Hypoport Se · XETR:HYQ
Hypoport — H1 2024 Earnings Presentation
36 slides from Hypoport's earnings presentation, Aug 12, 2024
Slide 1: Hypoport SE Results for H1 2024
Hypoport SE Results for H1 2024
Slide 2: Gains in market share and market growth
Gains in market share and market growth Results for H1 2024 (yoy change) Key performance indicators Segment revenue • Revenue: €218 million (+22%) • Real Estate & Mortgage: €150 million (+32%) • Gross profit: €114 million (+11%) • Financing: €36 million (+4%) • EBITDA: €25 million (+63%) • Insurance
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, results for H1 2024 4
Slide 5: Home ownership is becoming the only viable option
Home ownership is becoming the only viable option Key factors driving home ownership and their macro-drivers Regulation of buildings’ energy efficiency Growing desire for home ownership n Li f Taxation of residential property tio Planning a family continues to be the ee la primary trigger event gu v
Slide 6: Property purchases much more attractive than 22/23
Property purchases much more attractive than 22/23 Macroeconomic factors affecting mortgage finance 5 140 Interest (10-year fixed rate, Dr. Klein best interest rate) Property prices (EPX hedonic, indexed) 4 130 3 New builds 120 2 Existing housing stock 110 1 Existing Apartments 0 100 260 130 Propert
Slide 7: Market volume still well below trend range
Market volume still well below trend range Volume of private mortgage finance in Germany 85 Market growth driven by rising 75 property prices; number of Freedom of movement transactions virtually unchanged for EU employees 65 Reduction in vacancies in major cities Lack of growth stimulus in the mark
Slide 8: Digitalisation of private residential property purchases
Digitalisation of private residential property purchases Real Estate & Mortgage Platforms business model SaaS Distribution of B2B Property Consumers Poolers Product suppliers brokers financial products lending marketplace valuation Online comparison Private sites commercial Other banks advisors EURO
Slide 9: Resurgent market conditions and gains in market share
Resurgent market conditions and gains in market share Real Estate & Mortgage: volume* of mortgage finance Europace total Finmas (savings banks) (€ billion) (€ billion) 85 +22% +53% 73 77 54 52 10 4.7 8 9 3.1 26 31 6 7 2019 2020 2021 2022 2023 H1 2023 H1 2024 2019 2020 2021 2022 2023 H1 2023 H1 2024
Slide 10: Uptrend driven by purchases of existing housing stock
Uptrend driven by purchases of existing housing stock Real Estate & Mortgage: mortgage finance, by purpose 30 1 25 5 1 1 1 1 20 1 3 1 3 1 3 4 3 3 8 1 3 6 1 15 3 3 6 1 1 1 5 6 5 5 2 1 2 5 1 3 2 1 1 1 1 2 2 4 1 1 1 1 2 4 3 2 10 3 1 2 2 3 2 3 2 3 14 13 12 11 12 11 11 11 11 11 5 10 9 9 9 9 10 10 8 8 8 7
Slide 11: Europace still has huge potential for growth
Europace still has huge potential for growth Real Estate & Mortgage: mortgage finance market share, by distribution channel Cooperative Brokers banks ~25–30% ~25–30% ~60% ~25% ~40% ~20% Private commercial Savings banks banks ~25–30% ~15% Mortgage finance in Germany in H1 2024: €93 billion // Mortgag
Slide 12: Progress with strategic repositioning since H2 2023
Progress with strategic repositioning since H2 2023 Real Estate & Mortgage: property valuation (Value AG) Revenue from property valuation • Massive product shifts occurred in 2023, triggered by fall in (€ million) mortgage finance volume and raising of the small loans -14% threshold 11.4 • Mismatch
Slide 13: Significant revenue growth & disciplined cost approach
Significant revenue growth & disciplined cost approach Real Estate & Mortgage Platforms: key figures • Continued growth in segment revenue on the back of stronger Revenue (€ million) +32% mortgage finance and sales business is being dampened by a 150.2 decline in property valuation revenue 113.7 • A
Slide 14: Financing Platforms
Financing Platforms Business model & results Housing sector Real Estate & Financing Corporate finance Mortgage Platforms Platforms Personal loans Insurance Platforms Hypoport SE, results for H1 2024 14
Slide 15: Solid first half of 2024, despite lacklustre market
Solid first half of 2024, despite lacklustre market Financing (housing sector): key figures for Dr. Klein Wowi Volume of loans brokered Number of units managed through ERP +58% (€ billion) (thousand) +3% 302 359 3 3 2 2 227 0.5 47 65 187 1 0.5 103 2019 2020 2021 2022 2023 H1 2023 H1 2024 2019 2020 2
Slide 16: Slight improvement amid lacklustre market
Slight improvement amid lacklustre market Financing (corporate finance): key figures for REM Capital • Climate change mitigation and energy costs are driving Volume of new projects at REM Capital (€ billion) enquiries from German SMEs and their need for advice • Support programmes offered by individ
Slide 17: Growth in a stagnant market environment
Growth in a stagnant market environment Financing (personal loans): key figures for personal loans via Europace • Overall market contracted in 2023 due to the macroeconomic Volume of personal loan transactions* (€ billion) backdrop; still no significant recovery +17% • Further gains in market share
Slide 18: Annual guidance confirmed despite lacklustre market
Annual guidance confirmed despite lacklustre market Financing Platforms: key figures +4% • Weak market environment for the subsegments of personal Revenue (€ million) loans and corporate finance 35.0 36.3 • Corporate finance revenue significantly down on the robust prior-year period H1 2023 H1 2024
Slide 19: Insurance Platforms
Insurance Platforms Business model & results Personal insurance Real Estate & Financing Mortgage Platforms Occupational Platforms insurance Industrial insurance Insurance Platforms Hypoport SE, results for H1 2024 19
Slide 20: Digitalisation of the insurance industry
Digitalisation of the insurance industry Insurance Platforms segment: business model End customers// employees & Distributors Poolers B2B Underwriting agent Product suppliers companies insurance platform Insur apps Insur apps Advisors in bank branches Sia Other SMART INSUR brokers Quality- pool DR.
Slide 21: Progress with migration to platforms
Progress with migration to platforms Insurance: assets under management on the platforms SMART INSUR – personal insurance (€ billion) ePension – occupational insurance (€ billion) +14% +47% 4.0 4.6 3.8 4.1 3.4 0.06 0.21 2.5 2.8 0.05 0.10 0.15 0.18 0.26 2019 2020 2021 2022 2023 H1 2023 H1 2024 2019 2
Slide 22: Successful turnaround
Successful turnaround Insurance Platforms: key figures +5% • Growth rate of the overall insurance market has been lower Revenue (€ million) than inflation for years 31.0 32.5 • High level of M&A transactions over the past few years is fuelling consolidation among distributors and putting H1 2023 H1
Slide 23: Contents
Contents 1. Segments 2. Group 3. Outlook Annex
Slide 24: Improvement in revenue and earnings in first half '24
Improvement in revenue and earnings in first half ‘24 Overview of Hypoport’s performance Gross profit & revenue (€ million) EBIT (€ million) 218 179 Revenue +22% 7.9 Gross 114 H1 2023 102 profit +11% H1 2024 -1.7 H1 2023 H1 2024 EBITDA (€ million) +63% Net profit (loss) for the period attributable t
Slide 25: Current environment offers significant opportunities
Current environment offers significant opportunities Long-term changes in revenue and EBITDA Established Upscaling and Qualitative growth Start-up despite fin. crisis expansion in periods of crisis Revenue (€ million) 446 360 218 4 26 98 1999 2006 2013 2021 2023 H1 2024 EBITDA (€ million) 77 25 7 8
Slide 26: Contents
Contents 1. Segments 2. Group 3. Outlook Annex
Slide 27: Home ownership is a long-term growth market
Home ownership is a long-term growth market Primary trends driving demand for mortgage finance 100 202X: market of the future 90 ~ €75–100 billion per quarter • Persistently high net inward 80 migration is supporting demand for housing 70 • Current low level of new builds is not politically sustaina
Slide 28: Scaling up as the market recovers
Scaling up as the market recovers Segment outlook for 2024 Real Estate & Mortgage Financing Insurance Platforms Platforms Platforms Market environment Revenue EBIT Hypoport SE, results for H1 2024 28
Slide 29: For years, Forecast for 2024, For many more years
For years Forecast for 2024 For many more years Hypoport has been Double-digit percentage growth Hypoport will generate generating double-digit in consolidated revenue to at double-digit increases in increases in market share least €400 million and EBIT of market share and thus, in and thus, in norm
Slide 30: 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, results for H1 2024 30
Slide 31: 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 32: Annex
Annex Hypoport SE, results for H1 2024 32
Slide 33: Market capitalisation of almost €2 billion
Market capitalisation of almost €2 billion Shareholder structure and share information Breakdown of shareholders as at 31 July 2024 Key performance indicators KPI Details Value Ronald Slabke (CEO) Treasury shares Number of Total number of shares 6,872,164 Free float shares (of which more than 5% hel
Slide 34: Share price performance superior to indices
Share price performance superior to indices 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 Dec Apr Apr Apr Apr Apr Apr Apr Apr Apr Jul Jul Oct Jul Jul Jul Jul Jul Jul Jul Oct Oct Oct Oct Oct Oct Oct J
Slide 35: Hypoport's investor relations activity
Hypoport’s investor relations activity Investor events, professional analysts’ assessments, awards Recommen- Target Recent IR events (conferences and roadshows) Analyst Date dation price H1 2024: Chicago, Frankfurt (2x), Hamburg, London, Lyon, Bankhaus Metzler Sell €238.00 28 June 2024 Milan, New Yo
Slide 36: Investment highlights
Investment highlights ~15% REVENUE GROWTH 10-year CAGR 20+ YEARS of experience with platform- based business models ~15% EBIT INCREASE 10-year CAGR 88% OUR EMPLOYEES are satisfied or even extremely satisfied with 15+ ACQUISITIONS Hypoport as an employer in 10 years Hypoport SE, results for H1 2024 3