Hemnet Group Interim report Q1 2026

Summary for the period January-March 2026

• Net sales decreased by 24.7 percent to SEK 247.2m (328.5)
• EBITDA decreased 43.3 percent to SEK 89.3m (157.5)
• Operating profit decreased 51.6 percent to SEK 65.4m (135.0)
• ARPL (average revenue per paid listing) increased 12.2 percent to SEK 9,109 (8,118)

* Alternative Performance Measure, see pages 14-16 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.
² The definition of ARPL has been changed as of Q1 2026. Comparative figures for historical periods have been restated. See Note 1 for further information.

Chief Executive’s Comments

Strength in a hesitant market with emerging signs of recovery
Despite the headwinds of a continued hesitant market, Hemnet demonstrated strength during the first quarter of 2026. Average revenue per paid listing (ARPL) increased by 12% year-on-year to 9,109 SEK. The ARPL growth was primarily driven by a strong conversion toward our value-added services, further accelerated by the successful launch of the new ‘Sell first, pay later’ model. In particular, we continue to see a steady increase in the share of property sellers choosing Hemnet Premium.

The quarter’s financial results were impacted by the transition following the launch of ‘Sell first, pay later’. This model introduces an accounting effect where revenue for listings utilising the ‘Sell first, pay later’ option is recognised upon a sale rather than at the time of publication. Consequently, this represents a timing shift of revenue to subsequent quarters rather than a reduction in revenue. Net sales amounted to 247 million SEK and an EBITDA of 89 million SEK, representing an EBITDA margin of 36.1 percent. Published listings decreased by 30.6% year-on-year, reflecting the broader market sentiment during the period.

While Q1 was marked by a soft market and fewer new listings, we saw signs of recovering momentum in late March, which continued to strengthen throughout April. In the Stockholm area, historically a forerunner of broader market shifts, low supply levels and increased demand led to stronger price development and reduced sales cycles. Driven by eased credit restrictions, the nationwide,‘Sell first, pay later’ rollout and a favorable calendar effect related to Easter, the first week of April saw a surge in volumes of newly published listings, marking the highest weekly increase recorded in ten years. Taken together, these indicators reinforce our confidence in a more positive market outlook and increased listing activity for the remainder of 2026.

Strengthening agent partnerships and industry ties
Our B2B segment performed steadily, with results in line with the previous year despite broader market trends where constrained listing volumes limited total inventory. This resilience was particularly visible in the new construction segment, where revenue grew by 10% year-on-year as a result of continuous product development and improved packaging.

We continued to deepen our industry ties through increased interaction and collaborations facilitated by a realigned sales organisation and refined working methods. Our strategic partnerships with real estate agent brand owners continued to scale, with 86 agreements now signed, including recent additions such as Courtier Group, MOHV and Property & Partners. With the first features for enhanced brand exposure now live, we are delivering immediate value to these partners.

Celebrating the talents in the Swedish property industry at our seventh Guldhemmet gala was a standout highlight for the quarter, and we are proud of the prestige that winning a Guldhemmet award now represents.

Positioned for a more active market through ‘Sell first, pay later’ and accelerated innovation
The rollout of ‘Sell first, pay later’ available nationwide since March 30, marks our most significant product improvement to date and a strategic response to a shifting market. Following its phased introduction, the model has seen strong adoption, effectively lowering the barrier to list on Hemnet. In February and March, new listings in counties where the model had been introduced outperformed the rest of Sweden by 15 percentage points year-on-year, while at the same time driving higher conversion to our value-added services. While the new model’s revenue recognition timing makes year-on-year comparisons challenging, the broader effect is very positive. Beyond the immediate commercial traction, this shift stimulates market activity and ensures that Hemnet more
effectively reflects the full scope of homes for sale.

During the quarter, we expanded our presence across the property ecosystem by integrating Sweden’s entire stock of 3.5 million villas, terraced houses, and vacation homes into our map. By allowing users to engage with and track every home, regardless of whether it is currently for sale, we are broadening our scope beyond the active listing market. Furthermore, we continue to accelerate our AI agenda. Following the launch of Hemnet as an app within ChatGPT and our conversational search feature, we have just launched a virtual restyling tool allowing users to visualise different interior styles and furnishings within listing photos, providing a more interactive and personalised experience.

Turning market-leading reach into measurable value
As Sweden’s fourth largest commercial website with a reach of over 1.8 million unique weekly visitors during 2025*, Hemnet offers unparalleled exposure. This scale translates into tangible results: our data from the first two weeks in March shows that the bidding premium in Stockholm’s inner city was on average 5.1 percentage points higher for homes advertised on Hemnet compared to those sold without exposure on the platform. This is a clear testament to the value of our reach and the efficiency we bring to every transaction.

This foundation, paired with our high pace of innovation, gives us clear momentum as we move into the second quarter. While indicators suggest that the remainder of 2026 could finally be the turning point the market has long anticipated, we remain mindful of the geopolitical landscape. Whatever direction the market takes, we will continue to evolve and take every step necessary to remain Sweden’s most value-creating property portal, while actively contributing to a more efficient and restored property market.

Jonas Gustafsson
CEO
April 2026

* Orvesto Konsument, Sifo

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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/q1-report-2026/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://events.inderes.com/hemnet/q1-report-2026/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: [email protected]

Jessica Sjöberg, Chief Communication and Brand Officer
M: +46 730689933
E: [email protected]

IR enquiries
Ludvig Segelmark, Head of IR
M: +46 70 250 14 40
E: [email protected]

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 25 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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