Tobias Hartmann

Tobias Hartmann serves as CEO of Scout24, the operator of ImmoScout24 — Germany's dominant digital real estate marketplace. ImmoScout24 is the go-to platform for anyone searching for residential or commercial property in Germany, attracting over 20 million monthly users and listing the vast majority of available properties. The platform holds a commanding market position similar to Rightmove in the UK or REA Group in Australia. Scout24 generates revenue from real estate agents and property managers who pay to list properties and access premium placement, from private landlords who list rental properties, and from adjacent services including mortgage comparison, moving services, and tenant credit checks. The company's marketplace model delivers exceptional profitability — EBITDA margins consistently exceed 60%, reflecting the platform's strong network effects and low marginal costs. The German real estate market has unique characteristics that benefit Scout24: Germany has one of the highest rental rates in Europe (approximately 50% of Germans rent rather than own), rental turnover is relatively frequent, and the market is less dominated by large institutional landlords compared to some other markets. This creates a large, recurring need for property listings. Key stock drivers include listing volumes, revenue per listing (pricing power), residential and commercial real estate market activity, mortgage market conditions, adjacent services growth, and the competitive dynamics against Immowelt and other platforms.