so be not sure whether, I'm not sure whether I really understood everything, but let me start with the ChatGPT agreement we had. I mean, as you, as you know, we, so we cooperated internally with Claude in topics in particular, and then, and also with other LLMs, and then for our HeyImmo product, we decided to go with ChatGPT, OpenAI here. What we then learned, I mean, of course, we checked a bit on the usage of the product, and we agreed on token prices at the beginning of the year. What we learned over the year is that there is high competition between the different LLM systems, and we see also that some of the LLMs, they are specializing. For instance, OpenAI is really specialized more on the consumer experience side, so it's, for us, the right partner for HeyImmo at the moment, I would say. We're using the technology, we are fencing the data. That's actually the deal here. So as we checked in on prices, even for our internal, let's say, AI system we are using for the organization, we learned really that we can lower the prices by 30% if we are shifting to, let's say, OpenAI here. Anthropic, and that is maybe something you would like to know then, is that Anthropic also reacted, and they dropped prices also, even higher. You can see that there's high competition. Everyone wants to have us as B customers, and that's actually what we see, that those LLMs, they learned over the last year, it's really hard to monetize the consumer, so sometimes it's better you just monetize the B side of the business, as Google did, as always did, right? They are really hunting for B customers, and that's what we see, and therefore, we see also competitive prices here. On the deal we have, if it comes to our SDK product, I mean, we've been one of the first companies who launched in an app here, an own app. We interacted quite early after Zillow launched the product here in the U.S. We interacted with the team here in Germany to learn a bit more about how the app SDK really works. As I said before, it's an API wrapper, there is no really commercial agreement. I mean, we also have no really commercial agreement with Apple here other than if there is a payment aggregate to share, if we are using their payment methods, but what we don't do. There is no extra cost for this app SDK. That might change, who knows? At the moment, I think what we see from those LLMs, they have high interest, really high interest to cooperate with companies like ours because they need to create a really unique user experience, for this, they need data. If you're searching for real estate, they cannot really give access to this data, for this, they need us, they need us as a partner so that we give them better access than maybe they would have if they just need to pull the data. That's actually also in their interest, that they cooperate with reliable, that they do collaboration with reliable partners. Therefore, it's more like a partnership than a dependency. That's I would say good and positive here. The other question, maybe remind me. Giles, I think we're through, right? No, the second question, I was using too many words, and let me put it simply: Does the current very accelerated innovation cycle change your attitude towards the benefits of regional scale? If I translate this, Giles, your thesis is that if you are able to accelerate the amount of innovation and product development, there should be more international scale, right? Is that your hypothesis? No, it's the other way around. It's the other way around. If you're a bigger business, then your capacity to invest is bigger, all else being equal. Okay. Okay. Yeah. Got it. I think of, I'm starting with- I think the answer is no. ... the answer to that question. I think we're well there with 3% of our revenues annually invested into product development and tech, and that is around EUR 20 million. We'll accelerate a bit, maybe to EUR 21 million-EUR 22 million, but we never had any year where we had the feeling we didn't have enough capacity to invest. The last time I recall that we had that discussion was when we migrated to the cloud, but that's four, five years ago. There we still had 7% CapEx to a revenue ratio. At the moment, I don't see any need to accelerate our spending on product development in AI. The answer to your question is no, we don't see scale from being bigger. Yeah, I fully agree. I think, I mean, what we said earlier is that, of course, we also gain efficiency if it comes to internal processes, right? I mean, for instance, we shortened the process of developing a product. In the past, we had 6 months, now we've brought it down to 3 months, and we would like to bring it down to 3 hours. From an idea to an MVP. This is freeing up capacity. We never shipped so many new features, probably than we did in the last quarter. That's actually a positive sign. We can reshuffle capacity internally to cope with the additional need of shipping innovation to the market. That's actually also what others now are starting to do, right? You can see it at Rightmove, at IA, and so on. They reshuffle capacity. They're using AI technology to become more efficient internally and to ship faster. I mean, the filter search It's around or has been around for 25 years. A bit change here and there, but not much. Now you see semantic search popping up everywhere within 1 quarter. I think it shows you a bit what's possible, even with the same amount of capacity and cost budget. It's actually quite positive here. Therefore, I'm with Dirk. On regional side, I think, no extra need. Yeah. Okay. Thank you. Thank you. Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to... Excuse me. I would now like to turn the conference back over to Filip Lindvall for any closing remarks. Okay, this concludes today's call. Thank you for joining and your interest in Scout24. Ladies and gentlemen, the conference is now over. Thank you for joining, and have a pleasant day. Goodbye.

Speaker 9: Ladies and gentlemen, welcome to the Scout24 preliminary full year 2025 results conference call. I'm Moritz, the call's 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 one on your telephone. For operator assistance, please press star and zero. 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. Ladies and gentlemen, welcome to the Scout24 preliminary full year 2025 results conference call. ladies and gentlemen welcome to the scout24 preliminary full year 2025 results conference call I'm Moritz, the call's call operator. i'm moritz the call's call operator I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. 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. the presentation will be followed by a question and answer session You can register for questions at any time by pressing star and one on your telephone. you can register for questions at any time by pressing star and one on your telephone For operator assistance, please press star and zero. for operator assistance please press star and zero The conference must not be recorded for publication or broadcast. 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. at this time it's my pleasure to hand over to filip lindvall vice president group strategy and investor relations

Speaker 4: Good afternoon, everyone. Welcome to Scout24's earnings call for the preliminary fourth quarter and full year 2025 results. My name is Filip Lindvall. I'm Vice President, Group Strategy and Investor Relations at Scout24. With me on the call today are Ralf Weitz, our Chief Executive Officer. Dirk Schmelzer, our Chief Financial Officer. Ralf will start the presentation with key business highlights. 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. A replay will be made available as quickly as possible after the event. Please take note of the disclaimer on page 2. Ralf, now over to you. Good afternoon, everyone. good afternoon everyone Welcome to Scout24's earnings call for the preliminary fourth quarter and full year 2025 results. welcome to scout24's earnings call for the preliminary fourth quarter and full year 2025 results My name is Filip Lindvall. my name is filip lindvall I'm Vice President, Group Strategy and Investor Relations at Scout24. i'm vice president group strategy and investor relations at scout24 With me on the call today are Ralf Weitz, our Chief Executive Officer. with me on the call today are ralf weitz our chief executive officer Dirk Schmelzer, our Chief Financial Officer. dirk schmelzer our chief financial officer Ralf will start the presentation with key business highlights. ralf will start the presentation with key business highlights Dirk will provide a detailed overview of our financial results. dirk will provide a detailed overview of our financial results As always, we will conclude the call with a Q&A session. 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. you can find today's presentation on our website under financial reports and presentations This session will be recorded. this session will be recorded A replay will be made available as quickly as possible after the event. a replay will be made available as quickly as possible after the event Please take note of the disclaimer on page 2. please take note of the disclaimer on page 2 Ralf, now over to you. ralf now over to you

Speaker 10: Thank you, Filip, and welcome, everyone. Let's turn to page 4. 2025 was another great year for Scout24. We delivered strong financial results while continuing to execute our interconnectivity strategy. Revenue grew by 15%. Ordinary operating EBITDA increased by 17%. Adjusted EPS rose by 20%. Growth was driven by our B2B and B2C subscription businesses. Our ecosystem expanded across all key metrics. We gained more customers and more content. We introduced better and more innovative products. User engagement increased. Cross-selling continued to grow. In 2025, we further strengthened our leadership in search. AI is now integrated across the entire customer journey, from semantic and elastic capabilities to agentic experiences through HeyImmo and our ImmoScout24 app in ChatGPT. Internally, we continue to embrace technology. We simplified processes and embedded AI into our workflows. Combined with healthier revenue growth, this drove higher profitability. Thank you, Filip, and welcome, everyone. thank you filip and welcome everyone Let's turn to page 4. 2025 was another great year for Scout24. let's turn to page 4 2025 was another great year for scout24 We delivered strong financial results while continuing to execute our interconnectivity strategy. we delivered strong financial results while continuing to execute our interconnectivity strategy Revenue grew by 15%. revenue grew by 15% Ordinary operating EBITDA increased by 17%. ordinary operating ebitda increased by 17% Adjusted EPS rose by 20%. adjusted eps rose by 20% Growth was driven by our B2B and B2C subscription businesses. growth was driven by our b2b and b2c subscription businesses Our ecosystem expanded across all key metrics. our ecosystem expanded across all key metrics We gained more customers and more content. we gained more customers and more content We introduced better and more innovative products. we introduced better and more innovative products User engagement increased. user engagement increased Cross-selling continued to grow. cross-selling continued to grow In 2025, we further strengthened our leadership in search. in 2025 we further strengthened our leadership in search AI is now integrated across the entire customer journey, from semantic and elastic capabilities to agentic experiences through HeyImmo and our ImmoScout24 app in ChatGPT. ai is now integrated across the entire customer journey from semantic and elastic capabilities to agentic experiences through heyimmo and our immoscout24 app in chatgpt Internally, we continue to embrace technology. internally we continue to embrace technology We simplified processes and embedded AI into our workflows. we simplified processes and embedded ai into our workflows Combined with healthier revenue growth, this drove higher profitability. combined with healthier revenue growth this drove higher profitability Our margin increased to 62.5%. Looking ahead to 2026, we expect revenue growth of 16%-18% and an ordinary operating EBITDA margin of up to 61%. Scout24 is more relevant, stronger, and better positioned than ever to power the German real estate ecosystem. Technology and AI will continue to enhance our platform and strengthen our competitive position. Let's turn to page 5 and look at customer development. Starting with our professional segment. We closed the year with 26,400 professional customers. This represents growth of 5.1% in Q4 and 5.7% for the full year. Clearly, industry-leading rates. Our responsible pricing approach is working. Churn is at a minimum, and we see virtually no net churn. Our margin increased to 62.5%. our margin increased to 62.5% Looking ahead to 2026, we expect revenue growth of 16%-18% and an ordinary operating EBITDA margin of up to 61%. looking ahead to 2026 we expect revenue growth of 16%-18% and an ordinary operating ebitda margin of up to 61% Scout24 is more relevant, stronger, and better positioned than ever to power the German real estate ecosystem. scout24 is more relevant stronger and better positioned than ever to power the german real estate ecosystem Technology and AI will continue to enhance our platform and strengthen our competitive position. technology and ai will continue to enhance our platform and strengthen our competitive position Let's turn to page 5 and look at customer development. let's turn to page 5 and look at customer development Starting with our professional segment. starting with our professional segment We closed the year with 26,400 professional customers. we closed the year with 26,400 professional customers This represents growth of 5.1% in Q4 and 5.7% for the full year. this represents growth of 5.1% in q4 and 5.7% for the full year Clearly, industry-leading rates. clearly industry-leading rates Our responsible pricing approach is working. our responsible pricing approach is working Churn is at a minimum, and we see virtually no net churn. churn is at a minimum and we see virtually no net churn Our success in B2B is driven by a strong and integrated product portfolio, including our market-leading agent software, Propstack. We are deeply embedded in agent workflows through software, data, valuation, and marketing tools. Our Bronze, Silver, and Gold membership tiers serve both smaller and larger agencies. In 2025, we spent more time than ever with our B2B customers. This strengthens relationships and positions Scout24 increasingly as a business enabler. 2026 has started well. We are adding customers and continue to see healthy revenue growth across the base, including non-residential. Turning to the private segment. We ended the year with 503.6 thousand subscribers, representing 14% growth for the full year. Growth moderated in Q4 due to normal year-end seasonality, softer rental demand, and following the rollout of our new group-wide ERP system. Our success in B2B is driven by a strong and integrated product portfolio, including our market-leading agent software, Propstack. our success in b2b is driven by a strong and integrated product portfolio including our market-leading agent software propstack We are deeply embedded in agent workflows through software, data, valuation, and marketing tools. we are deeply embedded in agent workflows through software data valuation and marketing tools Our Bronze, Silver, and Gold membership tiers serve both smaller and larger agencies. our bronze silver and gold membership tiers serve both smaller and larger agencies In 2025, we spent more time than ever with our B2B customers. in 2025 we spent more time than ever with our b2b customers This strengthens relationships and positions Scout24 increasingly as a business enabler. 2026 has started well. this strengthens relationships and positions scout24 increasingly as a business enabler 2026 has started well We are adding customers and continue to see healthy revenue growth across the base, including non-residential. we are adding customers and continue to see healthy revenue growth across the base including non-residential Turning to the private segment. turning to the private segment We ended the year with 503.6 thousand subscribers, representing 14% growth for the full year. we ended the year with 503.6 thousand subscribers representing 14% growth for the full year Growth moderated in Q4 due to normal year-end seasonality, softer rental demand, and following the rollout of our new group-wide ERP system. growth moderated in q4 due to normal year-end seasonality softer rental demand and following the rollout of our new group-wide erp system We are currently updating the private subscriptions offering, including product tiers, features, and pricing. Looking at page 6, let me walk you through the German real estate market dynamics. Our Scout Transaction Momentum Index stands at 97. The residential transaction market has stabilized. Based on preliminary data, 2025 recorded around 600,000 transactions, up 14% compared to 2024. This environment supports our residential B2B membership business. We are also seeing improving trends in commercial as we enter 2026. Our listings index reached 146 in January. Inventory continues to grow following the normal seasonal dip in December. Approachable content grew to 17 million objects. This reflects improving activity and strong trust in the ImmoScout24 platform. On the demand side, rental contact requests moderated slightly from very high levels as rents increased. We are currently updating the private subscriptions offering, including product tiers, features, and pricing. we are currently updating the private subscriptions offering including product tiers features and pricing Looking at page 6, let me walk you through the German real estate market dynamics. looking at page 6 let me walk you through the german real estate market dynamics Our Scout Transaction Momentum Index stands at 97. our scout transaction momentum index stands at 97 The residential transaction market has stabilized. the residential transaction market has stabilized Based on preliminary data, 2025 recorded around 600,000 transactions, up 14% compared to 2024. based on preliminary data 2025 recorded around 600,000 transactions up 14% compared to 2024 This environment supports our residential B2B membership business. this environment supports our residential b2b membership business We are also seeing improving trends in commercial as we enter 2026. we are also seeing improving trends in commercial as we enter 2026 Our listings index reached 146 in January. our listings index reached 146 in january Inventory continues to grow following the normal seasonal dip in December. inventory continues to grow following the normal seasonal dip in december Approachable content grew to 17 million objects. approachable content grew to 17 million objects This reflects improving activity and strong trust in the ImmoScout24 platform. this reflects improving activity and strong trust in the immoscout24 platform On the demand side, rental contact requests moderated slightly from very high levels as rents increased. on the demand side rental contact requests moderated slightly from very high levels as rents increased Buyer side, contact requests remain stable at elevated levels, indicating healthy demand to buy. Let me now provide a strategic update. Over the past year, we have continued to execute our strategy with discipline while embracing technology to stay ahead. In the current market environment, it is important to understand what differentiates Scout24 and why our competitive position continues to strengthen. Let me highlight five points. First, we have accelerated execution of our interconnectivity strategy. Second, we have expanded our AI-native search and extended audience reach across the entire user journey. Third, we have built the market-leading software platform for German real estate agents. Fourth, we are driving structural margin expansion through technology and AI. Fifth, we are outperforming our CMD 2024 targets and raising ambition again at CMD 2026. Let me walk you through each of these. Buyer side, contact requests remain stable at elevated levels, indicating healthy demand to buy. buyer side contact requests remain stable at elevated levels indicating healthy demand to buy Let me now provide a strategic update. let me now provide a strategic update Over the past year, we have continued to execute our strategy with discipline while embracing technology to stay ahead. over the past year we have continued to execute our strategy with discipline while embracing technology to stay ahead In the current market environment, it is important to understand what differentiates Scout24 and why our competitive position continues to strengthen. in the current market environment it is important to understand what differentiates scout24 and why our competitive position continues to strengthen Let me highlight five points. let me highlight five points First, we have accelerated execution of our interconnectivity strategy. first we have accelerated execution of our interconnectivity strategy Second, we have expanded our AI-native search and extended audience reach across the entire user journey. second we have expanded our ai-native search and extended audience reach across the entire user journey Third, we have built the market-leading software platform for German real estate agents. third we have built the market-leading software platform for german real estate agents Fourth, we are driving structural margin expansion through technology and AI. fourth we are driving structural margin expansion through technology and ai Fifth, we are outperforming our CMD 2024 targets and raising ambition again at CMD 2026. fifth we are outperforming our cmd 2024 targets and raising ambition again at cmd 2026 Let me walk you through each of these. let me walk you through each of these Turning to page 8, let me be very clear, Scout24 is not only a listing platform, we have built the digital ecosystem for German real estate transactions. Over the past years, we have invested more than EUR 400 million and executed our interconnectivity strategy with discipline to achieve this. At the core, sits our proprietary backend. We operate the leading agent software, subscription products across the buy and rent journey, and Germany's leading residential and commercial real estate database. More than 10% of residential units are registered in our property hub. We also provide valuation and banking software used by financial institutions. These systems are deeply embedded in daily workflows. They are exclusive to Scout24. They are not accessible to AI models or web crawlers. On top of this infrastructure, we connect all stakeholders. We reach 20 million users per month and serve 26,000 professional customers. Turning to page 8, let me be very clear, Scout24 is not only a listing platform, we have built the digital ecosystem for German real estate transactions. turning to page 8 let me be very clear scout24 is not only a listing platform we have built the digital ecosystem for german real estate transactions Over the past years, we have invested more than EUR 400 million and executed our interconnectivity strategy with discipline to achieve this. over the past years we have invested more than eur 400 million and executed our interconnectivity strategy with discipline to achieve this At the core, sits our proprietary backend. at the core sits our proprietary backend We operate the leading agent software, subscription products across the buy and rent journey, and Germany's leading residential and commercial real estate database. we operate the leading agent software subscription products across the buy and rent journey and germany's leading residential and commercial real estate database More than 10% of residential units are registered in our property hub. more than 10% of residential units are registered in our property hub We also provide valuation and banking software used by financial institutions. we also provide valuation and banking software used by financial institutions These systems are deeply embedded in daily workflows. these systems are deeply embedded in daily workflows They are exclusive to Scout24. they are exclusive to scout24 They are not accessible to AI models or web crawlers. they are not accessible to ai models or web crawlers On top of this infrastructure, we connect all stakeholders. on top of this infrastructure we connect all stakeholders We reach 20 million users per month and serve 26,000 professional customers. we reach 20 million users per month and serve 26,000 professional customers Around 25% of annual real estate transactions in Germany now involve a Scout24 B2C subscription product. As the ecosystem grows, our data becomes stronger. As our data becomes stronger, our products improve. This is digital infrastructure powering German real estate. Scout24 is embedded in how the market operates. At our Capital Markets Day in early 2024, we outlined our vision for AI-driven natural language search. Today, that vision is fully live across semantic, elastic, and agentic search. First, AI-powered filter search. User describe what they want in natural language and receive relevant results instantly, including image-based search. Second, HeyImmo, our specialized real estate LLM. It is built on 28 years of proprietary behavioral and transaction data, combined with exclusive residential and commercial inventory across our ecosystem. This enables contextual accuracy that generic LLMs cannot replicate. We are seeing strong user growth and engagement. Around 25% of annual real estate transactions in Germany now involve a Scout24 B2C subscription product. around 25% of annual real estate transactions in germany now involve a scout24 b2c subscription product As the ecosystem grows, our data becomes stronger. as the ecosystem grows our data becomes stronger As our data becomes stronger, our products improve. as our data becomes stronger our products improve This is digital infrastructure powering German real estate. this is digital infrastructure powering german real estate Scout24 is embedded in how the market operates. scout24 is embedded in how the market operates At our Capital Markets Day in early 2024, we outlined our vision for AI-driven natural language search. at our capital markets day in early 2024 we outlined our vision for ai-driven natural language search Today, that vision is fully live across semantic, elastic, and agentic search. today that vision is fully live across semantic elastic and agentic search First, AI-powered filter search. first ai-powered filter search User describe what they want in natural language and receive relevant results instantly, including image-based search. user describe what they want in natural language and receive relevant results instantly including image-based search Second, HeyImmo, our specialized real estate LLM. second heyimmo our specialized real estate llm It is built on 28 years of proprietary behavioral and transaction data, combined with exclusive residential and commercial inventory across our ecosystem. it is built on 28 years of proprietary behavioral and transaction data combined with exclusive residential and commercial inventory across our ecosystem This enables contextual accuracy that generic LLMs cannot replicate. this enables contextual accuracy that generic llms cannot replicate We are seeing strong user growth and engagement. we are seeing strong user growth and engagement Third, we integrate with external LLMs as audience extension. Through our ChatGPT app integration, ImmoScout connects users directly back to our platform for engagement and transaction execution. Referral traffic from LLMs remains insignificant at 0.4% in December and below last year's peak levels. General AI models will need trusted platforms with proprietary data to deliver a strong real estate experience. That is where Scout24 plays a central role. Our backend for agents is Propstack, our fully cloud-based software platform. This is where agents run their business. They manage contacts, listings, marketing, and their pipeline. It also serves as a marketplace for Scout24 products and partner integrations, many powered by AI. AI is embedded directly into these workflows. More than 30,000 AI actions have already been executed. Voice to Listing reduces listing creation time by over 80%. These are real productivity gains. Third, we integrate with external LLMs as audience extension. third we integrate with external llms as audience extension Through our ChatGPT app integration, ImmoScout connects users directly back to our platform for engagement and transaction execution. through our chatgpt app integration immoscout connects users directly back to our platform for engagement and transaction execution Referral traffic from LLMs remains insignificant at 0.4% in December and below last year's peak levels. referral traffic from llms remains insignificant at 0.4% in december and below last year's peak levels General AI models will need trusted platforms with proprietary data to deliver a strong real estate experience. general ai models will need trusted platforms with proprietary data to deliver a strong real estate experience That is where Scout24 plays a central role. that is where scout24 plays a central role Our backend for agents is Propstack, our fully cloud-based software platform. our backend for agents is propstack our fully cloud-based software platform This is where agents run their business. this is where agents run their business They manage contacts, listings, marketing, and their pipeline. they manage contacts listings marketing and their pipeline It also serves as a marketplace for Scout24 products and partner integrations, many powered by AI. it also serves as a marketplace for scout24 products and partner integrations many powered by ai AI is embedded directly into these workflows. ai is embedded directly into these workflows More than 30,000 AI actions have already been executed. more than 30,000 ai actions have already been executed Voice to Listing reduces listing creation time by over 80%. voice to listing reduces listing creation time by over 80% These are real productivity gains. these are real productivity gains We estimate our market share in Germany at around 30%, and it is growing. We are on track to become market leader. Propstack significantly increases our relevance by covering a large part of the agent value chain, and we are taking the next step. Our ambition is clear: to transform Propstack into agentic AI, software that not only documents workflows but actively drives them. Software that helps agents prioritize leads, draft communication, prepare listings, and move transactions forward. We will share more at our Capital Markets Day in 2026. At our Capital Markets Day in 2024, we committed to building a scalable technology platform and deploying AI internally to improve efficiency. Today, we operate a very cost-effective tech platform and one integrated builder organization serving all three customer groups. We build our product solutions centrally and deploy them across consumers, professionals, and homeowners. We estimate our market share in Germany at around 30%, and it is growing. we estimate our market share in germany at around 30% and it is growing We are on track to become market leader. we are on track to become market leader Propstack significantly increases our relevance by covering a large part of the agent value chain, and we are taking the next step. propstack significantly increases our relevance by covering a large part of the agent value chain and we are taking the next step Our ambition is clear: to transform Propstack into agentic AI, software that not only documents workflows but actively drives them. our ambition is clear to transform propstack into agentic ai software that not only documents workflows but actively drives them Software that helps agents prioritize leads, draft communication, prepare listings, and move transactions forward. software that helps agents prioritize leads draft communication prepare listings and move transactions forward We will share more at our Capital Markets Day in 2026. we will share more at our capital markets day in 2026 At our Capital Markets Day in 2024, we committed to building a scalable technology platform and deploying AI internally to improve efficiency. at our capital markets day in 2024 we committed to building a scalable technology platform and deploying ai internally to improve efficiency Today, we operate a very cost-effective tech platform and one integrated builder organization serving all three customer groups. today we operate a very cost-effective tech platform and one integrated builder organization serving all three customer groups We build our product solutions centrally and deploy them across consumers, professionals, and homeowners. we build our product solutions centrally and deploy them across consumers professionals and homeowners This allows us to grow without increasing complexity or capacity. The impact is visible in our cost structure. Personnel, our largest cost bucket, has remained broadly stable in an organic level over the past three years, despite continued revenue growth. At the same time, we continue to invest in technology and AI to enable that leverage. Even as we invest further, IT costs grow at a disciplined mid-single-digit rate and represents only around 9% of our total cost base. The structural leverage is reflected in our margins. Ordinary operating EBITDA increased from 59.7% in 2023 to 62.5% in 2025, and we continue to see further margin expansion over the next years. Technology and AI are structurally increasing our profitability. Turning to page 12. Our CMD 2026 will define the next chapter of Scout24. This allows us to grow without increasing complexity or capacity. this allows us to grow without increasing complexity or capacity The impact is visible in our cost structure. the impact is visible in our cost structure Personnel, our largest cost bucket, has remained broadly stable in an organic level over the past three years, despite continued revenue growth. personnel our largest cost bucket has remained broadly stable in an organic level over the past three years despite continued revenue growth At the same time, we continue to invest in technology and AI to enable that leverage. at the same time we continue to invest in technology and ai to enable that leverage Even as we invest further, IT costs grow at a disciplined mid-single-digit rate and represents only around 9% of our total cost base. even as we invest further it costs grow at a disciplined mid-single-digit rate and represents only around 9% of our total cost base The structural leverage is reflected in our margins. the structural leverage is reflected in our margins Ordinary operating EBITDA increased from 59.7% in 2023 to 62.5% in 2025, and we continue to see further margin expansion over the next years. ordinary operating ebitda increased from 59.7% in 2023 to 62.5% in 2025 and we continue to see further margin expansion over the next years Technology and AI are structurally increasing our profitability. technology and ai are structurally increasing our profitability Turning to page 12. turning to page 12 Our CMD 2026 will define the next chapter of Scout24. our cmd 2026 will define the next chapter of scout24 We have evolved beyond classifieds into the digital back end of German real estate. AI is strengthening our platform and our proprietary data advantage. As our products become more personalized and more automated, our ecosystem becomes more valuable, and our competitive moats deepen. We will present the next evolution of our ecosystem, the acceleration B2C expansion, and further scaling of our B2B leadership. We will also introduce updated midterm targets for 2027-2029, including higher margin ambition. Let me close with a few key takeaways on page 13. In 2025, we delivered what we set out to deliver. That is Scout24. We set clear targets, and we execute, while continuing to invest in technology and AI. Our ecosystem is increasingly central to the German real estate market. We are deeply embedded across stakeholders, workflows, and data, and that position continues to strengthen. We have evolved beyond classifieds into the digital back end of German real estate. we have evolved beyond classifieds into the digital back end of german real estate AI is strengthening our platform and our proprietary data advantage. ai is strengthening our platform and our proprietary data advantage As our products become more personalized and more automated, our ecosystem becomes more valuable, and our competitive moats deepen. as our products become more personalized and more automated our ecosystem becomes more valuable and our competitive moats deepen We will present the next evolution of our ecosystem, the acceleration B2C expansion, and further scaling of our B2B leadership. we will present the next evolution of our ecosystem the acceleration b2c expansion and further scaling of our b2b leadership We will also introduce updated midterm targets for 2027-2029, including higher margin ambition. we will also introduce updated midterm targets for 2027-2029 including higher margin ambition Let me close with a few key takeaways on page 13. let me close with a few key takeaways on page 13 In 2025, we delivered what we set out to deliver. in 2025 we delivered what we set out to deliver That is Scout24. that is scout24 We set clear targets, and we execute, while continuing to invest in technology and AI. we set clear targets and we execute while continuing to invest in technology and ai Our ecosystem is increasingly central to the German real estate market. our ecosystem is increasingly central to the german real estate market We are deeply embedded across stakeholders, workflows, and data, and that position continues to strengthen. we are deeply embedded across stakeholders workflows and data and that position continues to strengthen We have shown that disciplined investment and margin expansion are not mutually exclusive. Innovation and profitability reinforce each other. AI is already making our products more personalized and automated. It increases the value of our data and strengthens our competitive moats. With this foundation, we expect to deliver again in 2026. At our next CMD, we will outline the next chapter, including further margin ambition. Before handing over to Dirk, I would like to thank him personally. Working with you over the past 6 years has been a pleasure. You have powered our financial profile, expanded margins, improved cash generation, and built a strong finance organization. Dirk, thank you for your leadership, your partnership, and your commitment. On a personal note and on behalf of the entire Scout24 leadership team, we wish you all the very best in your next chapter. With that, I hand over to you. We have shown that disciplined investment and margin expansion are not mutually exclusive. we have shown that disciplined investment and margin expansion are not mutually exclusive Innovation and profitability reinforce each other. innovation and profitability reinforce each other AI is already making our products more personalized and automated. ai is already making our products more personalized and automated It increases the value of our data and strengthens our competitive moats. it increases the value of our data and strengthens our competitive moats With this foundation, we expect to deliver again in 2026. with this foundation we expect to deliver again in 2026 At our next CMD, we will outline the next chapter, including further margin ambition. at our next cmd we will outline the next chapter including further margin ambition Before handing over to Dirk, I would like to thank him personally. before handing over to dirk i would like to thank him personally Working with you over the past 6 years has been a pleasure. working with you over the past 6 years has been a pleasure You have powered our financial profile, expanded margins, improved cash generation, and built a strong finance organization. you have powered our financial profile expanded margins improved cash generation and built a strong finance organization Dirk, thank you for your leadership, your partnership, and your commitment. dirk thank you for your leadership your partnership and your commitment On a personal note and on behalf of the entire Scout24 leadership team, we wish you all the very best in your next chapter. on a personal note and on behalf of the entire scout24 leadership team we wish you all the very best in your next chapter With that, I hand over to you. with that i hand over to you

Speaker 2: Thank you, Ralf, and good afternoon, everyone. 2025 was an excellent financial year for Scout24. Revenue grew 15% to EUR 649.6 million. Ordinary operating EBITDA increased 16.5%, and adjusted EPS rose 19.6%. We delivered strong operating leverage. The margin expanded by 100 basis points to 62.5%, while continuing to invest in product, AI, and the integration of acquisitions. Cash generation remains a core strength of our model. Operating cash flow reached EUR 284.8 million, up 11%. Turning to page 16 and the professional segment. Revenue grew 14.8% in 2025 to EUR 470.5 million, driven by subscription growth of 15.4%. Average customers increased 5.7% to 26,027. Thank you, Ralf, and good afternoon, everyone. 2025 was an excellent financial year for Scout24. thank you ralf and good afternoon everyone 2025 was an excellent financial year for scout24 Revenue grew 15% to EUR 649.6 million. revenue grew 15% to eur 649.6 million Ordinary operating EBITDA increased 16.5%, and adjusted EPS rose 19.6%. ordinary operating ebitda increased 16.5% and adjusted eps rose 19.6% We delivered strong operating leverage. we delivered strong operating leverage The margin expanded by 100 basis points to 62.5%, while continuing to invest in product, AI, and the integration of acquisitions. the margin expanded by 100 basis points to 62.5% while continuing to invest in product ai and the integration of acquisitions Cash generation remains a core strength of our model. cash generation remains a core strength of our model Operating cash flow reached EUR 284.8 million, up 11%. operating cash flow reached eur 284.8 million up 11% Turning to page 16 and the professional segment. turning to page 16 and the professional segment Revenue grew 14.8% in 2025 to EUR 470.5 million, driven by subscription growth of 15.4%. revenue grew 14.8% in 2025 to eur 470.5 million driven by subscription growth of 15.4% Average customers increased 5.7% to 26,027. average customers increased 5.7% to 26,027 We completed over 5,000 migrations, bringing adoption of the new membership model to around 60% of the base. Growth was particularly strong in the Bronze tier, creating further up-migration opportunities ahead. Subscription momentum and new customer wins have continued into January and February 2026. ARPU increased 9.5% for the full year and accelerated further in Q4. Transaction enablement revenue grew 17.5%, supported by CRM expansion and M&A contributions. Overall lead demand remains muted. Homeowner lead products showed solid momentum, growing 9% in 2025. Ordinary operating EBITDA rose 14.5% to EUR 292.9 million. The professional ordinary operating EBITDA margin remained strong at 62.3% for full year 2025. In Q4, the margin increased to 63.4%. We completed over 5,000 migrations, bringing adoption of the new membership model to around 60% of the base. we completed over 5,000 migrations bringing adoption of the new membership model to around 60% of the base Growth was particularly strong in the Bronze tier, creating further up-migration opportunities ahead. growth was particularly strong in the bronze tier creating further up-migration opportunities ahead Subscription momentum and new customer wins have continued into January and February 2026. subscription momentum and new customer wins have continued into january and february 2026 ARPU increased 9.5% for the full year and accelerated further in Q4. arpu increased 9.5% for the full year and accelerated further in q4 Transaction enablement revenue grew 17.5%, supported by CRM expansion and M&A contributions. transaction enablement revenue grew 17.5% supported by crm expansion and m&a contributions Overall lead demand remains muted. overall lead demand remains muted Homeowner lead products showed solid momentum, growing 9% in 2025. homeowner lead products showed solid momentum growing 9% in 2025 Ordinary operating EBITDA rose 14.5% to EUR 292.9 million. ordinary operating ebitda rose 14.5% to eur 292.9 million The professional ordinary operating EBITDA margin remained strong at 62.3% for full year 2025. the professional ordinary operating ebitda margin remained strong at 62.3% for full year 2025 In Q4, the margin increased to 63.4%. in q4 the margin increased to 63.4% Acquisition-related dilution was fully offset through operational improvements, keeping margins at a structurally high level. Turning to the private segment on page 17. The segment delivered strong performance in 2025. Revenue increased 14.5% to EUR 179 million, driven by subscription growth of 18.8% and strong PPA performance. The average customer base expanded 14% year-over-year to approximately 507,000. Q4 included a temporary adjustment related to our system migration. ARPU increased 4.2% for the full year. As expected, growth moderated in Q4 as we lapped the Schufa monetization benefit. PPA delivered a strong performance, growing 10.9% for the full year and accelerating further in Q4. Growth was supported by improving market activity, product simplification, increasing brand strengths, and targeted marketing initiatives. Acquisition-related dilution was fully offset through operational improvements, keeping margins at a structurally high level. acquisition-related dilution was fully offset through operational improvements keeping margins at a structurally high level Turning to the private segment on page 17. turning to the private segment on page 17 The segment delivered strong performance in 2025. the segment delivered strong performance in 2025 Revenue increased 14.5% to EUR 179 million, driven by subscription growth of 18.8% and strong PPA performance. revenue increased 14.5% to eur 179 million driven by subscription growth of 18.8% and strong ppa performance The average customer base expanded 14% year-over-year to approximately 507,000. the average customer base expanded 14% year-over-year to approximately 507,000 Q4 included a temporary adjustment related to our system migration. q4 included a temporary adjustment related to our system migration ARPU increased 4.2% for the full year. arpu increased 4.2% for the full year As expected, growth moderated in Q4 as we lapped the Schufa monetization benefit. as expected growth moderated in q4 as we lapped the schufa monetization benefit PPA delivered a strong performance, growing 10.9% for the full year and accelerating further in Q4. ppa delivered a strong performance growing 10.9% for the full year and accelerating further in q4 Growth was supported by improving market activity, product simplification, increasing brand strengths, and targeted marketing initiatives. growth was supported by improving market activity product simplification increasing brand strengths and targeted marketing initiatives Ordinary operating EBITDA increased 22.3% to EUR 112.8 million. Margin expanded by 4 percentage points to 63%, demonstrating the scalability of the subscription model and strong operating leverage. Turning to page 18. Operating expenses increased 9.6% in 2025, largely driven by the consolidation of recent acquisitions. Organically, cost growth remained disciplined. Personnel costs increased on a reported basis due to M&A, but remained broadly stable organically, despite continued revenue growth and investment in technology and AI. To build on Ralf's remarks, we continue to invest in AI and technology while keeping IT costs under control. IT expenses increased 14% for the full year and only 4% in Q4, despite the significant product launches you have seen across search and other areas. Marketing expenses were organically flat, with efficiency gains offsetting selective brand investments. Ordinary operating EBITDA increased 22.3% to EUR 112.8 million. ordinary operating ebitda increased 22.3% to eur 112.8 million Margin expanded by 4 percentage points to 63%, demonstrating the scalability of the subscription model and strong operating leverage. margin expanded by 4 percentage points to 63% demonstrating the scalability of the subscription model and strong operating leverage Turning to page 18. turning to page 18 Operating expenses increased 9.6% in 2025, largely driven by the consolidation of recent acquisitions. operating expenses increased 9.6% in 2025 largely driven by the consolidation of recent acquisitions Organically, cost growth remained disciplined. organically cost growth remained disciplined Personnel costs increased on a reported basis due to M&A, but remained broadly stable organically, despite continued revenue growth and investment in technology and AI. personnel costs increased on a reported basis due to m&a but remained broadly stable organically despite continued revenue growth and investment in technology and ai To build on Ralf's remarks, we continue to invest in AI and technology while keeping IT costs under control. to build on ralf's remarks we continue to invest in ai and technology while keeping it costs under control IT expenses increased 14% for the full year and only 4% in Q4, despite the significant product launches you have seen across search and other areas. it expenses increased 14% for the full year and only 4% in q4 despite the significant product launches you have seen across search and other areas Marketing expenses were organically flat, with efficiency gains offsetting selective brand investments. marketing expenses were organically flat with efficiency gains offsetting selective brand investments Purchasing costs grew most strongly, driven by higher valuation volumes and increased service components within B2C memberships. Overall, we maintained cost discipline while investing strategically. As a result, ordinary operating EBITDA increased 16.5% to EUR 405.7 million, and the margin expanded by 100 basis points to 62.5%, demonstrating continued operating leverage. Turning to page 19, where we show the items below ordinary operating EBITDA. Non-operating effects increased in 2025, driven by M&A-related expenses and higher share-based compensation linked to share price development. I will comment on these positions on the next page. D&A increased moderately, mainly reflecting acquisition-related PPA amortization. The financial result improved compared to last year, supported by lower subsequent measurement effects on M&A purchase price liabilities and reduced interest expenses. Purchasing costs grew most strongly, driven by higher valuation volumes and increased service components within B2C memberships. purchasing costs grew most strongly driven by higher valuation volumes and increased service components within b2c memberships Overall, we maintained cost discipline while investing strategically. overall we maintained cost discipline while investing strategically As a result, ordinary operating EBITDA increased 16.5% to EUR 405.7 million, and the margin expanded by 100 basis points to 62.5%, demonstrating continued operating leverage. as a result ordinary operating ebitda increased 16.5% to eur 405.7 million and the margin expanded by 100 basis points to 62.5% demonstrating continued operating leverage Turning to page 19, where we show the items below ordinary operating EBITDA. turning to page 19 where we show the items below ordinary operating ebitda Non-operating effects increased in 2025, driven by M&A-related expenses and higher share-based compensation linked to share price development. non-operating effects increased in 2025 driven by m&a-related expenses and higher share-based compensation linked to share price development I will comment on these positions on the next page. i will comment on these positions on the next page D&A increased moderately, mainly reflecting acquisition-related PPA amortization. d&a increased moderately mainly reflecting acquisition-related ppa amortization The financial result improved compared to last year, supported by lower subsequent measurement effects on M&A purchase price liabilities and reduced interest expenses. the financial result improved compared to last year supported by lower subsequent measurement effects on m&a purchase price liabilities and reduced interest expenses This was partially offset by negative foreign exchange effects due to the depreciation of the US dollar. On taxes, the year benefited from EUR 46 million one-time deferred tax gain following the reduction of the German corporate tax rate from 2028 onwards. This led to a temporary reduction of the effective tax rate to 14.5% in 2025. Net income increased to EUR 240 million, and basic EPS rose to EUR 3.33. Adjusted net income and adjusted EPS also grew strongly, with adjusted EPS up 19.6% to EUR 3.47. Finally, the weighted average share count declined by 1.4% due to our share buyback program, further supporting EPS growth. Now let's turn to page 20 and walk through the bridge from reported to adjusted net income. This was partially offset by negative foreign exchange effects due to the depreciation of the US dollar. this was partially offset by negative foreign exchange effects due to the depreciation of the us dollar On taxes, the year benefited from EUR 46 million one-time deferred tax gain following the reduction of the German corporate tax rate from 2028 onwards. on taxes the year benefited from eur 46 million one-time deferred tax gain following the reduction of the german corporate tax rate from 2028 onwards This led to a temporary reduction of the effective tax rate to 14.5% in 2025. this led to a temporary reduction of the effective tax rate to 14.5% in 2025 Net income increased to EUR 240 million, and basic EPS rose to EUR 3.33. net income increased to eur 240 million and basic eps rose to eur 3.33 Adjusted net income and adjusted EPS also grew strongly, with adjusted EPS up 19.6% to EUR 3.47. adjusted net income and adjusted eps also grew strongly with adjusted eps up 19.6% to eur 3.47 Finally, the weighted average share count declined by 1.4% due to our share buyback program, further supporting EPS growth. finally the weighted average share count declined by 1.4% due to our share buyback program further supporting eps growth Now let's turn to page 20 and walk through the bridge from reported to adjusted net income. now let's turn to page 20 and walk through the bridge from reported to adjusted net income Non-operating effects, excluding share-based compensation, increased during the year, primarily driven by M&A-related items, including earn-out revaluations related to Sprengnetter and Neubaur Kompass, as well as transaction costs associated with the Spain acquisition. Share-based compensation increased year-on-year, mainly driven by higher share price levels during most of 2025, as well as strong performance factors. We expect share-based compensation to decline in 2026, which I will address in more detail on the guidance slide. The tax bar reflects the reversal of the one-off time deferred tax revaluation benefit recorded in 2025. Importantly, the majority of these non-operating effects are non-cash in nature. Speaking of cash, now turning to page 21 and cash flow. Free cash flow for the full year 2025 amounted to EUR 253.1 million, representing growth of 13% year-on-year. Non-operating effects, excluding share-based compensation, increased during the year, primarily driven by M&A-related items, including earn-out revaluations related to Sprengnetter and Neubaur Kompass, as well as transaction costs associated with the Spain acquisition. non-operating effects excluding share-based compensation increased during the year primarily driven by m&a-related items including earn-out revaluations related to sprengnetter and neubaur kompass as well as transaction costs associated with the spain acquisition Share-based compensation increased year-on-year, mainly driven by higher share price levels during most of 2025, as well as strong performance factors. share-based compensation increased year-on-year mainly driven by higher share price levels during most of 2025 as well as strong performance factors We expect share-based compensation to decline in 2026, which I will address in more detail on the guidance slide. we expect share-based compensation to decline in 2026 which i will address in more detail on the guidance slide The tax bar reflects the reversal of the one-off time deferred tax revaluation benefit recorded in 2025. the tax bar reflects the reversal of the one-off time deferred tax revaluation benefit recorded in 2025 Importantly, the majority of these non-operating effects are non-cash in nature. importantly the majority of these non-operating effects are non-cash in nature Speaking of cash, now turning to page 21 and cash flow. speaking of cash now turning to page 21 and cash flow Free cash flow for the full year 2025 amounted to EUR 253.1 million, representing growth of 13% year-on-year. free cash flow for the full year 2025 amounted to eur 253.1 million representing growth of 13% year-on-year This reflects our strong operating performance, solid cash conversion, and the fact that a significant portion of non-operating costs are non-cash items. Free cash flow conversion remains strong, corresponding to 101% of adjusted net income and 62% of ordinary operating EBITDA. Turning to page 22, to leverage and capital allocation. At year-end 2025, net debt stood at EUR 144.5 million, resulting in a leverage ratio of 0.36x, supported by strong cash generation and disciplined capital management. In 2025, we returned significant capital to shareholders. We allocated EUR 124.3 million to share buybacks over the full year and paid a dividend of EUR 95.4 million. This reflects our strong operating performance, solid cash conversion, and the fact that a significant portion of non-operating costs are non-cash items. this reflects our strong operating performance solid cash conversion and the fact that a significant portion of non-operating costs are non-cash items Free cash flow conversion remains strong, corresponding to 101% of adjusted net income and 62% of ordinary operating EBITDA. free cash flow conversion remains strong corresponding to 101% of adjusted net income and 62% of ordinary operating ebitda Turning to page 22, to leverage and capital allocation. turning to page 22 to leverage and capital allocation At year-end 2025, net debt stood at EUR 144.5 million, resulting in a leverage ratio of 0.36x, supported by strong cash generation and disciplined capital management. at year-end 2025 net debt stood at eur 144.5 million resulting in a leverage ratio of 0.36x supported by strong cash generation and disciplined capital management In 2025, we returned significant capital to shareholders. in 2025 we returned significant capital to shareholders We allocated EUR 124.3 million to share buybacks over the full year and paid a dividend of EUR 95.4 million. we allocated eur 124.3 million to share buybacks over the full year and paid a dividend of eur 95.4 million As of Monday, we have already executed EUR 47 million of the initial EUR 100 million share buyback program, demonstrating our continued commitment to disciplined capital return. Moving to the guidance on page 23. For the 2026 financial year, we expect group revenue growth in the range of 16%-18%. 6 to 7 percentage points of that growth are expected to come from Spain. This reflects approximately 10 months of contribution, as we expect to close the transaction tomorrow. In terms of profitability, we expect the group ordinary operating EBITDA margin to be up to 61%. Excluding Spain, the organic ordinary operating EBITDA margin is expected to be up to 64%, reflecting continued operating leverage in our core German business. A few phasing comments to 2026. As of Monday, we have already executed EUR 47 million of the initial EUR 100 million share buyback program, demonstrating our continued commitment to disciplined capital return. as of monday we have already executed eur 47 million of the initial eur 100 million share buyback program demonstrating our continued commitment to disciplined capital return Moving to the guidance on page 23. moving to the guidance on page 23 For the 2026 financial year, we expect group revenue growth in the range of 16%-18%. 6 to 7 percentage points of that growth are expected to come from Spain. for the 2026 financial year we expect group revenue growth in the range of 16%-18%. 6 to 7 percentage points of that growth are expected to come from spain This reflects approximately 10 months of contribution, as we expect to close the transaction tomorrow. this reflects approximately 10 months of contribution as we expect to close the transaction tomorrow In terms of profitability, we expect the group ordinary operating EBITDA margin to be up to 61%. in terms of profitability we expect the group ordinary operating ebitda margin to be up to 61% Excluding Spain, the organic ordinary operating EBITDA margin is expected to be up to 64%, reflecting continued operating leverage in our core German business. excluding spain the organic ordinary operating ebitda margin is expected to be up to 64% reflecting continued operating leverage in our core german business A few phasing comments to 2026. a few phasing comments to 2026 Our B2B membership business has started the year strongly, supported by sustained demand and continued new customer acquisition. Churn entering 2026 is lower compared to the prior year, providing a solid foundation. In B2C, we are testing new product tiering and pricing initiatives. This may impact growth rates in the first quarter. As a result, organic growth in Q1 might be a bit softer, with acceleration expected from the second quarter onwards. Overall, we expect growth to build as the year progresses, consistent with our full year guidance. Regarding share-based compensation, we expect cost for 2026 to be in the range of EUR 15 million-EUR 20 million. If the share price remains at current levels, the lower end of the range is more likely. Our B2B membership business has started the year strongly, supported by sustained demand and continued new customer acquisition. our b2b membership business has started the year strongly supported by sustained demand and continued new customer acquisition Churn entering 2026 is lower compared to the prior year, providing a solid foundation. churn entering 2026 is lower compared to the prior year providing a solid foundation In B2C, we are testing new product tiering and pricing initiatives. in b2c we are testing new product tiering and pricing initiatives This may impact growth rates in the first quarter. this may impact growth rates in the first quarter As a result, organic growth in Q1 might be a bit softer, with acceleration expected from the second quarter onwards. as a result organic growth in q1 might be a bit softer with acceleration expected from the second quarter onwards Overall, we expect growth to build as the year progresses, consistent with our full year guidance. overall we expect growth to build as the year progresses consistent with our full year guidance Regarding share-based compensation, we expect cost for 2026 to be in the range of EUR 15 million-EUR 20 million. regarding share-based compensation we expect cost for 2026 to be in the range of eur 15 million-eur 20 million If the share price remains at current levels, the lower end of the range is more likely. if the share price remains at current levels the lower end of the range is more likely On the implied ordinary operating EBITDA contribution from Spain, this includes one-off transition-related costs, such as TSA arrangements, which are recorded as operating expenses and therefore impact ordinary operating EBITDA. These effects are expected to unwind from 2027 onwards. Overall, we are confident in our 2026 guidance and the momentum across the business. In particular, the up to 64% organic ordinary operating EBITDA margin exceeds the 2026 target communicated at CMD 2024. We will provide an updated, increased midterm margin ambition at our Capital Markets Day in May. Turning to page 24. Our Capital Markets Day will take place on May 12th, 2026. As Ralf mentioned earlier, the company will present its updated strategic framework and midterm financial ambition in more detail. It will provide a comprehensive view on the next stage of Scout24's development. On the implied ordinary operating EBITDA contribution from Spain, this includes one-off transition-related costs, such as TSA arrangements, which are recorded as operating expenses and therefore impact ordinary operating EBITDA. on the implied ordinary operating ebitda contribution from spain this includes one-off transition-related costs such as tsa arrangements which are recorded as operating expenses and therefore impact ordinary operating ebitda These effects are expected to unwind from 2027 onwards. these effects are expected to unwind from 2027 onwards Overall, we are confident in our 2026 guidance and the momentum across the business. overall we are confident in our 2026 guidance and the momentum across the business In particular, the up to 64% organic ordinary operating EBITDA margin exceeds the 2026 target communicated at CMD 2024. in particular the up to 64% organic ordinary operating ebitda margin exceeds the 2026 target communicated at cmd 2024 We will provide an updated, increased midterm margin ambition at our Capital Markets Day in May. we will provide an updated increased midterm margin ambition at our capital markets day in may Turning to page 24. turning to page 24 Our Capital Markets Day will take place on May 12th, 2026. our capital markets day will take place on may 12th 2026 As Ralf mentioned earlier, the company will present its updated strategic framework and midterm financial ambition in more detail. as ralf mentioned earlier the company will present its updated strategic framework and midterm financial ambition in more detail It will provide a comprehensive view on the next stage of Scout24's development. it will provide a comprehensive view on the next stage of scout24's development Before we conclude, I would like to say a few personal words. After more than six years as CFO of Scout24, this will be my final earnings call. It has been a privilege to help shape the financial and strategic development of this company during a period of strong growth and transformation. Together, we accelerated growth, strengthened profitability, improved capital allocation discipline, expanded our ecosystem, and positioned Scout24 as a scalable, resilient business. I would like to thank Ralf, Gesa, and the entire leadership team for the close and constructive partnership over the years. Our collaboration has been built on trust, strategic clarity, and disciplined execution. It has been fun working with you. I would like to thank my directs and the entire Scout24 team for their dedication and execution, and of course, our shareholders, for their trust and support. Before we conclude, I would like to say a few personal words. before we conclude i would like to say a few personal words After more than six years as CFO of Scout24, this will be my final earnings call. after more than six years as cfo of scout24 this will be my final earnings call It has been a privilege to help shape the financial and strategic development of this company during a period of strong growth and transformation. it has been a privilege to help shape the financial and strategic development of this company during a period of strong growth and transformation Together, we accelerated growth, strengthened profitability, improved capital allocation discipline, expanded our ecosystem, and positioned Scout24 as a scalable, resilient business. together we accelerated growth strengthened profitability improved capital allocation discipline expanded our ecosystem and positioned scout24 as a scalable resilient business I would like to thank Ralf, Gesa, and the entire leadership team for the close and constructive partnership over the years. i would like to thank ralf gesa and the entire leadership team for the close and constructive partnership over the years Our collaboration has been built on trust, strategic clarity, and disciplined execution. our collaboration has been built on trust strategic clarity and disciplined execution It has been fun working with you. it has been fun working with you I would like to thank my directs and the entire Scout24 team for their dedication and execution, and of course, our shareholders, for their trust and support. i would like to thank my directs and the entire scout24 team for their dedication and execution and of course our shareholders for their trust and support Scout24 is in excellent shape, strategically and financially, and I'm confident the company will continue its successful trajectory. Thank you. With that, let's open for questions. Please limit to two questions per speaker. Operator, over to you. Scout24 is in excellent shape, strategically and financially, and I'm confident the company will continue its successful trajectory. scout24 is in excellent shape strategically and financially and i'm confident the company will continue its successful trajectory Thank you. thank you With that, let's open for questions. with that let's open for questions Please limit to two questions per speaker. please limit to two questions per speaker Operator, over to you. operator over to you

Speaker 9: Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. In the interest of time, please limit yourself to two questions. Anyone with a question may press star and one at this time. One moment for the first question, please. The first question comes from Ed Young from Morgan Stanley. Please go ahead. Ladies and gentlemen, we will now begin the question and answer session. ladies and gentlemen we will now begin the question and answer session Anyone who wishes to ask a question may press star and one on their touchtone telephone. anyone who wishes to ask a question may press star and one on their touchtone telephone You will hear a tone to confirm that you have entered the queue. you will hear a tone to confirm that you have entered the queue If you wish to remove yourself from the question queue, you may press star and two. if you wish to remove yourself from the question queue you may press star and two Participants are requested to use only handsets while asking a question. participants are requested to use only handsets while asking a question In the interest of time, please limit yourself to two questions. in the interest of time please limit yourself to two questions Anyone with a question may press star and one at this time. anyone with a question may press star and one at this time One moment for the first question, please. one moment for the first question please The first question comes from Ed Young from Morgan Stanley. the first question comes from ed young from morgan stanley Please go ahead. please go ahead

Speaker 3: Thank you very much. My first question: could you perhaps give a bit more color on the private customer growth development in Q4? You mentioned a system migration impact, also seasonality and user demand. I wonder if you could help quantify what that might be, or build a relative impact of those three different parts, and how we should think about the timeline for new products and tiering there. Second of all, on buyback and capital returns, just wonder if there was any updated thoughts from you, given the divergence between the share price performance, the sort of overall center in the sector, compared to your continued confidence in the business. Thanks. Thank you very much. thank you very much My first question: could you perhaps give a bit more color on the private customer growth development in Q4? my first question could you perhaps give a bit more color on the private customer growth development in q4 You mentioned a system migration impact, also seasonality and user demand. you mentioned a system migration impact also seasonality and user demand I wonder if you could help quantify what that might be, or build a relative impact of those three different parts, and how we should think about the timeline for new products and tiering there. i wonder if you could help quantify what that might be or build a relative impact of those three different parts and how we should think about the timeline for new products and tiering there Second of all, on buyback and capital returns, just wonder if there was any updated thoughts from you, given the divergence between the share price performance, the sort of overall center in the sector, compared to your continued confidence in the business. second of all on buyback and capital returns just wonder if there was any updated thoughts from you given the divergence between the share price performance the sort of overall center in the sector compared to your continued confidence in the business Thanks. thanks

Speaker 2: Hi, Ed. Thanks very much. It's Dirk. Let me start off with the second question you raised with regards to capital allocation. As you are probably aware, we announced a EUR 500 million buyback program in December last year. We started that with the first tranche of EUR 100 million early January this year, and we're now down the road, I think of EUR 50 million roundabout that we already bought back. Hi, Ed. hi ed Thanks very much. thanks very much It's Dirk. it's dirk Let me start off with the second question you raised with regards to capital allocation. let me start off with the second question you raised with regards to capital allocation As you are probably aware, we announced a EUR 500 million buyback program in December last year. as you are probably aware we announced a eur 500 million buyback program in december last year We started that with the first tranche of EUR 100 million early January this year, and we're now down the road, I think of EUR 50 million roundabout that we already bought back. we started that with the first tranche of eur 100 million early january this year and we're now down the road i think of eur 50 million roundabout that we already bought back ... Of course, you can imagine that we, as executives of this company, are convinced that the intrinsic value of the company is higher than what we see at the moment, given the recent backdrops at the capital markets. We are still discussing and continue to discuss additional share buyback programs with the board and within the management board, and we will update you as soon as we have new information. On the private growth with regards to third and fourth quarter, some of you know that we changed our ERP system last year, and the biggest chunk of change here was the order to cash module, and we changed that in the transition from the third to the fourth quarter. ... Of course, you can imagine that we, as executives of this company, are convinced that the intrinsic value of the company is higher than what we see at the moment, given the recent backdrops at the capital markets. of course you can imagine that we as executives of this company are convinced that the intrinsic value of the company is higher than what we see at the moment given the recent backdrops at the capital markets We are still discussing and continue to discuss additional share buyback programs with the board and within the management board, and we will update you as soon as we have new information. we are still discussing and continue to discuss additional share buyback programs with the board and within the management board and we will update you as soon as we have new information On the private growth with regards to third and fourth quarter, some of you know that we changed our ERP system last year, and the biggest chunk of change here was the order to cash module, and we changed that in the transition from the third to the fourth quarter. on the private growth with regards to third and fourth quarter some of you know that we changed our erp system last year and the biggest chunk of change here was the order to cash module and we changed that in the transition from the third to the fourth quarter In that transition, there were a few customers which we kept in the systems in the third quarter and only deleted out of the system, so to say, in their data in the fourth quarter, and that came to a slight change and a slight delay. If you look at the numbers around that, I think you should deduct around 2 percentage points in Q3 and put another 2 percentage points in Q4 on growth. That will bring you roughly there where we are. Apart from that, I think we're quite optimistic when it comes to the 2026 growth in private subscribers. Ralf will elaborate a bit more on the initiatives we're putting forward there. For this, for the second part of the first question, I hand over to Ralf. In that transition, there were a few customers which we kept in the systems in the third quarter and only deleted out of the system, so to say, in their data in the fourth quarter, and that came to a slight change and a slight delay. in that transition there were a few customers which we kept in the systems in the third quarter and only deleted out of the system so to say in their data in the fourth quarter and that came to a slight change and a slight delay If you look at the numbers around that, I think you should deduct around 2 percentage points in Q3 and put another 2 percentage points in Q4 on growth. if you look at the numbers around that i think you should deduct around 2 percentage points in q3 and put another 2 percentage points in q4 on growth That will bring you roughly there where we are. that will bring you roughly there where we are Apart from that, I think we're quite optimistic when it comes to the 2026 growth in private subscribers. apart from that i think we're quite optimistic when it comes to the 2026 growth in private subscribers Ralf will elaborate a bit more on the initiatives we're putting forward there. ralf will elaborate a bit more on the initiatives we're putting forward there For this, for the second part of the first question, I hand over to Ralf. for this for the second part of the first question i hand over to ralf

Speaker 10: Yeah. I think, we also reported a bit to you last year that there is a kind of saturation if it comes to the private Plus subscription product. Saturation means not that we are not able to grow in subscriptions because subscription numbers are driven by lifetime in particular, and this is actually what we're working on. The other thing we're working on is actually the tiering, the product tiering. I mean, this product now is the market standard here in Germany, if it comes to real estate search trend. The question is, how can I differentiate as a seeker? We will come up with new product tiers, and we are testing those actively. Yeah. yeah I think, we also reported a bit to you last year that there is a kind of saturation if it comes to the private Plus subscription product. i think we also reported a bit to you last year that there is a kind of saturation if it comes to the private plus subscription product Saturation means not that we are not able to grow in subscriptions because subscription numbers are driven by lifetime in particular, and this is actually what we're working on. saturation means not that we are not able to grow in subscriptions because subscription numbers are driven by lifetime in particular and this is actually what we're working on The other thing we're working on is actually the tiering, the product tiering. the other thing we're working on is actually the tiering the product tiering I mean, this product now is the market standard here in Germany, if it comes to real estate search trend. i mean this product now is the market standard here in germany if it comes to real estate search trend The question is, how can I differentiate as a seeker? the question is how can i differentiate as a seeker We will come up with new product tiers, and we are testing those actively. we will come up with new product tiers and we are testing those actively We started last year. We continue to do this in Q1. What I can say is we see a positive positive impact here to all the KPIs. We are quite optimistic that we can, let's say, launch another rocket for our Plus subscription business. Yeah, that's what I mean. So far, we haven't had a tiering here, as you know. We follow actually the path what we did over the last years in the professional business. It's actually a well-known, let's say, playbook to us. Yeah, that's how you should read it. There's no decline in the subscription base, as Dirk said, right? We changed the ERP system. We started last year. we started last year We continue to do this in Q1. we continue to do this in q1 What I can say is we see a positive positive impact here to all the KPIs. what i can say is we see a positive positive impact here to all the kpis We are quite optimistic that we can, let's say, launch another rocket for our Plus subscription business. we are quite optimistic that we can let's say launch another rocket for our plus subscription business Yeah, that's what I mean. yeah that's what i mean So far, we haven't had a tiering here, as you know. so far we haven't had a tiering here as you know We follow actually the path what we did over the last years in the professional business. we follow actually the path what we did over the last years in the professional business It's actually a well-known, let's say, playbook to us. it's actually a well-known let's say playbook to us Yeah, that's how you should read it. yeah that's how you should read it There's no decline in the subscription base, as Dirk said, right? there's no decline in the subscription base as dirk said right We changed the ERP system. we changed the erp system I mean, the customers, the subscribers been there. We had a payment delay process we changed with the ERP system. That was actually the reason why we, saw the numbers declining in Q4. I mean, the customers, the subscribers been there. i mean the customers the subscribers been there We had a payment delay process we changed with the ERP system. we had a payment delay process we changed with the erp system That was actually the reason why we, saw the numbers declining in Q4. that was actually the reason why we saw the numbers declining in q4

Speaker 2: Thank you. Thank you. thank you

Speaker 9: The next question comes from Will Packer, from BNP Paribas. Please go ahead. The next question comes from Will Packer, from BNP Paribas. the next question comes from will packer from bnp paribas Please go ahead. please go ahead

Speaker 11: Hi, thanks for taking my questions, and Dirk, a big congrats on the Spinters CFO. 2 from me, please. Firstly, you've entered into a wide-ranging partnership with OpenAI across HeyImmo, Enterprise, and of course, the ChatGPT app. Whilst I wouldn't imagine you share specific commercial details, could you share some details around the app? In particular, around data sharing, for example, to what extent do they get insight into your inventory and consumer behavior, or is that in a Scout walled garden? Secondly, in terms of the guidance for Spain for 2026, the margin looks a fair bit lighter than consensus expectations. I imagine the deal timing is a factor, but could you help us through the factors that are weighing on margin in 2026 and how that will impact 2027? Thank you. Hi, thanks for taking my questions, and Dirk, a big congrats on the Spinters CFO. 2 from me, please. hi thanks for taking my questions and dirk a big congrats on the spinters cfo 2 from me please Firstly, you've entered into a wide-ranging partnership with OpenAI across HeyImmo, Enterprise, and of course, the ChatGPT app. firstly you've entered into a wide-ranging partnership with openai across heyimmo enterprise and of course the chatgpt app Whilst I wouldn't imagine you share specific commercial details, could you share some details around the app? whilst i wouldn't imagine you share specific commercial details could you share some details around the app In particular, around data sharing, for example, to what extent do they get insight into your inventory and consumer behavior, or is that in a Scout walled garden? in particular around data sharing for example to what extent do they get insight into your inventory and consumer behavior or is that in a scout walled garden Secondly, in terms of the guidance for Spain for 2026, the margin looks a fair bit lighter than consensus expectations. secondly in terms of the guidance for spain for 2026 the margin looks a fair bit lighter than consensus expectations I imagine the deal timing is a factor, but could you help us through the factors that are weighing on margin in 2026 and how that will impact 2027? i imagine the deal timing is a factor but could you help us through the factors that are weighing on margin in 2026 and how that will impact 2027 Thank you. thank you

Speaker 10: Yeah, I can start, Dirk. Maybe you can jump in then. To your first question, regarding the ChatGPT cooperation here. First of all, we don't pay for this app, right? I mean, it's we built the app. This is actually an API wrapper, we call it. You get access via API to our listing, let's say, database. We are not giving access to proprietary data we have in the system. This is guarded behind lock and vaults and everything. If you want to contact somebody on the listing and so on, you have to do it in our ecosystem. AI wrapper means it's actually you funnel the traffic from ChatGPT into our system directly. Yeah, I can start, Dirk. yeah i can start dirk Maybe you can jump in then. maybe you can jump in then To your first question, regarding the ChatGPT cooperation here. to your first question regarding the chatgpt cooperation here First of all, we don't pay for this app, right? first of all we don't pay for this app right I mean, it's we built the app. i mean it's we built the app This is actually an API wrapper, we call it. this is actually an api wrapper we call it You get access via API to our listing, let's say, database. you get access via api to our listing let's say database We are not giving access to proprietary data we have in the system. we are not giving access to proprietary data we have in the system This is guarded behind lock and vaults and everything. this is guarded behind lock and vaults and everything If you want to contact somebody on the listing and so on, you have to do it in our ecosystem. if you want to contact somebody on the listing and so on you have to do it in our ecosystem AI wrapper means it's actually you funnel the traffic from ChatGPT into our system directly. ai wrapper means it's actually you funnel the traffic from chatgpt into our system directly It's not that they're taking over customer data, ever, it's just they are able to search, to execute a search on our listing database, which is publicly available anyway, more or less. If you want to do more, you execute everything on our website. You can experience that, right? You start the search, you get the results immediately. If you click on the results, you land immediately on our website, you also continue there the search. Actually, what we see so far is that the traction is okay-ish, but it's not really there's no exponential growth as people might expect, I don't know. It's not that they're taking over customer data, ever, it's just they are able to search, to execute a search on our listing database, which is publicly available anyway, more or less. it's not that they're taking over customer data ever it's just they are able to search to execute a search on our listing database which is publicly available anyway more or less If you want to do more, you execute everything on our website. if you want to do more you execute everything on our website You can experience that, right? you can experience that right You start the search, you get the results immediately. you start the search you get the results immediately If you click on the results, you land immediately on our website, you also continue there the search. if you click on the results you land immediately on our website you also continue there the search Actually, what we see so far is that the traction is okay-ish, but it's not really there's no exponential growth as people might expect, I don't know. actually what we see so far is that the traction is okay-ish but it's not really there's no exponential growth as people might expect i don't know We see traction in our HeyImmo product. That's more a couple of 100,000 now using it. There's some exponential growth in our own product because the experience here is much better. This is, and the HeyImmo is also getting limited access to proprietary data if people are logged in, for instance. Yeah, the partnership is good. We actually took the first mover advantage here as we did with the Apple ecosystem a while ago. We are quite happy here. Second question was. We see traction in our HeyImmo product. we see traction in our heyimmo product That's more a couple of 100,000 now using it. that's more a couple of 100,000 now using it There's some exponential growth in our own product because the experience here is much better. there's some exponential growth in our own product because the experience here is much better This is, and the HeyImmo is also getting limited access to proprietary data if people are logged in, for instance. this is and the heyimmo is also getting limited access to proprietary data if people are logged in for instance Yeah, the partnership is good. yeah the partnership is good We actually took the first mover advantage here as we did with the Apple ecosystem a while ago. we actually took the first mover advantage here as we did with the apple ecosystem a while ago We are quite happy here. we are quite happy here Second question was. second question was

Speaker 2: About the Spanish development where. About the Spanish development where. about the spanish development where

Speaker 10: Uh, Uh, uh

Speaker 2: Yeah, maybe I start, Ralf? Yeah, maybe I start, Ralf? yeah maybe i start ralf

Speaker 10: Yeah. Yeah. yeah

Speaker 2: Maybe I start with that. Ralf will certainly add something to that. With regards to guidance, I mean, we're getting the keys for the business tomorrow. Give us some time to take a look under the into the motor of the business. As of today, we're talking about 10 months instead of 12 months that we're getting the business. We've been guiding something around EUR 60 million of revenues. If I read it correctly, last year ended on plan. January started okay-ish in Spain. Most importantly, I think what you need to take into account is our constant message that we are deploying the German playbook when we are entering into Spain with Fotocasa. Maybe I start with that. maybe i start with that Ralf will certainly add something to that. ralf will certainly add something to that With regards to guidance, I mean, we're getting the keys for the business tomorrow. with regards to guidance i mean we're getting the keys for the business tomorrow Give us some time to take a look under the into the motor of the business. give us some time to take a look under the into the motor of the business As of today, we're talking about 10 months instead of 12 months that we're getting the business. as of today we're talking about 10 months instead of 12 months that we're getting the business We've been guiding something around EUR 60 million of revenues. we've been guiding something around eur 60 million of revenues If I read it correctly, last year ended on plan. if i read it correctly last year ended on plan January started okay-ish in Spain. january started okay-ish in spain Most importantly, I think what you need to take into account is our constant message that we are deploying the German playbook when we are entering into Spain with Fotocasa. most importantly i think what you need to take into account is our constant message that we are deploying the german playbook when we are entering into spain with fotocasa That also means that we will take some changes on the user interface and the user experience on the platform, which we did in Germany a few years ago as well. That had the effect that advertising revenues were going down. Today, advertising revenues in Spain are around 10% of revenue, and you can imagine us driving that down very fast to a level that we see in Germany, which is below 2%. That has an impact this year already of around EUR 5 million-6 million, and that's what you see reflected in our guidance with regards to Spain. I hope that clarifies. That also means that we will take some changes on the user interface and the user experience on the platform, which we did in Germany a few years ago as well. that also means that we will take some changes on the user interface and the user experience on the platform which we did in germany a few years ago as well That had the effect that advertising revenues were going down. that had the effect that advertising revenues were going down Today, advertising revenues in Spain are around 10% of revenue, and you can imagine us driving that down very fast to a level that we see in Germany, which is below 2%. today advertising revenues in spain are around 10% of revenue and you can imagine us driving that down very fast to a level that we see in germany which is below 2% That has an impact this year already of around EUR 5 million-6 million, and that's what you see reflected in our guidance with regards to Spain. that has an impact this year already of around eur 5 million-6 million and that's what you see reflected in our guidance with regards to spain I hope that clarifies. i hope that clarifies

Speaker 10: What you also have to see, I mean, we're doing a carve out of a carve out, right? What you also have to see, I mean, we're doing a carve out of a carve out, right? what you also have to see i mean we're doing a carve out of a carve out right

Speaker 2: Yeah. Yeah. yeah

Speaker 10: There might be parallel costs for doing this because we have the TSAs we have to pay, and parallel, we have to build the systems we need in order to take over. This will be relevant for this year, not for next year. Hopefully we can finish most of the TSAs end of this year. That's actually the plan, but as Dirk mentioned, right, we just get the keys. We will get the keys tomorrow or so. We lost two months this year. Let's see. Yeah. It's on plan, and for us, everything is in our expectations, let's say, and now we look more into it and driving actively the business from beginning of all. There might be parallel costs for doing this because we have the TSAs we have to pay, and parallel, we have to build the systems we need in order to take over. there might be parallel costs for doing this because we have the tsas we have to pay and parallel we have to build the systems we need in order to take over This will be relevant for this year, not for next year. this will be relevant for this year not for next year Hopefully we can finish most of the TSAs end of this year. hopefully we can finish most of the tsas end of this year That's actually the plan, but as Dirk mentioned, right, we just get the keys. that's actually the plan but as dirk mentioned right we just get the keys We will get the keys tomorrow or so. we will get the keys tomorrow or so We lost two months this year. we lost two months this year Let's see. let's see Yeah. yeah It's on plan, and for us, everything is in our expectations, let's say, and now we look more into it and driving actively the business from beginning of all. it's on plan and for us everything is in our expectations let's say and now we look more into it and driving actively the business from beginning of all

Speaker 11: Thanks, thanks for the color. In terms of the 2027 margin outlook for Spain, that's something that comes with the CMD. Once you've had some more time with the business, because some of those costs will unwind, right? Thanks, thanks for the color. thanks thanks for the color In terms of the 2027 margin outlook for Spain, that's something that comes with the CMD. in terms of the 2027 margin outlook for spain that's something that comes with the cmd Once you've had some more time with the business, because some of those costs will unwind, right? once you've had some more time with the business because some of those costs will unwind right

Speaker 10: If we have something to tell you in May, we can rely on, I would do it. Give us a bit time here. I mean, this is. We said in the midterm perspective, the business should be able to deliver 40% margin. That's what we said, and we still believe that. As I said, also, we have to stabilize the business here. For us, it's more important that we deliver on the key metrics, and key metrics are the customer numbers here. It's the listing numbers, it's traffic up to here is in particular, and also leveraging the synergies we have. As I said, right there's also benefit for German customers. If we have something to tell you in May, we can rely on, I would do it. if we have something to tell you in may we can rely on i would do it Give us a bit time here. give us a bit time here I mean, this is. i mean this is We said in the midterm perspective, the business should be able to deliver 40% margin. we said in the midterm perspective the business should be able to deliver 40% margin That's what we said, and we still believe that. that's what we said and we still believe that As I said, also, we have to stabilize the business here. as i said also we have to stabilize the business here For us, it's more important that we deliver on the key metrics, and key metrics are the customer numbers here. for us it's more important that we deliver on the key metrics and key metrics are the customer numbers here It's the listing numbers, it's traffic up to here is in particular, and also leveraging the synergies we have. it's the listing numbers it's traffic up to here is in particular and also leveraging the synergies we have As I said, right there's also benefit for German customers. as i said right there's also benefit for german customers That's what we want to deliver on, and then hopefully revenue and margin applies in as we expect. Executing the playbook, I think what Dirk mentioned is correct, and that is actually also a challenge for us because it's not that easy to take over a business, 300 people, in such a situation. We stay optimistic here because everything is as we expected so far. Then we give you an update if we, if we can, maybe in May. That's what we want to deliver on, and then hopefully revenue and margin applies in as we expect. that's what we want to deliver on and then hopefully revenue and margin applies in as we expect Executing the playbook, I think what Dirk mentioned is correct, and that is actually also a challenge for us because it's not that easy to take over a business, 300 people, in such a situation. executing the playbook i think what dirk mentioned is correct and that is actually also a challenge for us because it's not that easy to take over a business 300 people in such a situation We stay optimistic here because everything is as we expected so far. we stay optimistic here because everything is as we expected so far Then we give you an update if we, if we can, maybe in May. then we give you an update if we if we can maybe in may

Speaker 11: Thanks for the color. Thanks for the color. thanks for the color

Speaker 9: The next question comes from Joseph Barnet-Lamb from UBS. Please go ahead. The next question comes from Joseph Barnet-Lamb from UBS. the next question comes from joseph barnet-lamb from ubs Please go ahead. please go ahead

Speaker 6: Hi. Yes, Joe from UBS. Firstly, I'd like to add my congratulations on your tenure, Dirk, and all the best for the future. A couple of private questions, if I may. Firstly, should we read into the launch of the new tiering that you're pivoting to a more ARPU-driven growth strategy due to volume-based growth running out? Is this about elongating subscription duration by giving a variance of products to consumers? Can you sustain Teams growth in private post the product launches? The second question is on private margin. It increased significantly in 4Q. Was this at all related to the slower revenue growth in the quarter? Maybe asking the question differently, is there any reason why margin within private wouldn't be sustainable for FY 2026 or even expand further? Thank you. Hi. hi Yes, Joe from UBS. yes joe from ubs Firstly, I'd like to add my congratulations on your tenure, Dirk, and all the best for the future. firstly i'd like to add my congratulations on your tenure dirk and all the best for the future A couple of private questions, if I may. a couple of private questions if i may Firstly, should we read into the launch of the new tiering that you're pivoting to a more ARPU-driven growth strategy due to volume-based growth running out? firstly should we read into the launch of the new tiering that you're pivoting to a more arpu-driven growth strategy due to volume-based growth running out Is this about elongating subscription duration by giving a variance of products to consumers? is this about elongating subscription duration by giving a variance of products to consumers Can you sustain Teams growth in private post the product launches? can you sustain teams growth in private post the product launches The second question is on private margin. the second question is on private margin It increased significantly in 4Q. it increased significantly in 4q Was this at all related to the slower revenue growth in the quarter? was this at all related to the slower revenue growth in the quarter Maybe asking the question differently, is there any reason why margin within private wouldn't be sustainable for FY 2026 or even expand further? maybe asking the question differently is there any reason why margin within private wouldn't be sustainable for fy 2026 or even expand further Thank you. thank you

Speaker 2: I'll start with the second question and hand over to Ralf for the first part of the question. No, there's no reason why the margin in private should change. As you've probably seen, we came from a margin of 30%-40% in the early innings of the product, we now reach professional margins here. I think that's a good sign, and that is something that will continue. Joe, it's a good sign that our analysts understand the business so well that they answer their questions themselves. Nonetheless, I would hand over to Ralf to answer the remainder. I'll start with the second question and hand over to Ralf for the first part of the question. i'll start with the second question and hand over to ralf for the first part of the question No, there's no reason why the margin in private should change. no there's no reason why the margin in private should change As you've probably seen, we came from a margin of 30%-40% in the early innings of the product, we now reach professional margins here. as you've probably seen we came from a margin of 30%-40% in the early innings of the product we now reach professional margins here I think that's a good sign, and that is something that will continue. i think that's a good sign and that is something that will continue Joe, it's a good sign that our analysts understand the business so well that they answer their questions themselves. joe it's a good sign that our analysts understand the business so well that they answer their questions themselves Nonetheless, I would hand over to Ralf to answer the remainder. nonetheless i would hand over to ralf to answer the remainder

Speaker 10: I think it's a really good question, to be honest. I mean, this, you have two key metrics you can optimize. As revenue growth is created by number of customers and the prospective subscribers, and the ARPU growth, so the pricing power you might have. On the pricing power side, we've been quite conservative in the past because we grow heavily on the customer side. And this is something we're going to change with our tiering here. There will be hopefully more pricing power in the future on this, because we just had 4.5% ARPU growth last year, blended, and we had 14% subscriber growth last year. I think it's a really good question, to be honest. i think it's a really good question to be honest I mean, this, you have two key metrics you can optimize. i mean this you have two key metrics you can optimize As revenue growth is created by number of customers and the prospective subscribers, and the ARPU growth, so the pricing power you might have. as revenue growth is created by number of customers and the prospective subscribers and the arpu growth so the pricing power you might have On the pricing power side, we've been quite conservative in the past because we grow heavily on the customer side. on the pricing power side we've been quite conservative in the past because we grow heavily on the customer side And this is something we're going to change with our tiering here. and this is something we're going to change with our tiering here There will be hopefully more pricing power in the future on this, because we just had 4.5% ARPU growth last year, blended, and we had 14% subscriber growth last year. there will be hopefully more pricing power in the future on this because we just had 4.5% arpu growth last year blended and we had 14% subscriber growth last year The year before in 2024, it was over 25. I think what we can also do on the subscriber side, on the number of customer side, and this will be iterated sometimes, is that if you extend the lifetime, today we have lifetime close to 6. If you double the lifetime, then you would double the number of subscribers, number of customers who are paying at the same moment. This is also where we have some initiatives on, but it's a bit tricky, right? You need to add also new product features to those product tiers as well to make the difference here, but also to extend at the same time, the lifetime. This is actually what we're working on, and we are testing it. The year before in 2024, it was over 25. the year before in 2024 it was over 25 I think what we can also do on the subscriber side, on the number of customer side, and this will be iterated sometimes, is that if you extend the lifetime, today we have lifetime close to 6. i think what we can also do on the subscriber side on the number of customer side and this will be iterated sometimes is that if you extend the lifetime today we have lifetime close to 6 If you double the lifetime, then you would double the number of subscribers, number of customers who are paying at the same moment. if you double the lifetime then you would double the number of subscribers number of customers who are paying at the same moment This is also where we have some initiatives on, but it's a bit tricky, right? this is also where we have some initiatives on but it's a bit tricky right You need to add also new product features to those product tiers as well to make the difference here, but also to extend at the same time, the lifetime. you need to add also new product features to those product tiers as well to make the difference here but also to extend at the same time the lifetime This is actually what we're working on, and we are testing it. this is actually what we're working on and we are testing it Maybe it's... To why is it so difficult? I mean, nobody really has this product, so there's no playbook we can copy or so, where there's not much experience on this, right? We are the market maker here, and therefore, we have to learn, and that takes time a bit. We started last year in Q3, end of Q3 with the testings and we continued this in Q4, and we will continue this in Q1. We are making progress, that's actually the message I would like to send. We have an interest that we create sustainable growth here, and at the same time, we can deliver the margin. Maybe it's... maybe it's To why is it so difficult? to why is it so difficult I mean, nobody really has this product, so there's no playbook we can copy or so, where there's not much experience on this, right? i mean nobody really has this product so there's no playbook we can copy or so where there's not much experience on this right We are the market maker here, and therefore, we have to learn, and that takes time a bit. we are the market maker here and therefore we have to learn and that takes time a bit We started last year in Q3, end of Q3 with the testings and we continued this in Q4, and we will continue this in Q1. we started last year in q3 end of q3 with the testings and we continued this in q4 and we will continue this in q1 We are making progress, that's actually the message I would like to send. we are making progress that's actually the message i would like to send We have an interest that we create sustainable growth here, and at the same time, we can deliver the margin. we have an interest that we create sustainable growth here and at the same time we can deliver the margin The margin, you might remember, we optimized the margin because we changed a bit the products here. From products we used from third-party vendors into products we developed on our own capabilities, and that led also to this margin expansion. This is also now part in the new product here, that we have to come up with own products, new own products, and also to maintain the margin profile we delivered already. You can see it's not easy to run such a business, but we are, as I said, positive. The first signs we see now will hopefully accelerate the subscriber growth, but also the ARPU growth in Q2. The margin, you might remember, we optimized the margin because we changed a bit the products here. the margin you might remember we optimized the margin because we changed a bit the products here From products we used from third-party vendors into products we developed on our own capabilities, and that led also to this margin expansion. from products we used from third-party vendors into products we developed on our own capabilities and that led also to this margin expansion This is also now part in the new product here, that we have to come up with own products, new own products, and also to maintain the margin profile we delivered already. this is also now part in the new product here that we have to come up with own products new own products and also to maintain the margin profile we delivered already You can see it's not easy to run such a business, but we are, as I said, positive. you can see it's not easy to run such a business but we are as i said positive The first signs we see now will hopefully accelerate the subscriber growth, but also the ARPU growth in Q2. the first signs we see now will hopefully accelerate the subscriber growth but also the arpu growth in q2

Speaker 6: Excellent. Thank you very much. Excellent. excellent Thank you very much. thank you very much

Speaker 9: The next question comes from Marcus Diebel from J.P. Morgan. Please go ahead. The next question comes from Marcus Diebel from J.P. the next question comes from marcus diebel from j.p Morgan. morgan Please go ahead. please go ahead

Speaker 7: Hi, everyone. Yeah, I would also echo that, Dirk, thank you very much, and Tili good luck in your new endeavors. First question is again, on private, just to be really clear, so sort of like the comment on sort of like the some bad debts in there. That effect will basically stop in Q4, so we won't really see much of this in Q1 and Q2 going forward. I think that's the case, but just wanted to be really clear on this. And secondly, also for Dirk, I guess, on personal costs. I mean, clearly quite an impressive performance, 4% only increase. Could you talk a little bit more about the moving parts here? Hi, everyone. hi everyone Yeah, I would also echo that, Dirk, thank you very much, and Tili good luck in your new endeavors. yeah i would also echo that dirk thank you very much and tili good luck in your new endeavors First question is again, on private, just to be really clear, so sort of like the comment on sort of like the some bad debts in there. first question is again on private just to be really clear so sort of like the comment on sort of like the some bad debts in there That effect will basically stop in Q4, so we won't really see much of this in Q1 and Q2 going forward. that effect will basically stop in q4 so we won't really see much of this in q1 and q2 going forward I think that's the case, but just wanted to be really clear on this. i think that's the case but just wanted to be really clear on this And secondly, also for Dirk, I guess, on personal costs. and secondly also for dirk i guess on personal costs I mean, clearly quite an impressive performance, 4% only increase. i mean clearly quite an impressive performance 4% only increase Could you talk a little bit more about the moving parts here? could you talk a little bit more about the moving parts here Where is the efficiency really coming from, and how should we think about personal costs going forward, in the next quarters? Is it volume? Is it number of headcount? Is it salary? If you can just explain a bit more where the efficiency is coming from. Thank you. Where is the efficiency really coming from, and how should we think about personal costs going forward, in the next quarters? where is the efficiency really coming from and how should we think about personal costs going forward in the next quarters Is it volume? is it volume Is it number of headcount? is it number of headcount Is it salary? is it salary If you can just explain a bit more where the efficiency is coming from. if you can just explain a bit more where the efficiency is coming from Thank you. thank you

Speaker 10: Thanks, Marcus. First of all, to your first question, I can confirm that the migration to the platform has been finished in Q4. All customer numbers and everything related to non-paying customers and bad debt, so there will be no effects leaping into the first quarter, 2026. On the efficiency side, I think it's quite an interesting discussion here. I would like to remind you to the discussions we had in 2024, when there were a lot of companies standing up and saying, "Oh, from AI, we will achieve 25% savings, 30% savings on headcount costs in the next years because our efficiency will increase in engineering, our efficiency will increase in programming, product development, and everything else." As you are aware, we took a slightly different approach here. Thanks, Marcus. thanks marcus First of all, to your first question, I can confirm that the migration to the platform has been finished in Q4. first of all to your first question i can confirm that the migration to the platform has been finished in q4 All customer numbers and everything related to non-paying customers and bad debt, so there will be no effects leaping into the first quarter, 2026. all customer numbers and everything related to non-paying customers and bad debt so there will be no effects leaping into the first quarter 2026 On the efficiency side, I think it's quite an interesting discussion here. on the efficiency side i think it's quite an interesting discussion here I would like to remind you to the discussions we had in 2024, when there were a lot of companies standing up and saying, "Oh, from AI, we will achieve 25% savings, 30% savings on headcount costs in the next years because our efficiency will increase in engineering, our efficiency will increase in programming, product development, and everything else." As you are aware, we took a slightly different approach here. i would like to remind you to the discussions we had in 2024 when there were a lot of companies standing up and saying "oh from ai we will achieve 25% savings 30% savings on headcount costs in the next years because our efficiency will increase in engineering our efficiency will increase in programming product development and everything else." as you are aware we took a slightly different approach here We said at a certain point in time, that was Q3 2024, where we said, "Okay, we're sticking to the full-time equivalents we have in the company," and that is around 1,000. "We are not growing here, but we're growing revenues and we're growing profitability." Hence, what we did was we gave every one of our employees a second employee. In 2025, that second employee was called Claude, when we had the arrangement with Anthropic. This year it's called ChatGPT, 'cause we've changed the arrangement from Anthropic to OpenAI. Now, AI is structurally embedded across the organization. We have a huge amount of users. We have 1,200 AI-driven projects company-wide. We said at a certain point in time, that was Q3 2024, where we said, "Okay, we're sticking to the full-time equivalents we have in the company," and that is around 1,000. "We are not growing here, but we're growing revenues and we're growing profitability." Hence, what we did was we gave every one of our employees a second employee. we said at a certain point in time that was q3 2024 where we said "okay we're sticking to the full-time equivalents we have in the company," and that is around 1,000 "we are not growing here but we're growing revenues and we're growing profitability." hence what we did was we gave every one of our employees a second employee In 2025, that second employee was called Claude, when we had the arrangement with Anthropic. in 2025 that second employee was called claude when we had the arrangement with anthropic This year it's called ChatGPT, 'cause we've changed the arrangement from Anthropic to OpenAI. this year it's called chatgpt 'cause we've changed the arrangement from anthropic to openai Now, AI is structurally embedded across the organization. now ai is structurally embedded across the organization We have a huge amount of users. we have a huge amount of users We have 1,200 AI-driven projects company-wide. we have 1,200 ai-driven projects company-wide A lot of sort of what's going on in AI is really helping us to maintain that amount of 1,000 full-time equivalents. That is the approach we have been taking, that is the approach we have been communicating with you, and that is the approach we will continue in 2026 and 2027. You shouldn't expect our personal cost to increase beyond any merit increases over the years to come. A lot of sort of what's going on in AI is really helping us to maintain that amount of 1,000 full-time equivalents. a lot of sort of what's going on in ai is really helping us to maintain that amount of 1,000 full-time equivalents That is the approach we have been taking, that is the approach we have been communicating with you, and that is the approach we will continue in 2026 and 2027. that is the approach we have been taking that is the approach we have been communicating with you and that is the approach we will continue in 2026 and 2027 You shouldn't expect our personal cost to increase beyond any merit increases over the years to come. you shouldn't expect our personal cost to increase beyond any merit increases over the years to come

Speaker 7: Yeah, great. Thank you. Yeah, great. yeah great Thank you. thank you

Speaker 9: The next question comes from Craig Abbott from Kepler Cheuvreux. Please go ahead. The next question comes from Craig Abbott from Kepler Cheuvreux. the next question comes from craig abbott from kepler cheuvreux Please go ahead. please go ahead

Speaker 1: Yeah. Hi, good afternoon, everyone, and also Dirk, from my side, all the best going forward. Yeah, two follow-up questions, please. Just turning over, first of all, to the traffic sourcing mix again, could you just confirm that your direct traffic share has been stable, still around 80%, I think, and that the cost of the inorganic traffic is also stable? Excuse me. Secondly, also, as you continue to roll out your AI product suite, can you also confirm that you do not expect a material increase in your product development cost? Thank you. Yeah. yeah Hi, good afternoon, everyone, and also Dirk, from my side, all the best going forward. hi good afternoon everyone and also dirk from my side all the best going forward Yeah, two follow-up questions, please. yeah two follow-up questions please Just turning over, first of all, to the traffic sourcing mix again, could you just confirm that your direct traffic share has been stable, still around 80%, I think, and that the cost of the inorganic traffic is also stable? just turning over first of all to the traffic sourcing mix again could you just confirm that your direct traffic share has been stable still around 80% i think and that the cost of the inorganic traffic is also stable Excuse me. excuse me Secondly, also, as you continue to roll out your AI product suite, can you also confirm that you do not expect a material increase in your product development cost? secondly also as you continue to roll out your ai product suite can you also confirm that you do not expect a material increase in your product development cost Thank you. thank you

Speaker 10: Yeah, I can confirm all three. Yeah, I can confirm all three. yeah i can confirm all three

Speaker 2: Craig, that was a short answer. Craig, that was a short answer. craig that was a short answer

Speaker 1: No, no, please elaborate a bit. No, no, please elaborate a bit. no no please elaborate a bit

Speaker 10: Yeah, I think, I mean, on the traffic side, there's what we see is that there is no change here when it comes to organic traffic. I mean, yeah, as you know, quite strong on the brand awareness, this hasn't changed. We don't expect that there will be a change in the organic traffic. Direct traffic, it's still over 80% and dominated by the app traffic in particular here, which is the main organic traffic source. On the paid side, I mean, there's no paid traffic channel in LLMs at the moment. We do, of course, some marketing here and there to integrate ourselves better, to become more visible in LLM sources. That's what we do, and that costs a bit of money. Yeah, I think, I mean, on the traffic side, there's what we see is that there is no change here when it comes to organic traffic. yeah i think i mean on the traffic side there's what we see is that there is no change here when it comes to organic traffic I mean, yeah, as you know, quite strong on the brand awareness, this hasn't changed. i mean yeah as you know quite strong on the brand awareness this hasn't changed We don't expect that there will be a change in the organic traffic. we don't expect that there will be a change in the organic traffic Direct traffic, it's still over 80% and dominated by the app traffic in particular here, which is the main organic traffic source. direct traffic it's still over 80% and dominated by the app traffic in particular here which is the main organic traffic source On the paid side, I mean, there's no paid traffic channel in LLMs at the moment. on the paid side i mean there's no paid traffic channel in llms at the moment We do, of course, some marketing here and there to integrate ourselves better, to become more visible in LLM sources. we do of course some marketing here and there to integrate ourselves better to become more visible in llm sources That's what we do, and that costs a bit of money. that's what we do and that costs a bit of money We expect if this is, if they are models, they will replace other traffic sources like Google Search in particular. We don't expect additional paid marketing costs for our model. The last question is whether we expect more AI costs if we are going to roll out our AI suites to the market. That's of course. I mean, if you, if we have more, let's say, LLM calculations in the system, that would drive a bit cost. As I iterated in one of the other meetings is that, we had before that, actually, the way how we use LLMs is a bit different. We have most of the data in our own databases. We expect if this is, if they are models, they will replace other traffic sources like Google Search in particular. we expect if this is if they are models they will replace other traffic sources like google search in particular We don't expect additional paid marketing costs for our model. we don't expect additional paid marketing costs for our model The last question is whether we expect more AI costs if we are going to roll out our AI suites to the market. the last question is whether we expect more ai costs if we are going to roll out our ai suites to the market That's of course. that's of course I mean, if you, if we have more, let's say, LLM calculations in the system, that would drive a bit cost. i mean if you if we have more let's say llm calculations in the system that would drive a bit cost As I iterated in one of the other meetings is that, we had before that, actually, the way how we use LLMs is a bit different. as i iterated in one of the other meetings is that we had before that actually the way how we use llms is a bit different We have most of the data in our own databases. we have most of the data in our own databases It's called vector databases, we have different access, even if people execute an LLM search. We have the cost side here under control and token prices, by the way, dropped by 30% in Q4 last year. Because of the competition we have in LLMs, there are also arguments why the costs will not going up dramatically here, even if the usage would go up exponential. Therefore, we are quite confident that we can manage the cost side would be for the market, right? It's called vector databases, we have different access, even if people execute an LLM search. it's called vector databases we have different access even if people execute an llm search We have the cost side here under control and token prices, by the way, dropped by 30% in Q4 last year. we have the cost side here under control and token prices by the way dropped by 30% in q4 last year Because of the competition we have in LLMs, there are also arguments why the costs will not going up dramatically here, even if the usage would go up exponential. because of the competition we have in llms there are also arguments why the costs will not going up dramatically here even if the usage would go up exponential Therefore, we are quite confident that we can manage the cost side would be for the market, right? therefore we are quite confident that we can manage the cost side would be for the market right

Speaker 2: Yeah. Craig, maybe a short advertising break on my end, for Andrew Ross's report from Barclays on LLM traffic on classifieds, because this report mirrors exactly what we are seeing on our platform at the moment. The LLM traffic is roughly stable to slightly decreasing and constantly remaining below 1% on our platform. We believe that this will sort of not go into an exponential growth by the end of this year or next year. Yeah. yeah Craig, maybe a short advertising break on my end, for Andrew Ross's report from Barclays on LLM traffic on classifieds, because this report mirrors exactly what we are seeing on our platform at the moment. craig maybe a short advertising break on my end for andrew ross's report from barclays on llm traffic on classifieds because this report mirrors exactly what we are seeing on our platform at the moment The LLM traffic is roughly stable to slightly decreasing and constantly remaining below 1% on our platform. the llm traffic is roughly stable to slightly decreasing and constantly remaining below 1% on our platform We believe that this will sort of not go into an exponential growth by the end of this year or next year. we believe that this will sort of not go into an exponential growth by the end of this year or next year

Speaker 1: External, yeah. External, yeah. external yeah

Speaker 2: Yeah, that's the external traffic, Ross. corrected me here. Yes, that's the external traffic. The HeyImmo traffic that we're seeing is a positive for us, to be honest, right? It's a great customer experience, and I elaborated on the cost for HeyImmo versus OpenAI/ChatGPT, and that would cost us below EUR 1 million this year for a great customer experience. That's good. Yeah, that's the external traffic, Ross. corrected me here. yeah that's the external traffic ross corrected me here Yes, that's the external traffic. yes that's the external traffic The HeyImmo traffic that we're seeing is a positive for us, to be honest, right? the heyimmo traffic that we're seeing is a positive for us to be honest right It's a great customer experience, and I elaborated on the cost for HeyImmo versus OpenAI/ChatGPT, and that would cost us below EUR 1 million this year for a great customer experience. it's a great customer experience and i elaborated on the cost for heyimmo versus openai/chatgpt and that would cost us below eur 1 million this year for a great customer experience That's good. that's good

Speaker 1: Yeah. Okay, thank you both very much. Yeah. yeah Okay, thank you both very much. okay thank you both very much

Speaker 9: The next question comes from Fathima-Nizla Naizer from Deutsche Bank. Please go ahead. The next question comes from Fathima-Nizla Naizer from Deutsche Bank. the next question comes from fathima-nizla naizer from deutsche bank Please go ahead. please go ahead

Speaker 8: Hey, thanks, and all the best to you, Dirk, from my end as well. Just a couple of questions for me. On the professional segment, ARPU growth, when you think of 2026, sort of how is that phasing over the course of the year, given the strong ARPU growth you reported in 2025? Some color there would be great. The second question is on PropTech. It was really good to see that you've got such a good penetration among the agent base with PropTech. Where do you think that can sort of expand to? And could you remind us again, how is it monetized? Is it a monthly subscription? Hey, thanks, and all the best to you, Dirk, from my end as well. hey thanks and all the best to you dirk from my end as well Just a couple of questions for me. just a couple of questions for me On the professional segment, ARPU growth, when you think of 2026, sort of how is that phasing over the course of the year, given the strong ARPU growth you reported in 2025? on the professional segment arpu growth when you think of 2026 sort of how is that phasing over the course of the year given the strong arpu growth you reported in 2025 Some color there would be great. some color there would be great The second question is on PropTech. the second question is on proptech It was really good to see that you've got such a good penetration among the agent base with PropTech. it was really good to see that you've got such a good penetration among the agent base with proptech Where do you think that can sort of expand to? where do you think that can sort of expand to And could you remind us again, how is it monetized? and could you remind us again how is it monetized Is it a monthly subscription? is it a monthly subscription you know, how profitable is PropTech, and how much of revenue does it contribute at the moment, and what's your sort of objective for that segment going forward, given that's, you know, fundamentally different to the rest of the classifieds, business that you do? Thank you. you know, how profitable is PropTech, and how much of revenue does it contribute at the moment, and what's your sort of objective for that segment going forward, given that's, you know, fundamentally different to the rest of the classifieds, business that you do? you know how profitable is proptech and how much of revenue does it contribute at the moment and what's your sort of objective for that segment going forward given that's you know fundamentally different to the rest of the classifieds business that you do Thank you. thank you

Speaker 10: I thought, Dirk, maybe you take over with it. If it comes to PropTech, we are quite heavy, happy, on PropTech here. We are on the way to become clear market leader if it comes to agent software systems in Germany. Why is it important? For the agents, they interact, engage, they engage much more intensive with the CM solutions than they do with listing marketplaces, because they also save the customer data, for instance, in agent software solutions like PropTech. They prepare the listings there and so on. This is often the starting point of the agent. With the agent software product, we mirror the business of an agent in a software, in a digital format. I thought, Dirk, maybe you take over with it. i thought dirk maybe you take over with it If it comes to PropTech, we are quite heavy, happy, on PropTech here. if it comes to proptech we are quite heavy happy on proptech here We are on the way to become clear market leader if it comes to agent software systems in Germany. we are on the way to become clear market leader if it comes to agent software systems in germany Why is it important? why is it important For the agents, they interact, engage, they engage much more intensive with the CM solutions than they do with listing marketplaces, because they also save the customer data, for instance, in agent software solutions like PropTech. for the agents they interact engage they engage much more intensive with the cm solutions than they do with listing marketplaces because they also save the customer data for instance in agent software solutions like proptech They prepare the listings there and so on. they prepare the listings there and so on This is often the starting point of the agent. this is often the starting point of the agent With the agent software product, we mirror the business of an agent in a software, in a digital format. with the agent software product we mirror the business of an agent in a software in a digital format We have a clear strategy here. We would like to become market leader this year in terms of customer numbers, in terms of listing imports, so we can measure how many listings on the portal are imported via our own agent software, and we're making progress here, which is really, really great. The way how we monetize it is, of course, the agents, depending a bit on the size of the agent business, they have to pay a monthly subscription fee. Here, it's a classical SaaS model. We're also combining it, depending on the packages, with the membership products here and there. We have a clear strategy here. we have a clear strategy here We would like to become market leader this year in terms of customer numbers, in terms of listing imports, so we can measure how many listings on the portal are imported via our own agent software, and we're making progress here, which is really, really great. we would like to become market leader this year in terms of customer numbers in terms of listing imports so we can measure how many listings on the portal are imported via our own agent software and we're making progress here which is really really great The way how we monetize it is, of course, the agents, depending a bit on the size of the agent business, they have to pay a monthly subscription fee. the way how we monetize it is of course the agents depending a bit on the size of the agent business they have to pay a monthly subscription fee Here, it's a classical SaaS model. here it's a classical saas model We're also combining it, depending on the packages, with the membership products here and there. we're also combining it depending on the packages with the membership products here and there Actually, what the product does is, we are creating much more loyalty, because if customer not just using the listing portal membership, they are also using our technology, our system for running their business, day to day. Of course, we're creating a kind of loyalty and pricing power, and this is actually a big advantage. What we achieved in 2025 is that the number of customers who are using more than just one product in our ecosystem increased. This is actually something we would like to continue. For this, we have PropTech, our agent software system, but also other products, valuation products, for instance, we have on the energy certificate side, we have products. Actually, what the product does is, we are creating much more loyalty, because if customer not just using the listing portal membership, they are also using our technology, our system for running their business, day to day. actually what the product does is we are creating much more loyalty because if customer not just using the listing portal membership they are also using our technology our system for running their business day to day Of course, we're creating a kind of loyalty and pricing power, and this is actually a big advantage. of course we're creating a kind of loyalty and pricing power and this is actually a big advantage What we achieved in 2025 is that the number of customers who are using more than just one product in our ecosystem increased. what we achieved in 2025 is that the number of customers who are using more than just one product in our ecosystem increased This is actually something we would like to continue. this is actually something we would like to continue For this, we have PropTech, our agent software system, but also other products, valuation products, for instance, we have on the energy certificate side, we have products. for this we have proptech our agent software system but also other products valuation products for instance we have on the energy certificate side we have products We are building and creating this product suite for the agents more and more, and it's well accepted, I have to say. Of course, agents, they see also benefits because, I mean, everything is integrated, it's connected, and if you sum up the product and the, let's say, the prices you would need to pay standalone for each product, there is an advantage if you bundle it, right? And therefore, we are able to bring over more and more customers also from competitors into this, into those products, and that's quite positive. The other question, Dirk. We are building and creating this product suite for the agents more and more, and it's well accepted, I have to say. we are building and creating this product suite for the agents more and more and it's well accepted i have to say Of course, agents, they see also benefits because, I mean, everything is integrated, it's connected, and if you sum up the product and the, let's say, the prices you would need to pay standalone for each product, there is an advantage if you bundle it, right? of course agents they see also benefits because i mean everything is integrated it's connected and if you sum up the product and the let's say the prices you would need to pay standalone for each product there is an advantage if you bundle it right And therefore, we are able to bring over more and more customers also from competitors into this, into those products, and that's quite positive. and therefore we are able to bring over more and more customers also from competitors into this into those products and that's quite positive The other question, Dirk. the other question dirk

Speaker 2: This one was around ARPU development over 2026 and where do we see it? What I can say is that we, at the moment, envisage a similar development that we saw in 2025. We were very positively surprised by our customer numbers in January, February. I was a bit more conservative when I guided you on that in the Q3 call. I have to say, January, February start was good. We saw a very low churn. We're seeing good migration efforts from our sales teams, and we're seeing a healthy development on ARPU. All in all, I think that business should develop nicely over the course of the year, and expect an ARPU growth in the high single digits. This one was around ARPU development over 2026 and where do we see it? this one was around arpu development over 2026 and where do we see it What I can say is that we, at the moment, envisage a similar development that we saw in 2025. what i can say is that we at the moment envisage a similar development that we saw in 2025 We were very positively surprised by our customer numbers in January, February. we were very positively surprised by our customer numbers in january february I was a bit more conservative when I guided you on that in the Q3 call. i was a bit more conservative when i guided you on that in the q3 call I have to say, January, February start was good. i have to say january february start was good We saw a very low churn. we saw a very low churn We're seeing good migration efforts from our sales teams, and we're seeing a healthy development on ARPU. we're seeing good migration efforts from our sales teams and we're seeing a healthy development on arpu All in all, I think that business should develop nicely over the course of the year, and expect an ARPU growth in the high single digits. all in all i think that business should develop nicely over the course of the year and expect an arpu growth in the high single digits

Speaker 8: Thank you. Very helpful. Thank you. thank you Very helpful. very helpful

Speaker 9: The next question comes from Giles Thorne from Jefferies. Please go ahead. The next question comes from Giles Thorne from Jefferies. the next question comes from giles thorne from jefferies Please go ahead. please go ahead

Speaker 5: Thank you. My first question was on your partnership with OpenAI, and specifically, it'd be useful to know what the cost profile or the commercial agreement would have looked like for the powering of the HeyImmo products and then the app SDK integration if you hadn't done a migration from Anthropic to ChatGPT. Did you get a good price because of that migration? Secondly, we're clearly in a very volatile and febrile environment for investor sentiment towards the sector and to Scout24. There's no consensus on what happens here next. Perhaps the one area of consensus is that you want to be a well-invested platform with a progressive mindset. Given all that, does the current environment and the risks and opportunities around AI, Ralf, change your attitude towards the ideas of regional scale? Thanks. Thank you. thank you My first question was on your partnership with OpenAI, and specifically, it'd be useful to know what the cost profile or the commercial agreement would have looked like for the powering of the HeyImmo products and then the app SDK integration if you hadn't done a migration from Anthropic to ChatGPT. my first question was on your partnership with openai and specifically it'd be useful to know what the cost profile or the commercial agreement would have looked like for the powering of the heyimmo products and then the app sdk integration if you hadn't done a migration from anthropic to chatgpt Did you get a good price because of that migration? did you get a good price because of that migration Secondly, we're clearly in a very volatile and febrile environment for investor sentiment towards the sector and to Scout24. secondly we're clearly in a very volatile and febrile environment for investor sentiment towards the sector and to scout24 There's no consensus on what happens here next. there's no consensus on what happens here next Perhaps the one area of consensus is that you want to be a well-invested platform with a progressive mindset. perhaps the one area of consensus is that you want to be a well-invested platform with a progressive mindset Given all that, does the current environment and the risks and opportunities around AI, Ralf, change your attitude towards the ideas of regional scale? given all that does the current environment and the risks and opportunities around ai ralf change your attitude towards the ideas of regional scale Thanks. thanks

Speaker 10: Yeah, I can. A lot of questions, so be not sure whether, I'm not sure whether I really understood everything, but let me start with the ChatGPT agreement we had. I mean, as you, as you know, we, so we cooperated internally with Claude in topics in particular, and then, and also with other LLMs, and then for our HeyImmo product, we decided to go with ChatGPT, OpenAI here. What we then learned, I mean, of course, we checked a bit on the usage of the product, and we agreed on token prices at the beginning of the year. Yeah, I can. yeah i can A lot of questions, so be not sure whether, I'm not sure whether I really understood everything, but let me start with the ChatGPT agreement we had. a lot of questions so be not sure whether i'm not sure whether i really understood everything but let me start with the chatgpt agreement we had I mean, as you, as you know, we, so we cooperated internally with Claude in topics in particular, and then, and also with other LLMs, and then for our HeyImmo product, we decided to go with ChatGPT, OpenAI here. i mean as you as you know we so we cooperated internally with claude in topics in particular and then and also with other llms and then for our heyimmo product we decided to go with chatgpt openai here What we then learned, I mean, of course, we checked a bit on the usage of the product, and we agreed on token prices at the beginning of the year. what we then learned i mean of course we checked a bit on the usage of the product and we agreed on token prices at the beginning of the year What we learned over the year is that there is high competition between the different LLM systems, and we see also that some of the LLMs, they are specializing. For instance, OpenAI is really specialized more on the consumer experience side, so it's, for us, the right partner for HeyImmo at the moment, I would say. We're using the technology, we are fencing the data. That's actually the deal here. So as we checked in on prices, even for our internal, let's say, AI system we are using for the organization, we learned really that we can lower the prices by 30% if we are shifting to, let's say, OpenAI here. What we learned over the year is that there is high competition between the different LLM systems, and we see also that some of the LLMs, they are specializing. what we learned over the year is that there is high competition between the different llm systems and we see also that some of the llms they are specializing For instance, OpenAI is really specialized more on the consumer experience side, so it's, for us, the right partner for HeyImmo at the moment, I would say. for instance openai is really specialized more on the consumer experience side so it's for us the right partner for heyimmo at the moment i would say We're using the technology, we are fencing the data. we're using the technology we are fencing the data That's actually the deal here. that's actually the deal here So as we checked in on prices, even for our internal, let's say, AI system we are using for the organization, we learned really that we can lower the prices by 30% if we are shifting to, let's say, OpenAI here. so as we checked in on prices even for our internal let's say ai system we are using for the organization we learned really that we can lower the prices by 30% if we are shifting to let's say openai here Anthropic, and that is maybe something you would like to know then, is that Anthropic also reacted, and they dropped prices also, even higher. You can see that there's high competition. Everyone wants to have us as B customers, and that's actually what we see, that those LLMs, they learned over the last year, it's really hard to monetize the consumer, so sometimes it's better you just monetize the B side of the business, as Google did, as always did, right? They are really hunting for B customers, and that's what we see, and therefore, we see also competitive prices here. On the deal we have, if it comes to our SDK product, I mean, we've been one of the first companies who launched in an app here, an own app. Anthropic, and that is maybe something you would like to know then, is that Anthropic also reacted, and they dropped prices also, even higher. anthropic and that is maybe something you would like to know then is that anthropic also reacted and they dropped prices also even higher You can see that there's high competition. you can see that there's high competition Everyone wants to have us as B customers, and that's actually what we see, that those LLMs, they learned over the last year, it's really hard to monetize the consumer, so sometimes it's better you just monetize the B side of the business, as Google did, as always did, right? everyone wants to have us as b customers and that's actually what we see that those llms they learned over the last year it's really hard to monetize the consumer so sometimes it's better you just monetize the b side of the business as google did as always did right They are really hunting for B customers, and that's what we see, and therefore, we see also competitive prices here. they are really hunting for b customers and that's what we see and therefore we see also competitive prices here On the deal we have, if it comes to our SDK product, I mean, we've been one of the first companies who launched in an app here, an own app. on the deal we have if it comes to our sdk product i mean we've been one of the first companies who launched in an app here an own app We interacted quite early after Zillow launched the product here in the U.S. We interacted with the team here in Germany to learn a bit more about how the app SDK really works. As I said before, it's an API wrapper, there is no really commercial agreement. I mean, we also have no really commercial agreement with Apple here other than if there is a payment aggregate to share, if we are using their payment methods, but what we don't do. There is no extra cost for this app SDK. That might change, who knows? We interacted quite early after Zillow launched the product here in the U.S. we interacted quite early after zillow launched the product here in the u.s We interacted with the team here in Germany to learn a bit more about how the app SDK really works. we interacted with the team here in germany to learn a bit more about how the app sdk really works As I said before, it's an API wrapper, there is no really commercial agreement. as i said before it's an api wrapper there is no really commercial agreement I mean, we also have no really commercial agreement with Apple here other than if there is a payment aggregate to share, if we are using their payment methods, but what we don't do. i mean we also have no really commercial agreement with apple here other than if there is a payment aggregate to share if we are using their payment methods but what we don't do There is no extra cost for this app SDK. there is no extra cost for this app sdk That might change, who knows? that might change who knows At the moment, I think what we see from those LLMs, they have high interest, really high interest to cooperate with companies like ours because they need to create a really unique user experience, for this, they need data. If you're searching for real estate, they cannot really give access to this data, for this, they need us, they need us as a partner so that we give them better access than maybe they would have if they just need to pull the data. That's actually also in their interest, that they cooperate with reliable, that they do collaboration with reliable partners. Therefore, it's more like a partnership than a dependency. That's I would say good and positive here. The other question, maybe remind me. At the moment, I think what we see from those LLMs, they have high interest, really high interest to cooperate with companies like ours because they need to create a really unique user experience, for this, they need data. at the moment i think what we see from those llms they have high interest really high interest to cooperate with companies like ours because they need to create a really unique user experience for this they need data If you're searching for real estate, they cannot really give access to this data, for this, they need us, they need us as a partner so that we give them better access than maybe they would have if they just need to pull the data. if you're searching for real estate they cannot really give access to this data for this they need us they need us as a partner so that we give them better access than maybe they would have if they just need to pull the data That's actually also in their interest, that they cooperate with reliable, that they do collaboration with reliable partners. that's actually also in their interest that they cooperate with reliable that they do collaboration with reliable partners Therefore, it's more like a partnership than a dependency. therefore it's more like a partnership than a dependency That's I would say good and positive here. that's i would say good and positive here The other question, maybe remind me. the other question maybe remind me

Speaker 2: Giles, I think we're through, right? Giles, I think we're through, right? giles i think we're through right

Speaker 5: No, the second question, I was using too many words, and let me put it simply: Does the current very accelerated innovation cycle change your attitude towards the benefits of regional scale? No, the second question, I was using too many words, and let me put it simply: Does the current very accelerated innovation cycle change your attitude towards the benefits of regional scale? no the second question i was using too many words and let me put it simply does the current very accelerated innovation cycle change your attitude towards the benefits of regional scale

Speaker 2: If I translate this, Giles, your thesis is that if you are able to accelerate the amount of innovation and product development, there should be more international scale, right? Is that your hypothesis? If I translate this, Giles, your thesis is that if you are able to accelerate the amount of innovation and product development, there should be more international scale, right? if i translate this giles your thesis is that if you are able to accelerate the amount of innovation and product development there should be more international scale right Is that your hypothesis? is that your hypothesis

Speaker 5: No, it's the other way around. It's the other way around. If you're a bigger business, then your capacity to invest is bigger, all else being equal. No, it's the other way around. no it's the other way around It's the other way around. it's the other way around If you're a bigger business, then your capacity to invest is bigger, all else being equal. if you're a bigger business then your capacity to invest is bigger all else being equal

Speaker 2: Okay. Okay. Okay. okay Okay. okay

Speaker 5: Yeah. Yeah. yeah

Speaker 2: Got it. I think of, I'm starting with- Got it. got it I think of, I'm starting with- i think of i'm starting with-

Speaker 10: I think the answer is no. I think the answer is no. i think the answer is no

Speaker 2: ... the answer to that question. I think we're well there with 3% of our revenues annually invested into product development and tech, and that is around EUR 20 million. We'll accelerate a bit, maybe to EUR 21 million-EUR 22 million, but we never had any year where we had the feeling we didn't have enough capacity to invest. The last time I recall that we had that discussion was when we migrated to the cloud, but that's four, five years ago. There we still had 7% CapEx to a revenue ratio. At the moment, I don't see any need to accelerate our spending on product development in AI. The answer to your question is no, we don't see scale from being bigger. ... the answer to that question. the answer to that question I think we're well there with 3% of our revenues annually invested into product development and tech, and that is around EUR 20 million. i think we're well there with 3% of our revenues annually invested into product development and tech and that is around eur 20 million We'll accelerate a bit, maybe to EUR 21 million-EUR 22 million, but we never had any year where we had the feeling we didn't have enough capacity to invest. we'll accelerate a bit maybe to eur 21 million-eur 22 million but we never had any year where we had the feeling we didn't have enough capacity to invest The last time I recall that we had that discussion was when we migrated to the cloud, but that's four, five years ago. the last time i recall that we had that discussion was when we migrated to the cloud but that's four five years ago There we still had 7% CapEx to a revenue ratio. there we still had 7% capex to a revenue ratio At the moment, I don't see any need to accelerate our spending on product development in AI. at the moment i don't see any need to accelerate our spending on product development in ai The answer to your question is no, we don't see scale from being bigger. the answer to your question is no we don't see scale from being bigger

Speaker 10: Yeah, I fully agree. I think, I mean, what we said earlier is that, of course, we also gain efficiency if it comes to internal processes, right? I mean, for instance, we shortened the process of developing a product. In the past, we had 6 months, now we've brought it down to 3 months, and we would like to bring it down to 3 hours. From an idea to an MVP. This is freeing up capacity. We never shipped so many new features, probably than we did in the last quarter. That's actually a positive sign. We can reshuffle capacity internally to cope with the additional need of shipping innovation to the market. Yeah, I fully agree. yeah i fully agree I think, I mean, what we said earlier is that, of course, we also gain efficiency if it comes to internal processes, right? i think i mean what we said earlier is that of course we also gain efficiency if it comes to internal processes right I mean, for instance, we shortened the process of developing a product. i mean for instance we shortened the process of developing a product In the past, we had 6 months, now we've brought it down to 3 months, and we would like to bring it down to 3 hours. in the past we had 6 months now we've brought it down to 3 months and we would like to bring it down to 3 hours From an idea to an MVP. from an idea to an mvp This is freeing up capacity. this is freeing up capacity We never shipped so many new features, probably than we did in the last quarter. we never shipped so many new features probably than we did in the last quarter That's actually a positive sign. that's actually a positive sign We can reshuffle capacity internally to cope with the additional need of shipping innovation to the market. we can reshuffle capacity internally to cope with the additional need of shipping innovation to the market That's actually also what others now are starting to do, right? You can see it at Rightmove, at IA, and so on. They reshuffle capacity. They're using AI technology to become more efficient internally and to ship faster. I mean, the filter search It's around or has been around for 25 years. A bit change here and there, but not much. Now you see semantic search popping up everywhere within 1 quarter. I think it shows you a bit what's possible, even with the same amount of capacity and cost budget. It's actually quite positive here. Therefore, I'm with Dirk. On regional side, I think, no extra need. That's actually also what others now are starting to do, right? that's actually also what others now are starting to do right You can see it at Rightmove, at IA, and so on. you can see it at rightmove at ia and so on They reshuffle capacity. they reshuffle capacity They're using AI technology to become more efficient internally and to ship faster. they're using ai technology to become more efficient internally and to ship faster I mean, the filter search It's around or has been around for 25 years. i mean the filter search it's around or has been around for 25 years A bit change here and there, but not much. a bit change here and there but not much Now you see semantic search popping up everywhere within 1 quarter. now you see semantic search popping up everywhere within 1 quarter I think it shows you a bit what's possible, even with the same amount of capacity and cost budget. i think it shows you a bit what's possible even with the same amount of capacity and cost budget It's actually quite positive here. it's actually quite positive here Therefore, I'm with Dirk. therefore i'm with dirk On regional side, I think, no extra need. on regional side i think no extra need

Speaker 2: Yeah. Yeah. yeah

Speaker 5: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 10: Thank you. Thank you. thank you

Speaker 9: Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to... Excuse me. I would now like to turn the conference back over to Filip Lindvall for any closing remarks. Ladies and gentlemen, this was the last question. ladies and gentlemen this was the last question I would now like to turn the conference back over to... i would now like to turn the conference back over to Excuse me. excuse me I would now like to turn the conference back over to Filip Lindvall for any closing remarks. i would now like to turn the conference back over to filip lindvall for any closing remarks

Speaker 4: Okay, this concludes today's call. Thank you for joining and your interest in Scout24. Okay, this concludes today's call. okay this concludes today's call Thank you for joining and your interest in Scout24. thank you for joining and your interest in scout24

Speaker 9: Ladies and gentlemen, the conference is now over. Thank you for joining, and have a pleasant day. Goodbye. Ladies and gentlemen, the conference is now over. ladies and gentlemen the conference is now over Thank you for joining, and have a pleasant day. thank you for joining and have a pleasant day Goodbye. goodbye