^ Original-Research: MLP SE - from NuWays AG

02.02.2026 / 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.

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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

2026 to make the growth run-rate visible, chg.

- analyst change -

2025 should come in solid, but momentum has likely been capped by an unfavourable mix (below-normal performance fees, real-estate restructuring and softer interest income). With these drags fading and comps getting easier, 2026 should be the year where MLP's underlying growth run-rate becomes more visible again. The improving setup is backed by a diversified advice platform and a large recurring revenue base (c.68% of sales), all supporting our BUY recommendation.

Looking at Q4 25, sales are expected to increase 2.4% yoy to EUR 298m (eCons: EUR 316m) supported by ongoing strength in wealth management (eNuW: +8% yoy before performance fees) and with P&C insurance premium volumes expected to grow steadily at c. 8% yoy. Notably, the increasing use of AI positions MLP as a pioneer in automated claims handling in P&C, delivering tangible benefits across stakeholders: customers benefit from significantly faster claims processing (end-to-end settlement possible within minutes), MLP consultants from improved service quality backed by centralised capabilities, and MLP itself from a leaner cost base following the termination of an external call centre and lower personnel requirements (previously directed at these tasks).

Despite weakening mix-effects, Q4 25 adj. EBIT looks set to rise 18% yoy to EUR 33.9m, with the underlying margin seen to expand 1.6pp yoy. The improvement is driven by efficiency gains across personnel (eNuW: -1.3% yoy) and other operating expenses that largely reflect IT and consulting (eNuW: -7.3% yoy), in line with Q3 trends. The adjustment to EBIT reflects an expected EUR 8m in goodwill impairments, following MLP's decision to abandon new real estate development projects (another EUR 4m of goodwill are at risk, well highlighted by MLP, in our view).

Into 2026, momentum should improve, led by P&C insurance, where strong current trends and a seasonally important Q1 provide early visibility. In addition, growing deposits at stable ECB rates should support interest income and, separately, performance fees should slowly trend towards their historical avg. of c. EUR 25m (vs. EUR 7m in 2025, eNuW). All, while EBIT margins are set to expand as incremental margins remain high (eNuW: c. 28% 2025e to 2026e), underpinning our confidence in the group's mid-term targets (eNuW: adj. EBIT CAGR of 15% 2025-28e).

Lastly, MLP offers an attractive dividend yield of c. 5%, well covered by its cash generation (FCF in 2025e: EUR 65m, eNuW). This provides downside support as earnings visibility improves into 2026e.

BUY, PT EUR 12.00 (old: EUR 12.50), based on Residual Income.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=811e391d0f6ffd92ecec69a828e67eeb 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. ++++++++++

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2269306 02.02.2026 CET/CEST

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Quelle: dpa-Afx