MLP ETR: MLP reported record revenue and earnings for the first nine months of 2026, driven by growth in its wealth and insurance businesses, and reaffirmed its recently raised full-year earnings forecast.
Total revenue rose 12% year over year to €863 million, while earnings before interest and taxes (EBIT) increased 43% to €87.1 million, Chief Financial Officer Reinhard Loose said on the company’s earnings call. Third-quarter EBIT climbed to €26.7 million from €18.3 million a year earlier.
The company also reaffirmed its 2028 planning and discussed an upcoming leadership transition: CEO Uwe Schroeder-Wildberg will leave the role when his contract expires at the end of 2027, with Jan Berg set to succeed him.
Wealth Business Drives Revenue Growth
Revenue in MLP’s wealth business increased 16% to €431 million in the first nine months, the strongest growth among its main business areas. Loose attributed the increase to higher performance-based compensation, growth in assets under management and the interest-rate business.
Assets under management reached €70.1 billion at September 30, up from €65.9 billion at the end of 2025. Loose said performance-based compensation at FERI is accrued for positive investment performance and largely recognized in the results.
Property and casualty revenue rose 11% to €197 million, supported by higher non-life insurance business with corporate and private clients. Non-life insurance premium volume increased to €870 million from €809 million at the end of 2025. Life and health revenue was approximately unchanged from a year earlier at €199 million.
Loose said demand for private health insurance was relatively high and had grown somewhat more than expected at the start of the year. He also said a third-quarter revenue decline in industrial lines brokerage appeared to be a quarterly effect and that MLP expected growth in the business for both 2026 and 2027.
Forecast Reaffirmed as Pension Product Nears Launch
MLP confirmed its 2026 EBIT forecast of €110 million to €120 million, which it raised by €10 million in early October. The updated forecast does not include additional fourth-quarter performance fees, Loose said.
Asked about potential fourth-quarter performance fees under current market conditions, Loose said a low single-digit million-euro amount was possible, while noting that market volatility could change the outcome.
For 2028, MLP reaffirmed its plan for EBIT of €140 million to €155 million and revenue of €1.3 billion to €1.4 billion. It also maintained targets for assets under management of €75 billion to €81 billion and non-life insurance premium volume of €1 billion to €1.1 billion. The earnings plan includes only a limited contribution from performance-based compensation.
Loose said the original 2028 plan, issued in early 2025, did not include effects from the new Altersvorsorgedepot private pension product, scheduled to launch on January 1, 2027. He said it was too early to adjust the plan, but that the company would revisit it in 2027 once it had more experience with the business. He characterized the potential contribution as more positive than negative for the 2028 outlook.
MLP is seeing increased customer interest in the product, although Loose said there had not yet been many cross-selling effects in the fourth quarter. He said the standard banking solution would carry a 20-basis-point charge, plus internal costs depending on the exchange-traded fund included. MLP has approximately 170,000 Riester contracts representing about €3.6 billion, he said, correcting an earlier figure given on the call.
CEO Transition Planned for 2028
Schroeder-Wildberg said he would not seek another term after more than two decades as CEO. Berg, his appointed successor from January 1, 2028, currently holds executive roles at MLP Finanzberatung, MLP SE and MLP Banking.
Schroeder-Wildberg said he would retain full responsibility as CEO through the end of 2027 and stand for election to the supervisory board in 2028 at the request of several major shareholders.
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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