Hemnet Group Interim report Q4 2025

Summary for the period October-December 2025

• Net sales decreased by 4.4 percent to SEK 348.1m (364.1)
• EBITDA decreased 12.8 percent to SEK 153.7m (176.3)
• Operating profit decreased 15.5 percent to SEK 129.8m (153.6)
• ARPL (average revenue per published listing), increased 29.2 percent to SEK 10,916 (8,452)

Summary for the period January-December 2025

• Net sales increased by 9.5 percent to SEK 1,526.8m (1,394.6)
• EBITDA increased 6.6 percent to SEK 767.5m (719.8)
• Operating profit increased 6.3 percent to SEK 673.8m (633.8)
• ARPL (average revenue per published listing), increased 28.1 percent to SEK 8,175 (6,382)
• The Board of Directors proposes a dividend of SEK 1.90 (1.70) per share, in line with the company’s dividend policy and approximately one third of earnings per share

* Alternative Performance Measure, see pages 16-18 for derivation and definitions.

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

Strong performance in a challenging market
Hemnet’s results for the fourth quarter were impacted by a decrease in the number of new property listings, resulting in net sales of SEK 348 million (-4%) and EBITDA of SEK 154 million, corresponding to an EBITDA margin of 44.2%. For the full year 2025, the results demonstrated strong resilience with net sales increasing by 9% to SEK 1,527 million and EBITDA increasing by 7% to SEK 768 million, corresponding to an EBITDA margin of 50.3%. This underscores our ability to maintain strong underlying value creation, even in a challenging and unpredictable market.

Reflecting our strong cash flow generation, the Board of Directors proposes an increased dividend of SEK 1.90 (1.70) per share. The proposal is in line with our dividend policy and corresponds to approximately one third of earnings per share.

A very strong ARPL growth of 29% for the quarter and 28% for the full year significantly offset the impact of lower listing volumes. This growth was mainly driven by sellers upgrading to our value-added services, with conversion rates reaching record high levels in the fourth quarter. While Hemnet Premium currently drives the majority of volumes, Max is positioned to capture the next level of demand from customers seeking to maximise their exposure to the largest group of property seekers in Sweden.

The property market in 2025 was characterised by contrasts. While we saw signs of renewed activity, particularly in the villa market, and a total supply that finally began to decrease, the inflow of new homes remained constrained. A persistent ‘sell-first’ mentality, weak price development among small apartments and longer sales cycles, continued to create lock-in effects. Consequently, published new listings on Hemnet declined by 13% for the full year and 26% in the fourth quarter.*

On the B2B side, we saw increased demand for value-added services, balancing the development within generic display advertising where revenues declined modestly. In the fourth quarter, we noted a clear positive trend among bank customers, driven by a product improvement. Furthermore, our improved packaging for property developers has been well received,
positioning us with a significantly improved value proposition when market demand returns.

Strategic initiatives to unlock market mobility
We are entering 2026 with a clear focus on addressing market friction and being a partner throughout the entire property journey – Hemnet all the way. In February, starting in Stockholm, we are launching our most significant customer-centric initiative to date: the “sell first, pay later” option. This follows a successful pilot in the fourth quarter, where test offices increased listings by 4% year-on-year despite the sharp market decline, with a majority of sellers choosing the option to only pay when and if the property was sold. These results confirm the potential to lower the threshold for marketing investments on Hemnet and increase market mobility by connecting more homes with Sweden’s largest property-centric audience at an earlier stage.

Simultaneously, we are strengthening our collaboration with the agent industry through our new strategic partnerships. In an initial phase, we have signed agreements with 60 brokerage chains — including larger agencies such as Svensk Fastighetsförmedling, Notar, Erik Olsson and Croisette —who have chosen Hemnet as their recommended partner throughout the entire sales process. Several discussions are ongoing, and we look forward to welcoming more partners ahead. We have also launched the first version of Hemnet Insights, a statistical tool that supports agents
with well-packaged and relevant data.

Other recent enhancements on our platform include multi-property valuation tracking, improved agent search, an improved listing design, and better exposure for properties listed as “Upcoming”. To enhance our position in the evolving AI ecosystem, we are also advancing our agenda with recent milestones being a launch of a conversational search function, an AI-enabled start page for logged-in users, and an upcoming launch of Hemnet as an app in ChatGPT.

Looking ahead with optimism
While we expect the market to remain challenging in the short term, the planned easing of mortgage rules on April 1 should be a catalyst that will stimulate mobility. Signs of optimism are already returning among consumers: 43% of those planning to buy a home believe in rising prices over the coming six months according to our Buyers’ Barometer for January, an increase by 10 percentage points compared to December.

During the year, Hemnet engaged an average of 2.7 million unique users per week and facilitated 1.9 million direct contacts between buyers and agents, reflecting the unmatched activity on our platform and our position as Sweden’s largest property portal. This ability to generate business opportunities regardless of market climate confirms our role as the engine of the Swedish property market.

While 2025 was characterised by resilience, it was above all a year in which we geared up for the future. Through an increased pace – where AI tools have notably helped us become more efficient – we enter the new year with a significantly strengthened product portfolio and an organization ready not only to meet the market, but to drive it forward. With these elements in place, we look forward to 2026 with great pride and confidence, ready to deliver more value to our users, customers, and real estate agents than ever before.

Jonas Gustafsson, CEO
January 2026

* The volume decline was impacted by approximately -5% for the fourth quarter, and -4% for the full year, by updated commercial terms introduced in February 2025, under which a change of agent no longer generates a new

Updated definition of ARPL and historical figures
As of January 1, 2026, Hemnet will transition from reporting the alternative performance measure ARPL (average revenue per published listing) to reporting ARPL (average revenue per paid listing). This change is being made to increase transparency and better reflect the company's actual earning capacity per listing.

In the table below, a historic comparison between the new and the old definition for the period Q4 2023 to Q4 2025 is shown.

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Information regarding extended presentation of Hemnet’s Year-end Report 2025
At 10:00 CET, Hemnet will host a presentation of the results, followed by an update on the company's strategic and commercial focus areas. The session will feature CEO Jonas Gustafsson, CFO Anders Örnulf, and COO Lisa Farrar.

With this expanded format, the full session—including Q&A—is expected to last approximately two hours. The event will be held in English.

The presentation will be held in English and can be followed live via the link below.
https://hemnet.events.inderes.com/q4-report-2025

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://events.inderes.com/hemnet/q4-report-2025/dial-in

The report and presentation material will be available on hemnetgroup.com.

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For more information please contact:
Press enquiries
Staffan Tell, Head of PR
M: +46 733 67 66 85
E: staffan.tell@hemnet.se

IR enquiries
Ludvig Segelmark, Head of IR
M: +46 70 250 14 40
E: ludvig.segelmark@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’).

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