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Original-Research: HausVorteil AG - from Parmantier & Cie. GmbH

01.12.2025 / 11:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Parmantier & Cie. GmbH to HausVorteil AG

Company Name: HausVorteil AG
ISIN: DE000A31C222

Reason for the research: INITIAL STUDY 'Equity Release'
Recommendation: Buy
from: 01.12.2025
Target price: 31.00 Euro
Target price on sight of: 12 month
Last rating change: None
Analyst: René Parmantier, Benedikt Krämer

Scalable equity release business model already profitable - High demand,
access to financing determines growth

HausVorteil AG covers a wide range of equity release* models (*see glossary)
for (older) property owners. Properties that are not included in the
company's own portfolio can be brokered to partners in return for a
commission. Currently, partial purchases (with 117% debt coverage)
arerecorded in the books of the special purpose vehicles (SPVs) and provide
easily predictable cash flows for the AG and SPVs. In our forecast, we
assume that the SPVs will gradually increase their annual purchase volume,
not limited to partial purchases, to EUR100 million by 2030. A significantly
faster upscaling is possible. The business model is attractive due to
contractually secured, predictable cash flows. Each equity release property
generates positive contribution margins over its entire term.

The withdrawal of a major financier for partial purchases in September 2025
has led to the departure of some partial purchase providers, whiledemand
remains high. The market shakeout is an opportunity for HausVorteil in terms
of leads and conditions.

Strengths:
1) Referring enquiries to partners already generates commission income that
covers running costs.
2) HausVorteil covers (also via partners) a wide range of equity release
solutions for (especially older) property owners who want to release equity
without having to move.
3) As the company grows, economies of scale come into play (portfolio
management, network).
4) With the planned equity release platform (B2B, closed user group),
HausVorteil can use leads more efficiently.

Challenge: Capital is needed to leverage existing growth potential. Access
to capital is the key barrier to growth (each purchase generates an annual
interest margin (SPVs) and portfolio commission for the AG and, ultimately,
a commission from the sale of the properties).

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fddfddf7e2104dc69cbcdbad92c30ce3

Contact for questions:
PARMANTIER & CIE. GmbH
Hungener Str. 6
60389 Frankfurt am Main
E-Mail: info@parmantiercie.com
Web: www.parmantiercie.com

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2238112 01.12.2025 CET/CEST

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