Thank you very much, and welcome to MLP's conference call to our results for the second quarter and the first half year of 2026. With me today is our CFO, Reinhard Loose.

He will guide you through the presentation. Of course, we are happy to take your questions after the presentation.

Please go ahead, Reinhard.

Thank you, Pascal, and good afternoon, ladies and gentlemen. First, the key findings regarding our business performance in the first half of 2026.

MLP Group achieved a new record high in both total revenue and earnings before interest and taxes, or EBIT for short, and continued on its growth trajectory. After we already made a good start to the year in the first quarter, we were then able to deliver a particularly strong second quarter.

Across the first half year, we recorded growth in all three competence fields: wealth, life and health, and property and casualty. Revenue growth was particularly strong in the property and casualty and wealth competence fields.

At the same time, the MLP Group also increased the key figures relevant to future revenue development to new record levels. This applies equally to the assets under management and the non-life insurance premium volume.

The success of the MLP Group is above all the result of the continuous and highly targeted development over recent years. We have positioned the company on a significantly broader footing and strategically interlinked the individual divisions in such a way that they reinforce each other.

In the first quarter of 2026, the resilience of our business model became clearly evident. We were able to successfully withstand the negative external factors resulting from the conflicts in the Persian Gulf.

We achieved this despite the fact that the challenges facing the German economy and the volatility in the capital market increased sharply during this period, and consumers were noticeably unsettled. In the second quarter, it became particularly clear what growth potential we can unlock with our business model now and in the future, and that, in essence, we have only just begun to realize this potential.

Both of these factors, resilience and growth potential, are based on the fact that we have invested in a focused manner in the past: in digitalization, artificial intelligence, training, quality, and innovation. These investments across the entire MLP Group are paying off.

At the same time, we continue to work hard on expanding our high-quality range of services in a targeted manner not only for our private clients, but in particular also for our corporate clients. In terms of EBIT, MLP was able to record a significant increase, particularly in the second quarter compared with the same period of the previous year.

Particularly an increase in assets under management, higher performance-based compensation, and an improved interest result positively influenced this very strong development. In short, we are on a very good path both for the full year and for the years ahead.

We are confirming our EBIT full-year forecast for 2026 of €100 to €110 million. At the same time, we are also reaffirming our planning to achieve EBIT of €140 to €155 million by the end of 2028.

On slide four of the presentation, you will find an overview of revenue development. In the first six months, we increased total revenue by 10%, thereby reaching a new record high of around €583 million.

Alongside growth potential, our business model also offers a high degree of stability, as reflected in the large proportion of recurring revenue. At the end of 2025, this figure stood at around 70%.

We generate recurring revenue through the continuous, high-quality support we provide to our existing clients across the entire MLP Group, above all in the property and casualty and wealth competence fields. The remaining portion of revenue comes from our new business, particularly in the life and health competence field.

In the first half of 2026, the group grew across all three competence fields. The property and casualty competence field, with growth of 12%, and the wealth competence field, with growth of 11%, performed particularly strong.

The key driver in the property and casualty competence field was the non-life insurance premium volume managed for corporate and private clients, which we significantly expanded compared with the same period of the previous year. In the wealth competence field, MLP recorded notably higher revenue in wealth management in particular, resulting from the further strong growth in assets under management and from performance-based compensation.

The MLP Group also recorded a positive development in life and health competence field. Given the persistently challenging market environment, this is anything but a given.

Within the life and health competence field, both the old-age provision business field and the health insurance business field were slightly above the previous year's levels. In the others competence field, revenue remained stable.

The continuing high level of trust that our clients place in our consulting services is also reflected in our key figures. These figures are an important indicator of the MLP Group's future revenue development.

It is particularly encouraging that, despite the temporary decline in the capital markets during the first half of the year, we were able to increase assets under management significantly to a new record level of €68.8 billion. This development once again underlines the substance of our business model and the quality of our long-term client relationships.

Our second key figure also recorded a significant increase. The non-life insurance premium volume reached a new record high of €865 million.

The multi-year development shows that we are growing continuously and sustainably in this area. In property and casualty, we have established a significant market position.

For the MLP Group, this means additional stability in the portfolio business and, at the same time, further growth potential. You will find the current income statement on slide seven.

In the first half of 2026, the MLP Group increased EBIT to new record high of €64 million. This development reflects in particular the strong growth in total revenue and is also an expression of our continued disciplined cost management.

It once again demonstrates the resilience of our strategically enhanced business model. At the same time, we have significant growth potential.

I will go into this in more detail shortly when discussing our forecast and planning. If you now take a brief look at the right-hand side of the slide, you'll see the key figures that underline our solid balance sheet structure.

Compared to the 2025 balance sheet date, equity increased from €585 to €589 million. The regulatory core capital ratio stood at 17.7% as of the 30th of June, 2026.

Our short-term liquidity position also remains very comfortable. The liquidity coverage ratio, or LCR for short, stood at 831% and was therefore significantly above the regulatory requirement of 100%.

I would now like to explain individual strategic business developments within the group in somewhat more detail. I will begin with the expansion of our business model with medical professionals.

Here, following a successful trial period, we have developed a new offering called PraxEasy, which has now been available to our medical professional clients for several weeks and is attracting noticeable interest. In the market for medical professionals, where we already hold a strong position today, we support our clients in their financial matters, both private and business-related.

There is a clear trend: the willingness among doctors to set up in practice is declining noticeably, above all due to growing bureaucracy, a shortage of skilled staff, and increasing cost pressure in the outpatient care system. This is precisely where our new offering comes in.

The AI-supported solution provides targeted relief for doctors in private practice in administrative processes such as appointment and patient management, thereby strengthening operational performance in day-to-day practice. AI-supported processes, flanked by an operation center and integrated into established practice management systems, create tangible efficiency gains without any system discontinuities.

At the same time, one point is crucial to us: unlike other market models, our new offering expressly supports the entrepreneurial independence of doctors. This is one of the reasons why we received positive feedback in the preceding pilot phase.

In short, we are making a concrete contribution to the future viability of doctors in private practice, creating new points of contact, particularly with younger medical professionals, and at the same time underlining our ambition to support this client group holistically from a 360-degree perspective. Obviously, no data whatsoever is transferred to MLP, including patient data.

Everything remains with the medical professional. This new offering is also another example of the consistent expansion and deployment of our digital platforms within the MLP Group.

With these independent units, we create concrete benefits for clients, in this case, by relieving doctors in private practice of demanding administrative processes. The individual platforms each offer their own attractive revenue potential, which is further expanded through networking within the group.

For example, in future, we will also be able to offer doctors in private practice integrated access to our corporate benefits platform, Pextra. Key elements of our platform strategy also include the scalability and AI capability of the individual platforms.

Their interconnectedness and mutual integration create additional benefits for our clients and, at the same time, further potential for MLP. Another strategically important topic is the new Altersvorsorgedepot initiated by the government, which is intended to replace the current Riester pension as of the 1st of January, 2027.

This will fundamentally change the framework conditions in the market for subsidized private pension provision. What is the essential about?

The capital markets will play a significantly stronger role in subsidized private pension provision, and there will be greater flexibility for consumers. Both developments are to be welcomed.

This approach will be implemented through new product solutions. Guarantees will remain possible, but they are no longer mandatory.

The aim is, above all, to increase return opportunities. In addition, a payout plan instead of a lifelong pension will also be possible in the future.

The group of eligible persons will be expanded. At the same time, more contribution-proportional subsidies are planned.

MLP has, of course, prepared for these changes both in terms of consulting and products. Our clients will be able to use an Altersvorsorgedepot anchored at MLP Banking.

They can choose between the standard product that must be offered and client-specific solutions. Insurance solutions from our quality-assessed product partners will continue to be available for our consultants to broker as well.

For our clients, this development brings new opportunities while at the same time increasing their need for consulting. This is because the new world of subsidized old-age provision will inevitably also create a certain degree of complexity for new pension savers as well as for existing clients.

The latter are faced with the question of whether they should now switch to the new world or whether the old one is more advantageous for them. Our consultants are the first point of contact here and have already started discussing the retirement savings account with their clients as well as with prospective clients.

It is already becoming evident that consulting will be the key differentiating factor, not least when compared to purely digital providers. MLP can support a wide range of client groups in finding the solution that is right for them.

I now come to our forecast for the financial year 2026. MLP continues to expect the established growth trajectory to carry forward and confirms its EBIT forecast of €100 to €110 million.

Increasing revenue in all three competence fields—wealth, life and health, and property and casualty—is expected to contribute to the forecast earnings growth in 2026. Today, we are therefore also confirming the revenue forecasts in these three competence fields.

The performance-based compensations that we generate in the wealth competence field are traditionally forecasted conservatively. Our medium-term planning for the end of 2028, which we are reaffirming today, also remains unchanged.

We continue to plan for EBIT of €140 to €155 million with total revenue of €1.3 to €1.4 billion. Moreover, the following applies: performance-based compensation, which, as we have often said, is also heavily influenced by external factors, has been taken into account conservatively and only to a limited extent.

By contrast, a significant increase in the key figures, namely assets under management and the managed non-life insurance premium volume in property and casualty, has been factored in. The strategically planned unlocking of potential in consulting family clients, the targeted expansion of the corporate client business, and the multi-asset approach for institutional and high-net-worth clients are expected to lead to sustained growth across all competence fields.

The targeted, significant increase in earnings will also be supported by the digitalization strategy and, in particular, AI applications, which are expected to drive ongoing efficiency gains and improvements in client support as well as for our client consultants. This is complemented by continued disciplined and tight cost management.

Ladies and gentlemen, I now come to the summary. First, the success of the MLP Group is above all the result of the continuous and highly targeted development over recent years.

Our investments in digitalization, artificial intelligence, training, quality, and innovation are increasingly paying off. We have only just begun to realize our potential.

Second, following the good results in the first half of the year, we have established an excellent position for achieving our EBIT forecast for the full year 2026. Third, we are pressing ahead in a targeted manner with our strategic priorities, namely asset growth and the expansion of the corporate client business, as well as the client-centered use of artificial intelligence.

We continue to keep a close eye on costs. Accordingly, we are also on track with our medium-term planning for 2028.

Thank you for your attention and your interest. I will now be happy to answer your questions.

Good afternoon. Thanks for taking my questions.

I'll start off with three. Firstly, what drove the improvement in life and health in Q2, and do you see this momentum that you've built in Q2 continuing in Q3?

Secondly, what was the level of performance fees you had in Q2? Can you remind us also what's the incremental EBIT margin on these performance fees?

I guess also somewhat related is my third question: what is the personnel cost run rate that we should assume for Q3, i.e., without bonus components that I think might have impacted Q2, yeah? Maybe you can clarify this.

Thank you.

Simon, thank you for your questions. Life and health, overall, I think that there is no special effects.

We just saw a little bit higher interest there in our consulting discussions with our clients. I would see, especially in health, where we saw a higher growth rate, I think especially in health, it will continue like this also or in a similar manner, also in the second half of the year or in Q3, due to all the discussions around, let's say, the health system.

This definitely supports the questions of our customers and therefore supports the need for more consultancy. Therefore, especially in health, we are positive.

Life, as we all have in mind, especially in the Q4 is the strongest quarter for life, and therefore it's also important that it continues with, let's say, slightly positive tendency of the first half of the year. Performance fees in the second quarter, I would like to bring, let's say, the first half of the year.

The pure performance fees of the first half of the year were €8.5 million. Additionally, we had, by the way only in Q2, carry fees coming from carries of €3.6 million.

The EBIT effect of the carries in this quarter was almost zero. The EBIT effect of the performance fees is around two-third of the overall number.

Therefore, let's say, the performance fees in this second quarter and then in the first half of the year are or were a little bit special than normal ways that we have around two-third of EBIT effect out of the overall number. Personnel costs, and obviously there were bonus effects.

Nevertheless, we also had an increase in staff in some areas: FERI, banking, and DOMCURA especially, due to also the growth in business. You're totally right, the bonus effect has a high impact there.

Let's say, we all hope that the bonus effect also will have a high impact in the second half of the year. The run rate for the pure personnel cost is around 3%.

I hope this answered your question.

It does. Thank you very much.

You're welcome. [Thank you very?]

much.

Hi. Thanks for taking my questions.

The first one on your guidance, which you have remained unchanged with €100 to €110 million EBIT. Compared to the last year, we will hopefully not see a respective impairment in Q4.

Looking at your underlying performance in your general business and deducting those, I think it was €9.5 million impairment in last year Q4, EBIT should at least in the second half of the year be in the area of €55 to €60 million in my view, which would then imply that you run above your guidance for the full year. What are your thoughts on this?

The second question is with regard to the Altersvorsorgedepot. Can you quantify the revenue potential of the introduction of this over the next three to five years?

A ballpark area here would be nice to know. Also, what do you expect with regards to EBIT there?

The last one, which is to PraxEasy: is this included in the financial consulting segment? How is the monetization of PraxEasy structured?

Maybe one additional question: I saw that you have resegmented quite a lot with Deutschland Immobilien and the financial consulting segment. Can you please elaborate on that a little bit, and how we should model this in our financial models, please?

Mr.

Fuhrberg, thank you for the question. Very good questions.

We'll start with the guidance. Yes, obviously we had a good start in the first half of the year.

The remaining question is what will we see in the second half of the year not only from, let's say, what we can influence directly on our own, but especially how will the capital market will act or react. We saw the volatility, for example, at the end of Q1.

We saw that the markets were down, and you saw that, for example, in our assets under management, we saw this, that there was no performance fees or almost no performance fees. The question is what comes in the second half of the year.

Let's say this way: if the market continues as good as they are right now, then obviously there might be a potential at the end of the next quarter to discuss about changing our guidance. At the moment, we are a little bit, let's say, concerned or anxious might be too much, but at least concerned what the capital markets will bring in the second half of the year, and that was the reason why we didn't change our guidance.

In, let's say, our expectation for the next month, or for the second half of the year are no more performance fees included, and definitely this will be something which will influence the results also of the second half of the year. Altersvorsorgedepot, you asked me to quantify this.

To be quite honest, at the moment, we can't. The reason is it's more or less a new market with new market participants, with many, many questions still how the market will be, let's say, divided, seen, split up.

We see overall as a positive effect for us, definitely. Even internally, we at the moment feel very unsecure to plan it right now.

I think three months later, we will know more, but at the moment, there are still too many questions who will how step into the market and especially when. We are preparing to start with the 1st of January.

We personally think or we believe that it's important to start very early, to be from the beginning in the market. We know that some market participants might have problems to start in the 1st of January, but as definitely will be there.

Therefore, many many questions there. At the moment, we can't quantify this.

The last question, PraxEasy: it will be part of the segment of Finanzberatung. Obviously at the moment, in the figures of the first half year, there's no influence of PraxEasy because it just started.

Let's see how this develops the acceptance in the market. The first reactions were quite good.

Now we have to start with the medical doctors there to reach the revenues we need there. The last question was concerning the Vertrieb Deutschland, the Deutschland Immobilien segment, and Finanzberatung.

We did a restructuring with the following idea behind it. In all the areas we are in, life and health or in non-life insurance, the Finanzberatung segment has a product management inside the company, MLP Finanzberatung.

The only case where it was not so was in the real estate segment. We decided to put the sales support and the product management into Finanzberatung as well because 95% of the revenues in sales were done via Finanzberatung.

With this, we want to, on one side, strengthen the support for the consultants of MLP. On the other side, we want to focus more on the sales channel via third parties.

Now, Deutschland Immobilien can focus more on this channel. Therefore, we, let's say, sold the companies, Vertrieb Deutschland, which includes the sales support and the product management from Deutschland Immobilien to Finanzberatung, with the effect that there was a profit out of this transaction, or a price of €16 million going from Finanzberatung to the segment Deutschland Immobilien, with obviously on group level is reconciled.

You'll find this, therefore, also the higher numbers in the column consolidation. Therefore, on group level, there is no effect.

As only in effect in the respective segments. I hope this answered your questions.

Thank you very much. Deutschland Immobilien basically remains with a, yeah, I would say single-digit €1 million revenue business then for the remaining quarters?

It remains with, let's say, as I said, the focus on third-party business, which definitely is, yeah, I would agree, a single million digit revenues and possible effects from sales of some of the included projects. At the moment, as we have, let's say, four projects more or less on hold, and there might be a start in the last quarter with the sale of one of the real estate projects.

Got it. Thank you.

You're welcome. [Thank you very?]

Yes, thank you for taking my question. Basically, I have a question on the other income that was obviously heavily influenced in some areas by this transaction you just mentioned.

Nonetheless, there is still a quite significant increase of your other income during the quarter, and this was €7 million alone. Can you explain what drove this effect when the transaction of Deutschland Immobilien was not the driver?

I saw in some segments that you stated there would be an effect from higher performance fees, higher cost allocations, and there were overall lower provisions, which all might apply to this line. What exactly was the main effect here?

Thank you.

You're welcome, Mr. Schwarz.

I think a very relevant question. The main single effect comes from the carries.

I explained that this time the, let's say, performance-based compensation was split between the, let's say, normal performance fees coming from our own funds, and that we have €3.6 million revenues from carries from hedge funds, which we there booked into other income. Therefore, €3.6 million, which is the biggest single effect in this line, is due to this carry revenues.

Thank you.

You're welcome.

Yes, two in fact, actually. Firstly, what were the net inflows in the wealth management business in Q2?

Then a follow-up question on the PraxEasy business: I was wondering whether this is basically supposed to be a profit-generating unit on its own or whether we should rather see it as a marketing tool for financial services that MLP is offering. If the latter is the case, I was wondering, yeah, where do you draw the line as to what your core competencies are and, yeah, where you want to have marketing tools, yeah, to say?

Net inflows, I'll, let's say, speak again for the first half of the year. We have, in the first half of the year, net outflows of €0.4 billion.

The main reason for that is that in our segment FERI, we had an outflow for consulting mandate. The customer is still there, but he had to reduce his consulting mandate because he had to turn this liquidity part into cash, and this was more than €1 billion just with this single customer.

Therefore, overall number, a net outflows of €0.4 billion. Allow me just to, let's say, underline one aspect because overall, we still feel happy not only due to the performance, because then you can calculate that the performance of €3.4 billion for the first half of the year obviously helps us to increase our assets under management.

What makes us feel quite confident is that, as we have three areas: the institutional, the private in the segment FERI with more than €2 million liquid assets, and then we have the customers in the banking segment. In the banking segment, we were able to increase the assets under management to €16.2 billion with net inflows of €0.6 billion.

This obviously is therefore important because there the margin is, let's say, higher than in other areas, and therefore, overall, we feel quite good with the overall number. This was the number part concerning net inflows, and now comes more the, let's say, general explanation concerning PraxEasy.

As we have quite strong footprint in the medical practice. Overall, the segment for medical professionals, 20% of all doctors in Germany are amongst our customers, and especially strong we are in this area where we have doctors who have their own practice.

Overall, this is going down, and therefore, let's say, we try to support this area for practices not only, let's say, for practices where we have just one owner, which is, let's say, the normal or was the normal case in the past, but also we need to support where we have more doctors together in Medizinische Versorgungszentrum or things like this. Therefore, we ask our question: how can we do this, how can we support them with our financial consulting on one side?

Part of the financial consulting also is the question: how do they organize their practice that they can concentrate on their focus being a doctor, and not concentrating on their financial needs, or the financial questions they have, and the way how they manage their practice? Therefore, we had a lot of discussions and interviews what would these customers and potential customers would need.

The outcome was that they said, "Okay, we would like to have support from someone who has a view on economical questions, not only for the, let's say, pure economical questions, but also for the way how in economical manner, I can organize my own business." That was the reason why we then started, "Okay, then let's start with the company to support it."

Obviously, it is something new, but nevertheless, it is and should be part of the overall question: how can we support our customer group of the doctors? Therefore, it's definitely not only a marketing tool, but it's, let's say, it's support of our holistic way of consulting them.

Finally, obviously, this company should earn money. Definitely, it will not in the first two, three years.

As always, we see it as a start-up. Our plans and our target is to see this company profitable.

Thank you.

You're welcome.

If there are no further questions, I would like to thank you for taking part in our conference call. Of course, you can reach us if any further questions arrive later.

I wish you a good afternoon. Thank you, and goodbye.

Thank you. Bye-bye.