Märkte & Kurse

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Original-Research: Netfonds AG - from NuWays AG

13.03.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Netfonds AG

     Company Name:                Netfonds AG
     ISIN:                        DE000A1MME74

     Reason for the research:     Update
     Recommendation:              SELL
     Target price:                EUR 78.25
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Frederik Jarchow

Warburg Pincus Takeover Bid & blau direkt Alliance; chg. PT

Earlier this week Netfonds announced a landmark transaction: Warburg Pincus,
a leading global growth investor, has entered into an investment agreement
with Netfonds and has already launched a voluntary public tender offer to
acquire all outstanding Netfonds shares at EUR 78.25 per share in cash.
Simultaneously, Netfonds and blau direkt, Germany's leading insurance broker
pool, will form a strategic alliance under a joint private ownership
structure, creating a combined entity with revenues in excess of EUR 550m and
more than 600 employees.

Offer premium is compelling. The offer price of EUR 78.25 per share represents
a premium of 64.4% to the closing price on 6 March 2026 and a premium of
78.3% to the three-month volume-weighted average price (VWAP). As of the
announcement date, Warburg Pincus had already irrevocably secured
approximately ~53% of Netfonds shares, including the shareholdings of CEO
Martin Steinmeyer, CFO, CBO, and co-founder Karsten Dümmler. Management
Board and Supervisory Board support the offer unanimously and explicitly.

A natural strategic fit. While the transaction structure is new, the
cultural and strategic alignment between Netfonds and blau direkt is
well-established. Both companies had already collaborated on comparit, a
cross-industry comparison tool for independent advisers. Netfonds
contributes deep expertise in investment intermediation, regulation, and its
proprietary 360° finfire platform, while blau direkt brings two decades of
leading automation experience in the insurance sector. Together, the group
intends to develop state-of-the-art AI applications and position itself as
the operating system of the German financial and insurance advisory market.

Continuity and independence preserved. Netfonds will operate as a
complementary sister company within the group, retaining its brand, Hamburg
headquarters and corporate culture. Management will participate in the
combined holding and remain in their leadership roles - a clear sign of
entrepreneurial conviction. The rationale for going private is equally
clear: the combined platform's full growth potential, particularly in
AI-driven automation and the Tjara portfolio succession infrastructure, is
best unlocked away from the cost and volatility of public markets.

Delisting planned. The offer document was published on 9 March 2026, opening
a six-week acceptance period ending 20 April 2026. The offer is not subject
to a minimum acceptance threshold and is conditional only upon customary
regulatory approvals. Netfonds will initiate termination of its market
inclusion upon completion of the offer; no separate delisting offer is
required. Warburg Pincus additionally reserves the right to subscribe for up
to 9.9% of current share capital via a potential capital increase.

As the offer price is above our old PT of EUR 74.00 we raise it to the offer
price of EUR 78.25 and recommend investors to accept it and SELL the shares.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=9cd13795bb8ea2f84170308a1c6faaed
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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2290878 13.03.2026 CET/CEST

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