MLP AG

^

Original-Research: MLP SE - from NuWays AG

28.04.2026 / 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

Planning pays dividends

We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways

confirm the equity story momentum: MLP combines a c. 5% dividend yield with

continuously improving revenue visibility and tangible adj. earnings growth.

* Client proposition centred on "peace of mind". MLP's model is built

around long-term financial planning and stable, mostly fee-based,

adviser relationships. This is relevant in a market where customers can

easily compare single products such as Tagesgeld, neobank accounts or

ETFs. MLP's focus remains the full financial package: banking,

insurance, wealth, old-age provision and financing, anchored in personal

advice and a long-term customer relationship. This supports retention

and cross-selling as clients move through life stages.

* Earnings quality continues to improve. 72% of sales are already

recurring. Wealth and property and casualty (P&C) insurance are the main

recurring growth pillars, helped by savings plans, rising customer

maturity and inflation-linked premium volumes in non-life insurance.

This improves forecasting quality and lowers reliance on one-off product

sales. Against this backdrop, performance fees are not the foundation:

MLP includes only high-single-digit EURm performance fees annually (c. 1%

of sales) in its mid-term targets, compared to a seven-year average of

c. EUR 23m. With c. 70% incremental EBIT margin, stronger performance fees

would be upside. 2025 also offers a low comparable base (only c. EUR 11m).

* Disintermediation risk looks manageable. Neobanks, ETFs and AI remain

relevant competitive forces, especially on pricing. Still, human advice

remains the single most trusted source of investment guidance (source:

CFA Institute), supporting the relevance of MLP's adviser-led model.

MLP's answer is to integrate digitalisation and AI into the advisory

process, improving transparency, speed and adviser productivity while

preserving the personal relationship.

* AI is turning into an operating lever. MLP already uses AI in

business-relevant processes, with cost control visible in 2025 (adj.

EBIT margin up 0.1pp yoy, despite declining performance fees). In P&C,

an AI-supported claims solution can handle claims in roughly 10 minutes.

Simultaneously, an insurance contract-checking tool can analyse existing

client contracts and generate counter-offers with better pricing, better

service or both. This supports customer benefit, adviser efficiency and

the broader digitalisation case.

* Dividend case backed by growth and cash. The dividend (5% yield at

current levels) remains well supported by MLP's 50-70% payout target and

an expected 14% adj. EBIT CAGR into 2028e (eNuW, in line with mid-term

targets). Consequently, the sustainable dividend should grow going

forward, further anchored by MLP's ambition to maintain dividend

continuity. In addition, EUR >80m net available cash after regulatory

buffers leaves room for M&A, special dividends or buybacks. Yet, the

cash buffer should be seen to maintain financial flexibility, rather

than a near-term distribution trigger.

In sum, MLP remains a quality financial advisory platform with a rare

combination of yield, earnings growth, recurring revenue visibility and

balance-sheet quality. BUY, PT EUR 12, on Residual Income.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=58b7818201ec02b3a4cb5b5ab8c50bde

For additional information visit our website:

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

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=4ac7d2b1-42c9-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2316202 28.04.2026 CET/CEST

°