Classification of NuWays AG to 029 Group SE

Company Name:	029 Group SE
ISIN:	DE000A2LQ2D0
Reason for the research:	Update
Recommendation:	SELL
Target price:	EUR 25
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Platforms keep expanding, NAV outlook confirmed

029 Group published its H1 report. Both core holdings made visible operating progress. At holding level, the net loss of € 0.23m (H1 25: € 0.24m) reflects stable running costs and, as usual, no sales. The outlook of 0% to +10% NAV growth was confirmed.

Limestone: new funds lift the fee base. In H1, the Swiss real estate private equity platform (35.7% stake) launched two further vehicles, the Topaz Fund and the Ruby Fund, and closed another acquisition within Amethyst Fund III. As a result, AuM (some € 1bn at our last update) rose significantly and fund and asset management income increased noticeably, while costs developed in line with plan and reflect the ongoing build-out of the platform. The hospitality brands, including Aethos and LOISIUM, performed very well. H2 should add to this, as Topaz made its first investment in July and Ruby's first deal is scheduled to close in Q3. 029 also expects continued strong demand in the high-end travel segment, which supports the hospitality operations.

Periskop: key fund extended, earnings base broadened. In a still demanding German real estate market, Development Fund II Germany, the group's largest revenue contributor, was extended with broad investor approval, which secures its fee stream. The development business reached several marketing and planning milestones, including two land sales in Brandenburg and Berlin. Periskop is also expanding in logistics and defence properties and entered a strategic partnership to attract international investors. With fundraising subdued, management prioritises liquidity, diversification and selective growth, while 029 expects transaction activity to pick up further in H2.

Venture stakes play a minor role. fjör grew revenue significantly on a lower cost base thanks to better online conversion and realigned logistics, Hotelbird brought new modules live at first customers, and Brother's Bond kept its focus on brand building. With a combined reported NAV of € 1.6m, the three holdings are not decisive for the case.

Reported NAV remains dominated by Limestone. 029 reports a NAV of € 33.7m for Limestone and € 4.0m for its 5% Periskop stake. Including the venture holdings, this adds up to € 39.3m or € 7.86 per share. Our fair NAV of € 25 per share (eNuW) is already well above that.

Downgrade is a valuation call, not an operational one. At c. € 41, the share has gained more than 25% ytd and trades c. 64% above our fair NAV per share, implying c. 40% downside to our PT. Operations at both platforms are developing as expected and our estimates are unchanged. Still, the share price more than reflects this progress, in our view. We downgrade to SELL (old: HOLD) with an unchanged PT of € 25, based on our NAV (SOTP).

You can download the research here: 029-group-se-2026-10-06-previewreview-en-9fd4d
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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