Hypoport Se · XETR:HYQ
Hypoport — FY2025 Earnings Presentation
43 slides from Hypoport's earnings presentation, Mar 16, 2026
Slide 1: Hypoport SE Results for 2025
Hypoport SE Results for 2025
Slide 2: Profitable growth in disparate markets
Profitable growth in disparate markets Results for 2025 (€ million, yoy) (€ million) Group Real Estate & Financing Insurance Mortgage Platforms Platforms Platforms Revenue 603 +7% 458 +9% 81 +8% 63 -6% Gross profit 266 +10% 163 +12% 69 +12% 33 +1% EBITDA 68 +25% 57 +27% 13 +1% 6.6 -18% EBIT 33 +85%
Slide 3: Contents
Contents 1. Segments 2. Group 3. Outlook Annex
Slide 4: Real Estate & Mortgage Platforms
Real Estate & Mortgage Platforms Business model & results Marketing Real Estate & Financing Finance (sales) Mortgage Platforms Platforms Finance (platform) Insurance Platforms Valuation Hypoport SE, preliminary results FY 2025 4
Slide 5: Excessive regulation in the rental market drives home ownership
Excessive regulation in the rental market drives home ownership Macroeconomic factors affecting mortgage finance 6 140 Interest (ten-year fixed rate, Europace average) Property prices (EPX hedonic, indexed) 5 130 4 New build 3 120 2 Existing housing 110 stock 1 Apartments 0 100 260 130 240 Propertie
Slide 6: Regional banks still have significant untapped market potential
Regional banks still have significant untapped market potential Real Estate & Mortgage: finance market share, by distribution channel 2016: €235 billion 2025: €241 billion Brokers ~20% Cooperative Cooperative banks Brokers banks ~25% ~30% ~30-35% ~50% ~60% ~2% ~25% ~33% ~2% ~20% ~25% Private commerc
Slide 7: Double-digit growth in a brighter market environment
Double-digit growth in a brighter market environment Real Estate & Mortgage: volume* of mortgage finance Europace total Finmas (savings banks) (€ billion) +13% (€ billion) +15% 85 73 77 75 66 54 52 11 10 9 10 8 7 6 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Dr. Klein Priva
Slide 8: Purchases of existing stock and new-builds as key drivers in 2025
Purchases of existing stock and new-builds as key drivers in 2025 Real Estate & Mortgage: finance, by purpose 30 25 4 20 3 2 3 7 3 1 2 2 2 1 1 3 1 1 15 6 5 1 2 5 4 1 3 3 2 5 5 2 3 3 4 1 1 2 2 2 1 2 2 4 4 2 1 1 1 2 10 2 3 3 1 2 2 2 3 2 3 15 14 13 12 12 12 13 12 13 12 11 12 12 11 11 12 5 9 10 10 9 9 1
Slide 9: Efficiency measures are proving effective
Efficiency measures are proving effective Real Estate & Mortgage: property valuation (Value AG) Gross profit from property valuation • Europace integration is progressing (€ million) +25% • Expanding the offering to provide an end-to-end property valuation platform 24.4 19.7 19.5 • Further success w
Slide 10: Marked rise in gross profit and a disciplined approach to costs
Marked rise in gross profit and a disciplined approach to costs Real Estate & Mortgage Platforms: key figures* +9% • Slower growth in Starpool’s pool business due to the Revenue (€ million) 458 joint venture partner’s strategic realignment in the 421 property finance business is holding back revenue
Slide 11: Financing Platforms
Financing Platforms Business model & results Housing sector Real Estate & Financing Corporate finance Mortgage Platforms Platforms Personal loans Insurance Platforms Hypoport SE, preliminary results FY 2025 11
Slide 12: Platformisation of the housing industry
Platformisation of the housing industry Financing (housing sector): digital business models Dr. Klein Wowi Finanz Dr. Klein Wowi Digital FIO Finance • WOWIFIN: Platform for calls for tender (DKWF) (DKWD) and financing processes • WOWICONTROL: Portfolio and business management for housing ACCOUNT com
Slide 13: Outstanding performance despite lacklustre market conditions
Outstanding performance despite lacklustre market conditions Financing (housing sector): key figures for Dr. Klein Wowi Brokered mortgage finance Units in ERP under contract (WOWIPORT) (€ billion) (thousands) +60% +17% 665 2.2 2.1 2.1 1.8 415 1.2 1.2 1.4 47 65 103 291 187 2019 2020 2021 2022 2023 20
Slide 14: Market still waiting for political change to become manifest
Market still waiting for political change to become manifest Financing (corporate finance): key figures for REM Capital • Climate change mitigation and energy costs are driving a Billed project volume at REM Capital (€ billion) structural increase in appetite for funding on the part of German SMEs +
Slide 15: Resilience in a weak market environment
Resilience in a weak market environment Financing (personal loans): key figures for personal loans via Europace Volume of personal loan transactions* • The overall volume of personal loans fell due to the (€ billion) prevailing macroeconomic conditions +3% • Platform business and white label offerin
Slide 16: Growth despite lacklustre market conditions
Growth despite lacklustre market conditions Financing Platforms: key figures +8% • Sluggish market conditions and in some instances Revenue (€ million) diminishing market volumes across all three product 75 81 groups (housing industry, corporate finance and personal loans) in 2025 2024 2025 • Noneth
Slide 17: Insurance Platforms
Insurance Platforms Business model & results Personal insurance Real Estate & Financing Mortgage Platforms Occupational Platforms insurance Industrial insurance Insurance Platforms Hypoport SE, preliminary results FY 2025 17
Slide 18: Platformisation of the insurance industry
Platformisation of the insurance industry Insurance Platforms segment: business model End customers// B2B insurance Underwriting agent Product suppliers employees & Distributors Poolers platform companies Insur apps Insur apps Advisors in bank branches Sia Other SMART INSUR brokers Quality- pool DR.
Slide 19: Progress with migration to platforms
Progress with migration to platforms Insurance: volume managed on the platforms SMART INSUR – personal insurance (€ billion) ePension – occupational insurance (€ billion) +19% 5.6 +18% 4.7 3.8 4.1 2.7 3.4 2.5 2.3 0.05 0.06 0.10 0.15 0.21 0.29 0.34 1.5 1.8 2019 2020 2021 2022 2023 2024 2025 2019 2020
Slide 20: Operating wins even before monetisation
Operating wins even before monetisation Insurance Platforms: key figures -6% • Growth rate of the overall insurance market has been Revenue (€ million) 67 mostly lower than inflation for years 63 • M&A activity in the market is fuelling consolidation among distributors, raising the pressure to go di
Slide 21: Contents
Contents 1. Segments 2. Group 3. Outlook Annex
Slide 22: Improvement in gross profit and a marked rise in EBIT
Improvement in gross profit and a marked rise in EBIT Overview of Hypoport’s results (€ million, yoy*) Revenue (€ million) +7% Gross profit (€ million) +10% 603 266 561 242 2024 2025 2024 2025 EBITDA (€ million) +25% EBIT (€ million) +85% 68 33 54 18 2024 2025 2024 2025 * Adjusted to reflect the cha
Slide 23: Record levels of gross profit in 2025
Record levels of gross profit in 2025 Long-term changes in gross profit and EBIT Start- Established Upscaling and Qualitative growth up despite fin. crisis expansion in periods of crisis Gross profit (€ million)* 249 266 209 242 24 50 3 1999 2006 2013 2021 2023 2024 2025 EBIT (€ million)* 33 48 18 2
Slide 24: Contents
Contents 1. Segments 2. Group 3. Outlook Annex
Slide 25: Sparse rental supply is pushing up real estate purchases
Sparse rental supply is pushing up real estate purchases The drivers of growth in the mortgage finance market 160 Market of the future Properties offered for sale (number) Properties offered to rent (number) • Regulation is reducing tenant turnover 140 in the existing rental housing stock (lock-in e
Slide 26: Rising property prices are driving up the total lending volume
Rising property prices are driving up the total lending volume The drivers of growth in the mortgage finance market 220 7 Prices of existing apartments Market of the future Prices of existing houses 200 Cost of new builds 6 • Growing demand for housing due to Interest rates + immigration 5 + interna
Slide 27: Market volume still well below trend range
Market volume still well below trend range The drivers of growth in the mortgage finance market 150 Market of the future 140 • Properties offered in the rental 130 market are losing appeal for medium-income households, who 120 are instead opting for home ownership 110 • Property prices are rising fa
Slide 28: Structural gains in market share
Structural gains in market share Volume of private mortgage finance in Germany Overall market (according to Bundesbank) • Structural gains in market share Overall market (according to the Schufa credit bureau) 230 among cooperative banks and Europace transaction volume savings banks 170 +46% • Indep
Slide 29: AI has been transforming our platforms since 2017
AI has been transforming our platforms since 2017 Examples and vision for the role of AI in Europace Examples of AI-based features (since 2017) AI and Europace in 2030 • Indication of affordability and interest rate (#passt) • Partners leverage Europace via open APIs and the • Lead conversion probab
Slide 30: Europace is the optimal integration infrastructure
Europace is the optimal integration infrastructure Vision for the role of AI and agents in 2030 Consumers AI Agents Intermediaries/Advisers B2B lending 800 product suppliers marketplace Private Dr. commercial Klein banks Specialised AI Other Savings advisors EUROPACE banks Generative LLMs Advisors C
Slide 31: EBIT target corridor for 2026 dependent on three factors
EBIT target corridor for 2026 dependent on three factors Transition from EBIT 2025 to 2026 guidance EBIT (€ million) 55 4 to 6 5 to 6 -2 to +10 40 33 2025 Loss reduction Market share gains Market development 2026 Loss reduction in the platforms Property Valuation (VALUE AG), ERP Solution for Housing
Slide 32: Outlook for 2026 - 2029
Outlook for 2026 - 2029 Modest growth in the Additional products and mortgage finance market increased integration support market growth Low double-digit growth in gross profit Gains from scaling and efficiency measures along EBIT rising more steeply than with a disciplined approach gross profit to
Slide 33: Forecast for 2026 and 2029
For years Forecast for 2026 Forecast for 2029 Hypoport has been Gross profit rising to at least Doubling of the EBIT gross generating double-digit €280 million and EBIT to profit margin versus 2025 increases in market €40–55 million and continued gross profit share and thus, in growth normal market
Slide 34: Contact
Contact Jan H. Pahl Hypoport SE Head of Investor Relations Heidestrasse 8 Tel: +49 (0)30 420 86 1942 10557 Berlin Email: ir(at)hypoport.de Germany Click here to subscribe to the IR mailing list (German only) Click here to subscribe to the IR mailing list (English) Hypoport SE, preliminary results FY
Slide 35: Disclaimer
Disclaimer This presentation does not address the investment objectives or financial situation of any particular person or legal entity. Investors should seek independent professional advice and perform their own analysis regarding the appropriateness of investing in any of our securities. While Hyp
Slide 36: Annex
Annex Hypoport SE, preliminary results FY 2025 36
Slide 37: Market capitalisation of approx. € 0.5 billion
Market capitalisation of approx. € 0.5 billion Shareholder structure and share information Breakdown of shareholders as at 28 February 2026 Key performance indicators KPI Details Value ~15% Number of Total number of shares 6,872,164 shares 32.4% Market capitalisation Market cap ~€0.5 bn as at 12 Mar
Slide 38: Share price performance relative to indices last 10 years
Share price performance relative to indices last 10 years Share price since the date of joining the SDAX (daily closing price, Xetra, €) HYQ SDAX MDAX % € 650 550 704 450 576 350 448 250 320 150 192 50 64 Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Apr Jul Apr Apr Apr Jul Jul Jul Apr Jul Apr Jul Apr Jul
Slide 39: Hypoport's investor relations activity
Hypoport’s investor relations activity Investor events, professional analysts’ assessments, awards Recommend Target Recent IR events (conferences and roadshows) Analyst Date ation price Bankhaus Metzler Hold €124.00 21 Jan. 2026 Planned: Frankfurt, London, New York H1 26 Berenberg Buy €200.00 13 Nov
Slide 40: Investment highlights
Investment highlights ~15% GROWTH IN GROSS PROFIT 10-year 25+ YEARS CAGR of experience with platform- based business models ~10% EBIT INCREASE 10-year CAGR 81% OF OUR EMPLOYEES are satisfied or very satisfied with Hypoport as an 15+ ACQUISITIONS employer in 10 years Hypoport SE, preliminary results
Slide 41: Digitalisation of private residential property purchases
Digitalisation of private residential property purchases Real Estate & Mortgage Platforms business model Distribution of B2B lending Property Consumers Broker CRM Poolers Product suppliers financial products marketplace valuation Online comparison sites Other advisors Private EUROPACE commercial Dr.
Slide 42: Market volume still well below trend range
Market volume still well below trend range Volume of private mortgage finance in Germany 80 Freedom of 70 movement for EU Market growth driven by rising employees property prices; number of transactions virtually unchanged 60 Vacancy rates in Lack of growth stimulus in the market major cities coming
Slide 43: Home ownership is increasingly becoming the only viable option
Home ownership is increasingly becoming the only viable option Key reasons for home ownership and the macro-level drivers Housebuilding remains a Desire for home ownership remains high heavily regulated sector Li Planning a family continues to be n f Transfer taxes on residential tio the primary tri