MLP (ETR:MLP) reported record revenue and earnings for the first half of 2026, supported by growth across its wealth, life and health, and property and casualty businesses. The financial services group confirmed its full-year EBIT forecast of €100 million to €110 million and its 2028 planning targets.
Chief Financial Officer Reinhard Loose said the group generated total revenue of about €583 million in the first six months, up 10% from a year earlier. EBIT reached a record €64 million, reflecting revenue growth, disciplined cost management, higher assets under management, performance-based compensation and an improved interest result.
Growth Across Core Business Areas
Revenue rose in all three of MLP’s competence fields during the first half. Property and casualty revenue increased 12%, while wealth revenue rose 11%. Revenue in life and health also advanced, with both retirement provision and health insurance modestly above their prior-year levels, according to the company.
In property and casualty, MLP cited growth in non-life insurance premium volume managed for corporate and private clients. The managed premium volume rose to a record €865 million.
In wealth management, the company benefited from higher assets under management and performance-related compensation. Assets under management climbed to a record €68.8 billion despite a temporary decline in capital markets during the first half, Loose said.
MLP said recurring revenue represented about 70% of group revenue at the end of 2025. The recurring portion is generated primarily through continuing client support in the property and casualty and wealth businesses, while new business—particularly in life and health—accounts for the remainder.
During the question-and-answer session, Loose said pure performance fees totaled €8.5 million in the first half. The company also recorded €3.6 million in carried-interest-related revenue in the second quarter, which was booked in other income. The EBIT contribution from the carry-related revenue was “almost zero,” while performance fees generally have an EBIT effect of around two-thirds of the total amount, he said.
Capital Markets Remain a Variable for Guidance
MLP retained its 2026 earnings outlook despite its strong first-half performance. Loose said the decision reflected uncertainty around capital-market performance in the second half, as performance-based compensation is affected by market conditions.
“If the market continues as good as they are right now, then obviously there might be a potential at the end of the next quarter to discuss about changing our guidance,” Loose said. “But at the moment, we are… concerned what the capital markets will bring in the second half of the year.”
The company said its current second-half expectations do not include further performance fees. It expects earnings growth during 2026 to be supported by rising revenue across all three competence fields.
MLP also reaffirmed its medium-term plan to generate EBIT of €140 million to €155 million on total revenue of €1.3 billion to €1.4 billion by the end of 2028. The company said this plan assumes significant growth in assets under management and managed non-life premiums, while incorporating performance-based compensation conservatively.
At June 30, equity stood at €589 million, compared with €585 million at the end of 2025. MLP reported a regulatory core capital ratio of 17.7% and a liquidity coverage ratio of 831%, well above the regulatory minimum of 100%.
New Platforms and Pension-Product Preparations
MLP said it has introduced an AI-supported offering for doctors in private practice called Praxeasy following a pilot phase. The platform is intended to help medical professionals with administrative processes, including appointment and patient management, while remaining integrated with existing practice-management systems.
Loose said Praxeasy had attracted positive initial interest but had no material impact on first-half figures because it had only recently launched. The offering will be included in the Finanzberatung segment. He described it as part of MLP’s broader approach to serving medical professionals, rather than solely as a marketing tool, and said the company expects it eventually to become profitable, though not within its first two or three years.
The company also discussed preparations for the government-backed Altersvorsorgedepot, a new subsidized retirement savings framework expected to replace the current Riester pension from Jan. 1, 2027. MLP plans to offer an account anchored at MLP Banking, alongside customized solutions and insurance products from product partners.
Loose said the company could not yet quantify the revenue or EBIT opportunity from the new retirement savings product because the market structure and competitive landscape remain uncertain. Still, MLP intends to be ready to launch at the beginning of 2027 and expects the expanded product choices to increase the need for advice.
Segment Restructuring and Cost Outlook
MLP also outlined a restructuring involving Deutschland.Immobilien and Finanzberatung. The company transferred sales support and product management for real estate from Deutschland.Immobilien’s Vertrieb Deutschland business to Finanzberatung, where management said most relevant sales activity occurs.
The transaction involved a €16 million price paid from Finanzberatung to Deutschland.Immobilien, but Loose said it has no effect at the group level because it is eliminated in consolidation. Deutschland.Immobilien will focus more heavily on third-party sales channels and may also benefit from potential sales of existing real estate projects.
On costs, Loose said personnel expenses were affected by bonus payments during the second quarter, as well as increased staffing at FERI Banking and DOMCURA to support business growth. Excluding bonus components, he said the personnel-cost run rate was around 3%.
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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