Hypoport (HYQ) Q2 2026 earnings summary

Executive summary

• Revenue rose 5% year-over-year to €319 million in H1 2026, with gross profit up 5% to €138 million and EBIT up 20% to €19.3 million, reflecting solid performance across all segments.

• All three operating segments—Real Estate & Mortgage Platforms, Financing Platforms, and Insurance Platforms—contributed to growth in gross profit and EBIT.

• Significant market share gains in mortgage finance at regional banks, despite a contracting overall market.

• Good performance in housing sector and corporate finance business models, even amid weak market conditions.

• The first quarter benefited from a sharp rise in interest rates due to geopolitical tensions, leading to a pull-forward of transactions and a subsequent slowdown in Q2.

Financial highlights

• Group revenue: €319 million (+5% yoy); gross profit: €138 million (+5% yoy); EBITDA: €36.1 million (+8% yoy); EBIT: €19.3 million (+20% yoy).

• Net profit for H1 2026 increased 19% year-over-year to €12.9 million; EPS rose 27% to €1.96.

• EBIT margin improved to 14.1% (+1.8pp yoy); Insurance Platforms turned EBIT positive.

• Equity ratio increased to 57.7% from 54.9% at year-end 2025; total assets decreased 3% to €672.7 million.

• Cash flow from operating activities rose to €32.7 million, while cash and cash equivalents stood at €90.4 million at period end.

Outlook and guidance

• Management expects gross profit of at least €280 million and EBIT between €40 million and €55 million for FY 2026, driven by loss reduction in young platforms, market share gains, and expected market growth.

• Guidance reflects a potential EBIT impact from -€2 million to +€10 million, based on a slightly declining or single-digit percent growth in the mortgage market; other markets also contribute to group performance, with a 10% range between top and bottom market expectations.

• Q4 is expected to deliver outperformance due to cyclical factors, year-end closing of subsidizing entities, and project planning in the Mittelstand business, as well as high commission events typically realized in the last quarter.

• Doubling of EBIT gross profit margin targeted by 2029, with continued gross profit growth.

• A wave of higher refinancing activity is anticipated in 2027 and 2028, as the current low level of refinancing is unsustainable given the outstanding mortgage portfolio.