MLP Q3 2026 slides: record revenue, EBIT surge 43% on wealth gains By Investing.com

MLP SE reported record results for the first nine months of 2026, supported by strong growth in wealth management and disciplined cost control. The German financial services group said its previous investments and strategically developed growth opportunities were increasingly contributing to performance.

Total revenue rose 12% year over year to €863 million, compared with €773.1 million in the same period of 2025. Earnings before interest and taxes advanced considerably faster, climbing 43% from €61.1 million to €87.1 million.

Net profit increased 32% to €58.8 million, while earnings per share rose to €0.54 from €0.41. Management attributed the improvement to strong revenue momentum, operating leverage and continued cost discipline.

MLP shares were trading at $11.72, close to their 52-week high of $11.94. Despite modest recent weakness, the stock had gained approximately 79% over the preceding year.

Wealth business leads revenue growth

The Wealth competence field was the main growth driver, with nine-month revenue increasing 16% to €431 million from €372 million. It accounted for approximately 52% of MLP’s total sales revenue.

Within Wealth, revenue from wealth management surged 21% to €336 million. Interest income increased 3% to €61 million, while real estate brokerage revenue was broadly stable at €25 million. Revenue from loans and mortgages declined 18% to €9 million.

Assets under management exceeded €70 billion for the first time, reaching €70.1 billion at the end of September. This compared with €65.9 billion at the end of 2025 and reflected a compound annual growth rate of approximately 9% since 2020.

Management cautioned that performance fees and remeasurement gains helped recent results but should not be extrapolated at the same rate, as their contribution is expected to be lower in the fourth quarter.

Insurance operations provide diversification

Property and Casualty insurance revenue rose 11% to €197 million, representing around 24% of total revenue. Non-life insurance premium volume reached a record €870 million, supported by a compound annual growth rate of about 13% since 2020.

Life and Health revenue remained broadly unchanged at €199 million. Old-age provision revenue slipped 1% to €145 million, while health insurance revenue grew 4% to €55 million.

MLP said its diversified model allows stronger business areas to offset weaker performance elsewhere. The company expects demographic changes to increase demand for advice among family clients. At the same time, shortages of skilled workers are encouraging corporate customers to offer benefits such as occupational pensions and health insurance.

Balance sheet remains solid

Shareholders’ equity increased to €609 million as of September 30, up from €585 million at the end of 2025. The equity ratio stood at 14.4%, while return on equity reached 10%.

MLP Financial Holding reported a core capital ratio of 18.2%. Its liquidity coverage ratio was 922%, leaving the business well above applicable regulatory requirements.

Recurring revenue remains an important feature of the group’s business model. At the end of 2025, 72% of sales revenue was classified as recurring, amounting to €756 million.

2026 EBIT guidance confirmed

MLP confirmed its upgraded 2026 EBIT forecast of €110 million to €120 million. The range had previously been raised from €100 million to €110 million in early October.

The company upgraded its sales outlook for the Wealth field from “positive” to “very positive.” Property and Casualty retained a “positive” assessment, while Life and Health was lowered from “positive” to “neutral.”

For 2028, MLP continues to target EBIT of €140 million to €155 million, earnings per share of €0.90 to €0.99 and total revenue of €1.3 billion to €1.4 billion. By comparison, the company recorded 2025 EBIT of €87.9 million, earnings per share of €0.51 and total revenue of approximately €1.1 billion.

The strategy includes expanding non-life insurance premium volume to between €1 billion and €1.1 billion and increasing assets under management to between €75 billion and €81 billion. MLP also plans to pursue additional growth among families, corporate customers, high-net-worth individuals and institutional clients.

New pension product planned for 2027

A key future growth initiative is the planned 2027 launch of the Altersvorsorgedepot, a private pension product. MLP is preparing approximately 170,000 clients with Riester contracts, representing about €3.6 billion in volume, for decisions expected in early 2027.

The standard version of the product is expected to carry a fee of 20 basis points plus internal costs associated with exchange-traded funds. Management anticipates that most clients will choose the depot solution offered through MLP Banking, while some may select insured products through the financial consulting business.

The launch will keep banking personnel costs elevated through 2027 due to service expansion and advance recruitment. Competitive pressure in the deposit market is also increasing, although management said MLP’s rates remain comparable with those of established competitors and its balance sheet remains stable.

MLP concluded that its investments are translating into stronger growth and profitability. Management’s priorities include realizing additional sales potential, applying artificial intelligence across the business and maintaining tight cost control.