Mandatum (MANTA) investor relations material

Executive summary

• Profit before taxes rose to EUR 79.1 million in Q2, more than doubling year-over-year, driven by strong investment returns and robust fee income from increased client assets under management.

• Capital-light profit before taxes increased 32% year-over-year to EUR 27.1 million, reflecting strategic focus on asset and wealth management and a supportive market environment.

• Assets under management reached a record EUR 16.7 billion, up 16% year-over-year, with net flows stable at EUR 164 million.

• Announced acquisition of Swedish asset manager Cliens, managing SEK 36 billion, to strengthen Nordic presence and product offering.

• International expansion continued with strong growth in Sweden and new clients in Italy; private wealth management assets surpassed EUR 5 billion.

Financial highlights

• Fee result increased 21% year-over-year to EUR 22.4 million, supported by AUM growth.

• Net finance result surged to EUR 55.4 million, reflecting strong investment returns of 2.5% for the quarter.

• Cost/income ratio improved to 49% on a rolling 12-month basis, down four percentage points year-over-year.

• Earnings per share was EUR 0.13 in Q2; organic capital generation per share was EUR 0.18.

• Return on equity (annualised) rose to 20.9% from 7.6% a year earlier.

Outlook and guidance

• Fee result for 2026 expected to increase from 2025, while with-profit portfolio is projected to continue decreasing.

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

• Strategic ambition to double market share in Finnish private wealth management during the strategy period.

• Acquisition of Cliens does not change 2026 financial outlook or shareholder payout target.

• Financial targets for 2025-2028: ROE above 20%, capital-light profit before taxes CAGR above 10%, solvency margin 160-180% with cumulative shareholder payouts exceeding EUR 1 billion.