Scout24 acquires Sprengnetter Group – one of the leading providers of property data and valuation services in Germany

• Strategic product acquisition – strengthening competitive moat of ImmoScout24’s
  eco-system
• Sprengnetter offers a comprehensive and scalable portfolio of digital valuation software, Automated Valuation Model and ESG products
• Companies are joining forces to drive the simplification and digitization of real estate valuation for agents, brokers, homeowners, buyers and financial institutions
• Sprengnetter Group will continue to operate under its own brand and CEO Jan Sprengnetter will join the Scout24 Executive Leadership Team

Munich / Berlin, 19 June 2023

Scout24 signed an agreement to acquire a majority stake of 75% in the Sprengnetter Group. Founded in 1978 and through continued innovation, Sprengnetter has established itself as one of the leading providers of property data and valuation services in Germany. The company serves financial institutions and the real estate industry with software solutions, automated valuation model (AVM), mortgage appraisal services as well as a range of digital training and education software for real estate experts. Under the leadership of current owner and CEO, Jan Sprengnetter, the company has over the past decade established a strong suite of digital valuation and ESG products. Headquarter is located in Bad-Neuenahr-Ahrweiler, Rhineland Palatinate, Germany.

With the acquisition of Sprengnetter Group, Scout24 is continuing its strategy to establish a comprehensive digital ecosystem aiming to simplify real estate transactions. With the integration of Sprengnetter products into the ImmoScout24 eco-system, Scout24 will enable all stakeholders to benefit from increased use of independent valuation data for real estate objects, thereby increasing transparency and enabling decision-making. Existing Sprengnetter customers will benefit from a broader and more integrated offering, combining the best of ImmoScout24 with Sprengnetter´s innovative valuation products.

The Sprengnetter Group will continue to operate under its own brand. The locations and teams of the Sprengnetter Group will be retained.

Sprengnetter Group financials

For the first half of 2023 Sprengnetter Group is projected to generate revenues of approximately EUR 14m at an ordinary operating EBITDA margin of about 20%.

Transaction key terms

Valuation of Sprengnetter Group for the initial 75% stake acquisition amounts to c. EUR 100m on debt and cash free basis (100%). A large part of the initial purchase price for the 75% stake acquired will be paid in Scout24 shares with a multi-year lock-up agreement, making Jan Sprengnetter a meaningful long-term shareholder of Scout24. The share component reflects alignment of incentives as well as the joint vision for the strategic roadmap ahead. The number of shares to be transferred will be determined based on the volume weighted average share price for a period prior to closing. Based on the current estimate this could be around 0.9 million shares. Shares issued will be fully or partially offset by the ongoing current share buyback programme.

The transaction is expected to close in July and the business will be consolidated from 2HY onwards. Jan Sprengnetter will remain a 25% shareholder in the company. The final stake sale is subject to an earn-out mechanism.

About Scout24

Scout24 is one of the leading digital companies in Germany. With the digital marketplace ImmoScout24, for residential and commercial real estate, we successfully bring together owners, realtors, tenants, and buyers – and we have been doing so for about 25 years. With over 19 million users per month on its online marketplace or in its app, ImmoScout24 is the market leader for digital real estate marketing and search. To digitise the process of real estate transactions, ImmoScout24 is continually developing new products and building up an ecosystem for renting, buying, and commercial real estate in Germany and Austria. Scout24 is a listed stock corporation (ISIN: DE000A12DM80, Ticker: G24) and member of the MDAX as well as the DAX 50 ESG. Further information is available on LinkedIn. Since 2012, ImmoScout24 has also been active in the Austrian real estate market, reaching over 3 million users monthly.

Contact for Investor Relations

Filip Lindvall
Director Group Strategy & Investor Relations
Tel: +49 30 24301 1917
E-mail: [email protected]

Contact for media

Axel Schmidt
Teamlead Corporate Communications
Tel.: +49 30 24301 1446
E-mail: [email protected]

Disclaimer

All information contained in this release has been carefully prepared. However, no liability of any kind is assumed for the information contained herein and/or its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. The information contained in this release is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company’s or, as appropriate, senior management’s current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results, including but not limited to the Company's financial position or profitability, to differ materially, also adversely, from those expressed or implied by the forward-looking statements. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any information contained in this document (including forward-looking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Scout24 also uses alternative performance measures, not defined by IFRS, to describe the Scout24 Group’s results of operations. These should not be viewed in isolation but treated as supplementary information. Alternative performance measures used by Scout24 are defined in the corresponding place in the financial reports. The special items used to calculate some alternative performance measures arise from the integration of acquired businesses, reorganisation measures, impairment losses, gains or losses on sale resulting from divestitures and the sale of shareholdings, and other expenses and income that generally do not arise in conjunction with Scout24’s ordinary business activities. Due to rounding, numbers presented throughout this release may not add up precisely to the totals indicated, and percentages may not precisely reflect the absolute figures for the same reason.