MLP (MLP) Q3 2024 earnings summary

Executive summary

• Achieved record total revenue and EBIT for the first nine months of 2024, driven by strong Q3 performance, strategic realignment, and robust results in wealth management and interest rate business.

• Total revenue reached €763.3 million, up 11.5% year-over-year, with all competence fields contributing to growth.

• EBIT rose 47% to €66.4 million, and net profit climbed 66% to €48.1 million.

• Assets under management hit €61.0 billion, approaching the 2025 target of €62–68 billion.

• Digital strategy and AI adoption are enhancing client service and operational efficiency.

Financial highlights

• Total revenue for 9M 2024 increased by 11% to €763.3 million, with recurring revenue at nearly 70%.

• EBIT margin improved to 8.7%, and net margin rose to 6.3%.

• Net income grew 66% to €48.1 million; EPS increased to €0.44.

• Shareholders' equity increased to €547.5 million; equity ratio at 13.7%.

• Cash flow from operating activities surged to €122.5 million, and cash and cash equivalents rose to €1,113.4 million.

Outlook and guidance

• Full-year 2024 EBIT forecast raised and confirmed at €85–95 million; 2025 EBIT target reaffirmed at €100–110 million.

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

• Anticipates continued strong growth in wealth management, stable revenue in life and health, and property and casualty fields.

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

• Dividend payout policy remains at 50–70% of net profit, with potential for a small increase.