Mandatum (MANTA) Q1 2026 earnings summary

Executive summary

• Capital-light profit before taxes rose 35% year-over-year to EUR 26.8 million, driven by strong fee growth and client asset inflows.

• Group profit before taxes was EUR -25.9 million, impacted by a one-off EUR 36.2 million negative effect from a change in discount rate assumptions and low investment returns.

• Client assets under management (AUM) increased 10% year-over-year to EUR 15.4 billion, with net flows of EUR 248 million despite market volatility.

• Solvency II ratio improved to 203% from 169% at year-end, mainly due to the sale of Saxo Bank shares.

• Operational efficiency improved, with a cost-income ratio down to 49% year-over-year.

Financial highlights

• Fee result increased 10% year-over-year to EUR 20.6 million, supported by higher AUM and client activity.

• Underlying profit before taxes, excluding the EUR 36.2 million one-off discount rate impact, was EUR 10.3 million.

• Net finance result dropped to EUR -46.8 million, mainly due to the discount rate change and weak investment returns.

• Cost/income ratio improved to 49% from 55% year-over-year.

• Return on equity was -3.5% (12.4% in Q1 2025); EPS was EUR -0.02.

Outlook and guidance

• Fee result for 2026 is expected to increase from 2025; with-profit portfolio expected to decrease further.

• Capital-light profit before taxes is on track with the long-term target of over 10% annual growth by 2028 compared to 2024.

• Cost-income ratio is expected to remain around 49%, with annual cost growth targeted at 1% until 2028.

• Financial performance will depend on client behavior, asset allocation, competition, and market conditions.

• Discount rate changes and market movements expected to create volatility in net finance results.