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Original-Research: MLP SE - from NuWays AG

15.05.2026 / 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

Growth even without the kicker

MLP reported solid Q1 26 results. Growth accelerated and the margin expanded
despite still weak performance fees. Hence, the print supports our BUY
recommendation. In detail:

At group level, total revenues rose 4.7% yoy to EUR 315m, marking a sequential
improvement vs. +1% yoy in Q4 25, driven by growth rate improvements in all
three competence fields. EBIT grew 10.2% yoy to EUR 41.3m, implying a 13.1%
margin, up 0.6pp yoy. The drop-through was supported by higher gross profit
(+7.2% yoy), partly thanks to lower interest expenses.

  * Wealth was robust despite a volatile market backdrop. Revenues came in
    at EUR 126m (+1% yoy), with a generally improving mix: Absent any
    significant performance fees (c. EUR 0.5m), Wealth management revenues
    rose 5.6% yoy to EUR 97.6m, supported by a 4% yoy higher AuM base. AuMs
    stood at EUR 65.2bn at quarter-end, only 1% below YE25 despite weaker
    capital markets during the quarter. While real estate brokerage (-28%
    yoy) and loans & mortgages (-22% yoy) remained a drag, they reflect only
    a smaller part of the equity story.

  * Life & Health was broadly stable yoy, with revenues of EUR 63.7m. Old-age
    provision declined 2% yoy to EUR 43.7m. With Q4 carrying the seasonal
    relevance, Q1 should not be reflective of the FY outlook (eNuW). Health
    insurance grew 2% yoy to EUR 20m, supported by sustained demand for
    high-quality healthcare services.

  * Property & Casualty remained the clear growth driver. Revenues increased
    11.7% yoy to EUR 114m, supported by a 10% yoy increase in managed premium
    volume to EUR 859m. This extends the solid FY25 trend, when P&C revenues
    rose 8% yoy. Importantly, the quality of growth remains high: non-life
    premiums are largely recurring, benefit from inflation-linked premium
    adjustments and improve group revenue visibility. In addition,
    AI-supported claims handling and contract screening should support
    adviser productivity, customer benefit and margin quality, leaving the
    segment on a structurally solid growth path.

FY outlook. MLP confirmed its FY26 EBIT guidance of EUR 100-110m, with revenue
still expected to grow slightly across all competence fields. On the cost
side, Q1 personnel and other operating expenses increased 6% yoy, driven by
a slight headcount increase and higher IT costs, partly
pricing-/inflation-related. This should not be extrapolated for the full
year, with fixed cost growth expected to moderate over the coming quarters.
In addition, interest income growth should improve from Q2 onwards as the
rate comparable base eases, with ECB rates having been stable since June
2025. This should help reverse the recent decline in interest income, which
was still down 4% yoy in Q1 despite a 3% yoy growth in interest-bearing
assets.

To sum up, MLP offers a c. 5% dividend yield, visibility rising with 72% of
revenues recurring and an expected adj. EBIT CAGR of c. 14% into 2028e
(eNuW). Q1 supports the view that FY26 should make the underlying growth
run-rate more visible. With the 2028 ambition of EUR 0.90-0.99 EPS reaffirmed,
the shares continue to look too cheap for the quality and visibility of the
earnings path, in our view. BUY, PT EUR 12, on Residual Income.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=64356caab64d49aac8ce9b8efd56f0a1
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.
++++++++++

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2327912 15.05.2026 CET/CEST

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