Mandatum (MANTA) Investor presentation summary

Company overview and strategy

• Major provider of asset & wealth management and life insurance, serving corporate, private, and institutional clients in Finland and expanding in the Nordics and Central Europe.

• Market cap of EUR 2.8 billion as of June 2026, with EUR 16.7 billion in client assets under management and over 230,000 shareholders.

• Transitioning to a capital-light business model, focusing on asset & wealth management as a growth engine and managing the run-off of with-profit insurance portfolios.

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

• Vision to be the fastest-growing Nordic asset and wealth manager with optimized growth in Finnish life and pension markets.

Financial performance and targets

• Profit before taxes in 2025 was EUR 182 million, with a return on equity target above 20% and >10% CAGR in capital-light profit before taxes by 2028.

• Solvency margin targeted at 160-180%, with cumulative shareholder payouts exceeding EUR 1 billion between 2025-2028.

• Q2 2026 profit before taxes reached EUR 79.1 million, with capital-light profit before taxes up 32% year-on-year to EUR 27.1 million.

• Client assets under management reached a record EUR 16.7 billion, up 16% year-on-year, with strong net flows and positive market returns.

• Cost/income ratio improved to 49%, reflecting operational leverage and stable fee margins.

Business areas and growth

• Asset & wealth management business driven by award-winning products, direct distribution, and strong AuM growth in private wealth and international clients.

• Corporate business is a market leader in supplementary pensions and personnel funds, with cross-selling opportunities and high client retention.

• With-profit business is a profitable run-off portfolio, actively managed for capital release and shareholder profit.

• International expansion progressing, with less than 1% market share in a >EUR 1,000bn Nordic addressable market and 12% CAGR in Finnish AuM.

• Acquisition of Swedish asset manager Cliens strengthens Nordic presence and product offering, with transaction expected to complete by end of 2026.