MLP (MLP) Q3 2024 earnings summary

Executive summary

• Achieved record total revenue and EBIT for the first nine months of 2024, with strong Q3 performance and strategic realignment driving growth.

• Wealth competence/segment, especially wealth management and interest rate business, was the main growth driver.

• Digital strategy, AI adoption, and strategic acquisitions enhanced client service, operational efficiency, and stability.

• Assets under management reached €61.0 billion, and non-life insurance premium volume hit €736 million, nearing or meeting 2025 targets.

• Client base expanded to 585,600 private and 27,900 corporate/institutional clients.

Financial highlights

• Total revenue grew by 11% year-over-year to €763.3 million for the first nine months.

• EBIT rose 47% to €66.4 million, with Q3 contributing €17.8 million.

• Net profit for the period was €48.1 million, up 66% year-over-year; EPS increased to €0.44.

• Assets under management up 7% to €61.0 billion; non-life insurance premium volume up 7.1% to €736 million.

• Return on equity reached 9.0%, and EBIT margin improved to 8.7%.

Outlook and guidance

• Full-year 2024 EBIT guidance raised to €85–95 million, with 2025 target reaffirmed at €100–110 million.

• Now expects a significant increase in full-year sales revenue, revising earlier guidance.

• Anticipates stable revenue in non-life and health insurance, significant growth in wealth management, and a slight increase in loans and mortgages revenue.

• Real estate development expected to remain negative in 2024, with turnaround and positive EBIT in 2025.

• Continued focus on digitalization, cost efficiency, and M&A activities to drive sustainable growth.