Quarterly Measures 2026 Q1
9 April 2026
Quarterly Measures
DH GROUP hereby publishes financial indexes that are available for the given quarter aforehand, thus our respected shareholders and investors are given the chance to receive information on the tendencies within a short time following the expiry of the given quarter - prior to the quarterly financial statements publicly disclosed according to the Company's Event Calendar.
In accordance with Management intentions, these indexes shall be published on a regular basis, no later than on the 5th working day following the given quarter.
The Management of the Company asks its shareholders and investors to note that all indexes published in the present report are to be considered preliminary. Final figures shall be published in the quarterly financial statement.
Budapest, 9 April 2026
Table of ContentsExecutive summary p.4.
Trends in intermediated loan volumes p.5.
Trends in network commission revenues p.6.
EXECUTIVE SUMMARY The Group started strongly again year 2026: Both core segments exceeded the same period of the previous year, starting the year with near-record results. Financial intermediation performed close to peak levels in a seasonally weak quarter supported by the favorable interest rate environment and OSP, while the volume of real estate services was boosted by the acquisition of Spain's Donpiso.The volume of Italian credit intermediation increased by 14% year-on-year to HUF 171 billion in the first quarter of 2026.
In Hungary, the 3% Home Start Program (OSP), launched on 1 September 2025, for first-time home buyers, generated significant demand in the real estate market. As a result of the program, there was an outstanding 93% year-on-year growth in the volume of financial brokerage. The program also continued to fuel the market in the first quarter of 2026, increasing the previous quarter's peak by 6%. In addition, real estate brokerage volumes remained below the record level of Q3 2025, with a decrease of 10% both year-on-year and quarter-on-quarter.
In Poland, financial brokerage volumes expanded by 37% year-on-year to a new high, and franchise network commissions also increased by 5%. The markets
are supported by the Polish interest rate cut cycle and are expected to remain strong in the coming months.
In November 2025, the Group acquired a 22% stake in Donpiso in Spain and increased ownership to 34% in February 2026. DH Group will initially consolidate Donpiso group using the equity method. The Barcelona-based network generated a total of more than HUF 1 billion in network commission income in Q1 2026.
The Group decided to close its marginal Czech operations and focus its resources on other markets.
Intermediated loan volumes by quarters
400.0
378,6
372,8
350.0
58.4
62.1
38.2
300.0
33.3
32.2
250.0
126.4
136.3
131.6
139.4
200.0
102.1
150.0
100.0
151.0
176.3
165.6
183.9
171.3
50.0
0.0
2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1Italy Poland Hungary
330,5
340,9
285,2
- In 2026, the volume of intermediated loans remained close to the previous quarter's peak at HUF 373 billion in the seasonally weak first quarter and was 30.7% higher compared to Q1 2025, thereby exceeding management's expectations.
In Italy, the loan portfolio amounted to HUF 171.3 billion (EUR 445.9 million) in Q1 2026, which represents a 13.5% increase in HUF terms (19.7% in EUR terms) compared to Q1 2025. Volumes decreased quarter-on-quarter by 6.8% in HUF terms and 6.3% in EUR terms.
HUF billionIn Poland, the Group's intermediated loan portfolio rose to a peak of HUF 139.4 billion in Q1 2026. The Group achieved a 2.3% quarter-on-quarter growth in HUF terms (+2.8% in PLN terms). Volumes increased by 36.6% in HUF terms (+45.2% in PLN terms) in a declining interest rate environment.
In Hungary, the volume of brokered loans was HUF 62.1 billion, representing an outstanding 93.0% year-on-year increase. Compared to the previous quarter, the brokered loan portfolio increased by 6.4%, thanks to the Home Start Program.
5 232
7,000
6,000
HUF million5,000
4,000
3,000
2,000
1,000
0
Commission revenues for the entire network*
4 278
5 165
5 774
22
64
1,066
56
1,007
1,023
1,216
1,131
1,085
1,073
3,515
3,886
3,136
3,530
3,152
4 560
48
- The commission revenue of the Group's real estate brokerage networks remained close to a historic high of HUF 5.8 billion in the first quarter of 2026, with a 14.7% year-on-year increase, significantly contributed by the acquisition of Donpiso in Spain.
In the Hungarian market, commission revenues decreased by 10.3% year-on-year to HUF 3.2 billion, while declining by 10.7% compared to the previous quarter.
In Poland, network commission income also remained close to record levels, reaching HUF 1.1 billion, which represents a 5.1% decrease in HUF terms compared to the previous quarter (4.6% in PLN terms). Year-on-year, network commission income increased by 4.9% in HUF (+11.5% in PLN terms), which continues to show an encouraging growth trajectory.
In November 2025, the Group acquired a 22% stake in Spain's Donpiso, then increased ownership to 34% in February 2026.
2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Hungary Poland Spain Czech RepublicThe Barcelona-based network generated a total of nearly HUF
1.0 billion in network commission income in the quarter.
The Group decided to close its marginal Czech operations and focus its resources on other markets.
* total revenue realized as a result of property market transactions intermediated by DH Group franchise networks altogether
