MLP : Annual Report 2025 of the MLP Group

About this update from Mlp Se

Annual Report 2025 of the MLP Group ‌Contents MLP KEY FIGURES - MULTI-YEAR OVERVIEW EXECUTIVE BOARD LETTER TO OUR SHAREHOLDERS 8 THE SUPERVISORY BOARD 9 REPORT BY THE SUPERVISORY BOARD 15 INVESTOR RELATIONS 20 COMBINED MANAGEMENT REPORT 20 Fundamental principles of the Group 20 Business model 21 Corporate structure 23 Changes in corporate structure 24 Changes in segment presentation 24 Executive Bodies and membership changes 26 Control system 29 Research and development 30 Economic report 30 Overall economic climate 31 Industry situation and competitive environment 35 Business performance 37 Results of operations 42 Financial position 46 Net assets 49 Comparison of actual and forecast business performance 52 Segment report 56 Employees and self-employed client consultants 59 Economic report summary 61 Risk and opportunity report 61 Risk report 90 Opportunity report 93 Summary of the risk and opportunity report 94 Forecast 94 Future overall economic climate 96 Future industry situation and competitive environment 99 Anticipated business development 103 Forecast summary 104 Supplementary disclosures for MLP SE (in accordance 109 with the German Commercial Code (HGB)) Non-financial report of business activities 110 Corporate governance statement pursuant to 124 §§ 315d, 289f of the German Commercial Code (HGB) Explanatory report on the disclosures pursuant to 128 § 176 (1)of the German Stock Corporation Act (AktG), § 315a (1), § 289a (1) of the German Commercial Code (HGB) Approval of the combined management report 129 CONSOLIDATED FINANCIAL STATEMENTS 130 Consolidated income statement and consolidated 132 statement of comprehensive income Statement of financial position 133 Consolidated statement of cash flow 135 Consolidated statement of changes in equity 137 Notes to the consolidated financial statements 234 RESPONSIBILITY STATEMENT 235 INDEPENDENT AUDITOR'S REPORT 246 EXECUTIVE BODIES OF MLP SE 247 FINANCIAL CALENDAR 2026 248 IMPRINT AND CONTACT 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. ‌MLP key figures - Multi-year overview All figures in € million 2025 2024 2023 2022 2021 2020 MLP Group Total revenue 1,079.6 1,066.7 973.5 949.1 934.5 767.3 Sales revenue 1,046.9 1,037.5 941.1 913.8 907.3 745.5 Other revenue 32.6 29.1 32.4 35.4 27.2 21.8 Earnings before interest and taxes (EBIT) 87.9 95.0 70.7 75.6 96.8 59.4 EBIT margin (in %) 8.1% 8.9% 7.3% 8.0% 10.4% 7.7% Net profit 55.7 69.3 44.1 48.6 62.8 43.2 Earnings per share (diluted/basic) (in €) 0.51 0.63 0.44 0.47 0.57 0.40 Dividend per share (in €) 0.36 1 0.36 0.30 0.30 0.30 0.23 Cash flow from operating activities 10.6 165.0 116.7 -292.5 546.3 408.1 Capital expenditure 27.3 27.2 16.8 42.7 72.2 9.3 Shareholders' equity 585.4 570.3 532.2 525.5 496.2 454.0 Equity ratio (in%) 13.7% 13.7% 13.6% 13.9% 13.4% 14.0% Balance sheet total 4,269.4 4,152.3 3,917.5 3,784.6 3,693.4 3,235.0 Clients & organisation Private clients (family) 596,100 590,700 580,000 569,200 562,300 554,900 Corporate and institutional clients 27,400 28,000 27,400 28,400 24,800 22,500 Consultants 2,136 2,110 2,055 2,100 2,083 2,086 Branch offices 132 127 128 130 129 129 University teams 98 95 96 102 106 102 Employees 2,485 2,454 2,338 2,252 2,058 1,850 Brokered new business Old-age provision (total premiums paid in € billion) 4.1 4.1 4.2 3.9 4.6 3.8 Loans and mortgages (in € billion) 1.6 1.5 1.2 2.1 2.7 2.4 Assets under management (in € billion) 65.9 63.1 57.0 54.3 56.6 42.7 Non-life insurance (premium volume) 809.3 750.6 687.0 632.2 554.6 440.4 Real estate (brokered volume) 384.7 388.6 238.9 454.7 524.0 403.8 1 Subject to the consent of the Annual General Meeting on June 25, 2026 ‌Executive Board Dr Uwe Schroeder-Wildberg Chief Executive Officer of MLP SE Digitalisation, Communication (incl. Investor Relations), Sustainability, Clients and Sales, Strategy, FERI segment, Deutschland.Immobilien segment Appointed until December 31, 2027 Reinhard Loose Member of the Executive Board of MLP SE Controlling, Infrastructure management, IT, Accounting, Legal Affairs, Risk Management, Banking segment Appointed until January 31, 2029 Jan Berg Member of the Executive Board of MLP SE Product management, Financial Consulting segment, Industrial Broker segment, DOMCURA segment Appointed until April 30, 2030 Angelika Zinkgräf Member of the Executive Board of MLP SE Compliance, Internal Audit, Human Resources Appointed until November 30, 2028 ‌Letter to our shareholders the financial year 2025 was a successful one for the MLP Group. The successful operating business performance of the past year once again demonstrates the strategic strength of the MLP Group. We operate with a deliberately integrated setup that ensures both stability and sustainable growth. This is further reinforced by our innovative use of artificial intelligence. A closer look at the key figures provides further insight into MLP's development over the past twelve months: Firstly: At €1.08 billion, we recorded the highest revenue volume in MLP's history to date - and this for the twelfth time in a row. The proportion of recurring revenue is now 72% and is an important indicator of our sustained earnings stability. The assets under management and the non-life insurance premium volume in the MLP Group are material factors which we were also able to increase to new record levels. Secondly: We recorded EBIT of €87.9 million - this figure already includes the one-off effect resulting from the focussing of our real estate business. Without this effect, we would have recorded EBIT of €97.1 million in the financial year 2025. And - thirdly - we remain an attractive share for you, our shareholders, offering not only growth potential, but also an appropriate dividend. Indeed, for the financial year 2025, the Executive Board is proposing a dividend of 36 cents per share to the Supervisory Board and the Annual General Meeting, which once again corresponds to a dividend yield of more than 5%. Accordingly, we are maintaining the high level of the previous year's dividend. On the one hand, the MLP Group enjoys a very high degree of stability, which is of enormous importance, particularly in the face of challenging macroeconomic developments - most recently also in view of the war in Iran and the possible consequences for the economy. On the other hand, we have significant growth potential in our unique business model, in which we support and advise private, institutional and corporate clients in all financial matters. At the same time, our clients and our consultants are increasingly benefiting from our successful digital strategy, in which artificial intelligence already plays a key role today and will become an even more important success factor in the future. Artificial intelligence will dramatically transform our society and our economy in the coming years - this is already evident today and the process is irreversible. No one will be able to escape this development. We at the MLP Group have developed great innovative strength in this area and are utilising the great opportunities both strategically and operationally. At the same time, it is always clear that our clients must ultimately benefit from our efforts. We see AI as an opportunity, not a threat. That is why we are already integrating it extensively into our processes, for example in claims handling or contract optimisation for simple non-life insurance policies. Our consultants are increasingly being supported by an AI agent system that we are developing at a very fast pace. The MLP Group has established an excellent position from which to successfully continue its growth path in an increasingly AI-driven world. AI acts as an accelerator for our unique business model, which has long combined pronounced stability with major growth opportunities. Our forecast for the financial year 2026 reflects precisely this. MLP is anticipating EBIT of €100 to 110 million. This is based on the continuation of the successful operating business development, the further intensified use of artificial intelligence to enhance client benefits and continued disciplined cost management. Not least against this backdrop - the significant market potential and our further strengthened positioning within the MLP Group - our mid-term growth trajectory should lead to a significant increase in EBIT by the end of the financial year 2028. Strategic priorities include the targeted expansion of the corporate client business and FERI's multi asset approach for institutional and high-net-worth clients. Our planning for 2028 is complemented by our digital strategy with its focus on artificial intelligence. On behalf of the MLP Group, I would like to emphasise that we are well prepared and fully committed to pursuing our growth agenda. We would be delighted if you continued to accompany us on this journey. I would once again like to offer you all sincere thanks on behalf of the entire Executive Board for the trust you have shown in us this year. Yours, Dr Uwe Schroeder-Wildberg ‌The Supervisory Board Sarah Rössler Chairwoman Elected until 2028 Dr Andreas Freiling Vice Chairman Elected until 2028 Ursula Blümer Employee representative Elected until 2028 Matthias Lautenschläger Shareholder representative Elected until 2028 Bernd Groß Shareholder representative Elected until 2028 Monika Stumpf Employee representative Elected until 2028 ‌Report by the Supervisory Board In the financial year 2025, the Supervisory Board reviewed the development of the company in depth and comprehensively performed its supervisory duties imposed on it by law and the articles of association. It regularly advised and monitored the Executive Board in the conduct of the company's business. During the last financial year, the Supervisory Board paid particular attention to the economic development, financial situation, prospects and further strategy of the company, and advised the Executive Board on these topics. Its work in the financial year 2025 focused in particular on supporting the Executive Board in the strategic development of the company and of the MLP Group, implementing further measures to increase efficiency and both assessing and monitoring the opportunity and risk position of the company and of the Group. The Supervisory and Executive Boards met regularly in the reporting year for discussions and joint consultations regarding business development, strategy and key events within the company. The Supervisory Board was directly involved in all decisions of fundamental importance to the company. The Executive Board regularly provided the Supervisory Board with written and oral reports in a timely and comprehensive manner on all relevant issues related to corporate planning, strategic development, the business situation, as well as the position and overall development of the Group, including the risk situation, risk-bearing capacity, risk management, regulatory requirements and compliance. The Supervisory Board was able to confirm the proper conduct of corporate management by the Executive Board. In 2025, the Executive Board also reported to and advised the Supervisory Board on the content and anticipated effects of legislative or regulatory proposals at federal or EU level. The Supervisory Board had ample opportunity to review and discuss the information, reports and draft resolutions submitted by the Executive Board. The Chairwoman of the Supervisory Board and the Chairman of the Risk and Audit Committee maintained regular contact with the Executive Board between meetings. Regular face-to-face and virtual meetings and telephone calls were held with the Chief Executive Officer and the Chief Financial Officer. At these meetings, the agenda for the respective meetings of the Supervisory Board and the Committees was agreed and preparations made for the meetings. Alongside this, overarching topics were also discussed. Upcoming decisions were discussed and prepared between the Chairman of the Executive Board and the Chairwoman of the Supervisory Board. The work between the Executive Board and the Supervisory Board was characterised by trusting and responsible actions for the successful further development of the MLP Group. No personnel changes to the Supervisory Board were made in the past financial year, although changes were made to the Executive Board. Manfred Bauer, a longstanding member of the Executive Board of MLP SE, did not seek to extend his contract due to his age and instead stepped down from the Executive Board as of April 30, 2025. With effect from May 1, 2025, Mr. Jan Berg was newly appointed to the Executive Board for the newly defined Products division. In December 2025, the Executive Board was expanded to include Angelika Zinkgräf for the newly created HR division. As of the financial year 2025, MLP therefore meets the target, confirmed by the Supervisory Board in November 2020, for the proportion of women on the Executive Board of MLP SE to be at least 25%. The Supervisory Board of MLP SE held five regular meetings and one extraordinary meeting in the financial year 2025. The aforementioned meetings were all held in person; however, video participation was generally also possible. All members of the Supervisory Board attended all meetings in person or, in exceptional cases, individual members participated via video livestream. The Executive Board generally also informed the Supervisory Board of particularly important or urgent projects outside of the regular meetings. Insofar as necessary, resolutions of the Supervisory Board also took the form of circular resolutions. As and when required by the Supervisory Board, discussions were also held at the beginning or end of Supervisory Board or Committee meetings without the participation of the Executive Board. The evaluation of the Executive Board and the self-evaluation of the Supervisory Board were also performed during one such meeting. In addition to this, two meetings of the Risk and Audit Committee were also held in this year. All committee members took part in each of these meetings. The Nomination Committee convened twice in the past financial year. All committee members took part in each of these meetings. During the last financial year, a single meeting of the Compensation Oversight Committee was convened, with full attendance by all its members. The following table offers an overview of the members of the Supervisory Board taking part in the meetings of the Supervisory Board and its Committees in 2025, which was consistently 100% last year: Participation in % Supervisory Board meeting MLP SE Sarah Rössler (Chairwoman of the Supervisory Board) 6/6 100 Dr Andreas Freiling (Vice Chairman) 6/6 100 Ursula Blümer 6/6 100 Bernd Groß 6/6 100 Matthias Lautenschläger 6/6 100 Monika Stumpf 6/6 100 Nomination Committee MLP SE Sarah Rössler (Chairwoman) 2/2 100 Bernd Groß 2/2 100 Matthias Lautenschläger 2/2 100 Monika Stumpf 2/2 100 Risk and Audit Committee MLP SE Dr Andreas Freiling (Chairman) 2/2 100 Ursula Blümer 2/2 100 Matthias Lautenschläger 2/2 100 Sarah Rössler 2/2 100 Compensation Oversight Committee MLP SE Sarah Rössler (Chairwoman) 1/1 100 Dr Andreas Freiling 1/1 100 Matthias Lautenschläger 1/1 100 Monika Stumpf 1/1 100 In addition, the Chairwoman of the Supervisory Board and the Chief Executive Officer met regularly in the 2025 financial year, in particular to discuss the course of business, special business transactions, regulatory changes and the overall situation of the Group, yet also the impact of economic policy trends. The Chairwoman of the Supervisory Board regularly informed the other members about the content of these discussions. Supervisory Board meetings and important resolutions The subject of the Supervisory Board meeting held on March 26, 2025 was the audit and adoption of the annual financial statements - prepared by the meeting of the Risk and Audit Committee - as well as the audit and approval of the consolidated financial statements as of December 31, 2024. Following a detailed discussion, the Supervisory Board adopted the annual financial statements and approved the consolidated financial statements as of December 31, 2024. It also approved the separate non-financial report. In addition to this, the Supervisory Board also reviewed the appropriateness of the Executive Board compensation - as required in accordance with the German Corporate Governance Code (GCGC) - as well as the variable compensation components of the Executive Board for the financial year 2024 and approved these. The proposed resolutions for the company's Annual General Meeting, which was held as a virtual event, represented another item on the agenda. In this meeting, the Supervisory Board also passed a resolution that it should propose to the Annual General Meeting, supported by a corresponding recommendation of the Risk and Audit Committee, that KPMG AG Wirtschaftsprüfungsgesellschaft be appointed as the new auditor and Group auditor of MLP SE for the financial year 2025. The recommendation of the Supervisory Board's Risk and Audit Committee was preceded by a selection procedure conducted in accordance with Article 16 of Regulation (EU) No. 537/2014 (EU Audit Regulation). The Supervisory Board's Risk and Audit Committee subsequently made a proposal to the Supervisory Board that KPMG AG Wirtschaftsprüfungsgesellschaft or BDO AG Wirtschaftsprüfungsgesellschaft should be appointed as auditor, stating its reasons, and expressing a justified preference for KPMG AG Wirtschaftsprüfungsgesellschaft. The Annual General Meeting held in June 2025 followed the recommendation and elected KPMG AG Wirtschaftsprüfungsgesellschaft as auditor and Group auditor of MLP SE for the financial year 2025. The regular Supervisory Board meeting on May 14, 2025 focused primarily on discussing the results and business development from the first quarter of 2025. Preparations for entering into practice management and consulting services in the market for medical professionals by a newly founded Group company, MLP praxero GmbH, was the subject of an extraordinary Supervisory Board meeting held in July 2025. In future, this digital platform will be used to relieve the burden on medical professionals by offering a reliable service, targeted use of digital tools and intelligent bundling of existing services from the MLP Group. The Supervisory Board undertook an in-depth review of the strategy, the investment volume and the planning for this purpose. The Supervisory Board approved the Executive Board's entry proposal, subject to the condition that a proposal be made to the upcoming Annual General Meeting to expand the corporate purpose of MLP SE to include practice management and consulting. The results of the second quarter, the business development in the first half of the year, as well as the reporting of the Internal Audit and Risk Controlling departments were all on the agenda of the regular Supervisory Board meeting held on August 13, 2025. Another focus was the discussion of long-term succession planning for the Executive Board of MLP SE. The November meeting held on November 12, 2025 focused on the operating results for the third quarter and the first nine months of the 2025 financial year. Alongside this, compliance with the provisions of the German Corporate Governance Code (GCGC) in the MLP Group, the resolution on the Declaration of Compliance pursuant to § 161 of the German Stock Corporation Act (AktG) was a key topic on the meeting's agenda. Extensive reporting was provided on the corporate governance process, and the current Declaration of Compliance was approved. The Supervisory Board also addressed the evaluation of the Executive Board and the self-evaluation of the Supervisory Board, which had been prepared by the Nomination Committee. In addition, the intention to focus business activities in the Group company DI Deutschland.Immobilien AG, as announced by the Executive Board in an ad hoc announcement on November 7, 2025, was presented. The Supervisory Board also approved the Executive Board resolution regarding a share buyback programme within the scope of a circular resolution from November 20, 2025. In the meeting held on December 17, 2025, the Supervisory Board addressed in detail and approved the strategy and budget of both the Group and the company for the financial year 2025. Supervisory Board committees The Supervisory Board was regularly informed of the work carried out by its committees in 2025. The members of the Nomination Committee in the 2025 financial year were Ms Sarah Rössler, who was also Chairwoman of the Nomination Committee, Mr Bernd Groß, Mr Matthias Lautenschläger and Ms Monika Stumpf. The Nomination Committee convened on two occasions during the reporting period and addressed the topic of long-term succession planning. The Supervisory Board Committee also addressed preparations for the evaluation of the Executive Board and the self-evaluation of the Supervisory Board. The members of the Risk and Audit Committee in the 2025 financial year were Dr Andreas Freiling (Chairman of the Committee), Ms Ursula Blümer, Mr Matthias Lautenschläger and Ms Sarah Rössler. The Risk and Audit Committee held two regular meetings in the financial year 2025. Representatives of the audit firm also took part in some of the meetings, providing the committee with detailed reports. The Committee supported the Supervisory Board in overseeing the financial reporting process and examined the annual and consolidated financial statements, as well as the separate non-financial report, in detail. In the presence of the auditors, the Chief Executive Officer and the Chief Financial Officer, the Risk and Audit Committee discussed the financial statements of MLP SE and the MLP Group, as well as the proposed appropriation of earnings. Furthermore, the relationship to the auditor, proposals for selecting the auditor, audit fees, audit engagement and monitoring of the auditor's independence were the subject of extensive discussions. The Risk and Audit Committee received regular reports on the work of the Internal Audit and of the Compliance and Risk Management department and was informed on legal and regulatory risks and reputational risks. Among other things, the meeting held in August focused on risk reporting, the report on reviewed capital planning, and on discussing the guidelines for the subsequent year's risk strategy. The members of the Compensation Oversight Committee in the 2025 financial year were Ms Sarah Rössler (Chairwoman of the Compensation Oversight Committee), Dr Andreas Freiling, Mr Matthias Lautenschläger and Ms Monika Stumpf. The Compensation Oversight Committee held one meeting in the 2025 financial year. Among other things, this was to discuss the appropriateness of Executive Board compensation. Corporate governance During the financial year the Supervisory Board also addressed the application of the corporate governance principles. In the past year, the Supervisory Board dedicated its meeting on November 12, 2025 to in-depth discussions on the requirements of the revised German Corporate Governance Code (GCGC) in its version from April 28, 2022. The meeting held on November 12, 2025 was used to discuss the recommendations and suggestions of the GCGC and the Declaration of Compliance. The Supervisory Board consulted with the Executive Board regarding the requirements of the GCGC and the deviations that are to be disclosed as per the Declaration of Compliance pursuant to § 161 of the German Stock Corporation Act (AktG). The objective here was to determine which requirements the Executive Board and Supervisory Board have satisfied or will satisfy in future to secure compliance with the recommendations and suggestions in the form presented in the Declaration of Compliance. In November, the Supervisory Board and Executive Board issued a Declaration of Compliance pursuant to § 161 of the German Stock Corporation Act (AktG) and made it permanently available to shareholders via the company's website. In the past financial year, the Chair of the Supervisory Board also reported on Supervisory Board-specific topics as part of a publicly accessible Virtual Governance Roadshow. You can find details on this in the corporate governance statement in the Annual Report 2025 of MLP SE and on the company's website. In 2025, the Board also reviewed the efficiency of its own activities using the evaluation form provided to the members of the Supervisory Board in good time before the meeting. Among other things, the Supervisory Board also reviewed the requirements placed on the members of the Supervisory Board, the procedures in the Supervisory Board, the information flow between the Committees and the Supervisory Board, as well as the timeliness of the reporting by the Executive Board to the Supervisory Board and the adequacy of its content. Measures aimed at increasing efficiency were discussed and established. The Supervisory Board also regularly addresses potential conflicts of interest among the members of the Supervisory Board. To this end, the members of the Supervisory Board are surveyed at least once a year to determine whether any such conflicts existed or still exist. Based on our understanding, and in accordance with the legislator, a conflict of interest exists if there is reason to suspect that any member of the Supervisory Board is taking decisions not solely in the interests of the company, but also potentially seeking to pursue personal or third-party interests. Following the review by the Supervisory Board there were no conflicts of interest in this sense in the last financial year. A summary of further corporate governance aspects at MLP, including presentation of the Declaration of Compliance from November 12, 2025, can be found in the corporate governance statement issued by the Executive Board and Supervisory Board. All relevant information is also available on our homepage at https://www.mlp-se.com . As required by the German Corporate Governance Code, the members of the Supervisory Board undertook the training and further education measures required for their duties on their own responsibility in order to maintain the necessary expertise. In this endeavour, they are adequately supported by the company. To this end, the members of the Supervisory Board once again attended various external training events in 2025 to refresh and maintain their individual expertise. The costs associated with this were borne within the limits of the provisions of the articles of association. In coordination with the Supervisory Board, the company also held a workshop on May 13, 2025 for the full Supervisory Board on megatrends in financial consulting and then a training session on November 12, 2025, focussing in particular on legal developments relating to artificial intelligence. Audit of the annual financial statements and consolidated financial statements for 2025 The financial statements and the combined management report of MLP SE as of December 31, 2025 have been compiled by the Executive Board pursuant to the German Commercial Code (HGB). The consolidated financial statements and the combined management report as of December 31, 2025 have been compiled pursuant to § 315a of the German Commercial Code (HGB) in line with international financial reporting standards (IFRS), as they are applied in the EU. As of December 31, 2025, KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin audited the financial statements and the combined management report of MLP SE in accordance with the principles of commercial law, as well as the consolidated financial statements and the combined management report in accordance with the principles of IFRS, issuing an unqualified audit opinion in each case. The auditor performed the audit in compliance with the basic principles of sound auditing practices determined by the Institut der Wirtschaftsprüfer (German Institute of Auditors). Meetings between the Chairman of the Risk and Audit Committee and the Chairwoman of the Supervisory Board and the auditor's representatives took place during the audit of the financial statements, during which the auditor's findings were reported. These discussions and their findings were then also reported to the Risk and Audit Committee and the full Supervisory Board. The financial statements, together with the combined management report, the auditor's reports and the Executive Board's proposal for use of the unappropriated profit were made available to all Supervisory Board members in good time. The Risk and Audit Committee of the Supervisory Board reviewed these documents in detail, reported to the Supervisory Board on its audit and explained its audit opinion. The auditor also reported on the key results of the audit and on the fact that there are no significant weaknesses in the internal monitoring system, the risk management system nor with regard to compliance. The Risk and Audit Committee also reviewed the risk management system, the accounting processes and the effectiveness of the internal monitoring systems, risk management and auditing systems, as well as the relationship to the auditor, the proposals for selection of the auditor, auditor's fees, the audit engagement and monitoring of the auditor's independence, as well as the additional services performed by the auditor. The Supervisory Board also checked and discussed the documentation and reports in detail. Within this scope, the Supervisory Board also addressed the key audit matters described in the audit opinion, including the audit procedures undertaken by the auditor on the basis of the auditor's report. The auditor's reports were comprehensively scrutinised by the Supervisory Board during the Supervisory Board meeting held on March 25, 2026. The Chairman of the Risk and Audit Committee provided information on the auditor's reporting from the meeting of the Risk and Audit Committee, concentrating in particular on the scope, the key focuses, as well as the major findings of the audit and going into particular detail regarding the key audit matters and the audit procedures employed. These key audit matters, both determined and audited by the auditor, encompassed the "recoverability of shares in affiliated companies", while with regard to the consolidated financial statements of MLP SE they encompassed the "impairment testing of goodwill" and the "recognition of commission income on an accrual basis". At this meeting, the Executive Board also explained the financial statements of MLP SE and of the MLP Group, the risk management system, the accounting processes and the effectiveness of the internal monitoring, risk management system, audit system and of the compliance, as well as giving detailed reports on the scope, focuses and costs of the audit. The Supervisory Board concurred with the outcome of the auditor's audit and, on the basis of the final outcome of the Risk and Audit Committee's audit and its own audit, found no grounds for raising an objection. Accordingly, at its meeting on March 25, 2026, the Supervisory Board approved the annual financial statements and the combined management report of MLP SE, as well as the consolidated financial statements and the combined management report in accordance with IFRS prepared by the Executive Board. The annual financial statements are therefore adopted. Alongside this, the Executive Board is also required to submit a report on a non-financial declaration or a non-financial Group declaration as per § 289b, § 315b of the German Commercial Code (HGB). The Supervisory Board reviewed the non-financial report - prepared by a meeting of the Risk and Audit Committee - and did not submit any objections. As of the 2025 financial year, large companies are obligated to prepare and publish a so-called income tax information report in accordance with § 342c of the German Commercial Code (HGB) and a declaration in accordance with § 342d (2) no. 1 of the German Commercial Code (HGB). The Supervisory Board is required to review these documents in accordance with § 171 of the German Stock Corporation Act (AktG). The Supervisory Board - having been prepared by a meeting of the Risk and Audit Committee - therefore also examined the income tax information report and the declaration in accordance with § 342d (2) No. 1 of the German Commercial Code (HGB) but did not submit any findings in this regard. After performing its own reviews, the Supervisory Board agreed with the Executive Board's proposal to pay a dividend of €0.36 per share for the financial year 2025. The equity and liquidity situation, future regulatory requirements and financial planning, as well as the shareholders' interest in an appropriate dividend were included and weighed up against one another in its considerations. The Supervisory Board would like to thank the Executive Board, the Management of the respective Group companies, as well as all employees and consultants of the MLP Group for their exemplary personal commitment and achievements in the financial year 2025. Wiesloch, March 2026 The Supervisory Board Sarah Rössler Chairwoman of the Supervisory Board ‌Investor Relations MLP share performance The stock market year 2025 was a successful one overall for the MLP share. Despite geopolitical uncertainties and macroeconomic challenges, the start of the year on the stock markets in particular was characterised by remarkable momentum. The announcement of an aggressive trade policy by US President Donald Trump then led to a sharp correction on the stock markets in April. Subsequently, an impressive rally led to a rapid recovery on the stock markets. Interest rate cuts by the European Central Bank (ECB) and an extensive investment package by the German government supported the economy and bolstered the German stock market. After reaching record levels, a sense of disillusionment set in at times and increasing economic pessimism put the brakes on further price rises. Overall, an optimistic mood prevailed on the stock markets at the end of the year, fuelled by both the ongoing peace negotiations in Ukraine and monetary policy statements by the US Federal Reserve. The MLP share recorded a significant price increase in the first half of 2025. This development was supported by solid operating results in the first quarter and an attractive return on dividend. After the share price slumped to €6.36 in April, it rose sharply in the run-up to the Annual General Meeting, reaching an annual high of €9.01 (closing price) on June 24. In the second half of 2025, the MLP share was exposed to greater headwinds. In July, the MLP share was able to hold close to record levels, before the results for the second quarter put the share under increased pressure. The share price then reached the €7 mark again at the end of August. The share consolidated at this level before a slight recovery began in mid-September. Although the share price was no longer able to match the highs from July, it remained above €7.00 for the most part. The forecast adjustment on November 7 then led to a sharp price decline, which pushed the share to its lowest level since early January 2025. Thanks to a prompt recovery in December, however, the MLP share was able to make up for previous losses and ended the year at €6.92. In the stock market year 2025, the MLP share therefore recorded a positive price performance of 12.9%. Market capitalisation was €756.6 million at the end of the year. Germany's financial markets can look back on a strong stock market year 2025 overall. Despite geopolitical and economic uncertainties, the stock markets once again set new records this year. Indeed, Germany's leading index, the DAX, rose by almost 23.0%. The MDAX rose by 19.7% and the SDAX also showed clear growth of 25.3%. In contrast, the DAXSector All Financial Services Index, in which the MLP share is also listed, lost 1.5%. You can find more detailed information on the MLP share on our Investor Relations page at https://mlp-se.com/investors/ . Key figures compared to previous year (2021-2025) 2025 2024 2023 2022 2021 Shares outstanding at the end of the year in units 109,334,686 109,334,686 109,334,686 109,334,686 109,334,686 Share price at the beginning of the year (XETRA) in € 6.08 5.49 5.16 8.52 5.40 Share price at the end of the year (XETRA) in € 6.92 6.13 5.54 5.14 8.57 Share price high (XETRA) in € 9.01 6.57 6.05 8.70 8.89 Share price low (XETRA) in € 6.09 5.23 4.44 4.44 5.40 Market capitalisation at the end of the year in € million 756.6 670.2 605.7 562.0 937.0 Average daily turnover of shares (XETRA) in units 77,908 34,144 74,906 38,529 50,962 Dividend per share in € 0.36 1 0.36 0.30 0.30 0.30 Total dividend in € million 39.4 1 39.4 32.8 32.8 32.8 Return on dividend in % 5.2 1 5.9 5.4 5.8 3.5 Earnings per share (basic) in € 0.51 0.63 0.44 0.47 0.57 Earnings per share (diluted) in € 0.51 0.63 0.44 0.47 0.57 1 Subject to the consent of the Annual General Meeting on June 25, 2026 Analyst coverage In the financial year 2025, the MLP share was covered by the following companies: Metzler, NuWays, ODDO BHF and Pareto Securities. As of December 31, 2025, all four analysts were recommending purchasing the MLP share. The average target price was €10.33, with individual estimates ranging from €9.00 to €12.50. Coverage of the MLP share by ODDO BHF commenced on January 1, 2025, while coverage by Kepler Cheuvreux ended on January 31, 2025. From October 1, 2025, Baader Bank was additionally mandated to cover the MLP share, with its first publication then appearing in January 2026. Index inclusion With its quarterly review of the DAX index families, the German stock exchange issued a notification on March 5, 2024 that MLP SE would be included in the SDAX (small cap DAX) with effect from March 18, 2024. MLP SE has been included continuously ever since. The key criterion for this was and continues to be the free-float market capitalisation. Share-based participation programme 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 SE continued its share-based participation programme for MLP branch 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. Following transfer of 253,006 shares to the eligible participants, a total of 84,414 shares remained in treasury stock. For the 2025 financial year, MLP SE again implemented a share-based participation programme for MLP consultants. On the basis of the new authorisation granted by the Annual General Meeting on June 25, 2025 for the buyback of own shares, MLP SE started the corresponding share buyback already on December 1, 2025. Examining the financial year 2025, a total of 336,882 shares with a pro rata amount of €1.00 each in the share capital were bought back in the period from December 1, 2025 to December 23, 2025 at an average price of €6.77 per share. This corresponds to around 0.31% of our share capital of €109,334,686. Since the transfer of the shares to the eligible participants will only take place after the end of the financial year and after the completion of the share buyback programme, likely in the second quarter of 2026, these repurchased shares remained in treasury stock at MLP SE, so that as of the reporting date December 31, 2025, it reported a total of 421,296 shares in treasury stock. Examining the overall share buyback programme that was both announced and carried out, a total of 437,502 shares with a pro rata amount of €1.00 each in the share capital were bought back in the period from December 1, 2025 up to and including January 13, 2026 at an average price of €6.86 per share. This corresponds to around 0.40% of our share capital of €109,334,686. At the time of publication of the Annual Report 2025 and therefore before the shares were transferred to the eligible participants some 521,916 shares remained in MLP SE's treasury stock. 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/ . Annual General Meeting MLP SE held its Regular Annual General Meeting for the financial year 2024 on June 25, 2025. The event was held entirely online again. Shareholders were able to follow the entire Annual General Meeting live via the shareholder portal. Shareholders connected electronically to the Annual General Meeting and their proxies were able to make statements via video communication and ask their questions live during the Annual General Meeting. All questions submitted in this form were addressed in full by the Executive Board and Supervisory Board. All items on the agenda were approved by shareholders. The proposal of both the Supervisory Board and Executive Board on the use of the unappropriated profit for 2024 was accepted with a majority of 99.99%. Accordingly, the proposal to pay a dividend of €0.36 per share was approved. This year's payout ratio was 57% of Group net profit. Discharge was granted to the Executive Board and Supervisory Board with an approval rate of 96.98% and 94.66%, respectively. With a majority of 82.90%, the shareholders also approved the proposals to appoint KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin, as auditor and Group auditor for the financial year 2025, as well as auditor of the Sustainability Report. The compensation report was accepted with a majority of 96.18%. The Annual General Meeting also approved the amendment of approval for an increased upper threshold for variable compensation of 200% of fixed compensation pursuant to § 25a (5) Sentences 5 and 6 of the German Banking Act (KWG) with a majority of 99.08%. The resolution on approval of the compensation system for members of the Executive Board was also accepted with a majority of 79.17%. The resolution on the authorisation to acquire own shares, including their utilisation, under exclusion of subscription rights, was approved with a 97.01% majority. The shareholders approved the proposal to authorise the use of equity derivatives to acquire own shares with a 96.91% majority. The resolution to amend Article 19 of the Articles of Association (virtual Annual General Meeting) was also approved with a 95.04% majority. In total, 67.13% of the share capital was represented. You can find all further information on the Annual General Meeting at https://mlp-se.com/investors/annual-general-meeting/ . Changes to the shareholder structure There were no significant changes to the shareholder structure in the financial year 2025. The Lautenschläger family remains the largest single MLP shareholder with a total share of the voting rights of 27.56%. The next largest shareholder is then HanseMerkur Krankenversicherung auf Gegenseitigkeit with a 10.03% share of the voting rights. The third largest shareholder is Barmenia Versicherungen a. G., Gothaer Versicherungsbank VVaG, holding a 9.39% share of the voting rights. The free float as per definition of the German stock exchange was 46.84% as of December 31, 2025. Shareholder structure as of December 31, 2025 6.18% 9.39% 46.84% 27.56% Freefloat 10.03% Familie Lautenschläger (pooling agreement) HanseMerkur Krankenversicherung auf Gegenseitigkeit Barmenia Versicherungen a. G., Gothaer Versicherungsbank VVaG Allianz SE You can find further information on our homepage at https://mlp-se.com/investors/mlp-share/shareholder-structure/ . Investor relations activities The goal of investor relations activities is to establish a continuous and open dialogue with shareholders, potential investors and the capital market. The investor relations team is keen to increase investor confidence and help them to assess the value potential of our company. To this end, information on relevant events is provided continuously, promptly and comprehensibly, while feedback from capital market participants is transmitted to the company. At regular capital market events such as roadshows, capital market conferences and our Annual General Meeting, the Executive Board of MLP SE and the Investor Relations team engage in dialogue with both private and institutional investors. In 2025, we intensified our dialogue with the capital market. In January, we took part in the German Corporate Conference organised by UniCredit & Kepler Cheuvreux in Frankfurt. In February, we held a virtual governance roadshow with our Supervisory Board Chairwoman, Sarah Rössler. In April, we took part in the Metzler Small Cap Days in Frankfurt and organised a roadshow in Paris with the support of NuWays. In May, we held a roadshow in Frankfurt, accompanied by Pareto Securities. In September, we participated in the Baader Investment Conference in Munich. In October, we organised a virtual roundtable together with NuWays, spoke to investors based in Boston, New York and Chicago as part of a US roadshow and took part in the ODDO BHF Autumn Round Table in Frankfurt. This was followed in November by participation in the German Equity Forum organised by Deutsche Börse in Frankfurt. Alongside direct contact, financial reporting is a key basis for our communication. The Annual Report plays a particularly important part here, as it provides comprehensive and transparent information on all aspects of the company. We also provide information on the latest developments with our quarterly group statements and our interim group report. At each reporting date, we offer investors and analysts a video or webcast presentation by our Executive Board to explain developments. In addition to this, we offer a variety of information on our website at https://mlp-se.com/investors/ . You will also find our contact details there for getting in touch with us directly. Proposed dividend The Executive Board and Supervisory Board of MLP SE will propose a dividend of €0.36 per share for the financial year 2025 at the Annual General Meeting to be held on June 25, 2026. In relation to net profit, this would correspond to a payout ratio of around 71% - and would therefore, in line with dividend continuity, be slightly above the announced payout corridor of 50% to 70%. ‌Combined management report In addition to the MLP Group, the following combined management report also encompasses MLP SE. The figures presented in the following management report have been determined in accordance with the International Financial Reporting Standards (IFRS). The figures disclosed have been rounded to one 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. 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 presented as an interval forecast. Previous year's figures are shown in brackets. The statements in the following combined management report of the MLP Group refer to the view of the MLP Group and are also expressed using words such as "we", "us" or similar terms. FUNDAMENTAL PRINCIPLES OF THE GROUP Business model Overview of the MLP Group With its brands Deutschland.Immobilien, DOMCURA, FERI, MLP, RVM and TPC, the MLP Group is a financial services provider for private, corporate and institutional clients. The MLP Group combines both 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 it was founded in 1971, the MLP Group 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 views and expectations of our clients always represent the starting point for every consultation in all consulting fields. The MLP Group attaches great importance to objective and transparent criteria when selecting partners and products. An analysis and quality check of the providers in the market, as well as their respective products, are performed on the basis of client requirements. An extensive partner and product selection process is used for this purpose. For the MLP Group, high consulting quality and the associated qualification of employees and consultants are of great importance. The MLP Group considers the qualifications and further training offered at the MLP Corporate University, the company's accredited in-house training facility, to be a benchmark in the financial consulting sector. University graduates who initially complete a four-month trainee programme at MLP Startup GmbH, Wiesloch, also receive training through the Corporate University before ‌commencing their activities as MLP consultants. MLP consultants receive comprehensive training at the MLP Corporate University. This forms the basis for providing clients with comprehensive consulting services. You can find more detailed information on this in the chapter entitled "Employees and self-employed client consultants". With the MLP School of Financial Education (MLP SoFE), the MLP Group aims to make an important contribution to financial education in Germany. The training programmes offered by MLP SoFE are also accessible to external groups, such as consultants from outside the Group, for a fee. MLP SoFE offers contractors, medical professionals, companies and experts from the financial services sector comprehensive and needs-based financial expertise for a fee. As part of the MLP Corporate University, the MLP SoFE offers a comprehensive training programme with individual learning paths. Factors affecting business development Economic developments in Germany have a significant impact on business development in the MLP Group, as the company generates a vast majority of its revenue in Germany and Europe. Economic growth, developments on the labour market, wage levels and the general savings rate are particularly important influential factors here. Likewise, the interest rate level is an important factor, particularly for our banking business. These are described in further detail in the economic report and the forecast. The results of operations is significantly shaped by market conditions in the consulting areas of wealth management, real estate, loans & mortgages, old-age provision, health insurance, and non-life insurance, which we analyse in the economic report and further address in the forecast. In addition, the competitive situation and regulatory developments also influence business performance; these are also described in further detail in the economic report and the forecast. Corporate structure MLP Group The headquarters of the MLP Group are in Wiesloch. MLP SE (Holding), MLP Finanzberatung SE and MLP Banking AG all have their internal divisions at this location. In addition to this, we are represented by our client consultants, branch offices and university teams in all German urban centres, including all important university locations. Alongside its headquarters in Bad Homburg vor der Höhe, the FERI Group has offices and companies in Dusseldorf, Hamburg, Munich, Luxembourg, Vienna and Zurich. DOMCURA AG has its headquarters in Kiel. RVM GmbH is based in Wiesloch. MLP SE Within the MLP Group central control tasks are performed by the Group's parent company, MLP SE. These include the five subsidiaries DOMCURA AG, FERI AG, MLP Finanzberatung SE, MLP Banking AG and RVM GmbH. The business divisions each carry end-to-end accountability for results. The MLP Group gained legal approval to operate as the parent financial holding company of the MLP Group pursuant to § 2f (1) in conjunction with (3) of the German Banking Act (KWG) in July 2022 by authorisation letter dated June 30, 2022. MLP SE is therefore the parent undertaking of the MLP Group for regulatory purposes in accordance with § 10a (2) sentence 2 of the German Banking Act (KWG) in conjunction with Art. 11 (2) subparagraph 1 point (a) of Regulation (EU) No. 575/2013 (Capital Requirements Regulation) (CCR). Accordingly, it is responsible for regulatory consolidation and fulfilment of regulatory requirements and risk management at Group level. Accordingly, the company is supervised directly by the Federal Financial Supervisory Authority (BaFin). MLP Finanzberatung SE MLP Finanzberatung SE is a German financial consulting company which, as a broker, can focus its attention on clients. External products and selected services of the MLP Group are combined, and the most suitable product options are selected from the broad market offering for each client. The business activities of MLP Finanzberatung SE focus on providing consulting services for both private and corporate clients on financial matters, as well as brokerage of suitable products. These consulting fields are closely intertwined and complement each other. They include real estate brokerage, loans & mortgages within the scope of loan brokerage, old-age provision, health insurance and non-life insurance. DI Deutschland.Immobilien AG, which is based in Hanover (Deutschland.Immobilien), has significantly expanded both the expertise and the portfolio in the real estate sector. MLP Finanzberatung SE is the sole shareholder in Deutschland.Immobilien AG and its subsidiaries. Deutschland.Immobilien is an independent real estate platform covering all investment property classes with many years of experience in the sale of such properties. The company also operates as a project developer in the field of senior citizen housing. Acquisition of land and the subsequent development, planning, realisation and sale of the projects sit at the heart of this. However, the Executive Board of MLP SE announced in an ad hoc announcement on November 7, 2025 that the Executive Board of MLP SE intends to focus the business of Group company Deutschland.Immobilien on the real estate brokerage business and the conceptualisation of real estate projects in future. Deutschland.Immobilien's partner network includes brokers and real estate intermediaries, ranging from individual consultants to medium-sized and large sales companies. MLP Banking AG MLP Banking AG, which is based in Wiesloch, offers its clients banking services with a combination of personal consulting and online services. The primary target group comprises private clients, but in part also business clients, to whom account and credit card products, financing solutions within the lending business, as well as wealth management solutions are offered. MLP Banking AG assumes the following role within the MLP Group: Part of a full-scope financial consulting offer provided by MLP consultants Provider of accounts/credit cards, deposit models and financing solutions Holder of special expertise in the fields of wealth management and financing, particularly for the target group of medical professionals Liability umbrella for MLP consultants and the central service provider for regulatory issues within the MLP Group, loans and mortgages, payment transactions and liquidity management within the Group Since the financial year 2024, MLP Banking AG has enabled the trading of selected cryptocurrencies, implemented in cooperation with Deutsche WertpapierService Bank AG. MLP Banking AG has a full banking licence and, as a CRR financial institution, is supervised by the Federal Financial Supervisory Authority, the German Central Bank (Deutsche Bundesbank) and the European Central Bank (ECB). FERI AG Based in Bad Homburg, FERI AG operates as a multi asset manager, providing asset management, investment consulting services to institutional investors, high net worth individuals, large family offices and foundations. Well-founded research always forms the basis for all services offered. In the Asset Management business area, FERI AG offers a broad spectrum of multi asset concepts and wealth management solutions for both institutional and private investors. The focus is on active management of complex assets across nine asset classes. This strategic multi asset expertise enables the full diversification potential to be utilised and assets to be effectively protected and expanded in the long term. ‌The CIO Office prepares economic forecasts and asset allocation analyses, which form an important basis for developing client-oriented investment strategies. The Wealth Management division serves and advises high net worth individuals and investors. In addition, consulting services are offered in the form of consulting and family office services for large estates. The FERI Cognitive Finance Institute acts as a strategic research centre and creative think tank within FERI. It has a clear analytical focus on innovative method development for long-term (mega) trends and derivable aspects for economic and capital market research. As the main centre of expertise, the FERI SDG Office manages individual consulting on sustainable investment solutions and strategic investments for future-oriented and sustainable investment strategies. FERI (Schweiz) AG offers wealth management and consulting services for private investors and institutional clients from its Zurich office. It also acts as an "innovation hub" for development and implementation of new investment approaches and fund solutions. FERI Trust (Luxembourg) S.A., Luxembourg, acts as the capital management company for mutual funds and alternative investment funds. In addition to this, it coordinates the entire fund structuring and fund floating process as the fund administrator. DOMCURA AG DOMCURA AG, with its registered office in Kiel, was founded in 1980 and operates as an underwriting agency. It specialises in non-life insurance and, above all, in the development and management of residential building insurance policies for the German market. For example, the homeowners insurance policy is regularly awarded by renowned rating agencies, such as most recently in 2025 by Stiftung Warentest (Finanztest issue 03/2025), AssCompact, Franke and Bornberg, ascore and M&M Rating. In 2024, DOMCURA presented "Kim", an AI-powered employee capable of independently processing claims. The company's products are currently used by more than 5,600 insurance brokers and insurance sales agents. RVM GmbH RVM GmbH, which is based in Wiesloch, serves as a holding company within the RVM Group. With RVM Versicherungsmakler GmbH, the RVM Group has its headquarters in Eningen unter Achalm and is one of the leading technical industrial insurance brokers in Germany, specialising in custom insurance solutions for mid-sized companies from almost all sectors. It supports around 4,500 companies in all corporate insurance matters - both nationally and internationally. It also maintains an international presence via the worldwide unisonSteadfast AG broker network. Within the MLP Group, the RVM Group is the point of contact for new business with industrial and corporate clients regarding all corporate insurance issues. Changes in corporate structure Compared to the fundamental principles of the Group described in the 2024 MLP Group Annual Report 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. ‌With contractual effect from May 30, 2025, MLP Finanzberatung SE, Wiesloch, founded MLP Erste VV GmbH, Wiesloch. The entry in the respective commercial register was made on July 12, 2025. This was followed by the relocation of the registered office to Munich and the change of name to MLP praxero GmbH. The transaction was entered into the company's commercial register on July 31, 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 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. On August 4, 2025, RVM Versicherungsmakler GmbH concluded a control and profit and loss transfer agreement with RVM SmartProtect GmbH. The entry in the respective commercial register was made on October 21, 2025. On November 7, 2025, MLP also announced in an ad hoc announcement that it intends to focus the business at Group company Deutschland.Immobilien. The Executive Board of MLP SE intends to focus the business of Group company Deutschland.Immobilien on the real estate brokerage business and the conceptualisation of real estate projects in future. In future, Deutschland.Immobilien is to no longer initiate any new real estate development projects for which it is itself responsible for construction. However, existing projects are still to be completed. The statement of intent by the Executive Board of MLP SE dated November 7, 2025 was discussed by the same Executive Board with the Supervisory Board of MLP SE on November 12, 2025 and will now be implemented as announced. Changes in segment presentation In the reporting year 2025, the presentation of the reportable business segments remained unchanged. Executive Bodies and membership changes The Executive Board of MLP SE has comprised four members since December 1, 2025. The members of the Executive Board are Dr. Uwe Schroeder-Wildberg (Chief Executive Officer), Reinhard Loose, Jan Berg and Angelika Zinkgräf. Manfred Bauer, a longstanding member of the Executive Board of 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 of 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 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. Angelika Zinkgräf, previously Head of Human Resources at MLP SE, took over responsibility for the new Executive Board mandate of Human Resources, Compliance and Internal Audit with effect from December 1, 2025. 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. The Supervisory Board of MLP SE, whose responsibilities include the supervision of the Executive Board under German law, comprises six members. The shareholder representatives are Sarah Rössler (Chairwoman), Dr Andreas Freiling (Vice Chairman), Matthias Lautenschläger and Bernd Groß. The employee representatives are Monika Stumpf and Ursula Blümer. There were no changes to the composition of the Supervisory Board in the 2025 reporting year. ‌Control system Group-wide controlling The MLP Group employs comprehensive planning and control systems. Starting from the business strategy and the estimates regarding future external framework conditions, target values for key control metrics are drawn up in the strategic and operating planning process. Any deviations from our targets then become transparent within the scope of ongoing controlling processes. The MLP Group then derives consequences for corporate management from these developments. In addition, the development of the market and competitive environment is constantly monitored. The Executive Committee (Execom) holds regular meetings in order to coordinate Group activities and ensure an efficient exchange of information relevant for controlling purposes. Alongside the members of the Executive Board of MLP SE, this Executive Committee also includes representatives from the Group's business units. The strategies of the business segments are also discussed in this Committee and harmonised with regard to the Group's overall strategy. Uniform strategic target visions are defined for the Group as a whole and all Group segments. These are then used to coordinate and specify the key long-term targets. In light of the strategic advancement of the MLP Group in recent years, the company has focussed on refining its revenue presentation for the public to ensure a more audience-focused approach. The three competence fields of Wealth, Life & Health and Property & Casualty represent the core here. The existing consulting fields as well as the interest rate business were transferred to one of these three competence fields. The Wealth competence field comprises wealth management, the interest rate business, as well as real estate brokerage and loans & mortgages. The Life & Health competence field includes both old-age provision and health insurance. Non-life insurance is part of the Property & Casualty competence field. The activities not covered by these segments include the real estate development business and so-called other commissions and fees. In the real estate development business, the MLP Group has announced a business focus on the real estate brokerage business and the conceptualisation of real estate projects. In future, Deutschland.Immobilien is to no longer initiate any new real estate development projects for which it is itself responsible for construction. However, existing projects are still to be completed. These competence fields are used solely for external communication. The MLP Group continues to manage its operations internally according to the established consulting fields and business segments. The following overview illustrates which consulting fields and competence fields contribute to revenue development in the respective business segments. Allocation of consulting fields and competence fields to the business segments Financial Consulting Banking FERI DOMCURA Industrial Broker Deutschland. Immobilien Wealth competence field x x x x Wealth management x x x Interest rate business x Real estate brokerage x x Loans and mortgages x x Life & Health competence field x x Old-age provision x x Health insurance x x Property & Casualty competence field x x x Non-life insurance x x x Other x x x x Real estate development x Other commissions and fees x x x The Executive Board of MLP SE has specified a risk strategy that is consistent with the business strategy and the risks resulting from it. The risk strategy encompasses the objectives of risk management for key business activities, as well as the measures for achieving these objectives. To this end, risk management is firmly anchored in the MLP Group's corporate management. The members of the Executive Board, general managers of Group companies and business unit leaders are responsible for detecting and classifying risks as quickly as possible. You can find further information on risk management in the chapter entitled "Risk and opportunity report". Financial performance indicators The Executive Board of MLP SE assesses the development of the MLP Group on the basis of established controlling parameters. As key indicators of the business development recorded by the MLP Group, the earnings before interest and taxes (EBIT) and the revenue generated are the key control metrics and performance indicators for the MLP Group's business development. Accordingly, these indicators are used for steering purposes. Alongside this, the Executive Board also receives regular information on the macroeconomic, political and legislative factors that influence business performance. We require profitable growth and long-term development of earnings in order to achieve a continuous increase in company value and expand our market position. Non-financial performance indicators The incorporation of non-financial performance indicators enables a comprehensive evaluation of the impact of activities, encompassing both external and internal spheres of the company. The MLP Group currently uses two non-financial performance indicators: per capita CO2 emissions and proportion of women in management positions. The CO2 emissions of our own business operations are based on the requirements of the Greenhouse Gas Protocol (Scope 1-3) and include the emissions of all fully consolidated companies in the financial scope of consolidation. Per capita CO2 emissions include all employees and consultants as of December 31 of the respective financial year. In accordance with the recalculation principles for emissions data applied within the MLP Group, the emissions data were recalculated due to changes in underlying circumstances in 2025. The triggers were updated emission factors and methodological changes relating to fleet emissions and employees' commuting behaviour. As a result, previous-year figures were also adjusted; therefore, the figures presented in this report differ from those reported in the previous year. The proportion of women in management positions includes all female employees in disciplinary management positions. The executives of all fully consolidated companies in the financial scope of consolidation as of December 31 of the respective financial year are included in the count. ‌Research and development Since our consulting firm is a service provider, we are not engaged in any research or development in the classic sense. We also make other resources available, for example to develop our own software or refine acquired software. Among others, the DOMCURA Group is already actively integrating artificial intelligence into its business processes here. The FERI Cognitive Finance Institute also operates as a strategic research centre and creative think tank within the FERI Group, with a clear focus on long-term aspects of economic and capital market research, as well as asset protection. In Wealth Management, FERI and the MLP Group continue to jointly evaluate developments in the market for digital assets, now that MLP clients can already trade selected crypto assets via MLP and FERI takes digital assets into account when structuring portfolios as part of its multi asset approach. Alongside this, the DOMCURA Group has also been involved in the development of new insurance products for years. The information in the above section on the fundamental principles of the Group also fulfils disclosure requirements from the Sustainability Report (ESRS 2 SBM-1 Art. 42). ‌ECONOMIC REPORT Overall economic climate The following section presents the key developments in the overall economic environment in which the MLP Group operates with its business activities. These generally also influence the business performance of the MLP Group. The following presentation therefore serves to place the business performance of the MLP Group in context against the backdrop of developments in the environment. In 2025, the German economy displayed only a modest recovery after two years of recession, characterised by subdued demand and challenging overall conditions. According to the Annual Economic Report 2026 of the German Federal Ministry for Economic Affairs and Climate Action (BMWK), the global economy recovered moderately, but German exports were unable to benefit from this, which weighed on the overall economic situation. Corporate investment continued to decline, particularly in equipment and construction, as uncertainties arising from customs policy as well as transformation and climate policy had a dampening effect on the propensity to invest. These factors impaired foreign trade and slowed overall economic growth. Domestic economic activity recorded only weak consumption stimuli, as the high propensity to save prevented income increases from noticeably stimulating demand. By contrast, the significantly increased state consumption, driven by higher social benefits in kind and additional expenditure on external security, provided substantial impetus. Overall, the German economy presented itself as stable in 2025, yet also highly dependent on external uncertainties and international developments. Based on information provided by the German Federal Statistical Office, price-adjusted gross domestic product (GDP) in Germany therefore increased by 0.2% in the reporting year 2025 over the previous year (2024: -0.5%). According to Eurostat, Germany's performance in Q4 2025 was broadly in line with the euro area, placing it in the mid-range compared with other European countries. The German labour market continues to show signs of persistent economic weakness. According to Germany's Federal Employment Agency, the average number of jobseekers in 2025 rose by 161,000 to a total of 2,948,000, marking the third consecutive year of increase. This corresponds to an unemployment rate of 6.2% (2024: 6.0%). The unemployment rate among academics averaged 3.3% (2024: 2.9%). According to the German Federal Statistical Office, gross wages and salaries in Germany increased by 4.9% in the Q3 2025 (Q3 2024: 4.9%) compared to the same quarter in the previous year. According to data published by the German Central Bank (Deutsche Bundesbank), the savings rate in Germany was 9.4% in Q4 2025 (Q4 2025: 10.4%). Based on data published by the German Federal Statistical Office, consumer prices in Germany in the reporting year increased by an average of 2.2% year-on-year (2024: 2.2%), meaning that the inflation rate remained stable at the previous year's level. At the end of the year, the monthly inflation rate decreased to 1.8% in December, supported by falling energy prices, while core inflation was 2.4%. Set against this background, the European Central Bank (ECB) lowered the interest rate on the deposit facility from 3.00% to 2.00% in four steps in the first half of the reporting year and then kept it stable. In doing so, the ECB initiated a phase of moderate monetary policy easing, responding to the declining inflationary pressure and subdued growth in the euro area, while at the same time maintaining its focus on safeguarding price stability. ‌Industry situation and competitive environment The following section presents the key developments in the sectoral, competitive and regulatory environment in which the MLP Group operates with its business activities. These generally also influence the business performance of the MLP Group. The following presentation therefore serves to place the business performance of the MLP Group in context against the backdrop of developments in the environment Wealth management According to the German Central Bank (Deutsche Bundesbank), the monetary assets of private households in Germany - consisting of cash and deposits, debentures, securities, units in investment funds and insurance claims - increased significantly in nominal terms by €164.5 billion in Q3 2025 over the previous quarter, and reached a new all-time high of €9,388.7 billion as of September 30, 2025 (December 31, 2024: €9,061.5 billion). During the period under review, the wealthiest 10% of households in particular benefited from positive income from capital market investments. According to the German Association of Investment and Asset Management (BVI), the German fund industry recorded net inflows of €149.1 billion in the reporting year 2025. The sector therefore managed total assets of €4,851.4 billion as of the reporting date (December 31, 2024: €4,471.4 billion). The net cash inflows were primarily due to strong new business with open-end mutual funds, which generated inflows of €86.1 billion. Equity funds recorded particularly strong growth, with net inflows of €52.0 billion, of which €45.6 billion was attributable to equity ETFs, followed by fixed income funds at €30.7 billion, of which €11.5 billion was attributable to bond ETFs, as well as money market funds at €6.6 billion and mixed funds at €2.3 billion. Real estate funds, on the other hand, recorded net outflows of €7.7 billion. Real estate The upwards trend on the German real estate market continued in Q4 2025. The real estate price index of the Association of German Pfandbrief Banks (vdp) rose to 185.6 points as of December 31, 2025, marking an increase of 4.0% over the same quarter in the previous year (Q4 2024: 178.4 points) and 1.0% over the previous quarter (Q3 2025: 183.7 points). Residential properties in particular recorded a significant increase of 4.2% over the same quarter in the previous year, whereby multi-family homes led the way with an increase of 5.3%. On an annual basis, commercial properties also recorded an increase of 3.5%, whereby offices led the way with an increase of 3.9%. According to BNP Paribas Real Estate, transaction volumes in the market for nursing and healthcare properties, as well as assisted living properties, rose by 18% over the previous year in the reporting year 2025 to €1.4 billion (2024: €1.2 billion), yet remained significantly below the long-term average of €2.5 billion. Nursing properties dominated the market with a volume of €887.7 million (2024: €711.7 million) and a market share of 65%, while healthcare properties declined to €299.7 million (2024: €346.2 million) and assisted living increased to €185.9 million (2024: €105.6 million). Prime yields for nursing properties remained stable at 4.90% (2024: 4.90%). Loans and mortgages According to data from the mortgage broker Interhyp, average interest rates for 10-year mortgage loans rose significantly over the course of 2025. They started at around 3.24% in January and stabilised at around 3.60% in the summer. Towards the end of the year, capital market developments led to a further increase to just under 3.85%, which slowed demand for property financing at year-end. In Q4 2025, new residential mortgage business by German banks totalled €59.2 billion according to Barkow Consulting (Q4 2024: €52.6 billion), making it the weakest quarter of the year. On an annual basis, however, volumes still increased significantly by 21% year-on-year to €240.9 billion (2024: €198.3 billion). Despite a slowdown towards the end of the year, 2025 was still the fifth best year for mortgage lending since records began. Old-age provision According to the AXA Pension Report 2025, 40% (2024: 38%) of German citizens have reduced their old-age provision due to the significant price increases observed in recent years. In addition, the share of the population that makes regular monthly private investments towards their old age has fallen to 50% (2024: 62%). The proportion of savers putting aside less than €100 per month remained stable at 14% (2024: 14%), while the shares in all other bands declined. Around 9% (2024: 11%) of all Germans invest €400 or more per month in their private old-age provision. A total of 35% (2024: 32%) do not make any private old-age provision at all. According to data from the Deloitte Occupational Pension Provision Study 2025, no growth was recorded in occupational pension provision (bAV). The proportion of employees receiving employer-financed benefits is 47% (2024: 46%), which is below the survey figure from 2022 (50%). The deferred compensation rate remained stable at 40% (2024: 42%). Overall, 37% of employees surveyed cite financial bottlenecks as the main reason for the stagnating development in deferred compensation. According to the German Insurance Association (GDV), in 2025 the sector recorded a marginal increase of 0.2% in regular premiums in the life insurance business to €64.5 billion (2024: €64.4 billion), while single premiums rose significantly by 17.3% year-on-year to €32.1 billion (2024: €27.4 billion). Overall, according to the GDV, life insurers achieved premium growth of 5.3% to around €96.7 billion (2024: €91.8 billion). Looking exclusively at new business, total premiums paid increased by 6.6% to €10.0 billion (2024: €9.3 billion). Regular premiums increased by 2.3% for a one-year period here, while single premiums rose by 16.9%. Health insurance According to the Association of Private Health Insurers, private health insurance also recorded further growth in 2025. The number of insurance policies increased by around 0.9 million to a total of 40.8 million. (2024: €39.9 million). The number of fully comprehensive policyholders remained stable here at 8.8 million. (2024: 8.7 million). The number of private supplementary insurance policies rose by 2.2% to 32.0 million. (2024: 31.2 million). Almost one in two Germans therefore has private health insurance, underlining the continuing confidence in the performance and stability of private health insurance sector. According to data from the Association of Private Health Insurers, occupational health insurance recorded strong growth: The number of companies offering their employees fully employer-financed occupational health insurance increased by around 16% in the reporting year to 60,600 companies (2024: 51,400). The number of employees benefiting from fully employer-financed occupational health insurance also rose significantly by around 15% to 2.8 million. (2024: 2.4 million), although still lagged slightly behind the development in terms of the number of employers. According to data from the German Insurance Association (GDV), income in the sector increased by 7.3% year-on-year to €54.4 billion (2024: €50.7 billion). Non-life insurance Despite a weak economy, non-life insurance recorded significant premium growth in many segments in the 2025 reporting year. Premiums in residential building insurance policies rose by 7.5%, while home contents insurance premiums rose by 2.5%. In the reporting year 2025, the focus continued to be on insurance cover against natural hazards. According to estimates of the German Insurance Association (GDV), insured losses fell significantly to €2.6 billion (2024: €5.6 billion). Of this figure, €1.4 billion related to non-life insurance losses due to storms, hail and lightning, while a further €0.5 billion related to losses due to flooding and torrential rain. This is the lowest figure since 2001. Nevertheless, experts from the German Insurance Association (GDV) believe that climate risks are likely to continue increasing in the long term. According to the German Insurance Association (GDV), income in property and casualty insurance rose by 7.7% to €99.7 billion in 2025 (2024: €92.5 billion). The main driver of this development was the increase in revenues in motor insurance, which increased by 13.4% year-on-year. Competition and regulation The competitive situation in the German market for financial services did not change significantly for the MLP Group in the financial year 2025 compared to the previous year. The sector remains very heterogeneous and is characterised by trends towards consolidation. The providers include numerous financial service providers, single agents, banks, insurance companies and independent finance brokers, as well as FinTechs and InsurTechs. However, their quality of consulting can vary quite markedly here. Regulations impact market participants in various ways; accordingly, the MLP Group is subject to numerous legislative activities here. The former coalition government had worked on the reform of subsidised private old-age provision and also presented an initial draft bill - based on the final report of the corresponding focus group. Following the break-up of the coalition government, the current Federal Government resumed the reform of state-subsidised private old-age provision and presented a government draft bill at the end of 2025. The reform of private old-age provision (planned from 2027) will replace the existing Riester pension. The key elements are a new, certified old-age provision deposit account, including a possible standard product, as well as higher state allowances to promote capital market investments. From the MLP Group's perspective, private pension insurance schemes with the objective of providing a lifelong payout will also remain possible and make sense for clients in appropriate cases. The Bundestag adopted the 2025 Pension Package on December 5 of last year, and the Bundesrat approved it on December 19, 2025, with the aim of stabilising the pension level at 48% by 2031, increasing the "maternity pension" and making it more attractive to work longer, with phased implementation from 2026. Key changes include the extended "safety line", the introduction of the "maternity pension 3" (third stage of the maternity pension) and an "active pension" (also referred to as "flexi pension") to promote continued employment. Irrespective of this, the MLP Group continues to see significant need for supplementary old-age provision, particularly in its target group. The Second Act to Strengthen Occupational Pensions (BRSG II), adopted on December 5, 2025, is intended to expand occupational pension provision (bAV) in Germany, especially for low earners, as well as small and medium-sized enterprises (SMEs). The key elements are an increase in subsidies (from 2027 onwards) and a rise in the commutation threshold for small pension entitlements (to 1.5% of the reference value). The new regulations will largely enter into force from 2026; as the largest German broker for occupational pension provision, the MLP Group is well positioned to meet the associated consulting needs of companies. In 2025, the legislative process for the EU Retail Investment Strategy was completed. A fundamental ban on commission was not approved and is also no longer to be expected here. Since January 17, 2025, the MLP Group has also implemented the DORA Regulation at its affected companies. This regulation applies throughout the financial sector and aims to strengthen the European financial market against cyber risks, as well as incidents relating to information and communication technology. As a result of the application of the CRR III requirements that came into force on January 1, 2025, there was an increased yet anticipated own capital requirement in the financial year, leading to a sharp decline in the total capital ratio. The requirements had already been taken into account beforehand and strategically embedded in business planning. By meeting the capital adequacy requirements on a binding basis, the MLP Group contributes - in line with the regulatory framework - to the public mandate of a stable financial system and offers its clients a secure foundation with the financial products it offers. In December 2025, the European Union adopted the Omnibus I package, which provides for substantial relief in the rules on corporate sustainability reporting. These relate both to the Corporate Sustainability Reporting Directive (CSRD) and to the Corporate Sustainability Due Diligence Directive (CSDDD). The agreement includes reduced reporting requirements, higher thresholds and a postponement of application deadlines. The MLP Group continues to fall within the scope of the CSRD. National implementation of the CSRD in Germany has not yet taken place. Overall, regulatory developments were once again challenging in 2025. A gap between generally declining commission income per product and simultaneously rising product and administration costs -combined with increased price sensitivity on the part of clients - can also negatively impact the profitability of the MLP Group's business model. Regardless of this, the MLP Group considers itself to be very well positioned thanks to its broad and strategically diversified business model and corporate structure. ‌Business performance Overall performance In the financial year 2025, the MLP Group set new record levels in terms of total and sales revenue. Overall, the MLP Group can reflect on a solid business performance, despite operating in a volatile environment in terms of both the overall economy and the industry and competitive situation, including regulatory conditions. Total revenue, comprising sales revenue and other revenue, increased to €1,079.6 million (€1,066.7 million) thanks to good operating performance, while sales revenue reached €1,046.9 million (€1,037.5 million). Commission expenses increased slightly to €504.8 million (€474.9 million). Interest expenses fell significantly to €20.8 million (€30.2 million). This drop can essentially be attributed to the lower interest rate level, which was significantly influenced by the reduction of the deposit facility rate by the European Central Bank. Real estate development expenses decreased significantly to €1.0 million (€5.1 million). This was due to reduced construction and sales activities at Group company Deutschland.Immobilien. 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. Although significantly lower performance-based compensation was incurred compared to the previous year, this was offset by higher additional revenue from wealth management. These additional sources of revenue have a less significant impact on earnings than performance-based compensation, which explains the opposing trends in the revenue and expense items. With an increase of 2.4%, administration costs (defined as the sum of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) remained at the same level as the previous year. EBIT (earnings before interest and taxes) declined slightly to €87.9 million (€95.0 million). This includes a goodwill impairment within the Deutschland.Immobilien segment of €9.2 million, which we recognised at Group company Deutschland.Immobilien based on the business focussing announced on November 7, 2025 and the subsequent revaluation of the real estate business. Without this one-off effect, the MLP Group's EBIT would have come in at €97.1 million, therefore exceeding the previous year's figure. 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, we recorded revenue almost at the same level as the strong previous year. Revenue was €510.3 million (€520.3 million). In the Life & Health competence field, which includes both old-age provision and health insurance, the MLP Group recorded stable revenue of €303.3 million (€298.0 million). We recorded a slight increase in revenue to €223.2 million (€206.4 million) in the Property & Casualty competence field, which includes non-life insurance. The activities not allocated to these competence fields generated revenue of €10.2 million (€12.8 million). These include the so-called other commissions and fees, as well as the significantly reduced real estate development business. Development of the consulting fields Broken down by revenue type, interest income declined significantly (-13.6%), primarily due to the lower interest rate level. Revenue from real estate development declined significantly (-101.2%), in line with the strategic focussing in this business area, due to current challenges in selling ongoing projects and as a result of a one-off correction of a transaction recognised in the previous year. Commission income in the consulting fields outlined below remained at the previous year's level (2.8%). Due to the increase in new business, revenue from financing was significantly higher than in the previous year, rising by 11.5%. The MLP Group also recorded a significant increase of 10.3% in health insurance. This continued to be driven by increased new business, as well as premium adjustments in existing business. With an increase of 8.1%, non-life insurance revenue was slightly above the previous year's figure. The managed non-life insurance premium volume reached a new high of €809.3 million (€750.6 million) on December 31, 2025 here. Revenue from real estate brokerage was roughly on a par with the previous year, having increased by 3.0%. The MLP Group recorded stable revenue in both wealth management (-0.1%) and old-age provision (-0.5%). Assets under management recorded a new all-time high of €65.9 billion as of December 31, 2025 (€63.1 billion). Further information on developments in revenue and expense items, as well as on the result items, can be found in the chapters "Results of operations" and "Comparison of actual and forecast business performance". Development of consultant and client numbers The number of self-employed consultants in the MLP Group rose to 2,136 at the end of 2025 (2,110). The client consultant turnover rate was 11.2% (8.7%). Based on its holistic consulting approach, the MLP Group counts its private clients as family clients. Family clients are economically related persons living in a household. In total, the MLP Group acquired 21,200 (20,500) new family clients on a gross basis in the financial year 2025. As of December 31, 2025, the total number of family clients served by the MLP Group increased to 596,100 (590,700). The number of corporate and institutional clients being served by the MLP Group as of December 31, 2025 was 27,400 (28,000). Development of CO2 emissions per capita and proportion of women in management positions Compared to the previous year, the MLP Group recorded a slight reduction in its per capita CO2 emissions for 2025. The 2025 value was 2.01 tonnes of CO2 per capita (2.15 tonnes per capita). The proportion of women in management positions in the MLP Group as of December 31, 2025 was 32.6% (32.3%). Accordingly, it remained at a level comparable with the previous year, despite the increase. ‌Results of operations Revenue development In the financial year 2025, the MLP Group was able to increase its total revenue - comprising sales revenue and other revenue - to a new all-time high of €1,079.6 million (€1,066.7 million). Sales revenues rose to €1,046.9 million (€1,037.5 million) in the reporting period. Other revenue was €32.6 million (€29.1 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 % 2025 Share in % 2024 Change in % Total 1,046.9 1,037.5 0.9% Interest income 7.5% 78.1 8.7% 90.4 -13.6% Revenue from real estate development -0.0% -0.1 0.4% 4.7 -101.2% Total commission income 92.5% 968.9 90.8% 942.5 2.8% Wealth management 39.2% 379.6 40.3% 380.1 -0.1% Real estate brokerage 3.7% 36.0 3.7% 35.0 3.0% Loans and mortgages 1.7% 16.6 1.6% 14.9 11.5% Old-age provision 24.0% 233.0 24.8% 234.2 -0.5% Health insurance 7.3% 70.3 6.8% 63.8 10.3% Non-life insurance 23.0% 223.2 21.9% 206.4 8.1% Other commissions and fees 1.1% 10.2 0.9% 8.2 25.3% Sales revenue can be broken down into the following two ways: Broken down by competence fields, the Wealth competence field generated revenue almost at the level of the strong previous year at €510.3 million (€520.3 million). In the Life & Health competence field, revenue was €303.3 million (€298.0 million) and was therefore stable. Revenue in the Property & Casualty competence field increased slightly to €223.2 million (€206.4 million). The activities not allocated to these competence fields generated revenue of €10.2 million (€12.8 million). Broken down by the revenue types of the MLP Group, interest income declined significantly to €78.1 million (€90.4 million) due to the now significantly lower interest rate level. Revenue from real estate development declined significantly to -€0.1 million (€4.7 million), in line with the strategic focussing of business activities this business area, due to current challenges in selling ongoing projects and as a result of a one-off correction of a transaction recognised in the previous year. At €968.9 million (€942.5 million), commission income remained at the same level as the previous year. In the reporting period, we achieved growth in commission income in the consulting fields of loans & mortgages, health insurance, non-life insurance and real estate brokerage. In the consulting fields of wealth management and old-age provision, revenues were marginally below the previous year. Wealth management revenue was €379.6 million (€380.1 million), so remained almost at the strong level as in the previous year, although performance-based compensation was significantly lower. Performance-based compensation declined significantly to €10.7 million (€33.9 million). On the other hand, assets under management reached a new high of €65.9 billion as of December 31, 2025 (€63.1 billion). In both the Banking segment and the FERI segment, the MLP Group recorded increases in assets under management in the past financial year. At €36.0 million (€35.0 million), real estate brokerage revenue was on par with the previous year. At €384.7 million (€388.6 million), the brokered real estate volume also remained at the same level as the previous year. Revenue from loans & mortgages rose significantly to €16.6 million (€14.9 million) due to the increase in new business. The brokered financing volume also increased significantly to €1,617.8 million here (€1,461.5 million). At €233.0 million (€234.2 million), old-age provision revenue remained largely stable. On the client side, companies displayed reservations with regard to occupational pension provision. At €4,085.4 million (€4,081.5 million), the brokered total premiums also remained at the previous year's level. At €70.3 million (€63.8 million), health insurance revenue was significantly above the previ...

View stock analysis, news, and events for Mlp Se