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

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 € 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 € 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 € 126m (+1% yoy), with a generally improving mix: Absent any significant performance fees (c. € 0.5m), Wealth management revenues rose 5.6% yoy to € 97.6m, supported by a 4% yoy higher AuM base. AuMs stood at € 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 € 63.7m. Old-age provision declined 2% yoy to € 43.7m. With Q4 carrying the seasonal relevance, Q1 should not be reflective of the FY outlook (eNuW). Health insurance grew 2% yoy to € 20m, supported by sustained demand for high-quality healthcare services.

• Property & Casualty remained the clear growth driver. Revenues increased 11.7% yoy to € 114m, supported by a 10% yoy increase in managed premium volume to € 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 € 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 € 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 € 12, on Residual Income.

You can download the research here: mlp-se-2026-05-15-previewreview-en-521d0
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.
++++++++++