MLP (MLP) Q2 2025 earnings summary

Executive summary

• Achieved record revenue of €529.1 million in H1 2025, up 2.9–3% year-over-year, with growth across all core business fields and competence areas.

• Assets under management reached a record €63.9 billion and non-life insurance premium volume hit €785.4 million.

• EBIT for H1 2025 was €42.7 million, down 12–12.3% year-over-year but above the five-year average.

• Strategic investments in AI, digitalization, and corporate client expansion are driving operational improvements and future growth.

• Full-year 2025 EBIT guidance of €100–110 million and midterm 2028 targets for EBIT (€140–150 million) and revenue (€1.3–1.4 billion) reaffirmed.

Financial highlights

• Recurring revenue accounted for 68–70% of sales revenue at end-2024, supporting business stability.

• Net profit for H1 2025 was €28.9 million, down 23–23.5% year-over-year; EPS at €0.26, down from €0.35.

• Performance fees in H1 2025 were €2 million, down from €9.2 million in H1 2024.

• Cash flow from operating activities dropped to €46.0 million from €153.7 million year-over-year.

• Shareholders' equity at €560.6–561 million as of June 30, 2025; equity ratio at 13.4%; return on equity at 5.0–5.1%.

Outlook and guidance

• Full-year 2025 EBIT forecast reaffirmed at €100–110 million, with expectations of higher performance fees and strong Q4 contributions.

• Midterm (2028) targets: EBIT of €140–150 million, total revenue of €1.3–1.4 billion, and assets under management of €75–81 billion.

• Non-life insurance premium volume expected to grow to €1.0–1.1 billion by 2028.

• Cautious outlook for real estate development; positive momentum expected in life, health, and property and casualty segments.

• Continued focus on sustainability, including reducing per capita CO2 emissions and increasing women in management.