Original-Research: MLP SE (von NuWays AG): BUY

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Original-Research: MLP SE - from NuWays AG

15.05.2026 / 09:00 CET/CEST

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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

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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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