Mandatum plc, Stock exchange release, 12 February 2026 at 8:30 a.m. EET
October-December 2025 in brief
• Profit before taxes decreased by 14% to EUR 30.3 (31 Dec 2024: 35.1)
million due to weaker net finance result and other result.
• Capital-light profit before taxes increased by 28% and totalled EUR
26.8 (21.0) million.
• Fee result increased by 18% to 21.9 (18.6) million as a result of the
increase in client assets under management (AuM). Net finance result decreased
by 21% to EUR 18.8 (23.7) million, the comparison period included a EUR 16
million dividend from Saxo Bank.
• Net flow decreased by 64% to EUR 141 (392) million and declined from
an exceptionally strong comparison period as the quarter was impacted by
distributions related to alternative investments.
• Group's other result decreased to EUR -14.4 (-9.4) million as the
insurance service result of the with-profit business was weakened by changes in
actuarial assumptions.
January-December 2025 in brief
• Profit before taxes decreased by 10% to EUR 182.1 (202.9) million.
• Capital-light profit before taxes increased by 5% and totalled EUR
91.8 (87.8) million. The result for the comparison period included EUR 10.6
million related to the insurance portfolio sold to If.
• Fee result increased by 21% to 80.9 (66.6) million as a result of the
increase in client assets under management. Net finance result remained
relatively stable at EUR 131.6 (135.6) million.
• Client assets under management increased by 10% from the previous
year to EUR 15.3 (14.0) billion supported by positive net flow of EUR 723 (983)
million and market movement.
• Cost/income ratio related to client AuM2 decreased by 9 p.p. and
improved to 49 (58)% as client assets under management increased and costs
decreased.
• Organic capital generation was strong and clearly exceeded the result
for the period. Earnings per share (EPS) was EUR 0.31 (0.33) and organic capital
generation (OCG) per share was EUR 0.60 (0.44).
• Return on equity1 (ROE) was 10.3 (10.3)%.
• The Solvency II ratio without the transitional measure was 169
(193)%.
(1) Annualised
(2) Trailing twelve months
Dividend proposal
The Mandatum Board of Directors proposes to pay a dividend of EUR 0.85 per share
for 2025 (2024: 0.66). Mandatum's Annual General Meeting will decide on the
dividend distribution on 12 May 2026.
Outlook for 2026
·
The fee result is expected to increase from year 2025.
·
The with-profit portfolio is expected to decrease further.
Factors affecting Mandatum's financial performance
·
The fee result for year 2026 is dependent on several factors, such as client
behaviour and client asset allocation, competition and capital market
conditions.
·
The unwinding rate, which has an impact on the insurance finance expenses, is
2.0 per cent in 2026 (2.4 per cent in 2025). In addition to the unwinding rate,
changes in the discount rate will affect the amount of the insurance finance
expense. Movements in the investment market can create relatively high
volatility in the net finance result.
·
In addition, and as typical for the industry, the overall results of Mandatum
will be impacted by actuarial assumptions that are updated regularly.
Key figures
EUR million 10-12/ 10-12/ Change, 1-12/2025 1-12/2024 Change, %
2025 2024 %
Fee result 21.9 18.6 18% 80.9 66.6 21%
Net finance result 18.8 23.7 -21% 131.6 135.6 -3%
Result related to 4.0 2.2 83% 10.9 25.4 -57%
risk policies
Other result -14.4 -9.4 -53% -41.4 -24.7 -67%
Profit before taxes 30.3 35.1 -14% 182.1 202.9 -10%
for the period
Capital-light profit 26.8 21.0 28% 91.8 87.8 5%
before taxes
Net flow 141 392 -64% 723 983 -26%
Earnings per share, 0.06 0.07 -8% 0.31 0.33 -6%
EUR
Equity per share, EUR 0.06 0.07 -2% 2.84 3.19 -11%
Organic capital 0.12 0.10 20% 0.60 0.44 36%
generation per share,
EUR
Return on equity-%1 8.6% 8.3% 0.3 10.3% 10.3% 0.0 p.p.
p.p.
Cost/income ratio - - - 49% 58% -9 p.p.
related to client
AuM, %2
(1) Annualised
(2) Trailing twelve months
EUR million 31 Dec 2025 31 Dec 2024 Change, %
Client assets under management (AuM) 15,323 13,957 10%
Solvency ratio, % 184% 210% -27 p.p.
Solvency ratio, w/o transitional measure, % 169% 193% -24 p.p.
CEO comment
In the final quarter of 2025, Mandatum continued to deliver strong and steady
growth in its capital-light business, a core part of its strategy. The profit
before taxes of the capital-light business increased 28 per cent, and its most
significant income item, the fee result, rose 18 per cent year on year. This
indicates that we are focusing on the right things, namely creating profitable
growth especially in institutional and private wealth management and corporate
business. The robust growth also reflects the qualitative improvement in the
Group's earnings. Given Finland's chronic underperformance in economic growth,
we have succeeded well in our core business, also relative to our competitors.
This affirms that our earnings model is on a sustainable footing.
Client assets under management reached a new billion-euro milestone at year-end,
rising 10 per cent from the previous year to EUR 15.3 billion. Net flow for the
quarter decreased from the exceptionally strong comparison period, as the
quarter included a few larger client distributions related to alternative
investments, which weighed on the net flow despite strong new sales.
The full-year profit before taxes decreased to EUR 182 million. However, it is
good to keep in mind that the result for the comparison period included more
than EUR 10 million related to the insurance portfolio sold to If in 2024.
Mandatum's cost efficiency improved considerably over the year. The cost/income
ratio for client assets under management improved by 9 percentage points over
the year and decreased to 49 per cent as a result of both strong growth in
client assets and cost efficiency.
Investments in asset and wealth management are bearing fruit
During the year, we took decisive steps to advance our asset and wealth
management business. The expansion of our international business was a standout
success in 2025, and I am very pleased with what we have accomplished. Strong
growth continued, especially in Sweden, but we also gained new clients in
Central European markets. This demonstrates the international appeal of our
competitive products as well as Mandatum's ability to establish a credible
foothold outside the Finnish market. To accelerate growth in Central Europe, we
established a new sales unit in Luxembourg last autumn, whose operations have
now started. I therefore have full confidence that the growth of our
international business will continue this year as well.
Our quality investment products won many awards last year. At Scope Award 2026,
the Mandatum Fixed Income Total Return Fund was named as the winner in the "Best
Bond Global Aggregate EUR" category within the fund universe in Germany;
Mandatum's Managed Futures fund was awarded at the Nordic Hedge Award event as
the best-performing fund in the Best Nordic Managed Futures/CTA Fund category
for the second consecutive year; and the LSEG Lipper Fund Awards 2025 awarded
Mandatum's Nordic High Yield investment fund as Europe's Best Fund over 3 years
and Best Fund over 5 years.
We also excelled in private wealth management rankings: In November, Mandatum
was chosen as Finland's best private banking provider in Kantar Prospera's
Private Banking 2025 Finland customer study. In particular, the sales of
discretionary mandates were exceptionally strong, and overall, assets under
management in private wealth management grew by 19 per cent from last year. The
strong growth also increased Mandatum's market share. It is a pleasure to see
that our investments in private wealth management are bearing fruit, as it is a
key part of our growth strategy.
Among the highlights at the end of the year was the joint venture we launched
with funds advised by Morgan Stanley Real Estate Investing to invest in
residential properties in the Helsinki Metropolitan Area. The collaboration
further expands Mandatum's high-profile international partnerships and
solidifies our position as an attractive partner for international investors.
In the corporate business, we maintained our market-leading position in
supplementary pensions and personnel funds during the year, with net flow
increasing significantly. Sales of risk life insurances remained solid, but did
not meet the ambitious targets we had set for ourselves. We will continue to
develop our operations with steady determination. The extremely high customer
satisfaction among our corporate clients improved even further, as reflected in
the very high 88.5 Net Promoter Score (NPS) we received. We serve companies at
various stages of growth across Finland, working closely with management, owners
and boards. Extensive contacts with Finnish business leaders also enable the
cross-selling of wealth management products.
At good pace towards our capital distribution target
Mandatum's Board of Directors has decided to propose to the Annual General
Meeting a dividend of EUR 0.85 per share, totalling approximately EUR 427
million in dividends for 2025. At our Capital Markets Day in June, we announced
our new long-term financial targets, one of which is a cumulative shareholder
payout of over EUR 1 billion for the strategy period 2025-2028. We are well on
our way to reaching this target, and we place great importance on being able to
pay strong dividends, now and in the future.
Thanks to an excellent employee experience, Mandatum received the Great Place to
Work® certification again in December, a testament to our success in creating a
workplace built on trust and well-being. Our personnel's exceptional dedication
and strong customer satisfaction are evident in everything we do.
I would like to warmly thank all our stakeholders, especially our personnel,
clients and shareholders, for their excellent co-operation and trust over the
past year. After a highly successful year, we are now building on that momentum
for the year ahead.
Petri Niemisvirta
Chief Executive Officer
Conference call on 12 December 2026
A conference call in English for analysts and investors is scheduled for 12
December 2026 at 11.00 a.m. (EET, Finnish time). In the conference call CEO
Petri Niemisvirta, CFO Matti Ahokas and VP, Investor Relations Lotta Borgström
will present the company's results and answer investors' questions. The
conference call can be followed live at
mandatum.fi/en/result (https://www.mandatum.fi/en/result).
It is possible to ask questions by phone or via the conference call chat
function.To ask questions by phone, please register by using the following
link:https://events.inderes.com/mandatum/q4-2025/dial
-in (https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fevents.ind
eres.com%2Fmandatum%2Fq4-2025%2Fdial
-in&data=05%7C02%7Channa.valonen%40mandatum.fi%7C17480effc1f44ad4f09b08de51d66782
%7C9f8c7ec076024a9984b7b7cc0bacebad%7C0%7C0%7C639038178468948514%7CUnknown%7CTWFp
bGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpb
CIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=cs8sRX9R%2BWfH9t7CMsRIVUA5IrkA8IP7zhondUdk
rPE%3D&reserved=0). After the registration, you will be provided with phone
numbers as well as a conference ID that you can use to join the conference call.
If you wish to ask a question, please dial #5 on your telephone keypad to enter
the queue.
The recording of the conference call will be available on the company's website
after the event.
Additional information:
Matti Ahokas
CFO
Tel. +358 40 575 1978
matti.ahokas(a)mandatum.fi
Lotta Borgström
VP, Investor Relations
Tel. +358 50 0221 027
lotta.borgstrom(a)mandatum.fi
Niina Riihelä
SVP, Communications, Brand and Sustainability
Tel. +358 40 728 1548
niina.riihela(a)mandatum.fi
The Financial Statements Release can be found as an attachment to this stock
exchange release. The supplementary presentation material for investors
accompanying the Mandatum interim report is available at
mandatum.fi/en/result (https://www.mandatum.fi/en/group/investors/quarterly
-reporting-and-presentations/).
Mandatum plc will publish its Q1 Interim Report on 8 May 2026, Half-Year
Financial Report on 13 August 2026 and Q3 Interim Report on 10 November 2026.
Mandatum in brief
Mandatum is a major financial services provider, combining expertise in asset
and wealth management and life insurance. Clients include institutional
investors, companies and private individuals. Mandatum offers a broad range of
services encompassing asset and wealth management, compensation and rewards,
supplementary pensions and personal risk insurance. Skilled personnel, strong
brand and proven investment track record are at the centre of Mandatum's
success. The company has been listed on Nasdaq Helsinki since 2023.
mandatum.fi/en/group/ (https://www.mandatum.fi/en/group/)
Distribution:
Nasdaq Helsinki
Financial Supervisory Authority
Key media
www.mandatum.fi (https://www.mandatum.fi/en/)