MLP AG (MLPKF) Q2 2026 Earnings Report

The call presented a largely positive operational and financial picture: record H1 revenue (+10%) and record-level key metrics (AUM EUR 68.8bn; non-life premiums EUR 865m), strong segment growth (Property & Casualty +12%, Wealth +11%), solid capital and liquidity buffers (core ratio 17.7%, LCR 831%), and reiterated full-year and midterm targets. Counterbalancing items include capital market volatility, H1 net outflows (EUR 0.4bn) concentrated client-driven reductions, performance-fee unpredictability (H1 performance fees EUR 8.5m and carries EUR 3.6m), early-stage non-revenue strategic initiatives (Praxeasy) and certain one-off segment reclassifications. Overall, highlights and structural strengths notably outweigh the near-term uncertainties and one-offs, with management taking a conservative stance on H2 performance fees.

MLP reiterated its full‑year 2026 EBIT guidance of EUR 100–110m and reaffirmed mid‑term targets of EUR 140–155m EBIT and EUR 1.3–1.4bn total revenue for 2028, while confirming revenue growth across Wealth, Life & Health and Property & Casualty; in H1 2026 the group posted record total revenue of ~EUR 583m (up 10%), EBIT of EUR 60.4m, assets under management of EUR 68.8bn and managed non‑life insurance premium volume of EUR 865m, with recurring revenue ~70% (end‑2025). H1 performance fees were EUR 8.5m plus Q2 carry fees of EUR 3.6m (performance fees convert to roughly two‑thirds EBIT), equity rose from EUR 585m to EUR 589m, the regulatory core capital ratio was 17.7% and the LCR 831%; management noted a personnel‑cost run‑rate increase of ~3%, H1 net flows were net outflows of EUR 0.4bn (but the banking business reached EUR 16.2bn AuM with net inflows of EUR 0.6bn), and cautioned that performance‑based compensation is conservatively modelled (limited H2 upside assumed) while digitalization/AI and tight cost control underpin the path to the guidance.