MLP SE

MLP said first-half 2026 total revenue increased 10% to around EUR 583 million, while EBIT rose to a record EUR 60.4 million. Growth was broad-based across Wealth, Life & Health, and Property & Casualty; Property & Casualty revenue increased 12% and Wealth revenue increased 11%. Assets under management rose to EUR 68.8 billion, non-life insurance premium volume reached EUR 865 million, equity increased from EUR 585 million to EUR 589 million, the regulatory core capital ratio was 17.7%, and the LCR was 831%. For 2026, management confirmed EBIT guidance of EUR 100 million to EUR 110 million and said it still plans EUR 140 million to EUR 155 million of EBIT by end-2028, with total revenue of EUR 1.3 billion to EUR 1.4 billion in that midterm plan.

The CEO opening emphasized that the business model is becoming more resilient and is still early in realizing its growth potential. He tied the record half-year to prior investments in digitalization, AI, training, quality, and innovation, and highlighted strategic expansion in private clients, corporate clients, and new platform-based offerings such as Praxeasy. His tone was confident and upbeat, while also stressing disciplined execution and continued cost control.

The CFO highlighted disciplined cost management, strong revenue growth, and favorable drivers such as higher assets under management, higher performance-based compensation, and an improved interest result. He noted that first-half EBIT was EUR 60.4 million, equity rose to EUR 589 million, the core capital ratio was 17.7%, and the LCR was 831%. He also said the pure personnel cost run rate is around 3%, while acknowledging bonus effects and higher staff in some areas; capital allocation commentary focused on maintaining a solid balance sheet and funding growth initiatives.

Analysts pressed on why full-year EBIT guidance was unchanged despite a strong first half and questioned whether MLP might beat the EUR 100 million to EUR 110 million range. Management said it remains cautious because second-half results depend heavily on capital markets and that no further performance fees are currently assumed, though it would revisit guidance if markets stay supportive. Questions also focused on the new Altersvorsorgedepot, but management said it is too early to quantify revenue or EBIT because the market structure is still uncertain. On Praxeasy, management said it is intended to support the medical-professionals client base, can become profitable over time, but will likely not contribute profits in the first 2-3 years; first-half figures included almost no contribution because the product has just launched.