Dunahouse

Investor Presentation • Dec 1, 2025

INVESTOR PRESENTATION

December 2025

OUR ROBUST FUNDAMENTALS TOGETHER WITH STRONG FINANCIAL PERFORMANCE CREATE COMPELLING EQUITY CHARACTERISTICS FOR OUR INVESTORS

over 25 years, well-diversified operations and a committed management team

Regional leader with unique business model and know-how – combining loan brokerage & real estate services in a one-stop-shop

Expanding both organically and through M&A, while utilizing synergies and sharing best practices

Continuous innovation based on spot-on market knowledge

Fast growing business with strong cash generation and committed dividend payout

5-year strategy to reach EUR 33m EBITDA by 2029 Forecasted to scale up to EUR 21m EBITDA already in 2025 beating original guidance of the year

Established international player with expertise of Consumer finance solutions with strong real estate cooperations

Ambitious growth plans

WE ARE A HIGHLY PROFITABLE REGIONAL LEADER IN CONSUMER FINANCE & REAL ESTATE SOLUTIONS ON A FAST-GROWTH PATH TO FURTHER IMPROVE OUR POSITION

Market cap Listed on Budapest Stock Exchange 124m€

Revenue 110m€

EBITDA 20m+€

Successful real estate transactions per year 14k

Brokered loan volume per year 3.5bn€

Financial institution partners 110

Agents 5,000

8x EBITDA GROWTH SINCE IPO

Sales revenue & EBITDA of DH Group

Note: Italian subsidiaries are consolidated since 1 April 2022, their Q1 2022 revenues and EBITDA are excluded from the financials presented in the graphs.

89% FINANCIAL BROKERAGE

Revenue by activity

SUCCESSFUL GEOGRAPHICAL DIVERSIFICATION

Diversified geographic presence: 86% of revenues and 69% of EBITDA generated outside of Hungary

Contribution & growth of our markets

Hungary

• 14% of DH Group service revenue
• 31% of DH Group EBITDA

Poland

• 28% of DH Group service revenue
• 7% of DH Group EBITDA

Italy

• 57% of service revenue
• 61% of DH Group EBITDA

Sales revenue & EBITDA of Services

PRESENCE AND KNOW-HOW OF MORE THAN TWO DECADES

SHARE PRICE AND RETURNS TO INVESTORS

DH Group has generated 350-400% total return, 18-19% avg annual return since its IPO for institutional and retail investors

Current share price: HUF 1 385 (27 Nov 2025)

Price range since IPO: HUF 256 - 1660

Market maker: MBH

Analyst's target price (as of 27 November 2025)

Under review

(Prev. 1,137)

1,500

Return generated since IPO (November 2016)

	Institutions	Retail investors (10% discount)
IPO price	396,0	356,4
Price increase (@1385 HUF/share)	249,7%	288,6%
2016 dividend	3,3%	3,6%
2017 dividend	4,5%	5,0%
2018 dividend	6,3%	7,0%
2019-2020 dividend	9,9%	11,0%
2021 dividend	8,2%	9,1%
2022 dividend	27,3%	30,3%
2023 dividend	31,5%	35,0%
2024 dividend	5,5%	6,2%
2025 advance dividend	5,5%	6,2%
Total return from dividend	102,1%	113,4%
Total return	351,8%	402,0%

DIVIDEND POLICY

We offer a combination of growth & continuous dividend

HUF 404 DPS = dividend of HUF 13.9bn paid since IPO

Dividend policy: -> 47% of net profit paid to common shares

-> 6% paid to management shares

Unique on BSE: 2x per Year dividend payment from 2025

ıl| DH GROUP

WE OVERPERFORMED ON OUR 2020-2024 BUSINESS PLAN PUBLISHED ON 4 AUGUST 2020

Commentary:

• 2020-2024 business plan was prepared in a relatively stable environment, after 1st wave of Covid-19, without extreme shocks on the horizon:
• No war in Ukraine
• No rising energy prices
• No inflation or high interest rates
• We managed an overall adherence to the plan with minimal deviance in 1 year on EBITDA level and 1 year on PAT level, while overachieving all financial targets over the 5-year horizon.
• This gives us confidence that by executing its strategy, DH Group will be able to accomplish also its next 5-year plan.

Note: Clean core results exclude development projects and property revaluations. To convert guidance published in HUF to EUR, average yearly FX rates from MNB were used.

SUPPORTED BY OUR 5-YEAR STRATEGY, WE PLAN TO TRIPLE OUR CORE EBITDA BY 2029, FUELLED BY M&A AS WELL AS ORGANIC GROWTH

Revenue	2024	2025	2026	2027	2028	2029
Revenue	100.3	134.5	147.5	166.8	183.9	197.5
EBITDA1	13.4	19.4	21.4	25.8	30.0	32.9
Profit after tax (PAT)1	5.6	11.4	13.3	17.1	20.2	23.0

General guidelines:

• To achieve the forecasted growth, we aim to enter 2-4 new markets (countries) and expand in existing markets through 3-5 acquisitions during 2024-2029.
• We plan to spend EUR 30 - 40 million on these acquisitions. This will be partially financed by bank loans (max. 30%), while the Net debt / EBITDA ratio should gradually decline from the 1.9x level expected in 2025. The rest of the acquisition financing (70%) will come from the Group's accumulated profit.
• Additionally, we plan to spend EUR 3-4m CAPEX on development of our new acquisitions.
• This plan does not take into account a potential SPO and the substantial acquisitions that could follow from its proceeds. However, the projected results may lead to a valuation that facilitates such an SPO. If this materializes, it could significantly enhance the Group's expected results beyond the levels outlined herein.
• In order to reach the presented targets, it is not necessary to change our current dividend policy of paying 47% to Class A shares.

RECOVERING REAL ESTATE AND LOAN MARKETS AS WELL AS AI & ENERGY EFFICENCY TRENDS REPRESENT AN ENVIRONMENT GREATLY SUPPORTING OUR LONG-TERM PLAN

Real estate & loan market recovery AI & Digitalization Energy efficiency & sustainability

• Both real estate and financial intermediation markets are on the path of steady recovery from a fall due to recent inflationary pressures and interest rate hikes.
• The ECB expects the real GDP to increase in Europe over the medium term (with 1.8% annual growth in 2026), supported by a pick-up in consumption, strengthening foreign demand and monetary policy easing (the EUR interest rate is anticipated to drop around 2% by the end of 2025) 1 .
• Continuously strong demand for residential properties across Europe is expected to grow, driving prices higher due to limited supply. As prices rise, real estate investment may become more attractive to developers, helping to gradually ease the supply shortage.

AI will significantly help us increase the added value to our agents and customers:

• AI-based predictive analytics for market trends
• Automated valuation & property insights
• Digitalization in lending processes such as automating document collection & verification
• Partial digitalization in real estate transactions - online marketplaces, video reviews, virtual showings (but in-person decision), digital contracts
• Digitalization of internal processes improved CRM capabilities & broker platforms, better internal data & market analytics

• Energy efficiency solutions are increasingly popular in residential housing, attracting buyers seeking lower utility bills and environmental benefits.
• This trend is heavily supported by the RePowerEU initiative (with close to EUR 300bn funding), which expects, among other things, an additional 60 million heat pumps installed by 2030² .
• Financially, energy-efficient homes may qualify for green mortgages with better terms than standard loans. Additionally, some regions offer tax incentives or rebates for energy-efficient upgrades, which financial brokers can help clients navigate to maximize available benefits.

OUR MISSION: BECOMING EUROPEAN LEADER IN REAL ESTATE & LOAN BROKERAGE WITH HIGHLY PROFITABLE, EFFICIENT AND INNOVATIVE OPERATIONS

Key pillars of our 5-year strategy:

• 1. Focus on core business activities that generate strong cash-flow will fuel our international expansion and ensure continuous dividends to our investors.
• 2. International and add-on M&A will contribute to future growth while further diversifying our operations providing access to additional know-how and technological advancements.
• 3. Utilizing synergies will help us grow our existing companies while becoming more efficient and therefore more profitable.
• 4. Network expansion and continuous innovation in our existing operations as well as introduction of new businesses will create a solid base for further growth.

1. BUILDING CASH-GENERATING BUSINESSES IN CONSUMER FINANCE & REAL ESTATE SERVICES

We focus on core business activities that generate cash and on reinforcing the underlying factors. The key objective is to further strengthen the cooperation between our financial and real estate intermediation activities, in a flexible combination tailored for the local market needs.

The main factors that enable us to build cash-generating businesses are two-fold:

Market-specific factors: Company-specific factors:

Stable real estate & loan commission rates

Commission-based salesforce, low fixed

costs

Strong cooperation of financial & real estate brokerage

Cross-selling potential within each segment

High barriers to entry

Economies of scale

Unique market know-how & expertise

Diversified operations (both geographically & service-wise)

Steady & increasing demand Asset-light model

Tight margin & cost controls

Robust IT background Based on these fundamentals, we plan to strengthen the cooperation between real estate & financial solutions within our flexible operational models tailored to local markets.

Reflecting the competitive landscape and other market specifics, we always set up (i) the optimal cooperation network for each market, to maximize the potential of combining financial and real estate services (personal connections between agents, system integration, etc.) and (ii) the optimal service portfolio designed to specific local needs.

2. International and add-on M&A

We acquire companies in Europe with growth and market potential to further diversify our operations and gain access to additional know-how and technological advancements. Having recently closed an acquisition in Spain, we plan to do 2-4 acquisitions in the next 4 years with the use of internal funds as well as external acquisition financing.

Our selective M&A approach focuses on real estate brokers and financial brokers that are profitable businesses with good market position.

M&A helps us improve financial stability and resilience of DH Group by gaining access to technological advancements and diversifying among different markets in case of international acquisitions.

Our entry multiples typically range between 3-8x postacquisition EBITDA, as we already reflect all the future synergies and further developments of the company.

Our future acquisition financing will be a combination of internal and external funds.

3. UTILIZING SYNERGIES

We drive our international growth strategy with the goal of achieving synergies across countries: sharing best practices, improving relationships with banking and insurance groups, engaging in new partnerships and leveraging on in-house IT expertise for economies of scale.

Realizing cross-border synergies & sharing best practices

• Sharing best practices in sales motivation & product offerings
• Enhancing relationships with banks & insurers for multi-market cooperation
• Engaging in new partnerships based on experience from other markets and DH Group's prestige as listed company
• Expanding cross-border real estate transactions

Building on in-house IT expertise across countries & utilizing economies of scale

• Introducing own-developed international IT platforms for both financial & real estate brokers
• Streamlining internal digitalization by ensuring seamless integration of systems and process optimization

4. NETWORK GROWTH & CONTINUOUS INNOVATION

In each market we grow through (i) innovation (both in existing operations and through new business models) and (ii) increasing network size, building on our strength of developing and managing large-scale networks.

Network growth

The Luna Park initiative

• Our goal is to be the best home for real estate and financial agents in the country through:
• Ease of doing business: top-notch support based on tech-driven agent experience & ongoing training, as well as quick startup time for new agents and partners (strong brand, standard procedures, HQ support, training)
• Network effect: More agents → More transactions → Greater lead generation, including greater cross-selling opportunities of financial products and real estate services
• By investing into our agent network, we ensure that we provide excellent service to the end clients as well.

Continuous innovation

Innovation in existing operations

• Constant improvement in network management, IT systems and processes (AI-driven improvements & digitalization) to increase efficiency & competitive advantage

New business models with international spin-off potential

• Primse in Poland is a platform connecting real estate developers with real estate agents, supporting the professionalization of their cooperation processes

Innovation by new real estate markets

• Establishing access to up and coming real estate markets such as Spain or Dubai to offer geographical diversification to real estate investors

LONG-TERM EQUITY STRATEGY

Our long-term objective is to increase free-float market cap

We intend to increase our market cap in the mid-term to EUR 170-200 million – Our long-term goal is to reach 50% free float

MISSION AND ACTIVITIES

Becoming a leading European real estate and loan brokerage

• Continuous innovation based on spot-on market knowledge
• Capitalize on many facets of real estate transactions with a fully integrated business model

DEVOTED MANAGEMENT TEAM

With more than 20 years experience in the financial services & real estate industries

Guy Dymschiz Founder, CEO, President of BoD

• Co-founder of Duna House
• Legal background, corporate law, M&A

Doron Dymschiz Founder, Member of BoD

• Co-founder of Duna House
• MBA in economics

Dániel Schilling CFO, IR, Member of BoD

• with DH Group since 2017
• 10 yrs in corporate finance

Jenő Nagy, Ph.D., CFA Member of BoD

• Independent Board Member since 2018
• Background in asset management

Ferenc Máté, FCCA Country manager Hungary, Member of BoD

• with DH Group since 2008
• Ex-PWC, CFP and COO background

Marta Żółkowska Country manager Poland

• with DH Group since 2016
• Extensive background in trade, marketing, and sales management

Terry Morabito Country manager Italy

• with DH Group since 2022
• 30 yrs in the credit and financial services industry

Gergő Bíró CTO

• with DH Group since 2008
• 20 yrs in IT development

PROFIT AND LOSS

The Group generated record profit in 2025 Q3 YTD as markets recovered from high inflation and lending rates of 2023-2024

Million HUF	2021 FY	2022 FY	2023 FY	2024 FY	2024 Q3 YTD	2025 Q3 YTD	YoY
Total revenue	14 760	30 669	33 222	39 959	28 625	35 043	22,4%
Operating costs	-12 742	-26 219	-30 062	-34 682	-24 999	-29 996	20,0%
EBITDA	2 018	4 450	3 160	5 277	3 626	5 047	39,2%
EBITDA-margin	14%	15%	10%	13%	13%	14%	+173bp
DA	-323	-1 014	-1 195	-1 343	-965	-1 045	8,3%
Operating profit (EBIT)	1 695	3 436	1 965	3 934	2 662	4 001	50,3%
EBIT-margin	11%	11%	6%	10%	9%	11%	+212bp
Profit on financial activities	-66	64	1 424	-578	-249	-36	-85,4%
Revaluation of investments	157	214	-6	3	2	0	-79,8%
Profit before tax	1 786	3 715	3 383	3 359	2 415	3 966	64,2%		efficiency.
Tax	-312	-776	-678	-1 200	-713	-903	26,7%
Profit after tax	1 474	2 939	2 705	2 159	1 702	3 063	79,9%
Net profit margin	10%	10%	8%	5%	6%	9%	+279bp		operating profit.
Return on Equity	21%	56%	49%	73%	71%	96%	-

• Continuous growth: Revenues up 22% in 2025 Q3 YTD driven by mortgage brokerage in Italy

• Strong revenue momentum is expected to continue into 2026.

• EBITDA up 39% YoY in 2025 Q3 YTD, driven by strong revenue growth.

• EBITDA-margin improves to 14%, showing strengthened operational
• PAT up 80% YoY, mainly from higher operating profit.
• Besides EBIT, improved financial profit contributed to PAT growth

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ADJUSTED EBITDA AND NET PROFIT

Clean core EBITDA of the Group reached HUF 4.9 billion in Q1–Q3 2025, representing a 55% increase compared to the same period in 2024. The improvement was driven primarily by a strong 61% rise in core results, supported by both higher operational performance and reduced negative contribution from MyCity projects.

	Clear core EBITDA				Clear core PAT
2024 Q1-Q3	2025 Q1-Q3	Variance %	data in million of HUF	2024 Q1-Q3	2025 Q1-Q3	Variance %
3 626,4	5 046,7	+39%	Results	1 702,5	2 923,6	+72%
588,3	157,7	-73%	(-) MyCity results	487,9	169,1	-65%
3 038,1	4 889,0	+61%	Core results	1 214,6	2 754,5	+127%
0,0	143,8	+0%	(-) Gain on sale of property, plant and equipment	0,0	143,8 -
-90,0	0,0	-100%	(-) Result of Relabora and Realizza	-97,3	0,0	-100%
0,0	0,0	+0%	(-) Result of discontinued operations	0,0	-139,2	+0%
0,0	-189,4	+0%	(-) Loss from cyberfraud	0,0	-189,4	+0%
0,0	0,0	+0%	(-) Result of foreign currency exchange	25,0	5,4	-79%
0,0	0,0	+0%	(-) Hgroup EarnOut liability revaluation	-42,2	278,5	-760%
0,0	0,0	+0%	(-) Depreciation of Polish tax asset	-119,8	0,0	-100%
0,0	0,0	+0%	(-) Amortization of Hgroup intangibles	-320,7	-329,1	+3%
-8,2	-54,3	+561%	(-) Acquisition costs	-8,2	-54,3	+561%
-50,0	50,0	+0%	(-) GDPR penalty	-50,0	50,0	-200%
148,2	49,9	-66%	Total core adjustments	613,2	234,4	-62%
0,0	0,0	+0%	Tax effect of adjustments	-146,6	-102,6	-30%
3 186,3	4 938,9	+55%	Clean core result	1 681,2	2 886,3	+72%

ASSET-LIGHT BUSINESS MODEL

Phasing out non-core development and investment activities

Million HUF
Goodwill and intangibles	2021 FY	2022 FY	2023 FY	2024 FY	2025 Q3
Investments	2 110	12 329	11 513	11 663	10 635
Financial instruments	2 064	1 084	118	122	120
Other long term assets	62 1 008	111 4 426	113 4 201	128 4 438	105 4 498
Total long term assets	5 244	17 949	15 945	16 351	15 358
Inventory and assets for sale	7 420	6 461	2 806	3 393	2 539
Receivables from customers	2 102	3 230	3 312	4 062	3 801
Receivables from affiliated companies	167	25	329	473	80
Cash and cash equivalents	5 227	10 646	8 293	5 656	7 914
Other short term assets	1 184	2 768	2 812	2 599	3 968
Restricted cash	1 271	93	1	1	0
Total short term assets	17 369	23 224	17 552	16 184	18 302
Total assets	22 613	41 173	33 497	32 535	33 660
Total equity	6 921	5 251	5 468	2 975	4 257
Long term loans	0	1 404	905	653	563
Other long term liabilities	591	12 293	7 584	8 316	7 146
Bond liability	6 910	13 060	13 034	13 008	11 550
Provisions for expected liabilities	0	80	92	107	102
Total long term liabilities	7 502	26 837	21 614	22 084	19 361
Short term loans	4 373	357	90	0	0
Suppliers	1 321	3 107	3 579	4 368	4 191
Payables to affiliated companies	18	144	59	44	66
Other short term liabilities	2 478	5 477	2 688	3 063	5 786
Total short term liabilities	8 190	9 085	6 416	7 475	10 043
Equity and liabilities	22 613	41 173	33 497	32 535	33 660

Property for sale

• ̵ Inventory value of HUF 2.5bn,
• ̵ Expected resale value of HUF 3.4bn.

M&A payables

• EUR 11m (HUF 4.2bn) expected call option payment liability related to 100% purchase of Hgroup S.p.A., Italy.

Bond issues:

• HUF 6.9bn 10yr bond at 2.3% fixed HUF interest issued in September 2020,
• HUF 5.9bn 10yr bond at 4.7% fixed HUF interest issued in January 2022.

PROVEN ACQUISITION & IMPLEMENTATION CAPABILITIES

28.7X growth in the revenue generated outside of Hungary since the IPO

Success stories in Poland…

Acquisition of the nr1. Polish real estate broker

Added value from DH Group: effectively turning a struggling company into a leading player through:

• Successful adaption of DH Group's knowhow and IT system
• Complete transformation of the franchise model and
• Revitalization of the agent network via training and development initiatives

Add-on acquisition of two loan brokerage companies :

• To strengthen DH Group's presence in the Polish loan intermediation segment and
• enhance cross-selling opportunities.

… and in Italy

Acquisition of the 2nd largest loan broker network in Italy

Added value from DH Group: supporting to evolve to be a pioneer in a changing market segment:

• Successful expansion of partnership with banks backed by DH Group's international and stock market presence
• Sound financial backing to support the formation of strategic agreement with Professionecasa

Strategic cooperation with one of the largest real estate agencies in Italy:

• Instead of building up real estate brokerage from scratch
• To increase the mediated loan volume and profitability in Italy

With acquisitions in Poland in Italy and subsequent organic growth, Duna House Group has become a true international player. On top of financial returns, DH Group has been able to accumulate significant organizational and technological knowledge about organic & inorganic growth and market exploration through M&A.

COMPANY OVERVIEW

donpiso

• ✓ Established Market Presence Donpiso , founded in 1984 and headquartered in Barcelona, is recognized for its proven franchise model and strong brand recognition across Spain with its history of over 40 years .
• ✓ Extensive Network and Growth Potential With over 90 offices, donpiso offers comprehensive nationwide coverage and significant opportunities for further expansion .
• ✓ Future Cash Flow Potential Expected EBITDA from real estate activities is projected to exceed €1M in 2026. However, due to initial losses from the launch of Credipass loan services, group level profitability is anticipated from 2027 onward .

STRATEGIC RATIONAL OF THE DONPISO ACQUISITION

• ✓ Regional Strength: The company maintains a robust presence in key regions, including Catalonia, Madrid, Valencia, Andalucía, the Balearic Islands, and the Canary Islands.
• ✓ Innovation in Sales Channels: Donpiso is an industry innovator, leveraging both franchise and direct agent models to diversify its sales approach.
• ✓ Proven Investment Track Record: The company has demonstrated success in real estate investments, renovations, and new developments.
• ✓ Organizational Strength: Donpiso's network structure and organizational expertise support an asset-light business model, fostering high agent motivation and commitment.
• ✓ Experienced Leadership: Key senior managers bring substantial experience and long-term loyalty to the group.

Standalone strategic value of donpiso Additional strategic value for DH Group

• ✓ Credipass Spain: Donpiso serves as an excellent base for DH Group to initiate Credipass activities in Spain, building on providing financial solutions to donpiso network's real estate clients as a first step, before expanding in additional directions.
• ✓ Cross-Country Investments: The Spanish new-built market has been in the target of real estate investors from the CEE region for multiple years now. With the acquisition, DH Group will be able to offer investment opportunities from the new-built and secondary markets.
• ✓ Expansion Fuel: DH Group will be able to contribute to rebuilding the network size of donpiso, that once had over 400 offices prior to the 2008 crisis.
• ✓ Stable Background: Both the donpiso real estate and Credipass loan brokerage activities will benefit from DH Group's international know-how sharing, IT solutions, financial strength and stock market presence.
• ✓ Long-Term Engagement: The transfer of ownership and enterprise value will be phased over six years, ensuring ongoing engagement from current shareholders and management.

MORTGAGE VOLUMES IN OUR MARKETS – AN UPWARD MOMENTUM

• Hungarian mortgage market almost doubled from 2017 to 2021, and is supported by state subsidies for families
• Inflation and interest rate hikes hit the market in 2022 H2 with recovery starting Q4 2023

• DH Group has increased its market share from 0.8% to 5%, becoming the largest independent mortgage broker of Poland

• Italy's loan market started downward slide in 2022, with recovery starting 2024 Q2
• Hgroup's mortgage market share has increased slightly during 2020-2023 with more significant move in 2024

MARKET UPDATE

Source: MNB Source: BIK, https://media.bik.pl/analizy-rynkowe

• The Polish mortgage market continued to strengthen in the third quarter, supported by record-high monthly disbursements in September (PLN 10.67 billion) and a sharp increase in mortgage application values (+42.2% y/y), according to BIK data.
• Lower interest rates and improved borrower creditworthiness remained key drivers of demand, indicating a clear continuation of the momentum observed in Q2.

Hungary

Monthly evolution of home loan disbursement HUF bn (left axis, bar) and y-o- change (right axis, line)

• Mortgage disbursements maintained a stable growth trajectory from the second half of 2024 through mid-2025, fully recovering after the 2023 downturn.
• The Home Start Program announced in July 2025 had a significant impact on the market. Launched in September, but only available at most banks from the end of the month, the 3% loan scheme brought lending to a halt in August and September, while loan applications were three times higher than previous levels.

Source: Assofin

• Demand for long-term mortgage products remained robust in Italy, where interest rate adjustments typically transmit more gradually but have lasting effects.
• In Q3 2025, new mortgage volumes increased by 29% y/y, while refinancing surged by 51.3%, resulting in total market growth of 30.4% year-on-year.
• With intermediary channels accounting for only around 25% of the market, the segment still offers substantial additional growth potential for the Group.

OVERVIEW OF OUR SERVICES AND SEGMENTS

DUNA HOUSE GROUP IS A ONE STOP SHOP FOR CONSUMER REAL ESTATE SOLUTIONS AND OPERATES 3 KEY BUSINESS SEGMENTS

Financial intermediation Real estate services Other Revenue 2025 (last 12 months) 45 125 m HUF 3 Year CAGR EBITDA (last 12 months) 6 698 m HUF BUSINESS SEGMENTS AS SHOWN IN QUARTERLY REPORTING EBITDA margin 39 887 4 380 858 36.5% 0.3% 17.2% 5 428 1 210 60 12% 13% 2024 Q3 YTD 2025 Q3 YTD 41% 44% 2024 Q3 YTD 2025 Q3 YTD 6% 28% 2024 Q3 YTD 2025 Q3 YTD

Management expects the financial segment to gain even more weight in value creation due to market dynamics and our latest acquisition. In the long-run, it is our strategic objective to upscale real estate brokerage in our Polish market to match financial mediation results

FINANCIAL INTERMEDIATION

SEGMENT IN A NUTSHELL

• DH Group is engaged in financial product intermediation in its core CEE markets and also in Italy via Hgroup/Credipass
• Our flagship product is mortgage brokerage, nevertheless personal loans and insurance also offer attractive opportunities with smaller markets but higher commissions
• Demand for real estate and financial products walk hand-in-hand and our group has developed the capabilities to serve clients as a one-stop shop
• Favourable market conditions paired with our aggressive growth strategy made this segment our primary source of investor value creation

MAIN BANKING PARTNERS

ıl| DH GROUP

FINANCIAL INTERMEDIATION PERFORMANCE

P&L of financial intermediation segment: 2021 – 2025
data in m HUF	2021	2022	2023	2024	2024 Q3 YTD	2025 Q3 YTD
Net sales revenue*	9 670	22 807	24 263	33 589	23 805	30 103
Direct expenses	7 578	16 187	17 738	24 863	17 800	22 549
Gross profit	2 092	6 620	6 525	8 726	6 005	7 554
Gross profit margin (%)	22%	29%	27%	26%	25%	25%
Indirect expenses	728	3623	4438	4413	3165	3599
EBITDA	1 364	2 997	2 087	4 313	2 840	3 955
EBITDA margin (%)	14%	13%	9%	13%	12%	13%
Revenue growth (%)	61%	136%	6%	38%		26%
EBITDA growth (%)	45%	120%	-30%	107%		39%

• Intermediated loan volumes have been growing high double digits driven by both organic and inorganic growth.
• Inflationary environments hit the segment hard in 2022-2023, EBITDA margin stayed at 9% even in the most critical 2023 year.
• HUF 33.6 bn revenues were generated in 2024 which equals a 38% annual growth
• EBITDA margin returned to 13% in 2025 with 26% organic revenue growth

We expect the segment to continue to growth, driven by Italian & CEE revenues and upcoming efficiency improvements

^* Net sales revenue might include intracompany items. On average 1-3% of total DH Group revenue has been intracompany during this period.

DH Group'S APPROACH TO REAL ESTATE BROKERAGE

CLIENT SATISFACTION IS AT THE HEART OF OUR SERVICES

We offer our services in two business models to increase scale & stay close to customers

• Franchise model with strong knowledge and infrastructure support: outstanding services for a competitive fee
• Own office operations offer primary customer touchpoints and means to experiment with new solutions

REAL ESTATE SERVICES

SEGMENT IN A NUTSHELL

• We sell real estate franchise licences and operate own offices
• We support more than 2,500 real estate advisors with infrastructure, knowledge and market know-how to build more profitable businesses
• We operate 300 franchise offices in CEE
• We focus on residential transactions and offer nationwide coverage
• We own well-known local brands: Duna House in Hungary, Metrohouse in Poland and from end of 2025 Donpiso in Spain.

REAL ESTATE SERVICES PERFORMANCE

data in m HUF	2021	2022	2023	2024	2024 Q3 YTD	2025 Q3 YTD
Net sales revenue*	4 157	4 426	4 138	4 213	3 091	3 258
Direct expenses	1 459	1 592	1 532	1 082	820	721
Gross profit	2 698	2 834	2 606	3 131	2 271	2 536
GP margin (%)	65%	64%	63%	74%	73%	78%
Indirect expenses	1 638	2 295	2 352	2 643	2 082	1 627
EBITDA	1 060	539	255	489	188	909
EBITDA margin (%)	25%	12%	6%	12%	6%	28%
Revenue growth (%)	183%	6%	-7%	2%		5%
EBITDA growth (%)	114%	-49%	-53%	92%		383%

• DH Group's franchise network realized 16.3 bn HUF in brokered real estate commissions which equals 11% CAGR since 2019 with Hungary increasing 1.2X and Poland 1.4X.
• Major revenues: franchise revenues (entry fees, recurring franchise fees), real estate brokerage commissions, training fees.
• After the close of low margin Italian real estate operations and Hungarian Impact fund management in 2024-2025, EBITDA is on the rise in 2025 with EBITDA margins rising to 28%.

Management expects further m&a activity and organic growth driven by declining mortgage rates

^* Net sales revenue might include intracompany items. On average 1-3% of total DH Group revenue has been intracompany during this period.

OTHER SEGMENT INTRO

SEGMENT IN A NUTSHELL

• The 'Other' segment includes holding operation real estate investments
• DH Group was involved in a handful of residential real estate developments and flat investments that are being divested to allow focus on core competence in real estate and financial services

OTHER SEGMENT PERFORMANCE

Key property investments – under divestment
Forest Hill own project (Budapest, 3. district, 4 apartments)	0.6bn HUF
ParkWest + Golden Visa apartments (Budapest, 13. district, 13 apartments)	1.4bn HUF
Flat portfolio (Budapest, 6. district, 1 apartments)	0.2bn HUF
Office portfolio (Budapest, 1. district, 3 office)	1.2bn HUF
TOTAL	3.4bn HUF (contracted and being marketed)

P&L of investment project segment: 2021 – 2023
data in m HUF	2021	2022	2023	2024	2024 Q3 YTD	2025 Q3 YTD
Net sales revenue*	1 008	3 403	4 831	1 905	1 459	412
Direct expenses	187	1 965	3 891	1 111	905	85
Gross profit	821	1 438	940	794	554	327
Gross profit margin (%)	81%	42%	19%	42%	38%	79%
Indirect expenses	1 100	329	-25	318	-45	144
EBITDA	-279	1 109	966	476	598	183
EBITDA margin (%)	-28%	33%	20%	25%	41%	44%
Revenue growth (%)	-26%	238%	42%	-61%		-72%
EBITDA growth (%)	-669%	-497%	-13%	-51%		-69%

• DH Group owns investment property and own-use property.
• DH Group expects favorable conditions on the residential real estate market in Hungary and started to divest its portfolio in 2025: HUF 1.4bn sold, 1.5bn contracted and in progress and 1.9bn being marketed.
• Cash from investment activity to be spent on M&A.

DH Group leverages its market knowledge to generate return on RE investments – The segment is being phased out to focus on core competence

^* Net sales revenue might include intracompany items. On average 1-3% of total DH Group revenue has been intracompany during this period.

ELEVATED GUIDANCE FOR 2025

Original guidance

Clean core EBITDA: HUF 6.0 - 7.0 billion HUF 7.2 - 7.7 billion

Elevated guidance

Clean core PAT: HUF 2.9 – 3.6 billion HUF 4.2 – 4.6 billion

Key improvements during 2025

• ✓ Strong market momentum across the region
• Interest rate cuts in H1 generated strong demand in Italy and Poland and fuelled growth in the mortgage markets, which continued in the second half of 2025.
• ✓ Pre-election demand boost in Hungary
• The "Home Start" loan program with its 3% interest rate generated significant additional demand for loans and real estate purchases in the Hungarian credit and real estate markets. Real estate transactions already picked up, loan applications trippled in September with disbursements to follow the trend from Q4.

DH Group elevated its guidance for year 2025 in Q3 report

MANAGEMENT GUIDANCE FOR 2025 – Published on 28 February 2025

	EBITDA range, HUFm		Profit after tax range, HUFm
Italy	3 756	4 365	1 844	2 271
Hungary	1 613	1 874	756	989
Poland	643	747	251	336
Clean core 2025	6 011	6 985	2 852	3 595
Clean core 2024	4 822		2 415

	Free cash flow
Msale of property	HUF 4.4 billion during 2025
portfolio

The Group expects a cash flow of HUF 4.4 billion from the sale of the entire property portfolio

The Group will continue to sell its investment property portfolio in order to streamline its profile. The market value of this portfolio was HUF 2.1 billion as at 31 December 2024 (including assets held for sale).

The Group also plans to sell its own-used central office building. Headquarters moved to new office end of February 2025; therefore, the sale of the previous HQ building was postponed from 2024 to 2025. The building has a carrying value of HUF 208 million. The market value of the property is estimated at HUF 1.0 billion, so the Group expects an additional HUF 792 million non-core profit from the sale.

In 2024, the Forest Hill property development project generated sales of HUF 2.3 billion, EBITDA of HUF 0.6 billion, profit after tax of HUF 0.5 billion and cash flow of HUF 2.3 billion for the Group. The Group expects to receive the remaining HUF 1.3 billion Cash Flow during 2025.

The Board of Directors intends to use the additional total cash flow of HUF 4.4 billion expected from the sale of the entire investment property portfolio incl. Forest Hill to finance its 5-year growth strategy and potential transactions under negotiation

Comments

The 2025 outlook for the Group's markets is positive as the housing and loan markets in Italy and Hungary are strongly recovering from the fall due to inflation and related monetary policy restrictions with further interest rate easing expected in 2025. Polish market has stable prospects with possible support of interest rate easing in the 2nd half of the year. The Group's geographic presence has diversified significantly in recent years, which means that each country has also country-specific factors in play:

• Italy: Loan volumes started growing again in Q2 2024, driven mainly by the decreasing EUR interest rate during the year. The value of mortgage disbursements rose by 30% y-oy during the last quarter of 2024. This positive market correction is expected to continue in 2025 as well. The Group's market opportunities relative to the market as a whole will be enhanced by (i) an increase in brokerage market share within the Italian lending industry and (ii) cooperation with the Professionecasa real estate network, which has started in 2024. The collaboration marked the start of an exclusive cooperation between the two companies, which allowed the Group to cease its previously loss-making real estate brokerage activities, while increasing loan volumes.
• Hungary: Housing loan disbursements in Hungary experienced a strong recovery throughout 2024, in Q4 2024 being 91% higher than a year earlier, following the market trough in February 2023. The segment continues to benefit from lower interest rates, government housing subsidies and a bouncing-back housing market, which will be further supported in 2025 by an anticipated spike in available household cash resources from government bond payments.
• Poland: Falling interest rates, relaxed borrowing rules for fixed-rate loans and the First Home subsidised loan scheme available from July 2023 have pushed Polish home loan volumes to historic record levels by January 2024. Throughout 2024 the volumes moderated at a stable level as the market awaits more information regarding possible interest rates cuts in 2025. Further, significant subsidies are not expected at the moment. Without significant state support and interest rate easing, the market is expected to remain rather stable throughout 2025.

DISCLAIMER

• This presentation shall not be considered as an offer or an invitation to tender concerning the purchase, subscription or any other transaction of any securities or financial assets to be carried out by any persons in any countries (particularly including but not limited to the United States of America, Australia, the United Kingdom, Japan, Canada, Hungary, Malaysia, Poland, Singapore and New-Zealand), furthermore this presentation does not and shall not constitute a basis for any person to enter into any transactions related to any securities or financial assets.
• This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to uncertainty and changes in circumstances. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, real estate prices, political stability, economic growth and the completion of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict. Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward-looking statements contained herein or otherwise. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements (which speak only as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable securities laws.
• Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of Duna House Group in this and future years, represent plans, targets or projections.