Hemnet Group (OM:HEM) opened Q2 2026 with Total Revenue of SEK 371.7 million and Basic EPS of SEK 1.24, supported by Net Income (excluding extra items) of SEK 113.3 million, setting a clear snapshot of its latest quarter. The company has seen quarterly revenue move from SEK 483.5 million in Q2 2025 to SEK 371.7 million in Q2 2026, with Basic EPS shifting from SEK 1.95 to SEK 1.24 over the same periods. This gives investors a direct read on how the top and bottom lines compare year on year. With trailing net margins lower than a year ago, this set of results puts profitability and margin resilience firmly in focus for Hemnet Group.

See our full analysis for Hemnet Group.

The next step is to see how these earnings figures line up with the widely held narratives around Hemnet Group, highlighting where the story is backed by the numbers and where it starts to be questioned.

See what the community is saying about Hemnet Group

Margins Ease Back From 35.4% To 29.6%

• On a trailing basis, Hemnet Group reports a 29.6% net margin compared with 35.4% a year earlier, alongside trailing twelve month revenue of SEK 1.3b and net income of SEK 394.3 million.
• What bulls like about Hemnet Group is the mix of high margins and growth, yet this margin step down gives a reality check:
  • Bullish narrative talks up future margin expansion, but the latest trailing figures point to compression instead, even as earnings over the last five years grew about 23.6% per year.
  • Forecast earnings growth of roughly 20.9% per year and revenue growth of 15.5% per year sits against that 29.6% margin, so investors can clearly see the growth story has to work alongside tighter profitability than last year.

Over the last few years, bulls argue that Hemnet Group has paired strong earnings growth with high margins, so this shift in profitability will be central to testing that view 🐂 Hemnet Group Bull Case.

Q2 Profit Of SEK 113.3 Million Tests Bear Concerns

• For Q2 2026, Hemnet Group booked SEK 113.3 million in net income (excluding extra items) on SEK 371.7 million of revenue, compared with SEK 185.0 million on SEK 483.5 million in Q2 2025 and SEK 48.3 million on SEK 247.2 million in Q1 2026.
• Bears focus on a pressured Swedish housing market and tougher competition, yet the recent profit pattern complicates that simple caution:
  • Despite worries about saturated listings and demographic headwinds, Hemnet Group still produced SEK 394.3 million of trailing twelve month net income on SEK 1.3b of revenue, which sits alongside five year earnings growth of about 23.6% per year.
  • Concerns about rising costs and weaker B2B advertising are real, but the data shows the business remains consistently profitable across recent quarters, so investors can weigh whether the current margin and revenue mix fits the more cautious long term story.

Skeptics point to structural risks in Sweden and increasing competition, and these Q2 numbers give you a concrete profit base to measure those concerns against 🐻 Hemnet Group Bear Case.

Mixed Valuation Signals At 19.8x P/E

• Hemnet Group trades on a trailing P/E of 19.8x, below the cited peer average of 47.4x and a little above the global industry average of 18.9x, with a DCF fair value of SEK 172.02 versus a current share price of SEK 85.90.
• Consensus narrative highlights solid growth but also debt and volatility, and the valuation data captures that push and pull clearly:
  • The roughly 50.1% gap between the share price and the DCF fair value sits alongside forecast earnings growth of 20.9% per year, which some investors may treat as a sign that growth expectations are not fully reflected in the current multiple.
  • At the same time, a high debt load and recent share price swings relative to the Swedish market provide a straightforward explanation for why the stock might trade at a discount to the SEK 172.02 DCF fair value even with those growth forecasts.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Hemnet Group on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mix of optimism and caution around Hemnet Group feels finely balanced, do not wait to check the full picture for yourself. See how the key risks and rewards stack up next to your own expectations by reviewing the 2 key rewards and 2 important warning signs

See What Else Is Out There Beyond Hemnet Group

Hemnet Group now faces tighter net margins and a lower Q2 profit base, which will test bullish expectations against more cautious bear concerns.

If that margin pressure and earnings slowdown has you rethinking concentration risk in a single stock, use the 290 resilient stocks with low risk scores to quickly find companies with more resilient financial profiles that could better match your comfort level.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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