Shares in Hemnet Group AB fell more than 2% on Monday after the Swedish property portal reported a sharp drop in first-quarter earnings and flagged weaker-than-expected listing volumes, partly due to a new deferred-payment service.
Hemnet reported Q1 net sales of 247.2 million Swedish crowns, down 24.7% year-over-year. Paid listings dropped 38.3% to 25,400. Adjusted EBITDA fell 43.3% to 89.3 million crowns, with margin narrowing to 36.1% from 47.9%. Operating profit declined 51.6%.
The company reiterated its long-term targets of 15-20% annual net sales growth and an adjusted EBITDA margin above 55%.
