Hypoport SE

Management did not provide new consolidated revenue, EPS, or gross margin figures in this Q&A-only session. It did reiterate the EBIT guidance range as minus EUR 2 million to plus EUR 10 million, with the range reflecting potential market-side impacts and an underlying assumption of slightly declining to low-single-digit growth in the mortgage market. On the segment side, Value AG is expected to be around breakeven in H2, Dr. Klein Wowi Digital is still in investment mode with roughly EUR 1 million per half-year of losses and breakeven targeted for 2027, and qualify is trending toward lower losses but remains early-stage. Management also said Q4 is typically weighted by subsidy/tax-credit-related business, housing-association seasonality, and some mortgage commission timing.

Ronald Slabke framed the quarter around continued platform expansion rather than a single breakthrough. He said EFOS should materially boost penetration in savings banks because the decision is moving from a case-by-case user choice to a bank-wide rollout, and he emphasized that AI is already influencing how Europace is developed, with early features aimed at short-term monetization in the current customer base. He also said Hypoport remains convinced insurance needs platform models, but expects market dominance there to take longer than in mortgages.

On financials, Slabke pointed to EUR 1.8 million of H1 research tax allowances and broke that out across insurance, real estate/mortgage, and financing platform. He said more of the same should come in H2, though amounts may vary depending on what gets approved. On costs, he explained the 12% Q2 operating expense increase in financing platform as temporary, driven mainly by the largest and most expensive annual Hypoport user conference plus other one-time items, and stressed that cost management remains strict. He also said buybacks are the preferred capital allocation option, CapEx should stay at a steady level, and M&A is not a focus right now.

Analysts pressed on the H1 research tax allowance, and management said it was mostly insurance-driven but also included real estate/mortgage and financing platform, with similar benefits expected in H2 and likely continuing if subsidy rules stay in place. Questions on FINMAS and Europace One focused on how market share gains are happening and whether the regional-bank rollout is working; Slabke said EFOS is a structural change for savings banks and that Europace One has only recently been introduced to regional banks, so it is too early to judge. On mortgages, management said Deutsche Bank’s pullback looks tactical rather than permanent, that gains largely went to regional banks rather than ING alone, and that a refinancing wave is still expected in 2027 as outstanding low-rate mortgages mature.