Hypoport SE: Steady operational gains pave the way forward

研报英文原文证据摘录

Hypoport SE: Steady operational gains pave the way forward

Deutsche Bank

Research

Rating Company Date

Buy Hypoport SE 13 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 79.00

HYQGn.DE HYQ GY GER HYQGn

Price Target (EUR) 160.00

Technology

52-week range (EUR) 216.50 - 70.40

IT Software & Services

Steady operational gains pave the way

Valuation & Risks forward

Olivia Pulvermacher

Continued market share momentum affirmed Research Analyst

Hypoport's full 1Q results confirm the strong start, with revenue up 6% YoY to +49-69-910-31944

EUR169m, gross profit rising 8% YoY to EUR71m, and EBIT soaring 40% YoY to

Mengxian Sun, CFA

EUR12m. This drove a significant EBIT margin improvement on gross profit to Research Analyst

17.0% from 13.1% in 1Q25, indicating solid progress towards the FY29 target of +49-69-910-41701

~24%. All three segments contributed positively. While Hypoport's mortgage

Thomas Rothaeusler

volume was flat YoY at EUR20.3bn, influenced by the renewed interest rate surge

Research Analyst

prompting customers to finalize financing, the Bundesbank reported 2% YoY

+49-69-910-43054

market growth for 1Q. However, management claims its addressable market more

accurately declined by 5% YoY, attributing the discrepancy to the Bundesbank's

inflated data and thereby affirming continued market share gains.

Conference call highlights

Further key items discussed included: 1) Value AG achieved its first breakeven

quarter, positioning it to reach the upper end of its targeted EUR4m-6m loss

reduction in FY26, with full-year profitability targeted for FY27 through further

process automation. 2) Dr. Klein Wowi (WOWIPORT) secured Aareal Bank from a

major competitor, increasing units under contract by 33% YoY to 710k, with