BERLIN (dpa-AFX) - Financial services provider Hypoport is becoming more pessimistic for the full year due to the continued weak performance in the real estate platform segment. The restrained market recovery in private real estate financing is also having a negative impact, the SDax-listed company announced on Thursday evening.

Revenue is now expected to fall by up to 25 percent year-on-year, it said. Most recently, Hypoport had expected a decline of up to 15 percent. Analysts had more or less agreed with this.

Earnings before interest and taxes (Ebit) are expected to be between 10 and 15 million euros. Previously, Hypoport had only spoken of an Ebit of at least 10 million euros. Experts have so far expected an amount just below this mark. The full-year Ebit will be achieved through a number of net positive one-off effects, such as unused purchase price liabilities from a debtor warrant and expenses for the reorganization within the Real Estate Platform segment, it said in explanation.

According to preliminary calculations, sales in the third quarter were down 15 percent on the corresponding prior-year period at 88 million euros. Earnings before interest, taxes, depreciation and amortization also fell by 15 percent to just under 8 million euros. Both major players were well below experts' expectations. According to Hypoport, the main reason for both developments is a significant slump in the private real estate financing market since late summer 2022.

The news did not go down well on the stock market. In an initial reaction, the Hypoport share price plummeted by 8 percent on the Tradegate trading platform compared to the Xetra close./he/ck