Mlp: Broad-based growth, conservative guidance - NuWays AG Research
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Mlp: Broad-based growth, conservative guidance - NuWays AG Research

Q2 26 delivered a step change, with EBIT of € 19.1m (Q2 25: € 4.9m) driven by a higher AuM base, performance fees and an improved interest result. Guidance was confirmed but looks conservative, hence we raise FY26e EBIT to € 116m, c. 10% above the mid-point (previously: € 113m). In detail:

Growth accelerated at group level, with sales up 14.9% yoy to € 257m after +4.3% in Q1 and flat yoy in Q4 25. The EBIT margin widened by 5pp yoy to 7.1%, reflecting operating leverage and positive mix in a seasonally weaker quarter.
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