Scout24 : Annual financial statements as of 31 December 2023

Annual financial statements

of Scout24 SE for the financial year

1 January 2023-31 December 2023

Growing

impactwith

Contents
Combined management report	3
Key financials	5
Fundamentals of the Group	6
Report on economic position	15
Risks and opportunities report	34
Outlook	48
Consolidated non-financialstatement	50
Other disclosures	97
Additional disclosures relating to the separate financial statements of Scout24 SE	101
Annual financial statements	105
Statement of financial position	106
Statement of profit or loss	108
Notes to the financial statements	109
Basis of preparation and summary of significant accounting policies	110
Notes to the statement of financial position	112
Notes to the statement of profit or loss	120
Other disclosures	122
Responsibility statement	130
Auditor's report	131
Independent auditor's report	132
Publication details	139

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Combined management report

of the Scout24 Group and Scout24 SE

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Combined management report

Annual financial statements

Notes to the financial statements

Auditor's report

Contents
Key financials	5
Fundamentals of the Group	6
Business model	6
Strategy	8
Organisation and corporate structure	9
Steering system and performance indicators	12
Product development	13
Employees	14
Report on economic position	15
Macroeconomic and sector-specificenvironment	15
Business development in the Group	19
Results of operations	23
Net assets	26
Financial position	27
Business performance of the segments	29
Overall assessment	32
Risks and opportunities report	34
Overall statement on the risk and opportunity position	34
Risk and opportunities management system	35
Assessing and managing risks and opportunities	37
Detailed analysis of the risk situation	38
Detailed analysis of the opportunity situation	45
Outlook	48
Market and sector expectations	48
Company expectations	49
Consolidated non-financialstatement	50
About the consolidated non-financialstatement	50
Strategy, business model and value chain	50
Material impacts, risks and opportunities	50
Sustainability management	53
Energy and climate change mitigation	57
Social	73
Governance	93
Other disclosures	97
Takeover-relevant information pursuant to Articles 289a and 315a HGB	97
Additional disclosures relating to the separate financial statements of Scout24 SE..	101
Business activity of Scout24 SE	101
Situation of Scout24 SE	102
Risks and opportunities of Scout24 SE	104

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≡ Combinedreport management

Key financials

Annual financial statements

Notes to the financial statements

Auditor's report

EUR million, unless otherwise indicated

Group revenue

of which Professional segment

of which Private segment

of which Media & Other segment

Group ordinary operating EBITDA1

of which Professional segment

of which Private segment

of which Media & Other segment

Group ordinary operating EBITDA margin2 in %

of which Professional segment

of which Private segment

of which Media & Other segment

Group EBITDA3

Earnings after tax

Earnings per share (basic) in EUR

Average number of shares in millions

Own work capitalised

Own work capitalised as % of revenue

FY 2023

509.1

327.1

144.4

37.6

303.9

212.5

74.9

16.5

59.7%

64.9%

51.9%

44.0%

278.7

178.8

2.43

73.7

22.8

4.5%

FY 2022

Change

447.5+13.8%

291.2+12.3%

121.5+18.8%

34.8+7.9%

1. +21.0%
2. +20.6%

1. +19.5%

12.2+36.1%

56.1%+3.6pp

60.5%+4.4pp

51.6%+0.3pp

34.9%+9.1pp

230.6 +20.9%

123.5+44.7%

1. +52.8%

1. -5.3%

1. -20.7%

6.4%-1.9pp

1	Ordinary operating EBITDA refers to Group EBITDA adjusted for non-operating effects, which mainly include expenses for share-based
2	payments, M&A activities (realised and unrealised), reorganisation and other non-operating effects.
A segment's ordinary operating EBITDA margin is defined as ordinary operating EBITDA as a percentage of external segment revenue.

• Group EBITDA (unadjusted) is defined by analogy with the presentation in the consolidated statement of profit or loss as earnings before

the financial result, income taxes, depreciation, amortisation and any impairment losses or reversals of impairment losses.

We also provide an overview of our current and historical key financial figures (including for the fourth quarter) at Group and segment level in table format (xlsx) at }www.scout24.com/en/investor-relations/financial-reports-presentations.

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≡					Annual financial
	Combined management
	report			statements

Fundamentals of the Group

Business model

Customers and products

Notes to the financial statements

Auditor's report

For over 25 years, Scout24 has been successfully bringing together homeowners, real estate agents, tenants and buyers.1 ImmoScout24 is the market leader in Germany for digital real estate marketing and search. Consumers seeking real estate find on the ImmoScout24 platform a wide range of digital listings published by real estate agents (including property managers) and homeowners. With an increasing and varied offer and a high number of prospective buyers and tenants, the frequency and length of session of website visitors on ImmoScout24 (traffic) are also increasing.

The listings for the sale or rental of real estate are booked under master agreements (membership programmes) or as individual orders (pay-per-ad) by professional customers and consumers at ImmoScout24. Offering corresponding additional products (including seller leads), Scout24 supports real estate agents in the acquisition of mandates and with additional marketing services for the sale of properties. Real estate developers can access our location analysis to help them decide where and what to build.

Upon request, we can intermediate financing advice for potential real estate buyers. The Mortgage Lead Engine offers financing service providers the option of buying additional mortgage leads.

Plus products TenantPlus ('MieterPlus') and BuyerPlus ('KäuferPlus) offer home seekers the opportunity to find their dream property more quickly and efficiently. With LivingPlus ('WohnenPlus'), Scout24 has been offering tenants additional tenant protection services since summer 2023 to support them when it comes to housing and renting.

Landlords can use Vermietet.de to contact their tenants, manage their real estate portfolio and, for instance, prepare statements of ancillary costs.

With FLOWFACT and Propstack, Scout24 offers CRM software solutions that agents can use to manage their contacts and business digitally.

In the third-party advertising business, advertising opportunities are offered on our ImmoScout24 platform.

The Sprengnetter Group offers software solutions for real estate valuations to banks and the real estate sector, as well as financing appraisals and training courses for real estate experts.

The following three customer groups are active in our digital marketplace:

• Real estate agents2
• Homeowners
• Consumers

Beyond the marketing of real estate, our professional customers can acquire additional products, in particular:

• Realtor Lead Engine (RLE): product for obtaining leads for mandates to sell real estate g agents pay a price per lead
• immoverkauf24: product for obtaining leads for mandates to sell real estate g agents pay part of the brokerage commission after a successful sale transaction
• Mortgage Lead Engine (MLE): mortgage financing products under the pay-per-lead model

1	Based on internal competitive analyses and external references.
2	Including property managers, finance partners, real estate developers and new home builders.

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•

•

			Annual financial	Notes to the financial	Auditor's
Combined management
report			statements	statements	report

BaufiTeam: customer advice within the scope of mortgage and real estate financing g commission is shared upon successful conclusion of financing

FLOWFACT and Propstack: CRM software solutions for real estate agents g fees are charged partly under the membership contract, partly under a licensing model and partly under a software- as-a-service payment model

The real estate listings made available on ImmoScout24 are generally aimed at private customers who are looking for real estate, either to buy or to rent, as well as tenants who are in the residential phase. To facilitate the search and rental, the following products are offered:

• TenantPlus ('MieterPlus'): exclusive listings with early contact, additional information and opportunity analysis, digital applicant folder for users looking for a rental property including credit report g three months' minimum subscription term
• BuyerPlus ('KäuferPlus'): exclusive listings with early contact, opportunity analysis for each property for sale, free real estate valuation, digital document folder for users looking for a property to buy including credit report and buyer's certificate g three months' minimum subscription term
• LivingPlus ('WohnenPlus'): comprehensive coverage and support in the area of tenant protection for tenants, such as review of rental agreements and utility bills as well as personal legal advice in the area of tenancy law g twelve months' minimum subscription term

Private landlords (homeowners) are offered the following additional products:

• LettingPlus ('VermietenPlus'): cloud-based software solution that supports private landlords in rental and property management via Vermietet.de

As a result of obtaining control of the Sprengnetter Group and consolidating its business operations in the Professional segment as of 1 July 2023, the Group has expanded its product and customer portfolio. Since then, Scout24 has offered the following additional products for real estate agents, appraisers, mortgage financing intermediaries and banks:

• Software solutions for real estate valuations: digital products for the valuation of real estate g the provision of software solutions for banks is based partly on a subscription model and partly on a pay-per-use model; the solutions, the products aimed at real estate agents, appraisers and other real estate professionals (Sprengnetter apps) are based partly on subscription models and partly on a pay-per-use model
• Services, such as viewings and valuations: pay-per-use model
• Automated valuation model (AVM): product for the automated valuation of real estate through application programming interfaces (APIs) g under framework agreements
• Products in connection with market data and analyses: provision of transaction-related documents for real estate professionals g pay-per-document model
• Sprengnetter Academy: training courses and digital training and education software for real estate and financing experts g partly subscriptions, partly pay-per-use model

Segment structure

Since the 2022 financial year, the Scout24 Group has been reporting based on three segments: 'Professional', 'Private' and 'Media & Other'. The division into these three segments reflects the focus of the business model and the strategy for building a digital ecosystem for real estate transactions based on the needs of private and professional customers. The respective segment revenue and the related ordinary operating EBITDA stem from different customer groups that purchase various products from Scout24 for various target markets. The Professional segment mainly comprises revenue from products for professional customers such as agents. Having obtained control of the Sprengnetter Group on 1 July 2023, the Group has consolidated the business operations of the Sprengnetter Group in the Professional segment in other revenue and in the seller leads business. Revenue in the Private segment stems from the various products for private customers. The Media & Other segment mainly concerns revenue from ImmoScout24 Austria's

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Combined management report

Annual financial statements

Notes to the financial statements

Auditor's report

business and from advertising business with third parties as well as our CRM portfolio with FLOWFACT and Propstack.

Segments

Professional

Private

Media & Other

Customer groups

• Professional estate agents for residential and business real estate
• Appraisers
• Financing intermediaries and banks
• Consumers
• Homeowners
• Advertisers (third parties) that place advertisements on ImmoScout24
• Users of ImmoScout24 Austria
• FLOWFACT and Propstack customers

Products/monetisation

• Subscriptions: memberships with/without seller leads (RLE, immoverkauf24)
• Pay-per-adlistings
• Other: mortgage leads, real estate appraisals and valuations
• Subscriptions: TenantPlus, BuyerPlus, LivingPlus, LettingPlus
• Pay-per-Ad-listings
• Other: relocation leads, credit check
• Advertisements
• ImmoScout24 Austria products
• CRM software for agents

Strategy

We pursue a clear strategy: we are developing our market leader ImmoScout24 into a fully connected digital marketplace for real estate and are building a digital data-driven ecosystem for real estate agents, homeowners and home seekers in Germany and Austria. ImmoScout24 is driving forward the digitisation of the real estate market and all processes relating to real estate transactions with a focus on ESG, both for business and residential properties.

Through ongoing investment in our brand, our products and targeted acquisitions, such as the recent Sprengnetter Group acquisition, we are strengthening our market leadership and our product range. With ImmoScout24, our goal is to be a reliable point of contact for all real estate matters, offering a diverse product range and high-quality content.

On our platform, we connect real estate agents, owners and property seekers, bringing together a comprehensive range of properties and constant demand in the interest of all market participants. Our product portfolio and our value chain cover the entire real estate transaction end to end: products for selling, buying, financing, letting, renting, valuing and managing real estate. We make it even easier for people looking for a new home to find one, we enable owners to find suitable buyers or tenants and manage their properties, and we support estate agents in marketing properties efficiently and selling them at the best price or in acquiring new mandates.

By expanding the ImmoScout24 ecosystem with the Sprengnetter products (e.g. our Homeowner Hub (My Property)), we were able to further advance our strategy and create synergies between our existing products and the products of the Sprengnetter Group. Through the expansion of the product world, we increase our customers' ability to draw on independent valuation data for real estate properties and to enrich real estate offers with smart data services and tailor-made financing solutions. We are also continuously developing our existing products with a special focus on ESG by providing our customers with sustainability-related key figures and information on all aspects of modernisation and energy efficiency for their property. This way, our sustainable product range covers current and future developments in the real estate market and ESG issues relating to real estate transactions. With our products and the underlying data quality, we are thus continuously creating better market transparency for all market participants and making it even easier for them to make informed, sustainable and reliable decisions about real estate.

With this strategy and our diversified product portfolio, we address the respective marketing and commission pool for agents on the real estate transaction market and, at the same time, support them in expanding their business. We also address the mortgage financing market and corresponding consumer markets. We intend to further tap this significant market potential, both through our existing product portfolio, through product innovations and updates, and through prospective business acquisitions, in order to continue our profitable growth. Sustainability and social responsibility are an integral part of our strategy. We integrate them into our daily activities, our product development and our corporate culture, thereby

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Notes to the financial statements

Auditor's report

also increasing our corporate value. For more information on the topic of sustainability, see the }Consolidated non-financial statement.

Organisation and corporate structure

Management and control

The Scout24 Group is managed by Scout24 SE, with registered office in Munich, Germany.3 The corporate purpose of Scout24 SE is to acquire, hold, manage and sell interests in entities in Germany and other countries that are active in the area of online and internet services and to render services in the real estate sector, in particular services for the brokerage or management of real estate or related or associated business purposes. With the acquisition of the Sprengnetter Group, the business operations also comprise services in the field of real estate valuation and financing as well as real estate appraisals. As a holding company with Group management functions, Scout24 SE performs all related activities, especially rendering management, advisory and other services to affiliated entities as well as performing activities for the aforementioned business areas.

The Management Board of Scout24 SE is responsible for corporate strategy and management. In the 2023 financial year, it comprised the following members:

Name

Tobias Hartmann

Dr Dirk Schmelzer

Ralf Weitz

Dr Thomas Schroeter

		Member of the
Function		Management Board since		End of term of office
Chief Executive Officer		19 November 2018		31 December 2025
Chief Financial Officer		18 June 2019		30 June 2026
Chief Product & Technology Officer		6 December 2018		31 December 2025
				At the end of 27 January 2023,
Chief Product Officer		6 December 2018		following resignation by mutual
		agreement (originally appointed
				until 31 December 2025)

The operating procedures, composition and members of the Supervisory Board are explained in the }Report of the Supervisory Board section of the annual report 2023.

The compensation of the Management Board and the Supervisory Board as well as the incentive and bonus systems are described in the compensation report. This will also be published on 28 March 2024 and is available at }www.scout24.com/en/investor-relations/corporate-governance/compensation.

The Management Board and the Supervisory Board of Scout24 SE attach importance to responsible corporate governance geared to long-term performance and refer to the recommendations of the German Corporate Governance Code. This is explained in more detail in the corporate governance declaration pursuant to Articles 289f and 315d HGB, which is both included in this annual report and available on the Scout24 website at }www.scout24.com/en/investor-relations/corporate-governance.

The Management Board is supported in its strategic management tasks by four additional managers.

Name

Dr Gesa Crockford

Dr Christian Ronge

Jan Sprengnetter

Dr Claudia Viehweger

Function

Managing Director at Immobilien Scout GmbH

General Counsel

Managing Director at Sprengnetter GmbH

Chief People and Sustainability Officer

Member of the ELT since

1 January 2023

1 July 2021

1 July 2023

1 June 2021

Together, these seven individuals formed the Executive Leadership Team (ELT) in the 2023 financial year.

The following organisational changes came into effect in the 2023 financial year: Dr Thomas Schroeter, member of the Management Board of Scout24 SE and Managing Director of Immobilien Scout GmbH,

• The Company's business address has been in Berlin, Germany, since February 2023.

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Combined management report

Annual financial statements

Notes to the financial statements

Auditor's report

stepped down from his office by mutual agreement as of 27 January 2023. As the new Chief Product & Technology Officer, Ralf Weitz has been responsible for and managing the product, marketing, tech and data organisations under one roof since 1 January 2023. At the same time, Dr Gesa Crockford, Managing Director at Immobilien Scout GmbH, joined the Executive Leadership Team of Scout24 SE on 1 January 2023. With the acquisition of the Sprengnetter Group, Jan Sprengnetter also joined the ELT in his capacity as manager of the Real Estate Valuation department and Managing Director of the Sprengnetter Group as of 1 July 2023.

Corporate structure

The following changes were made to the Group's organisational structure in the reporting period:

Effective 14 February 2023, Immobilien Scout GmbH acquired the remaining shares in Zenhomes GmbH, raising its holding to 100% of the shares. Zenhomes GmbH was subsequently merged with Immobilien Scout GmbH with effect from 1 April 2023 and thus ceased to exist.

Effective 19 May 2023, Immobilien Scout GmbH acquired 1,155 new shares in Upmin Group GmbH by way of a capital increase, thereby increasing its shareholding to a total of 28.2%.

Effective 1 July 2023, Consumer First Services GmbH acquired 75% of the shares in Sprengnetter GmbH, one of the leading providers of real estate data and valuations in Germany. Sprengnetter GmbH holds 100% of the shares in Sprengnetter Property Valuation Finance GmbH, Sprengnetter Real Estate Services GmbH and Sprengnetter Zertifizierung GmbH, all of which are based in Bad Neuenahr-Ahrweiler. Sprengnetter GmbH also holds 100% of the shares in Sprengnetter Austria GmbH, based in Feldkirchen in Carinthia, Austria, and 75% of the shares in Reopla S.r.l., based in Turin, Italy.

Effective 3 November 2023, FLOWFACT GmbH acquired the remaining shares in Propstack GmbH. FLOWFACT GmbH now holds 100% of the shares.

Effective 7 December 2023, Immobilien Scout GmbH acquired the remaining 6.5% of the shares in ShareYourSpace GmbH, with registered office in Munich, by way of a capital increase. ShareYourSpace is a platform on which temporarily unused office space is offered to people looking for flexible rental options.

On 22 December 2023, Sprengnetter GmbH notarised the purchase and assignment agreement for all shares in 21st Real Estate GmbH, with registered office in Berlin. The transaction was formally and legally closed as of 3 January 2024. 21st Real Estate GmbH is a software provider for market price and location analysis for business real estate.

The following chart provides a (simplified) overview of the direct and indirect shareholdings of Scout24 SE as of 31 December 2023:

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