Mangold (MANG) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was SEK 40.5m, down 20.6% year-over-year and flat sequentially.

• Net income per share was -1.7 SEK, compared to 2.1 SEK in Q1 2024 and 8.7 SEK in Q4 2024.

• Private Banking showed strong growth, with total income up 18% year-over-year to SEK 25.1m.

• Investment Banking remained weak, with total income halved year-over-year and negative pre-tax results.

• Market conditions remained challenging, but management is optimistic about increased activity in Investment Banking and continued demand in Private Banking.

Financial highlights

• Operating income for Q1 2025 was SEK 40.5m, down from SEK 51.0m in Q1 2024.

• Operating expenses were SEK 43.4m, down from SEK 50.0m year-over-year but up from SEK 38.9m sequentially.

• Operating result was -0.6m SEK, compared to 1.0m SEK in Q1 2024 and 2.1m SEK in Q4 2024.

• Net result from financial transactions improved to -3.5m SEK from -13.5m SEK sequentially.

• Return on equity was -0.4% (0.5% in Q1 2024); return on assets -0.1%.

Outlook and guidance

• Management expects continued growth in Private Banking and sees early signs of recovery in Investment Banking.

• The company remains focused on diversifying income streams and leveraging synergies from associated companies.