MLP (MLP) Q3 2026 earnings summary

Executive summary

• 9M total revenue reached a record €863.0m, up 11.6% YoY; EBIT rose 42.6% to a record €87.1m and net profit increased 31.8% to €58.8m.

• AUM reached €70.1bn and managed non-life premiums €870.3m, both record levels; growth was strongest in Wealth and Property & Casualty.

• Continued development and investment are making strategically created growth potential visible; management emphasized growth, AI and cost management.

Financial highlights

• 9M sales revenue rose 10.7% to €835.7m; other income increased 49.6% to €27.3m, partly reflecting higher performance compensation and a €16.2m real estate-business disposal gain.

• Gross profit rose 16.5% to €453.7m; gross profit margin was 52.6% versus 50.4%, and EBIT margin was 10.1% versus 7.9%.

• 9M EBT was €85.5m, up 44%; EPS was €0.54 versus €0.41. Q3 EBIT reached €26.7m versus €18.3m and net profit was €16.7m versus €15.7m.

• 9M operating cash flow was €61.0m versus negative €5.3m; investing cash flow was negative €36.7m and financing cash flow negative €65.3m.

Outlook and guidance

• FY26 EBIT guidance remains €110m–€120m, raised from €100m–€110m on Oct. 2 on strong YTD performance and expected benefits from higher AUM and ECB rate increases.

• 2028 targets reaffirmed: EBIT €140m–€155m, total revenue €1.3bn–€1.4bn, EPS €0.90–€0.99, AUM €75bn–€81bn and non-life premiums €1.0bn–€1.1bn.

• 2028 planning assumes only a limited or partial contribution from FERI performance-based compensation; Altersvorsorgedepot effects were excluded from the original plan and may be reassessed in 2027.

• FY26 sales revenue outlook: Wealth very positive, Life & Health neutral, Property & Casualty positive; total and sales revenue are expected to increase slightly.

• Revised 2026 guidance assumes no Q4 performance fees; management expected at least a low-single-digit-million-euro Q4 fee under prevailing conditions, with income sensitive to market volatility.