Original-Research: MLP SE (von NuWays AG): BUY

Original-Research: MLP SE - from NuWays AG

14.08.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

Classification of NuWays AG to MLP SE

Company Name: MLP SE

ISIN: DE0006569908

Reason for the research: Update

Recommendation: BUY

Target price: EUR 12

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Broad-based growth, conservative guidance

Q2 26 delivered a step change, with EBIT of EUR 19.1m (Q2 25: EUR 4.9m) driven

by a higher AuM base, performance fees and an improved interest result.

Guidance was confirmed but looks conservative, hence we raise FY26e EBIT to

EUR 116m, c. 10% above the mid-point (previously: EUR 113m). In detail:

Growth accelerated at group level, with sales up 14.9% yoy to EUR 257m after

+4.3% in Q1 and flat yoy in Q4 25. The EBIT margin widened by 5pp yoy to

7.1%, reflecting operating leverage and positive mix in a seasonally weaker

quarter.

* Wealth revenues grew 21% yoy to EUR 144m, with performance fees behind

less than a third of the increase. Wealth management rose EUR 22m yoy to EUR

111m (+24% yoy), of which only EUR 6.4m came from the step-up in

performance fees to EUR 8m (Q2 25: EUR 1.6m) and the balance from the

underlying business on an 8% higher AuM base. A further EUR 3.6m of

carried interest was booked in other income, but was mostly offset by

personnel bonuses and hence almost EBIT-neutral. Real estate brokerage

rose 44% yoy to EUR 11m, largely reflecting phasing following a 28%

decline in Q1, leaving H1 up 7% yoy. Loans & mortgages (-16% yoy) stayed

soft due to low application volumes. Interest income returned to growth

at EUR 20m (+3% yoy) as the rate comp eased, and the ECB's move to 2.25%

should support interest income into H2.

* Life & Health returned to growth, with revenues up 6% yoy to EUR 67m after

-1% yoy in Q1. Old-age provision revenue increased 6% yoy to EUR 52m.

Health insurance grew 7% yoy to EUR 17m, supported by rising advisory

demand amid debates over Germany's healthcare system.

* Property & Casualty delivered a fourth consecutive quarter of

double-digit growth, up 12% yoy to EUR 41m. Managed non-life premium

volume reached a record EUR 865m, growing 10% yoy against the 5.2% GDV

expects for the German market this year, implying continued market share

gains. This premium base is largely recurring and benefits from

inflation-linked adjustments, underpinning revenue visibility into H2

and FY27.

The confirmed EUR 100-110m guidance rests on an H2 that recent history does

not support. H2 would contribute just 40% to 45% of full-year EBIT, against

a five-year average of 52%. In absolute terms this means EUR 40-50m versus EUR

54m adj. EBIT in H2 25, so even the top end asks for a c. 9% yoy decline at

a time when the AuM base is 8% higher yoy, managed non-life premiums are 10%

higher and net interest rose 15% yoy in H1. One reason is that management

assumes no further performance fees at all, while we model EUR 6m at a 66%

incremental margin. Even so, our EUR 116m implies an H2 share of only 48% and

c. 5% underlying H2 EBIT growth once performance fees are stripped from both

periods (eNuW).

To sum up, MLP combines a c. 5% dividend yield with a 72% recurring revenue

share and an adj. EBIT CAGR of c. 15% into 2028e (eNuW). Even our

above-guidance EBIT estimate of EUR 116m rests on modest underlying H2

assumptions, making a guidance hike in Q3 reasonable.

BUY, unchanged PT EUR 12, based on Residual Income.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b32abc6e84e52e5da179068cbb561612

For additional information visit our website:

https://www.nuways-ag.com/research

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=e31ec0b7-97a7-11f1-8534-027f3c38b923&lang=en

2382944 14.08.2026 CET/CEST

°