Increased Revenues at Duna House Group

Duna House Group closed the third quarter (Q3) 2022 with 120% year-on-year growth in revenues to HUF 8.4 billion and 60% increase in EBITDA to HUF 904 million, the Group has announced on the website of the Budapest Stock Exchange.

Following the strong results of Q2 2022, the Group`s core profit lines have declined from the record highs due to real estate and loan market downturn caused by rate hikes. Strengthened by the Italian acquisition, in possession of record high cash levels and handing over the units of the successfully completed Forest Hill project, the Group is ready to face the challenges of these special times, the executive summary of the report says.

In Q3 2022, the Group reached revenues of HUF 8.4 billion (+120% yoy) and clean core EBITDA of HUF 686 million (+3% yoy). Its clean core PAT amounted to HUF 501 million with 2% yoy increase. The ongoing handover of Forest Hill apartments had a significant addition to the Group`s results, while core loan, real estate and related volumes declined this quarter.

30% of the units have been handed over to buyers until the end of the third quarter generating accumulated revenues of HUF 2.9 billion and EBITDA of HUF 490 million, of which revenues of HUF 1.1 billion and EBITDA of HUF 266 million in Q3 alone. At current list prices, the Group expects additional cash inflow of HUF 6.1 billion after 30 September 2022.

Italian activities reached quarterly EBITDA of HUF 437 million. Hungarian businesses generated EBITDA of HUF 533 million, while Poland dropped to -52 million EBITDA in a market dominated by variable rate loans (please refer to page 15 for market specifics). Management focuses on expanding the network and gaining market share. It believes the currently extraordinarily strong barriers on lending will be eased on the short term and the Polish market will return to its growth path.