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MLP SE Interim / Quarterly Report 2025
289_rns_2025-11-13_513ea973-0373-4761-bcca-c0b50a1cefd4.pdf
Interim / Quarterly Report
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Quarterly Group Statement for the first nine months and the third quarter of 2025
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Contents
| MLP key figures | 3 |
|---|---|
| Introductory notes | 4 |
| The first nine months and 3rd quarter of 2025 at a glance | 4 |
| Profile | 5 |
| Quarterly Group Statement for the first nine months and 3rd quarter of 2025 | 6 |
| Fundamental principles of the Group | 6 |
| Changes in corporate structure | 6 |
| Changes to the Executive Bodies | 7 |
| Further changes | 7 |
| Economic report | 8 |
| Business performance | 8 |
| Results of operations | 10 |
| Financial position | 15 |
| Net assets | 17 |
| Segment report | 20 |
| Employees and self-employed client consultants | 26 |
| Forecast | 27 |
| Anticipated business development | 27 |
| Consolidated income statement and consolidated statement of comprehensive | |
| income | 30 |
| Statement of financial position | 32 |
| Condensed statement of cash flow | 33 |
| Consolidated statement of changes in equity | 34 |
| Sales revenue | 36 |
| Information regarding reportable business segments (quarterly comparison) | 37 |
| Information regarding reportable business segments (9M comparison) | 38 |
| Financial calendar 2025 and 2026 | 39 |
| Imprint and Contact | 40 |
Disclaimer: For reasons of better readability, neutral gender forms (generic masculine) are used in the following. The corresponding terms apply to all genders in the sense of equal rights. The abbreviated language form is for editorial reasons only and does not imply any judgement.
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MLP key figures
| All figures in € million | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | Change in % |
|---|---|---|---|---|---|
| MLP Group | |||||
| Total revenue | 244.1 | 249.0 | 773.1 | 763.3 | 1.3% |
| Sales revenue | 237.2 | 245.1 | 754.9 | 746.2 | 1.2% |
| Other income | 6.9 | 4.0 | 18.2 | 17.1 | 6.9% |
| Earnings before interest and taxes (EBIT) | 18.3 | 17.8 | 61.1 | 66.4 | -8.1% |
| EBIT margin (in %) | 7.5% | 7.1% | 7.9% | 8.7% | – |
| Net profit | 15.7 | 10.3 | 44.6 | 48.1 | -7.2% |
| Earnings per share (diluted/basic) (in €) | 0.14 | 0.09 | 0.41 | 0.44 | -7.9% |
| Cash flow from operating activities | -51.3 | -31.2 | -5.3 | 122.5 | -104.3% |
| Capital expenditure | 5.1 | 4.2 | 20.0 | 19.6 | 1.7% |
| Shareholders' equity | – | – | 576.9 | 570.3 ¹ | 1.2% |
| Equity ratio (in %) | – | – | 13.9 % | 13.7% ¹ | – |
| Balance sheet total | – | – | 4,140.2 | 4,152,3 ¹ | -0.3% |
| Clients & organisation | |||||
| Private clients (family) | – | – | 597,400 | 590,700 ¹ | 1.1% |
| Corporate and institutional clients | – | – | 27,800 | 28,000 ¹ | -0.7% |
| Consultants | – | – | 2,121 | 2,110 ¹ | 0.5% |
| Branch offices | – | – | 132 | 127 ¹ | 3.9% |
| University teams | – | – | 96 | 95 ¹ | 1.1% |
| Employees | – | – | 2,470 | 2,454 | 0.7% |
| Brokered new business | |||||
| Old-age provision (total premiums paid in € billion) | 0.9 | 0.9 | 2.5 | 2.5 | 1.1% |
| Loans and mortgages (in € billion) | 0.4 | 0.4 | 1.3 | 1.1 | 18.6% |
| Assets under management (in € billion) | – | – | 64.2 | 63.1 ¹ | 1.7% |
| Non-life insurance (premium volume) | – | – | 793.7 | 750.6 ¹ | 5.7% |
| Real estate (brokered volume) | 107.2 | 108.8 | 267.0 | 234.5 | 13.8% |
¹ As of December 31, 2024
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Introductory notes
This Quarterly Group Statement presents the significant events and business transactions of the first nine months and the third quarter of 2025 and updates forecast-oriented information contained in the last joint management report. The Interim Group Report of the first half of the year and the second quarter of 2025, as well as the Group Annual Report 2024, are available on our website at https://mlp-se.com/investors/financialpublications/reports/. The information in this Quarterly Group Statement has neither been verified by an auditor nor subjected to a review.
The first nine months and 3rd quarter of 2025 at a glance
- MLP Group continues to consistently pursue its growth path in the consulting business: Total revenue after nine months reaches new record high of €773 million (9M 2024: €763 million)
- Key figures for future revenue development also increased to new record levels as of September 30, 2025: Assets under management increased to €64.2 billion (December 31, 2024: €63.1 billion) and managed non-life insurance premium volume increased to €794 million (December 31, 2024: €751 million)
- Earnings before interest and taxes (EBIT) for Q3 2025 are €18.3 million (Q3 2024: €17.8 million)
- EBIT for the first nine months at €61.1 million below the previous year's record high (9M 2024: €66.4 million)
- Revised and already communicated annual forecast for 2025: EBIT of €90 to 100 million before possible one-off effects resulting from focussing the real estate business
- Increased mid-term planning for 2028: Continuation of the growth path should lead to a significant rise in EBIT and total revenue by the end of 2028 – strategic realisation of potential in consulting for family clients, targeted expansion of the corporate client business, as well as multi asset approach for institutional clients
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Profile
The MLP Group is the partner for all financial matters
With its brands Deutschland.Immobilien, DOMCURA, FERI, MLP, RVM and TPC, the MLP Group is the financial services provider for private, corporate and institutional clients. The MLP Group combines personal and digital services here. Several of the brands also offer selected products, services and technologies 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 solutions for SMEs
- TPC Benefit expert network for enterprises
Since its foundation, MLP has consistently striven to establish long-term relationships with its clients. A transfer of 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 our clients, 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 €64.2 billion for around 597,400 private and 27,800 corporate and institutional clients, as well as non-life insurance premium volumes of around €794 million.
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Quarterly Group Statement for the first nine months and 3rd quarter of 2025
The figures disclosed in the following Quarterly Group Statement have been determined in accordance with the International Financial Reporting Standards (IFRS). The figures are rounded to the first decimal place. When adding or dividing the individual values presented, differences to the reported totals and changes are possible, which were determined based on the exact figures. Previous year's figures are shown in brackets. When making forecasts, qualified-comparative forecasts are made. A change from 0% to less than 5% is described as "stable," "at the previous year's level," "virtually unchanged," or similar expressions. A change from 5% to less than 10% is described as "slight". A change of 10% or more is described as "significant". Deviations from this methodology are only possible within a tolerance range of two percentage points or in exceptional cases, but in both cases only if the alternative formulation is more suitable from the company's perspective for conveying a true and fair view. Deviating from this, the forecast for earnings before interest and taxes (EBIT) is calculated on the basis of an interval forecast.
FUNDAMENTAL PRINCIPLES OF THE GROUP
You can find detailed information on our business model, our corporate structure and our control system in the MLP Group Annual Report 2024 at https://mlp-se.com/investors/financial-publications/reports/.
Changes in corporate structure
Compared to the fundamental principles of the Group described in the MLP Group Annual Report 2024 the following changes occurred during the reporting period.
RVM Versicherungsmakler GmbH, Eningen unter Achalm, increased its stake in Vetter Versicherungsmakler GmbH, Kressbronn am Bodensee, from 25% to 100%. This was entered into the commercial register of the company on January 16, 2025. RVM Versicherungsmakler GmbH also increased its stake in BIG Versicherungsmaklergesellschaft mbH, Tiefenbronn, from 25% to 100%. This was entered into the commercial register of the company on January 22, 2025.
Within the RVM Group, RVM Versicherungsmakler GmbH sold all of its shares in Hartmann Versicherungsmakler GmbH, Mannheim, with legal effect from July 4, 2025. The entry in the respective commercial register was made on July 11, 2025. In addition, RVM Verwaltungs GmbH, Eningen unter Achalm, was renamed into RVM SmartProtect GmbH, Eningen unter Achalm, with legal effect from July 16, 2025. The entry in the commercial register was also made on July 16, 2025.
After the quarterly reporting date, on November 7, 2025, MLP also announced in an ad hoc disclosure that it intends to focus its business at Group company Deutschland.Immobilien. The Executive Board at MLP SE intends to focus the business of Group company Deutschland.Immobilien on the real estate brokerage business and the conceptual design of real estate projects in future. In future, Deutschland.Immobilien will no longer set up any new real estate development projects in which it is itself responsible for construction. However, existing real estate development projects shall be completed. The business focussing is still subject to the approval of the Supervisory Board of MLP SE.
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Changes to the Executive Bodies
The following two changes occurred in the reporting period compared to the fundamental principles of the Group already described in the MLP Group Annual Report 2024.
Manfred Bauer, a longstanding member of the Executive Board at MLP SE with responsibility for Products and Services, has decided that he will no longer be seeking to extend his contract after it expires on April 30, 2025. In the course of appointing a successor to the Executive Board, an additional Executive Board mandate was created and the mandate previously held by Manfred Bauer was changed.
Jan Berg, who currently holds the position of Spokesman of the Executive Board at MLP Finanzberatung SE, was appointed to the Executive Board of MLP SE on May 1, 2025 in addition to his current role. One key focus here will be on the corporate client business of the MLP Group. At holding level, he will in future also assume responsibility for the Industrial Broker and DOMCURA segments, as well as performing a coordinating role with regard to product management at the individual companies.
In addition, the following change was already stated in the MLP Group Annual Report 2024, although the change will not actually take place until the fourth quarter of 2025.
Angelika Zinkgräf, currently Head of Human Resources at MLP SE, is set to assume responsibility for the new Human Resources, Compliance and Internal Audit Executive division. On September 1, 2024, Angelika Zinkgräf was initially assigned full power of attorney for personnel. At its meeting in December 2024, the Supervisory Board then appointed Ms Angelika Zinkgräf as a member of the Executive Board with effect from December 1, 2025.
Further changes
The Annual General Meeting most recently authorised the Executive Board and Supervisory Board to buy back treasury shares through its resolution on June 25, 2025. As in previous years, MLP continued its sharebased participation programme for MLP office managers and MLP consultants in 2025 – still on the basis of the previous Annual General Meeting authorisation of June 24, 2021. In the period from January 2, 2025 to February 13, 2025, a total of 300,358 shares with a pro rata amount of €1.00 each in the share capital were bought back at an average price of €6.66 per share. This corresponds to around 0.27% of our share capital of €109,334,686. The details on the respective buybacks are presented and can be viewed on our homepage at https://mlp-se.com/investors/mlp-share/share-buyback/. Following transfer of 253,006 shares to the eligible participants, a total of 84,414 shares remain in the company's own portfolio.
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ECONOMIC REPORT
Business performance
Overall performance
The MLP Group recorded a new high in total revenue in the first nine months of 2025. The Group was able to increase total revenue, comprising sales revenue and other income, to €773.1 million (€763.3 million). At €754.9 million (€746.2 million), sales revenue also reached a new high. Commission expenses increased slightly to €365.9 million (€338.2 million). Interest expenses fell significantly to €16.8 million (€22.9 million). Real estate development expenses decreased significantly to €0.4 million (€3.7 million). Interest expenses and real estate development expenses therefore tended to develop in line with the corresponding revenue items. Despite stable commission income, commission expenses rose slightly, as significantly less performance-based compensation was accrued in comparison with the previous year due to market conditions. With an increase of 0.8%, administration costs (defined as the sum of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) remained at virtually the same level as the previous year. Earnings before interest and taxes (EBIT) were €61.1 million (€66.4 million).
Development of the competence fields
In the Wealth competence field, which comprises the consulting fields of wealth management and the interest rate business, as well as real estate brokerage and loans & mortgages, MLP recorded revenue at the same level as the strong previous year in the first nine months. Revenue was €372.3 million (€380.8 million). In the Life & Health competence field, which includes both old-age provision and health insurance, MLP recorded stable revenue of €198.7 million (€191.6 million). In the Property & Casualty competence field, which includes non-life insurance, MLP achieved a slight increase in revenue to €177.5 million (€165.5 million). The activities not allocated to these competence fields generated revenue of €6.4 million (€8.4 million). These include the so-called other commissions and fees, as well as the reduced real estate development business.
Development of the consulting fields
Broken down by our revenue types, income from the interest rate business declined significantly (-14.3%) due to the ECB's key interest rate cuts. Revenue from real estate development declined significantly (-97.6%), in line with our continued strategic restraint that is driven by our risk awareness, as well as current challenges in the sale of ongoing projects. Commission income in the consulting fields outlined below remained at the previous year's level (3.1%).
Revenue from real estate brokerage rose significantly by 16.1% over the previous year's figure. Revenue from loans and mortgages was also significantly higher than in the previous year (14.2%) due to the increase in new business. MLP also recorded a significant increase of 12.0% in health insurance. This continued to be driven by increased new business, as well as premium adjustments in existing business. With an increase of 7.3%, non-life insurance revenue was slightly above the previous year's figure. The managed non-life insurance premium volume reached a new all-time high of €793.7 million as of September 30, 2025 (December 31, 2024: €750.6 million). Revenue in the old-age provision business (1.1%) was at the previous year's level. In wealth management (-1.3%), MLP also recorded revenue at the same strong level as the
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previous year. Assets under management recorded a new all-time high of €64.2 billion as of September 30, 2025 (December 31, 2024: €63.1 billion).
Development of consultant and client numbers
As of September 30, 2025, the number of self-employed consultants in the MLP Group increased to 2,121 (December 31, 2024: 2,110; September 30, 2024: 2,082).
Based on its holistic consulting approach, MLP counts its private clients as family clients. Family clients are economically related persons living in a household.
The gross number of newly acquired family clients in the first nine months of 2025 was 15,500 (14,100). As of September 30, 2025, the MLP Group served a total of 597,400 family clients (December 31, 2024: 590,700), as well as 27,800 corporate and institutional clients (December 31, 2024: 28,000).
Development of per capita CO2 emissions and the proportion of women in management positions In accordance with the established definitions for per capita CO2 emissions and the proportion of women in management positions, it is not possible to determine both values during the year, as the values as of December 31 are used for the calculation in accordance with the established definitions.
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Results of operations
Revenue development – First nine months of 2025
During the first nine months of the financial year, the total revenue generated by the MLP Group rose over the same period of the previous year, reaching a new record high of €773.1 million (€763.3 million).
Sales revenue increased to €754.9 million (€746.2 million). Other income was €18.2 million (€17.1 million).
The breakdown of sales revenues by revenue type is shown in the table below.
Breakdown of sales revenue
| All figures in € million | Share in % | 9M 2025 | Share in % | 9M 2024 | Change in % |
|---|---|---|---|---|---|
| Total | 754.9 | 746.2 | 1.2% | ||
| Income from the interest rate business | 7.8% | 58.9 | 9.2% | 68.7 | -14.3% |
| Revenue from real estate development | 0.0% | 0.1 | 0.4% | 2.8 | -97.6% |
| Total commission income | 92.2% | 695.9 | 90.4% | 674.7 | 3.1% |
| Wealth management | 39.9% | 277.3 | 41.6% | 280.9 | -1.3% |
| Real estate brokerage | 3.6% | 24.8 | 3.2% | 21.4 | 16.1% |
| Loans and mortgages | 1.6% | 11.2 | 1.5% | 9.8 | 14.2% |
| Old-age provision | 21.0% | 146.3 | 21.5% | 144.7 | 1.1% |
| Health insurance | 7.5% | 52.5 | 6.9% | 46.8 | 12.0% |
| Non-life insurance | 25.5% | 177.5 | 24.5% | 165.5 | 7.3% |
| Other commissions and fees | 0.9% | 6.3 | 0.8% | 5.6 | 13.3% |
Sales revenue can be broken down into the following two ways:
Broken down by our competence fields, the Wealth competence field generated revenue of €372.3 million (€380.8 million) in the first nine months of 2025, matching the strong level of the previous year. MLP recorded stable revenue of €198.7 million (€191.6 million) in the Life & Health competence field. Revenue in the Property & Casualty competence field increased slightly to €177.5 million (€165.5 million). The activities not allocated to these competence fields generated revenue of €6.4 million (€8.4 million).
Broken down by our revenue types, income from the interest rate business declined significantly to €58.9 million (€68.7 million) due to the now significantly lower interest rate level. Revenue from real estate development declined significantly to €0.1 million (€2.8 million), in line with our continued strategic restraint that is driven by our risk awareness, as well as current challenges in the sale of ongoing projects. At €695.9 million (€674.7 million), commission income remained at the previous year's level. In the reporting period, MLP achieved growth in commission income in almost all of the consulting fields outlined below. Only in wealth management was revenue marginally below the previous year.
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Commission income in wealth management amounted to €277.3 million (€280.9 million), remaining nearly at the strong level as in the previous year, although performance-based compensation was significantly lower due to market conditions. As of September 30, 2025, assets under management reached a new high of €64.2 billion (December 31, 2024: €63.1 billion; September 30, 2024: €61.0 billion).
Real estate brokerage revenue rose significantly to €24.8 million (€21.4 million). The brokered real estate volume also increased significantly to €267.0 million (€234.5 million).
Revenue from loans and mortgages also increased significantly to €11.2 million (€9.8 million) due to the increase in new business. The financing volume increased significantly to €1,275.8 million (€1,076.0 million).
MLP recorded stable revenue of €146.3 million (€144.7 million) in old-age provision. At €2,538.1 million (€2,510.3 million), the brokered total premiums were above the previous year's level.
At €52.5 million (€46.8 million), health insurance revenue was significantly higher than the previous year's figure. This continued to be driven by increased new business, as well as premium adjustments in existing business. MLP is benefiting from the continued high level of interest in high-quality healthcare services, particularly in the area of private health insurance.
Non-life insurance revenue rose slightly to €177.5 million (€165.5 million). As of September 30, 2025, the nonlife insurance premium volume in the MLP Group increased to a new record level of €793.7 million (December 31, 2024: €750.6 million; September 30, 2024: €736.0 million).
Other commissions and fees were €6.3 million, following €5.6 million in the previous year.
Revenue development – Third quarter of 2025
Looking at the third quarter of 2025 in isolation, total revenue of €244.1 million (€249.0 million) remained approximately at the previous year's level.
At €237.2 million (€245.1 million), sales revenue also remained approximately at the same level as the previous year. At €6.9 million (€4.0 million), other income was above the previous year's figure.
Sales revenue can be broken down into the following two ways:
Broken down by competence field, the Wealth competence field generated slightly lower revenue of €128.0 million (€141.1 million) in the third quarter of 2025 compared to a very strong figure in the previous year. In the Life & Health competence field, revenue remained stable at €68.8 million (€68.2 million). At €38.6 million (€34.4 million), a significant increase in revenue was recorded in the Property & Casualty competence field. The activities not allocated to these competence fields generated revenue of €1.7 million (€1.4 million).
Broken down by our revenue type, income from the interest rate business declined to €18.7 million (€23.1 million) in the third quarter. Real estate development revenue was €0.0 million (-€0.0 million). Commission income in the third quarter was €218.4 million (€222.0 million), therefore remaining approximately at the same level as the previous year.
At €95.8 million (€104.7 million), wealth management revenue was only slightly below the previous year's figure. At €9.6 million (€9.9 million), real estate brokerage revenue was on par with the previous year. At €3.9
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million (€3.4 million), revenue from loans and mortgages was significantly higher than in the previous year. At €52.1 million (€51.9 million), old-age provision revenue remained stable. Stable revenue of €16.7 million (€16.3 million) was also recorded in health insurance. In non-life insurance, MLP recorded significantly higher revenue of €38.6 million (€34.4 million). Other commissions and fees were €1.7 million, following €1.4 million in the previous year.
Inventory changes
The inventory changes are the result of real estate development activities and reflect the changes in asset values generated by construction and sales progress during the reporting period. This item will increase as the respective projects progress and then decline again with the gradual sale of project units. In the meantime, we have stopped the launch of new projects and related construction activities, thereby actively reducing our risks in this area. With ongoing sales activities, albeit at a lower level than in the previous year, inventory changes in the first nine months were -€0.6 million (-€4.1 million).
Development of expenses
Commission expenses primarily comprise performance-based commission payments to our MLP consultants. They represent the largest item under expenses. This item also includes commission expenses in the DOMCURA and Industrial Broker segments. Variable expenses result from the compensation of brokerage services in the non-life insurance business. Added to these are the commission expenses for wealth management in the FERI segment, which in particular result from the activities in the field of fund administration. In this business field, they are primarily accrued due to compensation of depository banks and fund sales. Commission expenses from real estate brokerage are accrued in the Deutschland.Immobilien segment.
Development of expenses – First nine months of 2025
Despite stable commission income, commission expenses rose slightly to €365.9 million (€338.2 million), as significantly less performance-based compensation was accrued in comparison with the previous year due to market conditions. Net commission income, which is defined as the difference between commission income and commission expenses, was €330.0 million (€336.5 million). Interest expenses declined significantly to €16.8 million (€22.9 million) in line with revenue developments. Accordingly, net interest declined slightly to €42.1 million (€45.8 million). Real estate development expenses decreased significantly to €0.4 million (€3.7 million), in line with revenue development.
Gross profit (defined as total revenue minus commission expenses, interest expenses, real estate development expenses and inventory changes) was €389.5 million (€394.4 million).
The "Remeasurement gains or losses/loan loss provisions" item was at €0.1 million, following -€1.6 million in the previous year. The change can essentially be attributed to lower expenses from additions to specific loan loss provisions and higher recoveries on receivables written off. In addition, lower fair value measurements at a subsidiary adversely affected the result here.
MLP was able to keep administrative costs stable at €330.1 million (€327.4 million). The individual items developed as follows: At €173.7 million (€172.2 million), personnel expenses remained at the previous year's
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level. At €23.3 million (€22.4 million), depreciation/amortisation and impairment remained at the previous year's level and other expenses were also on a par with the previous year at €133.0 million (€132.8 million).
Development of expenses – Third quarter of 2025
Looking at the third quarter in isolation, commission expenses increased slightly to €117.0 million (€109.5 million). Net commission income was €101.5 million (€112.4 million). Interest expenses fell significantly to €4.4 million (€7.8 million). Real estate development expenses decreased significantly to €0.0 million (€1.9 million).
The "Remeasurement gains or losses/loan loss provisions" item was at €0.9 million, following -€2.4 million in the previous year.
MLP was able to keep administrative costs stable in the third quarter at €105.8 million (€110.8 million). The individual components developed as follows: Personnel expenses were €56.5 million (€58.2 million). Depreciation and impairment expenses fell to €7.7 million (€8.1 million). Other expenses declined slightly to €41.6 million (€44.5 million).
Earnings from investments accounted for using the equity method
Total earnings from investments accounted for using the equity method were €1.5 million (€1.0 million). This figure also includes the earnings of MLP Hyp GmbH, Wiesloch. This item also comprises earnings of one entity of the DI Group. The change in earnings can be attributed to an improved earnings position at MLP Hyp GmbH. Overall, demand for loans and mortgages is once again on the rise.
Looking at the third quarter in isolation, earnings from investments accounted for using the equity method were €0.6 million (€0.4 million).
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Earnings performance – First nine months of 2025
The breakdown of the earnings structure is presented in the following table.
Structure and changes in earnings in the Group
| All figures in € million | 9M 2025 | 9M 2024 | Change in % |
|---|---|---|---|
| Total revenue | 773.1 | 763.3 | 1.3% |
| Gross profit 1 | 389.5 | 394.4 | -1.3% |
| Gross profit margin (in%) | 50.4% | 51.7% | – |
| Earnings before interest and taxes (EBIT) | 61.1 | 66.4 | -8.1% |
| EBIT margin (in%) | 7.9% | 8.7% | – |
| Net financial result | -1.7 | 4.7 | -135.7% |
| Earnings before taxes (EBT) | 59.4 | 71.1 | -16.6% |
| EBT margin (in%) | 7.7% | 9.3% | – |
| Income taxes | -14.8 | -23.1 | -36.0% |
| Net profit | 44.6 | 48.1 | -7.2% |
| Net margin (in%) | 5.8% | 6.3% | – |
1 Definition: Gross profit is defined as the result of total revenue less commission expenses, real estate development expenses and interest expenses, adjusted for inventory changes
In the first nine months of 2025, earnings before interest and taxes (EBIT) were €61.1 million (€66.4 million), which is slightly below the same period in the previous year. The decline in the financial result to -€1.7 million (€4.7 million) is largely due to the income from the modification of a loan agreement recognised in the previous year, as well as changed loan conditions from the second quarter of 2024 onwards. In the first nine months of 2025, expenses arose from the accretion of interest resulting from the modification of the loan agreement. Earnings before taxes (EBT) were €59.4 million (€71.1 million). The tax rate was 24.9% (32.5%). The decrease can primarily be attributed to the tax rate reduction effect of the so-called "Growth Booster" legislation, which is to be applied for the first time. Accordingly, net profit declined slightly to €44.6 million (€48.1 million). The diluted and basic earnings per share were €0.41 (€0.44).
Earnings performance – Third quarter of 2025
Looking at the third quarter in isolation, EBIT was €18.3 million, following €17.8 million in the same period of the previous year. The financial result was -€0.7 million (-€0.8 million). EBT was therefore €17.6 million, following €17.0 million in the previous year. Group net profit was €15.7 million (€10.3 million).
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Financial position
Objectives of financial management
Detailed information on the objectives of financial management can be found in the MLP Group Annual Report 2024 at https://mlp-se.com/investors/financial-publications/reports/.
Capital structure
The MLP Group's equity capital adequacy and liquidity remain stable. As of the balance sheet date on September 30, 2025, shareholders' equity was €576.9 million (December 31, 2024: €570.3 million). The equity ratio was 13.9% (December 31, 2024: 13.7%). As of the balance sheet date the regulatory core capital ratio declined to 17.9% (December 31, 2024: 19.2%). This was due to the first-time adoption of the CRR-III.
For the Group's long-term financing, we currently make only limited use of external funds in the form of securities, raising of loans and promissory note bond issues. The non-current assets are financed by our shareholders' equity and non-current liabilities. Current liabilities due to clients and financial institutions in the banking business represent further refinancing funds that are generally available to the MLP Group in the long term. As of September 30, 2025, liabilities due to clients and financial institutions in the banking business of €3,101.0 million (December 31, 2024: €3,066.8 million) were offset on the asset side of the balance sheet by receivables from clients and financial institutions in the banking business of €3,181.8 million (December 31, 2024: €2,120.7 million). In addition to this, MLP maintains cash and cash equivalents of €66.5 million (December 31, 2024: €1,150.3 million). The increase in receivables from clients and financial institutions in the banking business, as well as the corresponding decrease in cash and cash equivalents – this item primarily includes balances with central banks – are mainly due to the use of the overnight deposit facility of the Deutsche Bundesbank beyond the reporting date of September 30, 2025. These overnight deposits with central banks are recognised under the item "Receivables from financial institutions in the banking business". Adding the daily balances from the use of the overnight deposit facility at the Deutsche Bundesbank to the cash and cash equivalents results in a total of €1,043.4 million (December 31, 2024: €1,150.3 million) and shows the stable and, in our view, good liquidity situation of the MLP Group.
We did not perform any increase in capital stock in the reporting period.
Capital expenditure
MLP generally finances capital expenditures from operating cash flow. At €20.0 million (€19.6 million), the MLP Group's total investment volume in the first nine months of 2025 remained at the previous year's level. Investments in property, plant and equipment decreased slightly to €16.5 million (€17.2 million), primarily due to lower payments in connection with investments in operating and office equipment, particularly at the MLP Campus in Wiesloch. Investments in intangible assets increased significantly to €3.4 million (€2.4 million). One focus was on investments in software.
From a segment perspective, investments were mainly made in the Holding segment totalling €14.4 million (€12.2 million), followed by €3.2 million (€2.3 million) at DOMCURA and €1.8 million (€4.1 million) in the Financial Consulting segment. The majority of the remaining capital expenditure was distributed across the following four segments: FERI at €0.4 million (€0.7 million), Industrial Brokerage at €0.2 million (€0.3 million),
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Deutschland.Immobilien at around €0.0 million (around €0.0 million) and Banking also at around €0.0 million (€0.0 million).
Liquidity
Cash flow from operating activities in the first nine months of 2025 declined to -€5.3 million from €122.5 million in the same period of the previous year. Here, significant cash flows result from the deposit business with our clients and from the investment of these funds.
Cash flow from investing activities changed from -€25.3 million to -€46.9 million. This is mainly due to the increased investments in fixed-term and time deposits during the reporting period as well as investments in other financial assets.
Cash flow from financing activities changed from -€37.7 million to -€54.7 million. This is due to the higher dividend payout and lower borrowing compared to the previous year.
As of the reporting date on September 30, 2025, the MLP Group has access to cash holdings of around €1,077.4 million. These comprise cash and cash equivalents, the credit balance held by MLP SE at MLP Banking AG, medium-term time deposits and demand deposits under the deposit facility with the Deutsche Bundesbank. Accordingly, the liquidity situation remains stable. Alongside cash holdings, free lines of credit are also in place.
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Net assets
Development of the balance sheet total
As of the balance sheet date on September 30, 2025, the balance sheet total of the MLP Group amounted to €4,140.2 million (December 31, 2024: €4,152.3 million).
Development of assets
Intangible assets on the asset side of the balance sheet – mainly including the client base, brand and goodwill – remained virtually unchanged at €219.4 million (December 31, 2024: €221.9 million) as of the balance sheet date. Property, plant and equipment rose slightly to €166.9 million (December 31, 2024: €157.9 million). This increase can essentially be attributed to the start of construction work on the RVM administration building in Reutlingen, the construction of a photovoltaic system and charging infrastructure on the MLP Campus in Wiesloch and refurbishment measures at the DOMCURA administration building in Kiel. Investments accounted for using the equity method remained stable at €3.2 million (December 31, 2024: €3.2 million).
Deferred tax assets declined significantly to €7.1 million (December 31, 2024: €9.4 million) due to the tax rate reduction effect of the so-called "Growth Booster" legislation that was applied for the first time.
At €1,435.2 million (December 31, 2024: €1,355.8 million), receivables from clients in the banking business were slightly above the previous year's level, mainly due to an increase in own-resource loans. Receivables from financial institutions in the banking business rose significantly to €1,746.6 million (December 31, 2024: €764.9 million). The increase in receivables from financial institutions in the banking business and the corresponding decrease in cash and cash equivalents – this item primarily includes balances with central banks – are mainly due to the use of the overnight deposit facility of the Deutsche Bundesbank beyond the reporting date of September 30, 2025. These overnight deposits with central banks are recognised under the item "Receivables from financial institutions in the banking business".
Financial investments rose significantly to €216.9 million (December 31, 2024: €188.2 million). This increase is essentially the result of the purchase of securities by MLP Banking AG and the increase in the stake held by RVM Versicherungsmakler GmbH, Eningen unter Achalm, in Vetter Versicherungsmakler GmbH, Kressbronn am Bodensee, from 25% to 100%, as well as the increase in the stake held by RVM Versicherungsmakler GmbH in BIG Versicherungsmaklergesellschaft mbH, Tiefenbronn, also from 25% to 100%.
The "Inventories" item disclosed in the balance sheet essentially represents the assets of the project enterprises within the Deutschland.Immobilien Group. As of September 30, 2025, this balance sheet item was €25.5 million (December 31, 2024: €26.2 million).
Tax refund claims increased significantly to €5.4 million (December 31, 2024: €3.5 million) due to the addition of receivables from creditable capital gains tax for the current financial year, as well as tax deferrals at MLP SE.
Other receivables and assets decreased slightly to €247.5 million (December 31, 2024: €271.1 million). This item essentially comprises commission receivables from insurers and other product partners resulting from the brokerage of insurance products. Due to the typically strong year-end business, these increase
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significantly at the end of the year and then decline again during the course of the following financial year. The decrease can essentially be attributed to lower trade receivables.
At €66.5 million (December 31, 2024: €1,150.3 million), cash and cash equivalents were significantly below the previous year's level. The decline in cash and cash equivalents – this item primarily includes balances with central banks – along with the corresponding increase in receivables from financial institutions in the banking business can essentially be attributed to the use of the overnight deposit facility of the Deutsche Bundesbank beyond the reporting date of September 30, 2025. These overnight deposits with central banks are recognised under the item "Receivables from financial institutions in the banking business". Adding the daily balances from the use of the overnight deposit facility at the Deutsche Bundesbank to the cash and cash equivalents results in a total of €1,043.4 million (December 31, 2024: €1,150.3 million) and shows the stable and, in our view, good liquidity situation of the MLP Group.
Development of liabilities and shareholders' equity
The equity capital adequacy of the MLP Group remains good. As of the reporting date on September 30, 2025, the shareholders' equity of the MLP Group was €576.9 million (December 31, 2024: €570.3 million). The increase is attributable to the Group net profit for the first nine months of 2025. The payment of the dividend for the financial year 2024 had the opposite effect. Non-controlling interests remained virtually unchanged at -€0.2 million (December 31, 2024: -€0.2 million). The balance sheet equity ratio was 13.9% (December 31, 2024: 13.7%). Based on Group net profit of €44.6 million (September 30, 2024: €48.1 million), the MLP Group therefore achieved a return on equity of 7.8% (September 30, 2024: 9.0%). The return on equity is the ratio of Group net profit to balance sheet equity at the end of the previous year. As Group net profit typically increases over the course of the year, return on equity tends to rise as well. Consequently, the return on equity at the end of the year is generally higher than during the course of the year.
Provisions declined slightly to €98.9 million (December 31, 2024: €106.8 million). This decline can essentially be attributed to the utilisation of provisions for client support commissions to make payments to MLP consultants and branch office managers, alongside new allocations to provisions for the current year.
Deferred tax liabilities fell significantly to €16.2 million (December 31, 2024: €20.6 million) due to the first-time application of the tax rate reduction effect of the "Growth Booster" legislation.
Liabilities due to clients in the banking business, which represent the deposits of MLP clients, rose to €2,942.6 million (December 31, 2024: €2,914.0 million), primarily due to an increase in overnight client deposits. At €158.4 million (December 31, 2024: €152.8 million), liabilities due to financial institutions in the banking business remained at the previous year's level.
Tax liabilities fell significantly to €13.7 million (December 31, 2024: €18.6 million) due to the utilisation of liabilities for past financial years. Other liabilities also fell significantly to €333.5 million (December 31, 2024: €369.2 million). This item also comprises current liabilities due to our consultants and branch office managers in connection with open commission claims. The decrease is due to various liabilities, although mainly to lower liabilities to commercial agents and trade payables.
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Off-balance sheet commitments
Off-balance sheet commitments relate in particular to irrevocable credit commitments and guarantees. They declined slightly in the first nine months of 2025 to €104.9 million (December 31, 2024: €115.8 million), essentially due to lower irrevocable credit commitments.
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Segment report
Structure and description of the segments
The MLP Group is broken down into the following segments:
- Financial Consulting
- Banking
- FERI
- DOMCURA
- Deutschland.Immobilien
- Industrial Broker
- Holding
A description of the segments is provided in the following. An explanation is also given as to which revenue was generated from the respective consulting fields in these segments.
The Financial Consulting segment includes revenue generated in the consulting fields of old-age provision, health and non-life insurance, loans & mortgages, real estate brokerage and wealth management.
All banking services for private and corporate clients, ranging from wealth management, accounts and cards to the interest rate business, are consolidated within the Banking segment. Revenue is primarily generated from wealth management and the interest rate business.
Revenue in the FERI segment is generated from the wealth management consulting field.
In the DOMCURA segment, revenue is generated primarily from the brokerage and administration of non-life insurance policies. DOMCURA's business model is characterised by a high degree of seasonality during the year. Accordingly, the segment records comparably high earnings and sales revenue in the first quarter of each year. This is then typically followed by a loss from Q2 to Q4.
All revenues from real estate brokerage and real estate development of the DI Group are disclosed in the Deutschland.Immobilien segment.
The Industrial Broker segment primarily generates revenue from the non-life insurance consulting field through brokerage of insurance policies for industrial and commercial clients. Business in the Industrial Broker segment is also characterised by pronounced seasonal fluctuations. Accordingly, the segment records high sales revenues and comparably high earnings in the first quarter of each year. Subsequently, this segment usually records a loss from Q2 to Q4. As the holding company, RVM GmbH is included in the Industrial Broker segment.
The Holding segment does not have active operations.
The development of the segments in the first nine months, as well as the third quarter of 2025, is explained in the following. This provides an overview of the earnings performance, including the development of revenue and expenses. You can find detailed figures on the development of earnings, revenue and expenses recorded by the individual segments in the Notes under the sections "Information on reportable business segments".
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Financial Consulting segment – First nine months of 2025
Total revenue in the Financial Consulting segment increased slightly in the first nine months of 2025 to €311.9 million (€296.8 million), While sales revenue increased slightly to €286.4 million (€271.8 million). The health insurance business, the non-life insurance business, the old-age provision business, the wealth management business, as well as a significantly stronger loans and real estate brokerage business and slightly stronger real estate brokerage business following a weak previous year were the main drivers of the positive overall development. Other income remained virtually unchanged at €25.5 million (€25.0 million).
In line with the higher revenue recorded, commission expenses also increased slightly to €140.8 million (€132.3 million). The "Remeasurement gains or losses/loan loss provisions" item was -€0.3 million (- €0.0 million). At €69.6 million (€67.3 million), personnel expenses remained at the previous year's level. This figure already reflects the transfer of employees from MLP Finanzberatung SE to MLP SE. At €11.1 million (€10.8 million), depreciation/amortisation and impairment were virtually unchanged. Other expenses were €83.7 million (€82.6 million). Earnings from investments accounted for using the equity method were €1.5 million (€1.0 million).
Accordingly, earnings before interest and taxes (EBIT) increased significantly to €7.7 million (€4.8 million). With a financial result of €0.1 million (-€0.0 million), earnings before taxes (EBT) increased significantly to €7.8 million (€4.8 million).
Financial Consulting segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue increased to €100.0 million (€96.8 million), while sales revenue were €91.8 million (€89.7 million). Other income rose significantly to €8.2 million (€7.1 million), primarily due to higher Group allocations. Commission expenses remained stable at €45.8 million (€45.0 million). The "Remeasurement gains or losses/loan loss provisions" item was -€0.2 million (- €0.1 million). Personnel expenses remained virtually unchanged at €21.9 million (€21.3 million). At €3.8 million (€3.7 million), depreciation/amortisation and impairment expenses remained at the previous year's level. Other expenses fell to €27.2 million (€28.3 million). Earnings from investments accounted for using the equity method were €0.6 million (€0.4 million). As a result, EBIT increased significantly in the third quarter to €1.7 million (-€1.1 million). With a financial result of -€0.1 million (-€0.2 million), EBT rose significantly to €1.6 million (-€1.3 million).
Banking segment – First nine months of 2025
In the first nine months of the year, total revenue in the Banking segment remained virtually unchanged at €166.9 million (€165.5 million), while sales revenue remained stable at €162.0 million (€161.2 million). Significantly higher wealth management revenue more than compensated for the significantly lower income from the interest rate business resulting from market conditions. At €4.9 million (€4.4 million), other income was higher than in the previous year.
Commission expenses increased significantly to €53.5 million (€45.1 million) in line with the higher wealth management revenue. Interest expenses fell significantly to €18.6 million (€26.4 million) against the backdrop of lower interest rates and in line with the lower interest income. The "Remeasurement gains or losses/loan loss provisions" item improved significantly to -€0.3 million (-€4.8 million), following a high previous-year figure attributable to a one-off effect from the modification of loan agreements in the first half of 2024 and a disposal gain from a promissory note bond in the third quarter of 2025. This was offset by the effects of poorer ratings
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of various clients in the mortgage lending business. Personnel expenses rose significantly to €14.6 million (€13.2 million), primarily as a result of a higher number of employees and correspondingly higher salary costs. Depreciation/amortisation and impairment remained stable at €0.3 million (€0.4 million). Other expenses rose slightly to €40.5 million (€38.1 million) due to higher Group allocations and higher costs for external services from the banking business.
As a result, EBIT rose to €39.1 million (€37.6 million). With a financial result of -€0.2 million (-€0.4 million), EBT increased to €38.9 million (€37.2 million).
Banking segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue remained stable at €56.0 million (€56.3 million). At €54.0 million (€54.9 million), sales revenue remained at the previous year's level, while other income was significantly above the previous year's level at €2.0 million (€1.5 million). At €19.0 million (€16.2 million), commission expenses were significantly above the previous year's level. Interest expenses declined significantly to €4.7 million (€8.6 million). The "Remeasurement gains or losses/loan loss provisions" item improved significantly to €1.4 million (-€2.2 million), driven by a disposal gain on a promissory note bond. Personnel expenses rose slightly to €5.0 million (€4.6 million). Depreciation/amortisation and impairment expenses remained virtually unchanged at €0.1 million (€0.1 million). Other expenses were €12.4 million (€12.8 million). As a result, EBIT increased significantly to €16.3 million (€12.0 million). With a financial result of -€0.0 million (-€0.0 million), EBT rose significantly to €16.3 million (€11.9 million).
FERI segment – First nine months of 2025
At €182.2 million (€196.1 million), total revenue in the FERI segment was slightly below the previous year in the reporting period. Despite significantly lower performance-based compensation compared with the strong prior-year period, sales revenue declined only slightly to €180.0 million (€194.6 million), in line with developments in the capital markets. Other income rose significantly to €2.2 million (€1.5 million).
Commission expenses were €116.6 million (€110.9 million). The "Remeasurement gains or losses/loan loss provisions" item decreased significantly to €0.1 million (€1.0 million). This decline can be attributed to a lower fair value result. At €35.9 million (€41.8 million), personnel expenses were significantly lower than in the previous year, mainly due to a significant decrease in variable compensation. At €2.9 million (€2.7 million), depreciation/amortisation and impairment remained virtually unchanged. Other expenses remained stable at €12.8 million (€12.6 million).
As a result, EBIT declined significantly to €14.1 million (€29.3 million). With a financial result of €0.5 million (€0.5 million), EBT decreased significantly to €14.6 million (€29.8 million).
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FERI segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue declined significantly to €62.9 million (€75.3 million). Sales revenue declined significantly to €62.4 million here (€74.8 million). This is due to significantly lower performance-based compensation compared to the previous year, which is in line with developments on the capital markets. Other income remained virtually unchanged at €0.5 million (€0.5 million). Commission expenses were €39.7 million (€37.8 million). The "Remeasurement gains or losses/loan loss provisions" item was -€0.3 million (-€0.1 million). Personnel expenses fell significantly to €12.1 million (€17.0 million), mainly due to a significant decrease in variable compensation. At €1.0 million (€0.9 million), depreciation/amortisation and impairment expenses remained at the previous year's level. Other expenses declined slightly to €4.2 million (€4.5 million). EBIT in the third quarter therefore declined significantly to €5.6 million (€15.1 million). With a financial result of €0.1 million (€0.2 million), EBT decreased significantly to €5.7 million (€15.3 million).
DOMCURA segment – First nine months of 2025
Total revenue in the DOMCURA segment increased slightly in the first nine months of 2025 to €110.9 million (€101.6 million), while sales revenue rose slightly to €107.0 million (€98.4 million), as a result of increased revenue from the non-life insurance business. At €4.0 million (€3.2 million), other income was significantly higher than in the previous year.
Commission expenses increased significantly to €71.2 million (€63.9 million) in line with the increase in sales revenue. Personnel expenses were €17.4 million (€18.0 million), so slightly below the previous year's level. Depreciation/amortisation and impairment expenses increased significantly to €4.2 million (€3.6 million) due to greater amortisation of software. At €9.5 million (€9.9 million), other expenses remained at the previous year's level.
As a result, EBIT increased significantly to €8.4 million (€6.3 million). With a financial result of €1.1 million (€1.1 million), EBT increased significantly to €9.5 million (€7.4 million).
DOMCURA segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue rose significantly to €26.5 million (€22.2 million). Sales revenue increased significantly to €25.1 million (€21.2 million) here as a result of greater revenue from the non-life insurance business. Other income also rose significantly to €1.4 million (€1.0 million). Commission expenses increased significantly to €16.5 million (€14.1 million) in line with the increase in sales revenue. At €5.6 million (€5.2 million), personnel expenses remained at the previous year's level. Depreciation/amortisation and impairment expenses decreased significantly to €1.2 million (€1.7 million). Other expenses remained stable at €3.2 million (€3.4 million). As a result, EBIT increased significantly in the third quarter to -€0.2 million (-€2.3 million). With a financial result of €0.2 million (€0.2 million), EBT improved significantly to -€0.0 million (-€2.1 million).
Deutschland.Immobilien segment – First nine months of 2025
Total revenue in the Deutschland.Immobilien segment increased slightly in the first nine months of 2025 to €28.7 million (€26.5 million), while sales revenue increased slightly to €27.2 million (€25.4 million). The revenue from real estate brokerage, which picked up quite significantly again, was able to more than offset the lower revenue from real estate development. Other income rose significantly to €1.6 million (€1.1 million).
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The inventory changes result from real estate development activities and reflect the changes in asset values arising from construction and sales progress during the reporting period. This item will increase as the respective projects progress. and then decline again with the gradual sale of project units. In the meantime, we have stopped the launch of new projects and related construction activities, thereby actively reducing our risks in this area. With ongoing sales activities, albeit at a lower level than in the previous year, inventory changes in the first nine months of 2025 were -€0.6 million (-€4.1 million).
Commission expenses increased significantly to €20.0 million (€16.6 million), driven by an increase in the brokerage of residential units by MLP consultants and the associated rise in sales revenue. Due to the declining volume in real estate development, real estate development expenses fell significantly to €0.4 million (€3.8 million). The "Remeasurement gains or losses/loan loss provisions" item was €0.4 million (-€0.0 million). Personnel expenses remained virtually unchanged at €6.6 million (€6.4 million). At €0.5 million (€1.0 million), depreciation/amortisation and impairment expenses remained significantly below the previous year's level. Other expenses declined significantly to €3.9 million (€5.1 million), primarily due to lower consulting costs.
As a result, EBIT also improved significantly to -€3.0 million (-€10.6 million). The financial result declined significantly to -€2.7 million (€5.4 million). The decline in the financial result is largely due to the income from the modification of loan agreements recognised in the previous year, as well as changed loan conditions from the second quarter of 2024 onwards. EBT therefore declined significantly to -€5.7 million (-€5.1 million).
Deutschland.Immobilien segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue rose significantly to €11.6 million (€10.4 million). Sales revenue were €10.5 million here (€10.3 million). Other income rose significantly to €1.1 million (€0.1 million). Inventory changes were €0.0 million (€0.7 million). Commission expenses remained virtually unchanged at €7.7 million (€7.5 million). Due to the declining volume in real estate development, real estate development expenses fell significantly to €0.0 million (€1.9 million). The "Remeasurement gains or losses/loan loss provisions" item was €0.0 million (€0.1 million). Personnel expenses remained virtually unchanged at €2.1 million (€2.1 million). Depreciation/amortisation and impairments were €0.2 million (€0.3 million). At €1.2 million (€1.4 million), other expenses remained at the previous year's level. Accordingly, EBIT also improved significantly to €0.4 million (-€1.9 million). The financial result declined significantly to -€1.2 million (-€1.5 million). Accordingly, EBT also improved significantly to -€0.8 million (-€3.4 million).
Industrial Broker segment – First nine months of 2025
At €31.7 million (€31.0 million), total revenue in the Industrial Broker segment after the first nine months of 2025 remained at the previous year's level. Sales revenues increased slightly to €31.3 million (€29.8 million) due to higher revenue from the non-life insurance business. Other income declined significantly to €0.4 million (€1.2 million), primarily due to lower income from non-consolidated companies.
Commission expenses remained virtually unchanged at €0.7 million (€0.7 million). Personnel expenses rose slightly to €17.1 million (€15.7 million), primarily due to higher salaries. At €2.3 million (€2.3 million), depreciation/amortisation and impairment expenses remained at the previous year's level. Other expenses remained stable at €3.9 million (€3.9 million).
As a result, EBIT decreased significantly to €7.6 million (€8.5 million). With a financial result of -€0.5 million (- €0.5 million), EBT declined significantly to €7.1 million (€8.1 million).
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Industrial Broker segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue remained virtually unchanged at €6.2 million (€6.3 million). At €6.1 million (€6.2 million), sales revenue remained stable. Other income also remained stable at €0.1 million (€0.1 million). Commission expenses were €0.2 million (€0.2 million). Personnel expenses were €5.4 million (€5.1 million). At €0.8 million (€0.8 million), depreciation/amortisation and impairment expenses remained at the previous year's level. Other expenses remained virtually unchanged at €1.2 million (€1.3 million). As a result, EBIT decreased significantly to -€1.5 million (-€1.1 million). With a financial result of -€0.2 million (-€0.2 million), EBT declined to -€1.6 million (-€1.3 million).
Holding segment – First nine months of 2025
At €14.9 million (€13.4 million), total revenue in the Holding segment after the first nine months of 2025 was significantly higher than the previous year's figure. Since this segment is not operationally active, there are no sales revenues. Other income rose significantly to €14.9 million (€13.4 million) due to higher Group allocations.
At €12.4 million (€9.7 million), personnel expenses were significantly above the previous year's level, mainly due to higher salaries as a result of an increase in the number of employees following the transfer of employees from MLP Finanzberatung SE to MLP SE. Depreciation/amortisation and impairments were €1.9 million (€1.6 million). Other expenses remained virtually unchanged at €14.3 million (€14.6 million).
As a result of this, EBIT decreased significantly to -€14.2 million (-€12.5 million). Lower interest income had a negative impact on the financial result, causing it to drop significantly to €0.9 million (€2.9 million). EBT therefore declined significantly to -€13.4 million (-€9.7 million).
Holding segment – Third quarter of 2025
Looking at the third quarter in isolation, total revenue was €5.7 million (€4.6 million), which is significantly above the previous year's level. Since this segment is not operationally active, there are no sales revenues. Accordingly, other income increased significantly to €5.7 million (€4.6 million). Personnel expenses also rose significantly to €4.4 million (€2.9 million). Depreciation/amortisation and impairment expenses were €0.7 million (€0.5 million). Other expenses remained stable at €4.4 million (€4.6 million). As a result, EBIT decreased slightly to -€3.7 million (-€3.4 million). With a lower financial result of €0.2 million (€0.8 million), due to lower interest income, EBT declined significantly to -€3.6 million (-€2.6 million).
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Employees and self-employed client consultants
Focus on employees and consultants
For the MLP Group as a knowledge-based service provider, qualified and motivated employees and selfemployed client consultants are the most important basis for sustainable corporate success. For this reason, a key focus is on the continuous development of HR work for existing employees on the one hand, and on attracting and training new consultants on the other.
Development of employee numbers
The number of employees rose to 2,470 (2,454). This increase can essentially be attributed to a higher number of new hirings, especially in the Banking segment. The additions to the holding company result from the reorganisation measures in the course of MLP SE gaining approval to operate as the parent financial holding company of the MLP Group. For this reason, there were staff transfers especially from MLP Finanzberatung SE to MLP SE.
The following table shows the development of average employee numbers in the individual segments.
Development of employee numbers by segment (excluding MLP consultants)
| Segment | Sep. 30, 2025 | Sep. 30, 2024 |
|---|---|---|
| Financial Consulting 1 | 1,048 | 1,127 |
| Banking | 273 | 242 |
| FERI | 293 | 294 |
| DOMCURA | 321 | 329 |
| Industrial Broker | 284 | 279 |
| Holding | 165 | 92 |
| Deutschland.Immobilien | 86 | 91 |
| Total | 2,470 | 2,454 |
As of September 30, 2025 / Personnel transfers between the segments have been reflected in the figures; as a result, the figures are only partially comparable with those of the previous year.
Development of consultant numbers, branch offices and university teams
At 2,121, the number of self-employed client consultant at the end of the first nine months of 2025 was above the figure from the end of 2024 (December 31, 2024: 2,110) and also above the previous year's figure (2,082).
As of September 30, 2025, MLP operated 132 representative offices (December 31, 2024: 127). There were 96 university teams at the end of the first nine months (December 31, 2024: 95).
1 Including ZSH GmbH Finanzdienstleistungen, MLP Dialog GmbH and Uniwunder GmbH
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FORECAST
Prognoses
This documentation includes certain prognoses and information on future developments that are founded on the convictions of MLP SE's Executive Board, as well as on assumptions and information currently available to MLP SE. Terms such as "expect", "anticipate", "estimate", "assume", "intend", "plan", "should", "could", "might", "project" and any other phrases used in reference to the company describe prognoses based on certain factors subject to uncertainty.
Many factors can contribute to the actual results of the MLP Group differing significantly from the prognoses made in such statements.
MLP SE accepts no liability towards the general public for updating or correcting prognoses. All prognoses are subject to various risks and uncertainties, which could lead to actual results differing from expectations. The prognoses reflect the points of view at the time when they were made.
Anticipated business development
Basis and assumptions
You can find details on our forecast for the financial year 2025 in the Interim Group Report for the first half year and second quarter of 2025, as well as in the Annual Report 2024 of the MLP Group at: https://mlpse.com/investors/financial-publications/reports/.
Development of per capita CO2 emissions and the proportion of women in management positions Going forward, the MLP Group remains committed to reducing its per capita CO2 emissions and increasing the proportion of women in management positions.
Revenue forecast
For the financial year 2025, we confirm our expectation of a stable development of total revenue, which we revised following the publication of results for the first half of the year, having previously assumed a slight increase in total revenue. In line with the development in the first nine months, we now expect stable sales revenue, having previously assumed a slight increase in sales revenue. Following a clearly positive trend in the third quarter, we now expect other income to be slightly below the previous year's figure (after the first six months: significantly lower, at the beginning of the year: stable).
Sales revenue can be broken down into the following two ways:
Broken down by our competence fields, we continue to anticipate stable revenue for the Wealth competence field. In line with developments in the first nine months, we now expect stable revenue in the Life & Health competence field, having previously expected a slight increase in revenue. We are still anticipating a slight rise in revenue in the Property & Casualty competence field. The activities not allocated to these competence
{27}------------------------------------------------
fields are expected to generate significantly lower revenue in line with our revised expectations following the publication of the results for the first half of the year (after the first three months: slight increase, at the beginning of the year: significant increase).
Broken down by our revenue type, income from the interest rate business is expected to be significantly lower, in line with our revised expectations following the publication of the results for the first half of the year, having previously anticipated only a slightly lower income. With regard to revenue from real estate development, we confirm our expectation of significantly lower revenue, which we adjusted following the publication of the results for the first half of the year (after the first three months: slight increase, at the beginning of the year: significant increase). In line with developments in the first nine months, we now expect commission income from the consulting fields outlined below to remain stable, having previously anticipated a slight increase.
We expect wealth management revenue to remain stable. We are still anticipating a significant increase in revenue in both real estate brokerage and loans & mortgages. In line with developments in the first nine months, we now expect stable revenue in old-age provision, having previously expected a slight increase in revenue. Having previously assumed stable revenue in health insurance, we now expect a slight increase in revenue in line with our revised expectations following the publication of the results for the first half of the year. In non-life insurance, we are still anticipating a slight increase in revenue.
Expenditure forecast
Developments in terms of expenses for services received generally correspond to the developments in the respective revenues. We continue to expect significantly lower expenses from the interest rate business and had already anticipated this on the expense side at the beginning of the year, in line with the revenue-side adjustments made following the publication of the results for the first half of the year. In addition, we expect significantly lower real estate development expenses in line with our revised expectations following the publication of the results for the first half of the year (after the first three months: slight increase, at the beginning of the year: significant increase). We still expect commission expenses to be slightly higher than in the previous year, even though we have been assuming stable commission income following the publication of the results for the first nine months.
At the same time, we still expect to continue making investments in the future, while keeping administration costs stable thanks to our cost discipline, supported by efficiency gains, partly through the use of digitalisation.
Earnings forecast
On November 7, 2025, MLP announced in an ad hoc announcement that the 2025 full year forecast for the MLP Group would be adjusted in relation to earnings before interest and taxes (EBIT). Based on the evaluation of current business and forecast data, the MLP Group has adjusted its EBIT forecast for the financial year 2025 and now anticipates EBIT in a range from €90 to 100 million. The previous EBIT full year forecast for 2025 for the MLP Group was €100 to 110 million. The adjustment was the result of revised expectations regarding the level of performance-based compensation in wealth management and the real estate development business. Performance-based compensation is accrued for the positive performance of investment concepts in wealth management and is largely recognised in the results. With EBIT of €18.3 million, earnings for the third quarter 2025 exceeded the already strong result achieved in the same period of the previous year (€17.8 million). EBIT for the first nine months of the financial year 2025 was €61.1 million (previous year: €66.4 million). However, based on both the assessments made at that time and the current
{28}------------------------------------------------
view, the further positive business development anticipated until the end of the year will probably not be sufficient to offset the aforementioned developments and to achieve the original forecast.
In the aforementioned ad hoc announcement from November 7, 2025, MLP also announced that it intends focussing the business of the Group company Deutschland.Immobilien. Possible negative one-off effects from this business focussing cannot yet be reliably quantified. In terms of EBIT, however, these effects should not exceed €12 million and might also even have an impact on EBIT of the financial year 2025.
For the financial year 2025, we expect the market environment to continue to be characterised by political and economic uncertainties. This environment presents both opportunities and risks for our business development, which is why the forecasts include a degree of uncertainty.
Earnings planning
On November 7, 2025, MLP announced that the significant increase in EBIT included in the mid-term planning up to the end of 2028 could turn out to be slightly higher than originally planned. This planning adjustment was made in connection with the announced intention to focus the business of the Group company Deutschland.Immobilien, alongside the otherwise dynamic growth in business across the entire MLP Group.
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CONSOLIDATED INCOME STATEMENT AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Consolidated income statement for the period from January 1 to September 30, 2025
| All figures in €'000 | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Sales revenue | 237,153 | 245,051 | 754,868 | 746,248 |
| Other income | 6,911 | 3,977 | 18,246 | 17,061 |
| Total revenue | 244,063 | 249,028 | 773,114 | 763,309 |
| Inventory changes | 26 | 666 | -630 | -4,083 |
| Commission expenses | -116,990 | -109,524 | -365,925 | -338,224 |
| Real estate development expenses | -44 | -1,874 | -356 | -3,686 |
| Interest expenses | -4,386 | -7,771 | -16,751 | -22,883 |
| Remeasurement gains or losses/loan loss provisions | 936 | -2,365 | 147 | -1,604 |
| Personnel expenses | -56,549 | -58,225 | -173,714 | -172,182 |
| Depreciation and impairments | -7,695 | -8,059 | -23,314 | -22,432 |
| Other expenses | -41,581 | -44,534 | -133,023 | -132,765 |
| Earnings from investments accounted for using the equity method | 570 | 428 | 1,502 | 986 |
| Earnings before interest and taxes (EBIT) | 18,349 | 17,770 | 61,051 | 66,437 |
| Other interest and similar income | 1,099 | 1,323 | 4,094 | 4,813 |
| Other interest and similar expenses | -1,831 | -2,079 | -5,774 | -6,151 |
| Remeasurement gains or losses (non-operating) | - | - | - | 6,051 |
| Net financial result | -732 | -756 | -1,681 | 4,712 |
| Earnings before taxes (EBT) | 17,617 | 17,015 | 59,370 | 71,149 |
| Income taxes | -1,926 | -6,734 | -14,777 | -23,099 |
| Net profit | 15,691 | 10,281 | 44,593 | 48,050 |
| of which attributable to | ||||
| owners of the parent company | 15,680 | 10,288 | 44,550 | 48,361 |
| non-controlling interests | 11 | -8 | 43 | -311 |
| Earnings per share in €1,2 | ||||
| basic/diluted | 0.14 | 0.09 | 0.41 | 0.44 |
1 Basis of calculation (basic): average number of ordinary shares outstanding as of September 30, 2025: 109,207,051
2 Basis of calculation (diluted): average number of ordinary shares outstanding as of September 30, 2025: 109,334,686
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Consolidated statement of comprehensive income for the period from January 1 to September 30, 2025
| All figures in €'000 | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Net profit | 15,691 | 10,281 | 44,593 | 48,050 |
| Gains/losses due to the revaluation of defined benefit obligations | 12 | -1,859 | 2,150 | 732 |
| Gains/losses due to equity instruments measured at fair value through othercomprehensive income | - | 311 | - | 940 |
| Deferred taxes on non-reclassifiable gains/losses | -4 | 542 | -648 | -231 |
| Non-reclassifiable gains/losses | 8 | -1,005 | 1,502 | 1,441 |
| Gains/losses due to currency translation differences | -8 | 45 | 10 | -33 |
| Reclassifiable gains/losses | -8 | 45 | 10 | -33 |
| Other comprehensive income | 0 | -960 | 1,512 | 1,408 |
| Total comprehensive income | 15,691 | 9,321 | 46,104 | 49,458 |
| Of which attributable to | ||||
| owners of the parent company | 15,680 | 9,328 | 46,061 | 49,769 |
| non-controlling interests | 11 | -8 | 43 | -311 |
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STATEMENT OF FINANCIAL POSITION
Assets as of September 30, 2025
| All figures in €'000 | Sep. 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| Intangible assets | 219,361 | 221,864 |
| Property, plant and equipment | 166,920 | 157,904 |
| Investments accounted for using the equity method | 3,199 | 3,192 |
| Deferred tax assets | 7,086 | 9,382 |
| Receivables from clients in the banking business | 1,435,199 | 1,355,847 |
| Receivables from financial institutions in the banking business | 1,746,555 | 764,881 |
| Financial assets | 216,871 | 188,171 |
| Inventories | 25,545 | 26,175 |
| Tax refund claims | 5,371 | 3,485 |
| Other receivables and assets | 247,547 | 271,054 |
| Cash and cash equivalents | 66,498 | 1,150,327 |
| Total | 4,140,153 | 4,152,283 |
Liabilities and shareholders' equity as of September 30, 2025
| All figures in €'000 | Sep. 30, 2025 | Dec. 31, 2024 |
|---|---|---|
| Equity attributable to MLP SE shareholders | 577,157 | 570,459 |
| Non-controlling interests | -215 | -156 |
| Total shareholders' equity | 576,942 | 570,302 |
| Provisions | 98,941 | 106,784 |
| Deferred tax liabilities | 16,172 | 20,553 |
| Liabilities due to clients in the banking business | 2,942,575 | 2,913,987 |
| Liabilities due to financial institutions in the banking business | 158,402 | 152,837 |
| Tax liabilities | 13,668 | 18,579 |
| Other liabilities | 333,453 | 369,240 |
| Total | 4,140,153 | 4,152,283 |
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CONDENSED STATEMENT OF CASH FLOW
Condensed statement of cash flow for the period from January 1 to September 30, 2025
| All figures in €'000 | 9M 2025 | 9M 2024 |
|---|---|---|
| Cash and cash equivalents at the beginning of period | 1,150,307 | 1,053,916 |
| Cash flow from operating activities | -5,302 | 122,513 |
| Cash flow from investing activities | -46,890 | -25,329 |
| Cash flow from financing activities | -54,720 | -37,732 |
| Cash-effective changes in cash and cash equivalents | -106,912 | 59,452 |
| Changes in cash and cash equivalents due to exchange rate movements | -10 | 23 |
| Changes in liabilities to banks due on demand (excluding the banking business) | -8 | - |
| Cash and cash equivalents at the end of period | 1,043,377 | 1,113,391 |
Condensed statement of cash flow for the period from July 1 to September 30, 2024
| All figures in €'000 | Q3 2025 | Q3 2024 |
|---|---|---|
| Cash and cash equivalents at the beginning of period | 1,120,293 | 1,195,909 |
| Cash flow from operating activities | -51,349 | -31,177 |
| Cash flow from investing activities | -17,419 | -14,505 |
| Cash flow from financing activities | -8,123 | -36,796 |
| Cash-effective changes in cash and cash equivalents | -76,891 | -82,478 |
| Changes in cash and cash equivalents due to exchange rate movements | 3 | -43 |
| Changes in liabilities to banks due on demand (excluding the banking business) | -28 | 2 |
| Cash and cash equivalents at the end of period | 1,043,377 | 1,113,391 |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity for the period from January 1 to September 30, 2025
| All figures in €'000 | Subscribedequity | Capitalreserves | Gains/losses fromchanges in the fairvalue of financialassets | Revaluationgains/losses relatedto defined benefitobligations aftertaxes | Currencychanges | Retainedearnings | Totalshareholders'equity | Non-controllinginterests | TotalShareholders'equity |
|---|---|---|---|---|---|---|---|---|---|
| As of Jan. 1, 2025 | 109,298 | 148,585 | 2,049 | -6,428 | 358 | 316,598 | 570,459 | -156 | 570,302 |
| Acquisition of treasury stock | -47 | - | - | - | - | -210 | -257 | - | -257 |
| Share-based compensation | - | 225 | - | - | - | - | 225 | - | 225 |
| Dividend | - | - | - | - | - | -39,330 | -39,330 | -102 | -39,432 |
| Changes in non-controlling interests | - | - | - | - | - | - | - | - | - |
| Transactions with owners | -47 | 225 | - | - | - | -39,540 | -39,363 | -102 | -39,465 |
| Net profit | - | - | - | - | - | 44,550 | 44,550 | 43 | 44,593 |
| Other comprehensive income | - | - | - | 1,502 | 10 | - | 1,512 | - | 1,512 |
| Total comprehensive income | - | - | - | 1,502 | 10 | 44,550 | 46,061 | 43 | 46,104 |
| Other changes | - | - | - | - | - | - | - | - | - |
| Changes to the scope of consolidation | - | - | - | - | - | - | - | - | - |
| As of Sep. 30, 2025 | 109,250 | 148,810 | 2,049 | -4,926 | 367 | 321,608 | 577,157 | -215 | 576,942 |
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Consolidates statement of changes in equity for the period from January 1 to September 30, 2024
| All figures in €'000 | Subscribedequity | Capitalreserves | Gains/losses fromchanges in the fairvalue of financialassets | Revaluationgains/losses relatedto defined benefitobligations aftertaxes | Currencychanges | Retainedearnings | Totalshareholders'equity | Non-controllinginterests | TotalShareholders'equity |
|---|---|---|---|---|---|---|---|---|---|
| As of Jan. 1, 2024 | 109,333 | 149,623 | 638 | -7,381 | 373 | 285,946 | 538,531 | -6,326 | 532,205 |
| Acquisition of treasury stock | -36 | - | - | - | - | -153 | -188 | - | -188 |
| Share-based compensation | - | -1,502 | - | - | - | - | -1,502 | - | -1,502 |
| Dividend | - | - | - | - | - | -32,789 | -32,789 | -164 | -32,953 |
| Changes in non-controlling interests | - | - | - | - | - | -5,865 | -5,865 | 5,865 | - |
| Transactions with owners | -36 | -1,502 | - | - | - | -38,807 | -40,345 | 5,702 | -34,643 |
| Net profit | - | - | - | - | - | 48,361 | 48,361 | -311 | 48,050 |
| Other comprehensive income | - | - | 926 | 515 | -33 | - | 1,408 | - | 1,408 |
| Total comprehensive income | - | - | 926 | 515 | -33 | 48,361 | 49,769 | -311 | 49,458 |
| Other changes | - | - | - | - | - | -266 | -266 | - | -266 |
| Changes to the scope of consolidation | - | - | - | - | - | 268 | 268 | 459 | 726 |
| As of Sep. 30, 2024 | 109,298 | 148,120 | 1,564 | -6,866 | 340 | 295,501 | 547,957 | -477 | 547,480 |
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SALES REVENUE
| All figures in €'000 | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|
| Wealth management | 95,827 | 104,669 | 277,340 | 280,887 |
| Old-age provision | 52,077 | 51,905 | 146,282 | 144,746 |
| Non-life insurance | 38,626 | 34,417 | 177,460 | 165,461 |
| Health insurance | 16,727 | 16,254 | 52,460 | 46,840 |
| Real estate brokerage | 9,644 | 9,919 | 24,832 | 21,384 |
| Loans and mortgages | 3,861 | 3,374 | 11,222 | 9,828 |
| Other commissions and fees | 1,686 | 1,423 | 6,336 | 5,591 |
| Total commission income | 218,448 | 221,961 | 695,930 | 674,735 |
| Revenue from real estate development | - | -29 | 66 | 2,805 |
| Income from the interest rate business | 18,705 | 23,119 | 58,871 | 68,707 |
| Total | 237,153 | 245,051 | 754,868 | 746,248 |
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INFORMATION REGARDING REPORTABLE BUSINESS SEGMENTS (QUARTERLY COMPARISON)
| Financial Consulting | Banking | FERI | DOMCURA Deutschland.Immobilien | Industrial Broker | Holding | Consolidation | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| All figures in €'000 | Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 | Q3 2025 | Q32024 | Q3 2025 | Q3 2024 | Q3 2025 | Q3 2024 |
| Sales revenue | 91,832 | 89,703 | 53,988 | 54,863 | 62,388 | 74,841 | 25,098 | 21,165 | 10,466 | 10,285 | 6,055 | 6,154 | - | - | -12,676 | -11,959 | 237,153 | 245,051 |
| of which total intersegment revenue | 9,735 | 9,456 | 2,103 | 2,108 | 38 | - | - | - | 801 | 395 | - | - | - | - | -12,676 | -11,959 | - | - |
| Other income | 8,187 | 7,090 | 2,037 | 1,457 | 471 | 456 | 1,419 | 1,018 | 1,132 | 127 | 102 | 125 | 5,701 | 4,609 | -12,138 | -10,906 | 6,911 | 3,977 |
| of which total inter | ||||||||||||||||||
| segment income | 5,147 | 5,313 | 1,435 | 1,165 | - | - | - | - | - | - | - | - | 5,556 | 4,428 | -12,138 | -10,906 | - | - |
| Total revenue | 100,019 | 96,793 | 56,025 | 56,320 | 62,859 | 75,297 | 26,517 | 22,183 | 11,598 | 10,411 | 6,158 | 6,279 | 5,701 | 4,609 | -24,814 | -22,865 | 244,063 | 249,028 |
| Inventory | ||||||||||||||||||
| changes | - | - | - | - | - | - | - | - | 26 | 666 | - | - | - | - | - | - | 26 | 666 |
| Commission expenses | -45,835 | -44,965 | -19,009 | -16,151 | -39,739 | -37,752 | -16,495 | -14,099 | -7,699 | -7,458 | -163 | -235 | - | - | 11,950 | 11,137 | -116,990 | -109,524 |
| Real estate | ||||||||||||||||||
| development expenses | - | - | - | - | - | - | - | - | -44 | -1,873 | - | - | - | - | - | -1 | -44 | -1,874 |
| Interest expenses | - | - | -4,696 | -8,573 | - | - | - | - | - | - | - | - | - | - | 310 | 803 | -4,386 | -7,771 |
| Remeasurement gains | ||||||||||||||||||
| or losses/Loan loss provisions | -178 | -69 | 1,406 | -2,172 | -258 | -79 | -75 | -34 | 41 | 147 | - | - | - | - | - | -159 | 936 | -2,365 |
| Personnel expenses | -21,888 | -21,274 | -4,973 | -4,606 | -12,107 | -16,974 | -5,629 | -5,209 | -2,148 | -2,115 | -5,438 | -5,110 | -4,365 | -2,937 | - | - | -56,549 | -58,225 |
| Depreciation and | ||||||||||||||||||
| impairments | -3,784 | -3,687 | -99 | -98 | -965 | -918 | -1,234 | -1,741 | -175 | -305 | -780 | -779 | -658 | -531 | - | - | -7,695 | -8,059 |
| Other expenses | -27,220 | -28,349 | -12,352 | -12,769 | -4,166 | -4,468 | -3,244 | -3,351 | -1,161 | -1,375 | -1,242 | -1,266 | -4,418 | -4,551 | 12,222 | 11,596 | -41,581 | -44,534 |
| Earnings frominvestments accounted | ||||||||||||||||||
| for using the equity | ||||||||||||||||||
| method | 573 | 429 | - | - | - | - | - | - | -3 | -2 | - | - | - | - | - | - | 570 | 428 |
| Earnings before | ||||||||||||||||||
| interest and taxes(EBIT) | 1,687 | -1,122 | 16,302 | 11,950 | 5,624 | 15,106 | -160 | -2,251 | 435 | -1,904 | -1,466 | -1,111 | -3,740 | -3,410 | -333 | 512 | 18,349 | 17,770 |
| Other interest and | ||||||||||||||||||
| similar income | 702 | 589 | 27 | 7 | 233 | 361 | 161 | 176 | 338 | 318 | 138 | 127 | 552 | 1,089 | -1,053 | -1,344 | 1,099 | 1,323 |
| Other interest and | ||||||||||||||||||
| similar expenses | -772 | -806 | -41 | -35 | -118 | -155 | -10 | -5 | -1,531 | -1,668 | -305 | -357 | -391 | -320 | 1,339 | 1,267 | -1,831 | -2,079 |
| Remeasurement gains | ||||||||||||||||||
| or losses (nonoperating) | - | - | - | - | - | - | - | - | - | -159 | - | - | - | - | - | 159 | - | - |
| Net financial result | -70 | -217 | -14 | -27 | 115 | 206 | 151 | 170 | -1,194 | -1,508 | -167 | -230 | 161 | 769 | 286 | 81 | -732 | -756 |
| Earnings before taxes | ||||||||||||||||||
| (EBT) | 1,617 | -1,339 | 16,288 | 11,923 | 5,739 | 15,312 | -10 | -2,081 | -758 | -3,412 | -1,633 | -1,341 | -3,579 | -2,641 | -46 | 593 | 17,617 | 17,015 |
| Income taxes | -1,926 | -6,734 | ||||||||||||||||
| Net profit | 15,691 | 10,281 | ||||||||||||||||
| of which attributable to | ||||||||||||||||||
| owners of the parentcompany | 15,680 | 10,288 | ||||||||||||||||
| non-controlling interests | 11 | -8 |
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INFORMATION REGARDING REPORTABLE BUSINESS SEGMENTS (9M COMPARISON)
| Financial Consulting | Banking | FERI | DOMCURA Deutschland.Immobilien | Industrial Broker | Holding | Consolidation | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| All figures in €'000 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 | 9M 2025 | 9M 2024 |
| Sales revenue | 286,358 | 271,825 | 162,020 | 161,168 | 180,000 | 194,592 | 106,970 | 98,404 | 27,167 | 25,391 | 31,291 | 29,838 | - | - | -38,938 | -34,970 | 754,868 | 746,248 |
| of which total inter | ||||||||||||||||||
| segment revenueOther income | 30,30625,504 | 27,07324,985 | 6,2474,905 | 6,6944,374 | 1132,238 | -1,544 | -3,979 | -3,226 | 2,2721,577 | 1,2041,126 | -418 | -1,201 | -14,917 | -13,357 | -38,938-35,293 | -34,970-32,753 | -18,246 | -17,061 |
| of which total inter | ||||||||||||||||||
| segment income | 16,833 | 16,159 | 3,918 | 3,695 | 40 | - | 2 | 2 | - | - | - | - | 14,499 | 12,897 | -35,293 | -32,753 | - | - |
| Total revenue | 311,862 | 296,810 | 166,926 | 165,542 | 182,238 | 196,137 | 110,949 | 101,630 | 28,744 | 26,517 | 31,709 | 31,039 | 14,917 | 13,357 | -74,231 | -67,724 | 773,114 | 763,309 |
| Inventory | ||||||||||||||||||
| changes | - | - | - | - | - | - | - | - | -630 | -4,083 | - | - | - | - | - | - | -630 | -4,083 |
| Commission expenses | -140,829 | -132,301 | -53,481 | -45,067 | -116,628 | -110,864 | -71,225 | -63,926 | -20,040 | -16,577 | -711 | -662 | - | - | 36,988 | 31,172 | -365,925 | -338,224 |
| Real estatedevelopment expenses | - | - | - | - | - | - | - | - | -356 | -3,790 | - | - | - | - | - | 104 | -356 | -3,686 |
| Interest expenses | - | - | -18,604 | -26,381 | - | - | - | - | - | - | - | - | - | - | 1,854 | 3,498 | -16,751 | -22,883 |
| Remeasurement gains | ||||||||||||||||||
| or losses/ | ||||||||||||||||||
| Loan loss provisions | -336 | -1 | -307 | -4,814 | 91 | 1,032 | -129 | 100 | 360 | -48 | - | - | -525 | 103 | 992 | 2,024 | 147 | -1,604 |
| Personnel expenses | -69,630 | -67,290 | -14,606 | -13,226 | -35,914 | -41,768 | -17,419 | -18,003 | -6,607 | -6,439 | -17,149 | -15,731 | -12,389 | -9,725 | - | - | -173,714 | -172,182 |
| Depreciation andimpairments | -11,149 | -10,845 | -295 | -376 | -2,850 | -2,674 | -4,236 | -3,586 | -513 | -1,038 | -2,327 | -2,268 | -1,944 | -1,646 | - | - | -23,314 | -22,432 |
| Other expenses | -83,742 | -82,563 | -40,512 | -38,082 | -12,830 | -12,578 | -9,490 | -9,935 | -3,927 | -5,101 | -3,944 | -3,875 | -14,286 | -14,639 | 35,709 | 34,009 | -133,023 | -132,765 |
| Earnings from | ||||||||||||||||||
| investments accounted | ||||||||||||||||||
| for using the equitymethod | 1,506 | 985 | - | - | - | - | - | - | -4 | 1 | - | - | - | - | - | - | 1,502 | 986 |
| Segment earnings | ||||||||||||||||||
| before interest and | ||||||||||||||||||
| taxes (EBIT) | 7,683 | 4,796 | 39,121 | 37,598 | 14,107 | 29,285 | 8,450 | 6,280 | -2,972 | -10,557 | 7,577 | 8,503 | -14,227 | -12,550 | 1,312 | 3,083 | 61,051 | 66,437 |
| Other interest and | ||||||||||||||||||
| similar incomeOther interest and | 2,489 | 2,593 | 96 | 76 | 928 | 1,156 | 1,101 | 1,140 | 1,026 | 1,394 | 453 | 440 | 2,356 | 4,093 | -4,354 | -6,080 | 4,094 | 4,813 |
| similar expenses | -2,402 | -2,626 | -318 | -480 | -455 | -686 | -46 | -20 | -4,640 | -5,656 | -938 | -891 | -1,144 | -814 | 4,168 | 5,021 | -5,774 | -6,151 |
| Remeasurement gains | ||||||||||||||||||
| or losses (non | ||||||||||||||||||
| operating) | - | - | - | - | - | - | - | - | 897 | 9,691 | - | - | -345 | -413 | -552 | -3,227 | - | 6,051 |
| Net financial result | 86 | -34 | -222 | -404 | 472 | 470 | 1,055 | 1,121 | -2,717 | 5,429 | -485 | -450 | 867 | 2,867 | -738 | -4,286 | -1,681 | 4,712 |
| Earnings before taxes(EBT) | 7,769 | 4,762 | 38,899 | 37,193 | 14,579 | 29,756 | 9,504 | 7,400 | -5,689 | -5,128 | 7,092 | 8,052 | -13,359 | -9,683 | 574 | -1,203 | 59,370 | 71,149 |
| Income taxes | -14,777 | -23,099 | ||||||||||||||||
| Net profit | 44,593 | 48,050 | ||||||||||||||||
| of which attributable to | ||||||||||||||||||
| owners of the parent | ||||||||||||||||||
| company | 44,550 | 48,361 | ||||||||||||||||
| non-controlling interests | 43 | -311 |
{38}------------------------------------------------
Financial calendar 2025 and 2026
November 2025
November 25, 2025
Company presentation at Deutsches Eigenkapitalforum, Frankfurt
December 2025
December 1, 2025
Roadshow London
March 2026
March 12, 2026
Publication of the results for the financial year 2025 Online annual press and analyst conference
March 26, 2026
Publication of the Annual Report 2025
May 2026
May 13, 2026
Publication of the results for the first quarter 2026
June 2026
June 25, 2026
Annual General Meeting of MLP SE
August 2026
August 13, 2026
Publication of the results for the first half-year and the second quarter 2026
November 2026
November 12, 2026
Publication of the results for the first nine months and the third quarter 2026
{39}------------------------------------------------
Imprint and Contact
Imprint
MLP SE
Alte Heerstraße 40 D-69168 Wiesloch, Germany Phone: +49 (0) 6222 308 0 Fax: +49 (0) 6222 308 9000
Executive Board
Dr Uwe Schroeder-Wildberg (CEO) Jan Berg (Member of the Executive Board at MLP SE) Reinhard Loose (Member of the Executive Board at MLP SE)
Chairwoman of the Supervisory Board
Sarah Rössler
Commercial Register
Mannheim Court of Registration HRB 728672
Value Added Tax Identification Number
DE 143449956
Contact
Investor Relations
[email protected] Phone +49 (0) 6222 308 8320 Fax +49 (0) 6222 308 1131
Media Relations
[email protected] Phone +49 (0) 6222 308 8310 Fax +49 (0) 6222 308 1131
Appropriate Regulatory Authorities
Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin)1
Graurheindorfer Str. 108 D-53117 Bonn Marie-Curie-Str. 24-28 D-60439 Frankfurt am Main
1Appropriate supervisory authority according to the German Banking Act (Kreditwesengesetz, KWG)
European Central Bank2
Sonnemannstraße 22 D-60314 Frankfurt am Main www.ecb.europa.eu
2Appropriate regulatory authority according to the Capital Requirements Regulation (CRR)
© MLP SE