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Original-Research: MPC Capital AG - from Quirin Privatbank

Kapitalmarktgeschäft

26.09.2025 / 15:29 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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 Quirin Privatbank Kapitalmarktgeschäft to MPC Capital AG

Company Name: MPC Capital AG

ISIN: DE000A1TNWJ4

Reason for the research: Update

Recommendation: Buy

from: 26.09.2025

Last rating change:

Analyst: Klaus Soer

Stable Revenues, Guidance Confirmed

MPC Capital reported stable H1 25 revenues of EUR 21.6m (+1% yoy).

Management fees increased by 5% to EUR 18.0m and transaction service

decreased by 6% yoy to EUR 3.1m. Group EBIT was EUR 2.2m vs EUR 10.0m and

EBT was EUR 12.8m vs EUR 16.5m in H1 24. The EBIT step-down stems from a

normalization of other operating income: H1 24 included ~EUR 15.1m of book

gains (mainly vessel deliveries), whereas H1 25 contained only ~EUR 0.4m

within EUR 3.7m of other operating income. However, EPS rose to EUR 0.32

(+18% yoy) and AuM reached EUR 5.3bn (+10% yoy). Operating expense

decreased as planned, with H1 24 still affected by the Zeaborn integration

costs. As the integration was completed in H1 25, recurring management fee

again fully covered cash operating costs. Operations progressed in both

platforms. 1) In Maritime, MPC broadened its service offering with the final

integration of Zeaborn and the 50% acquisition of BestShip in January 2025;

BestShip's digital performance platform now supports roughly 450 vessels.

MPC also launched the offshore-services platform „MPC OSE Offshore,“ a JV

with O.S. Energy and Eurazeo and a European family office, with an initial

plan for up to six offshore wind service vessels. Further, transaction

related to fleet renewal included the delivery of the 1,300 TEU dual-fuel

Greenbox vessels NCL VESTLAND and NCL NORDLAND, which can be operated by

green methanol. Contracted newbuilding projects of around USD 800m should

lift AuM as vessels deliver over the next two years. The balance sheet

remains conservative. At H1 25, the equity ratio was 84.1% and cash EUR

23.2m after the EUR 9.5m dividend. MPC confirmed FY25 guidance of EUR 43-47m

revenues and EUR 25-30m EBT, in line with our expectations. Based on our DCF

and sum-of-the-parts valuations, we derive a fair value of EUR 7.00 per

share, >40% upside vs. the current share price. We reiterate our strong BUY

recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=fbbff938f310933a755e8ccbbbb9d505

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2204536 26.09.2025 CET/CEST

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