Hypoport SeXETR: HYQ

Quarterly Earnings Release Q1 2026

· Issued by Hypoport Se

Interim statement of Hypoport SE for the period ended 31 Mar 2026



Interim report of Hypoport SE for the period ended 31 Mar 2026

Keyperformance indicators

Revenue and earnings (€'000)

Q1 2026

Q1 2025

Change

Revenue

169,268

159,204

6%

thereof Real Estate & Mortgage Platforms

127,213

123,035

3%

thereof Financing Platforms

20,997

19,281

9%

thereof Insurance Platforms

20,968

16,936

24%

thereof Holding & Reconciliation

90

-48

288%

Gross profit

70,973

66,007

8%

thereof Real Estate & Mortgage Platforms

43,492

41,117

6%

thereof Financing Platforms

17,604

16,427

7%

thereof Insurance Platforms

9,268

8,125

14%

thereof Holding & Reconciliation

609

338

80%

EBITDA

20,328

17,450

16%

EBIT

12,070

8,622

40%

thereof Real Estate & Mortgage Platforms

13,726

12,711

8%

thereof Financing Platforms

2,058

500

312%

thereof Insurance Platforms

645

162

298%

thereof Holding & Reconciliation

-4,359

-4,751

8%

EBIT margin (EBIT as a percentage of Gross profit)

17.0

13.1

3.9 PP

Net profit for the year

8,022

6,007

34%

attributable to Hypoport SE shareholders

7,821

5,494

42%

Earnings per share (€) (undiluted/diluted)

1.18

0.82

44%

Financial position (€'000)

31 Mar 2026

31 Dec 2025

Change

Current assets

249,527

246,230

1%

Non- current assets

443,897

446,090

0%

Equity

383,064

379,970

1%

attributable to Hypoport SE shareholders

378,948

376,055

1%

Equity ratio (%)

55.2

54.9

0.4 PP

Total assets

693,424

692,320

0%

2

Business Performance Overview

Following a successful 2025 financial year, the Hypoport Group continued its growth momentum in the first quarter of 2026. Group gross profit increased by 8% to more than €70 million, while EBIT rose by 40% to €12 million. This positive development was supported by all three segments.

In the Real Estate & Mortgage segment, the volume of private residential property finance, and accordingly the gross profit generated by these business models, was at the level of the very strong prior-year quarter, while gross profit from the brokerage platform and the valuation platform VALUE increased significantly. Segment gross profit rose by 6% to €43 million compared with the strong prior-year quarter, resulting in an 8% improvement in EBIT to €14 million.

Development in the Financing Platforms segment was mixed. The business models serving the housing industry and corporate finance recorded double-digit percentage increases in gross profit, driven by new customers for the ERP solution for the housing industry and a higher willingness among existing customers to conclude transactions, while the personal loans product group posted a slight decline in gross profit due to more restrictive banks. EBIT increased markedly from a weak prior-year quarter to €2.1 million.

The Insurance Platforms segment recorded a further slight improvement in platform gross profit in Q1/26.

In summary, the improved business performance of the Group is reflected in the key figures, which developed in Q1/26 compared with the prior-year quarter as follows:

• +8% gross profit to €71 million (Q1/25: €66 million),

  • +40% EBIT to €12.1 million (Q1/25: €8.6 million),

    • +4 pp EBIT margin on gross profit to 17% (Q1/25: 13%),

  • +42% profit attributable to shareholders to €7.8 million (Q1/25: €5.5 million).

The Hypoport Group is therefore on track to achieve the targeted record levels of gross profit and EBIT and remains within the range of its full-year guidance of at least €280 million gross profit and

€40-55 million EBIT.

Business Performance Detail

Segment Real Estate & Mortgage Platforms

The marketing platform, which is focused on expanding its platform offering for existing large bank-affiliated estate agency organisations as well as acquiring new customers, performed positively in Q1/26.

The internet-based B2B lending marketplace Europace matched the high transaction volume for private residential property finance recorded in the prior-year quarter. Both quarters were shaped by a rise in interest rates in March, in 2025 due to the Federal Government's two debt packages and in 2026 due to the Iran war, which increased consumers' short-term willingness to conclude transactions. The distribution structures connected to the sub-marketplaces for institutions in the savings bank sector (Finmas) and in the cooperative banking sector (Genopace) even recorded an increase in transaction volumes compared with this very strong prior-year quarter. The private residential property finance volume brokered by the Dr. Klein franchise system and the volume generated by the Qualitypool broker pools also increased, while the Starpool broker pool's private residential property finance volume declined due to the joint venture partner's strategic repositioning in the property finance business.

The residential property value inspected or appraised by VALUE in connection with the financing volume, and with a time lag to it, also increased noticeably in Q1/26.

The consistently high volumes in private residential property finance resulted in gross profit in Q1/26 remaining unchanged versus Q1/25, while gross profit from the marketing platform and the valuation platform increased significantly. Overall, segment gross profit increased by 6% to €43 million and EBIT rose by 8% to €14 million. The EBIT margin on gross profit improved from 31% in Q1/25 to 32%.

Q1 2026

20.26

3.48

5.49

2.17

1.35

10.84

127.2

43.5

17.0

13.7

32%

Financial figures -

Real Estate & Mortgage Platforms Operative figures (€ billion)

Transaction volume* mortgage finance Europace

Q1 2025 Change

20.26 0%

thereof Finmas

3.03

15%

thereof Genopace

5.23

5%

thereof Dr. Klein private clients

2.15

1%

Transaction volume* building finance Europace

Value properties valued by property

1.77

-24%

valuation platform

Revenue and earnings (€ million)

Revenue

123.0

3%

Gross profit

41.1

6%

EBITDA

16.3

4%

EBIT

12.7

8%

EBIT margin (EBIT as a percentage of Gross profit)

31% 0.6 PP

9.11

19%

* All figures relating to the volume of financial products sold (mortgage finance and building finance) are stated before cancellations.

Segment Financing Platforms

The business models in the Housing Industry product group developed well despite the weak overall housing market. Both the brokered lending volumes relevant to Dr. Klein Wowi Finanz for new-build rental housing and energy-efficient refurbishment, as well as the number of units administered via the housing management platform Dr. Klein Wowi Digital (the housing industry's ERP solution), increased, as did the volume of managed rental deposits, all by double-digit percentages compared with Q1/25.

The business of REM Capital in the Corporate Finance product group also developed positively. Despite more restrictive lending conditions at banks and geopolitical uncertainty, mid-sized corporate clients increasingly opted to finance investment projects, even without an appropriate federal policy support framework.

Transaction volumes in the Personal Loans sub-segment increased compared with Q1/25 in a weak overall market, although the closing rate declined due to more restrictive banks.

The developments in Housing Industry and Corporate Finance during Q1/26 led to a clear increase in gross profit compared with Q1/25. As gross profit in Personal Loans declined slightly, segment gross profit amounted to €18 million, representing an increase of 7%. EBIT rose markedly from €0.5 million in the weak prior-year quarter to €2.1 million in Q1/26, despite continued high investment in the Housing Industry and Personal Loans platforms.

Financial figures -Financing Platforms

Operative figures (€ billion)

Property sales platform Dr. Klein Wowi

Number of homes managed through WoWi Digital ('000)

Rental deposits under management

Volume of personal loan transactions* Europace

Volume of corporate finance projects at REM Capital ('Bill')

Revenue and earnings (€ million)

Revenue Gross profit EBITDA EBIT

EBIT margin (EBIT as a percentage of Gross profit)

Q1 2025 Change

Q1 2026

0.34

710

1.33

2.08

0.87

0.25

37%

533

33%

1.21

10%

1.85

12%

0.40

118%

21.0

17.6

3.4

2.1

12%

19.3 9%

16.4 7%

2.1

65%

0.5

312%

3% 8.6 PP

* All figures relating to the volume of financial products sold (personal loans) are stated before cancellations.

Segment Insurance Platforms

In the private insurance sub-segment, the in-force volume migrated from legacy systems to the SMART INSUR platform increased significantly by 19% year-on-year to just under €6 billion as at 31 March 2026. In parallel with the migration, interfaces with additional insurance companies were put into productive use for the automated validation process, which is a prerequisite for further value-added services such as AI advice. Validated volume increased by 29% to €2.5 billion.

The platform for occupational pensions, ePension, benefited from new customers won in previous years and gradually brought into productive operation, so that platform volume in Q1/26 rose by 27% year-on-year to €0.4 billion.

Segment gross profit totalled €9 million in Q1/26, representing an increase of 14%. Gross profit from the three platforms rose by 8%. EBIT amounted to €0.6 million in Q1/26, and the gross profit margin increased from 2% to 7%.

Financial Figures -Insurance Platforms

Operative figures (€ billion)

Private insurance - volume of policies migrated to SMART INSUR

Private insurance - volume of policies migrated to SMART INSUR and validated

Occupational insurance - Volume of policies managed by ePension Platform

Industrial insurance - Volume of policies managed by corify Platform

Revenue and earnings (€ million)

Revenue Gross profit EBITDA EBIT

EBIT margin (EBIT as a percentage of Gross profit)

Q1 2025 Change

Q1 2026

5.73

2.47

0.36

0.30

4.81

19%

1.91 29%

0.28 27%

0.16

81%

21.0

9.3

2.4

0.6

7%

16.9 24%

8.1 14%

1.8

32%

0.2

298%

2% 5.0 PP

Development of Earnings, Assets and Financial Position

Earnings development

In the context of the business performance described above, the Hypoport Group's revenue increased by 6% to €169 million in the first three months of 2026, after €159 million in Q1/25.

Gross profit rose by 8% to €71 million (Q1/25: €66 million). The disproportionate increase in gross profit relative to revenue is attributable to the stronger development of the platform companies compared with the poolers, resulting in a less-than-proportionate rise in pass-through sub-com-missions at Group level. Since 2025, the Group has been steered using the gross profit metric (rather than revenue), as this better reflects Hypoport's operating performance (cf. 2025 Annual Report, pages 13-14).

With capitalised own work and other operating income remaining largely unchanged, personnel expenses rising slightly and other operating expenses increasing due to higher IT costs, EBITDA rose by 16% to €20 million (Q1/25: €17 million). After deduction of slightly lower depreciation and amortisation, EBIT increased by 40% to €12.1 million (Q1/25: €8.6 million). Accordingly, the EBIT margin on gross profit improved markedly in the first three months of 2026 from 13% to 17%.

Lower interest income from cash investments, with interest expenses on bank borrowings remaining largely unchanged, resulted in a slight decline in the financial result to negative €0.8 million, from negative €0.4 million. After higher tax expenses and slightly lower minority interests, this left profit attributable to the shareholders of Hypoport SE up 42% at €7.8 million (Q1/25: €5.5 million).

In its two most important financial performance indicators, gross profit and EBIT, the Hypoport Group is targeting a record year in 2026 (previous record: gross profit €266 million, EBIT €47.7 million) and confirms its guidance of at least €280 million gross profit and €40-55 million EBIT.

Balance Sheet Development

As at 31 March 2026, the consolidated balance sheet total of the Hypoport Group amounted to

€693 million, thus standing slightly above the level at 31 December 2025 (€692 million).

Non-current assets declined marginally to €444 million (31 December 2025: €446 million). Of this amount, €360 million (€358 million previously) related to intangible assets. These primarily comprised unchanged goodwill of €229 million (31 December 2025: €229 million) and slightly higher capitalised development costs for the platforms of €108 million (31 December 2025: €106 million). Property, plant and equipment of €57 million (31 December 2025: €59 million) mainly comprised lease contracts and right-of-use assets, which were depreciated in accordance with IFRS 16.

The slight decline in current assets was mainly attributable to lower trade receivables of €128 million (31 December 2025: €136 million). Cash and cash equivalents rose to €104 million (31 December 2025: €92 million), reflecting an improvement in free cash flow.

Equity attributable to the shareholders of Hypoport SE increased slightly by around 1% to

€379 million as at 31 March 2026 (31 December 2025: €376 million). The equity ratio excluding minority interests rose from 54.3% to 54.6%.

Non-current liabilities fell to €137 million (31 December 2025: €144 million), mainly due to longterm bank borrowings €5 million lower following scheduled repayments.

Current liabilities increased slightly to €173 million (31 December 2025: €168 million), primarily as a result of higher other current liabilities following a rise in deferred income to €5.3 million (31 December 2025: €0.4 million).

Total current and non-current bank borrowings decreased to €123 million, compared with

€128 million at the end of 2025, due to scheduled repayments with no new drawdowns.

Cash Flow Development

In the first quarter of 2026, cash flow before changes in working capital increased to €20 million from €15 million in Q1/25, reflecting the Group's strong operating performance.

Overall, with working capital tied up at an unchanged level of €11 million, cash flow from operating activities amounted to €32 million (Q1/25: €26 million).

The largely unchanged cash outflow from investing activities of €7.0 million (Q1/25: €7.2 million) related almost exclusively to investments in intangible assets.

Cash outflow from financing activities rose to €12.6 million (Q1/25: €7.7 million), driven by unchanged scheduled repayments of bank loans of €5.1 million (Q1/25: €5.1 million), share buybacks of €4.9 million (Q1/25: €0.0 million) and scheduled repayments of lease liabilities of €2.6 million (Q1/25: €2.5 million).

Cash and cash equivalents amounted to €104 million at 31 March 2026, €12 million higher than at 31 December 2025.

Employees

As at 31 March 2026, the Hypoport Group employed 2,201 staff, broadly unchanged from the prior-year period (31 March 2025: 2,220 employees).

Outlook

Our assessment of the sector-specific market environment for the three segments has not changed materially for the full year 2026 compared with the presentation in the 2025 Annual Report. For the full year 2026, Hypoport expects gross profit of at least €280 million and EBIT of €40-55 million. Given the strong seasonality of the business, the Management Board anticipates a high EBIT contribution in Q4, while Q2 and Q3 are likely to generate lower financing volumes than Q1 due to public holidays and the holiday season.

The geopolitical environment remains highly volatile, however, which could lead to positive or negative deviations from this seasonality.

For more detailed statements, please refer to the Annual Report, pages 50 to 52.

Shareholder Structure and Investor Relations

Shareholder Structure of Hypoport SE as at 31 March 2026

~15 %

32.4 %

3.8 %

~38 %

~7 %

~4 %



Ronald Slabke (CEO)

Treasury shares

Other management and employees

Alumni

Institutional investors

Retail investors

Capital Markets Activities

In recent quarters, the high level of capital markets engagement continued. In addition to numerous individual exchanges with institutional investors, private shareholders, analysts and financial journalists, the Company participated in conferences and investor roadshows at the following locations:

Location Year

Frankfurt, Hamburg, London.

Planned: Frankfurt (2x), London (2x), New York (2x), Munich, Paris

Chicago, Frankfurt (3x), Geneva, Hamburg, Helsinki, Stockholm, Kopenhagen, London (2x), Munich, New York, Paris (2x)

Chicago, Frankfurt (4x), Hamburg (2x), London (2x), Lyon, Milan, Munich (2x), New York, Paris

2026

2025

2024

Financial information

Consolidated income statement for the period 1 January to 31 March 2026

Q1 2026

Q1 2025

€'000

159,204

-93,197

66,007

5,477

2,061

-45,122

-10,917

-56

17,450

-8,828

8,622

625

-1,026

8,221

-2,214

6,007

513

5,494

0.82

€'000

Revenue

169,268

Commissions and lead costs

-98,295

Gross profit

70,973

Own work capitalised

5,508

Other operating income

1,823

Personnel expenses

-46,550

Other operating expenses

-11,855

Income from companies accounted for using the

429

equity method

Earnings before interest, tax, depreciation and

amortisation (EBITDA)

20,328

Depreciation, amortisation expense and impairment losses

-8,258

Earnings before interest and tax (EBIT)

12,070

Financial income

227

Finance costs

-1,014

Earnings before tax (EBT)

11,283

Income taxes and deferred taxes

-3,261

Net profit for the period

8,022

attributable to non- controlling interests

201

attributable to Hypoport SE shareholders

7,821

Earnings per share (€) (undiluted/diluted)

1.18

Consolidated statement of comprehensive income for the period 1 January to 31 March 2026

Q1 2026

Q1 2025

€'000

€'000

Net profit for the period

8,022

6,007

Total income and expenses recognised in equity*

0

0

Total comprehensive income

8,022

6,007

attributable to non-controlling interests

201

513

attributable to Hypoport SE shareholders

7,821

5,494

* There was no income or expense to be recognised directly in equity during the reporting period.

Consolidated balance sheet as at 31 March 2026

Assets

31 Mar 2026

€'000

31 Dec 2025

€'000

357,944

58,532

7,955

534

3,328

264

17,533

446,090

Non- current assets

Intangible assets

359,473

Property, plant and equipment

56,928

Investments accounted for using the equity method

8,383

Financial assets

482

Trade receivables

3,625

Other assets

264

Deferred tax assets

14,742

443,897

Current assets

Inventory

Trade receivables

Trade receivables from joint ventures Other assets

Income tax assets

Cash and cash equivalents

Equity and liabilities Equity

Subscribed capital Treasury shares Reserves

Non- controlling interests

Non- current liabilities

Bank liabilities

Rental charges and operating lease expenses Other liabilities

Deferred tax liabilities

Current liabilities

Provisions Bank liabilities

Rental charges and operating lease expenses Trade payables

Liabilities towards joint ventures Liabilities towards shareholders Current income tax liabilities Other liabilities

701

128,424

0

11,616

4,979

103,807

249,527

693,424

652

135,933

185

9,473

8,111

91,876

246,230 692,320

6,872

-260

372,336

378,948

4,116

383,064

6,872

-217

369,400

376,055

3,915

379,970

92,629

37,036

446

6,925

137,036

97,636

38,512

704

7,206

144,058

43

30,139

9,350

98,610

2,433

750

7,408

24,591

173,324

693,424

43

30,239

9,256

97,273

976

750

8,567

21,188

168,292 692,320 Abridged consolidated statement of changes in equity for the three months ended 31 March 2026

Equity

Equity

attributable

attributable to

to non-con-

Q1 2025

Subscribed

Treasury

Capital

Retained

Hypoport SE

trolling

in €'000

capital

sharese

reserves

earnings

shareholders

interests

Equity

Balance as at

1 January 2025

6,872

-184

116,919

230,429

354,036

3,756

357,792

Dissemination of

own shares

0

1

58

5

64

0

64

Total comprehensive income

0

0

0

5,494

5,494

513

6,007

Balance as at

31 March 2025

6,872

-183

116,977

235,928

359,594

4,269

363,863

Equity

Equity

attributable

attributable to

to non-con-

Q1 2026

Subscribed

Treasury

Capital

Retained

Hypoport SE

trolling

in €'000

capital

sharese

reserves

earnings

shareholders

interests

Equity

Balance as at

1 January 2026

6,872

-217

111,881

257,519

376,055

3,915

379,970

Purchase own shares

0

-44

-4,884

0

-4,928

0

-4,928

Dissemination of own shares

0

1

-1

0

0

0

0

Total comprehensive income

0

0

0

7,821

7,821

201

8,022

Balance as at 31 March 2026

6,872

-260

106,996

265,340

378,948

4,116

383,064

Consolidated cash flow statement for the period period 1 January to 31 March 2026

Q1 2026

€'000

Q1 2025

€'000

Earnings before interest and tax (EBIT)

12,070

8,622

Non- cash income / expense

5,649

-249

Interest received

227

625

Interest paid

-800

-788

Income taxes paid

-2,130

-1,764

Change in deferred taxes

-2,510

-528

Income from companies accounted for using the equity method

-429

56

Depreciation on non- current assets

8,258

8,828

Income from disponal of intangible assets and property, plant and equipment and financial assets

- 3

- 10

Cash flow

20,332

14,792

Increase / decrease in inventories, trade receivables and other assets not attributable to investing or financing activities

5,205

13,054

Increase / decrease in trade payables and other liabilities not attributable to investing or financing activities

5,989

-1,899

Change in working capital

11,194

11,155

Cash flows from operating activities

31,526

25,947

Payments to acquire property, plant and equipment / intangible assets

-7,010

-6,949

Proceeds from disposals of property, plant and equipment/ Intangible assets

3

10

Purchase of financial assets

65

84

Payments for investments in financial assets

-13

-330

Cash flows from investing activities

-6,955

-7,185

Purchase of own shares

-4,928

0

Repayment of lease liabilities

-2,605

-2,536

Redemption of bonds and loans

-5,107

-5,118

Cash flows from financing activities

-12,640

-7,654

Net change in cash and cash equivalents

11,931

11,108

Cash and cash equivalents at the beginning of the period

91,876

86,252

Cash and cash equivalents at the end of the period

103,807

97,360

Abridged segment reporting for the period 1 January to 31 March 2026

Real Estate &

€'000

Mortgage Platforms

Financing Platforms

Insurance Platforms

Holding

Reconciliation

Group

Segment revenue in respect of third parties

127,102

20,700

20,857

609

0

169,268

Q1 2025

122,926

19,093

16,847

338

0

159,204

Segment revenue in respect of other segments

111

297

111

7,751

-8,270

0

Q1 2025

109

188

89

7,257

-7,643

0

Total segment revenue

127,213

20,997

20,968

8,360

-8,270

169,268

Q1 2025

123,035

19,281

16,936

7,595

-7,643

159,204

Gross profit

43,492

17,604

9,268

8,360

-7,751

70,973

Q1 2025

41,117

16,427

8,125

7,595

-7,257

66,007

Segment earnings before interest, tax, depreciation and amortisation (EBITDA)

17,027

3,409

2,357

-2,465

0

20,328

Q1 2025

16,318

2,064

1,788

-2,720

0

17,450

Segment earnings before interest and tax (EBIT)

13,726

2,058

645

-4,359

0

12,070

Q1 2025

12,711

500

162

-4,751

0

8,622

Segment assets

0

31 Mar 2026

273,560

206,324

166,248

310,721

-263,429

693,424

31 Dec 2025

255,770

203,591

163,898

330,376

-261,315

692,320

Berlin, 11 May 2026

Hypoport SE - The Management Board

Financial calendar 2026:

16 March 2026 Results for 2025 (preliminary)

30 March 2026 Results for 2025 (final)

11 May 2026 Interim management statement for Q1

10 August 2026 Half-year report

9 November 2026 Interim management statement for Q3

Note:

The financial report / interim statement will be published in both German and English. The German version shall prevail. It can be found on the website at https://www.hypoport.de.

This financial report / interim statement contains forward-looking statements. These statements are based on the current experiences, assumptions, and forecasts of the Management Board, as well as the information currently available. The forward-looking statements are not to be understood as guarantees of the mentioned future developments and results. Future developments and results are dependent on a variety of factors, involve various risks and uncertainties, and are based on assumptions that may prove to be incorrect. These risk factors include, in particular, those mentioned in the risk report of the most recent annual report. We do not undertake any obligation to update the forward-looking statements made in this financial report / interim statement.



Hypoport SE

Heidestrasse 8 ∙ 10557 Berlin ∙ Germany Phone: +49 (0)30 420 86 - 0

E-Mail: ir@hypoport.de ∙ https://www.hypoport.com

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