Beno Holding AG: mwb research AG initiates coverage with a Buy recommendation

Munich, 21 January 2026 (pta018/21.01.2026/12:45 UTC+1)

BENO Holding AG (WKN: A11QLP, ISIN: DE000A11QLP3), a German owner and asset manager of light industrial and logistics properties, announces that mwb research AG has initiated coverage of the company. In its initiation study published yesterday, mwb research AG rates the shares of BENO Holding AG ("BENO") as "BUY" and sets a price target of EUR 12.50, implying significant upside potential from the current share price.

In its analysis, mwb research AG particularly highlights BENO's fully implemented, digital and scalable asset management platform as a key value driver. This platform enables the company to operate efficiently in a pronounced buyer's market and to integrate newly acquired properties immediately into the portfolio in a cash flow– and earnings-effective manner. The existing property portfolio already covers the platform's fixed costs, allowing for additional growth to be realized with limited overhead.

The research also emphasizes the high quality and stability of the portfolio, with an occupancy rate of approximately 97%, long-term secured lease agreements, and an attractive average rent level in secondary German industrial regions. According to mwb research, the current valuation of the share does not reflect the company's operational maturity, cash flow strength, and further value creation potential, and is significantly below the reported net asset value (NAV).

In addition, the study points to the conservative financing structure, a moderate loan-to-value ratio, and a well-filled acquisition pipeline that enables further value-enhancing growth without this already being assumed in the forecasts.

The full research report is available on the website of mwb research AG as well as on the company's website (https://www.beno-gruppe.de/investoren/).

About the Company

BENO Holding AG is an asset manager and owner specializing in operationally essential real estate. By combining active asset management with long-term ownership, the company is able to act consistently from an owner's perspective and to optimally manage value-preserving as well as value-enhancing measures.

The consistently pursued approach of "buy, transform & hold" creates a future-proof, sustainable and economically attractive real estate investment for all stakeholders. As a pioneer in the development and integration of digital twins, BENO goes far beyond the role of a traditional property owner. In close cooperation with technology partners, the company actively drives innovations in the field of digital building representation.

Assets under management (AUM) currently comprise 12 German locations with around 36 tenants and a total lettable area of approximately 158,000 sqm. The current market value of the properties amounts to approximately EUR 90 million.

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Emitter:	Beno Holding AG Brienner Str. 7 80333 München Germany
Contact Person:	Florian Renner
Phone:	+49 89 20 500 410
E-Mail:	info@beno-gruppe.de
Website:	www.beno-gruppe.de
ISIN(s):	DE000A11QLP3 (Share) DE000A3H2XT2 (Bond)
Stock Exchange(s):	Free Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart