Discount 4 2026/12: Basiswert MLP

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Original-Research: MLP SE - from NuWays AG

14.11.2025 / 10:14 CET/CEST

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Classification of NuWays AG to MLP SE

Company Name: MLP SE

ISIN: DE0006569908

Reason for the research: Update

Recommendation: BUY

from: 14.11.2025

Target price: EUR 12.50

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Q3 review: PW, but healthy and de-risked core business

Having reduced its FY'25 EBIT guidance last week, yesterday's Q3 figures

show a healthy corebusiness. In detail:

MLP reduced its FY'25e EBIT guidance last week to EUR 90-100m (before: EUR

100-110m) due to a mixof two main reasons:

(1) a low-double digit EUR m amount of performance fees was baked into the

original guidance. In Q3,MLP recorded performance fees of only EUR 2.8m (vs. EUR

17m in Q3'24) and thus only EUR 4.8m per 9M(vs. EUR 26m in 9M'24). As we now

expect EUR 6.5m in FY'25 performance fees (Q4: EUR 1.7m), thepreviously

anticipated figure seems out of reach.

(2) the turn around in its real estate development segment

Deutschland.Immobilien (DI) was initiallyexpected to provide a EUR 12m

incremental EBIT tailwind in FY'25e, but falls short of expectations.

Although Q3 showed a slightly positive EUR 0.4m EBIT (9M: EUR -3m), the current

development projectsshould not be sufficient to reach a positive EBIT for

FY'25e, in our view. Therefore, we now estimatethis segment to deliver EUR

-11m in FY'25e EBIT (prev.: EUR 0m), which also includes an estimatedgoodwill

impairment of EUR 6m.

RE development to be completely abandonded. Following several years of

uncertainty and havingexperienced a slowdown in demand after the sharp

increase in interest rates in 2022, MLP hasdecided to completely abandon any

new RE development projects, where MLP carries thedevelopment risk. Only

existing projects will be finished. This decision might imply an

additionalimpairment of DI's remaining goodwill of up to EUR 11.7m in Q4'25e.

On the positive side, MLP therefore substantially derisks its business and

thus upgraded its FY'28e mid-term EBIT targetrange to EUR 140-155m (prev. EUR

140-150m).

Q3 shows healthy core business. Total sales arrived 2% lower at EUR 244m,

however, underlyingsales (excl. performance fees) grew by 3% yoy in Q3,

showing the intact core business. Moreimportantly, the Q3 EBIT of EUR 18.4m

improved against a high comparable base (Q3'24: EUR 17.8m witha strong

performance fee effect). In turn, this highlights a strong improvement in

underlyingprofitability (EBIT ex performance fee effect), which has expanded

by 146% yoy to EUR 16.5m with a4pp yoy higher underlying EBIT margin.

Specifically, the largest profitability driver was the bankingbusiness,

showing a stellar 29% EBIT margin (+8.7pp yoy), but also supported by

marginimprovements at DOMCURA (+9.5pp yoy) and Financial Consulting (+2.9pp

yoy).

In light of this, the magnitude of MLP's negative share price development

following the guidance cut,seems unjustified in our view, especially in

light of the solid underlying performance shown in Q3.MLP's core business

remains well intact and the company's value should not be derived from

REdevelopment and performance fees, in our view. Therefore, the share price

drop offers a buyingopportunity, which is why we recommend to BUY with a

slightly lower PT of EUR 12.50 (old: EUR 13.00),based on FCFY'26e.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=c6c9bcc56cefad96a27e311436184329

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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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2230108 14.11.2025 CET/CEST

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