Original-Research: 029 Group SE (von NuWays AG): SELL

Original-Research: 029 Group SE - from NuWays AG



06.10.2026 / 09:00 CET/CEST
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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 EUR 0.23m (H1 25: EUR 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 EUR 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 EUR 1.6m,
the three holdings are not decisive for the case.



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



Downgrade is a valuation call, not an operational one. At c. EUR 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 EUR 25, based on our NAV (SOTP).



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=0de4fef66638c9824715248ec7c875f2
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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2410782 06.10.2026 CET/CEST