To the MLP SE conference call regarding the publication of the results for the third quarter 2026 and the first nine months 2026. At this time, all participants have been placed on a listen-only mode, and the conference is being recorded. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Pascal Löcher.
Thank you very much, and welcome to MLP's conference call to our results for the third quarter and the first nine months of 2026. With me today is, as usual, our CFO, Reinhard Loose. In addition, and with a look at our yesterday's announcements regarding the upcoming handover at the CEO position, our CEO, Uwe Schroeder-Wildberg. At first, Uwe Schroeder-Wildberg wants to take the opportunity to add a few personal remarks to provide some context regarding the change in our company's leadership. After that, as usual, Reinhard Loose will guide you through the presentation of our nine-month figures. Of course, both Uwe and Reinhard are happy to take your questions later in the call. I will now hand over to Uwe. Please go ahead.
Thank you, Pascal. Good afternoon, ladies and gentlemen. A very warm welcome from my side too. Today, as always, we will focus on what the MLP Group has already achieved in the current financial year, the ongoing development of our business model, our outlook for the remainder of the year, and our planning for 2028. Before my colleague, Reinhard , takes you through our nine-month results and achievements, I would like to add a few personal remarks to provide some context regarding the change in our company's leadership that was announced yesterday. I appreciate to take this opportunity and, of course, to answer all your questions later in the call. Yesterday, we announced that I will not seek a further term of office after more than two decades as a CEO when my current contract expires at the end of 2027.
The supervisory board has appointed my longstanding colleague, Jan Berg, as my successor with effect from January 1, 2028. He is already the spokesman of the Executive Board at the group's largest company, MLP Finanzberatung SE, Executive Board Member responsible for corporate clients at MLP SE, and at the same time, Executive Board Member at MLP Banking AG. This succession, which has been prepared well in advance and with a long-term perspective, provides clarity. It ensures continuity in leadership and strategy and represents reliable corporate governance. Not least, it underlines the success with which even top management positions are filled from within the company. Jan Berg has been with us for many years and has proven himself in various leadership and executive board positions. He is deeply committed to this company, and I am very delighted that he will succeed me.
It has been and continues to be both an honor and a pleasure for me to have led the MLP Group for more than two decades, particularly through periods of significant development. I will continue to devote all my energy to my role until the end of 2027 and will retain full responsibility as Chief Executive Officer. Our focus remains clear. We will consistently continue our chosen course. We provide high-quality consulting services to our family and corporate clients, strengthen MLP Group's earnings power, and continue to develop our broadly diversified and strategically interlinked business model. Together with my fellow Executive Board members and the entire team, I work towards this every day. MLP is a very special company to me, and I would be pleased to remain closely associated with it, including my continuing to contribute my experience.
As we also announced yesterday, at the request of several major shareholders, I will stand for election to the Supervisory Board in 2028. Now, as usual, I will hand over to my colleague, Reinhard Loose, to take you through the figures to the first nine months of this year. Thank you very much for your attention, and I am happy to answer all your questions later in the call.
Thank you, Uwe, and a very welcome from me too. As usual, I will now take you through the presentation of our nine-month results. What we have reported today once again underlines both the resilience and the growth opportunities of our business model. The figures demonstrate the strong foundation on which we are driving the MLP Group's continued development and progressively realizing its strategically embedded potential. In the first nine months of 2026, we increased both total revenue and earnings before interest and taxes, or EBIT for short, significantly to new record levels. EBIT growth of 43% and revenue growth of 12% speak for themselves. In addition, new record levels in our key figures strengthen the basis for further revenue growth. Assets under management have now reached the next milestone with more than EUR 70 billion. We increased the non-life insurance premium volume to EUR 870 million.
At the beginning of October, we raised our full-year forecast for EBIT in 2026 by EUR 10 million to EUR 110 million-EUR 120 million. We confirm this forecast today. At the same time, we are also reaffirming our planning to achieve EBIT of EUR 140 million-EUR 155 million by the end of 2028. On slide four of the presentation, you will find an overview of revenue development. In the first nine months of 2026, we increased total revenue significantly by 12% to a new record high of EUR 863 million. This performance demonstrates how growth across our competence fields is reflected in the group as a whole. One important factor was the continued build-up in our key figures, which also strengthens the basis for further revenue growth. This was complemented by higher performance-based compensation in the wealth competence field.
I would now like to take a closer look at the performance of the individual competence fields. In the first nine months of 2026, the MLP Group recorded its strongest revenue growth in the wealth competence field, where revenue increased by 16% year-on-year to EUR 431 million. The main drivers were higher performance-based compensation, another strong increase in assets under management, and the interest rate business. Performance-based compensation is accrued for the positive performance of investment concepts at FERI and is largely recognized in the results. The property and casualty competence field also recorded strong growth, with revenue increasing by 11% to EUR 197 million. Here, we significantly increased revenue from the non-life insurance business with corporate and private clients, driven by another strong increase in the non-life insurance premium volume.
At EUR 199 million, revenue in the life and health competence field was on par with the previous year. Let us now turn to our key figures. They are an important indicator of MLP's group future revenue development. As of September 30, 2026, we once again reached record levels, further strengthening the basis for continued growth. Assets under management reached the next milestone at EUR 70.1 billion compared with EUR 65.9 billion at the end of 2025. We have therefore once again significantly expanded this basis for future revenues. Our second key figure also increased significantly. As of September 30, 2026, we increased the non-life insurance premium volume to a new record high of EUR 870 million compared with EUR 809 million at the end of 2025. This strong growth is already reflected in the significant increase in revenue in the property and casualty competence field.
At the same time, the expanded volume strengthens the basis for the group's future revenue development. The current income statement can be found on slide seven. In the first nine months of 2026, the MLP Group increased EBIT significantly to a new record high of EUR 87.1 million. This was primarily driven by the very positive revenue performance supported by our continued rigorous cost management. This demonstrates how our growth and disciplined cost management are translating into earnings. The third quarter also underlines this performance. EBIT reached a new record high of EUR 26.7 million compared with EUR 18.3 million in the same quarter of the previous year. We therefore also recorded a significant year-on-year increase in the third quarter. Turning briefly at the right-hand side of the slide, you can see the key figures that underline our solid balance sheet structure.
Compared with the 2025 balance sheet date, equity increased from EUR 585 million- EUR 609 million. The regulatory core capital ratio stood at 18.2% as of September 30, and our short-term liquidity position also remained very comfortable. The liquidity coverage ratio, or LCR for short, stood at 922% and was therefore significantly above the regulatory requirement of 100%. I will now turn to our forecast for the financial year 2026. At the beginning of October, we raised our EBIT forecast to EUR 110 million-EUR 120 million. Today, we confirm this increased forecast. We expect our established growth path to continue, as already demonstrated impressively by the figures for the first nine months. At this point, allow me to briefly address an issue that will be highly relevant for all of us as we approach the turn of this year.
The reform of private pension provision is currently receiving considerable attention in the media and among the wider public. This far-reaching legislative step is helping to make professional advice more important than ever. MLP is ideally positioned for this and is already in close contact with our clients. Following the launch of the new Altersvorsorgedepot on January 1, 2027, our consultants will have an important role in providing advice based on each client's individual needs, a responsibility they will undertake with commitment and diligence. Today, we are also reaffirming our midterm planning for the end of 2028. We continue to plan for EBIT of between EUR 140 million to EUR 155 million, with total revenue of EUR 1.3 billion-EUR 1.4 billion. This planning includes only a limited contribution from performance-based compensation. We also plan to increase our key figures significantly.
By the end of 2028, we are planning for assets under management of EUR 75 billion-EUR 81 billion and a non-life insurance premium volume of EUR 1 billion-EUR 1.1 billion. The strategically planned unlocking of potential in consulting family clients, the targeted expansion of the corporate client business, and the multi-asset approach for institutional and high-net-worth clients are expected to lead to growth across all three competence fields: wealth, life and health, and property and casualty. We are making good progress across the group. Artificial intelligence is also already delivering tangible benefits in many areas. In doing so, we always ensure that this technology is used responsibly as we deploy and further develop it across many areas of the MLP Group for the benefit of our clients. The foundations are firmly in place. Nevertheless, factors such as inflation and economic conditions naturally also affect our business.
However, the results presented today demonstrate that our positioning enables us not only to absorb and offset potential headwinds in individual market segments, but also to more than compensate for them through strong performance in other areas. Our business model therefore combines resilience with growth potential. Ladies and gentlemen, I now come to the summary. Firstly, our continuous development efforts and investments are increasingly paying off. Our unique business model is increasingly realizing its growth potential. We are combining the strengths of our group and unlocking the potential in consulting family clients, in our corporate client business, and in serving institutional clients. Secondly, we delivered a strong performance in the first nine months of 2026, reaching new record levels in both total revenue at EUR 863 million and EBIT at EUR 87.1 million.
At the same time, our key figures also reached record levels, assets under management of more than EUR 70 billion and a non-life insurance premium volume of EUR 870 million. These volumes provide an important basis for future revenue development. Thirdly, we are consistently continuing on our growth path. Today, we confirm our raised EBIT forecast for 2026 of EUR 110 million- EUR 120 million. We are also reaffirming our planning to achieve EBIT of EUR 140 million-EUR 155 million by the end of 2028. In doing so, we are focusing on three key levers: continuing to systematically unlock our potential, deploying artificial intelligence in a targeted and consistently responsible manner, and strict cost control. In this way, we are combining further growth with a sustained strengthening of our earning power. Thank you for your attention and your interest. We will now be happy to answer your questions.
Ladies and gentlemen, if you would like to ask a question, please press star, nine, and pound key on your telephone keypad. If you would like to cancel your question, press star, three, and pound key. You can also use the dial-in function on the webcast if you would like to ask a question by phone and raise your hand to ask a question. The first question comes from Marius Fuhrberg. Please go ahead.
Yeah, hi. Thanks for taking my questions. The first one would be regarding your banking segment, where, especially, according to my understanding, the higher personnel costs prevented a better EBIT development. Is this structural, or should we expect this to be done alongside variable compensation? How should we think of this? The second question would be with regard to your 2028 targets, which you explicitly reiterated. I was wondering, because to my understanding, previously there were no contributions in the guidance or in the outlook for 2028 from the new pension reform product. But now you're expecting, or as we are approaching 2027 and the product is coming, that you see what kind of, or do you have expectations regarding the EBIT contribution?
I'm wondering how much of that is in the outlook, or would you consider adjusting the 2028 outlook once you have more experience and clarity on the contributions from the new pension product? Thank you.
Mr. Fuhrberg, thanks for your question. I will happily answer your question, starting with banking. Yes, we saw an increase in personnel costs. There are several reasons for that. Number one, in general, we added some staff to our services, and this also, number two, also in something like an advance for the business we expect in the Altersvorsorgedepot, and therefore, we expect to stay there on a higher level also for 2027. But altogether, obviously, this was combined with an even better increase in the revenue and in the profits from commissions and from the interest rates. Therefore, I think overall, this is quite stable and good development. Coming to Altersvorsorgedepot, yes, you're totally right. In our planning for 2028, we originally, obviously, did not include the effects of Altersvorsorgedepot.
You know that we gave the guidance or the ideas for 2028 in the beginning of 2025. Like always, on the way to then 2028 or to the end of this three years period, there are new points to come out, and one of this is Altersvorsorgedepot. At the moment, I would be still a little bit reluctant to, let's say, to adjust the planning for 2028. We'll definitely do this in 2027 when we have more experience what will be the real business in our books. We have some ideas, definitely, but I think it's too early now to say what will be the result for 2028, and where also might be some other effects which also would impact the overall figures for 2028.
At the moment, I would say this is definitely nothing which is on the negative side of our expectation for 2028, more on the positive side. I hope this answered your question.
Yeah. One follow-up, if I may, regarding actually the upcoming Altersvorsorgedepot. Do you see in your, let's say, current trading, so to say, or requests from your customers, do you already see an increased interest from customers regarding this product, and does this already lead to a higher number of consultations which may also affect other products that you can cross and upsell potentially in Q4 already? Or is this a fact that we should rather expect for 2027?
Number one, yes, we see increasing interest from our customers in many of the consultancies our consultants are doing right now. The AVD obviously plays a role, of course, only in general. Let's say our consultants prepare everything with their customers for 2027. What we don't see at the moment are too many cross-selling effects in Q4, but as I said, high interest for 2027.
Perhaps may I add some aspect which is very important now in the customer contact is to speak especially with those customers who have a Riester contract with us, to be prepared for the decision which has to be made in the beginning of the next year. Here, several aspects have to be kept in mind, and this is something where I think it's good to be early to avoid that perhaps some customers should be misdirected through some public advertisements or whatever, simplifying this question. As you know, there are some aspects which have to be kept in mind when you judge about a Riester contract, like guarantees and whatever. Therefore, it's very important to have a very close contact already. But there's also some waiting potential at this point of time due to the new product, which will come up January 1.
Okay.
Next question is from Jochen Schmitt. Your line is open now.
Thank you very much. Good afternoon. I have five questions, please. Firstly, on MLP Banking, do you currently experience increasing deposit competition? Secondly, do you currently see any increased interest in your client base regarding private health or long-term care insurance? Third question on the industrial lines brokerage segment, could you comment on the revenue figure in Q3, which declined versus Q3 in the previous year? Fourth question, just technically, if clients choose your own Altersvorsorgedepot product, will the corresponding revenue be shown in FERI or in the financial consulting segment? The last question, from today's perspective, Mr. Loose, if you want to answer, which amount of performance fee income would be realistic to assume for Q4 this year? Thank you.
Mr. Schmitt, thank you for your questions. I hope I took all the correct notes. I'll start with the, let's say, perhaps easiest one, banking deposit competition. Yes, definitely. We all are aware that the media, also for deposit competition, that the new entrants in the market from companies like Chase, for example, that the new brokers, that they are doing a lot of good advertisement at the moment, no problem, no discussion, and therefore the competition is increasing. We realize this, many other banks realize this as well, and therefore we'll have a close look on this. We are, in general, let's say, in our pricing, I think, more or less comparable to what banks like ING or DKB are doing, but we are not directly competing or trying to have the same interest rates than the new brokers.
But therefore, we see this, and we realize this with our customers. At the moment, our balance sheet is stable, but we have a close look on this. I skip number two because there is another question. I go to the industrial broker segment for Q3. There we had a little decline. We expect, let's say, to see an uprise again. There are also shifts between the individual quarters. Also there, you see definitely a strong competition, but nevertheless, you see that the full- year figures are increasing, and we expect to see this increase also for the full year and also for 2027. Just to keep in mind there, the business is already more or less signed in Q3 and especially Q4, and therefore we more or less know what will be in the books for 2027, and therefore we are quite positive to see the increase.
Therefore, I would say this is something more like a quarterly effect and no change of the overall increasing tendency. Then you ask the question, AVD, where is it booked? In general, let's say on a higher level, you have two different possibilities. The majority of us definitely think of Altersvorsorgedepot as a depot, meaning as something which is booked in the bank, and then it would be booked at MLP Banking. But on the other side, obviously, there's also the solution that you have customers who might prefer a guarantee in this product because they see it's important for them to have the security and the stability, or that they would like to have a guarantee not only on the amount, but also a guarantee that it's payout lifelong and not for a limited period.
And therefore, we expect that also a significant amount of customers will choose a solution with an insurer, and there it would be booked at our segment of financial consulting. Now you're looking for the wizard and the Glaskugeln, the performance fee of Q4. As I think I already mentioned, there is a potential for a performance fee, and I would expect that we definitely see at least some performance fee, but the overall amount, I can't say because we all saw in the last days the volatility of the markets, and therefore, this can increase or decrease. But as I said before, I would expect at least a lower million- euro figure.
Sorry, if I may follow up. Sorry to interrupt you. Yeah, I don't want you to give any forecast, say, for market development at year-end. It was just based on today's capital market environment, if markets were to remain frozen, and if I got the answer right, that would be a low single-digit million euro amount. Is that correct?
Exactly. That's what I was hinting at. And the second question, private health, was the demand of our customers concerning private health, is it correct?
Yes, and also long-term care insurance.
We see, and just as you can also reflect it in the figures for the whole year, that the demand of our customers for private health is relatively high. The overall figures are increasing a little bit more than we expected at the beginning of the year, and it continues also now in the last quarter. Therefore, we are, let's say, for this area, quite positive. And I could imagine that the discussion which is ongoing also in the media supports this trend.
Okay. Thank you very much.
You are welcome.
One further question from Marius Fuhrberg. Your line is open now.
Yeah, follow-up question regarding also the Altersvorsorgedepot and the Riester contract. Have you decided yet on the actual pricing of the standard product that you are going to introduce? And what is your expectation? How many of your customers will decide for a standard versus an insured product? And can you give us an idea how many Riester contracts your customers have and what kind of volume they represent? And finally, on the just- mentioned performance fees, if I recall correctly, in your upgraded guidance, you do not have any performance fees included for the last quarter. Is that right, or is there something in there?
In our updated guidance is no more performance fee included. That is correct. Number one. And number two, pricing Altersvorsorgedepot, the pricing for the Altersvorsorgedepot for the standard solution in the bank will be 20 basis points, plus internal cost depending on the ETF, which is included, but the cost from outside are 20 basis points. And we have Riester contracts of around 170,000 pieces.
But you can or will not answer how much of volume that will represent, right?
Let me look to left and right, and in my head is EUR 1.6 billion.
All right. Thank you.
Moment.
Oh, sorry, it was EUR 3.6 billion. I was on the EUR 1.6 billion.
All right. At the moment, there seem to be no further questions, so I may repeat once. If you would like to ask a question now, please press star, nine, and pound key on your telephone keypad. Oh, yeah. We have one further question from Gerhard Schwarz. Your line is open now.
Yes. Thank you for taking my question. I would like to ask a question on the remeasurement gains that are running at a higher run rate this year than in the last year. We come up with roughly EUR 2.5 million per quarter, so you are standing now at EUR 7.5 million after three quarters. Is that a run rate that should continue over the next couple of years? I think that is a quite wild beast because in the different areas that you report, it goes up and down, but there seems to be a quite consistent trend this year. Is that something we should extrapolate, or is it something that is specific to 2026? Thank you.
Mr. Schwarz, I have to admit, I did not totally get your question. Which gains do you mean?
Remeasurement gains or losses, the operating part of that in the P&L.
Okay. This is something which I think, in the last quarter, should be relatively low compared to the rest of the year. It depends a little bit, let's say, on the risk appetite we have there. Therefore, I would expect a figure which is a little bit lower than the figures in the last quarter.
Thank you.
You are welcome.
There are no further questions in the queue now, and I hand over to you, Mr. Löcher.
Okay, so if there are no further questions, I would like to thank you for taking part in our conference call, and of course, you can reach us if any further questions arrive later. I wish you a good afternoon. Thank you and goodbye.