Q1 2024: MLP sets new record for revenue - successful start to the year

EQS-News: MLP SE / Key word(s): Quarter Results
Q1 2024: MLP sets new record for revenue - successful start to the year

15.05.2024 / 07:34 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Q1 2024: MLP sets new record for revenue - successful start to the year

  * Total revenue rises to a new high of EUR 284 million (Q1 2023: EUR 263
    million) - broad and strategically interlinked revenue structure of the
    MLP Group takes full effect

  * Earnings before interest and taxes (EBIT) up significantly to EUR 37.0
    million (Q1 2023: EUR 32.4 million)

  * Very strong revenue growth in the Wealth competence field, primarily due
    to wealth management and the interest rate business. Solid growth in the
    Property & Casualty competence field, which comprises the non-life
    insurance business with both corporate and private clients. Stable
    revenue in the Life & Health competence field, which includes old-age
    provision and health insurance

  * Key figures for future revenue development raised to new record highs as
    of March 31, 2024: assets under management at EUR 59.3 billion (December
    31, 2023: EUR 57.0 billion), managed premium volume in non-life
    insurance at EUR 719 million (December 31, 2023: EUR 687 million)

* MLP confirms EBIT forecast of EUR 75 to 85 million for 2024

  * Planning for EBIT of between EUR 100 to 110 million for the end of 2025
    reaffirmed - success factors: further increase in assets under
    management and the non-life insurance portfolio volume, sustainable
    growth across all competence fields

Wiesloch - The MLP Group achieved record total revenue in the first quarter
of 2024. MLP was once again able to fully leverage the Group's broad and
strategically interlinked revenue structure, thereby continuing to
successfully withstand the unfavourable economic climate. Accordingly, MLP
significantly increased earnings before interest and taxes (EBIT) to EUR
37.0 million (Q1 2023: EUR 32.4 million). The extremely strong revenue
growth in the Wealth competence field was the main contributor to this
increase. MLP benefited from increased revenues in wealth management and the
interest rate business compared to the same quarter of the previous year. In
addition, the MLP Group was able to achieve new record levels for key
figures related to future revenue development, specifically assets under
management and managed premium volume in non-life insurance. MLP confirms
the current forecast, according to which MLP still expects EBIT at EUR 75 to
85 million for 2024. At the same time, the MLP Group reaffirms its plan to
record EBIT of EUR 100 to 110 million by the end of 2025.

"MLP is making good progress and we have enjoyed a successful start to the
year. Once again, it becomes apparent how the broad and strategically
interlinked positioning of our Group, which we have built up over the past
years, is paying off. This enables us to successfully navigate the currently
challenging economic landscape in Germany within the confines of our
influence. Furthermore, our business model, in which we support and advise
private, institutional and corporate clients in all financial matters, also
continues to offer significant growth potential. In addition, our clients
and consultants are increasingly benefiting from our successful digital
strategy, including client-focused usage of artificial intelligence",
comments Dr Uwe Schroeder-Wildberg, CEO of MLP SE.

Total revenue increases to EUR 284 million

Total revenue rose by 8 percent in Q1 2024, setting a new all-time high of
around EUR 284 million (Q1 2023: EUR 263 million). The MLP Group once again
benefited from its extremely stable revenue structure.

Broken down by competence fields, MLP achieved particularly strong revenue
growth of 27 percent to EUR 116 million (Q1 2023: EUR 91 million) in the
Wealth competence field. This was largely driven by the wealth management
and interest rate business. The MLP Group also achieved significant growth
of 6 percent to EUR 97 million (Q1 2023: EUR 92 million) in the Property &
Casualty competence field, which comprises the non-life insurance business
with both corporate and private clients. In the Life & Health competence
field, which includes old-age provision and health insurance, the MLP Group
recorded stable revenue of EUR 59 million (Q1 2023: EUR 59 million). As
expected, revenue in the Others competence field, which includes the real
estate development business, as well as other commissions and fees,
significantly declined to around EUR 6 million (Q1 2023: EUR 12 million).
This was due to market turbulence in the real estate business, as well as a
significant and active reduction of these business-related risks.

The MLP Group was able to increase key figures important for future revenue
development to new record highs. On the reporting date of March 31, 2024,
assets under management were EUR 59.3 billion (December 31, 2023: EUR 57.0
billion), while the managed premium volume in non-life insurance was EUR 719
million (December 31, 2023: EUR 687 million).

EBIT significantly increased to EUR 37.0 million

The MLP Group significantly increased EBIT in the first three months of 2024
to EUR 37.0 million (Q1 2023: EUR 32.4 million). This is largely thanks to
the strong revenue development observed in the Wealth and Property &
Casualty competence fields. In the Wealth competence field, the increased
revenues in wealth management and interest rate business were the main
drivers of the positive performance. The seasonally strong business
performance in the Industrial Broker and DOMCURA segments is reflected in
the Property & Casualty competence field. The Life & Health competence
field, which remained stable in the first quarter, traditionally makes a
particularly strong contribution to net earnings in the final quarter due to
the old-age provision business. Real estate development (in the Others
competence field), on the other hand, served to reduce earnings in the first
quarter. However, measures were introduced early on and will have an
increasingly positive effect over the coming quarters.

Development of client and consultant numbers

As of March 31, 2024, the MLP Group served 581,200 family clients (December
31, 2023: 580,000). The gross number of newly acquired family clients was
4,400 (Q1 2023: 4,300). The number of corporate and institutional clients as
of March 31, 2024 was 27,700 (December 31, 2023: 27,400). The number of
consultants in the MLP Group as of March 31, 2024 was 2,069 (December 31,
2023: 2,055). This figure includes a shifting effect due to the successful
introduction of the trainee programme in mid-2023, which prepares the
employed trainees for their role as consultants. A total of 159 trainees had
already joined this programme by the end of March 2024.

Forecast for 2024 confirmed and planning for 2025 reaffirmed

MLP confirms its own forecast of recording EBIT in the range of EUR 75 to 85
million for the current financial year. This is based on achieving revenue
growth in the competence fields of Wealth and Life & Health, while the
Property & Casualty competence field is to remain stable year-on-year. Risks
continue to be faced due to the development of the markets - above all
relating to a significant correction on the capital markets or a slower than
anticipated recovery of the real estate markets.

MLP once more reaffirms its own plan of increasing EBIT to between EUR 100
and 110 million by the end of 2025. This is primarily based on three central
strategic success factors: a further increase in assets under management in
the Group, the ongoing development of the non-life insurance portfolio
volume, as well as sustainable growth in all parts of the MLP Group.
Especially the brokerage of old-age provision products will make an
increasing contribution to this. Alongside this, real estate brokerage
remains important for diversifying large assets, particularly among MLP's
high-end clientele.

Acquisitions are not yet accounted for in the planning for 2025 but remain
part of the MLP Group's strategic agenda. In addition, the continuation of
stringent cost management will support the positive EBIT development.

"We have already moved a good step closer to our target figures for the
entire year. Our approach of offering a high-quality financial consulting
service, combined with enhanced digital support, for both private and
corporate clients is really paying off. As such, we are well on track to hit
our planned EBIT for the MLP Group of EUR 100 to 110 million by the end of
2025", comments Reinhard Loose, Chief Financial Officer of MLP SE.

An overview of key figures

  MLP Group                                  Q1/2024 Q1/2023  Change in %
  (in EUR million)

  Revenue                                     277.8   254.4       +9
  Competence field Wealth                     115.6    91.3       +27
  Competence field Life & Health              58.5     59.0       -1
  Competence field Property &                 97.4     91.7       +6
  Casualty
  Competence field Others                      6.2     12.4       -50
  Other revenue                                6.4     8.4        -24
  Total revenue                               284.1   262.8       +8
  Earnings before interest and taxes (EBIT)   37.0     32.4       +14
  Earnings before taxes (EBT)                 36.8     31.4       +17
  Net profit                                  26.5     22.9       +16
  Earnings per share (diluted/basic) in EUR   0.25     0.22       +18

  Family clients                             581,200 580,000*     +0
  Corporate and institutional clients        27,700  27,400*      +1
  Client consultants                          2,069   2,055*      +1

*) As of December 31, 2023

About MLP

The MLP Group and its brands Deutschland.Immobilien, DOMCURA, FERI, MLP, RVM
and TPC is the financial services provider for private, corporate and
institutional clients. Special added value is created by networking the
various perspectives and areas of expertise - enabling clients to reach
better financial decisions. To this end, the MLP Group competently combines
personal and digital offers. Several of the brands also offer selected
products, services and technology for other financial services providers.

  * Deutschland.Immobilien - The real estate platform for clients and
    financial consultants

  * DOMCURA - The underwriting agency for financial consultants and
    consultant platforms

  * FERI - Multi asset investment firm for institutional investors and high
    net worth individuals

* MLP - Financial consulting and banking for discerning clients

* RVM - Risk manager for insurance and provision for SMEs

* TPC- Benefit expert network for enterprises

An intensive transfer of knowledge and expertise takes place within the
network. The specialists support one another in the areas of research and
concept development, as well as in client consulting. This valuable and
targeted interaction generates additional value for clients, as well as for
the company and for its shareholders. Economic success also forms the basis
for accepting social responsibility.

The Group was founded in 1971 and manages assets of around EUR 59.3 billion
for around 581,200 private and around 27,700 corporate and institutional
clients as well as non-life insurance portfolio volumes of around EUR 719
million. In addition to this, more than 10,000 financial services providers
take up the services on offer.


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   Language:       English
   Company:        MLP SE
                   Alte Heerstraße 40
                   69168 Wiesloch
                   Germany
   Phone:          +49 (0)6222-308-8320
   Fax:            +49 (0)6222-308-1131
   E-mail:         investorrelations@mlp.de
   Internet:       www.mlp-se.de
   ISIN:           DE0006569908
   WKN:            656990
   Indices:        SDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard),
                   Stuttgart; Regulated Unofficial Market in Berlin,
                   Dusseldorf, Hamburg, Hanover, Munich, Tradegate
                   Exchange
   EQS News ID:    1903261

End of News EQS News Service
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1903261 15.05.2024 CET/CEST