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Original-Research: MLP SE - from NuWays AG

28.04.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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

Planning pays dividends

We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways
confirm the equity story momentum: MLP combines a c. 5% dividend yield with
continuously improving revenue visibility and tangible adj. earnings growth.

* Client proposition centred on "peace of mind". MLP's model is built
around long-term financial planning and stable, mostly fee-based,
adviser relationships. This is relevant in a market where customers can
easily compare single products such as Tagesgeld, neobank accounts or
ETFs. MLP's focus remains the full financial package: banking,
insurance, wealth, old-age provision and financing, anchored in personal
advice and a long-term customer relationship. This supports retention
and cross-selling as clients move through life stages.

* Earnings quality continues to improve. 72% of sales are already
recurring. Wealth and property and casualty (P&C) insurance are the main
recurring growth pillars, helped by savings plans, rising customer
maturity and inflation-linked premium volumes in non-life insurance.
This improves forecasting quality and lowers reliance on one-off product
sales. Against this backdrop, performance fees are not the foundation:
MLP includes only high-single-digit EURm performance fees annually (c. 1%
of sales) in its mid-term targets, compared to a seven-year average of
c. EUR 23m. With c. 70% incremental EBIT margin, stronger performance fees
would be upside. 2025 also offers a low comparable base (only c. EUR 11m).

* Disintermediation risk looks manageable. Neobanks, ETFs and AI remain
relevant competitive forces, especially on pricing. Still, human advice
remains the single most trusted source of investment guidance (source:
CFA Institute), supporting the relevance of MLP's adviser-led model.
MLP's answer is to integrate digitalisation and AI into the advisory
process, improving transparency, speed and adviser productivity while
preserving the personal relationship.

* AI is turning into an operating lever. MLP already uses AI in
business-relevant processes, with cost control visible in 2025 (adj.
EBIT margin up 0.1pp yoy, despite declining performance fees). In P&C,
an AI-supported claims solution can handle claims in roughly 10 minutes.
Simultaneously, an insurance contract-checking tool can analyse existing
client contracts and generate counter-offers with better pricing, better
service or both. This supports customer benefit, adviser efficiency and
the broader digitalisation case.

* Dividend case backed by growth and cash. The dividend (5% yield at
current levels) remains well supported by MLP's 50-70% payout target and
an expected 14% adj. EBIT CAGR into 2028e (eNuW, in line with mid-term
targets). Consequently, the sustainable dividend should grow going
forward, further anchored by MLP's ambition to maintain dividend
continuity. In addition, EUR >80m net available cash after regulatory
buffers leaves room for M&A, special dividends or buybacks. Yet, the
cash buffer should be seen to maintain financial flexibility, rather
than a near-term distribution trigger.

In sum, MLP remains a quality financial advisory platform with a rare
combination of yield, earnings growth, recurring revenue visibility and
balance-sheet quality. BUY, PT EUR 12, on Residual Income.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=58b7818201ec02b3a4cb5b5ab8c50bde
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.
++++++++++

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