Summary for the period October-December 2024
- Net sales increased by 32.4 per cent to SEK 364.1 (275.0) million
- EBITDA increased 24.5 per cent to SEK 176.3 (141.6) million
- Operating profit increased 26.4 per cent to SEK 153.6 (121.5) million
- ARPL, average revenue per published listing, increased 43.0 per cent to SEK 8,452 (5,911)
Summary for the period January-December 2024
- Net sales increased by 38.8 per cent to SEK 1,394.6 (1,004.7) million
- EBITDA increased 37.0 per cent to SEK 719.8 (525.5) million
- Operating profit increased 41.4 per cent to SEK 633.8 (448.2) million
- ARPL, average revenue per published listing, increased 42.1 per cent to SEK 6,382 (4,490)
- Total distribution to shareholders of SEK 542.9 million, from dividends and share buybacks
- The Board of Directors proposes a dividend of SEK 1.70 (1.20) per share, in line with the company's dividend policy and corresponding to approximately one third of earnings per share and an increase of 41.7 per cent
| Oct-Dec | Jan - Dec | |||||
| (SEK million, unless stated otherwise) | 2024 | 2023 | Change | 2024 | 2023 | Change |
| Net sales | 364.1 | 275.0 | 32.4% | 1,394.6 | 1,004.7 | 38.8% |
| EBITDA | 176.3 | 141.6 | 24.5% | 719.8 | 525.5 | 37.0% |
| EBITDA-margin, % | 48.4% | 51.5% | -3.1 pp | 51.6% | 52.3% | -0.7 pp |
| Operating profit | 153.6 | 121.5 | 26.4% | 633.8 | 448.2 | 41.4% |
| Net profit for the period | 118.9 | 93.3 | 27.4% | 481.4 | 338.7 | 42.1% |
| Earnings per share, before dilution, SEK1 | 1.24 | 0.96 | 29.2% | 5.01 | 3.47 | 44.4% |
| Earnings per share, after dilution, SEK1 | 1.24 | 0.96 | 29.2% | 5.00 | 3.47 | 44.1% |
| Cash flow from operating activities | 139.7 | 67.6 | 106.7% | 566.9 | 395.9 | 43.2% |
1 The calculation of the dilution of the number of shares is based on the number of days that the incentive programs have been active during each period.
Chief Executive's Comments
Operational highlights
- Net sales for the fourth quarter increased 32.4 per cent to SEK 364.1 million (275.0). Net sales for the full year increased 38.8 per cent to SEK 1,394.6 million (1,004.7).
- Average revenue per published listing (ARPL) increased 43.0 per cent to SEK 8,452 (5,911) for the quarter, and 42.1 per cent to SEK 6,382 (4,490) for the full year. Increase driven by a growing customer demand for value-added services, in particular Hemnet Premium, and strong engagement from real estate agents.
- EBITDA increased 24.5 per cent to SEK 176.3 million (141.6) for the quarter and 37.0 per cent for the full year to SEK 719.8 million (525.5).
- The EBITDA margin for the quarter was 48.4 per cent (51.5) and 51.6 per cent (52.3) for the full year. Development is driven by higher operating expenses and a less favourable sales mix during the quarter and for the year.
- Upcoming launch of the new top-tier package Hemnet Max expands options for property sellers, meeting growing demand for value-added services and providing greater exposure and flexibility.
Comments
Hemnet continued to deliver strong growth for the fourth quarter as net sales grew by 32.4 per cent driven by a continued high demand for value-added services. The results for the full year, with a record net sales growth of 38.8 per cent, EBITDA growth of 37.0 per cent, and ARPL growth of 42.1 per cent, underscore the strength and scalability of our business. These strong results have been driven by continued improvements in product, packaging and pricing, along with the introduction of an updated compensation model for real estate agent offices.
Listing volumes in the fourth quarter declined by 1.6 per cent year-on-year, reflecting a comparison to the strong growth recorded in Q4 2023. For the full year, a more active property market, driven by lower interest rates, led to a 5.7 per cent increase in new listings.
ARPL for the fourth quarter increased by 43.0 per cent year-on-year, fuelled by strong demand for value-added-services. Throughout the year, we have also launched several initiatives that have contributed to the strong ARPL growth. We increased flexibility for property sellers by offering new payment options, improved the publication flow for sellers and agents, and made it easier for sellers to upgrade their listings. An important milestone was the launch of a new compensation model for real estate agent offices, rewarding those who actively lean into and recommend Hemnet's products. The model has been a success, driving a more than 20-percentage-point increase in agent recommendations and significantly boosting conversions, particularly to Hemnet Premium. The increased compensation to real estate agent offices further strengthens our collaboration with the industry.
As previously communicated, we will focus on enhancing our product offering for property sellers in the coming year. This spring, we will launch Hemnet Max, a new top-tier package for customers who want even more exposure for their property to potential property buyers. This initiative reflects the growing demand for larger packages and reinforces our commitment to meeting diverse customer needs.
In our B2B segment, we have seen a 4.9 per cent increase in revenue as real estate agents have invested more in our value-added services, and in particular our newest product which helps them find sellers. Overall revenue in our B2B segment decreased by 3.8 per cent, mainly due to a decline in display advertising, with the broader market remaining cautious amid ongoing macroeconomic challenges that continue to impact other advertisers and place pressure on display advertising revenue.
In 2024, Hemnet registered an average of 7.4 million monthly unique users, a year-on-year increase by 3.3 per cent, and an average of 6,300 views per listing, which is more than 16 times the views listings receive from the second-largest player in the market. This leadership reinforces Hemnet's position on the Swedish property market. Throughout the year, we have made significant progress in many areas. With strategic investments in product development, operational improvements, and marketing coupled with the solid foundation we have built, we are confident of achieving our financial targets and ensuring long-term success.
As I close my final CEO comment, I want to thank my colleagues for an incredible seven years. Together, we've achieved so much, and I'm proud of what we've built. Hemnet is a unique company with a strong position, an engaged audience, and an inspiring workplace culture. I'm certain it will continue to thrive under Jonas's leadership, and I wish him and the team every success ahead.
Cecilia Beck-Friis, CEO
January 2025
*****************************************
In connection with the report, a presentation of the results will be held at 10.00 CET by Hemnet's CEO Cecilia Beck-Friis, CFO Anders Örnulf and COO Lisa Farrar. A Q&A session will be held after the presentation. The presentation will be held in English.
The presentation can be viewed live via the link below. https://hemnet.events.inderes.com/q4-report-2024
If you wish to participate via teleconference please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://conference.inderes.com/teleconference/?id=5002331
The report and presentation material will be available on hemnetgroup.com.
*****************************************
For more information please contact:
Press enquiries
Staffan Tell, Head of PR
M: +46 733 67 66 85
E: staffan.tell@hemnet.se
Jessica Sjöberg, Chief Communications Officer
M: +46 730 68 99 33
E: jessica.sjoberg@hemnet.se
IR enquiries
Ludvig Segelmark, Head of IR
M: +46 70 250 14 40
E: ludvig.segelmark@hemnet.se
Anders Örnulf, CFO
M: +46 72 732 10 12
E: anders.ornulf@hemnet.se
About Hemnet
Hemnet operates the leading property platform in Sweden. The company emerged as an industry initiative in 1998 and has since transformed into a "win-win" value proposition for the housing market. By offering a unique combination of relevant products, insights and inspiration, Hemnet has built lasting relationships with buyers, sellers, and agents for more than 20 years. Hemnet shares a mutual passion for homes with its stakeholders and is driven by being an independent go-to-place for people to turn to for the various housing needs that arise through life. This is mirrored in the Company's vision to be the key to your property journey, supplying products and services to improve efficiency, transparency and mobility on the housing market. Hemnet's is listed on Nasdaq Stockholm ('HEM').
Follow us: hemnetgroup.com / Facebook / LinkedIn / Instagram
This information is information that Hemnet Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-01-31 08:00 CET.
Image Attachments
Cecilia Beck Friis
