Mandatum (MANTA) Investor presentation summary

Strategic vision and market position

• Focus on capital-light asset and wealth management, with a strong legacy in Finland and growing presence in the Nordics and Central Europe.

• Over 150 years of experience, with a shift from with-profit to capital-light business models.

• Strategic priorities include expanding Nordic asset management, accelerating Finnish wealth management, leveraging corporate market position, and operational efficiency.

• Market share in the Nordics is less than 1%, indicating significant growth potential.

• High customer satisfaction (NPS 79.7 in 2025) and strong brand recognition.

Financial performance and targets

• Market cap of EUR 3.5 billion as of March 2026, with EUR 15.4 billion in client assets under management.

• Profit before taxes in 2025 was EUR 182 million; Q1 2026 saw a capital-light PBT increase of 35% year-on-year to EUR 26.8 million.

• Return on equity target above 20% and >10% CAGR in capital-light profit before taxes by 2028.

• Solvency margin target set at 160-180%, with cumulative shareholder payouts exceeding EUR 1 billion by 2028.

• Cost/income ratio improved by 6 percentage points year-on-year to 49%.

Business model and growth drivers

• Transformation towards capital-light business, with a run-off of the with-profit book supporting capital release.

• Asset and wealth management is the main growth engine, with strong net flows and AuM growth in private wealth and international clients.

• Corporate business leads in supplementary pensions and personnel funds, with cross-selling opportunities to wealth management.

• With-profit portfolio is actively managed for profit and capital release, with liabilities steadily decreasing.

• Operational efficiency and scalable growth are emphasized across all business areas.