MLP SE

MLP SE raised its 2026 EBIT guidance to €110 million to €120 million and flagged significantly higher third quarter EBIT, citing performance-based pay, higher assets under management, and ECB rate effects. The guidance upgrade follows a strong rally in the shares, with a 30-day share price return of 17.9% and a 90-day move of 42.7%, while total shareholder return over the past year is 55.3%. MLP's most followed valuation narrative pegs fair value at €11.56, a touch above the last close of €10.72, and the company's P/E of 16.9x sits above both peers at 13.1x and the German Capital Markets average of 14.5x. The company points to rapid growth in assets under management and managed non-life insurance premium volumes, supported by expanding recurring revenues of nearly 70%, as a foundation for sustainable revenue growth. MLP warns the story can change quickly if capital markets remain volatile and if real estate development continues to deliver uneven earnings contributions.

MLP SE reported record total revenue of EUR583 million, up 10%, and record EBIT of EUR64 million for the first half of 2026. Assets under management reached a new high of EUR68.8 billion, and non-life insurance premium volume hit a record EUR865 million. The company confirmed its full-year 2026 EBIT forecast of EUR100 million to EUR110 million and reaffirmed its 2028 midterm target of EUR140 million to EUR155 million in EBIT on revenue of EUR1.3 billion to EUR1.4 billion. CFO Reinhard Loose reported net outflows of EUR0.4 billion in H1, mainly due to a single FERI consulting mandate outflow of over EUR1 billion as the customer needed to convert liquidity to cash. The company also noted that its new praxeasy offering for medical professionals is expected to be unprofitable for the first two to three years.