Endlos Turbo Long 7,4978 open end: Basiswert MLP

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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

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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

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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.

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2382944 14.08.2026 CET/CEST

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