MLP (ETR:MLP) executives used the company’s analyst and investor conference to highlight what CEO Dr. Uwe Schroeder-Wildberg called a “highly successful” financial year 2025, marked by record revenue, rising client assets and an expanded use of artificial intelligence across the group’s advisory and insurance operations.
Record revenue and rising recurring share
Management said the group generated total revenue of EUR 1.08 billion in 2025, the highest in MLP’s history and, according to Schroeder-Wildberg, the 12th consecutive record. CFO Reinhard Lohse added that recurring sales revenue reached 72% at year-end 2025, which the company described as an indicator of long-term earnings stability.
- Property and casualty revenue increased 8% to EUR 223 million.
- Life and health revenue was “largely stable” at EUR 303 million.
- Wealth revenue was “stable” at EUR 510 million.
In property and casualty, management attributed the growth to heightened demand for professional coverage among both corporate and private clients, citing increased awareness of climate, cyber, and other risks. In life and health, executives pointed to ongoing interest in high-quality healthcare services—particularly private health insurance and occupational health insurance—while noting that some employers were reluctant to introduce new occupational pension concepts.
In wealth, Lohse said the interest-rate business declined following European Central Bank rate cuts, while loans and mortgages and real estate brokerage benefited from the same rate environment. He also highlighted that performance-based compensation in wealth management fell sharply to EUR 10.7 million from EUR 33.9 million a year earlier, reflecting capital market developments. Excluding performance-based compensation, Lohse said wealth management revenue would have increased 7% in 2025.
EBIT affected by real estate one-off; 2026 guidance raised above EUR 100 million
MLP reported EBIT of EUR 87.9 million for 2025, which Lohse said was lower than 2024 but above the 2023 level of EUR 70.7 million. The 2025 figure included a one-off effect of -EUR 9.2 million tied to the “focusing” of the real estate business at subsidiary Deutschland.Immobilien. Excluding that item, management said EBIT would have been EUR 97.1 million.
Group net profit was EUR 55.7 million. Lohse also reported shareholders’ equity of EUR 585 million at December 31, 2025, a core capital ratio of 16.6%, and a liquidity coverage ratio (LCR) of 972%, well above the 100% regulatory minimum.
For 2026, management guided to EBIT of EUR 100 million to EUR 110 million, citing continued operating momentum, a further intensified use of AI, and disciplined cost management. In the Q&A, executives emphasized that the step from adjusted 2025 EBIT of EUR 97 million to EUR 100 million was “extremely low,” and said they expect revenue growth across wealth, life and health, and property and casualty. They also reiterated that performance-based compensation is included only to a limited extent in planning.
Dividend maintained; management addresses share price concerns
The executive board will propose a dividend of EUR 0.36 per share for 2025, maintaining the prior-year level. Lohse said the implied payout ratio would be almost 71% of net profit, slightly above the stated corridor of 50% to 70%, while keeping the dividend yield at “just over 5%.”
Responding to a question about the dividend yield in the context of disappointing share price performance, Schroeder-Wildberg said management was not satisfied with the share price trend, but argued the current yield could be attractive for investors entering at current levels. He said the company’s focus is on raising EBIT, which he suggested should support share performance over time.
Artificial intelligence positioned as an operational “accelerator”
Both executives repeatedly framed AI as a major strategic pillar. Schroeder-Wildberg said MLP is integrating AI “on a broad scale” where it directly benefits clients and consultants, while stressing a “targeted and responsible” approach. He argued that empathy remains a differentiator in financial advice and that “people want to be advised by people,” even as AI takes on administrative tasks.
As examples, management described AI agents at Domcura that can process non-life insurance claims fully automatically, and an additional AI agent for automated policy optimization and conclusion on request. Schroeder-Wildberg also outlined an end-to-end, AI-supported process in the private client business for non-life products requiring little consultation: once a consultant initiates the process and the client uploads an existing policy, an AI agent analyzes the contract, requests missing data, proposes an optimized contract, enables digital signature, issues the new policy and cancels the old one—while keeping the consultant informed.
The company also discussed an “AI agent system” aimed at reducing administrative burden on consultants, supporting tasks ranging from daily planning and meeting preparation to tariff calculations, applications, and follow-up work, while providing clients with 24/7 digital self-service embedded in the “MLP Financial Home.”
Midterm targets reiterated; corporate client expansion highlighted
Management reiterated its midterm plan to reach EBIT of EUR 140 million to EUR 155 million and total revenue of EUR 1.3 billion to EUR 1.4 billion by the end of 2028, with growth expected across all competence fields. The plan also includes increasing assets under management from EUR 65.9 billion to EUR 75 billion to EUR 81 billion and expanding the non-life insurance portfolio from roughly EUR 0.8 billion to EUR 1.0 billion to EUR 1.1 billion.
Lohse said MLP increased assets under management to EUR 65.9 billion and described the group as, “to the best of our knowledge,” the second largest bank-independent asset manager in Germany. He also reported a record managed non-life insurance premium volume of EUR 809 million, which he compared in size to a mid-sized non-life insurer in the German market.
Schroeder-Wildberg highlighted corporate client expansion as a strategic focus, noting more than 27,000 corporate and institutional clients already. He described the group’s newer commercial insurance broker platform, RVM Smart Protect, aimed at SMEs and drawing on RVM expertise, with management citing market potential of more than 400,000 companies nationwide. For larger industrial clients, management pointed to RVM’s established position in Germany and referenced potential synergies with occupational pension scheme clients.
Within corporate provision, Schroeder-Wildberg said MLP plans to increase sales revenue in occupational pension schemes with annual growth rates of 19% until 2028, and targets annual growth of 46% in new business for occupational health insurance schemes over the same period. In property and casualty, he said the group is aiming to grow the non-life insurance portfolio related to corporate clients brokered by MLP consultants at annual growth rates of 13% until 2028.
In the Q&A, management said it had not observed a direct correlation between the Ukraine war and property and casualty business trends so far. On costs, Lohse said operating expenses were stable in 2025 when excluding the one-time depreciation effect at Deutschland.Immobilien, and noted a 10% increase in IT costs driven by investment in areas including AI, offset by savings elsewhere. For 2026, he said the company planned only “a little” cost growth.
Executives also discussed the real estate repositioning at Deutschland.Immobilien, saying four projects remained on the balance sheet as land positions without construction, with decisions still pending on whether to sell or develop them. If developed, management said those projects could remain on the balance sheet until around 2030.
On taxation, Lohse said a “normalized” tax rate is 29.8%, attributing the higher 2025 tax rate of 34.6% mainly to losses at Deutschland.Immobilien that cannot be offset within the main tax group. He added that following the amortization of EUR 9.2 million of Deutschland.Immobilien goodwill, the remaining EUR 2.5 million was viewed as “relatively safe,” supported by a business plan for advisory services (“Projektkonzeption”).
Regarding M&A, Schroeder-Wildberg said the company remains in discussions and monitors the market, but offered no specific projects. He noted MLP had paused further moves in the industrial broker segment due to what he described as elevated prices, emphasizing an intention to avoid overpaying.
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.
