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HYPOPORT SE
Quarterly Report • May 16, 2025
218_rns_2025-05-16_5f70eb66-2923-49be-9e14-ccea4482706f.pdf
Quarterly Report
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Interim statement of Hypoport SE for the period ended 31 Mar 2025
Keyperformance indicators
| Revenue and earnings (€'000) | Q1 2025 | Q1 2024* | Change |
|---|---|---|---|
| Revenue | 159,204 | 133,551 | 19% |
| thereof Real Estate & Mortgage Platforms | 123,035 | 98,870 | 24% |
| thereof Financing Platforms | 19,281 | 17,261 | 12% |
| thereof Insurance Platforms | 16,936 | 17,687 | -4% |
| thereof Holding & Reconciliation | -48 | -267 | 82% |
| Gross profit | 66,007 | 57,319 | 15% |
| thereof Real Estate & Mortgage Platforms | 41,117 | 34,369 | 20% |
| thereof Financing Platforms | 16,427 | 14,709 | 12% |
| thereof Insurance Platforms | 8,125 | 7,951 | 2% |
| thereof Holding & Reconciliation | 338 | 290 | 17% |
| EBITDA | 17,450 | 13,325 | 31% |
| EBIT | 8,622 | 4,596 | 88% |
| thereof Real Estate & Mortgage Platforms | 12,711 | 8,333 | 53% |
| thereof Financing Platforms | 500 | 1,041 | -52% |
| thereof Insurance Platforms | 162 | 183 | -11% |
| thereof Holding & Reconciliation | -4,751 | -4,961 | 4% |
| EBIT margin (EBIT as a percentage of Gross profit) | 13.1 | 8.0 | 63% |
| Net profit for the year | 6,007 | 3,161 | 90% |
| attributable to Hypoport SE shareholders | 5,494 | 3,145 | 75% |
| Earnings per share (€) (undiluted/diluted) | 0.82 | 0.45 | 82% |
| Financial position (€'000) | 31 Mar 2025 | 31 Dec 2024 | Change |
| Current assets | 236,985 | 238,250 | -1% |
| Current assets | 236,985 | 238,250 | -1% |
|---|---|---|---|
| Non– current assets | 456,605 | 458,623 | -0% |
| Equity | 363,863 | 357,792 | 2% |
| attributable to Hypoport SE shareholders | 359,594 | 354,036 | 2% |
| Equity ratio (%) | 52.5 | 51.3 | 2% |
| Total assets | 693,590 | 696,873 | -0% |
Business Development - Overview
The Hypoport Group has commenced the fiscal year 2025 with significant success. The primary growth and profitability drivers were the business models in private mortgage within the Real Estate & Mortgage Platforms segment. A continued steady revival of the market for existing properties, slightly rising property prices, and the interest impetus resulting from the debt programs approved by the German parliament in March contributed to the ongoing recovery of the German mortgage market. This resulted in a notable increase in transaction volumes (Europace, Finmas, Genopace) and distribution volumes (Dr. Klein, Qualitypool, Starpool), which stemmed not only from market share gains but also from a significant overall market revival.
The pre-closure interest of consumers in property purchases and thus financing for owner-occupied homes is based on a quantitatively and qualitatively increasingly unattractive rental housing market, which is gradually becoming less viable as a living alternative for the middle class. In addition to this long-standing trend, which has accelerated in recent years, the new construction activities of private builders have seen a slight uptick. Borrowing for energy-efficient renovations and the refinancing of maturing loan agreements remains at a low level. Coupled with slightly increased revenues from property appraisals and stable revenues from the property sales platform, the Q1 revenues of the Real Estate & Mortgage Platforms segment rose by 24% to €123 million, and EBIT increased by 53% to €13 million.
The development in the Financing Platforms segment was heterogeneous. The sub-segment housing management achieved a slight revenue increase despite a persistently weak market environment, particularly driven by the ERP software platform. In the sub-segment of consumer loans and corporate finance, double-digit percentage revenue increases were achieved; however, this growth, particularly in corporate finance, was largely derived from low-margin business. While segment revenues overall increased by 12% compared to Q1/24, EBIT decreased slightly from €1.0 million to €0.5 million, also due to high investments in the ERP solution for housing management.
The Insurance Platforms segment recorded a slight revenue decline of 4% to €17 million in a stable overall market, with stable EBIT of €0.2 million.
The improved business performance of the group is reflected in the key metrics, which developed as follows in Q1/25 compared to the previous year*:
- +19% revenue to €159 million (Q1/24: €134 million),
- +15% gross profit to €66 million (Q1/24: €57 million),
- +31% EBITDA to €17 million (Q1/24: €13 million),
- +88% EBIT to €8.6 million (Q1/24: €4.6 million),
- +90% consolidated net profit to €6.0 million (Q1/24: €3.2 million)
* Due to the retrospective reclassification of revenues of the subsidiary Starpool Finanz GmbH in the Real Estate & Mortgage Platforms segment from net to gross presentation, as well as a corrected revenue deferral at Starpool, the following interim report includes adjustments to the previous year's values for the group and the Real Estate & Mortgage segment. Details can be found in the explanations regarding the financial information in the section "Comparability of Previous Year Values."
Business Development - Details
The Hypoport companies are engaged in the development, operation, and marketing of technology platforms for the lending, housing, and insurance sectors (FinTech, PropTech, InsurTech) in Germany. For this purpose, the decentralized and largely autonomously operating subsidiaries of Hypoport SE are divided into three operational segments: Real Estate & Mortgage Platforms, Financing Platforms, and Insurance Platforms
Segment Real Estate & Mortgage Platforms
The companies within the Real Estate & Mortgage Platforms segment primarily focus on developing technology platforms for the brokerage, financing, and valuation of private residential properties. The vision of the segment is to create a seamless process for purchasing, valuing, and financing owner-occupied residential properties in Germany. Key companies in this segment include: FIO Systems AG for property marketing (marketing platform), Dr. Klein Privatkunden AG, the mortgage activities of Europace AG, Genopace GmbH, Baufinex GmbH, Finmas GmbH, the financing activities of Qualitypool GmbH, and Starpool Finanz GmbH (collectively referred to as financing platforms), as well as the valuation platform Value AG.
The marketing platform continued to focus on acquiring new customers and expanding the platform offerings for large bank-affiliated real estate broker organizations. The internet-based B2B lending marketplace Europace, the largest marketplace for concluding mortgage and home savings products for private clients in Germany by financing volume, recorded an extremely successful development with a 34% increase in transaction volume for private mortgage to €20 billion compared to the previous year. The distribution channels connected to the sub-marketplaces for savings banks (Finmas) and cooperative banks (Genopace) showed an overall disproportionately high increase in their transaction volumes in private mortgage. While the volume on Finmas increased by 33% to €3.0 billion, the volume on Genopace expanded by 46% to €5.2 billion. The private mortgage volume brokered by the Dr. Klein franchise system grew by 30% to €2.2 billion in the period Q1/25 compared to Q1/24. The volumes of the broker pools Qualitypool and Starpool in private mortgage also saw double-digit percentage increases, albeit slightly below the overall marketplace growth on Europace.
The residential property value inspected or assessed by VALUE amounted to €9 billion, reflecting a 15% increase compared to Q1/24. The comparatively low increase relative to financing volume resulted from a delayed revival of the appraisal market. The increased volumes in private mortgage during Q1/25 led to a double-digit percentage increase in revenues and gross profit compared to the previous year. The revenues of the valuation platform increased by 21%, while the revenues of the marketing platform remained nearly stagnant.
Overall, the revenues of the segment increased by 24% to €123 million. After deducting distribution costs (lead generation costs and commission payments to Dr. Klein franchisees or sub-brokers of the poolers or purchasing community), a gross profit of €41 million, which represents a 20% increase, remained in the Hypoport Group. EBITDA and EBIT increased disproportionately by 38% and 53% to €16 million and €13 million, respectively, driven by strong platform business.
| Financial figures – Real Estate & Mortgage Platforms |
Q1 2025 | Q1 2024** | Change |
|---|---|---|---|
| Operative figures (€ billion) | |||
| Transaction volume mortgage finance Europace* |
20.38 | 15.13 | 35% |
| thereof Finmas | 3.03 | 2.28 | 33% |
| thereof Genopace | 5.23 | 3.58 | 46% |
| thereof Dr. Klein private clients | 2.15 | 1.65 | 30% |
| Transaction volume building finance Europace |
1.77 | 1.62 | 9% |
| Value properties valued by property valuation platform |
9.11 | 7.91 | 15% |
| Revenue and earnings (€ million) | |||
| Revenue | 123.0 | 98.9 | 24% |
| Gross profit | 41.1 | 34.4 | 20% |
| EBITDA | 16.3 | 11.9 | 38% |
| EBIT | 12.7 | 8.3 | 53% |
* All figures relating to the volume of financial products sold (mortgage finance and building finance) are stated
before cancellations.
Segment Financing Platforms
The Financing Platforms segment consolidates all companies within the Hypoport Group with business models for financing products outside of private mortgage, particularly in the housing sector, corporate finance, and consumer loans. This segment includes: Dr. Klein Wowi Finanz AG, Dr. Klein Wowi Digital AG, the activities of FIO Systems AG for managing rental deposit accounts (together forming the housing management product group), REM Capital AG, Fundingport GmbH, Hypoport B.V. (together forming the corporate finance product group), and Dr. Klein Ratenkredit GmbH, Genoflex GmbH, and Europace Ratenkredit GmbH (together forming the consumer loan product group).
Business models in the housing management sub-segment developed in two parts: The credit demand relevant to Dr. Klein Wowi Finanz for new rental housing construction and energy-efficient renovations declined significantly despite already weak volumes in 2024, resulting in only €0.3 billion being brokered, which is 24% lower than in Q1/24. The strong increase in interest rates in March and a wait-and-see attitude against the backdrop of government formation were the primary causes. The market share gains at the housing management platform Dr. Klein Wowi Digital accelerated even further compared to 2024. As of March 31, 2025, the contract portfolio amounted to 533,000 residential units (+70%). The volume of managed rental deposits also increased, reaching €1.2 billion by the end of Q1/25 (+9% compared to Q1/24).
The business of REM Capital in the corporate finance sub-segment developed significantly weaker. Factors included more restrictive lending by banks and unattractive funding programs, particularly customer investment shifts due to erratic US politics. Although the business volume accounted for promotion, funding, or mediation at REM rose to €0.4 billion, exceeding the previous year's level (+59%), it was primarily composed of low-margin individual projects.
Transaction volumes in the consumer loan sub-segment increased slightly by 2% compared to Q1/24. The differing developments in housing management during Q1/25 resulted in only a slight revenue increase for the sub-segment compared to Q1/24. With significant revenue increases in the consumer loan and corporate finance sub-segments, total segment revenues reached €19 million, reflecting a slight increase of 12%. Gross profit increased proportionately by 12% to €16 million. EBITDA and EBIT decreased due to continued high investments by 23% and 52% to €2.1 million and €0.5 million, respectively.
| Financial figures – Financing Platforms |
Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Operative figures (€ billion) | |||
| Property sales platform Dr. Klein Wowi | 0.25 | 0.33 | -24% |
| Number of homes managed through WoWi Digital ('000) |
532.9 | 313.1 | 70% |
| Rental deposits under management | 1.21 | 1.11 | 9% |
| Volume of personal loan transactions* Europace |
1.85 | 1.81 | 2% |
| Volume of corporate finance projects at REM Capital ('Bill') |
0.40 | 0.25 | 59% |
| Revenue and earnings (€ million) | |||
| Revenue | 19.3 | 17.3 | 12% |
| Gross profit | 16.4 | 14.7 | 12% |
| EBITDA | 2.1 | 2.7 | -23% |
| EBIT | 0.5 | 1.0 | -52% |
* All figures relating to the volume of financial products sold (personal loans) are stated before cancellations.
Segment Insurance Platforms
The Insurance Platforms segment develops platforms for insurance sales and B2C insurance companies in the areas of tariffable personal and commercial insurance, industrial insurance, and occupational pension insurance. This segment includes: Smart InsurTech AG, the insurance activities of Qualitypool GmbH, AmexPool AG, and Sia Digital GmbH (collectively forming the personal insurance product group), as well as ePension GmbH and E & P Pensionsmanagement GmbH (together forming the occupational pension product group), and Corify GmbH and Oasis GmbH (collectively forming the industrial insurance product group).
In the personal insurance sub-segment, the volume migrated from legacy systems to the SMART INSUR platform increased by 12% to €4.8 billion compared to March 31, 2024. Concurrently with the migration, the validation process for the contract data inventory with insurance companies is being expanded, which is a prerequisite for further value-added services, such as AI-based advisory services. The validated volume increased by 24% to €1.9 billion.
The occupational pension platform, ePension, benefited from new clients acquired in 2023 and brought into productive operation in 2024, resulting in an 18% increase in platform volume to €0.3 billion in Q1/25 compared to the previous year.
In the field of industrial insurance, Corify, the first marketplace for insurance risks, successfully secured key industrial brokers as pilot clients in 2024, and further contract signings were initiated in Q1/25.
The total revenues of all three sub-segments amounted to €17 million in Q1/25, representing a slight decline of 4%. While gross profit and EBITDA increased slightly to €8.1 million and €1.8 million, respectively, EBIT remained stable at €0.2 million.
| Financial Figures – Insurance Platforms |
Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Operative figures (€ billion) | |||
| Private Insurance – Volume of policies migrated to SMART INSUR (annual net premiums) |
4.81 | 4.28 | 12% |
| Private Insurance – Validation rate (per cent) |
1.9 | 1.5 | 24% |
| Occupational insurance – Volume of policies managed by ePension Platform (annual net premiums) |
0.28 | 0.24 | 18% |
| Industrial insurance – Volume of policies managed by corify Platform (annual net premiums) |
0.2 | 0.1 | - |
| Revenue and earnings (€ million) | |||
| Revenue | 16.9 | 17.7 | -4% |
| Gross profit | 8.1 | 8.0 | 2% |
| EBITDA | 1.8 | 1.7 | 8% |
| EBIT | 0.2 | 0.2 | -11% |
Development of Earnings, Assets, and Financial Position
Earnings Development
In light of the described business performance across the individual segments, the revenue of the Hypoport Group increased by 19% to €159 million in Q1/25 (Q1/24: €134 million). Gross profit rose by 15% to €66 million (Q1/24: €57 million). The disproportionate increase in revenues compared to gross profit can be attributed to the growing utilization of the purchasing community that complements the Europace platform, resulting in a significant rise in pass-through commissions alongside the revenue increase.
EBITDA experienced a substantial increase of 31%, rising from €13 million to €17 million, while EBIT grew from €4.6 million to €8.6 million. Consequently, the EBIT margin relative to gross profit improved from 8.0% to 13.1% in the first three months of 2025.
Balance Sheet Development
As of March 31, 2025, the consolidated balance sheet total of the Hypoport Group amounted to €693.6 million, slightly below the level of December 31, 2024 (€696.9 million). Long-term assets decreased marginally to €457 million (December 31, 2024: €459 million), with the largest asset position – intangible assets – remaining nearly unchanged. The decline is primarily attributable to the scheduled amortization of lease agreements and leasing rights under IFRS 16.
Current assets remained relatively stable at €237 million (December 31, 2024: €238 million). Trade receivables were reduced from €137 million to €121 million, while liquid assets increased from €86 million to €97 million due to the favorable business development.
The attributable equity of the shareholders of Hypoport SE increased by 1.6% or €5.6 million to €359.6 million as of March 31, 2025. The equity ratio (excluding non-controlling interests) improved from 50.8% to 51.8% due to the decreased balance sheet total.
The decline in long-term liabilities from €171 million to €165 million was mainly due to the repayment of bank debts through scheduled amortization.
Current liabilities also decreased slightly from €168 million to €165 million, primarily due to a reduction in trade payables. Other current liabilities increased slightly from €25 million to €30 million, mainly comprising accrued income of €8.5 million (December 31, 2024: €1.1 million), tax liabilities of €4.8 million (December 31, 2024: €4.5 million) and bonus obligations of €3.4 million (December 31, 2024: €7.6 million).
Cash Flow Development
Due to the positive earnings development during the reporting period, cash flow before changes in working capital increased by €4.4 million to €15 million. The working capital binding decreased by €18 million to €11 million (Q1/24: negative €7 million). Overall, as of March 31, 2025, a cash flow from operating activities of €26.0 million (Q1/24: €3.7 million) was generated. The outflow from investments amounted to €7.2 million (Q1/24: €16.5 million) and primarily relates to investments in intangible assets, which accounted for €6.7 million (Q1/24: €6.4 million). The cash outflow from financing activities of €7.7 million (Q1/24: €8.2 million) mainly pertains to the scheduled repayment of bank loans amounting to €5.1 million (Q1/24: €5.1 million) and the repayment of lease liabilities of €2.5 million (Q1/24: €2.5 million).
As a result of the aforementioned changes, the cash and cash equivalents increased by €11 million to a total of €97 million as of March 31, 2025, compared to the end of the previous year.
Employees
As of March 31, 2025, the Hypoport Group employed 2,219 staff members (March 31, 2024: 2,220). Compared to the end of 2024, the number of employees increased slightly by 20 (December 31, 2024: 2,199).
Outlook
Our assessments regarding the sector-specific market environment of the three segments, as well as the respective positioning of the business models within these segments, have not changed significantly for the fiscal year 2025 compared to the presentation in the 2024 annual report. Therefore, the Management Board continues to anticipate consolidated revenues of at least €640 million, a gross profit of at least €270 million, and EBIT between €30 million and €36 million for the entire Hypoport Group.
For more detailed statements, please refer to the annual report, pages 55 to 57.
Shareholder Structure and Investor Relations
Hypoport SE shareholder structure as at 30 April 2025
Capital Market Activities
In 2024 and 2025, the high intensity of capital market engagement continued. In addition to numerous individual exchanges with institutional investors, private shareholders, analysts, and financial journalists, participation in conferences and investor roadshows took place at the following locations:
| Location | Year |
|---|---|
| Planned: Chicago, Frankfurt, Hamburg, London, Munich, New York, Paris (2x) | Q2–Q4 2025 |
| Frankfurt (2x), Geneva, Helsinki, Stockholm, Copenhagen | Q1 2025 |
| Chicago, Frankfurt (4x), Hamburg (2x), London (2x), Lyon, Milan, Munich (2x), New York, Paris |
2024 |
Financial information
| Q1 2025 €'000 |
Q1 2024* €'000 |
|
|---|---|---|
| Revenue | 159,204 | 133,551 |
| Commissions and lead costs | -93,197 | -76,232 |
| Gross profit | 66,007 | 57,319 |
| Own work capitalised | 5,477 | 5,577 |
| Other operating income | 2,061 | 1,700 |
| Personnel expenses | -45,122 | -41,634 |
| Other operating expenses | -10,917 | -9,593 |
| Income from companies accounted for using the equity method |
-56 | -44 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) |
17,450 | 13,325 |
| Depreciation, amortisation expense and impairment losses | -8,828 | -8,729 |
| Earnings before interest and tax (EBIT) | 8,622 | 4,596 |
| Financial income | 625 | 599 |
| Finance costs | -1,026 | -853 |
| Earnings before tax (EBT) | 8,221 | 4,342 |
| Income taxes and deferred taxes | -2,214 | -1,181 |
| Net profit for the period | 6,007 | 3,161 |
| attributable to non– controlling interests | 513 | 16 |
| attributable to Hypoport SE shareholders | 5,494 | 3,145 |
| Earnings per share (€) (undiluted/diluted) | 0.82 | 0.45 |
Consolidated income statement for the period 1 January to 31 March 2025
* The comparative information was adjusted due to error corrections, see section 'Comparability of previous year's figures'.
| Q1 2025 €'000 |
Q1 2024** €'000 |
|
|---|---|---|
| Net profit for the period | 6,007 | 3,161 |
| Total income and expenses recognised in equity* | 0 | 0 |
| Total comprehensive income | 6,007 | 3,161 |
| attributable to non-controlling interests | 513 | 16 |
| attributable to Hypoport SE shareholders | 5,494 | 3,145 |
Consolidated statement of comprehensive income for the period 1 January 2025 to 31 March 2025
* There was no income or expense to be recognised directly in equity during the reporting period.
| Assets | 31 Mar 2025 €'000 |
31 Dec 2024 €'000 |
|---|---|---|
| Non– current assets | ||
| Intangible assets | 355,102 | 354,232 |
| Property, plant and equipment | 65,453 | 68,004 |
| Investments accounted for using the equity method | 6,034 | 5,759 |
| Financial assets | 531 | 751 |
| Trade receivables | 1,648 | 2,489 |
| Other assets | 350 | 244 |
| Deferred tax assets | 27,487 | 27,144 |
| 456,605 | 458,623 | |
| Current assets | ||
| Inventory | 556 | 522 |
| Trade receivables | 121,431 | 137,188 |
| Other assets | 11,706 | 8,166 |
| Income tax assets | 5,932 | 6,122 |
| Cash and cash equivalents | 97,360 | 86,252 |
| 236,985 | 238,250 | |
| 693,590 | 696,873 | |
| Equity and liabilities | ||
| Equity | ||
| Subscribed capital | 6,872 | 6,872 |
| Treasury shares | -183 | -184 |
| Reserves | 352,905 | 347,348 |
| 359,594 | 354,036 | |
| Non– controlling interests | 4,269 | 3,756 |
| 363,863 | 357,792 | |
| Non– current liabilities | ||
| Bank liabilities | 103,215 | 108,333 |
| Rental charges and operating lease expenses | 44,084 | 46,327 |
| Other liabilities | 800 | 800 |
| Deferred tax liabilities | 16,815 | 15,944 |
| 164,914 | 171,404 | |
| Current liabilities | ||
| Bank liabilities | 20,486 | 20,486 |
| Rental charges and operating lease expenses | 9,475 | 9,576 |
| Trade payables | 93,773 | 100,797 |
| Liabilities towards joint ventures | 3,470 | 3,882 |
| Liabilities towards shareholders | 750 | 750 |
| Current income tax liabilities | 6,784 | 6,842 |
| Other liabilities | 30,075 | 25,344 |
| 164,813 | 167,677 | |
| 693,590 | 696,873 |
Consolidated balance sheet as at 31 March 2025
Abridged consolidated statement of changes in equity for the period ended 31 March 2025
| Q1 2024 €'000 |
Subscribed capital |
Treasury sharese |
Capital reserves |
Retained earnings |
Equity attributable to Hypoport SE shareholders |
Equity attributable to non-con trolling interests |
Equity |
|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2024 |
6,872 | -184 | 116,843 | 215,073 | 338,604 | 2,039 | 340,643 |
| Changes to the basis of consoli dation* |
0 | 0 | 0 | 1,001 | 1,001 | 1,000 | 2,001 |
| Adjusted 1 January 2024 |
6,872 | -184 | 116,843 | 216,074 | 339,605 | 3,039 | 342,644 |
| Dissemination of own shares |
0 | 0 | 1 | 0 | 1 | 0 | 1 |
| Total comprehen sive income* |
0 | 0 | 0 | 3,145 | 3,145 | 16 | 3,161 |
| Balance as at 31 March 2024 |
6,872 | -184 | 116,844 | 219,219 | 342,751 | 3,055 | 345,806 |
| Q1 2025 €'000 |
Subscribed capital |
Treasury sharese |
Capital reserves |
Retained earnings |
Equity attributable to Hypoport SE shareholders |
Equity attributable to non-con trolling 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 comprehen sive 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 |
| Q1 2025 €'000 |
Q1 2024* €'000 |
|
|---|---|---|
| Earnings before interest and tax (EBIT) | 8,622 | 4,596 |
| Non– cash income / expense | -249 | -191 |
| Interest received | 625 | 599 |
| Interest paid | -788 | -634 |
| Income taxes paid | -1,764 | -2,677 |
| Change in deferred taxes | -528 | -51 |
| Income from companies accounted for using the equity method | 56 | 44 |
| Depreciation on non– current assets | 8,828 | 8,729 |
| Income from disponal of intangible assets and property, plant and equipment and financial assets |
– 10 | – 10 |
| Cash flow | 14,792 | 10,405 |
| Increase / decrease in current provisions | 0 | -50 |
| Increase / decrease in inventories, trade receivables and other assets not attributable to investing or financing activities |
13,054 | -5,608 |
| Increase / decrease in trade payables and other liabilities not attri butable to investing or financing activities |
-1,899 | -999 |
| Change in working capital | 11,155 | -6,657 |
| Cash flows from operating activities | 25,947 | 3,748 |
| Payments to acquire property, plant and equipment / intangible assets |
-6,949 | -6,622 |
| Proceeds from disposals of property, plant and equipment/ Intangible assets |
10 | 23 |
| Cash outflows for acquisitions less acquired cash | 0 | -9,922 |
| Purchase of financial assets | 84 | 0 |
| Payments for investments in financial assets | -330 | 0 |
| Cash flows from investing activities | -7,185 | -16,521 |
| Repayment of lease liabilities | -2,536 | -2,522 |
| Redemption of bonds and loans | -5,118 | -5,119 |
| Contributions from non-controlling interests | 0 | -602 |
| Cash flows from financing activities | -7,654 | -8,243 |
| Net change in cash and cash equivalents | 11,108 | -21,016 |
| Cash and cash equivalents at the beginning of the period | 86,252 | 96,658 |
| Cash and cash equivalents at the end of the period | 97,360 | 75,642 |
Consolidated cash flow statement for the period period 1 January 2025 to 31 March 2025
Abridged segment reporting for the period 1 January to 31 March 2025
| €'000 | Real Estate & Mortgage Platforms* |
Financing Platforms |
Insurance Platforms |
Holding | Reconciliation | Group* |
|---|---|---|---|---|---|---|
| Segment revenue in respect of third parties |
122,926 | 19,093 | 16,847 | 338 | 0 | 159,204 |
| Q1 2024 | 98,516 | 17,154 | 17,591 | 290 | 0 | 133,551 |
| Segment revenue in respect of other segments |
109 | 188 | 89 | 7,257 | -7,643 | 0 |
| Q1 2024 | 354 | 107 | 96 | 6,512 | -7,069 | 0 |
| Total segment revenue | 123,035 | 19,281 | 16,936 | 7,595 | -7,643 | 159,204 |
| Q1 2024 | 98,870 | 17,261 | 17,687 | 6,802 | -7,069 | 133,551 |
| Gross profit | 41,117 | 16,427 | 8,125 | 7,595 | -7,257 | 66,007 |
| Q1 2024 | 34,369 | 14,709 | 7,951 | 6,802 | -6,512 | 57,319 |
| Segment earnings before interest, tax, depreciation and amortisation (EBITDA) |
16,318 | 2,064 | 1,788 | -2,720 | 0 | 17,450 |
| Q1 2024 | 11,852 | 2,678 | 1,654 | -2,859 | 0 | 13,325 |
| Segment earnings before interest and tax (EBIT) |
12,711 | 500 | 162 | -4,751 | 0 | 8,622 |
| Q1 2024 | 8,333 | 1,041 | 183 | -4,961 | 0 | 4,596 |
| Segment assets | ||||||
| 31 Mar 2025 | 270.967 | 199.922 | 166.040 | 321.737 | -265.076 | 693.590 |
| 31 Dec 2024 | 264,068 | 197,536 | 162,653 | 334,907 | -262,291 | 696,873 |
Explanations of Financial Information
Accounting and Valuation Methods
The accounting and valuation methods applied are fundamentally consistent with those used in the previous year, with the following note:
Comparability of Previous Year Values
In relation to the condensed consolidated interim financial statements as of March 31, 2024, the Hypoport Group identified the need for the following corrections in accordance with the provisions of IAS 8 while preparing the consolidated financial statements as of December 31, 2024. In accordance with the requirements of IAS 8.42, .43, and .46, a retrospective correction is made:
-
As part of a detailed review of the revenue recognition under IFRS 15 in connection with the requirements of a consolidated valuation (IFRS 10.19), it was determined that for Starpool Finanz GmbH (as part of the Real Estate & Mortgage Platforms segment), commissions from the brokerage of loans and corresponding expenses for commissions from other distribution partners were not disclosed separately ("net presentation") for already paid performance obligations, although the criteria for "gross presentation" were met according to the indicators of IFRS 15.B37. Consequently, trade receivables (against product partners) and trade payables (to distribution partners) had not been previously recorded. Additionally, this subsidiary had not recognized revenues from commissions for loan brokerage for fulfilled performance obligations that had not yet been paid by the customer as of the reporting date. These errors have been corrected. As a result of this correction, revenues (from commissions for loan brokerage) for the period from January 1 to March 31, 2024, increase by €26.1 million, and expenses from commissions and lead costs (commissions for other distribution partners) for the same period increase by €25.8 million. Trade receivables increased by €27.3 million and €32.5 million as of December 31, 2023, and March 31, 2024, respectively, while trade payables increased by €24.5 million and €29.4 million as of December 31, 2023, and March 31, 2024, respectively. The error correction thus results in an increase of €0.3 million in gross profit and earnings before interest and taxes (EBIT) for the period from January 1 to March 31, 2024. Considering the tax effects (€0.1 million), the consolidated net profit increases by €0.2 million. This increase is approximately evenly split between the net profit attributable to non-controlling interests.
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In the subsidiaries Dr. Klein Privatkunden AG and Qualitypool GmbH (each as part of the Real Estate & Mortgage Platforms segment), it was determined that trade receivables and payables for fulfilled performance obligations resulting from revenues from loan brokerage were presented net, although the criteria for net presentation under IAS 1.32 were not met. This error has been corrected. As a result of this correction, trade receivables and trade payables increased by €10.8 million each as of December 31, 2023, and by €15.7 million each as of March 31, 2024. The error correction has no impact on earnings before interest and taxes (EBIT).
The following table summarizes the direct and indirect effects of all error corrections:
| Effects of Error Correction | ||||
|---|---|---|---|---|
| Consolidated Balance Sheet December 31, 2023 |
as reportet €'000 |
Adjustments €'000 |
Adjusted €'000 |
|
| Trade receivables (current) | 64,288 | 38,104 | 102,392 | |
| thereof Starpool Finanz GmbH | 27,342 | |||
| thereof Dr. Klein Privatkunden AG | 5,290 | |||
| thereof Qualitypool GmbH | 5,472 | |||
| Trade payables (current) | 44,690 | 35,246 | 79,936 | |
| thereof Starpool Finanz GmbH | 24,484 | |||
| thereof Dr. Klein Privatkunden AG | 5,290 | |||
| thereof Qualitypool GmbH | 5,472 | |||
| Deferred tax liabilities | 17,203 | 857 | 18,060 | |
| thereof Starpool Finanz GmbH | 857 | |||
| Retained earnings | 215,073 | 1,001 | 216,074 | |
| thereof Starpool Finanz GmbH | 1,001 | |||
| Non-controlling interests | 2,039 | 1,000 | 3,039 | |
| thereof Starpool Finanz GmbH | 1,000 | |||
| Equity | 340,643 | 2,001 | 342,644 | |
| thereof Starpool Finanz GmbH | 2,001 | |||
| March 31, 2024 | ||||
| Trade receivables (current) | 59,302 | 48,214 | 107,516 | |
| thereof Starpool Finanz GmbH | 32,536 | |||
| thereof Dr. Klein Privatkunden AG | 7,243 | |||
| thereof Qualitypool GmbH | 8,435 | |||
| Trade payables (current) | 30,141 | 45,059 | 75,200 | |
| thereof Starpool Finanz GmbH | 29,381 | |||
| thereof Dr. Klein Privatkunden AG | 7,243 | |||
| thereof Qualitypool GmbH | 8,435 | |||
| Deferred tax liabilities | 19,556 | 946 | 20,502 | |
| thereof Starpool Finanz GmbH | 946 | |||
| Retained earnings | 218,114 | 1,105 | 219,219 | |
| thereof Starpool Finanz GmbH | 1,105 | |||
| Non-controlling interests | 1,951 | 1,104 | 3,055 | |
| thereof Starpool Finanz GmbH | 1,104 |
Equity 343,597 2,209 345,806
thereof Starpool Finanz GmbH 2,209
Adjustments of previous year figures
Adjustments of previous year figures
| Effects of Error Correction | |||
|---|---|---|---|
| Consolidated Statement of Comprehensive Income January 1 to March 31, 2024 |
as reportet €'000 |
Adjustments €'000 |
Adjusted €'000 |
| Revenue | 107,469 | 26,082 | 133,551 |
| thereof Starpool Finanz GmbH | 26,082 | ||
| Commissions and lead costs | 50,447 | 25,785 | 76,232 |
| thereof Starpool Finanz GmbH | 25,785 | ||
| Earnings before interest, taxes, depreciation (EBITDA) | 13,028 | 297 | 13,325 |
| thereof Starpool Finanz GmbH | 297 | ||
| Earnings before interest and taxes (EBIT) | 4,299 | 297 | 4,596 |
| thereof Starpool Finanz GmbH | 297 | ||
| Earnings before taxes (EBT) | 4,045 | 297 | 4,342 |
| thereof Starpool Finanz GmbH | 297 | ||
| Income taxes and deferred taxes | 1,092 | 89 | 1,181 |
| thereof Starpool Finanz GmbH | 89 | ||
| Consolidated net income and total income | 2,953 | 208 | 3,161 |
| of which attributable to non-controlling interests | -88 | 104 | 16 |
| thereof Starpool Finanz GmbH | 104 | ||
| of which attributable to the shareholders of Hypoport SE | 3,041 | 104 | 3,145 |
| thereof Starpool Finanz GmbH | 104 | ||
| Earnings per share in EUR (basic/diluted) | 0.45 | 0.02 | 0.47 |
| thereof Starpool Finanz GmbH | 0.02 | ||
| Consolidated Cash Flow Statement January 1 to March 31, 2024 |
|||
| Cashflow before working capital | 10,108 | 297 | 10,405 |
| thereof Starpool Finanz GmbH | 297 | ||
| Change in working capital | -6,360 | -297 | -6,657 |
| thereof Starpool Finanz GmbH | -297 |
Consolidation Scope
As of March 31, 2025, the consolidation scope includes, in addition to Hypoport SE, all companies that are controlled by Hypoport SE. Below is a list of the companies included in the consolidated interim financial statements, alongside Hypoport SE:
| Subsidiary | 31.03.2025 Holding in % |
31.12.2024 Holding in % |
|---|---|---|
| 1blick GmbH, Lübeck | 100.00 | 100.00 |
| AmexPool AG, Buggingen | 100.00 | 100.00 |
| Ampr Software GmbH, Berlin | 100.00 | 100.00 |
| Baloise Service GmbH, Bayreuth | 70.00 | 70.00 |
| Bayreuth Am Pfaffenfleck 15 Objektgesellschaft mbH, Bayreuth | 100.00 | 100.00 |
| Bestkredit-Service GmbH, Lübeck | 100.00 | 100.00 |
| Corify GmbH, Berlin | 100.00 | 100.00 |
| Dr. Klein Finance S.L.U., Santa Ponca (Spain) | 100.00 | 100.00 |
| Dr. Klein Wowi Finanz AG, Lübeck | 100.00 | 100.00 |
| Dr. Klein Privatkunden AG, Lübeck | 100.00 | 100.00 |
| Dr. Klein Ratenkredit GmbH, Lübeck | 100.00 | 100.00 |
| Dr. Klein Wowi Digital AG, Berlin | 100.00 | 100.00 |
| epension GmbH, Berlin | 100.00 | 100.00 |
| E&P Pensionsmanagement GmbH, Hamburg | 100.00 | 100.00 |
| Europace AG, Berlin | 100.00 | 100.00 |
| Europace Ratenkredit GmbH, Berlin | 100.00 | 100.00 |
| FIO SYSTEMS AG, Leipzig | 100.00 | 100.00 |
| FIO SYSTEMS Bulgaria EOOD, Sofia (Bulgaria) | 100.00 | 100.00 |
| FUNDINGPORT GmbH, Hamburg | 60.00 | 70.00 |
| Fundingport Sofia EOOD, Sofia (Bulgaria) | 60.00 | 70.00 |
| Future Finance SE, Lübeck | 100.00 | 100.00 |
| GENOPACE GmbH, Berlin | 45.025 | 45.025 |
| Growth Real Estate EOOD, Sofia (Bulgaria) | 100.00 | 100.00 |
| Hypoport B.V., Amsterdam (Netherlands) | 100.00 | 100.00 |
| Hypoport Financing Bündelungs-GmbH, Lübeck | 100.00 | 100.00 |
| Hypoport Grundstücksmanagement GmbH, Berlin | 100.00 | 100.00 |
| Hypoport Holding GmbH, Berlin | 100.00 | 100.00 |
| Hypoport hub SE, Berlin | 100.00 | 100.00 |
| Hypoport InsurTech AG, Berlin | 100.00 | 100.00 |
| Hypoport I&P GmbH, Berlin | 100.00 | 100.00 |
| Hypoport Mortgage Market GmbH, Berlin | 100.00 | 100.00 |
| Hypoport Real Estate & Mortgage AG, Berlin | 100.00 | 100.00 |
| Hypoport Sofia EOOD, Sofia (Bulgaria) | 100.00 | 100.00 |
| 31.03.2025 Holding in % |
31.12.2024 Holding in % |
|
|---|---|---|
| Maklaro GmbH, Hamburg | 100.00 | 100.00 |
| Maklaro NewCo GmbH, Hamburg | 100.00 | 100.00 |
| OASIS Software GmbH, Berlin | 100.00 | 100.00 |
| Primstal - Alte Eiweiler Straße 38 Objektgesellschaft mbH, Nonnweiler | 100.00 | 100.00 |
| Qualitypool GmbH, Lübeck | 100.00 | 100.00 |
| REM CAPITAL AG, Stuttgart | 100.00 | 100.00 |
| sia digital GmbH, Berlin | 100.00 | 100.00 |
| Smart InsurTech AG, Berlin | 100.00 | 100.00 |
| source.kitchen GmbH, Leipzig | 100.00 | 100.00 |
| Starpool Finanz GmbH, Berlin | 50.025 | 50.025 |
| trinance GmbH, Lübeck | 100.00 | 100.00 |
| Value AG the valuation group, Berlin | 100.00 | 100.00 |
| Vergleich.de Gesellschaft für Verbraucherinformation mbH, Berlin | 100.00 | 100.00 |
| VS Direkt Versicherungsmakler GmbH, Bayreuth | 100.00 | 100.00 |
| Volz Vertriebsservice GmbH, Ulm | 100.00 | 100.00 |
| Winzer - Kneippstraße 7 Objektgesellschaft mbH, Berlin | 100.00 | 100.00 |
| Joint ventures | ||
| Dutch Residential Mortgage Index B.V., Amsterdam (Netherlands) | 50.00 | 50.00 |
| FINMAS GmbH, Berlin | 50.00 | 50.00 |
| LBL Data Services B.V., Amsterdam (Netherlands) | 50.00 | 50.00 |
| Associated company | ||
| BAUFINEX GmbH, Schwäbisch Hall | 30.00 | 30.00 |
| BAUFINEX Service GmbH, Berlin | 50.00 | 50.00 |
| ESG Screen17 GmbH, Frankfurt am Main | 25.10 | 25.10 |
| finconomy AG, Munich | 25.10 | 25.10 |
| GENOFLEX GmbH, Nuremberg | 30.00 | 30.00 |
Except for the aforementioned joint ventures and associated companies (accounted for using the equity method due to lack of control), all significant consolidated subsidiaries are fully included in the consolidated financial statements.
Subscribed Capital
The share capital of the company remains unchanged at €6,872,164.00 as of March 31, 2025 (December 31, 2024: €6,872,164.00) and is divided into 6,872,164 (December 31, 2024: 6,872,164) fully paid-up no-par value shares (ordinary shares).
Significant Events After the Reporting Period
No significant events have occurred after the balance sheet date that are of particular relevance to the assets, financial position, and earnings of the Hypoport Group.
Berlin, May 12, 2025 Hypoport SE - The Management Board
2025 Financial calendar:
Date
| Monday, 10 March 2025 | Preliminary financial results for 2024 |
|---|---|
| Monday, 24 March 2025 | 2024 annual report |
| Monday, 12 May 2025 | Interim management statement for the first quarter of 2025 |
| Tuesday, 03 June 2025 | Annual general meeting |
| Monday, 11 August 2025 | Report for the first half of 2025 |
| Monday, 10 November 2025 | Interim management statement for the third quarter of 2024 |
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 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] ∙ www.hypoport.com