MLP (MLP) Q2 2024 earnings summary

Executive summary

• Achieved record total revenue of €514.3 million (up 8.3%) and EBIT of €48.7 million (up 30.1%) in H1 2024, driven by strong Wealth Management and interest rate business.

• Assets under management surpassed €60.5 billion, reflecting significant growth and client trust.

• Client base expanded across family, corporate, and institutional segments.

• Strategic focus on digitalization, consultant training, and leveraging synergies across group companies.

• Executive board changes and succession planning announced for 2025.

Financial highlights

• H1 2024 total revenue: €514.3 million (+8.3% YoY); EBIT: €48.7 million (+30.1% YoY); net profit: €37.8 million (+59.9% YoY); EPS: €0.35 (+45.3% YoY).

• Wealth Management revenue grew 26% to €240 million; interest income up 66% to €46 million; real estate brokerage revenue more than doubled.

• Property & Casualty revenue stable at €131 million (+2.6% YoY); Life & Health revenue at €123 million (+0.5% YoY).

• Cash flow from operating activities in H1: €153.7 million; net liquidity at June 30 was around €220 million.

• Shareholders' equity at €570.2 million (+7.1% from Dec 2023); dividend of €0.30 per share for 2023 paid in July 2024.

Outlook and guidance

• 2024 EBIT forecast confirmed at €75–85 million, with expectations to reach the upper half.

• 2025 EBIT target reaffirmed at €100–110 million, based on growth in assets under management and non-life insurance.

• Slight increase in sales revenue and significant increase in commission income expected for 2024; interest income to remain high, real estate development revenue to fall.

• Real estate brokerage and the Growth Opportunities Act expected to support future earnings.

• Acquisitions not yet factored into 2025 planning but remain a strategic option.