The real estate broker Duna House Group reached quarterly clean core EBITDA of HUF 1,281 million, 33% above the Q1 2024 level, and clean core profit after tax amounted to HUF 627 million, +19% year-on-year. 81% of EBITDA was generated by the financial intermediation segment and 64% outside of Hungary, the Group announced on the website of the Budapest Stock Exchange.
The report's executive summary states that the Group's consolidated revenue for the quarter was HUF 10.0 billion, accounting EBITDA was HUF 1,320 million and profit after tax was HUF 594 million.
In Italy, Credipass is growing at a rapid pace, with the total volume of loans brokered by the Group increasing by 46% year-on-year, generating quarterly clean core EBITDA of HUF 734 million.
In Poland, the credit and real estate markets have stabilised after a decline following the phasing out of subsidised lending programs, with Polish clean core EBITDA contribution of HUF 111 million.
In Hungary, the recovery of the credit and real estate markets accelerated thanks to a spike in available household cash resources from government bond payments, with core activities generating clean EBITDA of HUF 443 million.
The Group started the sale of its real estate portfolio, transactions are being closed from Q2 2025 onwards.
The 2025 outlook for the Group's markets remains positive and on track as the housing and loan markets in Hungary, Italy and Poland continue to recover from the fall due to inflation and related monetary policy restriction.
In Italy, it was the decline in interest rates in the first quarter together with decreasing housing supply and strong demand which contributed to accelerating growth in the mortgage market, and which is expected to continue throughout 2025.
Hungarian credit and real estate markets are likely to see a slower growth from Q2 onwards, as the accelerated activity in Q1 significantly increased the housing prices which may somewhat reduce the otherwise strong housing demand.
In Poland, the situation started improving in the first quarter, thanks to real estate price corrections, higher demand and decreasing bank margins, which is expected to continue in the coming quarters, mainly due to lower interest rate from Q2 onwards.
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