Business
Hypoport : Quarterly Earnings Release Q1 2026
Hypoport : Quarterly Earnings Release Q1
About this update from 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: [email protected] ∙ https://www.hypoport.com