MPC Capital confirms its growth course for the current year. Around € 1 billion has been invested in shipbuilding in 2025.
The investment and asset manager MPC Capital closed the first nine months of 2025 with a strong result. The maritime service business in particular played a role in this.
“The first nine months show a robust business development,” said CEO Constantin Baack. “We have further increased our recurring revenues, benefited from a strong performance of our co-investment portfolio and at the same time improved our cost base as expected. Earnings per share increased significantly as a result. With our integrated business model and the high visibility of our platforms, we are confident about the year as a whole and confirm our forecast. We have also laid the foundation for further growth in the coming years, particularly in the maritime sector, with strong new business momentum.”
Recurring management fees rose by 5% to € 26.5 million in the first nine months of 2025 (from € 25.2 million in the same period of the previous year). According to MPC Capital, this growth resulted in particular from the expansion of the maritime service business and was achieved despite a significantly weaker US dollar – the key currency in the maritime sector – over the course of the year.
Transaction-related sales from acquisitions and disposals were slightly below the previous year’s figure. They amounted to € 5.2 million (compared to € 5.5 million). Together with lower other sales, this resulted in total sales of € 32.3 million, which was on a par with the previous year (€ 32.2 million). In the first nine months of 2025, recurring management fees accounted for around 82% of the company’s total revenue. Income from co-investments amounted to € 17.0 million (down from € 22.5 million in the same period of the previous year). The previous year was characterized by extraordinary exit effects.
While MPC Capital’s cost base in the prior-year period was still influenced by one-off expenses in connection with the acquisition of the ship manager Zeaborn, the cost structure developed positively as expected in the first nine months of 2025.
At € 19.7 million, earnings before taxes (EBT) for the first nine months were slightly below the previous year’s figure (€ 20.4 million) due to high exit proceeds in the previous year. However, due to lower minority interests and lower tax expenses, earnings per share were significantly higher than in the previous year, rising by 37% from € 0.38 in the previous year to € 0.52 in the first nine months of 2025.
Solid balance sheet structure
The carrying amount of MPC Capital’s co-investment portfolio was € 96 million as at September 30, 2025. At around € 138 million, the market value of the portfolio was around 43% higher.
Cash and cash equivalents amounted to € 29.5 million as at September 30, 2025 following the distribution of a dividend of € 9.5 million for the 2024 financial year. At the end of the previous year, it was € 33.2 million. The equity ratio increased further to 85.7% (from 81% on December 31, 2024), underlining MPC Capital AG’s financial stability and strategic flexibility.
The positive momentum in the maritime investment and project business continued in the third quarter of 2025. MPC Capital was able to implement further new construction projects for container ships with long-term charter agreements with leading liner shipping companies for partners and investors. This brings the investment volume initiated in 2025 to around € 1 billion, which will make a visible contribution to the growth of assets under management once the ships are delivered.
In the Energy Infrastructure segment, MPC Capital focused on portfolio optimization in Latin America. Following the sale of two PV plants in Jamaica and Colombia, two further transactions were agreed in Guatemala and El Salvador. MPC Capital will remain active as asset manager in both projects. At the same time, the company is increasingly focusing its strategy on Europe as a growth region.
Expansion of the service business
MPC Capital has further expanded its integrated platform for services in the maritime industry. In technical management, the company strengthened its service offering by completing the integration of Zeaborn and acquiring a strategic stake in the performance manager BestShip. In commercial management, MPC Capital recorded a high level of chartering activity and was able to further increase its earnings visibility thanks to the continued strong performance of the container shipping markets.
Due to the positive development, the Management Board of the asset manager confirmed its forecast for the current year 2025, with consolidated revenue expected to reach between € 43 million and € 47 million and EBT between € 25 million and € 30 million.
“Despite ongoing geopolitical and economic uncertainties, MPC Capital believes it is well placed to continue on its profitable growth path,” it said in a statement. “With a strong base of recurring fees, a robust balance sheet and a clear strategic direction, the company will continue to expand its platform in the Maritime and Energy Infrastructure sectors and strengthen the foundation for sustainable growth in the coming years.”
