Q2 2026 MLP SE Earnings Call Transcript
Key Points
- MLP SE (WBO:MLP) achieved record highs in total revenue and EBIT for the first half of 2026, with revenue up 10% to EUR583 million.
- The company saw strong growth across all three competence fields, with Property & Casualty and Wealth each growing by 12% and 11%, respectively.
- Assets under management reached a new record of EUR68.8 billion, and non-life insurance premium volume hit a record EUR865 million, indicating strong future revenue potential.
- The company confirmed its 2026 EBIT guidance of EUR100-110 million and its 2028 mid-term target of EUR140-155 million, reflecting confidence in its growth trajectory.
- MLP SE (WBO:MLP) is strategically expanding with new offerings like praxeasy for medical professionals and is well-prepared for the new Altersvorsorgedepot, positioning itself for future growth.
- The company experienced net outflows of EUR0.4 billion in wealth management during the first half of 2026, primarily due to a single client reducing its consulting mandate.
- Performance-based compensation, a key revenue driver, is subject to external market volatility and was conservatively excluded from second-half expectations, creating uncertainty.
- The new Altersvorsorgedepot market is still uncertain, and MLP SE (WBO:MLP) cannot yet quantify its revenue potential, posing a risk to future planning.
- praxeasy, a new offering for medical professionals, is expected to be unprofitable for the first two to three years, adding initial costs without immediate returns.
- The company faces challenges from a challenging German economy and capital market volatility, which could impact consumer confidence and business performance in the second half of 2026.
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Thank you very much, and welcome to MLP's conference call to our results for the second quarter and the first half year of 2026. With me today is our CFO, Reinhard Loose. He will guide you through the presentation. And of course, we are happy to take your questions after the presentation.
So please go ahead, Reinhard.
Thank you, Pascal, and good afternoon, ladies and gentlemen.
First, the key finding regarding our business performance in the first half of 2026. MLP Group achieved a new record high in both total revenue and earnings before interest and taxes, or EBIT for short, and continued on its growth trajectory. After we already made a good start to the year in the first quarter, we were then able to deliver a particularly strong second quarter.
Across the first half year, we recorded growth in all three competence fields: Wealth, Life & Health, and Property & Casualty.
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