^ 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 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

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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Quelle: dpa-Afx