MLP (ETR:MLP) reported record first-quarter revenue and earnings for 2026, with Chief Financial Officer Reinhard Loose saying the financial services group remained on its medium-term growth path despite market volatility and macroeconomic uncertainty.
On the company’s earnings call, Loose said total revenue rose 5% in the first three months of the year to about EUR 350 million, a new all-time high for the group. Earnings before interest and taxes, or EBIT, increased to EUR 41.3 million, also a record for a first quarter.
“MLP has once again made a strong start to the year,” Loose said, adding that the company had “continued our midterm growth path while achieving new all-time highs in revenue and earnings at the same time.”
The strongest contribution came from the property and casualty competence field, where revenue grew 12% amid what management described as typically strong seasonal business performance. Revenue in the wealth and life and health competence fields remained stable, which Loose said was notable given market conditions.
Property and casualty drives growth
MLP said the property and casualty business continued to provide both stability and growth. Non-life insurance premium volume rose to a new all-time high of EUR 859 million.
Loose said the multi-year development in non-life insurance showed that MLP had “long since established a significant position” in that market. The company also highlighted recurring revenue, which stood at around 70% at the end of 2025, as evidence of the stability of its business model.
Within the wealth competence field, Loose said wealth management performed strongly enough to more than offset weaker developments in real estate brokerage and loans and mortgages. Those areas were affected by rising long-term interest rates, which influence property financing conditions.
Within life and health, old-age provision business was slightly weaker, while health insurance brokerage performed somewhat more strongly.
Assets under management stable despite market downturn
MLP reported assets under management of EUR 65.2 billion as of March 31. Loose said that figure remained stable despite a temporary downturn in capital markets, and he noted that the company recorded net inflows during the quarter.
In response to a question from Simon Keller of NuWays AG, Loose said net inflows in the first quarter were EUR 0.2 billion. The transcript records Loose as saying performance fees were around EUR 0.5 billion, though in his prepared remarks he said performance-based compensation was almost completely absent following the downturn in capital markets.
Loose said MLP’s broad positioning helped it withstand external pressures, including uncertainty for the German economy and heightened capital market volatility tied to military conflicts in the Persian Gulf.
Guidance reaffirmed for 2026 and 2028
MLP reaffirmed its full-year 2026 EBIT forecast of EUR 100 million to EUR 110 million. The company also confirmed its revenue outlook for the wealth, life and health, and property and casualty competence fields.
For the medium term, MLP maintained its plan to reach EBIT of EUR 140 million to EUR 155 million by the end of 2028, with total revenue of EUR 1.3 billion to EUR 1.4 billion.
Loose said the company’s planning assumes a significant increase in key figures including assets under management and non-life insurance premium volume. He pointed to growth opportunities in consulting for family clients, expansion of the corporate client business and a multi-asset approach for institutional and high-net-worth clients.
Management also emphasized digitalization and artificial intelligence as drivers of future efficiency gains and improved client support. Loose said MLP uses artificial intelligence “where it clearly benefits clients and client consultants,” while maintaining personal consulting as the core of its service offering.
Costs, banking and real estate discussed in Q&A
Analysts asked about the outlook for life and health, cost trends, banking results and real estate-related activities.
On life and health, Loose said health business is typically stronger in the first half of the year, while life business carries a larger effect in the second half. He said management was confident it could close the current gap and reach its targets, supported in part by sales incentives planned for the second half.
On costs, Loose said MLP was facing inflation-related pressure, including discussions with suppliers such as IT providers seeking higher fees. He said the company remained focused on keeping costs under control. Personnel expenses were higher due to increased headcount in areas including sales at FERI and banking, though Loose said the year-over-year deviation should be smaller in coming quarters.
Jochen Schmitt of Metzler Capital Markets asked about a goodwill impairment at DEUTSCHLAND.Immobilien. Loose said MLP used the increase in interest rates as an opportunity to reduce the remaining goodwill, which he put at EUR 2.5 million.
Schmitt also asked about MLP Banking. Loose said banking results were somewhat better than expected in the first quarter, mainly because interest rates did not fall as assumed in the plan, supporting the interest result. He also explained that changes in the CET1 ratio reflected typical year-end effects related to MLP’s financial holding structure.
Gerhard Schwarz of Baader Bank AG asked about the revenue outlook for wealth and real estate-related businesses. Loose said wealth management had grown 6%, while the broader wealth competence field was up 1%. He said the real estate and financing outlook had become more challenging, and MLP had reduced its expectation from a stronger positive view to a more modest one. However, he said the company expected long-term interest rates to remain roughly at current levels and noted that demand had increased in April after rates moved higher.
In a follow-up question, Keller asked about the approved Altersvorsorgedepot. Loose described the development as positive for Germany, for retirement provision and for MLP, saying it aligned with the company’s consulting strengths and its growth in wealth management. He said MLP was preparing to advise existing and new clients in the area and expected a positive impact in 2027.
About MLP (ETR:MLP)
MLP SE, together with its subsidiaries, provides financial services to private, corporate, and institutional clients in Germany. The company operates through Financial Consulting, Banking, FERI, DOMCURA, Industrial Broker, and Deutschland.Immobilien segments. The Financial Consulting segment offers consulting services for academics and other clients related to insurance, investments, occupational pension provision schemes, and loans and mortgages, as well as the brokering of contracts in financial services.
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