^ Original-Research: MLP SE - from NuWays AG

13.11.2026 / 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 14 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Q3 review: momentum confirmed

MLP's Q3 results confirm the earnings uplift behind October's guidance increase. EBIT reached EUR 26.7m (Q3 25: EUR 18.3m), driven by higher FERI performance fees, growth in underlying wealth management and higher net interest income. The confirmed EUR 110-120m FY26 guidance still looks conservative, with our EBIT forecast unchanged at EUR 123m. In detail:

Q3 group sales increased 15% yoy to EUR 271.9m, sustaining Q2's growth pace (+15% yoy). The EBIT margin on total revenue widened by 2pp to 9.5%, mainly reflecting the higher contribution from FERI's performance fees. Higher variable compensation at FERI and IT expenses contributed to a 15% increase in administration costs to EUR 121.4m.

* Higher client assets and interest income support the Wealth business area. Revenue rose 26% yoy to EUR 161.2m. Of this, wealth management contributed EUR 127.9m (+34% yoy), including c. EUR 21m of performance fees (Q3 25: EUR 2.8m). Excluding performance fees, wealth management revenue still grew c. 15% (eNuW), supported by a 9% higher AuM base of EUR 70.1bn. This larger asset base should also support recurring management fees into FY27. Higher interest rates are also lifting returns on banking assets, with net interest income up c. 12% to EUR 16m. With September's ECB rate increase to 2.5% only partly reflected in Q3, the full-quarter effect should provide an additional boost to net interest income in Q4.

* Life & Health's recovery remains uneven. Revenues declined 4% yoy to EUR 66.1m in a seasonally less relevant quarter, following 6% growth in Q2, as old-age provision revenue fell 7% to EUR 48.6m. At the same time, health insurance grew 5% to EUR 17.5m, supported by demand for higher standards of healthcare. On the back of a mixed Q3, MLP now expects flat FY26 revenue in Life & Health, versus slight growth previously, in line with eNuW (-0.7% yoy).

* Property & Casualty's premium book supports continued growth. Revenue grew 9% yoy to EUR 42.1m. Managed non-life premiums increased c. 10% yoy to EUR 870m, broadly maintaining the growth rate seen at June.

The upper end of guidance still leaves room for outperformance. The EUR 120m upper end of MLP's FY26 EBIT guidance implies Q4 EBIT of c. EUR 33m, down c. 9% yoy versus last year's EUR 36m adjusted for the goodwill impairment in Deutschland.Immobilien. The implied decline looks cautious given the larger recurring fee base and higher interest income. Our unchanged EUR 123m FY26 EBIT forecast implies c. EUR 36m in Q4, broadly matching last year's adjusted level. Additional FERI performance fees remain a potential source of upside.

Pension reform provides an additional growth opportunity from 2027. Voluntary transfers of existing Riester savings into the Altersvorsorgedepot should broaden MLP's recurring fee base. Our estimate of c. EUR 6-7m incremental annual EBIT by 2028 remains unchanged.

Reiterate BUY with an unchanged EUR 14 PT, based on Residual Income.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b8573dfd09333ee3042f91d21e5e3896 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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2434224 13.11.2026 CET/CEST

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Quelle: dpa-Afx