Hypoport SE Financial Results Q1 2026 | Growth Recovery, Platform Momentum & Outlook

Welcome to the update for the Q1 financial figures of Hypoport SE here on Seed 11A. We had a good start to the year. We delivered 12 million in EBIT, in line with our expectation. All three segments delivered growth and contributed to this success. So if you exclude geopolitical environment, this was a really good start in 2026. So deep dive in segments. We start with the home ownership market and the mortgage market here. Volatile interest environment always leads to positive fast financial application process for consumers. And with this we could achieve a similar transaction volume like last year where we had even a stronger change in interest rates. And thanks to at this time the additional funding and depth that our new government announced. At this time it was the Iran war and inflation risk, interest rate went up, and a lot of consumers closed their mortgages faster. This in the market environment where the supply side is strong. We see a lot of properties coming to the market, which is unusual for the last 10 years in Germany, where for a long time there was close to nothing coming to the market. There are properties on the market you can buy. Prices are, I would say, all instable over the last six to nine months. First quarter saw a slight increase in prices. Again, I think the interest rate environment plays a certain role. We saw costs for new constructions coming down. This is helpful and because of this we see an additional need for funding of new constructions. Something essential for the German housing market that we build more, because otherwise demand will drive prices even further. What is weak and stays weak and is actually contributing to the home ownership market is the renting environment. Heavily regulated already. New regulation introduced in the first quarter. Massive new regulation, you need to say, and more and more landlords, private landlords, want to sell now. And so we expect the process of switching from a renting market to a home ownership market here in Germany to accelerate in the upcoming quarters because it's really unattractive to rent anymore in Germany in this regulatory environment and to deregulate, I don't see this coming. So we had a 62 billion mortgage market when we crossed in the data of Bundesbank in the first quarter. This is roughly the same as in the first quarter last year. We saw strong growth of the brokers in this market environment because they act faster. They compare offer faster, changing interest rates, and with this in a volatile environment take market share. Cooperative banks and savings banks kept the market share stable and we were able to achieve in both more penetration and growth in both sectors, especially in the savings banks area plus 15% in the first quarter where we roll out a new integration with our working opening partner finance informatic, the IT service provider, to make sure that it's even easier for them to migrate their volume to Europe basically. Who lost market share in the first quarter are private banks, especially Deutsche Bank, a long time long partner of us, allocates equity different right now. So their focus is to shrink the mortgage portfolio and they are successful with this. This means private banks leave market share behind and let brokers prosper here. From the perspective of what we finance, the acquisition of existing homes, the purchase market is strong. We are there on a record high level in euro. See that there is a potential in front of us with the migration from the renting market to the home ownership market. Beside market share gains that we have. We see for the first time 4 billion in new constructions. Again, this took a long time for the market to come back to this volume, and when you see price changes then you understand that we are still half of what we saw four or five years ago. We still don't see investments in the household stock for energy efficiency, and we still don't see refinancing on the platform. Refinancing will by certain come back in 2027 because of duration of the mortgage portfolio here in Germany. Energy efficiency investments depend on political environment, and this is too instable right now.

Big success segment was that value AG, our valuation platform, for the first time since more than 5 years turned break-even. It was a long way of bringing this business to success. In the first quarter finally paid back, and value AG in the platform and delivering a solution end-to-end for consumer and banks which is not met by anything else in the market. So heavy investments we did here, lots of losses we accumulated here, first quarter break-even, and this lifts up the segment as well in total so that we see a very strong first quarter for this segment. Outlook we expect double-digit growth here over the year and outperformance of EBIT with an incremental increase in EBIT margin which we saw now already in Q1 even compared to the very strong first quarter in 2025.

So financing platform. I will highlight our activities in the housing association market. So the social housing renting market in Germany. Our strategy to provide central ERP system for the housing associations with all the other platforms for financing, management of deposits, and insurance linked to this is on track of a strong growth path. So the core won another 33% of units under contract. So 710,000 units we are getting closer to break-even here with our platform business. Based on this and based on the penetration, we can sell more and more solutions of the other platforms surrounding this core application. A big win in April actually: bank strongest payment and deposit provider for the housing associations here in Germany, and a longtime owner of the core competitor of our ERP system. Haron opened up and better cooperates now with us, so that housing associations when they migrate to our platform don't need to switch their payment operator anymore and can keep their deposits of their tenants where they are. This is a huge message as well to the industry that the old mother of our rival bets that it's necessary to team up with us to go forward as well. The German middle stand provided a certain level of growth in the first quarter, and this all ends up with a good start for the financing platform segment in this year with a 2 million EBIT contribution to the group after a weak 2025, to be fair. So we grow here even when German GDP is not growing.

So and last insurance platform as well. The platform side strong growth on usage of our platforms with some volatility in the surrounding business models. We still achieved in the first quarter growth and stayed profitable, and yeah, looking forward to continue this through the year. In total for Hypoport, as expected, we are on growth track and we deliver an outperformance on profitability. 12 million first quarter is exactly in line with our ambition for this year to deliver a record year. Last record year was 2021 with 48 million. The math is simple. We are on track to go there even when Q2 and Q3 will be weaker. Q4 is usually our strongest quarter. So all is fine. What you need to stay informed about all these P&L numbers includes massive investments in our platforms in all three segments. We spend money to develop right now new products often based on AI. We do this for the last 9 years. You have here on Seed 11A some deep dives for this to understand how a platform business is profiting from AI and how we are able to monetize on the new technology available that will make our products even more appealing, more sticky, more unbeatable by any potential new competitor in the market. And the product development surrounding this. This with our focus on our current value chains, our current platforms, and our cost efficiency which we are keep focused on. We will deliver strong growth on EBITA margin side. We expect this to double until the end of 2029. And so from there, expect Hypoport to not just grow in top line but as well in bottom line. So for this year, 40 to 55 million we are on track, and long-term double digit. Use the deep dives here on Seed 11A, and we will see again for our half-year report in the beginning of August. See you then.