MLP SE

Welcome to MLP's conference call to our results for the first quarter of 2026. With me today is our CFO, Reinhard Lohse. 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. Firstly, the key takeaway from the first three months of the financial year 2026. MLP has once again made a strong start to the year. We've continued our mid-term growth path while achieving new all-time highs in revenue and earnings at the same time. This positive development was driven in particular by the strong revenue growth in the property and casualty competence field, while its figures in the wealth and life and health competence fields remained stable. Thanks to our broad and strategically integrated positioning, we were able to successfully withstand the adverse external factors resulting from the military conflicts in the Persian Gulf. This was achieved despite a significant increase in uncertainty for the German economy and heightened volatility in capital markets in recent years. MLP also demonstrated strength and the key figures that are important for future revenue development. Assets under management remain stable despite a temporary downturn in stock markets. while the non-life insurance premium volume once again increased to a new all-time high. In terms of earnings before interest and taxes, in short EBIT, the MEP group at 41.3 million euros is well on track to achieve its full year forecast of 100 to 110 million euros. Naturally, we are not immune to all uncertainties in our markets, but we have built up a high degree of resilience. We also reaffirm our planning to reach EBIT of 140 to 155 million euros by the end of 2028. Our highly stable business model offers significant growth potential, which we are increasingly unlocking. We support and consult private and institutional as well as corporate clients across all financial matters. We deploy artificial intelligence primarily where it clearly benefits clients and client consultants, always acting in a highly targeted and responsible manner. The rapidly increasing use of artificial intelligence across the entire MLP group combined with our high quality personal consulting, which forms the core of our service offering, represents a clear competitive advantage for us. On slide four of the presentation, you will find the overview of revenue development. We are able to increase total revenue by 5% in the opening quarter, reaching a new all-time high of around €315 million. At this point, I would also like to draw your attention to the share of recurring revenue. As at the end of 2025, we stood at around 70%, a clear indication of the high stability of our business model. We generate recurring revenue through the continuous high-quality support of our existing clients across the entire MLP group, primarily the property and casualty and wealth competence fields. The remaining portion of revenue is derived from our new business, particularly in the life and health competence field. In the first quarter of 2026, the Group recorded its strongest revenue growth of 12% in the property and casualty competence field, reflecting the typically strong seasonal business performance. The MIP Group achieved stable revenue levels in the wealth and life and health competence fields, which is by no means a given in light of the prevailing market conditions. Within the wealth competence field, the strong performance in wealth management more than offset weaker developments in real estate brokerage and loans and mortgages. The latter was particularly affected by rising long-term interest rates, which are highly relevant for property financing conditions. Within the life and health competence field, The Odish provision business was slightly weaker, while the broker of health insurance policies performed slightly more strongly. In the others competence field, revenue also remained stable. The continued strong trust that our clients place in our consulting services also reflected in the key figures. These are of great importance for future revenue development. It is also encouraging that we were able to keep assets under management stable at 65.2 billion euros despite the temporary downturn in capital markets. At the same time, We recorded net inflows in the first quarter despite the challenging conditions in capital markets. Naturally, we must report the asset under management to you today as at 31st of March. However, as is well known, the stock indices have since risen significantly again and accordingly so should have the client portfolios managed by us. Let me also briefly turn to our other key figures. increased the non-life insurance premium volume to a new all-time high of 859 million euros. The multi-year perspective also shows how consistently we have been growing in this area. We have long since established a significant position in the non-life insurance market. This provides our business with both stability and growth. You can find the current income statement on slide 7. In the first three months of 2026, our group increased EBIT to a new all-time high of €41.3 million, reflecting the positive development in total revenue, alongside consistently disciplined cost management. Despite the almost complete absence of performance-based compensations in asset management following the downturn in capital markets, we were able to grow EBIT. This once again underlines the resilience of our strategically developed business model. At the same time, there remain significant growth potentials, which I will address shortly when discussing our forecasts and planning. If you now take a brief look at the right-hand side of the slide, you will see the key figures underpinning our strong balance sheet. Compared with the 25 reporting date, equity increased from 585 to 650 million euros. The regulatory capital ratio stood at 17.8% as of 31st of March. The liquidity coverage ratio, or LCR, through measures short-term liquidity including under stress scenarios and thus overall resilience stands at 781%, well above regulatory requirements which stipulate only a ratio of 100%. For the financial year 2026, MLP expects the continuation of its mid-term growth path and confirms its EBIT forecast of 100 to 110 million euros. The projected increase in earnings in 2026 is to be supported by rising revenue across all three competence fields, wealth, life and health, and property and casualty. Accordingly, we also confirm our revenue forecast for these three competence fields today. Performance-based compensation, which we generate in the wealth competence field, is traditionally forecasted conservatively and is therefore only included to a limited extent. Our mid-term planning for the end of 2028 also remains unchanged and is reaffirmed today. We continue to plan a rebate of 140 to 155 million euros with total revenue of 1.3 to 1.4 billion euros. The same applies here. Performance-based compensation, which, as mentioned, is also heavily influenced by external factors, has been incorporated conservatively and therefore only to a limited extent. By contrast, the MLP Group has firmly factored a significant increase in key figures into the planning, namely in assets under management and the non-life insurance premium volume. The strategic realization of potential in consulting for family clients, the targeted expansion of the corporate client business, as well as a multi-asset approach for institutional and high-net-worth clients are set to drive continuing growth across all competence fields. The planned substantial increase in earnings will also be supported by the digitalization strategy and, in particular, by artificial intelligence applications. which are expected to lead to continuous efficiency gains and improvements in client support as well for our consultants. This is complemented by continued disciplined and rigorous cost management. Ladies and gentlemen, I will now move to the summary. First, high-quality financial consulting complemented by the targeted and responsible use of artificial intelligence remains the key success factor in serving private and corporate clients and thus for our further business development. Secondly, in the first quarter, we have already achieved a significant portion of our forecasted full-year earnings and have continued our successful mid-term path without compromise. Thirdly, we are very well positioned to systematically realize the identified growth potentials in the coming years and to achieve our mid-term planning through to the end of 2028. And finally, we remain ambitious. Thank you for your attention and your interest.

Thank you. And the first question comes from Simon Keller from NuWave. The floor is yours.