Q2 2026 MPC Münchmeyer Petersen Capital AG Earnings Call

September 3, 2026

Speaker #1: AGM, which took place last Friday, the 28th of August, and took legal effect today, following its entry into the commercial register. So what does the new brand reflect?

[Company Representative] (MPC Oceanic Group): AGM, which took place last Friday, 28 August, and took legal effect today, following its entry into the commercial register. What does the new brand reflect? It reflects the strategic repositioning of our group over the past decade, with a clear focus on industrial services and investments in the maritime and energy sectors. Let me also briefly explain what that stands for. MPC, we kept that because that represents our heritage, with more than 30 years of experience and also a trusted name worldwide. Oceanic, the second part reflects our world, the world in which we operate. The ocean carries global trade and also powers renewable energies, and it sits at the very heart of everything we do. Group, last but not least, reflects our structure, bringing our industrial services and investment activities together under one roof.

Constantin Baack: AGM, which took place last Friday, 28 August, and took legal effect today, following its entry into the commercial register. What does the new brand reflect? It reflects the strategic repositioning of our group over the past decade, with a clear focus on industrial services and investments in the maritime and energy sectors.

Speaker #1: It reflects the strategic repositioning of our group over the past decade, with a clear focus on industrial services and investments in the maritime and energy sectors.

Speaker #1: And let me also briefly explain what that stands for. MPC, we kept that because that represents our heritage, with more than 30 years of experience and also a trusted name worldwide.

Constantin Baack: Let me also briefly explain what that stands for. MPC, we kept that because that represents our heritage, with more than 30 years of experience and also a trusted name worldwide. Oceanic, the second part reflects our world, the world in which we operate. The ocean carries global trade and also powers renewable energies, and it sits at the very heart of everything we do. Group, last but not least, reflects our structure, bringing our industrial services and investment activities together under one roof.

Speaker #1: Oceanic: the second part reflects our world, the world in which we operate, the ocean carries global trade and also powers renewable energies, and it sits at the very heart of everything we do.

Speaker #1: And group, last but not least, reflects our structure, bringing our industrial services and investment activities together under one roof. So this is no change in strategy, just a name that basically catches up on who we have become.

[Company Representative] (MPC Oceanic Group): This is no change in strategy, just a name that basically catches up on who we have become. But let me now give you the key takeaways for today before we dive into the detail. Firstly, and on this slide, we have put a few points up and perhaps most visibly, our maritime service business. That has developed into a genuine industrial backbone of our group. We provide a broad range of services, which we will elaborate on in a bit more detail later on. But this includes commercial and technical management for more than 400 ships today, and this now delivers also a significant recurring contribution to our income stream. Secondly, the maritime investment business. This remains highly dynamic. We currently have close to 40 new building projects underway, representing a project volume of around $2.5 billion across a wide range of investment partners.

Constantin Baack: This is no change in strategy, just a name that basically catches up on who we have become. But let me now give you the key takeaways for today before we dive into the detail. Firstly, and on this slide, we have put a few points up and perhaps most visibly, our maritime service business. That has developed into a genuine industrial backbone of our group. We provide a broad range of services, which we will elaborate on in a bit more detail later on.

Speaker #1: But let me now give you the key takeaways for today before we dive into the detail. we've put a few points up, and perhaps most visibly, our maritime service business.

Speaker #1: That has developed into a genuine industrial backbone of our group. We provide a broad range of services, which we'll elaborate on in a bit more detail later on, but this includes commercial and technical management for more than 400 ships today, and this now delivers also a significant recurring contribution to our income stream.

Constantin Baack: But this includes commercial and technical management for more than 400 ships today, and this now delivers also a significant recurring contribution to our income stream. Secondly, the maritime investment business. This remains highly dynamic. We currently have close to 40 new building projects underway, representing a project volume of around $2.5 billion across a wide range of investment partners.

Speaker #1: Secondly, the maritime investment business. This remains highly dynamic. We currently have close to 40 new building projects underway, representing a project volume of around 2.5 billion US dollars across a wide range of investment partners.

Speaker #1: Thirdly, our earnings base is highly visible. It underpins it's basically underpinned by the recurring revenues that I alluded to, but also contracted transaction fees and co-investment income, a combination that gives us a good forward visibility in terms of earnings.

[Company Representative] (MPC Oceanic Group): Thirdly, our earnings base is highly visible. It is basically underpinned by the recurring revenues that I alluded to, but also contracted transaction fees and co-investment income. A combination that gives us a good forward visibility in terms of earnings. And fourth, our balance sheet, which remains built for opportunities or to make use of opportunities, with net cash of EUR 36 million and a 90% equity ratio. We have ample flexibility to pursue further growth while staying disciplined on our capital allocation principles. Let me now turn to our performance for the H1 2026. Overall, it was a strong six-month period. A resilient revenue base combined with strong co-investment returns. As a result, we have last week upgraded our financial guidance for the full year. Let me now walk you through the key messages on this slide. Let us start with resilience.

Constantin Baack: Thirdly, our earnings base is highly visible. It is basically underpinned by the recurring revenues that I alluded to, but also contracted transaction fees and co-investment income. A combination that gives us a good forward visibility in terms of earnings. And fourth, our balance sheet, which remains built for opportunities or to make use of opportunities, with net cash of EUR 36 million and a 90% equity ratio. We have ample flexibility to pursue further growth while staying disciplined on our capital allocation principles.

Speaker #1: And fourth, our balance sheet, which remains built for opportunities. So to make use of opportunities, with net cash of 36 million and a 90% equity ratio, we have ample flexibility to pursue further growth while staying disciplined on our capital allocation principles.

Speaker #1: Let me now turn to our performance for the first half 2026. Overall, it was a strong 6-month period, a resilient revenue base, combined with strong co-investment returns and, as a result, we have last week upgraded our financial guidance for the full year.

Constantin Baack: Let me now turn to our performance for the H1 2026. Overall, it was a strong six-month period. A resilient revenue base combined with strong co-investment returns. As a result, we have last week upgraded our financial guidance for the full year. Let me now walk you through the key messages on this slide. Let us start with resilience.

Speaker #1: Let me now walk you through the key messages on this slide. Let's start with resilience. Our business model continues to prove highly durable. Management services revenues increase to 18.7 million euros, now accounting for more than 80% of total revenue.

[Company Representative] (MPC Oceanic Group): Our business model continues to prove highly durable. Management services revenues increased to EUR 18.7 million, now accounting for more than 80% of total revenue. This underscores just how much visibility and stability sits underneath our platform. On top of that, our co-investment performance was particularly strong this half of the year. Income was up 36% to EUR 14.2 million, and that is driven by strong recurring earnings, mainly from our strategic maritime investments. Put together, this translated into significant earnings growth. EBT increased by 34% to EUR 17.1 million, while earnings per share rose by 22% to EUR 0.39. Given this momentum, we have decided to, as I mentioned, raise our guidance for the full year 2026. We now expect full-year revenues of around EUR 50 to EUR 53 million and EBT of EUR 30 to EUR 33 million, and this is up from our previous guidance.

Constantin Baack: Our business model continues to prove highly durable. Management services revenues increased to EUR 18.7 million, now accounting for more than 80% of total revenue. This underscores just how much visibility and stability sits underneath our platform. On top of that, our co-investment performance was particularly strong this half of the year. Income was up 36% to EUR 14.2 million, and that is driven by strong recurring earnings, mainly from our strategic maritime investments.

Speaker #1: This underscores just how much visibility and stability sits underneath our platform. On top of that, our co-investment performance was particularly strong this half of the year.

Speaker #1: Income was up 36% to 14.2 million euros, and that is driven by strong recurring earnings mainly from our strategic maritime investments. Put together, this translated into significant earnings growth.

Constantin Baack: Put together, this translated into significant earnings growth. EBT increased by 34% to EUR 17.1 million, while earnings per share rose by 22% to EUR 0.39. Given this momentum, we have decided to, as I mentioned, raise our guidance for the full year 2026. We now expect full-year revenues of around EUR 50 to EUR 53 million and EBT of EUR 30 to EUR 33 million, and this is up from our previous guidance.

Speaker #1: EBT increased by 34% to 17.1 million euros, while earnings per share rose by 22% to 39 euro cents. Given this momentum, we have decided to, as I mentioned, raise our guidance for the full year 2026.

Speaker #1: We now expect full-year revenues of around 50 to 53 million euros, and EBT of 30 to 33 million euros. And this is up from our previous guidance.

Speaker #1: Just briefly on the KPIs: on the right-hand side, total income increased to 37 million, EBT is up 34%, and assets under management grew by 6% compared to last year, to 5.6 billion euros.

[Company Representative] (MPC Oceanic Group): Just briefly on the KPIs on the right-hand side, total income increased to EUR 37 million. EBT is up 34%, and assets on the management grew by 6% compared to last year, to EUR 5.6 billion, whereas earnings per share have increased by 22% compared to the same period last year. Overall, this performance underlines the strength of our platform and also confirms our confidence that we are very well-positioned to continue our growth path. Let me now turn to the business update section with the integrated business model and our owner/operator approach. This slide illustrates our fully integrated owner/operator model. It hasn't changed, but it's the foundation, basically, of both how we run the business and also how we will take today's discussion and talk about some of the activities and review the H1 2026. In practice, what does this mean?

Constantin Baack: Just briefly on the KPIs on the right-hand side, total income increased to EUR 37 million. EBT is up 34%, and assets on the management grew by 6% compared to last year, to EUR 5.6 billion, whereas earnings per share have increased by 22% compared to the same period last year. Overall, this performance underlines the strength of our platform and also confirms our confidence that we are very well-positioned to continue our growth path.

Speaker #1: Whereas earnings per share have increased by 22% compared to the same period last year. Overall, this performance underlines the strengths of our platform and also confirms our confidence that we are very well positioned to continue our growth path.

Speaker #1: Now let me now turn to the business update section, with the integrated business model and our owner-operator approach. This slide illustrates our fully integrated owner-operator model.

Constantin Baack: Let me now turn to the business update section with the integrated business model and our owner/operator approach. This slide illustrates our fully integrated owner/operator model. It hasn't changed, but it's the foundation, basically, of both how we run the business and also how we will take today's discussion and talk about some of the activities and review the H1 2026. In practice, what does this mean?

Speaker #1: It hasn't changed. But it's the foundation, basically, of both how we run the business and also how we will take today's discussion and talk about some of the activities and review the first half of 2026.

Speaker #1: In practice, what does this mean? Owner-operator model: it means we combine investment expertise with operational capabilities to cover the entire value chain. From origination of a deal to actually operating the asset.

[Company Representative] (MPC Oceanic Group): Owner/operator model, it means we combine investment expertise with operational capabilities to cover the entire value chain, from origination of a deal to actually operating the asset. Starting with the investment business side, we are active across 3 areas. Project development, which is effectively the origination, structuring, and development of projects and opportunities. Investment management, where we execute the transactions and manage portfolios on behalf of our clients. And very importantly, also our co-investment element, where we selectively put our own balance sheet to work alongside investment partners. Looking at the H1 2026, this side of the business showed strong momentum. Our contracted newbuilding program volume, as I said, executed on behalf of clients or together with partners, increased to $2.5 billion. We also launched a new investment platform, but more on that later on. On the service business side, we again operate across 3 key pillars.

Constantin Baack: Owner/operator model, it means we combine investment expertise with operational capabilities to cover the entire value chain, from origination of a deal to actually operating the asset. Starting with the investment business side, we are active across 3 areas. Project development, which is effectively the origination, structuring, and development of projects and opportunities. Investment management, where we execute the transactions and manage portfolios on behalf of our clients.

Speaker #1: Starting with the investment business side, we are active across three areas: project development, which is effectively the origination structuring and development of projects and opportunities; investment management, where we execute the transactions and manage portfolios on behalf of our clients; and, very importantly, also our co-investment element, where we selectively put our own balance sheet to work alongside investment partners.

Constantin Baack: And very importantly, also our co-investment element, where we selectively put our own balance sheet to work alongside investment partners. Looking at the H1 2026, this side of the business showed strong momentum. Our contracted newbuilding program volume, as I said, executed on behalf of clients or together with partners, increased to $2.5 billion. We also launched a new investment platform, but more on that later on. On the service business side, we again operate across 3 key pillars.

Speaker #1: Looking at the first half of 2026, this side of the business showed strong momentum. Our contracted new building program volume as I said executed on behalf of clients, all together with partners, increased to 2.5 billion US dollars.

Speaker #1: We also launched a new investment platform, but more on that later side, we again operate across three key pillars: commercial management, where we cover chartering and ship broking; technical management, providing full-scope vessel operations; and a variety of auxiliary services, which include performance management and vessel IT services.

[Company Representative] (MPC Oceanic Group): Commercial management, where we cover chartering and shipbroking, technical management providing full-scope vessel operations, and a variety of ancillary services, which include performance management and vessel IT services. Here too, the H1 2026 was a period of continued expansion. Commercial management is soaring on the back of strong container shipping markets. We also completed the integration of our technical ship management setup, and our digital services are opening the door for new clients. Taken together, this integrated setup remains a key differentiator for MPC Oceanic Group. It lets us generate recurring revenues, stay close to our assets and our clients, and capture value across the full life cycle. Now let me walk you through the key developments in our investment business itself, starting with our newbuilding program. We now have 37 newbuilding projects under construction, all initiated by MPC, representing a total volume of around $2.5 billion.

Constantin Baack: Commercial management, where we cover chartering and shipbroking, technical management providing full-scope vessel operations, and a variety of ancillary services, which include performance management and vessel IT services. Here too, the H1 2026 was a period of continued expansion. Commercial management is soaring on the back of strong container shipping markets. We also completed the integration of our technical ship management setup, and our digital services are opening the door for new clients.

Speaker #1: Here too, the first half of 2026 was a period of continued expansion, commercial management is soaring on the back of strong container shipping markets.

Speaker #1: We also completed the integration of our technical ship management setup in our digital services, our opening the door for new clients. Taken together, this integrated setup remains a key differentiator for MPC Oceanic Group.

Constantin Baack: Taken together, this integrated setup remains a key differentiator for MPC Oceanic Group. It lets us generate recurring revenues, stay close to our assets and our clients, and capture value across the full life cycle. Now let me walk you through the key developments in our investment business itself, starting with our newbuilding program. We now have 37 newbuilding projects under construction, all initiated by MPC, representing a total volume of around $2.5 billion.

Speaker #1: It lets us generate recurring revenues stay close to our assets and/or clients, and capture value across the full lifecycle. Now let me walk you through the key developments in our investment business itself.

Speaker #1: Starting with our new building program, we now have 37 new building projects under construction, all initiated by MPC, representing a total volume of around 2.5 billion US dollars.

Speaker #1: As these assets will be delivered over the coming years, this volume will progressively flow through into our assets under management, and hence increase our earnings capacity.

[Company Representative] (MPC Oceanic Group): As these assets will be delivered over the coming years, this volume will progressively flow through into our assets under management and hence increase our earnings capacity. And we still have a further well-filled pipeline of projects in development or in negotiation. Then there's our diversified maritime strategy. We launched the MPC Storm Maritime Opportunities platform, raising $35 million at first close, and we have already put the capital to work acquiring the first 3 vessels across different maritime sectors, and the pipeline for follow-on deals looks promising and strong. And we are actually well advanced in preparing for a second equity raise in the next couple of quarters. We have also progressed on our new offshore service platform, where we have created a dedicated investment vehicle for offshore service vessels.

Constantin Baack: As these assets will be delivered over the coming years, this volume will progressively flow through into our assets under management and hence increase our earnings capacity. And we still have a further well-filled pipeline of projects in development or in negotiation. Then there's our diversified maritime strategy.

Speaker #1: And we still have a further well-filled pipeline of projects in development or in negotiation. Then there's our diversified maritime strategy. We launched the MPC Storm Maritime Opportunities platform, raising 35 million US dollars at first close and we have already put the capital to work, acquiring the first three vessels across different maritime sectors.

Constantin Baack: We launched the MPC Storm Maritime Opportunities platform, raising $35 million at first close, and we have already put the capital to work acquiring the first 3 vessels across different maritime sectors, and the pipeline for follow-on deals looks promising and strong. And we are actually well advanced in preparing for a second equity raise in the next couple of quarters. We have also progressed on our new offshore service platform, where we have created a dedicated investment vehicle for offshore service vessels.

Speaker #1: And the pipeline for follow-on deals looks promising and strong. And we are actually well advanced in preparing for a second equity raise in the next couple of quarters.

Speaker #1: We have also progressed on our new offshore service platform, where we have created a dedicated investment vehicle for offshore service vessels. For OSSVs, our currently on order with delivery in 2026 and 2027, with additional options still attached.

[Company Representative] (MPC Oceanic Group): Four OSVs are currently on order with delivery in 2026 and 2027, with additional options still attached. This represents currently a total project volume of EUR 80 million. Finally, in energy, we are developing a new 30-megawatt peak solar PV project in El Salvador. We also secured an 18-year direct-wire PPA with K+S for a wind farm in Hesse in Germany. At the same time, we took the opportunity to sell down on a few solar PV projects in El Salvador, Colombia, and also in Guatemala, basically recycling capital as we go. Overall, this reflects strong momentum across all areas of our investment business. Let me now turn to our maritime service business, which continues to be well-positioned and diversified. Starting from left to right here with our commercial management, strong and resilient container shipping markets are basically driving our chartering activity.

Constantin Baack: Four OSVs are currently on order with delivery in 2026 and 2027, with additional options still attached. This represents currently a total project volume of EUR 80 million. Finally, in energy, we are developing a new 30-megawatt peak solar PV project in El Salvador. We also secured an 18-year direct-wire PPA with K+S for a wind farm in Hesse in Germany. At the same time, we took the opportunity to sell down on a few solar PV projects in El Salvador, Colombia, and also in Guatemala, basically recycling capital as we go.

Speaker #1: And this represents currently a total project volume of 80 million euros. And finally, in energy, we are developing a new 30-megawatt-peak solar PV project in El Salvador.

Speaker #1: We also secured an 18-year direct wire PPA with a K+S for a wind farm in Jesse in Germany. And at the same time, we took the opportunity to sell down on a few solar PV projects in El Salvador, Colombia, and also in Guatemala.

Speaker #1: So basically recycling capital as we go. Overall, this reflects strong momentum across all areas of our investment business. Let me now turn to our maritime service business, which continues to be well positioned and diversified.

Constantin Baack: Overall, this reflects strong momentum across all areas of our investment business. Let me now turn to our maritime service business, which continues to be well-positioned and diversified. Starting from left to right here with our commercial management, strong and resilient container shipping markets are basically driving our chartering activity.

Speaker #1: Starting from left to right here with our commercial management, strong and resilient container shipping markets, are basically driving our chartering activity this includes extensive forward fixtures stretching over multiple years, providing good visibility in fact, we are currently have five-year high in terms of number of vessels under commercial container chartering.

[Company Representative] (MPC Oceanic Group): This includes extensive forward fixtures stretching over multiple years, providing good visibility. In fact, we currently have a five-year high in terms of number of vessels under commercial container chartering. On the technical management side, the picture is similarly encouraging. The platform is well-positioned with good business development momentum across the board. The cost synergies from our past M&A activities have, in the meantime, fully materialized, and our target structure is now in full operational swing. We are seeing fresh momentum on third-party clients. In the performance management side of things, we keep pushing our AI-powered solutions further on our fully digitalized platform, optimizing energy efficiency as well as regulatory compliance. We are introducing new products to sharpen performance management even further and today service approximately 450 individual ships globally for a broad range of ship owners, charterers, and also ship managers.

Constantin Baack: This includes extensive forward fixtures stretching over multiple years, providing good visibility. In fact, we currently have a five-year high in terms of number of vessels under commercial container chartering. On the technical management side, the picture is similarly encouraging. The platform is well-positioned with good business development momentum across the board. The cost synergies from our past M&A activities have, in the meantime, fully materialized, and our target structure is now in full operational swing.

Speaker #1: On the technical management side, the picture is similarly encouraging. The platform is well positioned. With good business development momentum across the board, the cost synergies from our past M&A activities have in the meantime fully materialized.

Speaker #1: And our target structure is now in full operational swing. And we are seeing fresh momentum on third-party clients. And in the performance management side of things, we keep pushing our AI-powered solutions further on our fully digitized platform, optimizing energy efficiency as well as regulatory compliance.

Constantin Baack: We are seeing fresh momentum on third-party clients. In the performance management side of things, we keep pushing our AI-powered solutions further on our fully digitalized platform, optimizing energy efficiency as well as regulatory compliance. We are introducing new products to sharpen performance management even further and today service approximately 450 individual ships globally for a broad range of ship owners, charterers, and also ship managers. Again, overall, this underlines the continued strength of our maritime service business and its growing contribution also to our recurring earnings base. With that, I am happy to hand over to Philipp, who will take you through our H1 financial highlights.

Speaker #1: And we are introducing new products to sharpen performance management even further in today's service approximately 450 individual ships globally for a broad range of ship owners, charterers, and also ship managers.

Speaker #1: Again, overall, this underlines the continued strength of our maritime service business and its growing contribution also to our recurring earnings base. And with that, I'm happy to hand over to Philip, who will take you through our first half financial highlights.

[Company Representative] (MPC Oceanic Group): Again, overall, this underlines the continued strength of our maritime service business and its growing contribution also to our recurring earnings base. With that, I am happy to hand over to Philipp, who will take you through our H1 financial highlights.

Speaker #2: Thanks, Constantin. And good morning, everyone. Before I go into the details of the first half of this year, let me maybe briefly frame a little bit on the next slide where we've been coming from over the past years.

[Company Representative] (MPC Oceanic Group): Thanks, Constantin, and good morning, everyone. Before I go into the details of the H1 of this year, let me maybe briefly frame a little bit on the next slides where we have been coming from over the past years in terms of financial performance, as I guess this sets the stage nicely for discussing the financial development in the first 6 months of this year. As we develop the group from a strategic perspective, the strategic development has nicely translated into positive developments of our financial KPIs across the board. As you will see, we have a solid and growing revenue base. Management fees have grown over the years, every single year, as a matter of fact. Transaction fees have also become a de facto recurring revenue base in a certain magnitude.

Philipp Lauenstein: Thanks, Constantin, and good morning, everyone. Before I go into the details of the H1 of this year, let me maybe briefly frame a little bit on the next slides where we have been coming from over the past years in terms of financial performance, as I guess this sets the stage nicely for discussing the financial development in the first 6 months of this year.

Speaker #2: In terms of financial performance, as I guess this sets the stage nicely for discussing the financial development in the first six months of this year.

Philipp Lauenstein: As we develop the group from a strategic perspective, the strategic development has nicely translated into positive developments of our financial KPIs across the board. As you will see, we have a solid and growing revenue base. Management fees have grown over the years, every single year, as a matter of fact. Transaction fees have also become a de facto recurring revenue base in a certain magnitude.

Speaker #2: As we developed the group from a strategic perspective, this strategic development has nicely translated into positive developments of our financial KPIs across the board.

Speaker #2: As you will see, we have a solid and growing revenue base, management fees have grown over the years. Every single year, as a matter of fact, and transaction fees have also become a de facto recurring revenue base in a certain magnitude.

Speaker #2: Core investments have become a real stronghold of our business, along with the ramp-up of our core investment portfolio over the years. And earnings growth has been ahead of revenue growth, as a matter of fact, with EBT more than doubling over the past five years.

[Company Representative] (MPC Oceanic Group): Co-investments have become a real stronghold of our business, along with the ramp-up of our co-investment portfolio over the years. Earnings growth has been ahead of revenue growth as a matter of fact, with EBT more than doubling over the past five years, which is basically driven by strong deal flow, high co-investment returns, and cost discipline on the back of a growing revenue base. Last but not least, obviously, a rock solid balance sheet that should be giving us plenty of optionalities to develop the business further. The H1 of this year continues along all of these trends. Maybe starting with a P&L. Total revenue for the H1 of this year came in at EUR 22.8 million, which is up 6% compared to the prior year periods.

Philipp Lauenstein: Co-investments have become a real stronghold of our business, along with the ramp-up of our co-investment portfolio over the years. Earnings growth has been ahead of revenue growth as a matter of fact, with EBT more than doubling over the past five years, which is basically driven by strong deal flow, high co-investment returns, and cost discipline on the back of a growing revenue base.

Speaker #2: Which is basically different by a strong deal flow, high core investment returns, and cost discipline on the back of a growing revenue base. And last but not least, obviously, a rock-solid balance sheet that should be giving us plenty of optionalities to develop the business further.

Philipp Lauenstein: Last but not least, obviously, a rock solid balance sheet that should be giving us plenty of optionalities to develop the business further. The H1 of this year continues along all of these trends. Maybe starting with a P&L. Total revenue for the H1 of this year came in at EUR 22.8 million, which is up 6% compared to the prior year periods.

Speaker #2: And the first half of this year, continues along all of these trends. And maybe starting with the P&L, total revenue for the first half of this year came in at 22.8 million euros, which is up 6% compared to the prior year period.

Speaker #2: And looking at the composition, management fees increased by 4% to 18.7 million euros, now comprising above 80% of total revenue, which is certainly worth noting, given that this is the contractually recurring part of our business.

[Company Representative] (MPC Oceanic Group): Looking at the composition, management fees increased by 4% to EUR 18.7 million, now comprising above 80% of total revenue, which is certainly worth noting given that this is the contractually recurring part of our business. As we've discussed on previous occasions, by now covers almost the entire cost base of our operations. Transaction fees are up 19% year-on-year, coming in at EUR 3.7 million, mainly reflecting the high level of activities in our maritime investment business as Constantin alluded to a minute ago. Regarding total revenue, it's worth noting that total revenue came in above the prior year period despite a weaker dollar, which impacts our business, obviously, given the dollar revenue base and the euro cost base. The negative effect of the weaker dollar compared to the H1 of 2025 is about EUR 1 million on our revenues and earnings.

Philipp Lauenstein: Looking at the composition, management fees increased by 4% to EUR 18.7 million, now comprising above 80% of total revenue, which is certainly worth noting given that this is the contractually recurring part of our business. As we've discussed on previous occasions, by now covers almost the entire cost base of our operations.

Speaker #2: And as we've discussed on previous occasions, by now covers almost the entire cost base of our operations. Transaction fees up 19% year on year, coming in at 3.7 million euros, mainly reflecting the high level of activities in our maritime investment business, as as Constantin alluded to a minute ago.

Philipp Lauenstein: Transaction fees are up 19% year-on-year, coming in at EUR 3.7 million, mainly reflecting the high level of activities in our maritime investment business as Constantin alluded to a minute ago. Regarding total revenue, it's worth noting that total revenue came in above the prior year period despite a weaker dollar, which impacts our business, obviously, given the dollar revenue base and the euro cost base. The negative effect of the weaker dollar compared to the H1 of 2025 is about EUR 1 million on our revenues and earnings.

Speaker #2: And regarding total revenue, it's worth noting that total revenue came in above the prior year period, despite a weaker dollar, which impacts our business, obviously, given the dollar revenue base and the euro cost base.

Speaker #2: The negative effect of the weaker dollar compared to the first year of 2025 is about a million, on our earnings. Revenues and earnings. So this should be taken into account when reading the financials.

[Company Representative] (MPC Oceanic Group): This should be taken into account when reading the financials. Moving down the P&L, on the cost side, personnel expenses increased, reflecting the build-out of our platform, in particular the service platform. This was more than offset with lower other operating expenses, which came in at EUR 6.5 million. As you will recall, we've seen quite a number of changes in our cost base over the past two years along with the development of our maritime services business and related M&A and integration work. With this behind us, you can now take the H1 2026 cost base as a recurring level of costs, going forward. The financial results increased substantially. Co-investment return above EUR 14 million in the H1. With this, earnings before taxes disproportionately increased by 34% to EUR 17.1 million, up from a shade below EUR 13 million in the H1 of 2025.

Philipp Lauenstein: This should be taken into account when reading the financials. Moving down the P&L, on the cost side, personnel expenses increased, reflecting the build-out of our platform, in particular the service platform. This was more than offset with lower other operating expenses, which came in at EUR 6.5 million. As you will recall, we've seen quite a number of changes in our cost base over the past two years along with the development of our maritime services business and related M&A and integration work.

Speaker #2: Moving down the P&L, on the cost side, personnel expenses increased reflecting the build-out of our platform, in particular the service platform. But this was more than offset with lower other operating expenses, which came in at 6.5 million euros.

Speaker #2: And as you will recall, we have seen quite a number of changes in our cost base over the past two years. Along with the development of our maritime services business and related M&A and integration work, with this behind us, you can now take the H1 2026 cost base as a recurring level of cost going forward.

Philipp Lauenstein: With this behind us, you can now take the H1 2026 cost base as a recurring level of costs, going forward. The financial results increased substantially. Co-investment return above EUR 14 million in the H1. With this, earnings before taxes disproportionately increased by 34% to EUR 17.1 million, up from a shade below EUR 13 million in the H1 of 2025.

Speaker #2: The financial results increased substantially, core investment return above 14 million euros, in the first half. And with this, earnings before taxes disproportionately increased by 34% to 17.1 million euros.

Speaker #2: Up from a shade below 13 in the first half of 2025. We have higher minority interests in the first half of this year, which is attributable to our core investment portfolio.

[Company Representative] (MPC Oceanic Group): We have higher minority interests in the H1 of this year, which is attributable to our co-investment portfolio. Net earnings per share are up 20% year-over-year now, coming in at EUR 0.39 per share for the H1. Let me turn to the balance sheet and our financial positions. I'll keep it short because the structure has not changed. Overall, the balance sheet is built for opportunities. As Constantin mentioned it, we look at very low leverage, basically no leverage, meaningful cash position, and a growing co-investment portfolio, which continues to generate substantial returns. Our cash position, slightly below EUR 40 million, and equity ratio improved further to 89% as of the end of H1. Let me drill a little bit into the co-investment portfolio because it is the most important and most substantial part of our assets side of the balance sheet.

Philipp Lauenstein: We have higher minority interests in the H1 of this year, which is attributable to our co-investment portfolio. Net earnings per share are up 20% year-over-year now, coming in at EUR 0.39 per share for the H1. Let me turn to the balance sheet and our financial positions. I'll keep it short because the structure has not changed.

Speaker #2: So net earnings per share are up 20% year over year now, coming at 39 euro cents per share for the first half. Let me turn to the balance sheet and our financial positions.

Speaker #2: I'll keep it short because the structure has not changed. Overall, the balance sheet is built for opportunities, as Constantin mentioned it. We look at very low leverage, basically no leverage, meaningful cash position, and a growing core investment portfolio, which continues to generate substantial returns.

Philipp Lauenstein: Overall, the balance sheet is built for opportunities. As Constantin mentioned it, we look at very low leverage, basically no leverage, meaningful cash position, and a growing co-investment portfolio, which continues to generate substantial returns. Our cash position, slightly below EUR 40 million, and equity ratio improved further to 89% as of the end of H1. Let me drill a little bit into the co-investment portfolio because it is the most important and most substantial part of our assets sideof the balance sheet.

Speaker #2: Our cash position slightly below 40 million euros, and equity ratio improved further to 89% as of the end of H1. Let me drill a little bit into the core investment portfolio, because it is the most important and most substantial part of our assets side of the balance sheet.

Speaker #2: As a reminder, under German GAAP, we are recording our core investments at historical acquisition costs on that basis. The portfolio stood at just shy of 100 million euros as of end of June 26.

[Company Representative] (MPC Oceanic Group): As a reminder, under German GAAP, we are recording our co-investments at historical acquisition costs. On that basis, the portfolio stood at just shy of EUR 100 million as of end of June 2026. On a mark-to-market basis, the portfolio is worth EUR 178 million. We do see substantial hidden reserves in our balance sheet, which then obviously translate into embedded earnings potential from our co-investments for the coming years, which will be realized over the coming years as we go along. On the allocation to asset classes measured in book values, the maritime part of our co-investment portfolio is the dominant one with almost three quarters. Measured in market values, you would see that the portion of the maritime co-investment portfolio is even higher than the three quarters, which is also a good reflection of where value is created today in our group.

Philipp Lauenstein: As a reminder, under German GAAP, we are recording our co-investments at historical acquisition costs. On that basis, the portfolio stood at just shy of EUR 100 million as of end of June 2026. On a mark-to-market basis, the portfolio is worth EUR 178 million. We do see substantial hidden reserves in our balance sheet, which then obviously translate into embedded earnings potential from our co-investments for the coming years, which will be realized over the coming years as we go along.

Speaker #2: On a mark-to-market basis, the portfolio is worth 178 million euros. So we do see a substantial hidden reserves in our balance sheet, which then obviously translate into embedded earnings potential from our core investments for the coming years, which will be realized over the coming years, as we go along.

Philipp Lauenstein: On the allocation to asset classes measured in book values, the maritime part of our co-investment portfolio is the dominant one with almost three quarters. Measured in market values, you would see that the portion of the maritime co-investment portfolio is even higher than the three quarters, which is also a good reflection of where value is created today in our group. On the income side, as mentioned, co-investments income rose to EUR 14.2 million in the H1 of this year.

Speaker #2: On the allocation to asset classes, measured in book values, the maritime part of our core investment portfolio is the dominant one, with almost three quarters measured in market values you would see that the portion of the core investment maritime core investment portfolio is even higher than the three quarters, which is also a good reflection of where value is created today in our group.

Speaker #2: And on the income side, as mentioned, core investments income rose to 14.2 million euros in the first half of this year. And it's not only an increase compared to the prior year, it's also a step up in particular the yield from existing core investments, which is the lower part of the rightmost illustration.

[Company Representative] (MPC Oceanic Group): On the income side, as mentioned, co-investments income rose to EUR 14.2 million in the H1 of this year. It is not only an increase compared to the prior year, it is also a step up in particular, the yield from existing co-investments, which is the lower part of the rightmost illustration. We do see higher recurring income from our co-investments, and we had quite substantial incomes from exits also in the H1 of this year, which contributed to earnings significantly. Maybe a word on capital allocation for completeness. For FY25, we paid out a dividend of EUR 0.27 per share, which corresponds to a payout ratio of 41%, which is well in line with our dividend policy of distributing up to 50% of consolidated net profit. As in prior years, the dividend was paid out from the tax contribution account.

Philipp Lauenstein: It is not only an increase compared to the prior year, it is also a step up in particular, the yield from existing co-investments, which is the lower part of the rightmost illustration. We do see higher recurring income from our co-investments, and we had quite substantial incomes from exits also in the H1 of this year, which contributed to earnings significantly. Maybe a word on capital allocation for completeness.

Speaker #2: So we did do see higher recurring income from our core investments, and we had quite substantial incomes from exits also in the first half of this year.

Speaker #2: Which contributed to earnings significantly. Maybe a word on capital allocation. For completeness, for FY25, we paid out a dividend of 27 euro cents per share, which corresponds to a payout ratio of 41%, which is well in line with our dividend policy of distributing up to 50% of consolidated net profit.

Philipp Lauenstein: For FY25, we paid out a dividend of EUR 0.27 per share, which corresponds to a payout ratio of 41%, which is well in line with our dividend policy of distributing up to 50% of consolidated net profit. As in prior years, the dividend was paid out from the tax contribution account. If we take a step back since 2021, where we initiated our dividend payouts, the dividend yield averaged around 6%, as I said again, on a tax-free basis. Our approach going forward will remain unchanged.

Speaker #2: As in prior years, the dividend was paid out from the tax contribution account. And if we take a step back, since 21, where we initiated our dividend payouts, the dividend yield averaged around 6%.

[Company Representative] (MPC Oceanic Group): If we take a step back since 2021, where we initiated our dividend payouts, the dividend yield averaged around 6%, as I said again, on a tax-free basis. Our approach going forward will remain unchanged. We will see distributions while retaining flexibility in the distribution because we see, as mentioned, significant growth potential in our business. As you will hear from Constantin, the pipeline is well-filled. We will continue to balance growth with dividend payouts in a disciplined manner as did in the past years. On guidance and outlook. As you have seen, we have upgraded our guidance based mainly on a strong performance of the H1 and strong expected transactions in the H2, and continued healthy co-investment returns. We now expect revenues to come in between EUR 50 and EUR 53 million, and earnings before taxes between EUR 30 and EUR 33 million.

Speaker #2: As I said, again, on a tax-free basis. And our approach going forward will remain unchanged, we will see distributions while retaining flexibility in the distribution, because we see as mentioned, significant growth potentials in our business.

Philipp Lauenstein: We will see distributions while retaining flexibility in the distribution because we see, as mentioned, significant growth potential in our business. As you will hear from Constantin, the pipeline is well-filled. We will continue to balance growth with dividend payouts in a disciplined manner as did in the past years. On guidance and outlook. As you have seen, we have upgraded our guidance based mainly on a strong performance of the H1 and strong expected transactions in the H2, and continued healthy co-investment returns.

Speaker #2: As you will hear from Constantine, the pipeline is well filled, so we will continue to balance growth with dividend payouts in a disciplined manner as did in the past years.

Speaker #2: And then on guidance and outlook, as you've seen, we've upgraded our guidance based mainly on a strong performance of the first half year. And strong expected transactions in the second half of the year, and continued healthy core investment returns, we now expect revenues to come in between 50 and 53 million euros and earnings before taxes between 30 and 33 million euros.

Philipp Lauenstein: We now expect revenues to come in between EUR 50 and EUR 53 million, and earnings before taxes between EUR 30 and EUR 33 million. That is on the midpoint on a 20% increase in revenues compared to 2025, and in terms of EBT, a 25% step-up in EBT on the midpoint guidance compared to 2025. As you will see from the guidance, revenues in the H2 expected to be above the H1. Management fees will be slightly up, and we expect to see a significant step-up in transaction and project fees in the H2.

Speaker #2: So that's on the midpoint at 20% increase in revenues compared to 2025. And in terms of EBITDA, at 25% step up in EBITDA on the midpoint guidance compared to 2025.

[Company Representative] (MPC Oceanic Group): That is on the midpoint on a 20% increase in revenues compared to 2025, and in terms of EBT, a 25% step-up in EBT on the midpoint guidance compared to 2025. As you will see from the guidance, revenues in the H2 expected to be above the H1. Management fees will be slightly up, and we expect to see a significant step-up in transaction and project fees in the H2. At the same time, we expect the return from our co-investment portfolio to be slightly lower in the H2, which is mainly due to the fact, as I mentioned, that we saw significant exit returns in the H1, which we would not expect to see in the H2.

Speaker #2: As you will see from the guidance revenues in the second half of the year, expected to be above the first half of the year.

Speaker #2: Management fees will be slightly up, and we expect to see a significant step up in transaction and project fees in the second half of the year.

Speaker #2: And at the same time, we expect the return from our core investment portfolio to be slightly lower in the second half of the year, which is mainly due to the fact, as I mentioned, that we saw significant exit returns in the first half of the year, which we would not expect to see in the second half.

Philipp Lauenstein: At the same time, we expect the return from our co-investment portfolio to be slightly lower in the H2, which is mainly due to the fact, as I mentioned, that we saw significant exit returns in the H1, which we would not expect to see in the H2. So it will be a strong contribution from transaction and project fees in the second half of the year, which mainly drove the upward correction of our guidance. And with this, I will pass it back to Constantin for an outlook and a summary.

Speaker #2: So it will be a strong contribution from transaction and project fees in the second half of the year, which mainly drove the upward correction of our guidance.

[Company Representative] (MPC Oceanic Group): So it will be a strong contribution from transaction and project fees in the second half of the year, which mainly drove the upward correction of our guidance. And with this, I will pass it back to Constantin for an outlook and a summary.

Speaker #2: And with this, I'll pass it back to Constantine. For an outlook and a summary.

Speaker #1: Yeah, thanks, Philip. Let me continue with the outlook section. And when doing so, let me take a step back and look at how our platform has developed and how this supports our future growth ambition on the next slide, please.

[Company Representative] (MPC Oceanic Group): Yeah. Thanks, Philipp. Let me continue with the outlook section, and when doing so, let me take a step back and look at how our platform has developed and how this supports our future growth ambition on the next slide, please. As you can see on the left-hand side, our AUM have grown significantly over the past decade from around EUR 1.7 billion to EUR 5.4 billion in 2015 and even a tad more today. And that is an annual average growth rate of roughly 12% per annum. A key contributor to this growth has also been our increasing exposure to energy transition-related assets, which includes fleet renewal and shipping, but also other energy-related projects. And they have expanded at a faster pace, and now represent a meaningful share of our overall AUM. And this track record gives us or builds a strong foundation for the next phase of our development.

Constantin Baack: Yeah. Thanks, Philipp. Let me continue with the outlook section, and when doing so, let me take a step back and look at how our platform has developed and how this supports our future growth ambition on the next slide, please. As you can see on the left-hand side, our AUM have grown significantly over the past decade from around EUR 1.7 billion to EUR 5.4 billion in 2015 and even a tad more today. And that is an annual average growth rate of roughly 12% per annum.

Speaker #1: As you can see on the left-hand side, our assets under management have grown significantly over the past decade from around 1.7 billion euros to 5.4 billion end 2015, and even a tad more today.

Speaker #1: And that's an annual average growth rate of roughly 12% per annum. A key contributor to this growth has also been our increasing exposure to energy transition-related assets, which includes fleet renewal and shipping, but also other energy-related projects.

Constantin Baack: A key contributor to this growth has also been our increasing exposure to energy transition-related assets, which includes fleet renewal and shipping, but also other energy-related projects. And they have expanded at a faster pace, and now represent a meaningful share of our overall AUM. And this track record gives us or builds a strong foundation for the next phase of our development. And looking ahead, we intend to continue this trajectory, and we see basically three structural drivers that support this. Firstly, we do operate in structural growth markets, and I think this is a very important aspect.

Speaker #1: And they have expanded at a faster pace and now represent a meaningful share of our overall AUM. And this record gives us the or builds a strong foundation for the next phase of our development.

Speaker #1: And looking ahead, we intend to continue this trajectory, and we see basically three structural drivers that support this. Firstly, we do operate in structural growth markets, and I think this is a very important aspect.

[Company Representative] (MPC Oceanic Group): And looking ahead, we intend to continue this trajectory, and we see basically three structural drivers that support this. Firstly, we do operate in structural growth markets, and I think this is a very important aspect. The energy and maritime sectors basically shaped by not only the energy transition but also evolving market dynamics and methods like supply chain security. They require substantial long-term investments, and this drives a sustained demand for capital and certainly for expertise. And we believe this is exactly the sweet spot where we operate. Secondly, our industrial or let us call it owner/operator approach. This, in our view, remains a clear differentiator, and allows us to serve investors, maritime clients, and other partners in a fairly integrated form and fashion, and allows us to capture value across the full life cycle.

Speaker #1: The energy and maritime sectors basically shaped by not only the energy transition, but also evolving market dynamics and matters like supply chain security, they require substantial long-term investments.

Constantin Baack: The energy and maritime sectors basically shaped by not only the energy transition but also evolving market dynamics and methods like supply chain security. They require substantial long-term investments, and this drives a sustained demand for capital and certainly for expertise. And we believe this is exactly the sweet spot where we operate. Secondly, our industrial or let us call it owner/operator approach.

Speaker #1: And this drives a sustained demand for capital and certainly for expertise and we believe this is exactly the sweet spot where we operate. Secondly, our industrial or let's call it owner-operator approach.

Constantin Baack: This, in our view, remains a clear differentiator, and allows us to serve investors, maritime clients, and other partners in a fairly integrated form and fashion, and allows us to capture value across the full life cycle. And thirdly, and it is a repeating scheme obviously, we continue to operate from a very healthy and resilient base, which includes the balance sheet. Measures like equity ratio or also our cash position gives us the confidence but also the flexibility and stability that we need in order to pursue our growth ambition.

Speaker #1: This in our view remains a clear differentiator. And it allows us to serve investors' maritime clients and other partners in a fairly integrated form and fashion.

Speaker #1: And it allows us to capture value across the full lifecycle. And thirdly, and it's a repeating scheme, obviously, we continue to operate from a very healthy and resilient base, which includes the balance sheet measures like equity ratio or also our cash position gives us the confidence, but also the flexibility and stability that we need in order to pursue our growth ambition.

[Company Representative] (MPC Oceanic Group): And thirdly, and it is a repeating scheme obviously, we continue to operate from a very healthy and resilient base, which includes the balance sheet. Measures like equity ratio or also our cash position gives us the confidence but also the flexibility and stability that we need in order to pursue our growth ambition. On top of these structural drivers, we also have a very tangible, and I would say near-term source of growth already locked in. Referring to the 37 new buildings currently under construction, but also other potential inflows in terms of AUM and pipeline that we are working on. Overall, we believe this combination of track record positioning, market dynamics, and also contracted pipeline puts us in a very strong position to continue the expansion of our platform going forward. Now, before we open the floor for questions, let me summarize our outlook.

Speaker #1: On top of these structural drivers, we also have a very tangible and I would say near-term source of growth already locked in. Referring to the 37 new buildings, currently under construction, but also other potential inflows in terms of AUM and pipeline that we're working on.

Constantin Baack: On top of these structural drivers, we also have a very tangible, and I would say near-term source of growth already locked in. Referring to the 37 new buildings currently under construction, but also other potential inflows in terms of AUM and pipeline that we are working on. Overall, we believe this combination of track record positioning, market dynamics, and also contracted pipeline puts us in a very strong position to continue the expansion of our platform going forward. Now, before we open the floor for questions, let me summarize our outlook.

Speaker #1: Overall, we believe this combination of track record, positioning, market dynamics, and also contracted pipeline puts us in a very strong position to continue the expansion of our platform going forward.

Speaker #1: Now, before we open the floor for questions, let me summarize our outlook. If there's one headline, I would like to or I would like you to take away from this page, it's the headline here.

[Company Representative] (MPC Oceanic Group): If there is one headline I would like you to take away from this page, it is the headline here, and that is that we have a very high earnings visibility in combination with a high flexibility as far as our balance sheet is concerned. We have recurring service revenue, contracted transaction fee, and a co-investment income that together give us a clear line of sight on earnings going forward. That visibility is really the foundation for the following points on this slide. Built on that foundation, there are basically three things that we are focusing on. Firstly, we want to continue to scale our maritime service platform. It is now well-established, and we see substantial growth opportunities ahead, both organically, but we also see, next to growing with our existing clients, certain inorganic opportunities where we certainly remain open to further consolidate opportunities in what is still a fairly fragmented market.

Constantin Baack: If there is one headline I would like you to take away from this page, it is the headline here, and that is that we have a very high earnings visibility in combination with a high flexibility as far as our balance sheet is concerned. We have recurring service revenue, contracted transaction fee, and a co-investment income that together give us a clear line of sight on earnings going forward. That visibility is really the foundation for the following points on this slide.

Speaker #1: And that is that we have a very high earnings visibility in combination with a high flexibility as far as our balance sheet is concerned.

Speaker #1: We have recurring service revenue, contracted transaction fee, and a co-investment income that together give us a clear line of sight on earnings going forward.

Speaker #1: And that visibility is really the foundation for the following points on this slide. I mean, build on that foundation, there are basically three things that we are focusing on.

Constantin Baack: Built on that foundation, there are basically three things that we are focusing on. Firstly, we want to continue to scale our maritime service platform. It is now well-established, and we see substantial growth opportunities ahead, both organically, but we also see, next to growing with our existing clients, certain inorganic opportunities where we certainly remain open to further consolidate opportunities in what is still a fairly fragmented market.

Speaker #1: Firstly, we want to continue to scale our maritime service platform. It's now well established. And we see substantial growth opportunities ahead, both organically but we also see next to growing with our existing clients' certain unorganic opportunities where we certainly remain open to further consolidate opportunities in what is still a fairly fragmented market.

Speaker #1: Secondly, we intend to convert our investment pipeline into growth. Our already contracted projects will contribute to mid-term growth. And we are already initiating new platforms to build on this.

[Company Representative] (MPC Oceanic Group): Secondly, we intend to convert our investment pipeline into growth. Our already contracted projects will contribute to midterm growth, and we are already initiating new platforms to build on this. Thirdly, we remain focused on navigating macro uncertainty, which is obviously all around us. The world is not an easy place, but we believe that our diversified business model gives us resilience on the one hand, in what remains a volatile environment, but also allows us to actually create opportunities out of volatility. Overall, we are well-positioned to continue delivering sustainable and also profitable growth and build on the continued effort of our colleagues across the group and the ongoing trust and support by our partners and shareholders. We look forward to what is ahead. With that, I would like to hand back the word to Monique to take your questions. Thank you.

Constantin Baack: Secondly, we intend to convert our investment pipeline into growth. Our already contracted projects will contribute to midterm growth, and we are already initiating new platforms to build on this. Thirdly, we remain focused on navigating macro uncertainty, which is obviously all around us. The world is not an easy place, but we believe that our diversified business model gives us resilience on the one hand, in what remains a volatile environment, but also allows us to actually create opportunities out of volatility.

Speaker #1: And thirdly, we remain focused on navigating macro uncertainty. Which is obviously all around us. So the world is not an easy place, but we believe that our diversified business model gives us resilience on the one hand in what remains a volatile environment, but also allows us to actually create opportunities out of volatility.

Speaker #1: So overall, we're well positioned to continue delivering sustainable and also profitable growth. And build on the continued effort of our colleagues across the group and the ongoing trust and support by our partners.

Constantin Baack: Overall, we are well-positioned to continue delivering sustainable and also profitable growth and build on the continued effort of our colleagues across the group and the ongoing trust and support by our partners and shareholders. We look forward to what is ahead. With that, I would like to hand back the word to Monique to take your questions. Thank you.

Speaker #1: And shareholders, we look forward to what's ahead. And with that, I would like to hand back the word to Morenica to take your questions.

Speaker #1: Thank you.

Speaker #2: Thank you very much for your presentation, Constantin and Philip. Ladies and gentlemen, it is your turn now as we move on to the Q&A session.

[Company Representative] (MPC Oceanic Group): Thank you very much for your presentation, Constantin and Philipp. Ladies and gentlemen, it is your turn now as we move on to the Q&A session. For a dynamic conversation, we kindly ask you to ask questions in person via audio line. To do so, click on the Raise Your Hand button. If you are dialed in via phone, you can raise your hand by pressing star key 9 and star key 6 to unmute yourself. If you cannot speak freely today, you are also very welcome to place your questions in our chat box. There is a risen hand from Christian Bruns. I will allow you to unmute yourself now. You should be able to ask your question.

Operator: Thank you very much for your presentation, Constantin and Philipp. Ladies and gentlemen, it is your turn now as we move on to the Q&A session. For a dynamic conversation, we kindly ask you to ask questions in person via audio line. To do so, click on the Raise Your Hand button. If you are dialed in via phone, you can raise your hand by pressing star key 9 and star key 6 to unmute yourself. If you cannot speak freely today, you are also very welcome to place your questions in our chat box. There is a risen hand from Christian Bruns. I will allow you to unmute yourself now. You should be able to ask your question.

Speaker #2: And for a dynamic conversation, we kindly ask you to ask questions in person via audio line. To do so, click on the raise your hand button.

Speaker #2: And if you are dialed in via phone, you can raise your hand by pressing star key nine. And star key six to unmute yourself.

Speaker #2: And if you cannot speak freely today, you are also very welcome to place your questions in our chat box. And there is a risen hand from Christian Bruns.

Speaker #2: I will allow you to unmute yourself now. You should be able to ask your question.

Christian Bruns: Yes. Hello. Sorry. I need some clicks. Yes. Thank you both very much for the presentation and also congratulations to your guidance upgrade. My question is on the, you said you had stronger also recovering earnings from strategic maritime investments, which was a very impressive 36% up the co-investment performance. So, where does it come from mainly? I think it is mainly from the MPC Container Ships, or could you give a little bit more detail on this?

Speaker #3: Yes, hello. Sorry. I need some clicks. Yes, thank you very much for the presentation and also congratulations to your guidance upgrade. My question is on the you said you had a stronger also recurring earnings from strategic maritime investments.

Speaker #3: Which was a very impressive 36% up the co-investment performance. So where does it come from mainly? Mainly, I think it's mainly from the MPC container ships.

Speaker #3: Or could you give a little bit more detail on this?

Speaker #1: Yes, sure. Thanks, Christian, for the question. You're right. That mainly relates to our holding in MPC container ships. Which drove the uptick in the yield from our co-investment portfolio.

[Company Representative] (MPC Oceanic Group): Yes, sure. Thanks, Christian, for the question. You are right. That mainly relates to our holding in MPC Container Ships, which drove the uptick in the yield from our co-investment portfolio. You are right. That is mainly due to that participation.

Philipp Lauenstein: Yes, sure. Thanks, Christian, for the question. You are right. That mainly relates to our holding in MPC Container Ships, which drove the uptick in the yield from our co-investment portfolio. You are right. That is mainly due to that participation.

Speaker #1: You're right. That's mainly due to that participation.

Speaker #3: Okay. And maybe then another question on your dividend policy. I know that you pay out up to 50%. And but does it also depend on dividends paid by MPC container ships?

Christian Bruns: Okay. Maybe then another question on your dividend policy. I know that you pay out up to 50%, but does it also depend on dividends paid by MPC Container Ships? Or does this not play a role for your complete dividend payout?

Speaker #3: Or what is doesn't this play a role for your concrete dividend payout?

[Company Representative] (MPC Oceanic Group): I would say it plays a role as the development of all our other parts of the business play a role. Income from our participation in MPC Container Ships is important given it is our biggest co-investment or investment holding. But we have a dividend policy that is linked to net earnings. So the profitability of our co-investments and the profitability of our operating platforms will drive the absolute level of dividend going forward. As mentioned, it is by intent also a dividend policy that allows us to also balance, obviously, value-adding growth potentials that we see in our business. I think we have quite a good track record in terms of co-investment performance being realized in terms of IRR. Yes, to cut it short, the earnings from MPC Container Ships play a role as all other parts of the business.

Philipp Lauenstein: I would say it plays a role as the development of all our other parts of the business play a role. Income from our participation in MPC Container Ships is important given it is our biggest co-investment or investment holding. But we have a dividend policy that is linked to net earnings. So the profitability of our co-investments and the profitability of our operating platforms will drive the absolute level of dividend going forward.

Speaker #1: I would say it plays a role. As the development of our other parts of the business play a role. I mean, income from our participation in MPC container ships is important given it's our biggest co-investment or investment holding.

Speaker #1: But I mean, we have a dividend policy that is linked to net earnings. So the profitability of our co-investments and the profitability of our operating platforms will drive the absolute level of dividend going forward.

Speaker #1: And as mentioned, it is by intent also a dividend policy that allows us to also balance, obviously, growth potentials value-adding growth potentials that we see in our business.

Philipp Lauenstein: As mentioned, it is by intent also a dividend policy that allows us to also balance, obviously, value-adding growth potentials that we see in our business. I think we have quite a good track record in terms of co-investment performance being realized in terms of IRR. Yes, to cut it short, the earnings from MPC Container Ships play a role as all other parts of the business.

Speaker #1: I think we have quite a good track record in terms of co-investment performance being realized. In terms of IRR, so yes, to cut it short, the earnings from MPC container ships play a role as all our other parts of the business.

Speaker #3: Okay. But then I would assume if you say it's mainly it's dividend policy depends more, of course, on earnings and EPS. Then I would assume that your dividends might go up in a similar way than your earnings.

Christian Bruns: Okay. But then I would assume if you say it is mainly, it is the dividend policy depends more, of course, on earnings and EPS.

[Company Representative] (MPC Oceanic Group): Yes.

Philipp Lauenstein: Yes.

Christian Bruns: Then I would assume that your dividend might go up in a similar way than your earnings.

[Company Representative] (MPC Oceanic Group): That is based on the policy a fair assumption.

Philipp Lauenstein: That is based on the policy a fair assumption.

Speaker #1: That's based on the policy of fair assumption.

Speaker #3: Okay. Okay. And maybe then also on the exit returns, could you give us a number there? I have seen the graph, of course. It looks like three or four million exit returns.

Christian Bruns: Okay. On the exit returns, could you give us a number there? I have seen the graph, of course. It looks like 3 or 4 million exit returns. You had, I think, mainly from the sale of the solar project then in El Salvador, was it?

Speaker #3: You had, I think, mainly from the sale of the solar projects and in El Salvador, was it?

Speaker #1: No, yeah, it's a magnitude of roughly three million in a not mistaking three and a half and it's mainly due to shipping investments. We were invested in a few vessels that were sold in Q1 of this year.

[Company Representative] (MPC Oceanic Group): No. It is a magnitude of roughly EUR 3 million, if I am not mistaking, EUR 3.5 million. It is mainly due to shipping investments, where we were invested in a few vessels that were sold in Q1 of this year. So it is mainly related to-

Philipp Lauenstein: No. It is a magnitude of roughly EUR 3 million, if I am not mistaking, EUR 3.5 million. It is mainly due to shipping investments, where we were invested in a few vessels that were sold in Q1 of this year. So it is mainly related to-

Speaker #1: So it's mainly related to those holdings. For the energy projects that we have sold, those we have not seen the returns in our balance sheet yet.

Christian Bruns: Okay

[Company Representative] (MPC Oceanic Group): to those holdings. For the energy projects that we have sold, we have not seen the returns in our balance sheet yet. The projects are sold, but closings of the sales are outstanding, so the sales of the energy projects have not contributed to H1 profitability. Having said that, the sales of the co-investments or the project in the Latam space will not be a very significant contributor to profitability. It will mainly be in terms of cash flows, slight profits, but it is baked into our guidance for the remainder of this year.

Philipp Lauenstein: to those holdings. For the energy projects that we have sold, we have not seen the returns in our balance sheet yet. The projects are sold, but closings of the sales are outstanding, so the sales of the energy projects have not contributed to H1 profitability. Having said that, the sales of the co-investments or the project in the Latam space will not be a very significant contributor to profitability. It will mainly be in terms of cash flows, slight profits, but it is baked into our guidance for the remainder of this year.

Speaker #1: The projects are sold, but closings of the sales are outstanding. So the sales of the energy projects have not contributed to first half-year profitability, having said that, the sales of the co-investments or the projects in the latter space will not be a very significant contributor to profitability.

Speaker #1: It will mainly be returns of cash with a slight profit. But it's baked into our guidance for the remainder of this year.

Speaker #3: Okay. And then maybe on a strategic, you points you said that the rebranding does not reflect any kind of strategic change. So because I think this is not so this is important because I think your owner also changed and you could maybe have I would have thought that there might be some strategic adaption, but it's not the case, obviously.

Christian Bruns: Okay. Then maybe on a strategic point, you said that the rebranding does not reflect any kind of strategic change. I think this is important because I think your owner also changed, and there you could maybe have I would have thought that there might be some strategic adaption, but it is not the case, obviously. Is that right?

Speaker #3: Is that right?

Speaker #1: No. And I'm happy to take that, Christian. As I mentioned, it's basically adapting to reality I would say. We have been only MPC capital suggests that it's basically providing capital to the market.

[Company Representative] (MPC Oceanic Group): No, I am happy to take that, Christian. As I mentioned, it is basically adapting to reality, I would say. Only MPC Capital suggests that it is basically providing capital to the market, and we have two important legs. One is a very deeply rooted by now service platform and the investment platform. So I think the MPC Capital branding was actually falling short of reality. Over the last decade, we have really established us as a also broad service group, in particular in the maritime space. Therefore, this renaming has nothing to do with any change in shareholders or the like. It is solidly driven by our desire to align the name and what we do on a daily basis. I think that is very important. We continue our path, we will continue the strategy, and we are actually excited about what is ahead.

Constantin Baack: No, I am happy to take that, Christian. As I mentioned, it is basically adapting to reality, I would say. Only MPC Capital suggests that it is basically providing capital to the market, and we have two important legs. One is a very deeply rooted by now service platform and the investment platform. So I think the MPC Capital branding was actually falling short of reality. Over the last decade, we have really established us as a also broad service group, in particular in the maritime space.

Speaker #1: And we have two important legs. One is a very deeply rooted by now service platform and the investment platform. So I think the MPC capital branding was actually falling short of reality.

Speaker #1: And over the last decade, and we have really established as a also broad service group in particular in the maritime space. And therefore, this renaming has nothing to do with any change in shareholders or the like.

Constantin Baack: Therefore, this renaming has nothing to do with any change in shareholders or the like. It is solidly driven by our desire to align the name and what we do on a daily basis. I think that is very important. We continue our path, we will continue the strategy, and we are actually excited about what is ahead. So, that is kind of maybe some additional color on the renaming.

Speaker #1: It's solidly driven by our desire to align the name and what we do on a daily basis. And I think that is very important.

Speaker #1: We continue our path. We will continue the strategy and we're actually excited about what is ahead. So that's kind of maybe some additional color on the renaming.

[Company Representative] (MPC Oceanic Group): So, that is kind of maybe some additional color on the renaming.

Speaker #3: Thank you very much.

Christian Bruns: Thank you very much.

Speaker #1: Thank you. Thank you, Christian.

[Company Representative] (MPC Oceanic Group): Thank you.

Philipp Lauenstein: Thank you.

[Company Representative] (MPC Oceanic Group): Thank you, Christian.

Constantin Baack: Thank you, Christian.

Speaker #2: Thank you for the question. There is some questions in the chat box already.

[Company Representative] (MPC Oceanic Group): Thank you for the question. There are some questions in the chat box already.

Operator: Thank you for the question. There are some questions in the chat box already.

Speaker #1: Okay.

[Company Representative] (MPC Oceanic Group): Okay.

Constantin Baack: Okay.

Speaker #2: Can you elaborate on the increase of minorities and equity and result, please? Where does it come from and how is it going to develop from here?

[Company Representative] (MPC Oceanic Group): Can you elaborate on the increase of minorities in equity and result, please? Where does it come from, and how is it going to develop from here?

Operator: Can you elaborate on the increase of minorities in equity and result, please? Where does it come from, and how is it going to develop from here?

Speaker #1: Yeah. Sure. It's mainly related to the fact that we are invested into MPC container ships via an the vast majority above 80%. And we did not consolidate this investment entity in the past years given shareholder agreement arrangements on that level.

[Company Representative] (MPC Oceanic Group): Yeah, sure. It is mainly related to the fact that we are invested into MPC Container Ships via an entity in which we hold the vast majority, above 80%. We did not consolidate this investment entity in the past years given shareholder agreement arrangements on that level. That shareholder arrangement has ended early this year, and therefore we now fully consolidate the entity, which we hold above 80%. Therefore, we have no corresponding minority interest, which is in a way attributable to our holding into MPC Container Ships. You ask how it is going to develop. I think it will not change. So the balance sheet minorities and the P&L minorities, you can expect to behave going forward as it did in the H1 of this year. So this should be a recurring basis.

Philipp Lauenstein: Yeah, sure. It is mainly related to the fact that we are invested into MPC Container Ships via an entity in which we hold the vast majority, above 80%. We did not consolidate this investment entity in the past years given shareholder agreement arrangements on that level. That shareholder arrangement has ended early this year, and therefore we now fully consolidate the entity, which we hold above 80%.

Speaker #1: We that shareholder arrangement has ended early this year. And therefore, we now fully consolidate the entity in which we hold above 80%. And therefore, we have now corresponding minority interest, which is in a way attributable to our holding into MPC container ships.

Philipp Lauenstein: Therefore, we have no corresponding minority interest, which is in a way attributable to our holding into MPC Container Ships. You ask how it is going to develop. I think it will not change. So the balance sheet minorities and the P&L minorities, you can expect to behave going forward as it did in the H1 of this year. So this should be a recurring basis.

Speaker #1: You ask how it's going to develop. I think it will not change so the balance sheet minorities and the P&L minorities you can expect to behave going forward as it did in the first half of this year so this should be a recurring basis.

Speaker #2: Thank you very much. And there is a further question. What is the time spent expected for the pipeline of investment turning into AUM?

[Company Representative] (MPC Oceanic Group): Thank you very much. There is a further question. What is the time span expected for the pipeline of investment turning into AUM?

Operator: Thank you very much. There is a further question. What is the time span expected for the pipeline of investment turning into AUM?

Speaker #3: Yeah. Happy to comment on that. As I mentioned, the vast majority of contracted kind of projects is related to maritime new building projects, the 2.5 billion is the reference number that I mentioned.

[Company Representative] (MPC Oceanic Group): Yeah, happy to comment on that. As I mentioned, the vast majority of contracted kind of project is related to maritime new building projects. The $2.5 billion is the reference number that I mentioned. As I said, it spans over 37 projects or vessels, which will be delivered in the course of 2027, 2028, and partly 2029. So this pipeline basically stretches out over the next three years, whereas I guess the peak of that pipeline is a 2028 event. So we have a good visibility going forward, and we earn a constant fee flow during the construction period.

Constantin Baack: Yeah, happy to comment on that. As I mentioned, the vast majority of contracted kind of project is related to maritime new building projects. The $2.5 billion is the reference number that I mentioned. As I said, it spans over 37 projects or vessels, which will be delivered in the course of 2027, 2028, and partly 2029. So this pipeline basically stretches out over the next three years, whereas I guess the peak of that pipeline is a 2028 event.

Speaker #3: And as I said, it spans over 37 projects or vessels, which will be delivered in the course of 2007, 2008, and partly 2009. So this pipeline basically stretches out over the next three years.

Speaker #3: Whereas I guess the peak of that pipeline is at 2028 event. So we have a good visibility going forward. And we earn a constant fee flow during the construction period.

Constantin Baack: So we have a good visibility going forward, and we earn a constant fee flow during the construction period. A number of these assets will also then be managed by us, not all of them because we have also partly just provided the service of the systems and initiation of the new building contract itself, but it basically flows into our AUM in the course of the next 24 to 36 months.

Speaker #3: And then obviously a number of these assets will also then be managed by us. Not all of them, because we have also partly just provided the service of the assistance and initiation of the new building contract itself.

[Company Representative] (MPC Oceanic Group): A number of these assets will also then be managed by us, not all of them because we have also partly just provided the service of the systems and initiation of the new building contract itself, but it basically flows into our AUM in the course of the next 24 to 36 months.

Speaker #3: But it basically flows into our AOM in the course of the next 24 to 36 months.

Speaker #2: Thank you very much. At this point, a little reminder to ask your questions now if you have any. By clicking on the raise your hand button or placing them in the chat box.

[Company Representative] (MPC Oceanic Group): Thank you very much. At this point, a little reminder to ask your questions now if you have any, by clicking on the raise your hand button or placing them in the chat box. As there seem to be no further questions, we come to the end of today's call. Thank you for the interest in MPC Oceanic Group, and should further questions arise at a later time, you are always welcome to contact Stefan Zenker from Investor Relations. Thank you, Constantin, thank you, Philipp, for your presentation and the time you took to answer the questions. It was a pleasure to be your host today. I wish you all a lovely day and successful business, and with this, I hand over again to Constantin for some final remarks.

Operator: Thank you very much. At this point, a little reminder to ask your questions now if you have any, by clicking on the raise your hand button or placing them in the chat box. As there seem to be no further questions, we come to the end of today's call. Thank you for the interest in MPC Oceanic Group, and should further questions arise at a later time, you are always welcome to contact Stefan Zenker from Investor Relations. Thank you, Constantin, thank you, Philipp, for your presentation and the time you took to answer the questions. It was a pleasure to be your host today. I wish you all a lovely day and successful business, and with this, I hand over again to Constantin for some final remarks.

Speaker #2: And as there seem to be no further questions, we come to the end of today's call. Thank you for the interest in MPC Oceanic Group.

Speaker #2: And should further questions arise at a later time, you'll always welcome to contact Stefan Zenker from Investor Relations. Thank you, Constantin. Thank you, Philip, for your presentation and the time you took to answer the questions.

Speaker #2: It was a pleasure to be your host today. I wish you all a lovely day and successful business. And with this, I hand over again to Constantin for some final remarks.

Speaker #1: Yeah. Thank you, Monica. And also from my side, thanks everyone for the interest and the discussion. As I mentioned throughout the presentation, we believe we are on a very good track, good trajectory.

[Company Representative] (MPC Oceanic Group): Yeah. Thank you, Monique, and also from my side, thanks, everyone, for the interest and the discussion. As I mentioned throughout the presentation, we believe we are on a very good track, a good trajectory. We are confident that on the back of the raised guidance and the well-filled pipeline, we have an interesting future ahead, and we are looking forward to making use of all the opportunities that we see around. On that note and trajectory, I am happy to close the call and wish all of you all the best, and take care, and see you soon. Stay tuned. Bye-bye.

Constantin Baack: Yeah. Thank you, Monique, and also from my side, thanks, everyone, for the interest and the discussion. As I mentioned throughout the presentation, we believe we are on a very good track, a good trajectory. We are confident that on the back of the raised guidance and the well-filled pipeline, we have an interesting future ahead, and we are looking forward to making use of all the opportunities that we see around. On that note and trajectory, I am happy to close the call and wish all of you all the best, and take care, and see you soon. Stay tuned. Bye-bye.

Speaker #1: We are confident that on the back of the raised guidance, we have and the well-filled pipeline, we have an interesting future ahead and we're looking forward to making use of all the opportunities that we see around.

Speaker #1: And on that note, and trajectory, I'm happy to close the call and wish all of you all the best and take care. And see you soon.

Operator: Thank you.

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Q2 2026 MPC Münchmeyer Petersen Capital AG Earnings Call

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