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we. for your home.
Ulrich Gros, CFO
Reliable Partner for Consumers and Agents
We help, guide and support some of the financially most important
decisions in life
High engagement
Growing engagement
Moderate engagement
Wide choice,
Mortgage loans
Relocation service,
Utility offering
Tips, Inspiration Software, Valuation
High visibility,
Quality leads
New mandates,
Branding
Exemplary services
Consumer Agents
2
Immowelt – Investment highlights
Healthy growth of German property and online portal market
High brand awareness and increase in consumer demand
Record number of DUO1 agents and high customer satisfaction
Stable relative position for residential listings
Substantial ARPU growth over last quarters
Strong revenue growth with increasing EBITDA
1) DUO: 1 contract, 2 portals (immowelt.de, immonet.de) | Germany only
Source: Immowelt
3
Residential sales transactions account for the majority of the
market: +3% growth p.a. for market value expected until 2020
Healthy growth of German property market expected
Agents are expected to maintain their strong market position
Key outlook drivers
Number of sales
transactions (k)
1) Bestellerprinzip for rental introduced in June 2015; agent consolidation and shift of agencies from rental to sales mostly completed
Sources: Immowelt, OC&C (German residential real estate only)
Residential sales transactions / values
4
167149107
668625
566
2012 2016 2020F
Total sales
transactions
value (bn €)
CAGR
+3% +9%
+3% +2%
Positive macroeconomic
development anticipated
• GDP trend
• Population growth
• Unemployment rate
Moderate opposing effects
• Increase in interest rates
• Price levels already high
Stable position for agents
• Constant share for sales and
rental transactions
• No further effects from rental
Bestellerprinzip1
+3% annual growth in agent
commission pool until 2020 ...
Positive outlook for online property portals
9% annual growth in Germany expected until 2020
... fuels favourable marketing
spend for online property portals
Agent commission pool (bn €) Property marketing spend (m €)
+6%
+4%
2020F
723
2016
571
2012
488
CAGR
16-20F
+2%
+10%
-4%
+9%
+3%
+6%
Sales
Rental
2020F
6.4
5.7
0.7
2016
5.7
5.1
0.6
2012
4.5
3.7
0.8
Other offline adv.
Other online adv.
Print adv.
Online portals
5
407 287
176
CAGR
Sources: Immowelt, OC&C (German residential real estate only)
High brand awareness for Immowelt
Further strengthening the go-to brand for homes
Online Print Mobile Social
Television Sponsoring
Brand awareness
Apr-16 Apr-17
33%
19%
78%
87%
Jan-15
86%
28%
1) Aided and unaided brand awareness for immowelt.de (Jan. 2015 / Apr. 2016 / Apr. 2017) Sources: Immowelt, Innofact AG
“Because it always has to suit you”
Massive new multi-channel campaign
Rising brand awareness for Immowelt1
6
Aided
Unaided
Visit growth above main competitor
Increase in consumer demand
11% growth in total visits YoY
Clear trend towards mobile
YoY = Year-over-Year pp = percentage points
1) Average monthly visits on immowelt.de and immonet.de in the respective period
Visits (millions/month)1 Mobile share2
IS24
IW+IN
+10pp
2016
63%
2015
53%
+11%
2016
72m
41m
2015
72m
37m
2) Mobile sites (incl. tablet) and apps (phone + tablet)
Sources: Adobe Analytics, Google Analytics, IS24
7
Highly successful DUO migration expected to be completed in 2017 – at very low churn
Record number of DUO1 agents
Number of DUO agents surpassed number of IS24 core agents
Number of agents in Germany2
0
20
16
12
4
8
24
Mar-17
20.5
Dec-16
[k]
22.6
11.1
Dec-15
22.9
19.4
7.4
Sep-15
23.3
20.0
4.3
17.0
19.3
Sep-16
22.6
17.4
17.4
Jun-16
22.3
17.6
14.7
Mar-16
22.1 22.8
17.4
91% of agents have
migrated to DUO
IS24 core agents
IW non-DUO agents
IW DUO agents Note: Definitions of IW DUO agents and IS24 Core Agents are aligned
1) DUO: 1 contract, 2 portals (immowelt.de, immonet.de) | Germany only
2) Real estate professionals with a term contract (term usually 12 months)
Sources: Immowelt, IS24
8
DUO agents value us:
88% would recommend IW in 20171
Allows to offer more tailored solutions
• Agents can pick and choose á la carte
• Tailored product, not just one-fits-all bundle
• No flat fee – pay only what is needed
Offers fair and transparent pricing
• No share of commission
• Publicly available price lists
• High cost certainty
Positions Immowelt as reliable partner
• High customer satisfaction
• Low churn despite DUO migration
• Attractive, valuable no. 2 in the market
High customer satisfaction
Best proof that partnership and packages belong together
Customer-centric listing model –
packages are right for Immowelt
“Would you recommend immowelt.de/immonet.de?”
20171
Yes
20162
Survey among German DUO agents of immowelt.de and immonet.de
1) Maklerstudie 2017 (Forsa), March/ April 2017 (n=753) 2) Maklerstudie 2016 (Gapfish), June 2016 (n=668)
Sources: Immowelt, Forsa, Gapfish
9
88% 86%
Stable relative listings’ position in tight German residential market
Stable relative position for residential listings
Slight decline due to market conditions
Number of residential listings (k)1
1) House/ flat/ lot to rent or buy in Germany only
Note: Direct comparability of snapshot listing figures limited due to different listing models of IW and IS24 (while IW agents usually rotate listings, IS24 agents usually don’t)
Sources: Management estimates, internal data
300k
200k
100k
0k
IS24
IW
Mar-17 Dec-16 Sep-16 Jun-16
-5%
-6%
10
Immowelt with strong ARPU growth ...
ARPU increased steadily over last quarters
Increasing value creation for agents pays off
... but below main competitor
1) Average Revenue Per User: monthly revenues, divided by the number of agents
(Immowelt Group DUO and non-DUO agents in Germany with a term contract)
ARPU (€/month)1 ARPU (€/month)1
Sources: Immowelt, IS24
+19%
Q1/17 Q4/16 Q3/16 Q2/16 Q1/16 2016
€711
€252
11
€279 €268 €258
€246 €235
IS24
Substantial revenue growth –
16% from Q1/16 to Q1/17
Strong revenue growth with increasing EBITDA
€ 98m revenue in 2016 at 20% EBITDA margin
20% EBITDA margin to increase to
more than 40% after brand investments
Revenue (m €)
Sources: Immowelt, IS24
2019F
>40%
2018F 2017F 2016
20%
12
>40%
€19.4m
20%
EBITDA (% of revenue)
+16%
€27m€26m€25m€24m
€23m
Q1/17 Q3/16 Q4/16 Q2/16 Q1/16
2017
Outlook: Pursue our successful growth path!
Continuous growth in brand awareness, performance, revenues and EBITDA
Financial outlook
EBITDA margin to increase
to >40% in 2019 after
brand investment phase
Profitability Operations
Marketing
Revenues
Continue with significant
marketing efforts
Create value from user
data (profiling & analytics)
Double-digit growth driven by
ARPU increase and stable
agent base
€
13
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