MLP AG (MLP) Q3 2026 Earnings Report

The call was strongly positive overall. MLP reported record nine-month revenue and EBIT, growth across key competence fields, record assets under management, strong capital and liquidity ratios, raised and confirmed 2026 guidance, and reaffirmed 2028 targets. The main challenges were flat Life and Health revenue, higher banking personnel costs, increasing deposit competition, a quarterly decline in Industrial Brokerage, limited near-term cross-selling from the new pension product, and uncertainty around fourth-quarter performance fees. These lowlights were fewer and were generally presented as manageable or timing-related.

MLP confirmed its 2026 EBIT forecast of EUR 110 million to EUR 120 million and reaffirmed its planning for EBIT of EUR 140 million to EUR 155 million and total revenue of EUR 1.3 billion to EUR 1.4 billion by the end of 2028, with assets under management of EUR 75 billion to EUR 81 billion and a non-life insurance premium volume of EUR 1 billion to EUR 1.1 billion; the 2028 planning includes only a limited contribution from performance-based compensation and originally did not include the effects of Altersvorsorgedepot, which the company would adjust in '27 when it has more experience, although it is “nothing which is on the negative side” and “more on the positive side” of expectations. Personnel costs in banking are expected to stay “on a higher level” for '27, at least some performance fee is expected in Q4, with a “lower million euro figure” or “low single-digit million euro amount,” while no performance fee is included in the updated guidance; the standard Altersvorsorgedepot solution will cost 20 basis points plus internal cost, around 170,000 Riester contracts represent EUR 3.6 billion, Industrial Broker revenue is expected to increase for the full year and also for '27, private health demand is “relatively high,” and remeasurement gains in the last quarter are expected to be “a little bit lower than the figures in the last quarter.”