Summary for the period July-September 2025
- Net sales decreased by 1.5 per cent to SEK 366.7m (372.1)
- EBITDA decreased 5.9 per cent to SEK 195.4m (207.6)
- Operating profit decreased 7.8 per cent to SEK 171.3m (185.7)
- ARPL (average revenue per published listing), increased 20.9 per cent to SEK 7,477 (6,183)
- Number of published listings decreased 19.2 per cent to 41.6 thousand (51.5)
Summary for the period January-September 2025
- Net sales increased by 14.4 per cent to SEK 1,178.7m (1,030.5)
- EBITDA increased 12.9 per cent to SEK 613.8m (543.4)
- Operating profit increased 13.3 per cent to SEK 544.0m (480.2)
- ARPL (average revenue per published listing), increased 29.8 per cent to SEK 7,613 (5,865)
- Number of published listings decreased 10.1 per cent to 170.4 thousand (185.3)
| Jul-Sep | Jan-Sep | Last twelve months | FY | |||||
| (SEK million, unless stated otherwise) | 2025 | 2024 | Change | 2025 | 2024 | Change | ending Sep 2025 | 2024 |
| Net sales | 366.7 | 372.1 | -1.5% | 1,178.7 | 1,030.5 | 14.4% | 1,542.8 | 1,394.6 |
| Adjusted EBITDA* | 195.4 | 207.6 | -5.9% | 613.8 | 543.5 | 12.9% | 790.1 | 719.8 |
| Adjusted EBITDA-margin*, % | 53.3% | 55.8% | -2.5 p.p. | 52.1% | 52.7% | -0.6 p.p. | 51.2% | 51.6% |
| Operating profit* | 171.3 | 185.7 | -7.8% | 544.0 | 480.2 | 13.3% | 697.6 | 633.8 |
| Profit for the period | 132.4 | 141.4 | -6.4% | 420.3 | 362.5 | 15.9% | 539.2 | 481.4 |
| Earnings per share, basic, SEK1 | 1.40 | 1.47 | -4.8% | 4.42 | 3.77 | 17.2% | 5.66 | 5.01 |
| Earnings per share, diluted, SEK1 | 1.40 | 1.47 | -4.8% | 4.41 | 3.76 | 17.3% | 5.65 | 5.00 |
| Cash flow from operating activities | 173.8 | 131.9 | 31.8% | 523.7 | 427.2 | 22.6% | 663.4 | 566.9 |
| ARPL (average revenue per published listing), SEK | 7,477 | 6,183 | 20.9% | 7,613 | 5,865 | 29.8% | 7,690 | 6,382 |
| Number of published listings, thousands | 41.6 | 51.5 | -19.2% | 133.3 | 148.3 | -10.1% | 170.4 | 185.3 |
* Alternative Performance Measure, see pages 17-19 for derivation and definitions.
¹ The calculation of dilution of shares is made based on the number of days that the incentive programmes that have been active during each respective period.
Chief Executive's Comments
Strong ARPL growth and resilience in a challenging market
Despite a continued challenging property market, Hemnet demonstrated strong ARPL growth and resilience in the third quarter. Average Revenue Per Published Listing (ARPL) maintained its momentum, increasing by 21% to SEK 7,477. Net revenue declined by 1.5% to SEK 367 million and EBITDA was down 5.9% to SEK 195 million, corresponding to an EBITDA margin of 53.3%.
Published listings decreased 19% year-on-year, reflecting a property market with record-high supply, longer sales cycles, and continued price pressure, leaving many consumers hesitant to enter the market. Hemnet's October Buyer Barometer supports this sentiment, indicating that more consumers now expect prices to fall compared with last month. At the same time, lower interest rates, stabilising inflation and the easing of mortgage regulations planned for April 2026 could gradually help increase activity. Around four percentage points of the volume decline was attributed to changed business terms introduced in Q1 2025, allowing sellers to change agent without buying a new listing.
ARPL increased by 21% year-on-year, driven by more agents recommending and more sellers choosing our value-added services. With three out of four sellers now selecting Hemnet Plus, Premium or Max, this highlights the strength of our offering and that our customers see clear value in investing for visibility and impact. Our newest package, Hemnet Max, is a natural next step for sellers seeking maximum exposure and is already performing strongly. In Stockholm, properties advertised with Hemnet Max between April and August received 72% more traffic and a more than 50% higher bid premium than those advertised with Hemnet Premium.
On the B2B side, revenues from agents and, in particular, property developers increased during the quarter. We have intensified our efforts to strengthen relationships with these groups, our most important partners, through closer dialogue and increased interaction. These efforts are now delivering results, and we see great potential to build even stronger and more value-creating partnerships going forward.
New strategic product initiatives strengthen Hemnet's role throughout the sales process
Our data shows that listings visible on Hemnet from the start have a higher chance of a successful sale, with homes published as Upcoming on Hemnet on average selling five days faster than those listed directly as For Sale.
To help sellers and agents fully leverage Hemnet's potential, we are working on several strategic product initiatives. One of these is a pilot project launched on October 1, where we are testing the option for home sellers to pay only when, and if, the property is sold. We believe this commercial model can lower the threshold for sellers to advertise on Hemnet from start, while also aligning payment timing with how real estate agents receive their commission.
In parallel, we intend to offer all franchisors and brand owners that want to recommend Hemnet as a partner throughout the sales process the opportunity to enter into a strategic partnership agreement. The "pay only upon sale" model will form part of these collaborations, which are planned to roll out during 2026.
Together these initiatives aim to help home sellers and agents fully realise the value of Hemnet. At the same time, they enable Hemnet to better reflect the actual supply of properties on the market - in line with our vision to increase efficiency, transparency, and mobility in the housing market.
Accelerating innovation and building Hemnet's future
We continue to accelerate the pace of our product innovation. During the quarter, we made it easier for Hemnet visitors to share and engage with our content, improved our CRM functionality to strengthen consumer communication, and launched a partnership with Hitta.se, where both our listings and valuation tool are now integrated. In the near term, we will launch Hemnet Insights, a new analytics tool providing agents with valuable market data as part of their Hemnet Business subscription. At the beginning of next year, we will also launch an enhanced offering for property developers.
Furthermore, our increased marketing investments during the year have begun to deliver clear results. We are seeing positive developments in key brand metrics, with spontaneous brand awareness and brand preference improving by 11 and 8 percentage points respectively year-on-year.
At the same time, according to Orvesto's survey data covering May to August 2025, Hemnet remains Sweden's third largest commercial website, reaching close to 2 million unique visitors per week with a slight year-on-year increase of 0.4 percent. This is particularly encouraging given the weaker market conditions
Although the market remains challenging, we continue to act decisively - faster, smarter, and with a continued focus on innovation. Through this, we are strengthening Hemnet's position for the benefit of buyers, sellers, and agents alike.
Jonas Gustafsson
CEO
October 2025
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In connection with the report, a presentation of the results will be held at 10.00 CET by Hemnet's CEO Jonas Gustafsson and CFO Anders Örnulf. 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/q3-report-2025/register
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=5004684
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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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 2025-10-23 08:00 CEST.
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Jonas Gustafsson CEO Hemnet