Hypoport (HYQ) Q2 2024 earnings summary

Executive summary

• Revenue rose 22% year-over-year to €218 million in H1 2024, with gross profit up 11% to €114 million and net profit at €5.4 million, reversing a prior year loss.

• Double-digit growth in revenue and gross profit was driven by a 32% surge in Real Estate & Mortgage Platforms, supported by market share gains and a recovering mortgage market.

• EBITDA increased 63% to €25 million; EBIT turned positive at €7.9 million from a €1.7 million loss in H1 2023.

• All segments contributed to growth: Real Estate & Mortgage Platforms up 32%, Financing Platforms up 4%, Insurance Platforms up 5%.

• SaaS and ERP offerings for housing associations are expanding rapidly, though property valuation remains challenged by regulatory changes.

Financial highlights

• Real Estate & Mortgage Platforms revenue grew 32% to €150 million; Financing Platforms up 4% to €36 million; Insurance Platforms up 5% to €33 million year-over-year.

• Group gross profit increased 11% to €114 million; EBITDA up 63% to €25 million; EBIT improved to €7.9 million from a €1.7 million loss.

• Net profit reached €5.4 million from a €2.1 million loss; EPS at €0.81 (vs. -€0.32).

• Real Estate & Mortgage Platforms EBIT rose to €14.7 million from €4.0 million, excluding property valuation losses.

• Cash and cash equivalents at €69.8 million, down €26.8 million from year-end due to investments and loan repayments.

Outlook and guidance

• Double-digit percentage revenue growth expected for full year, targeting at least €400 million revenue and EBIT of €10–20 million.

• Guidance maintained despite weak markets in some segments; focus on market share gains, digitalisation, and higher profitability.

• Sector-specific market environment and business model positioning unchanged from previous guidance.