MLP Raises 2026 EBIT Outlook After Record Q3 Performance Fees

Key Points

• MLP raised its 2026 EBIT outlook to €110 million–€120 million from €100 million–€110 million after record third-quarter performance fees of €21 million. The company said the revised range would represent a record result.
• First-half 2026 revenue rose 10% year over year, while EBIT increased more than 40% to about €60 million. Assets under management reached €68.8 billion, and recurring revenue accounted for more than 70% of total revenue at the end of 2025.
• MLP continues targeting €140 million–€155 million in EBIT by 2028, supported by growth in wealth management and insurance. The company also sees opportunities in Germany’s new 2027 retirement-savings framework, digital tools and AI, corporate insurance, and medical-practice advisory services.

MLP ETR: MLP CFO Reinhard Loose outlined the financial services group’s growth strategy, reported first-half gains across its three core business areas and raised the company’s 2026 EBIT outlook following stronger-than-expected performance fees in the third quarter.

Loose said MLP’s business model combines personal financial advisory with technology-enabled processes. The group serves family and corporate clients in wealth management, life and health insurance, and property and casualty insurance through several brands and subsidiaries.

“We see our business model as a very interesting connection between stability on one side and growth prospects on the other side,” Loose said, pointing to recurring revenue, growing assets under management and insurance premium volumes as supports for the business.

Recurring Revenue and First-Half Growth

MLP generated more than €1 billion in revenue and said more than 70% of its revenue at the end of 2025 was recurring. Loose said the company’s revenue has increased every year since 2011 and has grown at an average annual rate of roughly 7% in recent years.

The group reported a 10% increase in revenue for the first six months of 2026 compared with the prior-year period. EBIT rose by more than 40% to approximately €60 million, according to Loose. Revenue increased 11% in wealth management, 3% in life and health, and 12% in property and casualty insurance.

• Assets under management reached €68.8 billion.
• Non-life insurance premium volume stood at €865 million at the half-year mark.
• First-half performance fees totaled about €8.5 million.
• Third-quarter performance fees added another €21 million.

Loose described the third-quarter performance-fee result as a record for that quarter. He said MLP had previously never generated more than €20 million in performance fees during a third quarter, although the company had recorded more than €20 million in one quarter in the past.

He cautioned that performance fees are volatile and difficult to forecast. As a rough estimate, he said a little more than 60% of performance fees can flow through to EBIT, though margins can vary by component.

2026 Outlook Raised

Following the third-quarter performance-fee contribution, MLP raised its full-year 2026 EBIT forecast to a range of €110 million to €120 million, from a previous range of €100 million to €110 million. Loose said the updated range would represent a record EBIT result for the company.

The company’s original 2026 planning range included roughly €8 million of performance fees, he said. MLP is not assuming additional performance fees for the remainder of the year, although Loose said further fees remain possible depending on market developments.

Loose added that the company expects its interest result to continue increasing, while noting that business in life and health could be somewhat weaker late in the year as clients prepare for changes to retirement-savings products in 2027.

MLP continues to target EBIT of €140 million to €155 million in 2028, which Loose said would correspond to earnings per share of €0.90 to €0.99. The company expects growth across wealth, life and health, and property and casualty insurance to support that target. MLP expects assets under management to reach €75 billion to €81 billion by 2028.

Retirement Products and Digital Tools

Loose highlighted the planned introduction of the Altersvorsorgedepot retirement-savings framework from Jan. 1, 2027, as an opportunity for MLP. The company plans to offer both banking and insurance-based retirement solutions, including standardized investment products as well as individually advised solutions.

MLP has about 170,000 contracts under the existing retirement regime, according to Loose. He said the group has begun discussing the new options with affected clients and expects demand for guidance because clients’ needs can differ based on age, risk profile and preferred level of investment flexibility.

In response to questions about competition from low-cost banks and neobrokers, Loose said MLP expects the market to be highly competitive. However, he said not all clients will choose standardized banking products, and some may prefer insurance solutions or individually tailored portfolios containing additional funds or exchange-traded funds.

The company is also expanding its use of artificial intelligence. Loose said MLP uses AI-supported processes in areas including claims management at subsidiary DOMCURA, where certain claims can be processed automatically up to specified thresholds. AI tools are also being deployed to help clients find answers to insurance questions and to support advisers.

Corporate Clients, Medical Practices and Client Acquisition

Loose said MLP is pursuing growth in corporate clients, particularly in property and casualty insurance. The company has made acquisitions in the past, including RVM, but has avoided some potential transactions because valuations in the industrial brokerage market were too high.

Instead, MLP has added teams of advisers over the past 12 months. Loose said finding qualified corporate-client advisers remains difficult, though he said the business is developing in the intended direction.

The group has also launched Praxeasy, a new business aimed at providing medical practices with practice-management and specialized advisory services. Loose said about 20% of medical doctors in Germany are MLP clients. Praxeasy began operations during 2026 and has secured its first customers, with early feedback described as positive.

For younger client segments, Loose said MLP increasingly uses online lead generation. More than half of new clients in that segment come through online contact, he said, including via MLP-owned student platform Uniwunder, which has more than 2 million registered or active student users in Germany.

MLP’s dividend policy remains to distribute between 50% and 70% of profit, Loose said, adding that the company intends to continue increasing its dividend as earnings rise.

About MLP (ETR:MLP)

MLP SE, together with its subsidiaries, provides financial services to private, corporate, and institutional clients in Germany. The company operates through Financial Consulting, Banking, FERI, DOMCURA, Industrial Broker, and Deutschland.Immobilien segments. The Financial Consulting segment offers consulting services for academics and other clients related to insurance, investments, occupational pension provision schemes, and loans and mortgages, as well as the brokering of contracts in financial services.

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