^ Original-Research: 029 Group SE - from NuWays AG

27.01.2026 / 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 029 Group SE

Company Name: 029 Group SE ISIN: DE000A2LQ2D0

Reason for the research: Update Recommendation: HOLD Target price: EUR 25 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Successful TRIP exit + reshaped equity story; PT UP

029 Group sold its 5% stake in TRIP Drinks (at this point, 2nd largest holding) to existing investors for roughly EUR 4.9m, representing a realized multiple of 3.3x on invested capital. While this was some EUR 1.8m below the stake's book value, it was opportunistic as it allowed 029 to not only exit the position but more importantly reinvest the proceeds into Periskop Partners AG, ultimately reshaping the group's investment approach/equity story.

Periskop Partners, new cornerstone investment. Periskop Partnersis an independent investment and asset management platform focused on structurally driven real estate strategies across Europe. The firm develops and manages specialized investment verticals along the entire real estate value chain, with a particular focus on land development, senior living, and logistics and light industrial assets. Assets under management stand at over EUR 2bn. Here, 029 purchased a 5% stake with a call option to increase its stake to 10% at a similar valuation.

Reshaped 029 Group. Periskop Partners and Limestone Capital form the new core of 029, accounting for roughly 97% of the fair NAV (eNuW). With this, 029 sharpened its positioning as global investment platform at the intersection of real estate, hospitality and lifestyle. Going forward, we would expect 029 to either invest into increasing the Periskop stake (due to favourable conditions) or purchase stakes in similar business models. Mind you, 029 still owns stakes in hotelbird (4.8%), Brother's Bond (1.6%) and fjör (11.3%), with a cumulative fair NAV of a mere EUR 4m (eNuW). Taking into account the relatively low fair NAV share, we would not rule out additional divestments during the near future.

Limestone continues to develop strongly. The Swiss real estate private equity firm with some EUR 1bn assets under management has broadened its set up (next to direct real estate investments) with brands such as aethos (hospitality brand), Eterniti (vacation rental operator), MYNE (luxury vacation rental co-ownership platform) and Loisium (hospitality brand focused on wine retreats). Last year, Limestone successfully opened its 5-star hotel on Mallorca and the former Nobu location in London just yesterday, increasing its locations to ten.

Valuation update. We adjust our sum of-the-parts valuation, reflecting the divestment of TRIP Drinks and the reallocation of funds towards the stake in Periskop Partners (incl. 5% option) and arrive at a new EUR 25 PT (old: EUR 22) with an unchanged HOLD recommendation.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=d4e1ca9615def527338076dadd7283f5 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=e390c662-fb50-11f0-8534-027f3c38b923&lang=en

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

2266306 27.01.2026 CET/CEST

°

Quelle: dpa-Afx