Q2 2024 Hemnet Group AB (publ) Earnings Call Transcript
Key Points
- Hemnet Group AB (HMNTY) reported a 51% net sales growth in Q2 2024.
- Revenue from property sellers increased by 68%, driven by higher demand for value-added services.
- The company saw a 10% growth in published listings and a 16% increase in transactions.
- ARPL (Average Revenue Per Listing) grew by 52%, indicating strong demand for premium listings.
- Hemnet Group AB (HMNTY) maintained a high EBITDA margin of 53.4%, showcasing strong profitability.
- Net sales from other customers decreased by 6.2%, primarily due to lower display revenue.
- Many business-to-business customers, especially property developers, are still impacted by macroeconomic factors.
- The company faces challenges in converting positive market developments into higher sales and commissions for property developers and agents.
- Personnel costs increased by 21% due to higher FTEs and salary inflation.
- The new compensation model's impact on agent behavior and overall financials is still uncertain.
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Good morning, and welcome to the presentation of Hemnet Group's results for the second quarter of 2024. My name is Cecilia Beck-Friis, and I'm the CEO of Hemnet and today, I'm joined by Anders Ãrnulf, Chief Financial Officer and Nick Lundvall, our IR Manager. And as always, there will be an opportunity to ask questions at the end of the presentation. Please follow the operator's instructions to ask this through that provided telephone dial-in.
Before going to the financial summary, I'd like to spend some time on page 2 to share some thoughts on our market position. Hemnet is with the largest property portal and has been since our inception in 1998, we had significantly more unique users visited and engagement per listing than the second closest player in the market. Our user views per listing is especially important as we consider the value we provide to property sellers. No other portal can offer a more cost effective well for sellers to reach the largest number of potential
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