DH Group Commissions Revenue Practically Flat in Q3

Commissions revenue of listed real estate broker DH Group's franchise network edged down around half a percent to HUF 5.1 billion in the third quarter from the same period a year earlier, the Group said on the website of the Budapest Stock Exchange.

In the third quarter of 2026, intermediated loan volumes amounted to HUF 394 billion, the second-highest quarterly volume in the Group’s history, up 19% year-on-year despite the forint’s year-on-year appreciation of approximately 8% against the euro and 10% against the Polish zloty (PLN). Compared with the record second quarter, volumes eased by 3% seasonally.

Real estate network commission revenues reached HUF 5.1 billion, broadly flat year-on-year (−0.4%), as the contribution of Spain’s Donpiso offset the decline in Hungarian network revenues.

The volume of Italian credit intermediation amounted to HUF 177 billion in the third quarter, up 7% year-on-year in HUF terms (+16% in EUR terms) despite rising long-term interest rates over the last 12 months and the forint’s appreciation against the euro.

Compared with the record second quarter, volumes decreased by 4% in HUF terms and 5% in EUR terms due to seasonality. In Hungary, the 3% Home Start Program (OSP), launched on September 1, 2025 for first-time home buyers, continued to support demand: the volume of financial brokerage rose by 80% year-on-year to HUF 60 billion, the third-highest quarterly level in the Group’s history (−4% compared to the previous quarter’s peak). Real estate network commission revenues decreased by 18% year-on-year against the record base set by the program’s launch in Q3 2025.

In Poland, financial brokerage volumes expanded by 19% year-on-year (+32% in zloty terms), reaching the second-highest level after the Q2 peak, supported by reviving credit demand, while real estate network commissions decreased by 8% in HUF terms but increased by 2% in zloty terms.

Spain’s Donpiso, in which the Group increased its ownership to 34% in February 2026 and which is consolidated using the equity method, generated HUF 0.8 billion in real estate network commission income in Q3 2026.