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Hemnet Group Interim report Q2 2021

20 August 2021

 | Regulatory

Strong growth in net sales and adjusted EBITDA 

Summary for the period April-June 2021 

  • Net sales increased 47.4 percent to SEK 212.5m (144.2)
  • Adjusted EBITDA increased 103.9 percent to SEK 110.9m (54.4)
  • Operating profit increased 108.3 percent to SEK 62.9m (30.2)
  • Strong year-on-year listings growth that increased 18.8 percent compared to the previous year
  • The first full quarter with both the segmented price model on all seller products and the new compensation model for real estate agent offices, leads to significant operational leverage

Summary for the period January-June 2021 

  • Net sales increased 36.8 percent to SEK 355.0m (259.5)
  • Adjusted EBITDA increased 85.1 percent to SEK 168.1m (90.8)
  •  Initial public offering (“IPO”) on Nasdaq Stockholm, Large Cap list on 27 April
  • Entered into a new SEK 500m revolving credit-facility (“RCF”) on 27 April, and at the same time terminated and repaid the previously existing credit-facility

Financial highlights 

Apr-Jun Jan-Jun Last twelve months FY
(SEK million, unless stated otherwise) 2021 2020 Change 2021 2020 Change ending Jun 2021 2020
Net sales 212.5 144.2 47.4% 355.0 259.5 36.8% 639.6 544.1
Adjusted EBITDA* 110.9 54.4 103.9% 168.1 90.8 85.1% 279.4 202.1
Adjusted EBITDA-margin*, % 52.2% 37.7% 14.5 pp 47.4% 35.0% 12.4 pp 43.7% 37.1%
Operating profit* 62.9 30.2 108.3% 76.5 44.3 72.7% 142.7 110.5
Earnings per share, basic, SEK1 0.36 0.19 90.2% 0.42 0.25 68.8% 0.85 0.67
Earnings per share, diluted, SEK1 0.36 0.19 90.1% 0.42 0.25 68.8% 0.85 0.67

* Alternative Performance Measure, see pages 20-22 for derivation and definitions.
1 Earnings per share calculated as net profit for the period in relation to the average number of ordinary shares outstanding during the period. Average number of ordinary shares outstanding for all periods has been recalculated adjusting for reverse share split and bonus issues. The calculation of dilution of shares for all periods is made based on the average share price since the IPO on April 27, 2021 (194,63 SEK). This price is higher than the strike price of outstanding warrants at period end (155,25 SEK) and hence, there is a dilution of 94,953 shares.

Chief Executive’s comments

This has been an exceptional quarter for Hemnet, with net sales increasing by 47.4 percent to SEK 212.5m (144.2), the highest level in the company’s history. Adjusted EBITDA for the period increased by 103.9 percent to SEK 110.9m (54.4). Over the quarter, we have continued our work with creating the best possible conditions and products to help home sellers and real estate agents to find buyers, and our business partners to reach relevant customers.

Key drivers of the growth have included the first full quarter of our new compensation model for real estate agents and our new segmented pricing model for Hemnet Bas, both launched on March 1. The new pricing model, paired with continued product development and increased uptake of value-added services by property sellers, led to Average Revenue Per Listing (ARPL) growing by 33.1 percent to SEK 2,363 (1,775).

The growth in ARPL in this quarter has also benefitted from a rebound in the property market compared to the second quarter of 2020, which was the quarter most negatively affected by the onset of the pandemic. Published listings on Hemnet increased by 18.8 percent in the quarter compared to last year, resulting in volumes for the first six months increasing by 7.1 percent.

Revenue from real estate agents, property developers and advertisers grew by 27.5 percent as Hemnet’s content-close platform continues to deliver a strong return on investment for our business-to-business partners.

On average every Swede spends 38 minutes each month on Hemnet’s platforms. We want to make sure our visitors and customers get the very best value from their Hemnet experience as well as from our products. In the quarter we improved Hemnet Plus by adding new features that give customers even better exposure for their listing. We also made it easier for real estate agents to recommend Hemnet’s products to home sellers, resulting in a growing number of recommendations. During the quarter we also improved the experience of being logged-in on Hemnet by making it easier to save your favourite properties and searches. 

Looking ahead we expect net sales in the third quarter to show a year-on-year increase that is above the upper end of the Group’s financial target range of 15-20 percent, but to clearly moderate from the second quarter, which benefitted from favourable comparables.

I am proud of how our teams continue to create value to our various stakeholders after many months of working from home. It is clear that the pandemic is not yet over but as vaccinations levels increase I look forward to slowly, and responsibly, start seeing more of our colleagues, customers and partners. I am also looking forward to welcoming the property industry to Sweden's leading property gala Guldhemmet in September - however in a slightly different and Covid-adapted version.

Cecilia Beck-Friis
August 2021


The report and presentation material will be available on In connection with the report, a webcast will be held at 10.00 CET where Hemnet's CEO Cecilia Beck-Friis and CFO Carl Johan Åkesson will be presenting and commenting on the results. A Q&A session will be held after the presentation. The presentation will be held in English.

The presentation can be viewed live on where it also will be available afterwards.

If you want to ask questions after the presentation you will need to participate via telephone, call +46 8 566 42 703. More dial-in numbers with additional country codes are available on this link. Questions can also be sent in advance to [email protected].

For more information please contact:

Press enquiries
Staffan Tell, Head of PR
M: +46 733 67 66 85
E: [email protected]

IR enquiries
Carl Johan Åkesson, CFO
M: +46 708 30 70 57
E: [email protected]

Nick Lundvall, IR Manager & Head of Corporate Development
M: +46 761 45 21 78
E: [email protected]

This is information that Hemnet Group AB (publ) (Hemnet) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, on August 20 2021 at 08:00 CET. 

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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