DH Group: Good Start to the Year in 1Q26.

The risk of higher inflation (on the back of energy prices) pushing up mortgage costs, worsening affordability and weighing on transaction volumes, is meaningful across Europe, the real estate goup says in an annual report on the website of the Budapest Stock Exchange.

DH’s diversified geographical footprint could offer som eprotection in the case of a protracted blockade of the Strait of Hormuz, in the company's view, especially considering the defensive characteristics of CQS loans in Italy.

Additionally, with less than EUR 30 million of net debt, the leverage is low. The headroom to take on more debt could be also relevant, should a prospective higher rate environment generate acquisition opportunities for the Group, the statement says, adding that "we maintain our constructive view on the stock."

DH Group delivered a strong first quarter in 2026. Revenues rose 34% year-on-year to EUR 33.1 million. EBITDA increased 28% year-on-year to EUR 4.2 million, driven by financial intermediation segment, with a 13% EBITDA margin, stable year-on-year (albeit down materially from the stellar 20% margin achieved in the fourth quarter of 2025).

The net profit attributable to shareholders grew 163% year-on-year to EUR 2.3 million. Financial intermediation is the key earnings contributor. Revenues rose 32% year-on-year to EUR 29.4 million and EBITDA increased 50% year-on-year to EUR 4.0 million, driven by good loan volumes across the board.

Total loan volumes rose 36% year-on-year to EUR 957m, with Italy up 18% to EUR 440 million, Poland up 42% to EUR 358 million, and Hungary up 101% to EUR 159 million, driven by policy support.

Real estate services revenues rose 10% year-on-year to EUR 2.9 million, but EBITDA fell 45% year-on-year to EUR 0.3 million.