MLP (MLP) Investor update summary

Business model and operating position

• Advisory network spans wealth, life and health, and property and casualty for family and corporate clients; recurring revenue and personal advice underpin stability.

• Digital tools include a client financial home, consultant platform and AI-supported service; DOMCURA uses AI in claims handling up to a defined threshold.

• Revenue has grown every year since 2011, averaging 7% in recent years to over €1bn; recurring revenue exceeded 70% at year-end 2025.

• Assets under management reached €68.8bn; non-life premium volume was €865m at H1, with annual growth of ~30% in recent years and 20 consecutive years of portfolio growth.

Results and outlook

• H1 2026 revenue rose 10% YoY and EBIT increased over 40% to ~€60m; wealth sales grew 11%, life and health 3%, and P&C 12%.

• Q3 performance fees reached €21m, a quarterly record; slightly over 60% of performance fees typically flows through to EBIT, with margins varying.

• FY2026 EBIT guidance increased from €100m–€110m to €110m–€120m; plans include no further performance fees, though additional fees remain possible.

• 2028 targets remain EBIT of €140m–€155m, EPS of €0.90–€0.99 and AUM of €75bn–€81bn; dividend payout policy is 50%–70% of profit.

• Growth plans span all three business areas; wealth is the largest source of volatility and opportunity, while P&C was characterized as especially stable.

Strategic initiatives and growth opportunities

• Praxeasy launched to provide medical practices with practice-management and advisory services; it began operating in 2026, has initial customers and has received positive feedback.

• The Altersvorsorgedepot launches from 1 January 2027; planned offers include banking and insurance options, standard and advised investment solutions, and insurance contracts with or without guarantees.

• Around 170,000 existing contracts are under the old regime; customer consultations are underway ahead of the 2027 changes, viewed as a growth opportunity in wealth and life and health.

• Around €18bn is managed in alternative assets; further growth opportunities include corporate clients, corporate benefits and institutional clients.

• Revenue growth outpaced costs in recent years, supported by digitalization; the stated aim is to continue this trend and reduce costs.