MLP (MLP) Q4 2024(Media) earnings summary

Executive summary

• Achieved record total revenue of €1,067 million in 2024, up 10% year-over-year, surpassing €1 billion for the first time and marking the eleventh consecutive year of growth.

• EBIT rose 34% year-over-year to €95 million, at the upper end of guidance, driven by strong Wealth competence field performance.

• Net profit increased 57% to €69.3 million; EPS rose 43% to €0.63.

• Assets under management reached €63.1 billion (+11% year-over-year), and non-life insurance portfolio volume grew to €751 million (+9%).

• Proposed dividend increased 20% to €0.36 per share, with a payout ratio of 57% of net profit.

Financial highlights

• Recurring revenue accounted for 68% of sales, totaling €708 million.

• Equity ratio at 13.7%, core capital ratio at 19.2%, and liquidity coverage ratio at 1,843%.

• Share price rose 34% from Dec 2022 to Feb 2025; dividend policy targets 50-70% payout of net profit.

• Wealth competence field revenue up 27% to €520 million; Life & Health stable at €298 million (+1%); Property & Casualty up 3% to €206 million.

• Others competence field revenue declined 66% to €13 million due to risk reduction measures.

Outlook and guidance

• 2025 EBIT forecasted at €100–110 million; total revenue expected to exceed €1.1 billion.

• Mid-term 2028 planning targets EBIT of €140–150 million, revenue of €1.3–1.4 billion, and AUM of €75–81 billion.

• Non-life insurance portfolio volume projected to reach €1.0–1.1 billion by 2028.

• Strategic focus on expanding consulting for family clients, corporate client business, and multi-asset approach for institutional clients.

• Real estate business expected to contribute positively in 2025.